US Dollar Rebounds, Market Pulls Back Overall, LME Copper Retreats From Friday's High [SMM Copper Futures Brief]

Published: Feb 17, 2025 19:28

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The US January CPI annual rate was 3%, marking the largest increase since June 2024. The market expects the US Fed to cut interest rates only once by 25 basis points in December this year. The US dollar surged. Additionally, the US President is set to sign a reciprocal tariff executive order on Wednesday, with market sentiment largely remaining cautious. LME copper fell back from highs of $9,600/mt after Friday night's shock trading, fluctuated downward during the day, lost support at $9,400/mt by the close, and subsequently continued to pull back to around $9,380/mt.

SMM February 17 News:

The US January CPI annual rate was 3%, marking the largest increase since June 2024. The market expects the US Fed to cut interest rates only once by 25 basis points in December this year. The US dollar surged. Additionally, the US President is set to sign a reciprocal tariff executive order on Wednesday, with market sentiment largely cautious. LME copper pulled back from a high of $9,600/mt after a shock session last Friday night, fluctuated downward during the day, and lost support at $9,400/mt by the close, subsequently continuing to pull back to around $9,380/mt.

The SHFE copper 2502 contract had its last trading day today, with the futures market fluctuating downward. Intraday prices fell from around 77,200 yuan/mt in the morning session to an intraday low of around 76,900 yuan/mt. The settlement price was 77,270 yuan/mt, closing at 76,950 yuan/mt, down 640 yuan/mt or 0.83% from the previous trading day's settlement price. The current open interest was 21,225 lots, with a delivery volume of approximately 106,125 mt. The SHFE warrant daily report showed warehouse warrants at 154,491 mt, with a delivery ratio of approximately 68.69%.

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