SMM Copper Morning Brief: LME copper was closed overnight. The SHFE copper 2506 contract opened at 77,400 yuan/mt overnight, initially touched a high of 77,490 yuan/mt, then fluctuated downward to a low of 76,640 yuan/mt, and finally closed at 76,760 yuan/mt, up 0.41%. The trading volume was 45,721 lots, and the open interest was 164,089 lots. On the macro front, sources indicated that the originally scheduled Thailand-US trade talks on April 23 would no longer take place. Vance met with Modi, with India seeking tariff relief from Trump. India imposed a 12% tariff on certain steel products for 200 days. The US plans to impose new tariffs on solar products imported from Cambodia, Thailand, Malaysia, and Vietnam. Trump stated that there is almost no inflation issue and urged Powell to cut interest rates, otherwise economic growth might slow down. Recently, Trump has repeatedly criticized Powell, leading to reduced investor confidence in US assets and a sharp drop in the US dollar index. With the US dollar index falling and increased tariff policies, copper prices closed higher overnight. On the fundamental side, domestic arrivals were limited, and imported copper supplements were scarce, while market activity remained moderate, accelerating the destocking of copper cathode. As of Monday, April 21, SMM's mainstream copper inventories across China decreased by 36,900 mt WoW to 196,500 mt. Compared to last Friday's inventory changes, only the Chongqing region saw a slight increase