1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - High - frequency economic data focuses on four aspects: production - end heat is differentiated with rising coke oven, blast furnace, and PX operating rates, and asphalt at a low level and declining, while tire operating rates remain stable; commercial housing transaction area rebounds, and the industrial land area decreases; price trends diverge, with prices of crude oil, coking coal, and non - ferrous metals rising, and agricultural product prices continuing the seasonal downward trend; residents' travel heat rebounds overall, with increases in subway passenger volume and domestic and international flight operations. Short - term concerns are on the impact of imported inflation on the price end and the real - estate recovery situation [2][31]. 3. Summary by Relevant Catalogs Production - Steel: In the week of March 27, the coke oven capacity utilization rate increased by 0.87pct, the blast furnace operating rate increased by 1.25pct, and the rebar production decreased by 5.46 tons [9]. - Petroleum asphalt: The operating rate decreased by 2.5pct compared with the previous week. On March 25, the operating rate of domestic petroleum asphalt plants was 19.3% [9]. - Chemical industry: The PX operating rate increased by 1.01pct compared with the previous week, and the PTA operating rate remained flat [9]. - Automobile tires: The all - steel tire operating rate increased by 0.03pct, and the semi - steel tire operating rate decreased by 0.01pct compared with the previous week [10]. Demand - Real estate: In the week of March 29, the commercial housing transaction in 30 large and medium - sized cities increased, the inventory - to - sales ratio of commercial housing in 10 large cities decreased, the land supply area in 100 large and medium - sized cities decreased, and the transaction premium rate of residential land in 100 large and medium - sized cities decreased [13]. - Movie box office: In the week of March 22, the total national movie box office revenue was 327 million yuan, a decrease of 45 million yuan compared with the previous week [13]. - Automobile sales: In the week of March 22, the daily average retail sales of national passenger car manufacturers increased by 6,293 vehicles, and the daily average wholesale sales increased by 4,809 vehicles compared with the previous week [17]. - Shipping freight rates: In the week of March 27, the Shanghai Containerized Freight Index (SCFI) increased by 119.82 points, the China Containerized Freight Index (CCFI) increased by 18.43 points, and the Baltic Dry Index (BDI) decreased by 25 points [20]. Prices - Energy: On March 27, the settlement price of Brent crude oil futures was 112.57 US dollars per barrel, with a weekly change of 0.34%; the settlement price of coking coal futures was 1,218 yuan per ton, with a weekly change of 4.82% [22]. - Metals: On March 27, the closing price of LME copper futures was 12,141 US dollars per ton, with a weekly change of 2.59%; the closing price of LME aluminum futures was 3,284.5 US dollars per ton, with a weekly change of 2.9%; the closing price of LME zinc futures was 3,106.5 US dollars per ton, with a weekly change of 1.65%; the settlement price of domestic rebar futures was 3,121 yuan per ton, with a weekly change of - 0.16% [23]. - Agricultural products: On March 27, the 200 - index of agricultural product wholesale prices decreased by 1.29% week - on - week. The weekly changes in the prices of pork, eggs, vegetables, and fruits were - 1.56%, 1.71%, - 1.85%, and 0.26% respectively [25]. Logistics - Subway passenger volume: On March 29, the seven - day moving average of Beijing's subway passenger volume increased by 61,700 person - times, with a weekly change of 0.61%; the seven - day moving average of Shanghai's subway passenger volume increased by 192,900 person - times, with a weekly change of 1.81% [27]. - Flight operations: On March 29, the seven - day moving average of domestic (excluding Hong Kong, Macao, and Taiwan) flight operations increased by 80.43 flights, with a weekly change of 0.61%; the seven - day moving average of domestic (Hong Kong, Macao, and Taiwan) flight operations increased by 11.29 flights, with a weekly change of 3.08%; the seven - day moving average of international flight operations increased by 0.71 flights, with a weekly change of 0.04% [29]. - Urban congestion: On March 29, the seven - day moving average of the peak congestion index in first - tier cities was 1.7, a decrease of 0.04 compared with the previous week, with a weekly change of - 2.21% [29].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The copper price is under pressure due to the strengthening of the US dollar index. The supply of copper is expected to reach a record high in March, and the demand from downstream industries is gradually increasing. However, the inventory is still in the process of accumulation, and the increase rate has slowed down. The market trading has gradually warmed up, and the spot discount has turned into a premium. The production and sales of new energy vehicles have declined year-on-year. Overall, the copper price is expected to remain volatile and weak in the short term due to the uncertainty of the Middle East situation and the impact of inflation [1]. 3. Summary by Relevant Catalogs 3.1 Market Analysis - **Futures**: The Shanghai copper futures opened lower and moved higher, showing a weak trend during the day [1][4]. - **Spot**: The spot premium in East China is 70 yuan/ton, and the spot premium in South China is 100 yuan/ton. On March 11, 2026, the LME official price was 1,2949 US dollars/ton, and the spot premium was -985 US dollars/ton [4]. 3.2 Supply Side - As of March 9, the spot smelting fee (TC) was -56.10 US dollars/dry ton, and the spot refining fee (RC) was -5.70 US cents/pound [8]. - The copper production in March is expected to increase by about 52,800 tons month-on-month and 6.51% year-on-year. It is expected that the production in March may reach a record high [1]. 3.3 Fundamental Tracking - **Inventory**: The SHFE copper inventory is 326,300 tons, an increase of 5,911 tons from the previous period. As of March 9, the copper inventory in the Shanghai Free Trade Zone is 87,600 tons, an increase of 2,200 tons from the previous period. The LME copper inventory is 302,100 tons, an increase of 10,125 tons from the previous period. The COMEX copper inventory is 592,500 short tons, a decrease of 2,033 short tons from the previous period [11]. - **Downstream Demand**: The operating rate of the copper cable industry in February was 55.81%, a decrease of 14.29 percentage points month-on-month and an increase of 9.06 percentage points year-on-year. The production and sales of new energy vehicles in February decreased year-on-year, with production and sales of 694,000 and 796,000 vehicles respectively, a year-on-year decline of 21.8% and 14.2%. The sales of new energy vehicles accounted for 42.4% of the total sales of new vehicles [1].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The Shanghai copper market opened lower and moved lower, with an intraday decline of nearly 4%. The release dates of the US January non - farm payrolls report and CPI report have been postponed. China's non - ferrous metal industry plans to improve the copper resource reserve system and may have halted some copper smelting projects. In January, the output of electrolytic copper in China increased, but it is expected to decline in February. High copper prices in January suppressed demand, and the terminal new energy market performed poorly. The Chilean National Copper Commission has raised the 2026 copper price forecast. In the short term, the copper market is under pressure due to the approaching holiday demand vacuum and inventory accumulation, but it is expected to be strong in the long - term due to supply tightness [1] 3. Summary by Relevant Catalogs Market Analysis - The Shanghai copper futures opened lower and moved lower, with an intraday decline of nearly 4%. The US has postponed the release of January non - farm payrolls and CPI reports. China plans to improve the copper resource reserve system and may have halted some smelting projects. The 1 - month SMM China electrolytic copper output was 117.93 million tons, with a month - on - month increase of 0.10% and a year - on - year increase of 16.32%. It is expected to decrease by 3.04% month - on - month in February but increase by 8.06% year - on - year. High copper prices in January suppressed demand, and the new energy market was affected by purchase tax, while traditional and power industries showed resilience. The Chilean National Copper Commission raised the 2026 copper price forecast to $4.95 per pound. In the short term, the market is under pressure due to the holiday demand vacuum and inventory accumulation, but strong in the long - term due to supply tightness [1] Futures and Spot Market Conditions - Futures: Shanghai copper opened lower and moved lower, with an intraday decline of nearly 4%. Spot: The spot premium in East China was - 75 yuan/ton, and in South China was - 130 yuan/ton. On February 4, 2026, the LME official price was $13328/ton, and the spot premium was - 81 dollars/ton [3] Supply Side - As of February 3, the spot rough smelting fee (TC) was - 50.3 dollars/dry ton, and the spot refining fee (RC) was - 5.22 cents/pound [8] Fundamental Tracking - Inventory: SHFE copper inventory was 16.07 million tons, an increase of 907 tons from the previous period. As of February 2, Shanghai bonded area copper inventory was 9.03 million tons, a decrease of 0.86 million tons from the previous period. LME copper inventory was 18.06 million tons, an increase of 1925 tons from the previous period. COMEX copper inventory was 58.42 thousand short tons, an increase of 1892 short tons from the previous period [12]

