沪铜小幅飘绿 社会库存有所增加【8月18日SHFE市场收盘评论】

Group 1 - The core viewpoint of the article indicates that copper prices are experiencing slight fluctuations, with a minor decline of 0.01% at closing, influenced by limited macroeconomic guidance and increased social inventory at the beginning of the week [1] - Domestic copper concentrate processing fees are showing a rising trend, suggesting that demand-side expectations for price increases remain, although forward contracts for the fourth quarter are still around -40, indicating no substantial improvement in the tight supply situation [1] - As of August 18, domestic electrolytic copper inventory reached 144,200 tons, an increase of 11,800 tons compared to August 14, with significant inventory growth observed across various markets, particularly in Shanghai due to increased imports [1] Group 2 - According to Everbright Futures, copper prices are maintaining narrow fluctuations due to recent macroeconomic uncertainties, including mixed signals from tariff negotiations with the U.S. and ongoing uncertainties regarding key agreements with China [1] - The fundamental outlook for U.S. refined copper remains divided, particularly with concerns over excess inventory potentially leading to a weaker market, which could impact global copper prices [1] - Despite the potential for price weakness, the expectation of a seasonal increase in demand during September may stimulate downstream purchasing and inventory replenishment, thereby limiting the extent of price declines [1]