U.S. Supreme Court Ruling on Tariffs Boosts Copper Prices, USD Index Falls

Published: Feb 25, 2026 09:42

Save

The U.S. Supreme Court ruled that large-scale tariff hikes are illegal, easing market risk-off sentiment. As a result, the US dollar index fell, which is positive for copper prices. Overnight, LME copper closed at $13,195/mt, up 2.28%, with trading volume reaching 26,000 lots, an increase of 13,977 lots from the previous session; open interest stood at 317,000 lots, down 1,210 lots from the previous session, mainly reflecting a reduction in bear positions. Overnight, the most-traded SHFE copper 2603 contract closed at 101,860 yuan/mt, up 0.25%, with trading volume at 29,000 lots, down 42,000 lots from the previous session; open interest was 123,000 lots, down 7,789 lots from the previous session, also mainly reflecting a reduction in bear positions.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Common.Time.minsAgo

Downstream production resumptions increase demand slightly, overall trading improved slightly compared to yesterday [SMM South China Spot Copper]

Common.Time.minsAgo

Activity in the North China spot copper market was sluggish

[SMM North China Spot Copper Market] In terms of supply, suppliers' funding pressure eased after the 25th, and spot copper supply from the north continued to move south; due to higher copper prices and some downstream enterprises not yet resuming work, demand also appeared sluggish. Activity in the North China spot copper market was sluggish.

Common.Time.minsAgo

1 hour ago

Supply-demand weakness on both sides, sluggish performance in the spot market [SMM North China Spot Copper]

Spot prices of #1 copper cathode against the front-month contract in North China today were at a discount of 460-400 yuan/mt, with an average discount of 430 yuan/mt, down 320 yuan/mt from the previous trading day. Transaction prices were 101,510-102,120 yuan/mt, with an average of 101,815 yuan/mt, up 680 yuan/mt from the previous trading day.

1 hour ago