智通财经网·2026-01-19 07:10Core Viewpoint - Jiangxi Copper Co., Ltd. (00358) experienced a decline of over 3%, closing at HKD 46.04 with a trading volume of HKD 893 million, following a report that Nvidia revised its data center copper demand figures significantly downward [1] Group 1: Market Impact - Nvidia adjusted its technical paper, reducing the copper busbar usage per gigawatt rack from "500,000 tons" to 200 tons, leading to potential downward revisions in future copper demand expectations [1] - Analysts from Goldman Sachs warned that much of the copper price increase may have already occurred, indicating that future price corrections are becoming more likely [1] Group 2: Supply and Demand Dynamics - Copper Crown Jin Yuan Futures noted that easing tariffs and the market's pricing in of two interest rate cuts this year have led to profit-taking by some overseas funds [1] - Nvidia's earnings report raised suspicions about the overestimation of copper usage in AI data centers, while a rebound in the US dollar index is constraining upward movement in metal prices [1] - On the supply side, ongoing disruptions in overseas mines and a marginal contraction in domestic refined copper supply have been observed, with global visible inventories surpassing 1 million tons and domestic social inventories continuing to increase [1] - Short-term copper prices are expected to remain in a high-level range of fluctuations [1]