At the macro level, the hawkish stance of Federal Reserve officials on sustained inflation concern and cautious interest rate cuts led to a continued withdrawal of market risk appetite, a volatile strengthening of the US dollar, and weak turbulence in copper prices. At the industrial level, Zijin Mining Group's Heilongjiang Tongshan completed the reserve evaluation and the total new copper resources reached 3.65 million tons. Recently, the copper price fell, improving downstream purchasing sentiment. Today, Shanghai Futures Exchange copper warehouse receipts decreased by 3048 tons to 262,000 tons, while LME copper totals 19000 tons to 1.558 million tons. However, after the delivery of the June contract, the domestic spot discount was 100 yuan, while the import premium was still at a loss, and the strength of demand recovery was weak. Overall, after global macro bearishness is exhausted, sentiment is weak, but the copper price decline attracts demand recovery and forms price support, and it is expected that copper price will mainly fluctuate in the short term. However, under the pressure of weakening global economic data, the uncertainty of demand prospects increases, and there may still be room for copper price decline in the future. From a strategic perspective, the short positions should continue to be held, and new short positions can be increased on rebounds with stop loss orders. (China Securities Co., Ltd. Futures)