铜：全球库存增加，价格震荡

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The global copper inventory is increasing, and the price is fluctuating. The copper trend strength is 0, indicating a neutral outlook [1][3] Group 3: Summary According to Relevant Catalogs 1. Copper Fundamental Data - Futures Prices: The closing price of the Shanghai Copper main contract yesterday was 79,730, with a daily decline of 1.03%, and the night - session closing price was 79,720, with a decline of 0.01%. The closing price of the LME Copper 3M electronic disk yesterday was 9,852, with a decline of 1.00% [1] - Trading Volume and Open Interest: The trading volume of the Shanghai Copper main contract yesterday was 100,562, an increase of 17,176 compared to the previous day, and the open interest was 215,738, a decrease of 8,934. The trading volume of the LME Copper 3M electronic disk was 12,938, a decrease of 503, and the open interest was 285,000, an increase of 2,425 [1] - Futures Inventory: The Shanghai Copper inventory was 22,307, a decrease of 1,796 compared to the previous day. The LME Copper inventory was 95,275, an increase of 950, and the注销仓单 ratio was 35.63%, an increase of 1.81% [1] - Spreads: There were various changes in different spreads such as LME copper spreads, spot - to - futures spreads, and inter - contract spreads. For example, the LME copper premium for bonded warehouse receipts increased by 7.74, and the near - month contract to the consecutive - first contract spread increased by 40 [1] 2. Macro and Industry News - Macro News: Trump sent tariff letters to trading partners on Friday, with potential tariff rates ranging from 60% - 70% to 10% - 20%. EU negotiation representatives failed to make a breakthrough in the US - EU trade negotiations and will continue to talk over the weekend [1] - Micro News: The negotiation result of TC/RC between Antofagasta and Chinese smelters in mid - 2025 was set at 0.0 dollars/ton and 0.0 cents/pound, far exceeding market expectations. Over 33,000 metric tons of copper concentrate have been shipped from the closed Cobre Panama copper mine. Chile's copper production in May was 486,574 tons, a month - on - month increase of 4.9% and a year - on - year increase of 9.4%. The Chilean Congress passed a bill to speed up the approval process of investment projects. India announced multiple measures to increase copper production, including encouraging foreign companies to build smelters and refineries in India [1][3]