铜周报：铜价延续上涨趋势-20260327

Group 1: Report Core View - The marginal pressure from the macro - environment is weakening, but uncertainties still exist. The domestic inventory reduction and demand improvement provide fundamental support, and copper prices may maintain wide - range fluctuations [2][3] Group 2: Copper Futures and Spot Data Futures Data - The latest price of Shanghai Copper Main Contract is 95,930 yuan/ton, with a weekly increase of 1.26%, and the position is 187,395, with a weekly decrease of 13,786. Other copper futures also have corresponding price and position changes [4] Spot Data - The latest price of Shanghai Non - Ferrous 1 copper is 95,325 yuan/ton, with a weekly decrease of 290 yuan and a decrease rate of 0.3%. Different spot copper prices and their weekly changes are presented [8][10] Group 3: Copper Advanced Data - The copper import profit and loss is 107.98 yuan/ton, with a weekly decrease of 361.35 yuan and a decrease rate of 76.99%. Other advanced data such as copper concentrate TC, copper - aluminum ratio, and refined - scrap copper price difference also have corresponding changes [11] Group 4: Copper Inventory Data - The Shanghai copper warehouse receipt is 237,076 tons, with a weekly decrease of 50,776 tons and a decrease rate of 17.64%. Different types of copper inventories and their weekly changes are provided [17][18] Group 5: Copper Mid - stream Production and Capacity Utilization Production - In December 2025, the refined copper production was 132.60 million tons, with a year - on - year increase of 9.1%, and the copper product production was 222.90 million tons, with a year - on - year decrease of 3.4% [20] Capacity Utilization - In February 2026, the capacity utilization rate of refined copper rods was 38.05%, with a month - on - month decrease of 16.39% and a year - on - year decrease of 14.34%. Different copper mid - stream capacity utilization rates and their changes are shown [22][23] Group 6: Copper Element Import Data - In February 2026, the import of copper concentrate was 2.310344 million tons, with a year - on - year increase of 6%. Different copper element imports and their year - on - year changes are presented [26]