1226热点追踪：年底政策预期再起，铜价再创新高

Core Viewpoint - The National Development and Reform Commission emphasizes the need to strengthen management and optimize layout for resource-constrained industries like alumina and copper smelting, aiming to prevent blind investment and disorderly construction [6][7]. Group 1: Policy and Market Impact - The article highlights that under the influence of policy expectations, copper prices surged again, with a maximum daily increase exceeding 4%, reaching a new high for the year [6]. - The report suggests that improving the major project verification mechanism is crucial for aligning local assessments with national industrial regulation requirements [6]. Group 2: Supply and Demand Dynamics - According to SMM, domestic refined copper social inventory increased by 25,200 tons to 193,600 tons as of Thursday compared to Monday [6]. - As copper prices rise, downstream enterprises are becoming more cautious in their purchasing, with transactions primarily driven by essential needs [6]. Group 3: Economic Outlook - The macroeconomic environment remains supportive due to the Federal Reserve's liquidity measures and expectations of global economic recovery next year, contributing to a strong performance in copper prices [6]. - Low inventory levels and resilient demand are expected to provide support for prices, although high prices may suppress some physical buying [6]. Group 4: Market Strategy - The report indicates that as the year-end approaches, downstream demand may enter a seasonal lull, leading to a potential accumulation phase in domestic markets [6]. - Short-term attention should be given to the overheating sentiment in precious metals and the risk of significant volatility extending to the non-ferrous market, while maintaining a strategy of buying on dips rather than chasing high prices [6].