Inner metal opened up after the holiday, and Shanghai copper fluctuated slightly

At the macro level, although the Fed's interest rate decision in March raised interest rates less than expected, US Treasury yields rose sharply due to the hawkish comments of Fed officials, which may have a somewhat restraining effect
on copper prices.
However, the current situation of high inflation is relatively favorable
to copper varieties and even the entire non-ferrous sector.

In terms of mine supply, TC prices continued to rise in March, and the guidance price of TC in the second quarter given by the CSPT team was $80/mt
.
It shows that the supply of the mine itself does seem to be showing signs
of gradual widening.
However, due to factors such as the epidemic, freight rates falling but still high overall, and poor logistics, there has not been a significant oversupply of copper concentrate
.

On the demand side, it should be the time when consumption gradually enters the peak season, but due to the epidemic, the overall demand has been greatly affected, and the orders of the primary processing side and the terminal have shown a sharp decline
.
Coupled with the fact that transportation logistics are also not smooth, the control of the epidemic remains the biggest uncertainty in April
.

The current overall inventory situation is still low, which is still relatively positive
for copper prices.
However, it should be noted that due to the impact of the epidemic, the transportation logistics are not smooth, so that some of the inventory that should be obvious cannot be immediately reflected
.
Therefore, if the epidemic is effectively controlled in April, if this part of the hidden inventory that has not been revealed before is concentrated and gushed out, it may also suppress the market in a short period of time
.