SMM February 10 News: Last Friday evening, LME copper opened at $9,411/mt, initially trading steadily before surging to a high of $9,507/mt during the session. It then pulled back to a low of $9,388.5/mt, forming an "inverted V-shape." By the end of the session, it slightly rebounded and closed at $9,440/mt, up 1.63%. Trading volume reached 33,000 lots, and open interest stood at 281,000 lots. Last Friday evening, the most-traded SHFE copper 2503 contract opened at 77,360 yuan/mt, fluctuated upward initially, and peaked at 77,950 yuan/mt during the session. It then fluctuated downward, hitting a low of 77,220 yuan/mt near the session's end. It slightly rebounded by the close, finishing at 77,410 yuan/mt, up 0.89%. Trading volume reached 47,000 lots, and open interest stood at 177,000 lots. Macro side, the latest data showed that US seasonally adjusted non-farm payrolls for January recorded 143,000, significantly below the market expectation of 170,000, marking the lowest level since October last year. Although the US labour market has slowed, it remains robust. Several US Fed officials commented on monetary policy, indicating a low probability of an interest rate cut in the short term. Meanwhile, Trump stated that reciprocal tariff measures would be announced this week, which could enhance the attractiveness of the US dollar, posing bearish pressure on copper prices. Fundamentally, downstream raw material and finished product inventories remain relatively high, and social inventory destocking efforts are weak before end-use demand picks up, entering an inventory buildup phase. However, suppliers hold a relatively tight outlook on future supply and are reluctant to sell at low prices, suggesting that premiums are expected to stabilize. Price side, Trump is set to continue announcing tariff policies this week, and US CPI data will be released. The US dollar index may continue to rise, exerting downward pressure on copper prices. Copper prices are expected to face resistance today.
