Recently, the copper inventory in North America at COMEX has continued to decline to around 20,000 tons, and the spread of the near-month contract of COMEX copper has strengthened to a slightly backward structure. From the perspective of CFTC's position holding, the proportion of non-commercial short positions held last week was at a low level recently, while the proportion of long positions continued to recover. Meanwhile, the spread between LME0-3 and COMEX has widened to over $200/ton, which is at a relatively high level in history.