Macro side, data showed that US retail sales declined more than expected in May, but consumer spending remained supported by robust wage growth. The US dollar index weakened, but after the market digested the data, the US dollar reversed its decline, and copper prices first rose and then fell. Fundamentals side, on the first trading day of the SHFE copper 2507 contract, no warrants were released. Despite the replenishment of Russian supplies, they were difficult to be widely purchased by downstream buyers, leading to tight spot copper circulation. It is expected that unmatched delivery warrants may be released in advance tomorrow, and suppliers may sell at lower prices in the morning session, with the risk of a downward shift in the center of the premium. In summary, given the presence of bearish factors, it is expected that there will be limited upside potential for copper prices today.