铜：库存增加，限制价格上方空间

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The increase in copper inventory restricts the upside space of copper prices [1] 3. Summary by Relevant Catalogs 3.1 Copper Fundamental Data - Futures Prices: The closing price of the Shanghai copper main contract yesterday was 103,850, with a daily decline of 0.07%, and the night - session closing price was 102,280, with a decline of 1.51%. The closing price of the LME copper 3M electronic disk yesterday was 13,085, with a decline of 1.59% [1] - Trading Volume and Open Interest: The trading volume of the Shanghai copper index yesterday was 326,580, an increase of 20,754 compared to the previous day, and the open interest was 574,994, a decrease of 3,504. The trading volume of the LME copper 3M electronic disk was 26,107, an increase of 847, and the open interest was 312,000, a decrease of 3,474 [1] - Futures Inventory: The inventory of Shanghai copper yesterday was 295,881, an increase of 5,287 compared to the previous day. The inventory of LME copper was 257,675, an increase of 3,975, and the注销仓单 ratio was 4.96%, a decrease of 0.23% [1] - Price Spreads: The LME copper premium/discount was - 49.47, an increase of 20.06 compared to the previous day. The Shanghai 1 bright copper price was 91,100, an increase of 800 compared to the previous day. The spot - to - near - month futures spread was - 190, an increase of 70 compared to the previous day [1] 3.2 Macro and Industry News - Macro News: Trump stated that he will not stop until the goal is achieved and does not rule out sending US ground troops to Iran "if necessary". The US ISM manufacturing index in February expanded for two consecutive months, and the price index soared to a nearly four - year high. The conflict with Iran may add inflationary pressure [1] - Industry News: Hudbay Minerals has received approval from the British Columbia provincial government in Canada to advance the three - phase expansion project of its Copper Mountain mine, extending the mine's operating life to 2040. Japan's imports of copper and copper alloys in January were 9,895 tons, a 13.51% year - on - year increase and a 12.75% month - on - month decrease. Chile's copper production in January decreased by 3% year - on - year to 413,712 tons [1][3] 3.3 Trend Intensity - The copper trend intensity is 0, indicating a neutral view [3]