铜：美元下测后回升，限制价格上涨

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The rebound of the US dollar after testing lower levels restricts the upward movement of copper prices [1] Group 3: Summary Based on Related Catalogs 1. Copper Fundamental Data - Futures Price and Volume: The closing price of the Shanghai copper main contract was 78,940 with a daily increase of 1.09%, and the night - session closing price was 78,650 with a decrease of 0.37%. The LME copper 3M electronic trading price was 9,592 with a decrease of 0.34%. The trading volume of the Shanghai copper main contract increased by 21,504 to 112,380, and the position increased by 11,971 to 193,911. The trading volume of the LME copper 3M electronic trading decreased by 1,420 to 8,755, and the position increased by 1,256 to 291,000 [1] - Futures Inventory: The Shanghai copper inventory increased by 20,912 to 50,069, and the LME copper inventory decreased by 4,075 to 185,575. The LME copper注销仓单 ratio was 41.84%, a decrease of 1.01% [1] - Price Difference: The LME copper premium decreased by 4.34 to 14.83, the bonded - area warehouse receipt premium decreased by 1 to 100, and the bonded - area bill of lading premium decreased by 2 to 115. The price of Shanghai 1 bright copper increased by 300 to 72,600 [1] 2. Macro and Industry News - Macro News: China's social financing increment in April was 1.16 trillion yuan, new RMB loans were 280 billion yuan, and the M2 - M1 gap widened. The US adjusted tariffs on China, revoking 91% of the additional tariffs and lowering or revoking tariffs on small parcels [1] - Micro News: Chile's copper export value in April was 452 million US dollars, an increase of 8.2% year - on - year. In April 2025, China's imports of unwrought copper and copper products were 438,000 tons, the same as last year. From January to April 2025, the cumulative import volume was 1.742 million tons, a decrease of 3.9% compared with 1.812 million tons in the same period last year. Canada's First Quantum Minerals is cautiously optimistic about the prospects of its copper mine in Panama. Codelco and Rio Tinto announced a new cooperation agreement [1][3] 3. Trend Intensity - The trend intensity of copper is 0, indicating a neutral state [3]