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LME and SHFE copper prices closed higher overnight, with multiple factors expected to support prices today [SMM Morning Comment].
Apr 17, 2025, at 9:00 am
Overnight, LME and SHFE copper prices closed higher, supported by multiple factors, and are expected to gain support today. Macro side, Fed Chairman Powell stated, "Policy is in a good place, and we need to wait for clearer data before considering adjustments. Cryptocurrencies are gradually becoming mainstream, and related regulations are expected to be relaxed. Tariffs are likely to stimulate a temporary rise in inflation, and the impact may persist for a long time. The current trend is that both inflation and unemployment rates are rising. Do not expect the US Fed to intervene in the sharply declining stock market. Trump's policies are constantly changing, and tariffs are higher than the highest estimates of the US Fed. It is understandable that the market is facing difficulties.
SMM April 17 News: Overnight, LME copper opened at $9,127.0/mt, hitting a high of $9,216.5/mt and a low of $9,028.5/mt during the session, and closed at $9,190.2/mt (previous close: $9,137/mt). The overall trend showed initial fluctuations downward followed by a significant upward fluctuation, with a gain of 0.58%. Open interest stood at 290,126 contracts. Overnight, SHFE copper 2506 contract opened at 75,450 yuan/mt, reaching a high of 76,120 yuan/mt and a low of 75,340 yuan/mt during the session, and closed at 76,090 yuan/mt. The overall trend was upward fluctuation, with a gain of 0.71%. Trading volume was 54,130 contracts, and open interest was 159,570 contracts, with a daily decrease of 1,127 contracts (a reduction of 0.70%). On the macro front, Fed Chairman Powell stated, "Policy is in a good place, and we need to wait for clearer data before considering adjustments. Cryptocurrencies are gradually becoming mainstream, and related regulations are expected to be relaxed. Tariffs are likely to temporarily boost inflation, and the impact may persist for a long time. The current trend is rising inflation and unemployment. Do not expect the Fed to intervene in the stock market's sharp decline. Trump's policies are constantly changing, and tariffs are higher than the Fed's highest estimates. It is understandable that the market is facing difficulties." The market's wait-and-see attitude toward the US's new trade agreement and Powell's refusal to rescue the market put pressure on the US dollar. Overnight, copper prices closed higher. Meanwhile, OPEC received updated compensatory production cut plans from eight countries, with a daily average reduction of 305,000 barrels per day until June 2026. Crude oil's rise also drove copper prices. Domestically, in Q1, GDP reached 31,875.8 billion yuan, up 5.4% YoY. On the fundamental side, copper prices jumped initially and then pulled back yesterday. With back remaining firm, spot transactions were generally deadlocked. Today's trading center is expected to continue to decline. Overall, copper prices are expected to find support today.
