Affected by Macro Expectations, LME Copper and SHFE Copper Showed Different Performances Last Friday Night [SMM Copper Morning Comment]

SMM February 24 News: Last Friday evening, LME copper opened at $9,536.5/mt, fluctuated considerably from the beginning to the middle of the session, peaked at $9,567.5/mt near the close, then pulled back slightly to a low of $9,497/mt, and finally closed at $9,515.5/mt, down 0.44%. Trading volume reached 18,900 lots, and open interest stood at 292,000 lots. Last Friday evening, the most-traded SHFE copper 2504 contract opened at 77,350 yuan/mt, initially peaked at 77,700 yuan/mt, fluctuated downward to a low of 77,400 yuan/mt during the session, then rebounded to form a "V-shape," peaked at 77,680 yuan/mt near the close, and finally pulled back slightly to close at 77,630 yuan/mt, up 0.12%. Trading volume reached 20,000 lots, and open interest stood at 172,000 lots. Macro side, as investors consolidated positions ahead of the weekend, anticipating more inflation data (such as PCE) this week and closely monitoring tariff-related headlines, the US dollar strengthened, weighing on LME copper. Additionally, if relations between Trump, Zelensky, and the EU further deteriorate or new tariff policies emerge, the US dollar may continue to rise, further pressuring copper prices. Fundamentally, copper prices fluctuated, with downstream procurement sentiment remaining moderate, primarily maintaining just-in-time procurement. Affected by tariffs, the export window opened, and smelters began planning exports, reducing the actual tradable copper volume in the market, which may somewhat slow the domestic inventory buildup process. Premiums are expected to rebound this week. In terms of prices, with tariff sentiment fluctuating and domestic policy expectations remaining positive, copper prices are expected to fluctuate at highs today.