"Twist" in Trump's Tariff Lawsuit Unfolds, Copper Prices Fluctuate at Highs, Impasse Awaits Breakthrough [SMM Copper Morning Comment]

       SMM News on May 30: Overnight, LME copper opened at $9,608.0/mt. It fluctuated in the early session, reaching a high of $9,622.0/mt during the oscillation, before pulling back to a low of $9,557.0/mt. It then fluctuated and eventually closed at $9,567.0/mt, up 0.01%, with a trading volume of 13,343 lots and an open interest of 295,433 lots. Overnight, the SHFE copper 2507 contract opened at 78,080 yuan/mt. It fluctuated in the early session, reaching a high of 78,100 yuan/mt during the session, before fluctuating downward to a low of 77,750 yuan/mt. It eventually closed at 77,850 yuan/mt, down 0.18%, with a trading volume of 30,719 lots and an open interest of 171,728 lots. On the macro front, the US Court of Appeals allowed Trump's tariff policy to remain temporarily in effect, after the US Court of International Trade halted the "Emancipation Day" tariff policy. Officials under Trump expressed strong confidence in winning the lawsuit and believed that even if they lost, they could find alternative ways to impose tariffs. Meanwhile, tariff negotiations would continue, with three agreements expected in the coming weeks. US Treasury Secretary: There has been no change in the attitude of trading partners in the past 48 hours. With an uncertain trade outlook, copper prices hovered at highs. On the fundamental front, on the last trading day of May, overall pre-holiday inventory restocking was limited. It is expected that both supply and demand will be weak today. As of Thursday, May 29, SMM copper inventories in major Chinese markets decreased by 1,000 mt WoW to 138,700 mt, continuing to show destocking. In major consuming regions, Shanghai, Guangdong, and Jiangsu all showed destocking, with Shanghai experiencing the largest destocking of 1,100 mt. In summary, with an uncertain trade outlook but optimistic sentiment from officials under Trump, it is expected that copper prices will hover at highs today, with slight pressure on the upside.