铜：LME现货走强，价格坚挺

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The LME spot of copper is strengthening and the price is firm. The copper trend intensity is 1, indicating a neutral to slightly positive sentiment [1][3] 3. Summary According to Relevant Catalogs 3.1 Copper Fundamental Data - Futures Prices: The closing price of the Shanghai copper main contract was 101,180 with a daily increase of 0.41%, and the night - session closing price was 101,680 with a night - session increase of 0.49%. The LME copper 3M electronic disk had a closing price of 12,987 with a daily increase of 1.39% [1] - Trading Volume and Open Interest: The trading volume of the Shanghai copper index was 463,663, a decrease of 169,391 from the previous day, and the open interest was 627,161, a decrease of 16,429. The trading volume of the LME copper 3M electronic disk was 20,647, a decrease of 12,054, and the open interest was 327,000, an increase of 2,567 [1] - Futures Inventory: The Shanghai copper inventory was 152,655, a decrease of 7,762, and the LME copper inventory was 147,425, an increase of 3,850. The LME copper注销仓单比 was 32.93%, a decrease of 1.60% [1] - Spreads: There were various changes in spreads such as LME copper ascension and premium, spot - to - futures spreads, and inter - contract spreads [1] 3.2 Macro and Industry News - Macro News: In 2025, China's high - tech manufacturing led the economy, achieving the GDP growth target of 5%. In December, the year - on - year growth rate of social retail sales slowed to 0.9%, the industrial added value above designated size increased by 5.2% year - on - year, and the annual fixed - asset investment decreased by 3.8% year - on - year. Trump allegedly threatened the EU and made statements about Greenland and tariffs [1] - Industry News: Chile's Codelco submitted a $1.3 billion plan to extend the life of the Radomiro Tomic copper mine to 2058. During the "15th Five - Year Plan", State Grid's fixed - asset investment 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. The union of the Mantoverde copper - gold mine in Chile condemned the company for illegally replacing workers during a 15 - day strike [1][3]