[SMM Morning Meeting Minutes: US inflation data grows higher than expected, overnight copper pressured slightly lower]
Macroscopically, US inflation data for March all exceeded expectations, crushing previous expectations of rate cuts and pushing the US Dollar Index sharply up by 1.043%. President Biden made a rare statement saying that he still expects a rate cut before the end of the year, but the timing of the cut will be delayed by at least a month. The significantly higher US Dollar suppressed copper prices overnight, causing a slight drop.
On the supply side, there is a certain amount of domestic supply arrivals, but the amount of warehouse receipts registered with the Shanghai Futures Exchange continues to rise, leading to a potential decrease in spot circulation. On the consumption side, copper prices remain stable above 75,500 yuan/ton, facing pressure from funds as consumption still focuses on essential needs. Overall, with CPI data continuously exceeding expectations and rate cut expectations being delayed due to the sharp rise in the US Dollar Index, it is anticipated that copper prices will experience a slight pullback under the pressure of the US Dollar.

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