["[Frequent Tariff News and Decline in Copper Inventories Support Price Increase]: On the macro side, tariff-related news includes: ① The Atlantic's exclusive interview: Trump believes no red lines will change tariff policies. ② US Treasury Secretary: The first trade agreement may be reached as early as this week or next, with India potentially among the first batch. ③ German Chancellor-designate Merz will urge Trump to eliminate all tariffs. The market is cautiously awaiting further news on trade policies, with the US dollar declining across the board, which is bullish for copper prices. On the fundamental side, supply side, as of Monday, April 28, SMM's copper inventories in major regions across the country declined by 26,600 mt WoW from last Friday to 155,100 mt. Compared to the inventory changes last Friday, inventories in all regions across the country experienced destocking. Continuous destocking in the Shanghai region has kept Shanghai spot copper premiums firm. In the absence of significant import replenishment, inventories are expected to continue declining before the holiday. On the demand side, as the Labour Day holiday approaches, the slight decline in the futures market has encouraged downstream players to actively pick up goods. Downstream purchasing sentiment is moderate, leading to continuous destocking in warehouses. At the same time, downstream players are also engaging in bargain down purchasing prices, indicating a certain degree of caution. On the price s