油脂油料产业日报 2025/12/08 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The SR2501 contract is less than one month away from the delivery month. Last week, the 01 - 03 spread was basically stable with a slight premium. The strong performance of 01 is due to the fact that the current price of new sugar is generally higher than that of old sugar and higher than the futures price, leading to the need for spot - futures convergence under the condition of the futures price being at a discount. However, the huge supply pressure poses a great challenge to both the spot and futures markets, making it difficult to achieve convergence through a rebound. The SR2603 and SR2605 contracts currently show a structure where the near - term contracts are at a discount, mainly because the 25/26 sugar - making season is expected to have an increased production. The discount of the far - term contracts is widening. In the long run, the 03 contract faces pressure during the off - season of consumption and the peak of inventory, not less than the 01 contract, while the 05 contract will be impacted by imported sugar. Therefore, the pattern of the far - term discount is difficult to break, and the spread may widen further [5] 3. Summary by Relevant Catalogs Market Information Domestic Market - The spot price in Nanning is 5450 yuan/ton, and in Kunming, it is 5340 - 5420 yuan/ton [3] - China imported 750,000 tons of sugar in October, a year - on - year increase of 210,000 tons [3] - As of December 1st, 39 sugar mills in Guangxi have started production, 22 less than the same period last year. The daily crushing capacity is 309,500 tons/day, a year - on - year decrease of 187,500 tons/day [3] International Market - According to ISMA data, India had produced 4.1 million tons of sugar as of the end of November, higher than 2.88 million tons last year [4] - Brazil exported 3.3023 million tons of sugar in November, a year - on - year decrease of 2.59% [4] - ISMA estimates that India's sugar production in the 25/26 sugar - making season will be 34.35 million tons (including ethanol), with 3.4 million tons used for ethanol [4] - India has signed contracts to export 100,000 tons of sugar, and the shipment will be delivered before mid - January, and the transportation has started. The weakening of the rupee may promote more trade [4] - The market expects that the sugarcane crushing volume in the central - southern region of Brazil in the first half of November increased by 14.9% to 18.85 million tons, and sugar production increased by 18.9% year - on - year to 1.075 million tons [4] - India has opened an export quota of 1.5 million tons, lower than the market's expectation of 2 million tons. Due to the current domestic sugar price in India being higher than the overseas price, the possibility of exports is low at present [4] - As of November 19th, 147 sugar mills in Maharashtra, India, have started production, crushing 11.277 million tons of sugarcane and producing 868,100 quintals of sugar, with an average sugar recovery rate of 7.4%. In the same period last year, only 91 mills were in operation, crushing 1.35 million tons of sugarcane, with a sugar recovery rate of 4.2% [4] Sugar Futures Weekly Prices and Spreads | Contract | Closing Price on 2025 - 12 - 08 | Change Rate | Spread | Closing Price on 2025 - 12 - 08 | Change | | --- | --- | --- | --- | --- | --- | | SR01 | 5337 | 0.64% | SR01 - 05 | 70 | 0 | | SR03 | 5281 | 0.3% | SR05 - 09 | - 20 | 0 | | SR05 | 5244 | 0.21% | SR09 - 01 | - 50 | 0 | | SR07 | 5257 | 0.25% | SR01 - 03 | 38 | 0 | | SR09 | 5262 | 0.17% | SR03 - 05 | 32 | 0 | | SR11 | 5263 | 0.29% | SR05 - 07 | - 11 | 0 | | SB | 14.82 | 0% | SR07 - 09 | - 9 | 0 | | W | 425.7 | 0% | SR09 - 11 | 5 | 0 | | | | | SR11 - 01 | - 55 | 0 | [6] Sugar Spot Weekly Prices and Spreads | Location | Price on 2025 - 12 - 08 | Change | Spread | Price | Change | | --- | --- | --- | --- | --- | --- | | Nanning | 5360 | - 80 | Nanning - Liuzhou | 10 | 0 | | Liuzhou | 5350 | - 80 | Nanning - Kunming | 20 | 10 | | Kunming | 5320 | - 110 | Nanning - Zhanjiang | 60 | 10 | | Zhanjiang | 5300 | - 100 | Nanning - Rizhao | - 290 | 60 | | Rizhao | 5650 | - 150 | Nanning - Urumqi | 260 | 60 | | Urumqi | 5100 | - 150 | Kunming - Rizhao | - 310 | 50 | [7] Sugar Weekly Basis | Location - Contract | Basis on 2025 - 12 - 08 | Change | Location - Contract | Basis on 2025 - 12 - 08 | Change | | --- | --- | --- | --- | --- | --- | | Nanning - SR01 | 107 | 42 | Kunming - SR01 | 67 | 47 | | Nanning - SR03 | 145 | 38 | Kunming - SR03 | 105 | 43 | | Nanning - SR05 | 177 | 40 | Kunming - SR05 | 137 | 45 | | Nanning - SR07 | 166 | 37 | Kunming - SR07 | 126 | 42 | | Nanning - SR09 | 157 | 32 | Kunming - SR09 | 117 | 37 | | Nanning - SR11 | 162 | 34 | Kunming - SR11 | 122 | 39 | [8][10] Sugar Weekly Import Price Changes | Import Source | Quota - in Price on 2025 - 12 - 05 | Weekly Change | Quota - out Price | Weekly Change | | --- | --- | --- | --- | --- | | Brazil | 4079 | - 93 | 5168 | - 121 | | Rizhao - Brazil | 1556 | - 72 | 462 | - 49 | | Liuzhou - Brazil | 1240 | 4 | 151 | 32 | | Zhengzhou Sugar - Brazil | 1224 | - 4 | 135 | 24 | | Thailand | 4127 | - 91 | 5231 | - 118 | | Rizhao - Thailand | 1507 | - 75 | 399 | - 52 | | Liuzhou - Thailand | 1192 | 2 | 88 | 29 | | Zhengzhou Sugar - Thailand | 1176 | - 6 | 72 | 21 | [11]

尿素产业链周报 2025/12/07 咨询业务资格：沪证监许可【2012】1515号 研报作者：刘琛瑞 Z0017093 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究 ...

