Group 1 - The U.S. has imposed a 50% tariff on imported copper semi-finished products and copper-intensive derivatives, leading to a significant drop in copper prices by over 18% on the announcement day [1] - Copper ore and cathode copper have been exempted from tariffs, which was unexpected and has weakened previous market expectations of increased domestic copper production in the U.S. and decreased demand from non-U.S. regions [1][2] - The global market is currently experiencing high risk appetite, with positive performance in both domestic and international equity markets, which supports copper prices [1] Group 2 - The domestic macroeconomic environment in July has improved, with a general upward trend in pricing for various commodities, although the market sentiment has cooled towards the end of July [2] - Domestic electrolytic copper inventory depletion has slowed, while overseas copper inventories continue to accumulate, leading to a scenario where domestic prices are strong while international prices are weak [2] - The recent U.S. tariff policy has reduced disturbances to copper prices, and a new trade agreement may further lower global economic uncertainty, maintaining high market risk appetite [2][3] Group 3 - The joint statement from the U.S.-China Stockholm economic and trade talks indicates a 90-day extension of tariffs and adjustments to non-tariff measures, which is expected to positively influence copper price trends [3] - Overall, the macroeconomic environment is favorable for copper prices, while the industrial sector shows a neutral to bearish trend, suggesting a potential continuation of the pattern where domestic prices are strong and international prices are weak [3]