Base metals closed higher across the board, and Shanghai copper ended up in volatility

On the macro front, on the economic front, the number of ADP payrolls in the United States slightly exceeded expectations in March, recording an increase of 455,000, the smallest increase in employment since August last year
.
The final annualized quarterly rate of US real GDP for the fourth quarter came in at 6.
9%, weakening expectations of 7.
1%.

On the supply side, the upward trend of copper concentrate TC continues, and weak spot demand will continue to push TC upward
.
The CSPT quarterly guidance price will be issued next week, and the market will take a wait-and-see attitude
for the time being.
On the demand side, the operating rate of fine copper rods last week was 62.
81%, down 0.
55%
from the previous month.
The curb on consumption by the pandemic continues, and the operating rate is expected to continue to be affected
.
At present, the improvement of the epidemic has become a key factor in the short-term copper price trend, but in the context of stable domestic growth, it is recommended to treat
it with caution.

In terms of stocks, LME stocks were at 87,900 mt, up 06,400 mt from the previous session, and SHFE was down 0.
03 million mt to 42,600 mt
.

Overall, although the current negotiations between Russia and Ukraine may have some tensions, they have not yet been finalized, and the domestic epidemic has hit both supply and demand, and multiple factors have added uncertainty
to the current copper price.
However, in the context of stable domestic growth, if the epidemic is effectively controlled, the recovery of consumption will play a role in promoting the rise in copper prices, and it is recommended to treat
it with caution.