光大期货1231热点追踪：铜价止跌企稳，节前红盘收官

Core Viewpoint - This week, copper prices experienced volatility, reaching a yearly high on Monday, followed by a decline on Tuesday due to the performance of precious metals, and stabilizing with a gain of over 2% on Wednesday. The rebound is attributed to the dovish tone from the Federal Reserve's meeting minutes, indicating potential interest rate cuts if inflation decreases as expected [3][9]. Group 1: Market Dynamics - On Monday, copper prices hit a new high for the year, but faced a pullback on Tuesday as the precious metals market negatively impacted overall market sentiment [3][9]. - The Federal Reserve's meeting minutes revealed that most participants support a potential interest rate cut in December, citing increased risks to employment in recent months [3][9]. - The dovish atmosphere from the Fed has contributed to a recovery in non-ferrous metal prices, leading to a strengthening of copper prices [3][9]. Group 2: Domestic Factors - Recent policy measures in China have been introduced to boost market confidence [4][10]. - Inventory levels show a decrease in LME copper stocks by 5,100 tons to 149,475 tons, while Comex stocks increased by 2,177 tons to 445,180 tons. SHFE copper warehouse receipts rose by 5,860 tons to 71,738 tons, and BC copper warehouse receipts remained at 1,053 tons [4][10]. - Despite rising copper prices, downstream enterprises are adopting a cautious approach to procurement, focusing on essential needs. However, strong demand from the renewable energy sector, AI data center construction, and grid renovation cycles are expected to support global copper consumption [4][10].