期铜下跌，美元走强和高库存施压【2月19日LME收盘】

Core Viewpoint - London copper prices declined on February 19, reversing some gains from the previous trading day due to a stronger dollar, rising inventories, and reduced demand from China during the Lunar New Year holiday [1] Group 1: Market Performance - On February 19, LME three-month copper fell by $102.5, or 0.79%, closing at $12,809.0 per ton after a 2.3% increase on Wednesday [2] - During the trading session, copper prices dropped as much as 1.9% [1] - Other metals also experienced declines, with three-month zinc down $14, or 0.42%, at $3,339.5 per ton, and aluminum down $21.5, or 0.7%, at $3,067.5 per ton [4] Group 2: Inventory and Demand Factors - Copper inventories in LME-certified warehouses increased by 925 tons to 225,575 tons, the highest level since March 2025 [3] - The Shanghai Futures Exchange is closed until February 24, leading to reduced market activity from Chinese traders [3] - Analysts suggest that further price movements will depend on the return of Chinese market participants and subsequent demand trends [3] Group 3: Technical Analysis - Technical support has been observed at the 50-day moving average since August of the previous year, with a support level identified at $12,670 and a psychological resistance at $13,000 [4] - The expectation of import tariffs has led traders to stockpile copper, as indicated by a recent application for a new copper warehouse in Illinois [4]