US dollar's V-shaped reversal suppresses copper prices' rebound; market awaits more tariff agreements [SMM Copper Morning Comment]

        SMM May 15th news: Overnight, LME copper opened at $9,619.5/mt. It fluctuated upward in the early session, reaching an intraday high of $9,664.0/mt before pulling back. It touched a low of $9,575.5/mt towards the end of the session and eventually closed at $9,592.0/mt, down 0.34%. Trading volume was 17,304 lots, and open interest was 291,016 lots. Overnight, the SHFE copper 2506 contract opened at 78,900 yuan/mt. It rose rapidly in the early session, touching an intraday high of 79,090 yuan/mt, before fluctuating downward. It touched a low of 78,480 yuan/mt during the session and then rebounded somewhat, eventually closing at 78,650 yuan/mt, up 0.19%. Trading volume was 37,544 lots, and open interest was 190,552 lots. On the macro side, the US dollar index fell yesterday amid concerns about the economy. Later, market news indicated that the US was "close to reaching" trade tariff agreements with Japan, South Korea, and India, and that the US would not seek a weaker US dollar in tariff negotiations. The US dollar index rebounded after falling close to the 100-point mark, forming a V-shaped trend, causing copper prices to rise first and then fall overnight. On the fundamental side, as the last trading day of the 2505 contract approached, downstream purchasing sentiment was low amid high copper prices and a widening price spread between futures contracts. It is expected that spot prices against the SHFE copper 2506 contract will move downwards after a higher opening in terms of premium quotes. Overall, with fluctuations in the US dollar index and the approaching delivery date, it is expected that there will be certain upward pressure on copper prices today.

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