SMM

[SMM Analysis] This week, on the macro front, US January retail sales data fell short of expectations, and news of Trump proposing an expansion of tariff scope sparked market concerns over a trade war, although expectations for a trade war have gradually diminished. Meanwhile, the US Fed maintained a cautious monetary policy stance, focusing on changes in inflation and economic conditions. The rise in US Treasury yields and the strength of the US dollar supported investors' risk-averse sentiment, leading to a recent pullback in copper prices. At the same time, with the ongoing Russia-Ukraine conflict, uncertainties about global economic growth persist, further impacting the trend of copper prices.