铜：美元大涨，施压价格

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The sharp rise of the US dollar exerts pressure on copper prices. If the oil price shock turns into a persistent supply disturbance, the decline of inflation may be hindered, and the Fed's rate - cut space will also narrow. The trend strength of copper is 0, indicating a neutral view [1][3] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - Futures Prices: The closing price of the Shanghai copper main contract was 102,100 with a daily decline of 1.69%, and the night - session closing price was 101,330 with a decline of 0.75%. The closing price of the LME copper 3M electronic disk was 12,965 with a decline of 0.91% [1] - Trading Volume and Open Interest: The trading volume of the Shanghai copper index was 359,956, an increase of 33,376 compared with the previous day, and the open interest was 574,953, a decrease of 41. The trading volume of the LME copper 3M electronic disk was 40,498, an increase of 14,391, and the open interest was 307,000, a decrease of 4,847 [1] - Futures Inventory: The inventory of Shanghai copper was 300,505, an increase of 4,624. The inventory of LME copper was 257,675 with no change, and the注销仓单比 was 4.97%, an increase of 0.01% [1] - Spreads: Various spreads such as LME copper premium, spot - to - futures spreads, and inter - month spreads showed different changes compared with the previous day. For example, the LME copper premium (bonded area warehouse receipt premium) changed from - 49.47 to - 74.01, a change of - 24.54 [1] 2. Macro and Industry News - Macro News: The attacks by the US and Israel on Iran have pushed up oil prices, bringing the US inflation pressure back into the market's view. If the oil price shock becomes a persistent supply disturbance, the decline of inflation may be blocked, and the Fed's rate - cut space will be narrowed [1] - Industry News: Hudbay Minerals has obtained 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 copper and copper alloy imports in January increased by 13.51% year - on - year but decreased by 12.75% month - on - month. Chile's copper production in January decreased by 3% year - on - year to 413,712 tons. Revere copper products company is increasing investment in the US due to increased revenues from tariffs and data center demand [1][3]