SMM

The US January CPI annual rate was 3%, marking the largest increase since June 2024. The market expects the US Fed to cut interest rates only once by 25 basis points in December this year. The US dollar surged. Additionally, the US President is set to sign a reciprocal tariff executive order on Wednesday, with market sentiment largely remaining cautious. LME copper fell back from highs of $9,600/mt after Friday night's shock trading, fluctuated downward during the day, lost support at $9,400/mt by the close, and subsequently continued to pull back to around $9,380/mt.