Base metals generally rose, with Shanghai copper up nearly 0.3%

On the macro front, the US CPI data for April recorded 8.
3%, higher than the expected 8.
1%, but lower than the previous reading of 8.
5%.

But overall, the level is still relatively high
.
US President Joe Biden also said that inflation is still unacceptably high, and he is confident
that the Fed will do a good job in inflation.
In addition, in terms of crude oil prices, US crude oil production fell for the first time since January, which made crude oil prices stronger yesterday, which is also less conducive
to the easing of inflation.

On the supply side, domestic copper mine TC fell slightly last week, but remained high overall, indicating that the mine supply may still be relatively wide, while Zijin's Kamoa copper mine in Congo has achieved commercial mass production since April, so overall TC prices may remain relatively high
.
On the demand side, due to the impact of the current epidemic, the overall performance of demand is difficult to be optimistic, and the future market needs to pay attention to the investment in the infrastructure sector and the effect
of local support for real estate.

In terms of stocks, LME stocks fell by 01,300 tonnes to 167,800 tonnes and SHFE stocks rose 0.
01 million tonnes to 15,300 tonnes
.

Overall, the current Fed interest rate hike environment is relatively unfavorable for copper prices, and although there are relatively strong expectations on the domestic demand side, whether such strong expectations can be fulfilled is the focus
of the future market.
Unilateral opportunities may be relatively difficult to grasp for the time being, but you can try to carry out internal and external arbitrage operations
against the background of the relatively pressure of the US dollar and the RMB.