铜：内外库存减少，价格获得支撑

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The reduction in both domestic and international copper inventories provides support for copper prices [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: The closing price of the Shanghai copper main contract was 92,600, with a daily decline of 0.24%, and the night - session closing price was 92,870, with a night - session increase of 0.29%. The price of the LME copper 3M electronic disk was 11,727, with a decline of 0.13%. The trading volume of the Shanghai copper index was 288,527, a decrease of 1,237 from the previous day, and the open interest was 622,036, an increase of 5,683. The trading volume of the LME copper 3M electronic disk was 31,364, an increase of 14,534, and the open interest was 345,000, an increase of 611 [1]. - Inventory Data: The Shanghai copper inventory was 44,650, a decrease of 227, and the LME copper inventory was 164,275, a decrease of 2,650. The LME copper cancellation warrant ratio was 37.47%, a decrease of 1.14% [1]. - Spread Data: The LME copper premium or discount was - 9.8, a decrease of 0.28 from the previous day. The spot - to - futures near - month spread was - 140, an increase of 10. The near - month contract to the consecutive - first contract spread was - 150, a decrease of 50. The cost of the inter - period arbitrage of buying the near - month and selling the consecutive - first contract was 317 [1]. 3.2 Macro and Industry News - Macro News: US inflation slowed more than expected, with the core CPI in November rising 2.6% year - on - year, the lowest since 2021. The ECB kept interest rates unchanged for the fourth consecutive time and did not give a clear easing signal [1][3]. - Industry News: Korea Zinc plans to invest $7.4 billion in the US to build a smelter. Peru's copper production in October increased by 4.8% year - on - year to 248,192 tons. Glencore acquired the Quechua copper project in Peru. Peru's Congress approved a one - year extension of the temporary licenses for small - scale miners until the end of 2026 [1][3]. 3.3 Trend Intensity The copper trend intensity is 0, indicating a neutral trend [3].