需求担忧笼罩 有色走势谨慎【春节外盘综述】

Group 1 - The overall performance of the overseas non-ferrous metal sector showed initial decline followed by recovery during the holiday period, with reduced volatility [1] - Concerns over US tariffs have eased, leading to a rebound in non-ferrous metals as the US dollar index retreated from its highs [2] - The US Supreme Court ruled that the Trump administration's large-scale tariff measures lacked clear legal authorization, contributing to a decrease in average tariff rates [2] Group 2 - Domestic demand for copper is weak, leading to a significant accumulation of global copper inventories, with COMEX copper prices experiencing narrowing premiums [3] - The increase in copper inventories is evident, with the Shanghai Futures Exchange copper stock rising over 20,000 tons, reaching a 1.5-year high [3] - The LME copper inventory has also shown a notable increase, rising from around 200,000 tons before the holiday to over 240,000 tons [3] Group 3 - During the holiday, LME copper prices fluctuated due to a strong US dollar and increasing inventories, with trading volumes being low due to the Chinese New Year [5] - The LME copper price saw a brief recovery on February 18, but faced downward pressure again due to rising inventories and reduced demand from China [5] - Following the Supreme Court's ruling on February 20, LME copper and aluminum prices increased, but later retreated as inventory levels continued to rise [6]