SMM Copper Morning Briefing: On the fundamental side, imported copper continues to replenish the market, but mainstream supply remains tight due to trade circulation demand, with brand price spreads remaining high. Currently, there is still a gap between open interest and the existing stock of warrants. Given smelters' export intentions, delivery supply is limited this week, and there is a risk of further widening of the price spread between futures contracts under the backwardation structure. Overall, the US dollar index has pulled back to some extent, while trade negotiations between the US and India, Japan, the EU, South Korea, and Thailand have all made certain progress. It is expected that copper prices will stabilize today, with support at the bottom.