铜：原料端扰动，价格走强

1. Report's Industry Investment Rating - Not provided in the content 2. Core View of the Report - The price of copper is strengthening due to disturbances at the raw material end [1] 3. Summary by Relevant Catalogs Fundamental Tracking - Futures Prices: The closing price of the Shanghai Copper main contract was 104,500 with a daily increase of 6.01%, and the night - session closing price was 105,180 with a night - session increase of 0.65%. The LME Copper 3M electronic trading price was 13,410 with a daily increase of 3.95% [1] - Trading Volume and Open Interest: The trading volume of the Shanghai Copper Index was 746,409, a decrease of 118,859 from the previous day, and the open interest was 605,490, an increase of 1,141. For the LME Copper 3M electronic trading, the trading volume was 38,687, a decrease of 10,514, and the open interest was 326,000, a decrease of 1,276 [1] - Futures Inventory: The Shanghai Copper inventory was 159,021, an increase of 494. The LME Copper inventory was 176,125, an increase of 1,450, and the注销仓单 ratio was 21.05%, a decrease of 0.63% [1] - Spreads: Various spreads such as LME copper premium/discount, spot - to - futures spreads, and inter - contract spreads showed different changes compared to the previous day [1] Macroeconomic and Industry News - Macroeconomic News: Fed Governor Milan said that more than 100 basis points of interest rate cuts are needed this year, and the US House of Representatives approved a government funding bill to end a partial shutdown [1] - Industry News: Zambia's copper production in 2025 was about 890,346 tons, an 8% increase from 2024. Chile's Antofagasta's 2025 copper production was below its production guidance, Glencore's 2025 copper production declined by 11%, and Southern Copper expects its copper production to decline in the next two years. Chile's copper production in December 2025 decreased by 4.7% year - on - year to 540,221 tons. Canada's Capstone Copper resumed operations at its Mantoverde copper - gold mine in northern Chile despite a union strike. The China Non - Ferrous Metals Industry Association is considering including "copper concentrate" in the national reserve [1][3] Trend Intensity - The trend intensity of copper is 1, indicating a relatively positive outlook within the [-2, 2] range [3]