Shanghai copper oscillations rose slightly, and the pattern of weak market supply and demand was obvious

On the macro front, the dollar index continued to hit new highs yesterday and has now broken through the 103 mark, and the market expects the Fed to be more hawkish
than other major central banks.
In addition, the dollar has benefited from global economic growth concerns as Europe struggles with the impact of
the Russia-Ukraine conflict.
The strength of the dollar is relatively negative
for the colored sectors.

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 rose by 13,300 mt to 148,500 mt and SHFE stocks fell by 04,300 mt to 27,900 mt
.

Overall, the current impact of the epidemic, the supply and demand pattern is obvious, but yesterday's spot buying boom slightly rebounded, and the current US dollar continues to rise to adversely affect copper prices, so the current copper price may maintain a volatile pattern
before the May Fed interest rate decision.