Macro headwinds weighed on copper prices, which continued to face pressure overnight [SMM Morning Comment on Copper].

SMM April 9th News: Overnight, LME copper opened at $8,761/mt, initially rose slightly to a high of $8,864.5/mt, then fluctuated downward, touching a low of $8,515.5/mt near the end of the session, and finally closed at $8,588/mt, down 1.45%. The trading volume reached 33,000 lots, and the open interest stood at 300,000 lots. Overnight, the most-traded SHFE copper 2505 contract opened at 73,410 yuan/mt, initially rose to a high of 74,000 yuan/mt, then fluctuated downward, touching a low of 72,480 yuan/mt near the end of the session, and finally closed at 72,520 yuan/mt, down 1.25%. The trading volume reached 82,000 lots, and the open interest stood at 159,000 lots. On the macro front, Trump's statements increased uncertainty in trade policy, and his phone call with South Korea's acting president and his tough tariff stance (no exemptions, no negotiation timetable) raised concerns about escalating global trade frictions. Meanwhile, the US Customs and Border Protection reiterated that specific tariff rates for various countries would take effect at 12:01 AM on April 9th (12:01 PM Beijing time on April 9th), and Canada's 25% tariff on US automobiles also took effect, leading to a continued decline in copper prices. On the fundamental side, demand was positive. Although downstream purchasing sentiment was significantly driven by price reductions, traders were willing to offer discounts due to the widening price spread between futures contracts, and downstream buying enthusiasm was high. Market activity improved WoW, and it is expected that inventory will accelerate its decline. Subsequent attention should be paid to the inventory reduction process and the sustainability of downstream demand. Price-wise, it is expected that copper prices may continue to fluctuate downward today due to macro sentiment, but with strong support below, the downside room is limited.