From the perspective of demand: the terminal market has not changed, and buyers are hard to find. Mid- and downstream enterprises are involved in it and cannot move. They continue to digest inventory or wait for low-priced raw materials to arrive in the warehouse, and they are not willing to continue to replenish their positions. However, near the end of the month, the inventory has been digested. At the current price of around 20,000, I dare not say that it has bottomed out, but it must be in the low-priced area. At the same time, the demand for stocking in August may be boosted by the expectation of gold, silver and silver. There may still be a wave of downward adjustments before the end of the month, stimulating the middle and lower reaches to cover short positions. In general, the price of DMC is easy to fall and difficult to rise in the near future, but due to the cost side, the decline will not be too large