铜：库存增加，施压价格

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Copper inventory increase is putting pressure on prices [1] - The trend strength of copper is 0, indicating a neutral view [3] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - Futures Data: - The closing price of the Shanghai Copper main contract was 99,420 with a daily decline of 0.30%, and the night - session closing price was 99,410 with a decline of 0.28%. The closing price of the LME Copper 3M electronic disk was 12,780 with a decline of 1.07% [1] - The trading volume of the Shanghai Copper Index was 197,534, a decrease of 95,487 from the previous day, and the open interest was 566,745, a decrease of 30,487. The trading volume of the LME Copper 3M electronic disk was 16,550, a decrease of 3,178, and the open interest was 293,000, a decrease of 8,255 [1] - The futures inventory of Shanghai Copper was 324,289, an increase of 1,291 from the previous day, and the LME Copper inventory was 330,375, an increase of 18,775. The cancellation warrant ratio of LME Copper was 13.22%, a decrease of 0.36% [1] - Spot Data: - The LME copper premium, bonded - area warehouse receipt premium, and bonded - area bill of lading premium all had small changes. The price of Shanghai 1 bright copper was 90,450, an increase of 700 from the previous day [1] - The spot - to - near - month futures spread was - 100, a decrease of 210 from the previous day. The spread between the near - month contract and the consecutive - first contract was - 80, an increase of 40 from the previous day [1] - The cost of the inter - period arbitrage of buying the near - month contract and selling the consecutive - first contract was 284. The spread between Shanghai copper spot and LME cash was 229, a decrease of 14 from the previous day. The spread between the Shanghai Copper consecutive - third contract and LME 3M was 18, a decrease of 77 from the previous day [1] - The spread between Shanghai copper spot and Shanghai 1 recycled copper was 689, an increase of 101 from the previous day. The import profit and loss of recycled copper was 1,175, an increase of 141 from the previous day [1] 2. Macro and Industry News - 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 [1] - After a worker died in an accident on March 12, Rio Tinto Group suspended the operation of its Kennecott copper mine in Utah, USA [1]