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