Metals basically extended their rally, and Shanghai copper maintained a high volatility pattern

On the macro front, the U.
S.
dollar maintained its strong momentum, the U.
S.
dollar index broke through the 102 mark, investor fears of slower global economic growth, and the Federal Reserve will become more aggressive.

But again, this also caused US stocks to retreat
yesterday.
In addition, the situation between Russia and Ukraine is still relatively tense, far from the level of peaceful resolution, and crude oil prices strengthened again yesterday
.

On the supply side, domestic copper mine TC continued to rise, supply-side disruption rate increased, Peru's Las Bambas copper mine interrupted operations due to road blockages, Peru's Cuajone copper mine has not resumed production, and this week the Peruvian government declared a state of emergency to resume its operations
as soon as possible.

On the demand side, the operating rate of fine copper rods this week was 55.
58%, up 4.
65%
from the previous month.
With the inflection point of the epidemic in Shanghai, enterprises have entered the stage of resuming work and production in an orderly manner, and next week is the last week of April, if logistics and transportation continue to recover, enterprises that have stopped production due to raw material shortages may be cleared next week
.

In terms of stocks, LME stocks fell by 02,100 tonnes to 135,200 tonnes and SHFE stocks fell by 05,200 tonnes to 32,200 tonnes
.

Overall, the current impact of the epidemic, the weak pattern of supply and demand is obvious, and the continued rise of the US dollar has an adverse impact on copper prices, so the current copper price may remain volatile before the Fed's interest rate decision in May
.