The US Bureau of Labor Statistics Revised Down Employment Growth, Copper Prices Rebounded Overnight [SMM Copper Morning Comment]

LME copper opened at $9,257/mt overnight, initially reached a high of $9,276/mt, then fluctuated downward to a low of $9,197/mt, and rebounded at the end of the session to close at $9,249/mt, up 0.74%. Trading volume reached 13,000 lots, and open interest reached 280,000 lots. The most-traded SHFE copper 2409 contract opened at 73,920 yuan/mt overnight, initially declined to a low of 73,540 yuan/mt, then fluctuated upward to a high of 74,040 yuan/mt near the end of the session, and finally closed at 73,840 yuan/mt, up 0.18%. Trading volume reached 16,000 lots, and open interest reached 122,000 lots. Macro side, the US Bureau of Labor Statistics revised down employment growth by 818,000 for the year ending in March, reducing the average monthly growth by about 68,000, marking the largest downward revision since 2009. Additionally, the US Fed's July meeting minutes indicated that the vast majority of officials considered a rate cut in September to be appropriate. Fundamentally, due to the release of warrants, the spot supply of copper cathode increased, putting pressure on premiums and discounts. On the consumption side, with copper prices fluctuating, processing enterprises became more cautious, anticipating another price drop, leading to a decline in demand. Price-wise, there is still some room for copper prices to rise.