Short-term market bullishness exhausts, copper price may maintain range oscillation.

Recently, the price of copper has been fluctuating upwards and hitting a new high for the period. The price of copper on the London Metal Exchange once came close to $10,200 per ton, and the main contract of copper futures on the Shanghai Futures Exchange also reached a new high of 81,530 yuan per ton since late March this year, but then retreated and adjusted. Industry insiders say that the Federal Reserve opened its first interest rate cut of the year at its latest meeting, in line with market expectations, and the short-term market is in a state of optimism. The price of copper may remain in a range-bound volatile state. However, there is still support for the price of copper at the macro and industrial levels. In the long run, the price of copper is greatly affected by factors at the mining end and still has upward potential, but changes in supply and demand patterns and the impact of global economic conditions on copper demand should be noted.