铜：美元走强，价格承压

Group 1: Report Industry Investment Rating - No relevant content provided. Group 2: Report's Core View - Copper prices are under pressure due to the strengthening of the US dollar [1] - The copper trend strength is 0, indicating a neutral outlook [3] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - Futures Data: The closing price of the Shanghai Copper main - contract was 100,770 with a daily decline of 1.75%, and the night - session closing price was 103,660 with a night - session increase of 2.87%. The LME Copper 3M electronic - trading price was 12,809 with a daily decline of 2.59%. Trading volumes and open interests of both Shanghai Copper index and LME Copper 3M decreased compared to the previous day. Shanghai Copper inventory decreased by 2,300 to 160,417, while LME Copper inventory increased by 2,450 to 143,575, and the LME Copper注销仓单 ratio decreased by 0.97% to 34.53% [1] - Spot Data: Various spot price spreads changed compared to the previous day. For example, the LME Copper premium increased by 23.92 to 61.52, while the Shanghai 1 bright copper price decreased by 400 to 89,500 [1] 2. Macro and Industry News - Macro: The hottest candidate for the Fed Chairperson has changed. Trump hopes Hassett to continue as a White House advisor, and Hassett says he will defend the Fed's independence if in charge. Trump has postponed the decision to attack Iran and is sending more troops to the Middle East [1] - Industry: Codelco's copper production in November decreased by 3% year - on - year to 130,900 tons. The US government may lift the mining ban in northern Minnesota, potentially reviving a major mining project. Codelco submitted a $1.3 - billion plan to extend the life of Radomiro Tomic copper mine to 2058. State Grid's fixed - asset investment during the "15th Five - Year Plan" is expected to reach 4 trillion yuan, a 40% increase from the "14th Five - Year Plan". Ivanhoe Mines achieved its 2025 copper and zinc production targets [1][3]