The US dollar continued to rebound, exerting some pressure on copper prices. [SMM Copper Morning Meeting Minutes]

Futures market: LME copper opened at $9,438.0/mt overnight, with prices fluctuating at the beginning of the session, reaching a high of $9,468.0/mt during the session, then pulling back to a low of $9,352.0/mt, and finally closing at $9,369.0/mt, up 0.16%. Trading volume was 16,793, open interest was 280,991, with a daily increase of -363, a change of -0.13%. SHFE copper 2506 contract opened at 77,960 yuan/mt overnight, with prices fluctuating at the beginning of the session, reaching a high of 78,090 yuan/mt during the session, then fluctuating downward to a low of 77,370 yuan/mt, and finally closing at 77,480 yuan/mt, down 0.36%. Trading volume was 61,227, open interest was 166,192, with a daily increase of -4,863, a change of -2.84%.

【SMM Copper Morning Meeting Summary】News: (1) As Trump and Besant released optimistic signals on trade negotiations, the US dollar index continued to rebound. (2) US Fed Beige Book: Due to factors such as tariffs, economic uncertainty has increased, and the outlook in several regions has significantly deteriorated.

Spot: (1) Shanghai: On April 23, SMM #1 copper cathode spot prices against the front-month 2505 contract were at a premium of 160-210 yuan/mt, with an average premium of 185 yuan/mt, up 5 yuan/mt from the previous trading day. As futures prices rose above 78,000 yuan/mt, downstream procurement sentiment was suppressed yesterday, and procurement volume declined. However, due to continued destocking, suppliers remained optimistic about premiums and maintained firm offers. It is expected that today's transactions will still be at a premium of over 150 yuan/mt.

(2) Guangdong: On April 23, Guangdong #1 copper cathode spot prices against the front-month contract were at a premium of 200-250 yuan/mt, with an average premium of 225 yuan/mt, unchanged from the previous trading day. Overall, as copper prices continued to rise, downstream buyers were reluctant to chase higher prices, and yesterday's trading was less active than the previous trading day.

(3) Imported copper: On April 23, warrant prices were $84-92/mt, QP May, with the average price up $2/mt from the previous trading day; B/L prices were $98-108/mt, QP May, with the average price unchanged from the previous trading day. EQ copper (CIF B/L) was $57-67/mt, QP May, with the average price up $2/mt from the previous trading day, with offers referencing cargoes arriving in late April and early May.

(4) Secondary copper: On April 23, secondary copper raw material prices rose 700 yuan/mt MoM. Guangdong bare bright copper prices were 71,800-72,000 yuan/mt, up 700 yuan/mt MoM from the previous trading day. The price difference between copper cathode and copper scrap was 1,656 yuan/mt, up 141 yuan/mt MoM. The price difference between copper cathode rod and secondary copper rod was 1,095 yuan/mt. According to the SMM survey, secondary copper rod enterprises indicated that some regions have completed the payment of 2% assessed tax, but it has not been unified nationwide. Therefore, enterprises that have paid taxes may consider temporarily observing how other provinces implement relevant policies and resume production after the market becomes clearer.

(5) Inventory: On April 23, LME copper inventories decreased by 7,450 mt to 205,250 mt; on April 23, SHFE warrant inventories decreased by 1,728 mt to 44,965 mt.

Prices: On the macro front, UK media: Trump plans to exempt car manufacturers from some tariffs, the EU has proposed an initiative to buy more US LNG, and plans to reduce tariffs on some goods. US Treasury Secretary: US-Japan trade talks did not set specific currency targets, and a total of 12 US states sued the Trump administration for "illegal" abuse of tariff policies. At the same time, US Treasury Secretary Besant stated that America First does not mean America "going it alone." He reiterated 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, copper prices surged above 78,000 yuan/mt yesterday, significantly suppressing downstream procurement sentiment, and overall trading activity decreased. However, due to continued destocking, suppliers maintained firm offers. Overall, the US trade negotiation stance has softened, and the US Fed Beige Book shows that due to factors such as tariffs, economic uncertainty has increased, and the outlook in several regions has significantly deteriorated. Amid the risks of deteriorating economic prospects and a rebounding US dollar, copper prices are expected to face some upward pressure today.

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【The above information is based on market collection and comprehensive evaluation by the SMM research team. The information provided in this article is for reference only. This article does not constitute direct advice for investment research decisions. Clients should make decisions cautiously and not use this as a substitute for independent judgment. Any decisions made by clients are unrelated to SMM.】