铜：美元弱势，支撑价格

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The weak US dollar supports copper prices. The copper trend strength is 1, indicating a relatively neutral to slightly positive outlook [1][3]. 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - Futures Data: The closing price of the Shanghai copper main contract was 79,920 with a daily increase of 1.31%, and the night - session closing price remained unchanged. The London copper 3M electronic trading price was 9,879 with a decrease of 0.17%. Trading volume and positions of the Shanghai copper main contract increased, while those of the London copper 3M electronic trading decreased [1]. - Inventory Data: Shanghai copper inventory was 25,346, an increase of 1,650 from the previous day, and London copper inventory was 91,275, a decrease of 1,800. The cancellation warrant ratio of London copper was 36.84%, a decrease of 2.32% [1]. - Spread Data: The LME copper premium decreased by 79.16, the Shanghai copper spot - to - futures near - month spread increased by 45, and the near - month contract to the consecutive - one contract spread increased by 50. Other spreads also showed different degrees of change [1]. 3.2 Macro and Industry News - Macro News: Despite the renewed tension in US - Canada trade relations, the Nasdaq and S&P reached record highs driven by the easing of the Middle East situation and interest - rate cut expectations [1]. - Industry News: Japan's JX Metal Company will cut tens of thousands of tons of refined copper production due to tight copper concentrate supply. China's May import volume of copper ore and its concentrates was 239.52 million tons, a 17.55% decrease from the previous month and a 6.61% increase year - on - year. Chile's Antofagast plans to extend the mining of the Los Pelambres mine through expansion and upgrading. Western Mining's Yulong Copper Mine Phase III project was approved, with the production scale increasing to 30 million tons per year. The TC/RC negotiation result between Antofagasta and Chinese smelters in mid - 2025 was set at 0.0 dollars per thousand tons and 0.0 cents per pound, far exceeding market expectations [1][3].