市场情绪助推回调，整体维持高位

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Last week, the bullish sentiment cooled and the price of copper futures pulled back, but there was still support at the supply - demand and macro levels. The price rebounded in the night session yesterday, and the trend is expected to remain in high - level oscillation. The Mysteel China copper market sentiment survey on January 9, 2026 was 50.91, down 8.97 from last week, and the price fluctuation may decrease this week [5]. 3. Summary by Related Catalog Market Review - Last week, the price of the main Shanghai copper futures showed a pattern of rising first and then falling, with a fluctuation range of about 2.4%. The price fluctuation was mainly driven by the global copper supply - demand imbalance and macro - sentiment changes, and market sentiment was an important factor intensifying the price fluctuation [4]. Supply - Demand Situation - The spot TC price of copper concentrate decreased slightly, and the processing fee was under continuous pressure. Recently, market participants have been engaged in a game around long - term contract negotiations. The workers at the Mantoverde copper mine under Capstone in Chile failed to reach a collective bargaining agreement, and the strike continued, reducing the mine's output to 30% of the normal level. Last week, the operating rates of domestic copper rod and copper cable enterprises decreased by 1.01 and 2.37 percentage points respectively compared with the previous week. In terms of absolute consumption demand, the market orders have continued to weaken recently, and the trading volumes of electrolytic copper and refined copper rods in the small - sample statistics of Mysteel are at historical lows. After the rapid rise in the past two days, some small downstream processing enterprises have begun to plan their annual leave arrangements and suspend production and sales from late January to March. After the holiday, the domestic social inventory continued to show an obvious trend of accumulation [4]. Macro - situation - Geopolitical turmoil and Trump's tariff policy on refined copper have caused significant price fluctuations. In terms of data, the number of new non - farm jobs in the US in December was 50,000, falling short of expectations, and the unemployment rate dropped to 4.4%, with the annual increase being the lowest since 2020. Traders expect almost no possibility of an interest rate cut in January. China's CPI year - on - year increase in December reached a 34 - month high, with a month - on - month increase of 0.2%, and the PPI increased month - on - month for three consecutive months [4].