春节临近终端需求趋淡 沪铜盘面或高位震荡为主

Group 1 - The domestic copper futures market is experiencing a strong upward trend, with the main contract opening at 104,950.00 CNY/ton and reaching a high of 105,810.00 CNY, reflecting an increase of approximately 2.53% [1] - The market sentiment is influenced by a combination of policy support, including the expansion of copper strategic reserves and the inclusion of copper concentrate in reserve categories, alongside a weaker US dollar and rising LME copper prices [2] - There is a noted increase in copper positions, returning to around 600,000 lots, indicating a potential for price stabilization and a short-term focus on volatility reduction [2] Group 2 - Analysts suggest that the market may experience high-level fluctuations as terminal demand weakens ahead of the Spring Festival, with a recommendation to control positions and monitor external market dynamics and inventory changes [2] - The recent price increase is attributed to external market stimuli and a rebound in precious metals, although there is no significant improvement in the fundamental market conditions [2] - The overall outlook for copper prices remains cautious, with expectations of continued high-level volatility as market fears dissipate [2]