On the macro front, the US dollar has rebounded continuously, supported by strong US economic indicators such as June's non-farm payrolls and manufacturing data.

Futures market: LME copper opened at $9,626/mt overnight, initially climbed to a high of $9,665/mt, then fluctuated downward to hit a low of $9,580.5/mt during the session, and maintained rangebound fluctuations before finally closing at $9,607/mt, down 1.26%, with trading volume reaching 47,000 lots and open interest at 271,000 lots.

SMM Morning Meeting Summary: Overnight, LME copper opened at $9,626/mt, reaching a high of $9,665/mt in the early session before fluctuating downward to a low of $9,580.5/mt during the session. It maintained a rangebound fluctuation towards the end of the session, closing at $9,607/mt, down 1.26%. Trading volume reached 47,000 lots, and open interest reached 271,000 lots. Overnight, the most-traded SHFE copper 2509 contract opened at 78,180 yuan/mt, reaching a high of 78,270 yuan/mt in the early session before maintaining a rangebound fluctuation throughout the session, touching a low of 77,960 yuan/mt towards the end. It ultimately closed at 78,010 yuan/mt, down 0.55%. Trading volume reached 24,000 lots, and open interest reached 173,000 lots.

Futures market: Overnight, LME copper opened and touched a high of $9,751/mt, then fluctuated downward throughout the session, nearing a low of $9,676/mt before finally settling at $9,730/mt, down 0.74%.

SMM Morning Meeting Summary: Overnight, LME copper opened at $9,787.5/mt, touching a low of $9,758.5/mt early in the session before fluctuating upward throughout, reaching a high of $9,827/mt near the close. It rebounded slightly at the end of the session, closing at $9,803/mt, up 0.41%. Trading volume reached 11,000 lots, and open interest reached 269,000 lots. Overnight, the most-traded SHFE copper 2509 contract opened at 78,910 yuan/mt, touching a high of 78,870 yuan/mt early in the session before fluctuating upward and reaching a high of 79,230 yuan/mt. It then fluctuated rangebound, closing at 79,090 yuan/mt at the end of the session, up 0.14%. Trading volume reached 22,000 lots, and open interest reached 172,000 lots.

Futures market: Overnight, LME copper opened at $9,830.5/mt, initially touched a high of $9,856.5/mt, then fluctuated downward, nearing the session end to hit a low of $9,759/mt before a slight rebound to close at $9,796/mt, down 0.34%.

Futures market: On Friday night, LME copper opened at $9,818.5/mt, initially fluctuating at highs and touching $9,852.5/mt during the session, then fluctuating downward throughout, nearing the session end to touch a low of $9,766.5/mt before a slight rebound at the close to settle at $9,796/mt, down 0.59%, with trading volume at 12,000 lots and open interest at 270,000 lots.

[SMM Analysis] Before the deadline of US S232 settlement, Offshore market remains silent.