SMM

LME copper opened at $9,417.5/mt overnight, initially reaching a high of $9,421/mt, then falling all the way down to $9,337/mt, before rebounding to a high of $9,417/mt, forming a V-shape. It then fell again, fluctuating slightly at the end of the session, and finally closed at $9,379/mt, up 0.07%. Trading volume reached 13,000 lots, and open interest reached 268,000 lots. SHFE copper was closed overnight. Macro side, US August retail sales recorded a monthly rate of 0.1%, higher than expected, causing the dollar to rise again. This put some pressure on copper prices, which had previously risen due to expectations of a US Fed rate cut. Fundamentally, a large amount of imported copper arrived earlier, but copper cathode stocks continued to deplete due to pre-holiday restocking, providing some support for consumption. The first working day after the holiday will be the delivery of the SHFE 2409 contract, and premiums are expected to rise. If copper prices remain high and stable, post-holiday consumption may be suppressed. Overall, with expectations of a US Fed rate cut, LME copper rose, and the domestic market is expected to follow the guidance. Additionally, the People's Bank of China recently released positive signals indicating room for further RRR cuts, which is expected to drive copper prices today. Today's focus will be on the US Fed's interest rate decision announcement in the evening.