金货期业弘：市场情绪回暖，铜价宽幅震荡

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The market sentiment in the futures and financial markets has warmed up, and copper prices are fluctuating widely. The international situation is tense, which supports copper prices. However, after the confirmation of the successor to the Fed chair, policy uncertainty has increased, and the enthusiasm in the market has declined after the US copper broke through the previous high. The uncertainty in AI demand is relatively high, and there is pressure on the upside of copper prices. After a sharp drop at a high level, the sentiment in the spot market has warmed up, and it may continue to show a wide - range fluctuating trend in the short term [3][4] Group 3: Summary According to Related Contents Market Environment and Sentiment - The progress of the US - Iran negotiations is limited, the US has imposed additional tariffs on countries trading with Iran, and Japan's Takaichi Sanae won a major victory in the election, causing剧烈 fluctuations in market sentiment. The US dollar has been falling continuously, the RMB has reached a new high, and the capital market has fully recovered. Gold and silver prices have risen sharply today, driving up all non - ferrous metals, including copper, tin, and nickel [3] Copper Price and Market Performance - Today, LME copper rose and was trading around $13,070. SHFE copper soared and closed at 101,840. The trading volume and open interest of SHFE copper both decreased. Before the holiday, the market sentiment was cautious and trading was light. In the spot market, domestic spot demand has improved slightly, while LME copper spot demand is poor, but US copper buying continues. The external market ratio is stronger than the domestic market [4] Data Indicators - As of February 9, the RMB exchange rate was 6.9255, the spot premium was - 940 yuan/ton, the Yangshan copper premium dropped to $37.5/ton, the LME copper - spot - futures spread was - 71, and the ratio of SHFE copper's main contract to LME copper was 7.76. The domestic spot demand has improved after a sharp drop. The LME spot discount has narrowed to - 71 dollars, indicating insufficient external spot demand. This week, the US copper inventory continued to rise to a new high, the LME copper inventory increased, and the SHFE copper inventory increased. Before the holiday, the spot demand was poor [3][5]