The copper-to-gold ratio is a core indicator for measuring overall demand. After this significant drop in copper prices, there has been a rebound, but the copper-to-gold ratio remains at a low level, even when gold prices retract. This largely indicates that demand will only worsen, especially with a series of issues arising from tariffs leading to trade embargoes.

The previous rebound was merely a relief of emotions; what good would it do to reach an agreement? With a global tax rate increase of 10%, the economy would be doomed.
The emotional aspect will return to fundamentals, and there is a possibility of copper prices experiencing another significant fall, especially as we see oil prices breaking down. One is energy demand, and the other is commodity demand, which are interconnected. In this situation, things won't be considered over until they reach an extreme.
The long-term channel structure of copper is very clear, and the breakout of the mid-term channel will be a very clear signal for a fall.

The copper in the same domestic market has formed a resonant support range with the trend line in the range of 75733 and 76737, which should lead to a simultaneous breakout and acceleration in the external market's trajectory. If the domestic market breaks down, it will likely approach the range of 61000/62000 in the later stages.