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

Published: Apr 2, 2025 08:40

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【Countdown to Trump's Tariffs, Copper Prices Under Pressure and Fluctuating at Low Levels】Macro side, Trump is expected to announce reciprocal tariffs at 3:00 AM Beijing time on April 3. Recent news includes: The Washington Post reports that White House aides have drafted a proposal to impose tariffs of about 20% on at least most goods imported into the U.S.; The White House states that the tariffs announced on Wednesday will take effect immediately; The Wall Street Journal reports that the Office of the U.S. Trade Representative is preparing a new tariff option for Trump, which would impose comprehensive tariffs on a group of countries, with rates potentially not as high as the 20% universal tariff; CNBC reports 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 thereafter...

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.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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