On the macro front, the US Fed maintained interest rates unchanged as expected. In its statement, policymakers maintained the expectation of two interest rate cuts this year, but the number of officials expecting no rate cuts this year increased. The expectation for rate cuts next year was reduced to one. Powell continued to emphasize uncertainties and predicted "high inflation" in the coming months. The US dollar index rose, exerting bearish pressure on copper prices. On the fundamental side, spot premiums for copper cathode fluctuated significantly, with notable differences among brands. Yesterday, suppliers rushed to sell due to concerns about subsequent warrant outflows, and there was also a significant impact on the market from Russian copper being sold at low prices. It is expected that there will still be downside room for premiums after warrant outflows today. In summary, given the presence of bearish factors, it is expected that copper prices will struggle to continue rising today.