铜：风险情绪稍有回升，支撑价格

Report Industry Investment Rating - Not provided Core View - Risk sentiment for copper has slightly recovered, supporting prices [1] Summary by Relevant Catalogs Fundamental Tracking - Futures Prices: The closing price of the Shanghai Copper main contract was 101,280 with a daily increase of 0.05%, and the night - session closing price was 100,420 with a decrease of 0.85%. The LME Copper 3M electronic disk closed at 12,762 with a decrease of 0.27% [1] - Trading Volume and Open Interest: The trading volume of the Shanghai Copper Index was 443,128, an increase of 107,563 from the previous day, and the open interest was 646,503, an increase of 11,941. The trading volume of the LME Copper 3M electronic disk was 23,537, a decrease of 4,354, and the open interest was 317,000, a decrease of 8,682 [1] - Inventory: Shanghai Copper inventory was 145,581, a decrease of 2,612, and LME Copper inventory was 159,400, an increase of 3,100. The cancellation warrant ratio of LME Copper was 29.38%, a decrease of 1.21% [1] - Spreads: The LME Copper premium was 101.84, an increase of 34.29 from the previous day. The spot - to - near - month futures spread was - 180, a decrease of 30 [1] Macro and Industry News - Macro News: Trump mentioned Greenland as a US core security interest, reached a "framework" agreement on Greenland with NATO, and might select a new Fed Chair. He also hinted at Hasset's "exit" [1] - Industry News: During the "15th Five - Year Plan" period, State Grid's fixed - asset investment is expected to reach 4 trillion yuan, a 40% increase from the "14th Five - Year Plan". A Canadian company's copper and zinc mines achieved production targets, a Chilean copper - gold mine had a labor strike issue, and China's December 2025 copper - related imports had different trends [1][3] Trend Intensity - The trend intensity of copper is 0, indicating a neutral outlook [3]