沪铜、伦铜：上周五反弹，本周库存累库1.2万吨

Core Viewpoint - The main viewpoint indicates that copper prices are expected to experience strong fluctuations at high levels in the short term, with the Shanghai copper futures returning to the 80,000 yuan mark and London copper nearing 9,996 USD [1] Group 1: Market Sentiment - Recent phone calls between Chinese and U.S. leaders have provided strategic guidance for the stable development of Sino-U.S. relations, improving market sentiment and contributing to the stabilization and rebound of copper prices [1] Group 2: Supply and Inventory - Global copper inventory has continued to increase by approximately 12,000 tons, reaching 617,000 tons. Specifically, the Shanghai Futures Exchange saw an increase of about 11,700 tons to 105,800 tons, while bonded copper inventory decreased by 400 tons to 76,400 tons. The London Metal Exchange (LME) saw a decrease of about 5,000 tons to 147,600 tons, and COMEX inventory increased by 5,700 tons to 287,300 tons [1] Group 3: Economic Indicators - The Federal Reserve's interest rate cuts have been realized, and trade risks between China and the U.S. have eased, leading to a reduction in overseas macroeconomic disturbances. The market is now focusing on domestic policies and guidance for the peak season in end-user demand [1] Group 4: Price Forecast - Short-term copper prices are expected to fluctuate strongly at high levels, with the reference trading range for Shanghai copper futures set between 79,400 and 80,900 yuan per ton. The strategy suggests focusing on this range for day trading while considering opportunities for buying on dips in the medium term [1]