Copper prices broke below the 10,000 mark and failed to hold. Institutions believe that the long-term fundamental support is still in place.

Since March, the domestic non-ferrous futures sector has shown a trend of high-level retreat. Among them, Shanghai copper futures have performed particularly well, breaking through the downside after a long period of consolidation, with the main contract falling below the 100,000 yuan/ton mark and falling by more than 8% since the beginning of this month, forming a sharp contrast with the market's bullish expectations in the previous period. Industry insiders believe that the core of this round of copper price adjustment lies in the shift of market driving logic from bullish sentiment in the previous period to macroeconomic bearishness dominance, combined with high inventory levels, the pace of demand recovery, and escalating geopolitical tensions. Despite the short-term disturbances in copper prices due to macroeconomic sentiment and geopolitical tensions, in the medium to long term, supported by supply and demand fundamentals, copper prices still have upside potential.