Copper Futures Market Data Change Analysis - **Main Contract and Basis**: The price of the LME copper main contract rose slightly from $13,128.5 per ton on January 26, 2026, to $13,183.0 per ton on January 27, 2026. In terms of basis, the LME (0 - 3) backwardation deepened from -$66.06 per ton to -$71.07 per ton, indicating a weakening basis. The spot premiums and discounts of domestic copper, such as premium copper and flat - copper, deepened, showing pressure in the spot market [54]. - **Open Interest and Trading Volume**: The open interest of LME copper increased by 7,465 lots to 332,992 lots on January 26, 2026, indicating increased market participation [55]. Industrial Chain Supply - Demand and Inventory Change Analysis - **Supply Side**: The supply side has improved. Global mining companies are using new technologies such as bio - leaching to extract copper, alleviating supply constraints. China's recycled copper imports reached 239,000 tons in December 2025, with Ningbo Customs having the highest import volume. The LME and SHFE inventories decreased slightly [57]. - **Demand Side**: The demand side is weak. High copper prices have suppressed downstream consumption, leading to reduced demand in sectors such as power and construction. Domestic inventories have accumulated, and the spot discount is difficult to repair [58]. - **Inventory Side**: The LME inventory decreased from 146,793 tons on January 26, 2026, to 145,314 tons on January 27, 2026, and the SHFE inventory decreased from 171,700 tons to 170,525 tons. However, the overall inventory level is high, and the widening contango encourages holders to deliver to the warehouse [58]. Price Trend Judgment In the next one to two weeks, copper prices are expected to be under pressure, mainly driven by the improvement on the supply side, the weakness on the demand side, and the bearish macro - sentiment. Copper prices are expected to fluctuate in the range of $13,000 - $13,300 per ton [59].

Core Insights - Amazon's cloud computing division has signed a two-year copper supply agreement with Rio Tinto's Nuton project to meet the strong demand for copper in AI data center construction, marking the first new copper mining capacity in the U.S. in over a decade [1] - The agreement comes as international copper prices reach historic highs, driven by increased consumption from data center construction, grid upgrades, electric vehicles, and renewable energy facilities, which have offset the slowdown in traditional manufacturing and construction demand [1][8] Group 1: Copper Supply Agreement - The Nuton project in Arizona utilizes advanced bioleaching technology to efficiently process previously uneconomic low-grade ores, expected to produce approximately 14,000 tons of copper cathodes within four years [1][5] - Amazon will provide cloud computing and data analytics services to optimize metal recovery rates and assist in increasing production capacity at the Nuton project [6] Group 2: Demand and Supply Dynamics - By 2040, AI applications are projected to drive global copper demand up by about 50%, with a potential supply gap of up to 25% if mining output does not keep pace [4] - The construction of a single large data center can require several thousand tons of copper, highlighting the inadequacy of the Nuton project's output to meet the total demand of such facilities [6] Group 3: Industry Challenges - Industry executives and analysts warn that copper resource shortages could significantly constrain the rapid development of AI, which is a key driver of U.S. stock market growth and economic expansion [7] - Despite rising copper prices potentially spurring advancements in recycling technologies and optimizing copper usage, a structural supply gap is approaching due to the rapid growth in demand from various sectors [8]