In 2023, after two years of decline, copper prices rose strongly. At present, London copper has risen to more than 9,000 US dollars, a new high in the second half of the year. Shanghai copper, although affected by the appreciation of the RMB, increased slightly, but also has stood at more than 68,000 yuan/ton. In the past, based on our pessimistic view of the economy, we judged that the trend of copper price was downward. However, the resilience of the economic performance continued to exceed expectations, and the supply and demand balance also continued to exceed expectations, making the trend