Group 1: Investment Rating - There is no information provided about the industry's investment rating in the report. Group 2: Core View - The strengthening of the LME spot premium supports copper prices [1]. - The global copper demand is expected to increase significantly by 2040, driven by the AI and defense sectors [3]. Group 3: Summary by Directory 1. Fundamental Tracking - Price and Volume: The closing price of the Shanghai Copper main - contract was 103,870 with a daily increase of 1.54%, and the night - session closing price was 103,660 with a decrease of 0.20%. The LME Copper 3M electronic - plate closing price was 13,300 with an increase of 1.09%. The trading volume of the Shanghai Copper index was 691,628, an increase of 22,824 from the previous day, and the position was 698,229, an increase of 7,693. The trading volume of the LME Copper 3M electronic - plate was 33,827, an increase of 1,431, and the position was 324,000, a decrease of 670 [1]. - Inventory and Premium: The Shanghai Copper inventory was 149,339, an increase of 27,212; the LME Copper inventory was 141,625, an increase of 75. The LME copper premium increased by 25.92 from the previous day. The Shanghai 1 bright copper price increased by 400 to 89,900. The spot - to - near - month futures spread increased by 80 to 140 [1]. 2. Macro and Industry News - Macro: In the US, November retail sales increased by 0.6% month - on - month, November PPI rose to 3% year - on - year, and December existing home sales reached the strongest level since 2023. Some Fed officials advocated maintaining the interest rate in January, while others held a cautious stance [1]. - Industry: By 2040, global copper demand will grow significantly driven by AI and defense. The 2026 copper premium proposed by PPC to Japanese customers reached a record high. Codelco's November copper production decreased by 3% year - on - year. The US government may lift a mining ban in Minnesota [3]. 3. Trend Intensity - The copper trend intensity is 1, indicating a relatively strong trend [3].
铜：LME现货升水走强，支撑价格
Guo Tai Jun An Qi Huo·2026-01-15 02:15