铜：美元走强，限制价格回升

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - The strengthening of the US dollar restricts the price recovery of copper [1] Group 3: Summary According to Relevant Catalogs 1. Fundamental Tracking - Price and Volume Data: The closing price of the Shanghai Copper main contract was 95,760 with a daily decline of 0.18%, and the night - session closing price was 95,350 with a decline of 0.43%. The closing price of the LME Copper 3M electronic disk was 1,2195 with a daily increase of 0.44%. The trading volume and open interest of both Shanghai Copper and LME Copper decreased compared with the previous day [1] - Inventory and Spread Data: The inventory of Shanghai Copper decreased by 6,105 to 230,971, and the inventory of LME Copper increased by 2,350 to 362,600. There were various changes in spreads such as LME copper premium, spot - futures spreads, and cross - period spreads [1] 2. Macro and Industry News - Macro News: Powell said the Fed's interest rate is in a "favorable position", can ignore Iran - related oil price shocks but should be wary of changes in inflation expectations. Powell reversed traders' bets, and it is still possible to cut interest rates this year. The US Treasury bond gains expanded and did not follow oil prices. The White House said Trump hopes to reach an agreement by April 6, but Iran denies the negotiation. Trump threatened to "destroy all power plants, oil wells and Kharg Island in Iran" if no agreement is reached, and Iran responded that it would cut power to the entire region if attacked [1] 3. Industry News - China's refined 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%. Peru's January copper production was 226,256 tons, a year - on - year increase of 3%. Codelco expects the supply disruption caused by the Middle East conflict to increase its production cost by about 5%. Glomar Minerals and Cobalt Blue will jointly build a seabed mineral processing facility [3] 4. Trend Intensity - The trend intensity of copper is 0, indicating a neutral position [3]