铜：现货偏强，支撑价格

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The spot market for copper is strong, which supports the price. The trend strength of copper is 0, indicating a neutral outlook [1][3] Group 3: Summary by Related Catalogs 1. Copper Fundamental Data - Futures Prices: The closing price of the Shanghai copper main contract was 77,330 with a daily decline of 0.59%, and the night - session closing price was 78,140 with a night - session increase of 1.05%. The LME copper 3M electronic disk closed at 9,475 with a 0.73% increase [1] - Trading Volume and Open Interest: The trading volume of the Shanghai copper main contract was 116,718, a decrease of 16,050 from the previous day, and the open interest was 179,692, an increase of 589. The trading volume of the LME copper 3M electronic disk was 8,647, an increase of 1,577, and the open interest was 291,000, a decrease of 945 [1] - Futures Inventory: The Shanghai copper inventory was 19,540, a decrease of 2,001, and the LME copper inventory was 194,275, an increase of 300. The LME copper注销仓单 ratio was 43.25%, a decrease of 1.15% [1] - Spreads: The LME copper spread increased by 24.17 to 45.82. The Shanghai 1 bright copper price increased by 100 to 72,300. The spot - to - near - month futures spread decreased by 35 to 225, and the near - month to consecutive - first - month contract spread increased by 190 to 560 [1] 2. Macro and Industry News - Macro: The UK and the US reached an agreement on tariff and trade agreement terms, with the US retaining a 10% base tariff, reducing the tariff on the first 100,000 imported UK cars to 10%, and reducing steel and aluminum tariffs to zero. The EU will sue the US at the WTO over tariffs and prepare counter - measures against 95 billion euros of US imports [1] - Micro: ICSG data shows that the global refined copper market is expected to have a supply surplus of 289,000 tons in 2025 and 209,000 tons in 2026. Chile's copper production in March was 477,049 tons, a 9.1% year - on - year increase. Zambia's copper production in Q1 increased by 30% year - on - year to about 224,000 tons. The US added 10 mining projects to the fast - track approval list, including copper and palladium. Chile's copper export value in April was $4.52 billion, an 8.2% year - on - year increase [1][3]