Last night's spot-futures divergence indeed had some effect, with prices breaking down to a new short-term low once again. What happened behind the scenes is that Trump has once again taken on the role of 'Mr. Tax'...

However, as the pullback unfolds, the spot premium has once again shown a bottom divergence, releasing short-term risks...

The market over the past three weeks still looks like a descending wedge, so it can be considered a volatile market. There should be a demand for a rebound in the short term, but there is still no significant trend direction in the long term. Let's continue to wait~