Zhongjin: It is expected that the price of copper will decrease slightly.

According to the Zhongjin Research Report, the high copper prices in June were mainly driven by the soft warehousing pressure created by low exchange inventories. However, entering July, the implementation of the US Section 232 copper tariffs has resulted in a decline in demand for inventory transfers, which also provides an opportunity to ease the inventory tightness in non-US regions. We expect copper prices to slightly decrease.