Macro side, Trump threatened on Saturday to impose a 30% tariff on goods imported from Mexico and the EU starting August 1, independent of tariffs on all industries. A series of letters indicated that Trump had returned to the aggressive trade stance he adopted in April. Meanwhile, US Fed officials stated that the latest tariff threats might delay interest rate cuts, leading to a rise in market risk-aversion sentiment and putting pressure on copper prices. Fundamentals side, the supply side showed a relatively loose situation. As the delivery date approached, suppliers had relatively abundant supplies, coupled with the opening of the import window, resulting in an overall relatively loose supply. Demand side, copper prices stopped falling and rebounded on Thursday, stimulating many downstream buyers to replenish their stocks at lower prices. However, by Friday, the purchasing sentiment had significantly weakened. Price side, there are currently no signs of Trump slowing down the trade war, and copper tariffs are high and implemented quickly, highlighting the pressure on copper prices. It is expected that copper prices will continue to decline today.