Core Viewpoint - The copper market shows a slight upward trend, with a closing increase of 0.84%, driven by improved market risk appetite and external influences, despite weak domestic demand [1] Group 1: Market Conditions - The overall market risk appetite has improved, alleviating concerns about the economic impact of U.S. tariffs following a Supreme Court ruling [1] - The U.S. stock market has stabilized, contributing to a supportive environment for non-ferrous metals [1] Group 2: Supply and Demand Dynamics - Domestic refined copper social inventory has significantly accumulated post-holiday, indicating a slower recovery in downstream demand [1] - The premium for Yangshan copper has rebounded, while domestic spot prices have widened their discount, suggesting a gradual recovery in terminal demand [1] Group 3: Future Outlook - The new temporary tariffs from the Trump administration are lower than previously expected, which has boosted market risk appetite [1] - The expectation of stable interest rates in March and the ongoing reliance on copper resources for AI data centers, electric vehicles, and new grid construction are likely to support copper prices [1] - The significant increase in U.S. visible inventory, exceeding 600,000 tons, indicates strategic stockpiling intentions [1]