Recent copper price volatility There is still support below

On the macro front, the Fed minutes showed that most participants noted that if inflation did not fall as expected, it would be appropriate for the Committee to lift easing at a faster pace than currently expected
.
The pace of rate hikes is likely to accelerate
compared to after 2015.
In addition, many participants believed that the situation could support the start of balance sheet reduction later this year
.
Bank of Montreal Capital Markets Ian Lyngen believes that the FOMC minutes offer little new content, which means that the minutes are more dovish than expected
.

On the supply and demand side, there were fewer smelter maintenance plans in the first quarter, and the previous market fears that northern smelters would be affected by the Winter Olympics were not fulfilled, allowing smelters to maintain high output
.
The operating rate of wire and cable enterprises in January was 63.
42%, a decrease of 16 percentage points from the previous month and 11.
4 percentage points
from the same period last year.
The operating rate of fine copper rod enterprises in January was 56.
25%, a decrease of 15.
65 percentage points from the previous month and a decrease of 10.
79 percentage points
from the same period last year.

At present, the accumulation of domestic exchanges and social treasury after the holiday is larger than expected, and the explicit inventory is at a historical low
.
Domestic stable growth is still expected to be in place, and the downstream is gradually returning
.
Supply is tight, inventories are low, and demand is increasing
as work resumes after the holiday.
This week, the situation in Russia and Ukraine has influenced market sentiment and affected the operation of copper prices, but prices have remained in a relatively small range after last week's decline, and there is support
below.
It is expected that the short-term will remain dominated by a volatile pattern
.