铜：长期驱动逻辑仍存，价格回落有限

Report Industry Investment Rating - Not provided in the given content Core Viewpoint - The long - term driving logic for copper still exists, and the price decline is limited [1] Summary by Related Catalogs Fundamental Tracking - Futures Data: The closing price of the Shanghai copper main contract was 94,080 with a daily increase of 2.03%, and the night - session closing price was 91,550 with a decline of 2.69%. The price of the LME copper 3M electronic disk was 11,553 with a decline of 2.37%. The trading volume and open interest of the Shanghai copper index and LME copper 3M electronic disk both increased compared to the previous day. The inventory of Shanghai copper increased by 1,102 to 32,563, and the inventory of LME copper increased by 50 to 165,900. The cancellation warrant ratio of LME copper was 39.78% with a decline of 0.40% [1] - Spot Data: The price of Shanghai 1 bright copper increased by 500 to 82,900. The spot - to - near - month futures spread was - 20, a decrease of 25 compared to the previous day. The near - month contract - to - consecutive - first - contract spread was - 60, a decrease of 30 compared to the previous day [1] Macro and Industry News - Macro News: The People's Bank of China will flexibly and efficiently use various monetary policy tools such as reserve requirement ratio cuts and interest rate cuts. Trump prefers to let Warsh or Hassett serve as the Fed chair and hopes the interest rate will be 1% or lower in a year [1] - Industry News: China's imports of copper ore and concentrates in November were 252.6 million tons, and the cumulative imports from January to November were 2.7614 billion tons, a year - on - year increase of 8.0%. The US is negotiating with Central African countries to provide over $1 billion for two key mineral and railway projects. Chile's copper export value in November was $4.282 billion, a year - on - year increase of 4.57%. In October, the copper production of Chile's state - owned miner Codelco decreased by 14.3% year - on - year to 111,000 tons. The mining investment in Chile from this year to 2034 is expected to reach $104.549 billion, higher than the previous forecast [1][3] Trend Intensity - The trend intensity of copper is 0, indicating a neutral state [3]