On the macro side, Trump announced that a ceasefire agreement between Iran and Israel was close to being reached and might be achieved within a week. The US dollar index plunged and turned negative in the short term, while copper prices first fell and then rose. Additionally, there were reports that Trump might also appoint Powell's successor in the coming months, exacerbating the weakness of the US dollar and being bullish for copper prices. On the fundamental side, supply side, smelters planned to increase export efforts, making spot market cargoes even scarcer. Demand side, as copper prices surged to a high level, although spot premiums opened high and transactions stabilized at a high level during the day, most transactions were dominated by traders. Downstream purchases were constrained by high copper prices, and it was expected that spot premiums would have limited upside room from the current level. On the price side, Trump indicated that the July 9 trade negotiation deadline he had set was not fixed. If no agreement was reached, the US would re-impose broader tariffs. The uncertainty of trade policies disrupted the market, but in the short term, the weakness of the US dollar index would boost copper prices.