SMM Copper Morning Briefing: Macro side, Fed Chairman Powell stated, "Policy is in a good place, and we need to wait for clearer data before considering adjustments. Cryptocurrencies are gradually becoming mainstream, and related regulations are expected to be relaxed. Tariffs are likely to temporarily boost inflation, and the impact may persist for a long time. The current trend is rising inflation and unemployment rates. Do not expect the US Fed to intervene in the sharply declining stock market. Trump's policies are constantly changing, and tariffs are higher than the US Fed's highest estimates. It is understandable that the market is facing difficulties." The market's wait-and-see attitude towards the new US trade agreement and Powell's refusal to rescue the market put pressure on the US dollar. Overnight, copper prices closed higher. Meanwhile, OPEC received updated compensatory production cut plans from eight countries, with daily average oil production cuts of 305,000 barrels per day until June 2026. The rise in crude oil also drove copper prices. Domestically, in Q1, the GDP reached 31,875.8 billion yuan, up 5.4% YoY. On the fundamental side, copper prices jumped initially and then pulled back yesterday. With back remaining firm, spot cargo transactions were generally deadlocked. The transaction center is expected to continue to decline today. Overall, copper prices are expected to find support today.