财达期货：铜周报：金融属性支撑铜价维持高位-20260126

Group 1: Investment Rating - No investment rating information provided in the report Group 2: Core Viewpoints - Mid - term, the direction of US interest rate cuts and positive policies of various countries create a favorable environment for non - ferrous metals. With gold prices hitting new highs, the financial attribute of copper is expected to support copper prices. Given the overall tight supply - demand fundamentals, the copper price will likely maintain a high - level oscillation in the short term, and may have a slight rebound this week [5] Group 3: Summary by Related Content Market Review - Last week, the main Shanghai copper futures price showed a high - level oscillation pattern. Due to the profit - taking at the end of the previous week and some macro data falling short of expectations, the price oscillated downward. Last week, it stabilized around 101,000 yuan/ton, and slightly strengthened in Friday's night session [4] Supply and Demand - BHP slightly increased its copper output forecast, but global mining supply is still affected by uncertainties in smelting and ore transportation. The TC spot price hit a new low. Last week, the SMM enameled wire industry's operating rate increased by 3.07 percentage points to 82.27% week - on - week. The SMM copper cable enterprises' operating rate increased by 2.72 percentage points week - on - week to 58.71%, and 15.87 percentage points year - on - year. As the copper price dropped last week, market sentiment improved, stimulating downstream orders. With end - user home appliance inventory demand and improved orders from power grids and the stable support from the automotive industry, the operating rate is expected to continue rising week - on - week [4] Macroeconomics - Domestic economic data rebounded slightly month - on - month, and the market has optimistic expectations for policies during the "15th Five - Year Plan" period, which supports non - ferrous metal prices [4]