Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The sentiment towards copper is pessimistic, and prices are facing pressure [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: The closing price of the Shanghai Copper main contract was 100,980, with a daily decline of 3.97%, and the night - session closing price was 101,130, with a night - session increase of 0.15%. The closing price of the LME Copper 3M electronic disk was 12,855, down 1.42% [1] - **Trading Volume and Open Interest**: The trading volume of the Shanghai Copper Index was 587,802, an increase of 115,881 from the previous day, and the open interest was 599,957, a decrease of 17,292. The trading volume of the LME Copper 3M electronic disk was 30,234, an increase of 3,912, and the open interest was 324,000, a decrease of 8,112 [1] - **Futures Inventory**: The Shanghai Copper inventory was 160,679, an increase of 907, and the LME Copper inventory was 180,575, an increase of 1,925. The LME Copper注销仓单 ratio was 11.05%, a decrease of 1.78% [1] - **Price Spreads**: The LME Copper cash - to - 3M spread was - 81.84, a decrease of 17.59 from the previous day. The Shanghai 1 bright copper price was 89,100, a decrease of 800 [1] 3.2 Macro and Industry News - **Macro News**: Weak US employment data and AI panic led to a decline in US stocks, a sharp drop in cryptocurrencies and silver, and investors flocked to US Treasuries for safety. The ECB kept interest rates unchanged for the fifth consecutive time [1][3] - **Industry News**: Chile's copper production in December 2025 decreased by 4.7% year - on - year to 540,221 tons. Capstone Copper resumed operations at its Mantoverde copper - gold mine in Chile. The China Non - Ferrous Metals Industry Association is considering including copper concentrates in the national reserve. Glencore Canada suspended a major investment in the Horne smelter, and Anglo American's copper production in Q4 2025 decreased by 14% year - on - year [1][3] 3.3 Trend Intensity - The copper trend intensity is - 1, indicating a bearish outlook [3]