LME and SHFE copper prices closed higher overnight, with multiple factors expected to support prices today [SMM Morning Comment].

Overnight, LME and SHFE copper prices closed higher, supported by multiple factors, and are expected to gain support today. Macro side, Fed Chairman Powell stated, "Policy is in a good place, and we need to wait for clearer data before considering adjustments. Cryptocurrencies are gradually becoming mainstream, and related regulations are expected to be relaxed. Tariffs are likely to stimulate a temporary rise in inflation, and the impact may persist for a long time. The current trend is that both inflation and unemployment rates are rising. Do not expect the US Fed to intervene in the sharply declining stock market. Trump's policies are constantly changing, and tariffs are higher than the highest estimates of the US Fed. It is understandable that the market is facing difficulties.