Driven by multiple factors such as the decline in global copper mine growth, tightening copper concentrate supply, and rising expectations for production cuts among smelters, coupled with the sustained growth in copper demand from sectors like NEVs and power grid investments, highlighting the resilience of the demand side, as well as market concerns triggered by the US's proposed tariff hike on imported copper, which has spurred stockpiling, and the intensification of geopolitical conflicts in the DRC and other regions, copper prices ultimately concluded the first half of the year with gains—LME copper saw a 12.66% increase over the six-month period, SHFE copper rose by 8.22%, and SMM #1 copper cathode recorded a cumulative increase of 8.4% in H1. Now, as the curtain rises on H2, whether these factors that drove copper prices higher in H1 will continue to play a role has become the focus of market attention! Whether copper prices can sustain the upward momentum seen in H1 remains to be seen over time.