According to Jinshi, the Federal Reserve has expressed a strong desire not to raise interest rates, which is equivalent to blocking the possibility of extreme negative impact on monetary policy. Last week's CPI data was in line with expectations, adding to the narrative that if there is no interest rate hike, there may be a rate cut. After the Chinese ZZJ meeting, various new fiscal and real estate policies were introduced, and the tense narratives on AI, new energy and mining continued to keep the market going. The positions of several exchanges at home and abroad have not been reduced, and the bulls have no intention of leaving at all. As long as the forced position of copper does not end, the price of copper will remain here, and the valuation anchor of metals will be there. If there is a little supply disturbance or demand expectation, metals with a lower price than copper will have the opportunity to make up for the rise.