铜：情绪回暖，价格回升

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Copper prices are rising due to improved sentiment [1] Group 3: Summary by Relevant Catalog 1. Fundamental Tracking - Futures Data: The closing price of the Shanghai Copper main contract was 102,890 with a daily increase of 1.36%, and the overnight closing price was 103,040 with an overnight increase of 0.15%. The closing price of the LME Copper 3M electronic disk was 13,350 with a daily increase of 1.17%. The trading volume of the Shanghai Copper Index was 291,554, an increase of 93,583 from the previous day, and the position was 556,155, a decrease of 7,927 from the previous day. The trading volume of the LME Copper 3M electronic disk was 18,795, a decrease of 6,860 from the previous day, and the position was 321,000, an increase of 4,315 from the previous day [1] - Inventory Data: The Shanghai Copper inventory was 287,806, an increase of 10,717 from the previous day. The LME Copper inventory was 249,650, an increase of 6,475 from the previous day, and the注销仓单 ratio was 5.02%, an increase of 0.52% from the previous day [1] - Spread Data: The LME Copper premium/discount was -85.04, a decrease of 1.44 from the previous day. The bonded warehouse receipt premium was 51, a decrease of 2 from the previous day. The bonded bill of lading premium was 48, a decrease of 1 from the previous day. The price of Shanghai 1 bright copper was 90,100, an increase of 300 from the previous day. The spot-futures near-month spread was -180, a decrease of 430 from the previous day. The near-month contract to the next contract spread was -430, a decrease of 130 from the previous day. The cost of the near-month contract and the next contract spread arbitrage was 307. The spread between Shanghai copper spot and LME cash was -511, a decrease of 359 from the previous day. The spread between Shanghai copper continuous third contract and LME 3M was -159, an increase of 136 from the previous day. The spread between Shanghai copper spot and Shanghai 1 recycled copper was 3,189, a decrease of 80 from the previous day. The recycled copper import profit and loss was 41, a decrease of 418 from the previous day [1] 2. Macro and Industry News - Macro News: Investors bet that NVIDIA's strong performance will reignite enthusiasm for AI trading, driving technology stocks to rebound for the second consecutive trading day. Shanghai issued the "Shanghai Seven Articles" for the real estate market, reducing the social security threshold for non-Shanghai residents to purchase homes within the outer ring to 1 year, and the maximum provident fund loan can reach 3.24 million [1] - Industry News: In December 2025, the global refined copper production was 2.2506 million tons, and the consumption was 2.1526 million tons, with a supply surplus of 98,000 tons. Uganda plans to connect a new railway under construction with another railway under construction in neighboring Tanzania, which is expected to open up a new export channel for minerals such as gold, copper, and iron ore. Hudbay Minerals has obtained the approval of the British Columbia provincial government in Canada to advance the three-phase expansion project of its Copper Mountain mine, and the mine's operating life will be extended to 2040 [1][3] 3. Trend Intensity - The copper trend intensity is 0, indicating a neutral outlook [3]