According to CoinMeta, as reported by foreign media, on Thursday, copper futures on the London Metal Exchange fell after reaching a two-week high. J.P. Morgan analyst Patrick Jones stated that investors' concerns about demand for artificial intelligence and high inventories in the United States have made market sentiment more cautious, but they are not yet completely bearish. Copper prices have reached record highs this year, partly due to the market's optimism that the construction of data centers will boost copper demand. On Wednesday, the stock price of Google's parent company plummeted due to its substantial investments in infrastructure, which accelerated cash consumption. In addition, markets expect the U.S. to impose additional tariffs, leading to an influx of copper into the country and causing supply shortages in other regions. This year, copper inventory in registered warehouses surged by 60%, reaching 800,321 short tons (about 726,039 metric tons). Jones pointed out that the main downside risk is that if the U.S. fails to implement the tariffs, it will weaken demand for imported copper and hand back pricing power to Chinese buyers.