Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The short - term rebound of iron ore prices is supported by the marginal improvement of demand after the two - sessions and the expected increase in shipping costs due to the Iranian conflict, but the medium - and long - term trends depend on the intensity of steel mill resumption, the recovery rhythm of hot metal production, and the actual fulfillment of terminal demand. High inventory pressure restricts price increases. It is recommended to wait and see. [3] Group 3: Summary by Relevant Catalogs 1. Futures and Spot Prices - On March 10, 2026, I2701 was at 741.0 (up 12.0 from March 6), I2605 at 784.5 (up 12.5), I2609 at 758.0 (up 11.5). The night - session futures of iron ore i2605 closed at 786 yuan/ton, and i2609 at 760.5 yuan/ton, with an i2605 - i2609 spread of 25.5 yuan. [1][2] - The price of PB powder at Qingdao Port was 772 (+8) yuan/ton on March 9, 2026, and the discounted standard product (factory warehouse) was 803 yuan. The optimal delivery product IOC6, when converted to a warehouse receipt (factory warehouse), was 792 yuan. [2] 2. Spot Market Transactions and Price Changes - On March 9, 2026, the national main port iron ore trading volume was 68.70 tons, a 1.5% increase from the previous day; 237 mainstream traders' construction steel trading volume was 11.62 tons, a 60.1% increase from the previous day. [2] - On March 9, 2026, the iron ore spot prices rebounded, with increases ranging from 4 - 8 yuan. [3] 3. Shipping and Inventory Data - From March 2 - 8, 2026, the global iron ore shipping volume was 2897.8 tons, a decrease of 442.9 tons from the previous period. The shipping volume from Australia and Brazil was 2342.1 tons, a decrease of 348.5 tons from the previous period. [2] - From March 2 - 8, 2026, the arrival volume at 47 Chinese ports was 2697.5 tons, an increase of 467.5 tons from the previous period. [2] - As of March 6, 2026, the total iron ore inventory was 17118 tons (up 26 tons from February 27), Australian ore inventory was 8083 tons (down 4 tons), Brazilian ore inventory was 5320 tons (down 9 tons), and trader inventory was 11360 tons (up 84 tons). [1] 4. Other Important Information - Starting from March 10, 2026, Shagang raised the scrap steel price by 50 yuan/ton. [2] - Assuming normal crude oil passage through the Strait of Hormuz at 15 million barrels per day and a replaceable volume of 4 million barrels per day through Saudi - UAE pipelines, 11 million barrels per day of crude oil shipping would be blocked. The global crude oil supply might drop to 94 million barrels per day in the short term, creating a supply gap of 9.5 million barrels per day if demand remains unchanged. [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The increase in copper inventory restricts the upside space of copper prices [1] 3. Summary by Relevant Catalogs 3.1 Copper Fundamental Data - **Futures Prices**: The closing price of the Shanghai copper main contract yesterday was 103,850, with a daily decline of 0.07%, and the night - session closing price was 102,280, with a decline of 1.51%. The closing price of the LME copper 3M electronic disk yesterday was 13,085, with a decline of 1.59% [1] - **Trading Volume and Open Interest**: The trading volume of the Shanghai copper index yesterday was 326,580, an increase of 20,754 compared to the previous day, and the open interest was 574,994, a decrease of 3,504. The trading volume of the LME copper 3M electronic disk was 26,107, an increase of 847, and the open interest was 312,000, a decrease of 3,474 [1] - **Futures Inventory**: The inventory of Shanghai copper yesterday was 295,881, an increase of 5,287 compared to the previous day. The inventory of LME copper was 257,675, an increase of 3,975, and the注销仓单 ratio was 4.96%, a decrease of 0.23% [1] - **Price Spreads**: The LME copper premium/discount was - 49.47, an increase of 20.06 compared to the previous day. The Shanghai 1 bright copper price was 91,100, an increase of 800 compared to the previous day. The spot - to - near - month futures spread was - 190, an increase of 70 compared to the previous day [1] 3.2 Macro and Industry News - **Macro News**: Trump stated that he will not stop until the goal is achieved and does not rule out sending US ground troops to Iran "if necessary". The US ISM manufacturing index in February expanded for two consecutive months, and the price index soared to a nearly four - year high. The conflict with Iran may add inflationary pressure [1] - **Industry News**: Hudbay Minerals has received approval from the British Columbia provincial government in Canada to advance the three - phase expansion project of its Copper Mountain mine, extending the mine's operating life to 2040. Japan's imports of copper and copper alloys in January were 9,895 tons, a 13.51% year - on - year increase and a 12.75% month - on - month decrease. Chile's copper production in January decreased by 3% year - on - year to 413,712 tons [1][3] 3.3 Trend Intensity - The copper trend intensity is 0, indicating a neutral view [3]