The CITIC Securities Research Report pointed out that copper prices have risen rapidly recently, and supply shortages combined with the main “secondary inflation” trading line in the US are still the core factors dominating the rise in copper prices. The current boom in copper prices is not over yet. However, we should be wary of the “final drop” in copper prices in the second half of the year, which may rise and fall throughout the year. In terms of financial attributes, the continued appreciation of the US dollar index may not be conducive to the trend of copper prices, but judging from our model-based calculation analysis, the driving effect of the US dollar index on copper prices is not the core pricing factor affecting copper prices. Currently, the main trading line in the copper market is still commodity overseas “secondary inflation” transactions and supply-side shortages. On the demand side, concerns about America's “second inflation” are yet to be further verified by the May-June inflation readings. Judging from our analysis of subsequent US inflation readings, inflation in the first half of the year may still be sticky, and the main line of this transaction may still be difficult to end; on the supply side, the shutdown and maintenance of the mine side has not yet been completed, and TC costs are still falling further, so we should keep a close eye on the latest developments in the future. Based on the analysis of the above two major factors, the short-term boom in copper prices is not over. However, from a medium-term perspective, overseas markets are currently still in the early verification stage of active inventory replenishment. The commodity market trend is still too early. The transmission from the Fed's interest rate cut to the upward trend in overseas economies will still take time and patience. Combined with the current short-term disturbances, we need to be wary of the “final drop” in copper prices in the second half of the year, which may rise and fall throughout the year.