The spot processing fee for copper concentrate continues to expand negatively, and concerns about copper ore supply continue to rise. Recently, there have been reports in the market that due to the shortage of copper mine supply, there may be an increase in production cuts outside of the maintenance plan. And there are rumors on the internet that the National Reserve Bureau will be collecting reserves.

In terms of inventory, LME copper and domestic copper social inventory have fluctuated and fallen. The short-term strength of copper prices may have become a market resonance. If copper prices rise or trigger a fear of high demand on the demand side, it will be favorable for destocking. If copper prices fall, the willingness to buy low may still be beneficial for consumption.

Overall, in the short term, macroeconomic fundamentals or expectations are driving factors for copper prices.

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