Ceasefire between Iraq and Israel, Weakening US Dollar Index Support Copper Prices; Powell's Hawkish Remarks Trigger Inflation Concerns [SMM Copper Morning Comment]

      SMM News on June 25: Overnight, LME copper opened at $9,752.5/mt, with the intraday high reaching $9,759/mt and the low touching $9,649/mt, eventually closing at $9,664/mt, down 0.31%. The overall trend first surged and then pulled back, showing a fluctuating downward pattern. Trading volume was 21,098 lots, and open interest was 284,256 lots. Overnight, SHFE copper 2508 opened at 78,330 yuan/mt, with the intraday high reaching 78,390 yuan/mt and the low touching 78,130 yuan/mt, eventually closing at 78,300 yuan/mt, up 0.04%. The overall trend first declined and then rebounded with fluctuations. Trading volume was 24,597 lots, and open interest was 156,385 lots. On the macro front, Trump announced a ceasefire between Iran and Israel. After a call between the US and Israeli leaders, Israel halted further military strikes against Iran. The Iranian president stated that Iran was ready to engage in dialogue at the negotiating table. The weakening US dollar index supported copper prices. Meanwhile, Powell stated that the current policy is in a favorable position, and it is appropriate to wait and see before considering interest rate adjustments. The vast majority of officials believe that an interest rate cut later this year is appropriate. The US Fed's concerns about future inflation weighed on copper prices in the late session. On the fundamental side, suppliers cleared their inventories at low prices, causing premiums to fall. Overall trading sentiment rebounded somewhat. Given the ongoing need for inventory clearance and capital repatriation, premiums are expected to continue falling today. Overall, although the US dollar index remains weak, the US Fed's statements about inflation concerns are expected to weigh on copper prices today.