In 2024, copper prices concluded their journey with an overall increase. Among them, the annual gain for LME copper was 2.6%, SHFE copper rose by 6.96%, and SMM #1 copper cathode increased by 6.59%. Although the final growth in copper prices was not as dazzling as that of precious metals, the volatility of copper prices in 2024 was truly dramatic! Driven by factors such as macro tailwinds, increasingly tight expectations for copper ore supply, rising expectations for production cuts in copper cathode, anticipated growth in copper consumption for AI, and a short squeeze in COMEX copper, the prices of futures copper on the three major exchanges all hit record highs in May 2024! Taking the volatility of SHFE copper in 2024 as an example, its highest price reached 88,940 yuan/mt, while the lowest dropped to 67,380 yuan/mt, with a difference of 21,560 yuan/mt between the two. Such intense volatility is far from favorable for downstream copper consumption. Entering 2025, copper prices are currently showing an overall upward trend on the annual chart for 2025. How will the macro front and fundamentals, which played leading roles in the copper market drama of 2024, perform this year?