Resumption of China-U.S. negotiations boosts market, copper prices expected to be supported [SMM Copper Morning Comment]

      SMM June 10 news: Overnight, LME copper opened at $9,728.0/mt, hitting a low of $9,719.5/mt in the early session before fluctuating upward to a high of $9,805.5/mt during the session, eventually closing at $9,768.5/mt, up 1.01%. Trading volume reached 14,115 lots, with open interest at 285,334 lots. The overall trend saw prices fluctuate upward to a high before pulling back, showing a volatile pattern. Overnight, SHFE copper 2507 opened at 78,920 yuan/mt, hitting a high of 79,470 yuan/mt and a low of 78,920 yuan/mt during the session, eventually closing at 79,330 yuan/mt, up 0.84%. Trading volume reached 38,243 lots, with open interest at 207,020 lots. The overall trend saw prices fluctuate upward to a high before pulling back slightly, showing an upward adjustment after volatility. On the macro front, the first meeting of the China-US economic and trade consultation mechanism was held in London, UK, on the afternoon of June 9 local time. Yuyuantantian learned that the first meeting of the China-US economic and trade consultation mechanism would continue on June 10 local time. During the China-US negotiations, the US dollar index was in the doldrums amid concerns over trade prospects and expectations of the end of the easing cycle in the eurozone, boosting copper prices. On the fundamental front, as the delivery date approaches, brand price spreads still exist, and it is difficult to find low-priced cargoes in the market. It is expected that spot cargoes will be guided by the price spread between futures contracts. Overall, with expectations of trade easing during the China-US negotiations, copper prices are expected to receive some support today.