Macro Support and Inventory Reduction Push Copper Prices Higher Macro, the US S&P Global Manufacturing PMI for March hit a new low, raising concerns about US economic growth. Meanwhile, Trump's tariff measures significantly increased uncertainty, leading to heightened risk aversion and boosting copper prices. Additionally, Trump called for an interest rate cut by the US Fed during a cabinet meeting, which was bullish for copper prices. Fundamentally, supply side, national social inventory continued to decline over the weekend. As of Monday, March 24, SMM's copper inventory in major regions fell by 12,800 mt from the previous Thursday to 333,600 mt, and dropped by 15,400 mt compared to the previous Monday. The current inventory level raises concerns about Q2 supply. Demand side, downstream buyers mostly maintained just-in-time procurement, but purchasing interest is gradually warming up, showing some positive changes compared to before. Price-wise, with macro and fundamentals in sync, copper prices are expected to have further room for increase today.