Macro side, the US government and the International Energy Agency issued pessimistic supply guidance, while the market paid attention to Trump's threat that Putin would face "serious consequences" if he hindered peace in Ukraine. Oil prices fell to a new low in more than two months on Wednesday, and copper prices followed suit. Fundamentals side, supply side, there was a replenishment of imported goods, but domestic supply was tight as the delivery date approached, with the overall spot cargo circulation volume being average. Demand side, copper prices fluctuated at highs, with downstream just-in-time procurement being the main focus. Price side, US Treasury Secretary Bessent called for a "series of interest rate cuts" on Wednesday and indicated that the US Fed might cut interest rates by 50 basis points. Meanwhile, the US July PPI and initial jobless claims will be announced today, and it is expected that there will be limited room below the copper price floor today.