2月4日铜期货市场动态：今日沪期铜强势高开，价格重心重回10.4万元/吨上方，午后涨势延续。主力 月2603合约开盘价报104950元/吨，最高105810元/吨，最低103730元/吨，昨结101630元/吨，今日收盘 价报105160元/吨，涨3530元，涨幅3.47%。沪铜主力2603合约全天成交量241402手减少133837手，持仓 量192868手增加981手。亚盘时段，伦铜探底回升，北京时间14：52最新报价13429美元/吨，涨19美元/ 吨，涨幅0.14%。 长江铜业网铜价格统计：今日国内现货铜价格暴涨，长江现货1#铜价报105020元/吨，涨3640元，升水 0-升水40，跌10元；长江综合1#铜价报104895元/吨，涨3660元，贴水160-贴水50，涨10元；广东现货1# 铜价报104810元/吨，涨3680元，贴水290-贴水90，涨30元；上海地区1#铜价报104850元/吨，涨3650 元，贴水190-贴水110，持平。 长江铜市分析： 宏观层面，2月4日消息，据金属行业高级官员透露，中国计划增储国家铜，此举或进一步推高铜价，凸 显各国强化供应安全的决心。受此提振，沪铜在隔夜交 ...

Market Overview - On February 3, 2026, the main copper futures contract opened at 101,490 CNY/ton and closed at 104,500 CNY/ton, marking a 6.01% increase from the previous trading day. The night session saw the contract open at 104,950 CNY/ton and close at 105,180 CNY/ton, up 3.49% from the afternoon close [16][22]. Spot Market - As of the previous day, traders began to lower the premiums, with mainstream flat copper quoted at a premium of around 400 CNY/ton. Prices in Shanghai and Changzhou markets dropped to premiums of 350 CNY/ton, later trading at 320-340 CNY/ton. Mainstream flat copper remained at a premium of 380-400 CNY/ton due to tight supply. Good quality copper was quoted at a premium of around 420 CNY/ton, primarily from Jinchuan [3][17]. - The market's purchasing sentiment index rose to 3.18, and the sales sentiment index increased to 3.29, indicating heightened purchasing activity [17]. Macroeconomic and Geopolitical News - The U.S. White House confirmed that talks with Iran will proceed as planned later this week, with potential changes in the meeting location. The U.S. government has resolved a partial shutdown by passing a funding bill for several federal departments [4][5][18]. - Federal Reserve officials indicated a need for significant interest rate cuts, while emphasizing caution in monetary policy until inflation returns to target levels [5][18]. Mining Developments - Rome Resources reported encouraging metallurgical test results from its Bisie North project in the Democratic Republic of Congo, indicating potential for commercial recovery of copper and tin. The CEO highlighted that the shallow development of copper at the Mont Agoma deposit could significantly enhance the project's economic viability [6][19]. Industry Insights - The China Nonferrous Metals Industry Association announced plans to improve the copper resource reserve system, including expanding national strategic reserves and exploring commercial reserve mechanisms [20]. - In January 2026, copper consumption showed signs of pre-holiday stockpiling, with varied performance across sectors. The power sector saw strong demand from State Grid orders, while the real estate and construction sectors remained weak [8][21]. Inventory and Warehouse Data - LME warehouse stocks decreased by 300 tons to 176,125 tons, while SHFE warehouse stocks increased by 494 tons to 159,021 tons. Domestic electrolytic copper stocks stood at 330,400 tons, a decrease of 7,600 tons from the previous week [9][21]. Strategy Outlook - The current copper price trend shows signs of recovery after previous declines, with expectations of a trading range between 98,000 CNY/ton and 110,000 CNY/ton leading up to the Spring Festival. However, demand is expected to weaken as the holiday approaches [10][22].

【冠通期货研究报告】 沪铜日报：情绪释放，盘面反弹 发布日期：2026 年 2 月 3 日 【行情分析】 沪铜今日低开高走，收盘上涨近 3%。消息面上，今日中国有色金属工业协会举行 2025 年有色金属工业经济运行情况新闻发布会，会上提到要完善铜资源储备体系建设， 一方面扩大国家铜战略储备规模，另一方面探索进行商业储备机制，通过财政贴息等方 式选择国有骨干企业试行商业储备，市场有信息说已叫停部分铜冶炼项目，受消息面刺 激及外盘贵金属的止跌反弹，今日铜价上行。基本面来看， 1 月 SMM 中国电解铜产量为 117.93 万吨，环比增加 0.12 万吨，升幅为 0.10%，同比上升 16.32%。SMM 调研 2 月无冶 炼厂进行检修，个别冶炼厂 1 月底检修结束，2 月产量仍然受到影响，预计产量环比减 少 3.58 万吨，降幅为 3.04%，同比上升 8.06%。1 月份高位铜价抑制铜需求，下游多刚 需采购为主，终端新能源市场因购置税影响而表现不佳，其他传统行业及电力行业仍显 韧性。综合来看，短期内有色金属及贵金属盘面出现大涨大跌极端行情，美联储主席的 新人选提名影响美元走势而造成铜价的大幅下挫，市场出现恐慌性 ...