Copper prices in China rose further during the reporting period (April 13-17). Although core differences persist in the U.S.-Iran negotiations, the pathway of Middle East geopolitical impact on copper prices has gradually shifted from macroeconomic sentiment toward supply-side concerns. Market worries over the stability of African SX-EW copper production and China's refined copper imports are providing some support for copper prices. Meanwhile, China's domestic macroeconomic conditions and refined copper market fundamentals are also lending a degree of support to copper prices.