铜：美元上行，限制价格上涨

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The upward movement of the US dollar restricts the price increase of copper [1] Group 3: Summary of Related Catalogs 1. Fundamental Tracking - Futures Data: The closing price of the Shanghai Copper main contract was 101,150, with a daily decline of 0.36%, and the night - session closing price was 101,310, with a night - session increase of 0.16%. The closing price of the LME Copper 3M electronic disk was 13,049, with a daily decline of 0.43%. The trading volume of the Shanghai Copper Index decreased by 75,827 to 171,009, and the position decreased by 2,930 to 585,403. The trading volume of the LME Copper 3M electronic disk decreased by 4,562 to 17,049, and the position decreased by 358 to 303,000 [1] - Inventory Data: The inventory of Shanghai Copper increased by 761 to 320,416, and the inventory of LME Copper increased by 10,125 to 312,075. The cancellation warrant ratio of LME Copper was 11.63%, with an increase of 4.21% [1] - Spread Data: The LME copper spot - forward spread and bonded warehouse receipt premium decreased by 25.17 to - 92.39 and 1 to 44 respectively. The bonded bill of lading premium remained unchanged at 43. The price of Shanghai 1 bright copper increased by 100 to 91,150. The spot - to - near - month futures spread increased by 45 to 45, the near - month contract to the first - continuous contract spread decreased by 30 to - 370, the cost of the calendar spread arbitrage of buying the near - month and selling the first - continuous contract was 282. The spread between Shanghai copper spot and LME cash increased by 389 to - 80, the spread between the Shanghai Copper continuous - third contract and LME 3M increased by 198 to 89, the spread between Shanghai copper spot and Shanghai 1 recycled copper increased by 35 to 1,235, and the import profit and loss of recycled copper increased by 241 to 1,034 [1] 2. Macro and Industry News - Macro News: US inflation continued to cool, with the February CPI rising 2.4% year - on - year and the core CPI rising 2.5% year - on - year, the smallest increase in nearly five years. The US released a record amount of crude oil reserves, but it failed to boost market sentiment. The market is still worried about the Middle East situation [1][3] - Industry News: The US has made some progress in obtaining strategic minerals in the Democratic Republic of the Congo, but regional conflicts, license disputes, and regulatory requirements have slowed down the entry of US companies. Mongolia is seeking to renegotiate the "unfair" business terms of the Oyu Tolgoi copper mine worth $18 billion under Rio Tinto. Zambia is actively attracting global investors and aims to more than triple its copper production to 3 million tons by 2031 [3] 3. Trend Intensity - The trend intensity of copper is 0, indicating a neutral view [3]