Copper prices in China fluctuated and decreased slightly during the reporting period (April 27-30). Ahead of the May Day holiday, copper prices were largely driven by macro pessimism, as U.S. inflation cooled market expectations for Fed rate cuts in 2026. The sustained high interest rates and a relatively firm U.S. dollar index suppressed dollar-denominated commodities, weighing on copper prices. In addition, the ongoing Middle East conflict fueled risk-aversion sentiment, which in turn put pressure on risk assets. Fundamentally, heightened risk aversion slowed pre-holiday spot trading. During the holiday, the SHFE market was closed and trading was suspended, but smelters maintained basic production. As a result, the Chinese copper market will face strong supply and weak demand in the near term.