【SMM Copper Update】During the night session on October 10, 2025, copper prices on both the SHFE and LME fell sharply: LME copper dropped by $402.5/mt to $10,374/mt, a decline of 3.73%; the most-traded SHFE copper 2511 contract closed down by 3,880 yuan/mt at 83,030 yuan/mt, a drop of 4.46%. The trigger was Trump's threat to significantly raise tariffs on Chinese goods, which sparked concerns about the global economy and financial market turmoil—U.S. stocks plummeted, safe-haven assets rose, and investors sold off large volumes of copper contracts for hedging purposes. Additionally, earlier worries about supply deficits driven by setbacks at major copper mines were gradually digested, prompting bulls to take profits. Furthermore, weak demand-side absorption amid high copper prices further suppressed the upward trend, with multiple factors collectively driving the sharp decline in copper prices during the night session.