SMM Copper Morning Brief: Fundamentally, copper prices surged above 78,000 yuan/mt yesterday, significantly dampening downstream purchasing sentiment and reducing overall trading activity. However, due to continued destocking, supplier quotations remained firm. Overall, the US trade negotiation stance softened, while the US Fed's Beige Book indicated that economic uncertainty increased due to tariffs and other factors, significantly worsening the outlook in several regions. Amid risks of deteriorating economic prospects and a rebounding US dollar, copper prices are expected to face some upward pressure today.