市场快讯：沪铜拉升突破11万元／吨

Report Summary 1) Reported Industry Investment Rating - Not provided 2) Core Viewpoints of the Report - On January 29, 2026, the main contract of Shanghai copper futures, CU2603, rose rapidly from 103,000 yuan to around 109,000 yuan starting at 10:15 and broke through the 1.1 million - yuan mark in the afternoon, with a daily increase of nearly 8% [2] - Copper is a core raw material for the new - energy revolution, power - grid upgrading, and AI data centers, and its inclusion in key mineral or strategic reserve lists by the US, EU, and China provides strong support for copper prices [2] - The Fed's decision to maintain the federal funds rate and Chairman Powell's remarks led to a rise in London spot gold and silver, and copper prices followed to reach new highs [4] - Expectations of interest - rate cuts and tariffs in 2026 are the core macro - drivers for the upward movement of copper prices [4] 3) Summary of Relevant Content Market Performance - The main contract of Shanghai copper futures, CU2603, had a significant increase on January 29, 2026, with a daily increase approaching 8% [2] - London spot gold and silver rose rapidly after the Fed's decision, and copper prices followed to reach new highs [4] Fundamental Factors - Copper is a key raw material for multiple important fields and is included in key mineral or strategic reserve lists, which supports copper prices [2] Macroeconomic Factors - The Fed maintained the federal funds rate between 3.5% and 3.75% on January 29, 2026, and Chairman Powell's remarks affected market pricing [4] - Expectations of interest - rate cuts and tariffs in 2026 are driving copper prices up [4] Inventory Changes - LME copper European inventory decreased from nearly 70,000 tons in April 2025 to 13,850 tons [4] - COMEX copper inventory increased from less than 100,000 short tons in April 2025 to 572,300 short tons [4]