Group 1 - The core viewpoint of the article highlights a significant increase in copper prices, with both international and domestic copper contracts reaching historical highs, driven by strong market sentiment and structural inventory issues [3][7]. - The international copper 2601 contract rose over 3% in a single day, while the domestic copper 2601 contract increased by more than 2%, indicating a collective strength in non-ferrous metals [3][7]. - A large number of LME copper registered warrants were converted to canceled warrants, suggesting a potential surge in demand for physical copper, which supports the bullish outlook on future copper prices [3][7]. Group 2 - Short-term macroeconomic and fundamental issues have shifted focus to concentrate shortages, high long-term contract premiums, and inventory liquidity problems, leading to a strong market sentiment [3][7]. - The U.S. labor market shows signs of weakness, with a reported decrease of 32,000 jobs in November, the largest drop since March 2023, raising concerns about employment risks and contributing to a weaker dollar [3][7]. - The upcoming Central Economic Work Conference in China is anticipated to address industry developments that may lead to increased copper demand, further influencing market dynamics [3][7].