[SHFE and LME Copper Prices Closed Higher Last Friday; Trump's Tariff Policy May Exert Further Pressure]
Macro side, the latest data shows that the US seasonally adjusted non-farm payrolls in January recorded 143,000, significantly below the market expectation of 170,000, marking the lowest level since October last year. Although the US labour market has slowed, it remains robust. Several US Fed officials expressed their views on monetary policy, indicating a low probability of an interest rate cut in the short term. Meanwhile, Trump stated that reciprocal tariff measures will be announced this week, which may increase the attractiveness of the US dollar, weighing on copper prices.
