["[Copper Prices May Pull Back Today After Rising Slightly Amid Broad Weakening in US Economic Data]: On the macro side, US economic data has weakened significantly, with the 'US ADP employment data' experiencing a sharp decline and employment growth of only 62,000. The US economy contracted for the first time since 2022, with Q1 GDP declining by 0.3%. Currently, the US economy is in a phase where 'soft data' has pulled back sharply, while 'hard data' remains moderate. Some analysts believe that the weakening of the US economy has a certain degree of persistence, but it has not yet fully entered a recession, and copper prices have maintained a trend of increasing slightly. On the fundamental side, from the demand perspective, on the last trading day before the Labour Day holiday, most traders exited the market early, reducing market activity. However, just-in-time procurement still provided support for spot premiums. As of April 30, SMM's copper inventories in major regions across the country fell by 25,500 mt WoW to 129,600 mt, marking the ninth consecutive week of destocking with an accelerated pace. Inventories have pulled back by 247,400 mt from the year's highs and are 275,100 mt lower YoY. Looking ahead to this week, with the expected replenishment of supply and a decline in downstream consumption sentiment, spot premiums may come under pressure, while inventories may experience a slight buildup. Copper prices are expected to open slightly lower today."]