铜周报：铜价延续上涨趋势-20260322

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The market is dominated by macro - pessimistic sentiment. Under the pressure of panic selling, although domestic inventory reduction and demand recovery provide support, copper prices will continue to be in a weak and volatile pattern in the short term [2][3] 3. Summary According to Relevant Catalogs 3.1 Copper Futures Market - Futures Price and Position Data: The latest prices of Shanghai Copper Main Contract, Shanghai Copper Index Weighted, International Copper, LME Copper 3 - month, and COMEX Copper are 94740 yuan/ton, 94755 yuan/ton, 83810 yuan/ton, 12211.5 US dollars/ton, and 552.1 US dollars respectively, with weekly declines of 5.55%, 5.66%, 5.56%, 5.69%, and 5.15% [4] - Futures Position Changes: The positions of Shanghai Copper Main Contract, Shanghai Copper Index Weighted, International Copper, LME Copper 3 - month, and COMEX Copper are 201181, 584739, 5292, 239014, and 114946 respectively, with weekly changes of 10270, 3451, - 500, - 38282, and - 1131 [4] - Futures Trading Volume: The trading volumes of Shanghai Copper Main Contract, Shanghai Copper Index Weighted, International Copper, LME Copper 3 - month, and COMEX Copper are 243335, 476508, 8470, 46843, and 79577 respectively [4] 3.2 Copper Spot Market - Spot Price and Change: The latest prices of Shanghai Non - ferrous 1 Copper, Shanghai Wumao, Guangdong Nanchu, and Yangtze River Non - ferrous are 95615 yuan/ton, 95535 yuan/ton, 95670 yuan/ton, and 95720 yuan/ton respectively, with weekly declines of 5055 yuan/ton, 5360 yuan/ton, 5250 yuan/ton, and 5300 yuan/ton, and weekly decline rates of 5.02%, 5.31%, 5.2%, and 5.25% [8][10] - Spot Premium and Discount: The latest premiums and discounts of Shanghai Non - ferrous, Shanghai Wumao, Guangdong Nanchu, Yangtze River Non - ferrous, LME Copper (spot/3 - month), and LME Copper (3 - month/15 - month) are - 45 yuan/ton, - 55 yuan/ton, - 50 yuan/ton, 80 yuan/ton, - 97.12 US dollars/ton, and - 145.75 US dollars/ton respectively, with weekly changes of - 130 yuan/ton, - 130 yuan/ton, - 120 yuan/ton, - 45 yuan/ton, 4.99 US dollars/ton, and 3.88 US dollars/ton, and weekly change rates of - 152.94%, - 173.33%, - 171.43%, - 36%, - 4.89%, and - 2.59% [10] 3.3 Copper Advanced Data - Copper Import Profit and Loss: The latest copper import profit and loss is 478.4 yuan/ton, with a weekly increase of 386.39 yuan/ton and a weekly increase rate of 419.94% [11] - Copper Concentrate TC: The latest copper concentrate TC is - 65.5 US dollars/ton, with a weekly decrease of 8.3 US dollars/ton and a weekly decrease rate of 14.51% [11] - Copper - Aluminum Ratio: The latest copper - aluminum ratio is 3.8227, with a weekly decrease of 0.1864 and a weekly decrease rate of - 4.65% [11] - Refined - Scrap Copper Price Difference: The latest refined - scrap copper price difference is - 461.11 yuan/ton, with a weekly decrease of 1055.89 yuan/ton and a weekly decrease rate of - 177.53% [11] 3.4 Copper Inventory - Domestic Warehouse Receipt and Inventory: The latest Shanghai Copper warehouse receipts (total), International Copper warehouse receipts (total), and Shanghai Copper inventory are 287852 tons, 15144 tons, and 433458 tons respectively, with weekly changes of - 27211 tons, - 726 tons, and 8313 tons, and weekly change rates of - 8.64%, - 4.57%, and 1.96% [17] - LME Copper Inventory: The latest LME Copper registered warehouse receipts, LME Copper cancelled warehouse receipts, and LME Copper inventory are 289450 tons, 45975 tons, and 335425 tons respectively, with weekly increases of 19400 tons, 3675 tons, and 23075 tons, and weekly increase rates of 7.18%, 8.69%, and 7.39% [17][18] - COMEX Copper Inventory: The latest COMEX Copper registered warehouse receipts, COMEX Copper unregistered warehouse receipts, and COMEX Copper inventory are 377604 tons, 211200 tons, and 588804 tons respectively, with weekly changes of 1673 tons, - 5112 tons, and - 3439 tons, and weekly change rates of 0.45%, - 2.36%, and - 0.58% [18] - Other Inventories: The latest copper ore port inventory and social inventory are 40.4 million tons and 41.82 million tons respectively, with weekly changes of - 8.1 million tons and 0.43 million tons, and weekly change rates of - 16.7% and 1.04% [18] 3.5 Copper Mid - stream Production - Refined Copper and Copper Products Output: In December 2025, the monthly output of refined copper was 1.326 million tons, with a year - on - year increase of 9.1%, and the cumulative output was 2.473 million tons, with a year - on - year increase of 9%. The monthly output of copper products was 2.229 million tons, with a year - on - year decrease of 3.4%, and the cumulative output was 3.391 million tons, with a year - on - year increase of 3.4% [20] 3.6 Copper Mid - stream Capacity Utilization - Capacity Utilization of Different Products: In February 2026, the capacity utilization rates of refined copper rods, scrap copper rods, copper strips, copper rods, and copper tubes were 38.05%, 9.77%, 35.11%, 22.15%, and 51.14% respectively, with month - on - month differences of - 16.39, - 13.63, - 31.33, - 32.74, and - 21.19, and year - on - year differences of - 14.34, - 12.54, - 22.73, - 15.12, and - 11.57 [22][23] 3.7 Copper Element Import - Import of Different Copper Elements: In February 2026, the monthly import of copper concentrate was 2.310344 million tons, with a year - on - year increase of 6%, and the cumulative import was 4.93 million tons, with a year - on - year increase of 5%. The monthly import of anode copper was 56866 tons, with a year - on - year decrease of 23%, and the cumulative import was 749666 tons, with a year - on - year decrease of 16%. The monthly import of cathode copper was 151246 tons, with a year - on - year decrease of 30%, and the cumulative import was 3.344251 million tons, with a year - on - year decrease of 11%. The monthly import of scrap copper was 167938 tons, with a year - on - year increase of 10%, and the cumulative import was 2.342512 million tons, with a year - on - year increase of 4%. The monthly import of copper products was 320000 tons, with a year - on - year decrease of 24.5%, and the cumulative import was 700000 tons, with a year - on - year decrease of 16.1% [26]