Macro side, Trump stated that if Russia fails to reach an agreement on the Russia-Ukraine conflict within 50 days, a 100% secondary tariff will be imposed, which may affect global oil supply and demand, leading to a sharp drop in international oil prices and exerting downward pressure on copper prices. Fundamentals side, supply side, the market sentiment for shipping goods was high during the day, but as the price spread between futures contracts continued to narrow, suppliers did not continue to lower their quotes. Demand side, the buying sentiment of downstream players was weaker than at the end of last week, and procurement enthusiasm pulled back. As of Monday, July 14th, SMM's copper inventories in major regions across China increased by 3,900 mt from last Thursday to 147,600 mt. In terms of inventory changes compared to last Thursday across regions, except for Shanghai, inventories generally increased in other regions. Price side, Trump once again criticized Powell, stating that interest rates should be at 1% or lower, but US Fed officials indicated that there was no urgent need for an interest rate cut at present. The US dollar strengthened on Monday against other currencies, and copper prices are expected to remain under pressure today.