建信期货铜期货日报-20260318

Report Information - Report Title: Copper Futures Daily Report [1] - Date: March 18, 2026 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Core Viewpoint - Copper prices continued to oscillate weakly. Afternoon, due to an oil tanker being attacked near the Strait of Hormuz, oil prices rose, market risk - aversion sentiment increased, and the decline in copper prices widened. The main contract of Shanghai copper fell back below 100,000. In the short - term, copper prices will continue to oscillate [10]. Summary by Directory 1. Market Review and Operation Suggestions - Market situation: Copper prices were in a weak oscillation. After the afternoon incident, the decline of Shanghai copper widened, with the main contract back below 100,000. The 04 - 05 spread on the disk narrowed to 80, the spot changed to a discount of 100, and the spot trading was dull after the contract change. The refined - scrap spread widened to 689. The spot import window remained open, and the expectation of domestic imported supply was strong. The LME 0 - 3 contango structure was $102/ton, and LME inventories increased by 18,775 to 33,375 tons [10]. - Outlook: Both domestic and foreign markets face high inventory pressure, and the situation in Iran is unstable, so the upward momentum is weak. However, as the domestic downstream is in the peak season, after copper prices fall below 100,000, the sentiment of scrap copper holders to hold back sales and downstream replenishment is expected to increase [10]. 2. Industry News - Japan and the US are expected to reach an agreement on jointly developing rare earths, lithium, and copper at this week's summit [10]. - Botswana Minerals obtained 8 copper - focused exploration licenses covering about 7,000 square kilometers in northwest Botswana by the end of December 2025. The company is planning surveys and in talks with potential JV partners [10]. - Rio Tinto will start a $500 - million drilling activity in the Resolution copper mine in Arizona after obtaining control. The project is still in the licensing stage, and Rio Tinto and BHP have invested over $200 million without production so far [10][11]