全球库存累积 沪铜仅小幅飘红【2月12日SHFE市场收盘评论】

Core Viewpoint - The copper market is experiencing slight upward movement, but overall momentum is weak due to increasing global inventories and seasonal demand slowdown in China [1] Group 1: Market Performance - Shanghai copper prices rose by 0.39% amid a narrow trading range [1] - The market sentiment is generally positive, influenced by stronger surrounding metals [1] Group 2: Economic Indicators - U.S. non-farm payrolls exceeded market expectations, and the unemployment rate continues to decline, reducing the urgency for the Federal Reserve to cut interest rates [1] - The U.S. dollar index has stabilized as a result of these employment data [1] Group 3: Inventory Trends - Global visible copper inventories are on the rise, with LME copper stocks increasing to over 190,000 tons, the highest level in nearly nine months [1] - Domestic copper inventories are also accumulating, particularly as the market enters a traditional demand lull with downstream sectors starting to take holidays [1] Group 4: Supply and Demand Dynamics - Codelco's Teniente mine is expected to maintain low production levels due to a collapse incident, contributing to a slower growth rate in global refined copper supply [1] - Despite the seasonal accumulation of domestic inventories slowing down, the overall supply-demand balance suggests that copper prices will likely remain in a high-level consolidation phase [1]