Report Title - Shanghai Copper Holiday Event Review and Outlook [1] Report Date - February 23, 2026 [1] Report Industry Investment Rating - Not provided Core Viewpoint - Overseas macro factors are mixed, and there is inventory accumulation during the holiday. The price of Shanghai copper is expected to fluctuate in the short term [1] Summary by Directory Price Data - Before the holiday, the spot trading of copper was sluggish, and the discount was under pressure [12] - During the holiday, the 0 - 3M discount of LME copper narrowed compared with the previous period [14] Fundamental Data - On February 13, the spot TC of copper concentrate was about -$50.53/ton, still at a low level [17] - In January, the copper content of copper concentrate produced by the mining industry in Peru completed 115.1% of the plan, a new high in the same period [20] - Before the holiday, the spread between refined copper and scrap copper strengthened [23] - Satellite data showed that the smelting activity in January reached the lowest level in the past decade [25] - From January to December, the cumulative import of unwrought copper and copper products was 5.321 million tons, a year-on-year decrease of 6.4% [27] - Before the holiday, the spot inventory of electrolytic copper increased, while the bonded - area inventory decreased [28] - During the holiday, both LME copper inventory and COMEX copper inventory increased [29] - At the end of pre - holiday stocking, the operating rate of refined copper rods decreased month - on - month [31] - From February 1 - 8, the retail volume of the new - energy passenger vehicle market in China increased by 42% year - on - year [33] - It is expected that the new installed capacity of photovoltaic in China in 2026 will be 180 - 240GW [34] - The total production volume of air conditioners, refrigerators, and washing machines in February decreased by 22.1% compared with the actual performance in the same period last year due to the adjustment of the Spring Festival production schedule [37] Macroeconomic Data - China's credit had a good start: in January, the new social financing was 7.22 trillion yuan, and the new RMB loans were 4.71 trillion yuan [41] - The US core PCE price index in December increased by 3% year - on - year, exceeding expectations [42] - The minutes of the Fed meeting revealed significant internal differences [45]