Core Viewpoint - The LME copper futures prices continue to decline, with the current price at $12,980 per ton, reflecting a decrease of 0.46% from the opening price [1] Group 1: LME Copper Futures Performance - On February 5, LME copper futures opened at $13,123 per ton and reached a high of $13,197.5 per ton and a low of $12,947.5 per ton [1] - On February 4, LME copper futures closed at $13,040 per ton, down 2.76% from the previous day [1] Group 2: Market Data and Trends - The electrolytic copper spot price ratio between Shanghai and London was reported at 0, with an import loss of ¥602.79 per ton, compared to ¥536.38 per ton the previous trading day [1] - As of February 4, the Shanghai Futures Exchange reported copper futures warehouse receipts at 159,772 tons, an increase of 751 tons from the previous trading day [1] - LME registered copper warehouse receipts totaled 155,725 tons, with canceled receipts at 22,925 tons, a decrease of 14,150 tons, and total copper inventory at 178,650 tons, up by 2,525 tons [1]

Group 1 - The core viewpoint of the news is that LME copper futures prices are experiencing weak fluctuations, with a current price of $13,350 per ton, reflecting a decline of 0.45% from the opening price of $13,503 per ton [1] - On February 3, LME copper futures opened at $12,988 per ton, reached a high of $13,526 per ton, and closed at $13,410 per ton, marking a 3.95% increase [2] - As of February 3, registered copper warrants at LME totaled 139,050 tons, with canceled warrants at 37,075 tons, a decrease of 800 tons, while total copper inventory increased by 1,450 tons to 176,125 tons [2] Group 2 - The electrolytic copper spot price in the Shanghai-London ratio was reported at 0, with an import loss of -536.38 yuan per ton, slightly worsening from the previous day's loss of -532.32 yuan per ton [2] - The Shanghai Futures Exchange reported a copper futures warrant of 159,021 tons, which is an increase of 494 tons compared to the previous trading day [2]

