Today, spot #1 copper cathode in North China traded at a discount of 180 yuan/mt to 80 yuan/mt against the front-month contract, with an average discount of 130 yuan/mt, a decrease of 20 yuan/mt from the previous trading day. The transaction prices ranged from 78,150 yuan/mt to 78,310 yuan/mt, with an average price of 78,230 yuan/mt, down 25 yuan/mt from the previous trading day.

Overnight, LME copper opened at $9,583.0/mt, touching a low of $9,571.0/mt at the beginning of the session.

SMM Morning Meeting Summary: Overnight, LME copper opened at $9,583.0/mt, hitting a low of $9,571.0/mt at the beginning of the session before rising steadily. It reached a high of $9,640.0/mt during the session, then fluctuated downward overall, eventually closing at $9,596.0/mt, down 0.19%. Trading volume was 15,828 lots, and open interest was 289,893 lots. Overnight, the most-traded SHFE copper 2507 contract opened at 78,160 yuan/mt, with prices fluctuating at the beginning of the session. It reached a high of 78,240 yuan/mt and a low of 78,020 yuan/mt during the session, fluctuating overall before eventually closing at 78,100 yuan/mt, up 0.14%. Trading volume was 27,541 lots, and open interest was 164,859 lots.

[Tariff Prospects Remain Unclear, US Consumer Confidence Rebounds, Overnight Copper Prices Suppressed by US Dollar Index] On the macro side, US consumer confidence in May was much better than economists' expectations. Driven by the improvement in US consumer confidence, the US dollar index strengthened, suppressing overnight copper prices. Trump expressed great satisfaction with imposing a 50% tariff on the EU, and the EU has called for the negotiation date to be set as soon as possible. The uncertainty surrounding tariffs has also weighed on copper prices.