Macro
　　
　　The economic data released overnight by the United States was generally better than expected. A $3.5 trillion tax and spending plan was halted. The US Strategic Petroleum Reserve transaction will release 1.5 million barrels of crude oil. New York City has entered a state of emergency due to severe rainstorms. Powell received the support of a key Democratic member of the House of Representatives. The Bank for International Settlements is conducting a central bank digital currency experiment with four countries. Xi Jinping: Deepen the reform of the New Third Board and establish the Beijing Stock Exchange. The Dalian Commodity Exchange raised the margin level for speculative trading of coking coal and coke futures contracts.
　　
　　Electrolytic copper
　　
　　Due to uncertainties such as delays in shipping schedules, coupled with the difficulty in obtaining shipping containers, even with the opening of the import window in the early stage, arrivals remain limited. A small amount of imported goods arrived yesterday, and inventories rose slightly, but this is still insufficient to alleviate the tight inventory situation.
　　
　　Copper materials
　　
　　Copper plates and strips: Yesterday, copper prices fell sharply. The transaction price of T2 copper strips at a copper plate and strip company in Shandong was 73,900-74,200 yuan/ton, and the transaction price of H62 brass strips was 56,500-56,800 yuan/ton, with an order volume of 130 tons, a 30% increase compared to the previous period. The terminal purchasing sentiment was strong, and traders were more active in purchasing goods, resulting in satisfactory transactions. An order volume of 250 tons was placed yesterday by a copper plate and strip company in Jiangxi, an increase of 40 tons compared to the previous day. The drop in copper prices stimulated the demand for procurement from terminals and traders, and overall transactions improved. The sales manager of the company stated that the drop in copper prices stimulated the release of demand, and we believe that demand remains. They stated that the continued rise in copper prices is a short-term phenomenon and will return to normal under national regulation, and that copper prices will operate steadily.
　　
　　Copper rods: In Jiangsu Province, the market transactions for refined copper rods were generally weak yesterday, with the order volume significantly decreasing from the previous day. As copper prices continued to fall yesterday, the sentiment among downstream companies changed, and those with bearish views increased, so cable companies mostly adopted a wait-and-see attitude, purchasing sentiment was average, market trading enthusiasm weakened, and they mainly purchased on demand.
　　
　　According to feedback from a recycled copper rod company in Hubei Province, the transaction volume yesterday was 352 tons, and the transaction price was 69,100 yuan/ton (self-pickup). The sales personnel of the company stated that due to no shipments the day before yesterday, they offered a low price for shipment yesterday, and the downstream terminals actively purchased. Current purchases exceed expectations, and they may control the shipment volume today.
　　
　　In the recycled copper rod market, due to the continued decline in prices yesterday, some manufacturers offered low prices in the morning, and the acceptance of market prices by cable companies today has slightly improved, with the overall purchase volume increasing by about 50%-60% compared to the previous day. However, recycled copper rod manufacturers are mainly worried about further price declines tomorrow, so they converted some funds at a relatively high position yesterday to procure recycled copper raw materials in the future.
　　
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