铜：扰动增强，价格波幅放大

1. Report Industry Investment Rating - No information about the report industry investment rating is provided in the given content. 2. Core View of the Report - The copper market is experiencing increased disturbances, leading to a larger price fluctuation range [1]. 3. Summary According to the Catalog Fundamental Tracking - Price and Price Change: The closing price of the Shanghai Copper main - contract was 92,100 with a daily decline of 2.79%, and the night - session closing price was 94,840 with a night - session increase of 2.98%. The LME Copper 3M electronic - trading price was 12,221 with a 3.27% increase [1]. - Trading Volume and Open Interest: The trading volume of the Shanghai Copper index was 441,582, a decrease of 26,409 from the previous day, and the open interest was 576,091, an increase of 1,857. The trading volume of the LME Copper 3M electronic - trading was 51,691, an increase of 24,062, and the open interest was 292,000, a decrease of 944 [1]. - Inventory and Related Ratios: The Shanghai Copper inventory was 274,115, a decrease of 13,737. The LME Copper inventory was 347,475, an increase of 5,125, and the注销仓单 ratio was 13.09%, a decrease of 0.25% [1]. - Price Spreads: Various price spreads such as LME copper basis, bonded - area bill premium, bonded - area warehouse - receipt premium, and differentials between spot and futures showed different changes compared to the previous day [1]. Macro and Industry News - Macro News: US media reported that multiple countries are coordinating talks between the US and Iran in Islamabad this week, but Iran denied that its speaker is negotiating with the US. The Iranian military said it has effectively controlled the Strait of Hormuz and listed 11 potential targets. Israeli media reported that the US is considering a ground operation to seize Iran's Kharg Island [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 due to a worker - death accident. China's refined copper production from January to February increased by 9% year - on - year, and its February scrap - copper imports decreased both month - on - month and year - on - year. Peru's January copper production increased by 3% year - on - year [3]. Trend Intensity - The copper trend intensity is 0, with the range of trend intensity being integers from - 2 to 2, where - 2 means most bearish and 2 means most bullish [3].