Macro side, Israel bombed Iranian nuclear targets on Thursday. After Iran attacked an Israeli hospital at night, it launched missiles and drones at Israel. Currently, neither side shows signs of backing down. Moreover, Trump is expected to decide within the next two weeks whether the US will intervene in the Israel-Iran conflict, escalating geopolitical tensions and driving up the US dollar index, which in turn suppresses copper prices. Fundamentals side, from the supply side, there was a significant outflow of SHFE warrants yesterday, and Russian low-priced copper supplies were widely sold in the market. However, the market's absorption capacity was limited, and it is expected that the low-priced supplies will still be difficult to fully absorb today. Inventory side, as of Thursday, June 5, SMM copper inventories in major regions across China fell by 2,000 mt from Monday to 146,000 mt, up 1,100 mt from last Thursday, and 253,000 mt lower than the 398,000 mt recorded in the same period last year. Price side, as macro and fundamental factors are unlikely to resonate, it is expected that copper prices will find it difficult to stop falling and rebound today.