铜：原料端扰动，支撑价格

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View - The raw material side disturbances support the copper price [1] 3. Summary by Relevant Catalogs 3.1 Copper Fundamental Data - Futures Prices: The closing price of the Shanghai copper main contract was 102,180 with a daily increase of 0.61%, and the night - session closing price was 102,190 with a night - session increase of 0.01%. The LME copper 3M electronic disk closed at 13,239 with a daily increase of 1.06% [1] - Trading Volume and Open Interest: The trading volume of the Shanghai copper index was 193,391, a decrease of 14,245 from the previous day, and the open interest was 568,047, an increase of 2,458. The trading volume of the LME copper 3M electronic disk was 26,491, an increase of 14,242, and the open interest was 326,000, an increase of 893 [1] - Futures Inventory: The Shanghai copper inventory was 178,897, an increase of 12,958. The LME copper inventory was 192,100, an increase of 3,000, and the注销仓单比 was 11.69%, an increase of 1.39% [1] - Price Spreads: There were various price spreads such as LME copper basis, bonded - area bill premiums, etc., with different changes compared to the previous day [1] 3.2 Macro and Industry News - Macro: The US January non - farm payroll report was overall strong, which dampened the market's interest - rate cut expectations, and traders postponed the expected time of the first interest - rate cut from June to July [1] - Industry: Glencore Canada was forced to suspend major investment in the Horne smelter in Quebec, Canada, and the investment in the Canadian copper refinery would be scaled back in the medium term. Anglo American's copper production in Q4 2025 was 169,500 tons, a 14% decrease compared to the same period in 2024. Capstone Copper will resume full production at its Mantoverde copper - gold mine in Chile. Harmony Gold said its newly acquired Australian copper mine needs two - year renovation. The State - owned Assets Supervision and Administration Commission of the State Council promoted central enterprises to actively expand effective investment in computing power [1][3] 3.3 Trend Intensity - The copper trend intensity is 1, with a range of [-2, 2] for the intensity value, indicating a certain degree of upward trend [3]