The US is expected to impose a 50% tariff on copper, which will once again reverse the global trade flow of copper cathode. Overnight, SHFE copper briefly surged to 80,300 yuan/mt near the close, slid sharply at the start of the morning session, and then continued to decline to 78,750 yuan/mt, closing at 78,940 yuan/mt in the morning. The price spread between futures contracts for the next month expanded from 200 yuan/mt to 360 yuan/mt. Given the bearish sentiment downstream, it is expected that purchasing demand will not fully emerge. Moreover, against the backdrop of the expanding price spread between futures contracts, downstream players will still drive down purchasing prices. It is anticipated that spot premiums will remain under pressure tomorrow.