铜：风险情绪回升，价格上涨

Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating. 2) Core View of the Report The risk sentiment for copper has rebounded, leading to an increase in its price [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - Futures Data: The closing price of the Shanghai copper main - contract was 86,480 with a daily increase of 0.63%, and the night - session closing price was 86,500 with a night - session increase of 0.02%. The LME copper 3M electronic - disk price was 10,875 with a 1.68% increase. The trading volume and open interest of Shanghai copper index and LME copper 3M electronic - disk had corresponding changes [1]. - Inventory Data: The Shanghai copper inventory was 43,789, an increase of 395 from the previous day, and the LME copper inventory was 136,275, an increase of 375. The LME copper注销仓单比 was 8.60%, up 0.31% [1]. - Spread Data: There were various changes in spreads such as LME copper ascension and discount, spot - futures spreads, and cross - period spreads [1]. Macro and Industry News - Macro News: The State Council's General Office issued 13 measures to further promote private investment. The U.S. government was close to ending the shutdown, and the S&P and Nasdaq indices had their largest five - month gains [1]. - Industry News: Glencore planned to close its Horn smelter and a Canadian copper refinery due to environmental issues and high transformation costs. The U.S. included copper in the new critical minerals list. Tanzania reopened its border with Zambia, resuming the flow of goods on an important trade corridor. Freeport Indonesia completed the investigation of a mudslide incident at its copper - gold mine [1][3]. Trend Intensity The copper trend intensity was 1, with a range of [- 2,2] indicating different levels of bullish or bearish views [3].