沪铜维持区间震荡，库存上升与需求疲软抵消美元走弱效应

Core Viewpoint - Copper prices are under pressure due to rising inventories and weak demand ahead of the Chinese New Year holiday, despite a weakening US dollar making commodities more attractive to foreign holders [1][2]. Group 1: Market Performance - On February 10, the main copper futures contract on the Shanghai Futures Exchange closed at 101,560 yuan per ton, up 0.05%, with an intraday increase of 0.98% [1]. - The London Metal Exchange (LME) three-month copper price fell by 0.65% to $13,091 per ton, maintaining above the $13,000 mark [1]. Group 2: Inventory Trends - Major exchange registered warehouse inventories have increased, with LME copper stocks rising to 184,300 tons from 137,225 tons on January 10, and the Shanghai Futures Exchange's copper inventory reaching 248,911 tons, marking a nine-week consecutive increase [4]. - COMEX copper inventories have surged to a record 590,211 tons, indicating a significant rise in supply [5]. Group 3: Demand Dynamics - Analysts noted that demand from downstream buyers in China has cooled after pre-holiday restocking, contributing to the pressure on copper prices [4]. - The Yangshan copper premium, a barometer for China's import demand, has widened to $38 per ton from a previous $20, but remains low compared to over $50 at the end of December, reflecting weak demand [5].