Internal metals were mixed, and Shanghai copper fluctuated slightly

On the macro front, CPI data released yesterday in the United States showed that inflation increased by more than 8% year-on-year in March, a new high in more than 40 years, while crude oil prices also rebounded
sharply again.
These factors are relatively positive
for copper prices from an inflation perspective.

On the supply side, domestic copper mine TC continued to rise, and under the maintenance and shutdown of domestic smelters, supply-side easing expectations continued to expand.

On the demand side, the operating rate of fine copper rods last week was 42.
15%, a sharp decrease of 15.
21%
from the previous month.
The continued severity of the epidemic has made the industry passive, and the current epidemic situation in Shanghai is still tense, and the impact of the subsequent shortage of raw materials will be more obvious, and the operating rate of fine copper rods may continue to decline
.

In terms of stocks, total LME stocks fell by 0.
08 million tonnes to 104,400 tonnes and SHFE stocks fell by 0.
1 million tonnes to 35,100 tonnes
.

In terms of imports, the import window continued to close, and weekly import losses were recorded
.
The domestic epidemic has led to poor flow of goods, the overall supply of scrap copper market continues to tighten, and the price of scrap copper is relatively firm
.

On the whole, currently affected by the epidemic, the pattern of weak supply and demand is obvious
.
But high inflation has benefited copper prices
.