In the morning session, copper prices in COMEX, LME, and SHFE markets surged consecutively. The "tariff turmoil" remains unresolved, and COMEX gold repeatedly hit new highs, with copper prices following suit. LME canceled warrants were injected into COMEX warehouses. Despite COMEX inventory surpassing 100,000 short tons, COMEX copper prices showed a three-day winning streak. As the LME February date approaches, a large number of bears rolled over positions from February to March, causing the structure between February and March LME copper to plummet from around a $36/mt contango on February 13 to nearly $0/mt, with the price spread almost flattening. Notably, the SHFE copper 2502 contract saw import losses expand to over 900 yuan/mt, and Chinese smelters may begin to explore export opportunities. Attention should be paid to changes in LME inventories in the Asian region and their impact on the recovery of total inventory.