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]

1月30日，电解铜现货沪伦比值为7.76，进口盈亏：-681.07元/吨，上一交易日进口盈亏：-106.03元/吨。 1月30日，上期所铜期货仓单156851吨，环比上个交易日增加5223吨。 品种 开盘价 最高价 最低价 收盘价 LME铜 13496.0 13590.0 12845.0 13070.5 -4.24% 【铜市场消息速递】 北京时间2月2日，伦敦金属交易所(LME)铜期货价格弱势震荡，开盘报13002美元/吨，现报12834美元/ 吨，跌幅2.46%，盘中最高触及13088美元/吨，最低下探12722美元/吨。 LME铜期货行情回顾： 1月30日伦敦金属交易所(LME)铜期货行情 1月30日，伦敦金属交易所（LME）：铜注册仓单133175吨。注销仓单41800吨，减少1800吨。铜库存 174975吨，减少1100吨。 ...

内盘碳酸锂、多晶硅主力合约跌超6%，铂主力合约一度跌幅扩大至9%，钯主力合约一度跌7%，沪银、 沪金跌超2%。LME铜价跌超1.5%，此前该交易所延迟开市。WTI和布伦特原油跌约1%。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 ...

北京时间1月29日，伦敦金属交易所(LME)铜期货价格继续上升，开盘报13201美元/吨，现报13207.5美 元/吨，涨幅0.67%，盘中最高触及13225美元/吨，最低下探13162.5美元/吨。 LME铜期货行情回顾： 1月28日伦敦金属交易所(LME)铜期货行情 品种 开盘价 最高价 最低价 收盘价 LME铜 13105.0 13247.0 13045.0 13120.0 0.74% 【铜市场消息速递】 1月28日，伦敦金属交易所（LME）：铜注册仓单129225吨。注销仓单44700吨，减少375吨。铜库存 173925吨，增加1575吨。 俄罗斯诺里尔斯克镍业：四季度铜产量为112,015吨，环比增长12%。 1月28日，电解铜现货沪伦比值为7.76，进口盈亏：-428.98元/吨，上一交易日进口盈亏：-655.13元/吨。 ...

北京时间1月28日，伦敦金属交易所(LME)铜期货价格止跌回升，开盘报13105美元/吨，现报13079美元/ 吨，涨幅0.42%，盘中最高触及13130.5美元/吨，最低下探13045美元/吨。 更新时间： LME铜期货行情回顾： 【铜市场消息速递】 1月27日，电解铜现货沪伦比值为7.78，进口盈亏：-655.13元/吨，上一交易日进口盈亏：-851.48元/吨。 1月27日，伦敦金属交易所（LME）：铜注册仓单127275吨。注销仓单45075吨，增加350吨。铜库存 172350吨，增加1825吨。 1月27日伦敦金属交易所(LME)铜期货行情 品种 开盘价 最高价 最低价 收盘价 LME铜 13093.0 13145.0 12893.0 13024.0 -1.21% 德意志银行：美国对精炼铜征收关税的威胁应会导致金属在上半年持续流入美国。 ...

Group 1 - LME copper futures prices are showing a strong performance, opening at $13,190 per ton and currently at $13,159 per ton, with an increase of 0.23% [1] - The intraday high for copper futures reached $13,260 per ton, while the lowest point was $13,120.5 per ton [1] Group 2 - On January 23, LME copper futures opened at $12,842 per ton, with a high of $13,187.5 and a low of $12,826, closing at $13,128.5, reflecting a 2.25% increase [2] - The electrolytic copper spot price ratio between Shanghai and London was reported at 7.81, with an import loss of -238.7 yuan per ton, improving from the previous day's loss of -650.03 yuan per ton [2] - As of January 23, the Shanghai Futures Exchange had copper futures warehouse receipts totaling 146,793 tons, an increase of 3,620 tons from the previous trading day [2] - LME registered copper warehouse receipts stood at 125,425 tons, with canceled receipts at 46,275 tons, a decrease of 825 tons, and total copper inventory at 171,700 tons, which increased by 3,450 tons [2]

Group 1 - The core viewpoint of the news is that LME copper futures prices are showing a strong performance, with a current price of $12,846.5 per ton, reflecting a 0.39% increase from the opening price [1] - On January 20, LME copper futures opened at $12,933.0, reached a high of $12,988.0, and closed at $12,796.5, marking a decrease of 1.47% [2] - The registered copper warehouse receipts at LME on January 20 were 108,500 tons, with canceled receipts decreasing by 750 tons to 47,800 tons, while total copper inventory increased by 8,875 tons to 156,300 tons [2] Group 2 - On January 20, the Shanghai Futures Exchange reported copper warehouse receipts of 148,193 tons, which is a decrease of 4,462 tons compared to the previous trading day [2] - The electrolytic copper spot price ratio between Shanghai and London was 7.8, indicating an import loss of 1,447.22 yuan per ton, compared to a loss of 1,345.92 yuan per ton on the previous trading day [2]