Prospect of tariffs remains uncertain, US consumer confidence rebounds, overnight copper prices suppressed by US dollar index [SMM Copper Morning Comment]

       SMM May 28 news: Overnight, LME copper opened at $9,583.0/mt, touching a low of $9,571.0/mt at the beginning of the session. It then rose steadily, reaching a high of $9,640.0/mt during the session, before fluctuating downward overall and 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. On the macro side, US consumer confidence in May was significantly better than economists' expectations. Bolstered by improved US consumer confidence, the US dollar index strengthened, putting pressure on 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 also weighed on copper prices. On the fundamental side, imported copper continued to arrive, while downstream purchase sentiment was poor recently, putting pressure on premiums. It is expected that there will still be imported copper shipments today. Overall, with the uncertain tariff outlook and the US dollar index rising again, it is expected that there will be certain pressure on copper prices today.