铜：美元坚挺，限制价格反弹

1. Report's Investment Rating for the Industry - No information provided 2. Core View of the Report - The strong dollar restricts the price rebound of copper [1] 3. Summary by Relevant Catalogs 3.1 Copper Fundamental Data - The closing price of the Shanghai Copper main contract was 95,930 with a daily increase of 0.61%, and the night - session closing price was 95,490 with a decrease of 0.46%. The closing price of the LME Copper 3M electronic disk was 12,141 with a daily increase of 0.17% [1] - The trading volume of the Shanghai Copper index was 207,262, a decrease of 6,030 compared with the previous day, and the open interest was 534,254, a decrease of 9,313. The trading volume of the LME Copper 3M electronic disk was 15,444, a decrease of 3,008, and the open interest was 295,000, a decrease of 991 [1] - The inventory of Shanghai Copper was 237,076, a decrease of 9,365. The inventory of LME Copper was 360,250, an increase of 425. The cancellation warrant ratio of LME Copper was 18.76%, an increase of 1.35% [1] - Various copper price spreads and related data showed different changes compared with the previous day, such as the spot - to - futures near - month spread changing from - 100 to - 95 [1] 3.2 Macro and Industry News Macro News - Iran reported attacks on steel mills and nuclear facilities, drone attacks on Israel's largest transportation center, and warned of counter - measures against US ground operations. It also considered withdrawing from the Nuclear Non - Proliferation Treaty [1][3] - The US Secretary of State said the Iran conflict would last 2 - 4 weeks, and no ground troops were needed to achieve the goals. The US President's special envoy expected to talk with Iran this week [1][3] - Iran claimed to have closed the Strait of Hormuz and turned back three container ships. Saudi Arabia bypassed the Strait, and oil exports from Yanbu Port soared to a record high [1][3] Industry News - Zambia aims to more than triple copper production to 3 million tons by 2031 by attracting global investors [3] - Rio Tinto suspended the operation of its Kennecott copper mine in Utah, USA, after a worker died on March 12 [3] - China's refined copper (electrolytic copper) production from January to February was 2.473 million tons, a year - on - year increase of 9%. China's February 2026 scrap copper imports were 167,937.84 tons, a month - on - month decrease of 27.72% and a year - on - year decrease of 13.13% [3] - Peru's January copper production was 226,256 tons, a year - on - year increase of 3% [3] - Codelco expects the supply disruption caused by the Middle East conflict to increase its production cost by about 5% [3] 3.3 Trend Intensity - The copper trend intensity is 0, with a range of [-2, 2] for the value indicating different levels from most bearish (-2) to most bullish (2) [3]