Macro side, supported by strong economic data, the US dollar rose, and the US dollar index rebounded for the second consecutive day, putting pressure on copper prices. On the tariff front, Trump stated that the US had reached a 15% tariff agreement with the EU and was also considering reaching agreements with three to four other countries. Trade optimism is expected to limit the decline in copper prices. Fundamentals side, supply side, in Shanghai, due to the arrival of domestic shipments, the mainstream parity prices fell, but overall supply remained tight. Demand side, downstream consumption willingness was low recently. Despite just-in-time procurement by downstream players last Friday, copper prices fluctuated at highs, suppressing downstream procurement enthusiasm. Price side, as this week approaches the period when the US officially imposes copper tariffs, if a 50% tariff is implemented, copper prices will still face certain pressure. Currently, trade sentiment has eased somewhat, and it is expected that there will be limited downside for copper prices today.