JIANGXI COPPER (00358) dropped more than 3%, declining 3.52% to HKD 46.04 by the time of writing, with a turnover of HKD 893 million. Recent reports indicated that NVIDIA revised the data on copper demand for data centers in one of its technical papers, significantly lowering the copper busbar usage per gigawatt rack from "500,000 tons" to just 200 tons. Following this adjustment, market expectations for future copper demand may be downgraded. Goldman Sachs analysts have warned that the majority of the copper price increase might already be in the past, suggesting prices are increasingly susceptible to a pullback. Tongguan Jinyuan Futures noted that against a backdrop of eased tariffs and the market gradually pricing in expectations for two interest rate cuts within the year, some overseas fund longs are primarily taking profits; NVIDIA's earnings report suggested that AI data center copper usage might have been overestimated, and a rebound in the US dollar index is constraining further gains for metals. On the fundamental side, ongoing disruptions at overseas mines persist, domestic refined copper supply is marginally tightening, global visible inventories have surpassed the one-million-ton mark, and domestic social inventories continue to accumulate, leading to the expectation that short-term copper prices will maintain high-range volatility.