Copper prices in China increased during the reporting period (May 6-8). A low U.S. dollar index and concerns over copper concentrate supply combined to lift copper prices last week. The easing of U.S.-Iran geopolitical tensions boosted market risk appetite. Meanwhile, falling oil prices alleviated inflation worries, reducing market expectations that the Federal Reserve and other major central banks would keep policy tight for an extended period. Furthermore, the Japanese yen has increased sharply against the U.S. dollar recently. As the second-largest component in the dollar index, the yen's rapid strengthening is directly weighing on the USD index. In summary, macro factors were broadly bearish for the U.S. dollar, providing support to copper prices last week. In addition, news that the full restart of PT Freeport Indonesia's Grasberg copper mine has been postponed from the previously expected 2027 end to early 2028 triggered concerns over raw material supply, further boosting copper