铜：库存减少，限制价格回落

Group 1: Report Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Views - Copper inventory reduction restricts price decline [1] - The trend strength of copper is neutral, with a value of 0 [3] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - Futures Data: The closing price of the Shanghai Copper main - contract was 79,290 with a daily increase of 0.52%, and the night - session closing price was 78,570 with a decline of 0.91%. The price of the LME Copper 3M electronic - trading session was 9,647 with a decline of 0.80%. The trading volume of the Shanghai Copper main - contract decreased by 21,965 to 64,136, and the position increased by 838 to 209,523. The trading volume of the LME Copper 3M electronic - trading session increased by 9,564 to 22,671, and the position increased by 2,010 to 288,000 [1] - Inventory Data: The Shanghai Copper inventory decreased by 373 to 33,373, and the LME Copper inventory decreased by 950 to 119,450. The LME Copper注销仓单 ratio was 59.19%, a decrease of 0.38% [1] - Spread Data: The LME Copper spread decreased by 28.61 to 55.49. The bonded - zone warehouse - receipt premium decreased by 5 to 38, and the bonded - zone bill of lading premium decreased by 6 to 60. The spread between the Shanghai copper spot and the LME cash increased by 86 to - 1,030, etc [1] 2. Macro and Industry News - Macro News: China's Ministry of Commerce's international trade negotiation representative stated that China and the US have reached an agreement framework in principle. The EU is said to refuse to compromise and postpone trade negotiations until after July due to the approaching Trump tariff deadline [1] - Micro News: The Peruvian government first admitted the existence of large - scale informal copper mining and warned that high prices may increase such activities in the future. Canadian copper miner Hudbay Mineral stopped its operations in northern Manitoba due to wildfires. China's copper ore and concentrate imports in May were 239.5 million tons, and the cumulative imports from January to May were 1.2406 billion tons, a year - on - year increase of 7.4%. The imports of unwrought copper and copper products in May were 42.7 million tons, and the cumulative imports from January to May were 216.9 million tons, a year - on - year decrease of 6.7%. In April, the copper output of Chile's state - owned copper company Codelco increased by 20.5% year - on - year to 114,600 tons [1][3]