铜：情绪回暖，价格上涨

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - In the macro - aspect, before the release of key US CPI data, the trade situation is expected to ease, market sentiment has significantly improved, and the three major US stock indexes have generally risen. China will focus on building a modern industrial system, strengthening the real economy, achieving high - level scientific and technological self - reliance, and more [1]. - The copper market shows price increases, with the closing price of the Shanghai copper main contract rising by 0.02% during the day and 1.56% at night, and the LME copper 3M electronic disk rising by 1.49% during the day [1]. Group 3: Summary by Relevant Catalogs 1. Copper Fundamental Data - Price and Price Changes: The closing price of the Shanghai copper main contract was 85,400 with a daily increase of 0.02%, and the night - session closing price was 86,730 with a night - session increase of 1.56%. The LME copper 3M electronic disk closed at 10,817 with a 1.49% increase [1]. - Trading Volume and Open Interest: The trading volume of the Shanghai copper index was 192,281, a decrease of 9,114 from the previous day, and the open interest was 544,945, an increase of 12,219. The trading volume of the LME copper 3M electronic disk was 24,037, a decrease of 8,185, and the open interest was 316,000, a decrease of 1,677 [1]. - Inventory and Related Ratios: The Shanghai copper inventory was 36,048, a decrease of 505. The LME copper inventory was 136,925, an increase of 75, and the注销仓单比 was 7.87%, an increase of 1.09% [1]. - Price Spreads: The LME copper spread changed by - 5.19. The Shanghai copper spot - to - futures near - month spread was 10, a decrease of 20. The near - month contract to the first - continuous contract spread was - 40, unchanged [1]. 2. Macro and Industry News - Macro News: Before the release of US CPI data, trade tensions may ease, and US stocks have risen. China has outlined key development directions such as building a modern industrial system [1]. - Industry News: In August, Peru's copper production decreased by 1.6% year - on - year to 242,740 tons. Codelco plans to sell copper to European customers at a record - high premium of $325 per ton next year, a 39% increase from this year. In September, China's refined copper imports increased by 21.76% month - on - month and 7.44% year - on - year, etc. [3] 3. Trend Intensity - The copper trend intensity is 1, with the range of trend intensity being integers in the [- 2,2] interval, where - 2 means the most bearish and 2 means the most bullish [3]