On the macro side, Trump denied rumors about firing Fed Chairman Powell, while again fiercely criticizing Powell for failing to cut interest rates. The US dollar index plunged during the trading session and ultimately closed lower, exerting bearish pressure on copper prices. Additionally, Trump stated that he would send tariff letters to over 150 countries, with the tariff rate possibly set uniformly at 10% or 15%, further advancing his trade agenda. Tariff uncertainty still persists. On the fundamental side, there was a shortage of mainstream standard-quality copper supplies, while high-quality copper had some supply replenishment. SX-EW copper remained in tight supply, and warrants failed to flow out in large quantities during the delivery period, with the supply side generally showing a tight situation. Demand side, suppliers continued to quote high premiums during the day, but SHFE copper prices fell in the morning trading session, sliding continuously before rebounding. Market trading sentiment was affected by price fluctuations. In terms of prices, with bearish factors from the current macro and fundamental situation causing disturbances, it is expected that there will be upward pressure on copper prices today.