基本金属普涨，乐观情绪推动期铜攀至逾一周高点【2月24日LME收盘】

Core Viewpoint - The London Metal Exchange (LME) saw a rise in base metal prices, particularly copper, driven by increased demand from China post-holiday and positive investor sentiment [1][4]. Group 1: Copper Price Movement - On February 24, LME three-month copper rose by $298, or 2.32%, closing at $13,166.50 per ton, reaching its highest level since February 12 [1][2]. - Despite a 0.7% decline on the previous Monday, copper prices have increased by 22% over the past three months, although they remain significantly below the historical peak of $14,527.50 reached on January 29 [1]. Group 2: Market Influences - The U.S. Supreme Court's ruling that the Trump administration's large-scale tariffs were illegal has temporarily boosted copper prices and improved market risk appetite [3]. - Following the ruling, the U.S. Customs and Border Protection announced the cessation of tariffs imposed under the International Emergency Economic Powers Act starting February 24 [3]. Group 3: Chinese Market Impact - The resumption of trading in China after the Lunar New Year holiday has bolstered market confidence, with signs of increased physical demand for copper [4]. - On the first trading day post-holiday, the Shanghai Futures Exchange's main copper contract rose by 0.72%, closing at 101,510 yuan per ton [4]. Group 4: Future Price Predictions - Citigroup has a bullish outlook on copper prices, forecasting they could rise to $14,000 per ton within the next three months [4]. - The bank maintains its long-term average price prediction for copper at $13,000 per ton for 2026, suggesting this level will keep the global copper market balanced this year [5]. Group 5: Inventory Levels - LME copper inventories increased by 1,350 tons, or 0.56%, reaching 243,175 tons, the highest level since March 2025, with a cumulative increase of 71% this year [5]. - Analysts suggest that a key focus will be on whether the inventory growth begins to slow down in the coming weeks [5]. Group 6: Other Base Metals Performance - Other base metals on the LME also experienced gains, with three-month nickel rising by $626, or 3.62%, to $17,909 per ton, and three-month tin increasing by $2,582, or 5.41%, to $50,300 per ton [2][5].