铜：美元承压，价格上涨

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The price of copper is rising due to the weakening US dollar [1] 3. Summary by Relevant Catalogs 3.1 Copper Fundamental Data - Futures Prices: The closing price of the Shanghai copper main contract was 79,410 with a daily increase of 0.61%, and the night - session closing price was 79,680 with a night - session increase of 0.34%. The LME copper 3M electronic disk closed at 9,906 with a daily increase of 0.68% [1] - Trading Volume and Open Interest: The trading volume of the Shanghai copper main contract was 71,061, a decrease of 2,342 from the previous day, and the open interest was 173,826, an increase of 4,829. The trading volume of the LME copper 3M electronic disk was 23,251, an increase of 8,980, and the open interest was 268,000, an increase of 474 [1] - Futures Inventory: The Shanghai copper inventory was 21,412, an increase of 180. The LME copper inventory was 158,900, an increase of 950, and the注销仓单比 was 8.21%, a decrease of 0.08% [1] - Spreads: Various spreads such as LME copper basis, spot - to - futures spreads, and inter - month spreads showed different changes compared to the previous day. For example, the LME copper basis increased by 2.53 to - 80.26 [1] 3.2 Macro and Industry News - Macro News: The US core PCE price index in July rebounded to 2.9% year - on - year, in line with expectations, and the tariff impact was still controllable. The China Securities Regulatory Commission plans to consolidate the stable and positive momentum of the capital market and promote a new round of capital market reform and opening up [1] - Industry News: The US government proposed to include copper, silicon, silver, etc. in the list of critical minerals. Freeport's Indonesian branch will complete the maintenance of the Gresik factory in early September. Hudbay Minerals resumed operations at its Snow Lake mine in Manitoba. The drainage of the eastern section of the Kamoa - Kakula copper mine in Africa will enable it to resume production capacity early next year [1][3] 3.3 Trend Intensity - The trend intensity of copper is 1, indicating a moderately positive outlook on copper prices [3]