SMM Copper Morning Briefing: Macro side, the year-on-year rate of the US unadjusted CPI for April unexpectedly fell to 2.3%, the lowest level since February 2021. After the CPI report, Trump once again pressured Powell, calling for an interest rate cut and stating that the stock market would surge. The US inflation data unexpectedly fell short of expectations, leading to a weakening of the US dollar index and pushing up copper prices. On the fundamental side, arrivals remain relatively low, and as the delivery countdown begins, warrant increments are also limited. However, the rising sentiment of traders in purchasing may gradually increase warrant volumes, and it is expected that spot discounts will remain firm. Overall, the below-expectation inflation data caused the US dollar index to give up its gains and subsequently oscillate. It is expected that the bottom support for copper prices will weaken today.