Market Review - The copper futures in Shanghai experienced a rise followed by a decline, closing below the 60-day moving average [1] Fundamental Summary - Codelco's copper production in March increased by 14.8% year-on-year, reaching 123,200 tons, indicating an enhancement in copper market supply capacity [2] - In the first four months, China imported 1.742 million tons of unrefined copper and copper materials, a decrease of 3.9%, with an average price of 69,000 yuan per ton, up by 8.5% [2] - As of May 8, total copper inventory in Shanghai was 12,522 tons, down by 902 tons from the previous day; Guangdong's inventory was 5,949 tons, down by 99 tons; Jiangsu's inventory was 1,069 tons, down by 1,000 tons; and Zhejiang's inventory remained unchanged at 0 tons, totaling 19,540 tons, a decrease of 2,001 tons [2] Institutional Perspectives - Guangzhou Futures noted that the macro environment improved with the agreement on tariff trade terms between the UK and the US, leading to increased market risk appetite and a rise in US stock markets. The tight supply of copper ore and scrap remains unchanged, with domestic inventory showing a significant reduction [3] - According to Guotai Junan Futures, the continuous decline in LME and Shanghai copper inventories, alongside an increase in COMEX copper inventories, indicates a reshaping of the copper trade landscape. Domestic supply tightness supports copper prices, with a positive demand trend expected due to investments in power equipment and data centers [3]