SMM March 6 News: Overnight, LME copper opened at $9,559.5/mt, initially bottomed out at $9,508/mt during fluctuations, then its center moved higher, peaking at $9,594.5/mt by the end of the session, and finally closed at $9,594/mt, up by 2.21%. Trading volume reached 33,000 lots, and open interest stood at 295,000 lots. Overnight, the most-traded SHFE copper 2504 contract opened at 77,980 yuan/mt, immediately peaked at 77,990 yuan/mt, and then fluctuated rangebound throughout the session, bottoming out at 77,640 yuan/mt in early trading and finally closing at 77,900 yuan/mt, up by 1.02%. Trading volume reached 39,000 lots, and open interest stood at 166,000 lots. Macro side, Trump once again delayed certain tariffs, intensifying concerns over inflation and the economy caused by tariffs. The US dollar index continued to decline, hitting a nearly four-month low and falling below the 105 mark, which supported copper prices. Meanwhile, the Two Sessions convened domestically, with stabilizing the real estate and stock markets being written into the general requirements of the government work report for the first time. Coupled with other favorable news, copper prices were significantly boosted. Fundamentally, the price spread between futures contracts narrowed, while import arrivals decreased, and the tight supply expectations in domestic trade increased, boosting premiums. However, downstream transactions showed no significant improvement. Overall, with frequent positive news during the Two Sessions and the US dollar index operating at low levels, copper prices are expected to remain relatively firm today.