Core Viewpoint - The London Metal Exchange (LME) copper futures prices experienced a slight increase, with the opening price at $12,988 per ton and a current price of $12,975 per ton, reflecting a rise of 0.65% [1] Group 1: LME Copper Futures Overview - On February 2, LME copper futures opened at $13,002.0, reached a high of $13,107.0, a low of $12,414.5, and closed at $12,900.0, marking a decrease of 1.30% [1] - The highest price during the trading session was $13,148.5 per ton, while the lowest was $12,974.0 per ton [1] Group 2: Copper Market Updates - As of February 2, the electrolytic copper spot price ratio between Shanghai and London was 7.78, with an import loss of -532.32 yuan per ton, improving from the previous day's loss of -681.07 yuan per ton [1] - The Shanghai Futures Exchange reported a copper futures warehouse receipt of 158,527 tons, an increase of 1,676 tons compared to the previous trading day [1] - LME registered copper warehouse receipts totaled 136,800 tons, with canceled receipts at 37,875 tons, a decrease of 3,925 tons, and total copper inventory at 174,675 tons, down by 300 tons [1]

Core Viewpoint - The London Metal Exchange (LME) copper futures prices are experiencing a downward trend, with a current price of $12,834 per ton, reflecting a decline of 2.46% from the opening price of $13,002 per ton [1] LME Copper Futures Market Review - On January 30, LME copper futures opened at $13,496 per ton, reached a high of $13,590 per ton, and closed at $13,070.5 per ton, marking a decrease of 4.24% [1] Copper Market News - As of January 30, the electrolytic copper spot price ratio between Shanghai and London was 7.76, with an import loss of -681.07 yuan per ton, compared to -106.03 yuan per ton on the previous trading day [1] - The Shanghai Futures Exchange reported a total copper futures warehouse receipt of 156,851 tons on January 30, an increase of 5,223 tons from the previous trading day [1] - The LME reported registered copper warehouse receipts of 133,175 tons, with canceled receipts decreasing by 1,800 tons to 41,800 tons, and total copper inventory at 174,975 tons, down by 1,100 tons [1]

Group 1 - The main contracts for lithium carbonate and polysilicon on the domestic market fell by over 6% [1] - Platinum contracts saw a significant drop, with a decline of up to 9% at one point, while palladium contracts fell by 7% [1] - Shanghai silver and gold also experienced declines of over 2% [1] Group 2 - LME copper prices decreased by more than 1.5%, following a delayed opening of the exchange [1] - Both WTI and Brent crude oil prices dropped by approximately 1% [1]

Core Viewpoint - The London Metal Exchange (LME) copper futures prices continue to rise, indicating a positive trend in the copper market as of January 29, with a current price of $13,207.5 per ton, reflecting a 0.67% increase from the previous day [1] Group 1: LME Copper Futures Performance - On January 29, LME copper opened at $13,201 per ton, reached a high of $13,225 per ton, and a low of $13,162.5 per ton [1] - On January 28, LME copper futures had an opening price of $13,105 per ton, a closing price of $13,120 per ton, with a maximum price of $13,247 per ton and a minimum of $13,045 per ton, showing a 0.74% increase [1] Group 2: Copper Market Updates - As of January 28, LME registered copper warrants totaled 129,225 tons, while canceled warrants decreased by 375 tons to 44,700 tons [1] - Total copper inventory at LME increased by 1,575 tons, reaching 173,925 tons [1] - Norilsk Nickel reported a copper production of 112,015 tons for Q4, marking a 12% quarter-on-quarter increase [1] Group 3: Import and Pricing Dynamics - The electrolytic copper spot price ratio between Shanghai and London was recorded at 7.76, with the import loss calculated at -428.98 yuan per ton, improving from a loss of -655.13 yuan per ton in the previous trading day [1]

Group 1 - LME copper futures prices rebounded, opening at $13,105 per ton and currently at $13,079 per ton, with an increase of 0.42% [1] - The highest price during the session reached $13,130.5 per ton, while the lowest dipped to $13,045 per ton [1] Group 2 - On January 27, LME copper futures opened at $13,093.0, peaked at $13,145.0, and closed at $13,024.0, reflecting a decrease of 1.21% [2] - The electrolytic copper spot price ratio between Shanghai and London was 7.78, with an import loss of ¥655.13 per ton, improving from a loss of ¥851.48 per ton the previous trading day [2] - As of January 27, LME registered copper warrants totaled 127,275 tons, with canceled warrants at 45,075 tons, an increase of 350 tons, and total copper inventory rose by 1,825 tons to 172,350 tons [2] - Deutsche Bank indicated that the threat of U.S. tariffs on refined copper is expected to lead to continued metal inflows into the U.S. during the first half of the year [2]