Core Viewpoint - The copper market is experiencing significant volatility due to potential import tariffs announced by U.S. President Trump, leading to a surge in copper prices and increased activity in the non-ferrous metal sector [9][11]. Non-Ferrous Metal Sector Activity - The non-ferrous metal sector has shown strong performance, with the sector index rising for three consecutive trading days. Notably, Northern Copper Industry Co., Ltd. (stock code: 000737) reached a limit-up price, achieving a three-day gain of two limit-ups [3][5]. - Other companies in the non-ferrous metal sector, such as Fuda Alloy Materials Co., Ltd. (stock code: 603045), Anhui Zhongyuan New Materials Co., Ltd. (stock code: 603527), and Xinjiang Alloy Investment Co., Ltd. (stock code: 000633), also experienced limit-up trading [5][7]. Copper Price Dynamics - COMEX copper prices reached a historical high of $5.3740 per pound, surpassing the previous record of $5.199 per pound set on May 20 of the previous year, with a year-to-date increase exceeding 30% [9][11]. - Market analysts suggest that while short-term copper prices are influenced by tariff expectations, the medium-term outlook will depend on supply and demand dynamics. Currently, the international copper market is characterized by an oversupply situation, with no significant increase in demand from China [11][12]. Future Outlook - Analysts from CITIC Futures anticipate that copper supply constraints will persist, with marginal demand recovery providing support for copper prices. They expect copper prices to exhibit a strong oscillating trend in the medium to long term [11][12]. - The long-term demand for copper is projected to be driven by growth in the power and electric vehicle sectors, indicating that while significant price increases may be limited, copper prices are likely to remain at elevated levels [11][12].