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 will decide within the next two weeks whether the US will intervene in the Israel-Iran conflict. Geopolitical tensions have escalated, driving the US dollar index higher and suppressing copper prices. Fundamentals side, on the supply side, there was a significant outflow of SHFE warrants yesterday, and Russian copper at low prices was being sold in large quantities in the market. However, the market's absorption capacity was limited, and it is expected that the low-priced copper will still be difficult to fully digest 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, rose by 1,100 mt from last Thursday, and were 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.