The copper to gold ratio still suggests that there is a possibility of a significant drop in copper prices.

The copper to gold ratio is a very good measure of the core indicator of total demand. After the recent sharp drop in copper prices, the rebound still places the copper to gold ratio at a low level, and even if gold prices retract, this remains the case. This largely indicates that demand will only worsen, especially compounded by a series of problems caused by tariffs leading to trade embargoes.
The previous rebound was merely a relaxation of sentiment; what good does reaching an agreement do? With a global tax rate increase of 10%, any improvement in the economy is a pipe dream.
Once the sentiment phase is completed, it will return to the fundamentals. There is a possibility of another significant drop in copper prices, especially with oil prices breaking down. One is energy demand, the other is commodity demand; these two are interconnected. Under these circumstances, things won't be over until they reach an extreme.
The long-term channel structure of copper is very clear. The upcoming breach of the mid-term channel will be a clear signal of a decline.

Similarly, the domestic copper has formed a resonant support range with the trendline between 75733 and 76737. This should correlate with the external market track, leading to a breach and acceleration. If the domestic market breaches, it will likely gravitate towards the 61000/62000 range.