铜：现货走强，拉升价格

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The spot price of copper has strengthened, driving up the overall price [1] - The global copper market is expected to shift to a supply shortage of 150,000 tons in 2026 [3] Group 3: Summary Based on Related Catalogs 1. Copper Fundamental Data - Price and Increase: The closing price of the Shanghai Copper main contract was 87,430 with a daily increase of 0.51%, and the night - session closing price was 88,740 with a night - session increase of 1.50%. The LME Copper 3M electronic disk had a closing price of 11,176 with a daily increase of 2.25% [1] - Trading Volume and Open Interest: The trading volume of the Shanghai Copper index was 194,048, an increase of 10,795 from the previous day, and the open interest was 546,511, an increase of 7,940. The trading volume of the LME Copper 3M electronic disk was 22,550, an increase of 12,031, and the open interest was 334,000, an increase of 3,311 [1] - Inventory and Related Ratios: The Shanghai Copper inventory was 35,244, a decrease of 629. The LME Copper inventory was 159,425, an increase of 2,250. The LME Copper cancellation warrant ratio was 4.12%, an increase of 0.26% from the previous day [1] - Spreads: Various spreads such as the spot - to - futures near - month spread, near - month contract to consecutive - one contract spread, etc., showed different changes [1] 2. Macro and Industry News - Macro News: In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month; the non - manufacturing business activity index was 49.5%, down 0.6 percentage points; the composite PMI output index was 49.7%, down 0.3 percentage points. The overall economic sentiment level was stable, and the non - manufacturing sentiment level declined due to the high base. US consumers showed stronger - than - expected consumption resilience on "Black Friday", leading to a steady growth in retail sales [1] - Industry News: The European largest copper smelter Aurubis is willing to reject low offers for copper concentrates. The global copper market is expected to face a supply shortage in 2026. Chile's state - owned copper company Codelco raised the CIF China electrolytic copper long - term contract benchmark price for 2026. Panama will release the preliminary results of the full - scale audit of the Cobre Panama copper mine soon [3] 3. Trend Intensity - The copper trend intensity is 1, indicating a moderately positive trend [3]