铜：LME库存增加，价格承压

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The LME copper inventory has increased, putting pressure on copper prices [1] 3. Summary by Relevant Catalogs 3.1 Copper Fundamental Data - Futures Prices: The closing price of the Shanghai copper main contract was 78,580 with a daily increase of 0.32%, and the night - session closing price was 78,70 with a night - session decrease of 0.65%. The LME copper 3M electronic disk closing price was 9,635 with a decrease of 0.76% [1] - Trading Volume and Open Interest: The trading volume of the Shanghai copper main contract was 42,792, a decrease of 19,597 from the previous day, and the open interest was 159,866, a decrease of 3,692. The trading volume of the LME copper 3M electronic disk was 18,753, an increase of 4,937, and the open interest was 265,000, a decrease of 1,316 [1] - Futures Inventory: The Shanghai copper inventory was 18,767, a decrease of 1,581, and the LME copper inventory was 153,850, an increase of 14,275. The LME copper注销仓单 ratio was 7.80%, a decrease of 0.85% [1] - Spreads: The LME copper spread was - 67.32, a decrease of 14.59 from the previous day. The Shanghai copper spot - to - futures near - month spread was 130, a decrease of 50 [1] 3.2 Macro and Industry News - Macro News: The US ISM services PMI in July was only 50.1, with the employment index shrinking and the price index reaching a new high since October 2022. Trump will decide on new Fed governors this week, and will announce drug and chip tariffs within a week and significantly increase tariffs on India within 24 hours [1][3] - Industry News: Trump will impose a 50% tariff on imported semi - finished copper products and copper - intensive derivatives starting from August 1. Chile's Codelco has suspended the operation of its El Teniente copper mine and postponed the release of its financial report [3] 3.3 Trend Intensity - The copper trend intensity is 0, indicating a neutral trend [3]