Macro side, supported by strong economic data, the US dollar rose and the US dollar index rebounded for the second consecutive day, suppressing copper prices. On the tariff front, Trump stated that the US had reached a tariff agreement with the EU at a rate of 15%, and was also considering reaching agreements with three to four other countries. Optimistic trade sentiment is expected to limit the decline in copper prices. Fundamentals side, on the supply side, due to the arrival of domestic shipments in Shanghai, the mainstream parity price fell, but overall supply remained tight. Demand side, downstream consumption willingness has been low recently. Despite just-in-time procurement by downstream players last Friday, copper prices fluctuated at highs, suppressing downstream procurement enthusiasm. In terms of pricing, this week is approaching the period when the US officially imposes copper tariffs. If the 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 downward space for copper prices today.