Group 1 - The domestic futures market for non-ferrous metals experienced a collective decline, with the main copper futures contract hitting the limit down at 98,580.00 yuan/ton, a drop of 9.01% [1] - Geopolitical tensions between the U.S. and Iran have increased demand for safe-haven assets, leading to a surge in gold and silver prices, while the hawkish stance of the newly appointed Federal Reserve Chairman has caused significant declines in precious and non-ferrous metals [2] - Concerns over supply disruptions from South American mines have intensified, while domestic copper production remains high due to the availability of scrap copper as a smelting raw material [2] Group 2 - Domestic copper inventories as of February 2 were reported at 340,800 tons, showing a decrease of 600 tons from January 26 but an increase of 5,000 tons from January 29 [2] - The overall smelting output continues to grow despite a slight month-on-month decline in profits, indicating a potential adjustment phase for copper prices in the short term [3] - Key factors to monitor include changes in the U.S. dollar, copper smelting output, and downstream demand [3]
节前备货意愿不强 铜价短期可能进入调整阶段
Jin Tou Wang·2026-02-02 08:10