铜：需求表现疲软，节前震荡运行

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Last week, driven by precious metals, the non - ferrous metals sector experienced a panic - driven sharp decline. On February 2nd, Shanghai copper hit the daily limit down, with a decline of about 9%. The nomination of the new Fed chair led to a re - evaluation of the US dollar's credit and significant fluctuations in market sentiment. There are differences in the path of further interest rate cuts, and the market has entered a wait - and - see phase, increasing the volatility of asset prices [2]. - Although copper mine strikes in places like Chile have temporarily subsided, it confirms the fragility of mine production. The long - term structural supply shortage provides a solid bottom support for copper prices. In the short term, affected by the seasonal off - season, downstream production has stopped for holidays, and spot trading has stagnated. However, in the long run, the new energy transformation and AI infrastructure construction offer potential, and China's non - ferrous metals industry association's plan to improve the copper resource reserve system proves copper's strategic importance [2]. - The panic - driven sharp decline in copper prices this week was mainly due to profit - taking by long positions after the previous extreme increase and liquidity踩踏. Subsequently, the market entered a volatile repair phase with high volatility. With unclear macro - level guidance, pressure from the off - season on the demand side, and supply - side support, copper prices are expected to remain volatile before the holiday [2]. 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - The non - ferrous metals sector had a panic - driven sharp decline last week, with Shanghai copper hitting the daily limit down on February 2nd. The new Fed chair's nomination led to market sentiment fluctuations and a wait - and - see attitude. The supply side has long - term structural support, while the demand side is affected by the off - season in the short term. Copper prices are expected to be volatile before the holiday [2]. 3.2 Factors to Watch - The report mentions that the latest US economic data and downstream demand recovery are factors to watch. It also provides weekly data on various copper - related indicators, such as the electrolytic copper price in Shanghai decreased by 4.58% week - on - week, the electrolytic copper premium in Shanghai increased by 117.86% week - on - week, and the LME copper inventory increased by 4.74% week - on - week [3]. 3.3 This Week's Fundamental Data Weekly Changes - Futures Market Review: The report includes graphs of the Shanghai copper price trend, London copper price trend, and the Shanghai - London copper ratio (without excluding exchange rates) [5][6][8]. - Supply Situation Analysis: It presents graphs related to copper concentrate forward spot prices, copper concentrate port inventory, domestic electrolytic copper production, etc. [13]. - Demand Situation Analysis: Graphs about 1 electrolytic copper premium in Shanghai, copper product prices, copper product capacity utilization, and refined copper rod trading volume are provided [15][17]. - Inventory Situation Analysis: Graphs of electrolytic copper spot inventory and the inventory of three major futures exchanges are included [22].