Copper prices are currently at low levels, and the "tariff storm" has left downstream players with bearish expectations, in no rush to match orders on hand with copper cathode raw materials. Spot transactions are expected to remain driven down to within a premium of 100 yuan per mt tomorrow. If copper prices fall further, causing the near-month backwardation to widen again, warrants are expected to continue flowing out, attracting downstream players to purchase at low prices.