沪铜2510合约：周涨1.15%，短期偏强运行

Core Viewpoint - The main viewpoint of the article indicates that the Shanghai copper futures market is experiencing a short-term upward trend, driven by macroeconomic factors and expectations of policy changes, despite weak downstream demand and cautious purchasing sentiment [1]. Group 1: Macroeconomic Factors - The U.S. inflation data aligns with expectations, and a weakening labor market increases the pressure for the Federal Reserve to lower interest rates [1]. - Domestic policy expectations are strengthening, contributing to an upward shift in the macroeconomic outlook [1]. Group 2: Supply and Demand Dynamics - On the supply side, negotiations to restart the Cobre Panama copper mine are underway, and from January to August, copper ore and concentrate imports increased by 7.9% year-on-year [1]. - Domestic electrolytic copper production is expected to decrease by over 4% month-on-month but increase by over 11% year-on-year [1]. - Demand remains weak, with cautious purchasing of refined copper rods and a decline in transaction volumes for new and second-hand homes in ten major cities [1]. - The production of ice washing machines is expected to decrease by 7.2% year-on-year in September, and retail sales of new energy vehicles are down by 3% year-on-year for the first week of September [1]. - However, the production of photovoltaic components is expected to see a slight month-on-month increase [1]. Group 3: Inventory Trends - The inventory of electrolytic copper in the spot market has slightly decreased week-on-week, while LME copper inventories continue to decline and COMEx copper inventories are accumulating [1]. Group 4: Strategic Recommendations - Given the alignment of U.S. inflation with expectations and the strengthening of rate cut expectations, along with limited fundamental support due to high copper prices and weak consumption, the short-term outlook for Shanghai copper is bullish, suggesting a long position [1].