铜：现实端偏弱，价格承压

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The copper market is weak in the real - world, and prices are under pressure [1] 3. Summary by Relevant Catalogs 3.1 Copper Fundamental Data - Futures Prices: The closing price of the Shanghai copper main contract was 101,050 with a daily decrease of 0.03%, and the night - session closing price was 100,250 with a decrease of 0.79%. The closing price of the LME copper 3M electronic disk was 12,869 with a daily increase of 0.08% [1] - Trading Volume and Open Interest: The trading volume of the Shanghai copper index was 251,394, a decrease of 19,260 from the previous day, and the open interest was 579,868, a decrease of 5,580. The trading volume of the LME copper 3M electronic disk was 24,172, a decrease of 3,685, and the open interest was 308,000, an increase of 2,377 [1] - Futures Inventory: The Shanghai copper inventory was 315,488, an increase of 11,856 from the previous day, and the LME copper inventory was 284,325, an increase of 2,125. The LME copper注销仓单 ratio was 4.04%, a decrease of 1.16% [1] - Price Spreads: The LME copper spread decreased by 0.30 from the previous day. The Shanghai copper spot - to - futures near - month spread increased by 35, and the near - month contract to the first - continuous contract spread decreased by 90 [1] - Other Spreads and Profits: The Shanghai copper spot - to - LME cash spread increased by 238, the Shanghai copper continuous - three contract to LME 3M spread increased by 155, the Shanghai copper spot - to - Shanghai 1 recycled copper spread decreased by 305, and the recycled copper import profit increased by 139 [1] 3.2 Macro and Industry News - Macro News: US non - farm employment has cooled sharply, and the Middle East conflict has caused oil prices to soar, increasing market concerns about stagflation. Concerns about the private credit industry have also pushed down US stocks. In 2026, China's fiscal policy will adhere to a more proactive tone, with a fiscal arrangement in the tens of billions to boost domestic demand [1] - Industry News: Japan's January imports of copper and copper alloys after customs clearance were 9,895 tons, a year - on - year increase of 13.51% and a month - on - month decrease of 12.75%. Chile's copper production in January decreased by 3% year - on - year to 413,712 tons. Revere Copper Products is increasing investment in the US due to increased revenues from tariffs and data center demand. The US has made some progress in obtaining strategic minerals in the Democratic Republic of the Congo, but regional conflicts, controversial licenses, and compliance requirements have slowed down US companies' entry [1][3] 3.3 Trend Intensity - The copper trend intensity is 0, indicating a neutral outlook [3]