建信期货铜期货日报-20260226

Report Information - Report Title: Copper Futures Daily Report [1] - Date: February 26, 2026 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Report Core View - The short - term macro and fundamental factors of copper are intertwined. Although the inventory pressure is high, the macro - face supports the copper price. It is expected that the copper price will fluctuate [6] Summary by Directory 1. Market Review and Operation Suggestions - Market Performance: Shanghai copper increased in price with reduced positions, and the main contract continued to fluctuate within the February range. The positive spread between 03 - 04 on the disk widened to 430, the spot was at a discount of 180, and the spot copper was reported at 102,065. High inventories pressured the near - month contracts and the spot [6] - Inventory Situation: The LME inventory increased by 4,475 tons to 250,000 tons, and the COMEX inventory increased to 546,000 tons. The inventory pressure in both domestic and foreign markets is high. The spot import window is closed, while the far - month contract import window is open, and subsequent imported goods will continue to flow into the domestic market [6] - Macro Factors: The AI panic has temporarily subsided, the US dollar index is weakening, the Iran situation remains unresolved, and geopolitical risks have elevated the strategic resource status of copper [6] 2. Industry News - Zambia's Plan: As the second - largest copper producer in Africa, Zambia will use higher - than - expected mining revenues to launch a stabilization fund this year to ensure a buffer when copper prices fall. The finance minister called it an "emergency fund," and the government will complete the framework construction this year and then start depositing surplus funds [6] - Global Refined Copper Supply and Demand: According to the ICSG's latest monthly report, the global refined copper market had a surplus of 380,000 tons in 2025 and 69,000 tons in 2024. In December 2025, the global refined copper market had a surplus of 173,000 tons. In 2025, the annual copper mine output was 2,312.5 million tons, the annual refined copper output was 285.4 million tons, and the annual refined copper consumption was 281.6 million tons [6][11]