Both LME copper and SHFE copper closed lower, with the market focusing on US tariffs and CSPT [SMM Morning Comment].

SMM March 31 News: Last Friday night, LME copper opened at $9,794/mt, rose to a high of $9,887.0/mt during the session, and fell to a low of $9,773/mt, finally closing at $9,783.5/mt, down $63.0, a decrease of 0.64%. The trading volume was 20,138, and the open interest reached 309,324. The overall trend showed an initial fluctuation and rise, followed by a pullback and downward movement, ultimately closing lower. Last Friday night, SHFE copper 2505 contract opened at 80,660 yuan/mt, rose to a high of 81,190 yuan/mt during the session, and fell to a low of 80,310 yuan/mt, finally closing at 80,420 yuan/mt, down 270 yuan, a decrease of 0.33%. The trading volume was 64,252, and the open interest reached 208,816. The overall trend showed an initial rise, followed by a fluctuating downward movement. Macro-wise, the US plans to announce reciprocal tariffs on countries responsible for most of its trade deficit on April 2, while the previously announced 25% auto tariffs will take effect on April 3. The impending comprehensive reciprocal tariffs from the US have worsened the global economic growth outlook. Meanwhile, the market previously expected the US Section 232 investigation on copper to last until Q3, but the investigation period has been shortened. Under the risk of early tariffs, the cross-market arbitrage space has narrowed, putting pressure on copper prices. On the fundamental side, copper prices have continued to decline. Although some customers are still waiting for prices below 80,000, downstream orders have significantly increased under the falling copper prices, and premiums are expected to slightly recover this week. Overall, as the CSPT meeting and the US announcement of comprehensive reciprocal tariffs approach, despite the decline in the US dollar index, market anxiety has increased. If today's CSPT meeting does not meet market expectations, copper prices may continue to face pressure.