Overnight, LME and SHFE copper prices jointly closed higher as the White House signaled a tariff easing. [SMM Morning Comment]

SMM April 23 News: Overnight, LME copper opened at $9,325/mt, fluctuated slightly during the session, with the lowest point at $9,290/mt and the highest at $9,398.5/mt, finally closing at $9,354/mt, up $100 from the previous trading day, an increase of 1.08%. The trading volume was 16,520 lots, and the open interest was 281,354 lots, with a daily decrease of 1,495 lots, a reduction of 0.53%. Overnight, SHFE copper 2506 contract opened at 77,290 yuan/mt, fluctuated upward during the session, with the highest point at 77,710 yuan/mt and the lowest at 77,150 yuan/mt, finally closing at 77,610 yuan/mt, up 660 yuan from the previous trading day, an increase of 0.86%. The trading volume was 56,001 lots, and the open interest was 168,372 lots, with a daily increase of 2,299 lots, an increase of 1.38%. Macro-wise, Trump clearly stated that he has no intention of firing Powell and mentioned that the stock market is performing well. On the tariff front, the White House released signals of easing, as follows: Fox News reported that the US Treasury Secretary is busy negotiating trade agreements with Japan, South Korea, Australia, and India, but it is understood that the agreements will not be reached soon, and Vance, who is visiting India, has become the "chief executor" of trade negotiations. The White House: 18 trade agreement proposals have been received, and trade team meetings with 34 countries will be held this week. US media: The White House is "close" to reaching a tariff agreement with Japan and India, but finalizing the final agreement may take months. Sources said that Trump is considering reducing US drug prices to international levels. Sources revealed that the US will strive to persuade the UK to cut car tariffs from 10% to 2.5% and will urge the UK to relax agricultural import regulations. With the release of signals of easing trade wars, copper prices rose overnight. On the fundamental side, the SMM Copper Industry Summit is being held in Nanchang, and the market activity has somewhat decreased during the day, with suppliers standing firm on quotes, and both premiums and discounts for copper prices rose, while downstream purchasing desire was somewhat suppressed. Overall, it is expected that copper prices will still have support today.