铜：美股反弹，价格回升

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The price of copper has rebounded with the rebound of the US stock market [1] 3. Summary by Relevant Catalogs Fundamental Tracking - Futures Data: The closing price of the Shanghai copper main contract was 101,510 with a daily increase of 1.13%, and the closing price of the LME copper 3M electronic disk was 13,195 with a daily increase of 2.28%. The trading volume of the Shanghai copper index decreased by 119,764 to 197,971, and the position increased by 10,253 to 564,082. The trading volume of the LME copper 3M electronic disk increased by 13,977 to 25,655, and the position decreased by 1,210 to 317,000 [1] - Inventory Data: The inventory of Shanghai copper increased by 80,409 to 277,089, and the inventory of LME copper increased by 1,350 to 243,175. The cancellation warrant ratio of LME copper was 4.49%, an increase of 0.14% [1] - Spread Data: The LME copper premium and discount, bonded warehouse receipt premium, bonded bill of lading premium, Shanghai 1 bright copper price, and spot - to - near - month futures spread all changed compared with the previous day. For example, the Shanghai 1 bright copper price increased by 1,200 to 89,800 [1] Macro and Industry News - Macro News: Trump's 10% "global tariff" took effect on Tuesday, and the implementation schedule of the 15% tariff has not been finalized. The US is considering imposing a new round of tariffs on about six industries. China's Ministry of Commerce responded to the US tariff adjustment. China's LPR has remained unchanged for nine consecutive months [1] - Industry News: The State - owned Assets Supervision and Administration Commission of the State Council promotes central enterprises to actively expand effective investment in computing power. The copper production of Chilean state - owned miner Codelco in December 2025 increased by 3.7% year - on - year to 181,400 tons. In December 2025, the global refined copper production was 2.2506 million tons, with a consumption of 2.1526 million tons and a supply surplus of 98,000 tons. Uganda plans to connect a new railway under construction with another railway under construction in neighboring Tanzania to open up a new export channel for minerals such as gold, copper, and iron ore [1][3] Trend Intensity - The copper trend intensity is 0, indicating a neutral view, with the value ranging from - 2 (most bearish) to 2 (most bullish) [3]