[Strong reality holds up copper prices. Institutions believe that macro factors will determine the height of the rise] On September 10th, domestic and foreign copper prices have continued to strengthen recently. The London Metal Exchange (LME) copper futures set a new historical record, once touching $14,779/ton; the main contract price of Shanghai copper futures also exceeded the 110,000 yuan/ton mark. Industry insiders said that the core support for this round of rising copper prices includes the tightening of global copper concentrate supply, continued decline in inventories, and tight spot markets. The inventory transfer effect caused by the expected U.S. refined copper tariffs has further aggravated the tight supply in non-U.S. regions. In the short term, copper prices may remain volatile in a high range. However, as the positive factors on the industrial side are gradually priced into the market, the room for subsequent copper price increases still depends on changes in macro factors such as the direction of the Federal Reserve's monetary policy and the U.S. refined copper tariff policy. (China Securities Journal)