LME显性库存再度下探 沪铜强势上涨格局未变

Group 1 - On the last trading day before the holiday, the main copper futures contract in Shanghai rose slightly by 0.84%, closing at 98,240.00 CNY per ton [1] - On December 31, the domestic electrolytic copper trading volume was 13,600 tons, a decrease of 860 tons from the previous trading day, representing a 38.83% decrease on a month-over-month basis [2] - Chile's copper production in November fell by 7.18% year-on-year to 451,815 tons, marking the fourth consecutive month of decline [2] Group 2 - According to Guoguang Futures, the Federal Reserve's meeting minutes indicated that dovish officials believe a shift to a more neutral policy stance would help prevent further deterioration in the job market, with expectations of over 200 billion USD in reserve management bond purchases in the next 12 months to ease liquidity demands [4] - Copper prices have been rising recently, but profit margins for copper products are being squeezed, leading to a slowdown in production rates due to various factors including raw material prices and demand [4] - The inventory of cathode copper on the Shanghai Futures Exchange has been increasing, indicating a decline in downstream purchasing capacity, while the overall strong upward trend in copper prices remains unchanged despite recent high prices causing resistance from downstream buyers [4]