[SMM Cable Conference | SMM: With Easing of Sino-US Tariffs and Fundamentals Providing Support, Fluctuation Upward of Copper and Aluminum Prices May Be Expected] Ye Jianhua, General Manager of SMM Industry Research, analyzed the copper and aluminum markets amidst the volatile macroeconomic environment. The increase in global copper mine production primarily comes from expansion projects. The rapid expansion of global copper smelter capacity makes it difficult to change the tight raw material supply situation. Regarding the aluminum market: On the macro side, the easing of Sino-US tariffs with a 90-day window period has had a significant positive impact, potentially driving up overall aluminum prices subsequently. On the fundamental side, the high operating rates of aluminum plants and the supplement of imported supplies have maintained stable domestic supply. The recent retreat in aluminum prices has stimulated downstream purchasing sentiment, and inventory depletion has provided support for aluminum prices. Coupled with the impact of increased demand for end-use products due to rush exports during the subsequent Sino-US tariff window period, aluminum prices may fluctuate upward. Continuous attention should be paid to the impact of tariff events on consumption promotion and changes in domestic demand.