铜：现货走弱，价格承压

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The spot market for copper is weakening, putting pressure on prices [1] Group 3: Summary Based on Related Catalogs 1. Fundamental Tracking - Futures Data: The closing price of the Shanghai Copper main contract was 78,430 with a daily decline of 0.22%, and the night - session closing price was 78,320 with a decline of 0.14%. The closing price of the LME Copper 3M electronic disk was 9,663 with a decline of 0.20%. The trading volume of the Shanghai Copper main contract decreased by 17,565 to 81,666, and the position decreased by 2,386 to 178,682. The trading volume of the LME Copper 3M electronic disk increased by 1,000 to 19,905, and the position decreased by 1,214 to 281,000. The inventory of Shanghai Copper increased by 1,578 to 23,307, and the inventory of LME Copper increased by 625 to 108,725. The cancellation warrant ratio of LME Copper was 37.69% with a decline of 0.19% [1] - Spot Data: The LME copper premium/discount was - 21.57, a change of - 20.62 from the previous day. The spot - to - near - month futures spread was - 25, a change of - 40 from the previous day. The near - month contract to the consecutive - first contract spread was 140, a change of - 110 from the previous day [1] 2. Macro and Industry News - Macro: Trump issued trade letters this week, imposing a new round of tariffs on many countries, with the scope of the 50% copper tariff possibly expanding to semi - finished products, which may impact the construction of the US power grid and data centers [1] - Micro: The Indonesian Interior Minister asked to relax the copper concentrate export ban on Amman Mineral International. The new LME warehouse in Hong Kong attracted 100 tons of copper stored in "non - warrant" form before its official opening in mid - July. Ivanhoe's Kamoa - Kakula mine in the Democratic Republic of the Congo had a 11% year - on - year increase in copper production in the second quarter, reaching 112,009 tons. Copper traders are shipping copper to Hawaii for tariff - related trade. First Quantum Minerals' investment in Prospect Resources is key to extending the life of the Sentinel mine in Zambia [1][3] 3. Trend Intensity - The copper trend intensity is 0, with the value range being an integer in the [-2, 2] interval [3]