SMM

Overnight, LME copper opened at $9,118.5/mt, initially rising to $9,155/mt before fluctuating downward, hitting a low of $9,086/mt at the end of the session, and finally closing at $9,082/mt, a decline of 0.38%. Trading volume reached 15,000 lots, and open interest was 270,000 lots. Overnight, the most-traded SHFE copper 2501 contract opened at 74,670 yuan/mt, initially rising to 74,770 yuan/mt before fluctuating downward, hitting a low of 74,360 yuan/mt at the end of the session, and finally closing at 74,410 yuan/mt, with no change. Trading volume reached 18,000 lots, and open interest was 136,000 lots. Macro side, with the Trump administration becoming clearer, the US dollar index rebounded again, putting pressure on copper prices. Meanwhile, US Fed's Bowman stated that the task of price stability faces greater risks, and Collins mentioned that due to the still restrictive policy, some additional interest rate cuts are needed. Fundamentally, copper prices have risen, downstream procurement willingness has weakened, and spot market transactions were flat. Overall, with the US dollar index falling from its highs, copper prices are expected to rise again.