铜：库存增加，限制价格上涨

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The increase in copper inventory restricts price increases [1] - The copper trend strength is 1, indicating a neutral outlook [3] Group 3: Summary by Relevant Catalogs Fundamental Tracking - Futures Prices: The closing price of the Shanghai copper main contract was 101,560, with a daily decline of 0.27%, and the night - session closing price was 101,730, with a night - session increase of 0.17%. The closing price of the LME copper 3M electronic disk was 13,100, with a daily decline of 0.64% [1] - Trading Volume and Open Interest: The trading volume of the Shanghai copper index was 207,636, a decrease of 113,998 from the previous day, and the open interest was 565,589, a decrease of 10,639. The trading volume of the LME copper 3M electronic disk was 12,249, a decrease of 2,920, and the open interest was 325,000, a decrease of 1,683 [1] - Futures Inventory: The Shanghai copper inventory was 165,939, an increase of 8,811. The LME copper inventory was 189,100, an increase of 4,800, and the注销仓单 ratio was 10.30%, a decrease of 0.27% [1] - Price Spreads: The LME copper premium/discount was - 77.37, a decrease of 6.42 from the previous day. The spot - to - near - month futures spread was 5, a decrease of 30 [1] Macro and Industry News - Macro: US retail sales in December showed zero growth month - on - month, weaker than market expectations, strengthening market expectations of a Fed rate cut [1] - Industry: The China Non - Ferrous Metals Industry Association is considering including "copper concentrate" in the national reserve. Glencore Canada has suspended major investment in the Horne smelter in Quebec, and investment in the associated copper refinery will be scaled back 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. Harmony Gold's newly acquired Australian copper mine needs two years of renovation [1][3]