铜：美元回调，支撑价格

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The dollar's decline supports copper prices [1] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - Futures Data: The closing price of the Shanghai Copper main contract was 99,720 with a daily decline of 0.59%, and the night - session closing price was 100,190 with a night - session increase of 0.47%. The closing price of the LME Copper 3M electronic disk was 12,919 with a daily increase of 1.44%. The trading volume of the Shanghai Copper Index was 293,021, an increase of 109,826 from the previous day, and the open interest was 597,232, an increase of 17,776. The trading volume of the LME Copper 3M electronic disk was 19,728, a decrease of 2,910, and the open interest was 302,000, a decrease of 5,166 [1]. - Inventory Data: The inventory of Shanghai Copper was 322,998, an increase of 7,935, and the inventory of LME Copper was 311,600, a decrease of 225. The cancellation warrant ratio of LME Copper was 13.58%, a decrease of 0.25% [1]. - Spread Data: The LME copper premium/discount was - 102.7, a decrease of 0.59 from the previous day. The bonded - area warehouse - receipt premium was 46, an increase of 1, and the bonded - area bill of lading premium was 45, an increase of 1. The price of Shanghai 1 bright copper was 89,750, a decrease of 1,100. The spot - to - near - month futures spread was 110, an increase of 25. The spread between the near - month contract and the next - month contract was - 120, an increase of 190. The cost of the inter - period arbitrage of buying the near - month contract and selling the next - month contract was 290. The spread between Shanghai copper spot and LME cash was 243, an increase of 209. The spread between the Shanghai Copper continuous - three contract and LME 3M was 95, a decrease of 46. The spread between Shanghai copper spot and Shanghai 1 recycled copper was 589, an increase of 114. The profit and loss of recycled copper imports was 1,034, an increase of 203 [1]. 2. Macro and Industry News - Macro News: International oil prices fell due to the expected relief of transportation blockages in the Strait of Hormuz and the expected release of more crude oil reserves by multiple countries, alleviating inflation concerns. The three major US stock indexes rose, with the technology and non - essential consumer sectors leading the gains [1]. - Industry News: Mongolia is seeking to renegotiate the "unfair" business terms of the Oyu Tolgoi copper mine worth $18 billion under mining giant Rio Tinto. Zambia's mining minister said the country is actively attracting global investors, aiming to more than triple copper production to 3 million tons by 2031. Rio Tinto suspended the operation of its Kennecott copper mine in Utah, USA, after a worker death accident on March 12 [1][3]. 3. Trend Intensity - The copper trend intensity is 0, with the range of trend intensity being an integer in the [- 2,2] interval, where - 2 means the most bearish and 2 means the most bullish [3]