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1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Last week, copper prices dropped significantly due to geopolitical risks and central bank policies. The US threatened Iran, and Iran vowed to retaliate. The Fed signaled a hawkish stance, and the ECB considered a June rate - hike. These factors, along with geopolitical tensions, pressured non - oil and gas commodities. Fundamentally, mine disruptions persisted, domestic refined copper production was stable, social inventory depletion slowed, and the near - month C - structure on the futures market turned flat. In the short term, copper prices are expected to bottom out and wait for stabilization, with attention on the US - Iran situation [2][3][8] 3. Summary by Directory 3.1 Market Data - Price Changes: LME copper dropped from $12,735.50/ton to $11,834.50/ton, a 7.07% decline; COMEX copper fell from 567.5 cents/pound to 530.2 cents/pound, a 6.57% drop; SHFE copper decreased from 100,310 yuan/ton to 94,740 yuan/ton, a 5.55% decline; international copper went from 88,740 yuan/ton to 82,470 yuan/ton, a 7.07% fall. The Shanghai - London ratio rose from 7.88 to 8.01. The LME spot premium dropped from -$102.70/ton to -$91.00/ton, a 11.39% change, and the Shanghai spot premium fell from 85 yuan/ton to - 45 yuan/ton [4] - Inventory Changes: As of March 20, the total inventory of LME, COMEX, SHFE, and Shanghai bonded area was 1.42 million tons. LME copper inventory increased by 30,525 tons, COMEX inventory decreased by 2,941 short tons, SHFE inventory decreased by 22,337 tons, and Shanghai bonded area inventory decreased by 11,900 tons. The total inventory decreased by 6,653 tons, a 0.47% decline [7] 3.2 Market Analysis and Outlook - Price Drop Reasons: Geopolitical risks (US - Iran conflict) and central bank policies (Fed's hawkish signal and ECB's potential rate - hike) pressured non - oil and gas commodities. Fundamentally, mine disruptions continued, domestic refined copper production was stable, social inventory depletion slowed, and the near - month C - structure on the futures market turned flat [2][8] - Inventory Analysis: As of March 20, the total global inventory increased. LME copper inventory increased significantly, with the cancelled warrant ratio rising to 13%. SHFE inventory decreased, but the de - stocking speed slowed. Shanghai bonded area inventory decreased, and the Yangshan copper warrant premium dropped to $48 due to a closed import window and weak domestic consumption [8] - Macro - analysis: The Fed held rates in March, and the dot - plot showed only one possible rate cut in 2026. US PPI in February increased by 3.4% year - on - year, indicating potential inflation. The US - Iran conflict continued to escalate, and the ECB may take action if inflation spreads. China's LPR has remained unchanged for ten months [9] - Supply - demand Analysis: Global copper mine projects are limited, and copper concentrate supply growth is low. Domestic refined copper production has limited growth, and overseas capacity expansion is slow. In terms of demand, the copper cable enterprise's operating rate in February was less than 60%, and real - estate orders declined. White - goods production in March - April decreased, and new - energy vehicle production slowed. However, AI data - center construction accelerated, and overall terminal consumption showed a weak recovery [10] 3.3 Industry News - KoBold Metals: The company, invested by Jeff Bezos and Bill Gates, started the development of the Mingomba copper project in Zambia. It aims to start production in the early 2030s, with an expected investment of $2.3 - 2.5 billion and an annual copper output of 300,000 tons [11] - Freeport - McMoRan: The company started the environmental permit application process for the $7.5 - billion expansion project of the El Abra copper mine in Chile. If approved, it will start production in 2033, increasing annual copper output by over 300,000 tons, a 330% increase [11] - Rio Tinto: The company obtained the land - use control of the Resolution copper project in Arizona, USA, ending a long - standing legal dispute. It will invest $500 million in exploration, and the project is jointly developed by Rio Tinto (55%) and BHP (45%) [12] 3.4 Related Charts - The report provides 18 charts, including copper price trends, inventory changes, basis trends, and import - export indicators, to help analyze the copper market [14][15][17]