US Tariff News and PMI Recovery Drive Overnight V-Shaped Rally in Copper Prices

[US Tariff Implementation Disturbance Combined with PMI Recovery Boosts Overnight V-Shaped Gains in LME and SHFE Copper]

Macro side, Trump announced reciprocal tariffs would take effect on April 2, with a 25% tariff on Canada and Mexico to be implemented on March 4. There is no room for negotiation on tariffs with these two countries. Amid market concerns, the US dollar index continued to decline during the day, providing support for copper prices. Meanwhile, with the resumption of work and production after the Chinese New Year, the February Caixin China Manufacturing PMI recorded 50.8, a three-month high. Positive domestic manufacturing data also boosted market confidence, pushing copper prices higher.