CITIC Construction Investment pointed out that COMEX copper, which brought copper prices to a climax in this round, fell 6.36% this week. It is normal for price adjustments to occur when the pressure sentiment subsides. Whether the upward trend ends depends on whether the driving factors have changed. On the supply side, the Panamanian quantum market is expected to resume supply as early as 2025Q2. Currently, TC has been reduced to 1.7 US dollars/ton. Smelting production cuts are still likely to occur, and the supply-side rigid logic has not been destroyed. On the consumer side, high copper prices only disrupted the pace of consumer procurement, and terminal consumption continued to grow at a healthy rate. Over time, the accumulation of supply and demand gaps makes prices more sensitive to supply disruptions and interest rate cuts, which is more conducive to price increases.