SMM Copper Morning Briefing: On the macro front, on May 12, the Joint Statement of the China-U.S. Economic and Trade Talks in Geneva was released, stating that both China and the U.S. would cancel 91% of tariffs and suspend the implementation of 24% of tariffs. Following the tariff reduction agreement between China and the U.S., market concerns about an economic recession eased, the US dollar index surged, copper prices remained relatively firm, and fluctuated at highs. On the fundamental front, copper prices fluctuated at highs. Although the price spread between futures contracts narrowed, it still maintained a backwardation structure, and downstream procurement interest was low. As of Monday, May 12, SMM copper inventories in major regions across China increased by 3,000 mt WoW to 123,100 mt. Compared to the inventory changes from last Friday, inventory levels varied across regions in the country. Total inventories were 277,000 mt lower than the 400,100 mt recorded in the same period last year. Overall, with the US dollar index remaining high, it is expected that there will be limited upside potential for copper prices today.