铜：交易谨慎，价格震荡

Report Industry Investment Rating - Not provided in the report Core Viewpoint - The copper market is characterized by cautious trading and price fluctuations, with a trend strength of -1, indicating a bearish outlook [1][3] Summary by Relevant Catalogs Fundamental Tracking - Futures Prices: The closing price of the Shanghai Copper main contract was 100,100, with a daily decline of 0.87%, and the night - session closing price was 101,490, with a night - session increase of 1.39%. The LME Copper 3M electronic disk closed at 13,060, with a daily increase of 1.59% [1] - Trading Volume and Open Interest: The trading volume of the Shanghai Copper Index was 555,817, a decrease of 31,985 from the previous day, and the open interest was 583,895, a decrease of 16,062. The trading volume of the LME Copper 3M electronic disk was 25,610, a decrease of 4,624, and the open interest was 325,000, an increase of 298 [1] - Futures Inventory: The Shanghai Copper inventory was 160,172, a decrease of 507, and the LME Copper inventory was 183,275, an increase of 2,700. The LME Copper cancellation warrant ratio was 10.53%, a decrease of 0.52% [1] - Price Spreads: The LME Copper basis was -70.95, an increase of 6.63 from the previous day. The Shanghai 1 bright copper price was 88,100, a decrease of 1,000. The spot - to - near - month futures spread was 40, an increase of 110 [1] Macro and Industry News - Macro News: The State Council executive meeting proposed to make good use of funds such as central budget - internal investment, ultra - long - term special treasury bonds, local government special bonds, and new policy - based financial instruments. The US - Iran nuclear talks reached a consensus on "maintaining dialogue" [1] - Industry News: The China Non - Ferrous Metals Industry Association plans to include "copper concentrate" in the national reserve. Glencore Canada suspended major investment in the Horne smelter and will reduce investment in the Canadian copper refinery in the medium term. Anglo American's copper production in Q4 2025 was 169,500 tons, a 14% decrease from the same period in 2024. Capstone Copper will resume full production at its Mantoverde copper - gold mine in Chile [1][3]