The US dollar index is running high, copper prices are under pressure [SMM Copper Morning Comment]

Overnight LME copper opened at $9556 /mt, touching a low of $9508/mt during the session, and finally closed at 9595 /mt at the end of the session, with a trading volume of 21,000 lots and a position of 326,000 lots. Overnight, the most active SHFE 2408 copper contract opened at 78420 yuan/ton, touched above 78420 yuan/ton at the beginning of the session, and then fluctuated downward, touching a low of 77740 yuan/ton during the session, and finally closed at 78080 yuan/ton at the end of the session, an increase of 0.08%, with a trading volume of 49,000 lots and a position of 181,000 lots. In terms of macroeconomics, the Federal Reserve said that all 31 banks tested passed the Federal Reserve's annual stress test, which helped the market ease the sentiment of the Federal Reserve's insistence on high interest rates. The US dollar index still maintains a high level, which suppresses copper prices. Pay attention to the labor data and inflation data to be released tonight, which will provide guidance for copper prices. In terms of fundamentals, the copper price fell and did not cause downstream replenishment. This is mainly because demand has entered the off-season, new orders are relatively small, and downstream companies have no motivation to replenish. In terms of price, it is expected that there will still be pressure on the copper price.