Trump's Tariff Countdown, Copper Prices Under Pressure with Low-Level Fluctuations [SMM Morning Comment on Copper]

SMM April 2 News: Overnight, LME copper opened at $9,727.0, with the highest intraday price reaching $9,728.0 and the lowest at $9,669.0, showing a fluctuating trend. It finally closed at $9,692.5, up $2.5 or 0.03% from the previous trading day, with a trading volume of 21,210 and open interest reaching 303,022. Overnight, SHFE copper 2505 contract opened at 79,910 yuan/mt, with the highest intraday price reaching 80,110 yuan/mt and the lowest at 79,580 yuan/mt, showing a fluctuating trend. It finally closed at 79,820 yuan/mt, down 80 yuan or 0.10% from the previous trading day, with a trading volume of 53,996 and open interest reaching 195,706. On the macro front, Trump is expected to announce reciprocal tariffs at 3:00 AM Beijing time on April 3. Recent news includes: The Washington Post reported that White House aides drafted a proposal to impose tariffs of about 20% on at least most goods imported to the US; the White House stated that the tariffs announced on Wednesday will take effect immediately; The Wall Street Journal reported that the Office of the US Trade Representative is preparing a new tariff option for Trump, which would impose comprehensive tariffs on a group of countries, with rates potentially lower than the 20% universal tariff; CNBC reported that Treasury Secretary Besant stated that the tariffs announced on Wednesday will be the upper limit, and countries can take measures to seek tariff reductions. Amid market wait-and-see sentiment, copper prices fluctuated rangebound, with SHFE and LME showing mixed performance. On the fundamental side, after copper prices pulled back, spot cargo transactions warmed up, with short-term demand showing some recovery, and premiums and discounts slightly increased. Overall, as the US reciprocal tariff announcement approaches, market wait-and-see sentiment remains strong, and copper prices are expected to maintain recent low levels today.