According to Jinshi, the number of initial jobless claims in the United States last week was 238,000, slightly higher than expected. The job market continued to slow down, boosting market expectations of interest rate cuts. However, the Philadelphia Fed Manufacturing Index in June was far below expectations, and the cooling pressure on the manufacturing boom and consumer outlook limited the height of the copper price rebound. This week, the Shanghai Futures Exchange copper destocked 7,843 tons to 322,900 tons, while the LME copper destocked 100,000 tons to 165,000 tons. The SMM electrolytic copper spot discount was 200 to 300 yuan, and the Yangshan copper premium was still negative, and industrial demand cooled. In the short term, overseas economic data eased the previous Fed's hawkish stance on interest rate cuts, but the market did not fully trade the economic cooling pressure. It is expected that copper prices will still have room to fall in the short term.