The US attitude softened, the US dollar rebounded, and LME copper and SHFE copper jumped initially and then pulled back, showing pressure. [SMM Copper Morning Comment]

SMM April 24th News: Overnight, LME copper opened at $9,438.0/mt, with prices fluctuating at the beginning of the session, reaching a high of $9,468.0/mt, then pulling back to a low of $9,352/mt, and finally closing at $9,369/mt, up 0.16%. The trading volume was 16,793, and the open interest was 280,991, with a daily increase of -363, a change of -0.13%. Overnight, SHFE copper 2506 contract opened at 77,960 yuan/mt, with prices fluctuating at the beginning of the session, reaching a high of 78,090 yuan/mt, then fluctuating downward to a low of 77,370 yuan/mt, and finally closing at 77,480 yuan/mt, down 0.36%. The trading volume was 61,227, and the open interest was 166,192, with a daily increase of -4,863, a change of -2.84%. Macro-wise, British media reported that Trump plans to exempt car manufacturers from some tariffs, and the EU has proposed an initiative to buy more US liquefied natural gas and plans to reduce tariffs on some goods. US Treasury Secretary: The US-Japan trade dialogue did not set specific currency targets, and a total of 12 US states sued the Trump administration for "illegal" abuse of tariff policies. Meanwhile, US Treasury Secretary Besant stated that America First does not mean the US "going it alone," reiterating that the US still adheres to a strong dollar policy. As Trump and Besant released optimistic signals on trade negotiations, the US dollar index continued to rebound, suppressing copper prices. On the fundamental side, yesterday, copper prices rose above 78,000 yuan/mt, significantly dampening downstream purchasing sentiment, with overall trading activity decreasing. However, due to continued destocking, supplier quotations remained firm. Overall, the US trade negotiation stance has softened, and the US Fed's Beige Book showed that economic uncertainty has increased due to tariffs and other factors, with the outlook in several regions significantly deteriorating. Amid the risks of a deteriorating economic outlook and a rebounding US dollar, copper prices are expected to face some upward pressure today.