Macro side, Trump announced that a ceasefire agreement between Iran and Israel was close to being reached and might be implemented within a week. The US dollar index plunged and turned negative in the short term, causing copper prices to fall first and then rise. It was also reported that Trump might appoint Powell's successor in the coming months, exacerbating the weakness of the US dollar and being bullish for copper prices. Fundamentals side, supply side, smelters planned to increase export efforts, making the spot market even tighter. Demand side, as copper prices surged to a high level, spot premiums opened high and remained steady at a high level during the day, but transactions were mainly 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. Price side, Trump stated that the July 9 trade negotiation deadline he 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 weak performance of the US dollar index would boost copper prices.