Copper prices are currently at low levels, and the "tariff storm" has left downstream players still bearish and in no hurry to match raw material for copper cathode with orders on hand. Spot transactions are expected to continue to be 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 make low-price purchases.