铜：美元坚挺，价格承压

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View - The price of copper is under pressure due to the strong US dollar [1] - The trend strength of copper is -1, indicating a bearish outlook [3] 3. Summary by Directory 3.1 Fundamental Tracking - Futures Prices: The closing price of the Shanghai Copper main contract was 94,740 with a daily increase of 0.34%, and the night - session closing price was 93,210 with a decrease of 1.61%. The LME Copper 3M electronic disk closed at 11,835 with a decrease of 3.09% [1] - Trading Volume and Open Interest: The trading volume of the Shanghai Copper Index was 467,991, a decrease of 8,517 from the previous day, and the open interest was 574,234, a decrease of 10,505. The trading volume of the LME Copper 3M electronic disk was 27,629, a decrease of 19,214, and the open interest was 293,000, an increase of 4,631 [1] - Inventory: The Shanghai Copper inventory was 287,852, a decrease of 18,528. The LME Copper inventory was 342,350, an increase of 6,925, and the cancellation warrant ratio was 13.34%, a decrease of 0.36% [1] - Spreads: The LME copper spread increased by 6.12 to -91, the bonded warehouse receipt premium increased by 1 to 48, and the bonded bill of lading premium increased by 1 to 47. The Shanghai 1 bright copper price increased by 100 to 86,650 [1] 3.2 Macro and Industry News - Macro News: The US may send thousands of soldiers to the Middle East, and the Pentagon has formulated a detailed plan to deploy ground troops to Iran. China's 3 - month LPR remained unchanged for the tenth consecutive month, with the 5 - year - plus LPR at 3.5% and the 1 - year LPR at 3% [1] - Industry News: Zambia aims to more than triple its copper production to 3 million tons by 2031. Rio Tinto suspended the operation of its Kennecott copper mine in Utah after a worker death accident. China's refined copper production from January to February was 2.473 million tons, a year - on - year increase of 9%, and the February 2026 scrap copper import volume was 167,937.84 tons, a month - on - month decrease of 27.72% and a year - on - year decrease of 13.13% [1][3]