China continues to step up its stimulus efforts and increase market investment opportunities to stimulate the upward trend of copper prices. SHFE copper futures rose above 43,000. However, due to the pressure of the epidemic affecting the economy, the fund recovery operation is still cautious and the purchase operation of factory enterprises is subject to certain psychological pressure. In the market, the supply of recycled copper continued to be tight under the pressure of less imports, but the extreme narrowing of the gap with electric copper resulted in most of the premium being wiped away. Factory enterprises were cautious in purchasing under risk control, which also continued to be beneficial to the consumption of electric copper. Generally speaking, the fundamentals of domestic copper are still slightly preferred under the global epidemic situation, but some profit pressures should be guarded against.