铜：库存持续增加，限制价格回升

Group 1: Report Industry Investment Rating - No information provided on the industry investment rating in the report Group 2: Core View of the Report - Copper inventory is continuously increasing, which restricts the price rebound [1] - The trend strength of copper is 0, indicating a neutral outlook [3] Group 3: Summary According to Relevant Catalogs 1. Fundamental Tracking - Futures Price and Volume: The closing price of the Shanghai Copper main contract was 75,870 with a daily decline of 0.58%, and the night - session closing price was 75,830 with a decline of 0.05%. The closing price of the LME Copper 3M electronic disk was 9,137 with a decline of 0.91%. The trading volume of the Shanghai Copper main contract was 87,809, a decrease of 22,039 from the previous day, and the position was 150,069, a decrease of 2,954. The trading volume of the LME Copper 3M electronic disk was 8,366, an increase of 742, and the position was 293,000, an increase of 2,002 [1] - Futures Inventory: The inventory of Shanghai Copper was 92,209, an increase of 2,840 from the previous day. The inventory of LME Copper was 212,475, an increase of 4,650, and the注销仓单 ratio was 43.82%, a decrease of 0.25% [1] - Price Spreads: The LME copper spread decreased by 14.73 to - 44.74. The spread between spot and the near - month futures contract increased by 40 to 40. The spread between the near - month contract and the next - month contract decreased by 100 to - 40 [1] 2. Macro and Industry News - Macro News: The US launched an investigation into the national security risks posed by key minerals and their derivatives that rely on imported processing. Canada will suspend tariffs on some US goods for 6 months and conditionally exempt some counter - measures against imported US cars. Mexico strengthened inspections, and fuel imports from the US Texas border were halted. The EU expects US tariffs to continue [1] - Micro News: Panama's government announced that Canada's First Quantum Minerals has withdrawn an international arbitration request against the country. In March 2025, China's imports of copper ore and concentrates were 239.4 million tons, and the cumulative imports from January to March were 710.8 million tons, a 1.8% increase from the previous year. Canada's Hudbay Minerals reached an agreement with seven industry unions to support the construction of the Copper World copper mine in Arizona, with an annual copper production capacity of 8.5 million tons and an expected mining life of 20 years [3]