SMM Copper Morning Comment：Copper prices rose overnight

LME copper prices opened at $8530/mt and closed at $8546/mt in last evening trading, a gain of 0.67%, with the low-end of $8512.5/mt and the high-end of $8590/mt. Trading volume was 18,000 lots, and open interest stood at 282,000 lots. The most active SHFE 2404 copper contract prices opened at 69200 yuan/mt and closed at 69420 yuan/mt last evening, up 0.55%, with the high-end of 69580 yuan/mt and the low-end of 69110 yuan/mt. Trading volumes stood at 28,000 lots and open interest stood at 152,000 lots. On the macro front, as Powell said on Capitol Hill that he would cut interest rates later this year, the U.S. dollar index fell, bolstering copper prices. In addition, Pan Gongsheng, governor of the PBOC, said that the current average statutory reserve requirement ratio is 7%, and there is still room for subsequent RRR cuts. In terms of fundamentals, from the supply side, the supply of copper in the spot market remains abundant. Some refineries have accumulated inventory due to the recent slow shipments, and their enthusiasm for low-price shipments has increased. On the consumption side, downstream demand has not been fully released, and only some downstream companies are replenishing goods at low prices, and the overall demand is still weak. Due to the influence of macro sentiment, copper prices will move at highs in the near future.