Copper prices are influenced by both bullish and bearish factors, encountering resistance in the short term [SMM Morning Comment on Copper]

SMM News on July 17: Overnight, LME copper opened at $9,610/mt, fluctuated rangebound in the early session to hit a low of $9,588/mt, then surged straight up to a high of $9,664/mt. After pulling back at the end of the session, it continued to rise and finally closed at $9,637/mt, down 0.21%. Trading volume reached 17,000 lots, and open interest reached 268,000 lots. Overnight, the most-traded SHFE copper 2508 contract opened at 77,810 yuan/mt, rose slightly in the early session and then pulled back to hit a low of 77,770 yuan/mt. It then surged straight up to a high of 78,090 yuan/mt. After pulling back at the end of the session, it continued to rise to a high and then pulled back again, forming an "M" shape. It finally closed at 77,950 yuan/mt, up 0.01%. Trading volume reached 22,000 lots, and open interest reached 158,000 lots. On the macro front, Trump denied rumors of firing Fed Chairman Powell and once again fiercely criticized Powell for failing to cut interest rates. The US dollar index plunged during the session and finally closed lower, exerting bearish pressure on copper prices. In addition, Trump said he would send tariff letters to more than 150 countries, with the tariff rate possibly set uniformly at 10% or 15%, further advancing his trade agenda. Tariff uncertainty still exists. On the fundamental front, there was a shortage of mainstream standard-quality copper supplies, while high-quality copper had some supply replenishment. SX-EW copper remained in tight supply, and warrants failed to flow out in large quantities during the delivery period. The supply side as a whole was in tight supply. Demand side, suppliers continued to quote high premiums during the day, but SHFE copper fell in the morning session and continued to slide before rebounding in the morning trading session. Market trading sentiment was affected by price fluctuations. On the price front, with bearish factors disturbing the current macro and fundamental situation, copper prices are expected to face upward pressure today.