基本面信息3：PDH装置生产利润持续亏损，若开工率下降5%，可能拖累整体需求；MTBE等化工下游利润亦走弱。 LPG行业周报 2025/12/07 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允 ...

Group 1: Precious Metals - The term structure of SHFE silver futures is close to flat, contrasting with the previous CONTANGO, mainly due to the tight spot market. The silver TD deferred fee has been consistently showing a short - to - long payment situation. After January, the spot tightness may ease, and the CONTANGO structure is expected to return [3] Group 2: Copper - This week, focus on the Fed's interest rate decision and the trend of the US CPI year - on - year data. Given that last week's macro and micro factors jointly boosted copper prices, this week, even if the macro expectations are realized, the "high - price but low - trading" situation at the micro - level needs to be digested, so beware of price adjustments at high levels [14] - The latest prices and daily changes of copper futures and spot are as follows: the latest price of Shanghai copper main contract is 92,970 yuan/ton, up 190 yuan or 0.2%; the latest price of LME copper 3M is 11,665 dollars/ton, up 231 dollars or 2.02%. Among spot prices, the latest price of Shanghai Non - ferrous 1 copper is 92,300 yuan/ton, up 715 yuan or 0.78% [15][20] Group 3: Aluminum and Alumina - Short - term Shanghai aluminum is expected to be volatile and slightly stronger, mainly driven by improved macro sentiment and the strong performance of copper. However, pay attention to the interest rate cut expectations and be vigilant against potential price corrections before the interest rate cut. Alumina is in an oversupply situation, with high domestic production capacity, an open import window, and a large number of incoming import alumina, which exacerbates the imbalance between supply and demand [34] - The latest price of Shanghai aluminum main contract is 22,275 yuan/ton, down 70 yuan or 0.31%; the latest price of alumina main contract is 2,585 yuan/ton, up 30 yuan or 1.17% [36] Group 4: Zinc - The ADP data indicates that an interest rate cut in December is certain. The next Fed Chairman may be pre - determined by Trump, raising doubts about the Fed's independence and potentially leading to more aggressive interest rate cuts. On the fundamental side, TC has dropped significantly, increasing the willingness of smelters to cut or stop production, resulting in supply contraction. The demand side is entering the off - season. Domestic inventory reduction due to exports and production cuts supports Shanghai zinc, while LME inventory is gradually increasing. Currently, with improving macro conditions but a stalemate in fundamentals, Shanghai zinc is undervalued among non - ferrous metals and is expected to be volatile and slightly stronger under the impetus of funds [59] - The latest price of Shanghai zinc main contract is 23,285 yuan/ton, down 20 yuan or 0.09%; the latest price of LME zinc closing price is 3,098 dollars/ton, up 7.5 dollars or 0.24% [60] Group 5: Nickel - Nickel ore is expected to be stable and slightly stronger as major mining areas in the Philippines and Indonesia have entered the rainy season, affecting production and shipping. The new energy sector has seen a certain decline following nickel prices, with most precursor factories having completed procurement, resulting in reduced downstream purchasing willingness. The decline of nickel iron has slowed, with some iron factories reducing production due to limited profits, and strong willingness of upstream suppliers to hold prices. The fundamentals of stainless steel have limited improvement. Currently, off - season demand is weak, so pay attention to Indonesian policies and the December interest rate cut expectations [75] - The latest price of Shanghai nickel main contract is 118,030 yuan/ton, up 240 yuan or 0%; the latest price of LME nickel 3M is 14,970 dollars/ton, up 85 dollars or - 0.02% [76] Group 6: Tin - The ADP data indicates a December interest rate cut, and Trump's frequent intervention in the next Fed Chairman raises doubts about the Fed's independence, potentially leading to more aggressive interest rate cuts. Pay attention to the Thursday interest rate meeting. On the fundamental side, in the short term, it is difficult to solve the raw material problem on the supply side, and there are frequent supply - side disturbances, so Shanghai tin will maintain a high - level volatile trend. The situation in the Democratic Republic of the Congo may ease due to potential peace talks [88] - The latest price of Shanghai tin main contract is 319,200 yuan/ton, up 1,700 yuan or 0.54%; the latest price of LME tin 3M is 40,175 dollars/ton, down 365 dollars or - 0.9% [89] Group 7: Lithium Carbonate - From the fundamental perspective, the arrival volume of lithium ore in December is expected to increase month - on - month, potentially alleviating the tight supply situation at the ore end. Lithium salt factories generally maintain a high operating rate, and the resumption progress of Jiaxiaowo Ningde needs to be closely monitored. The demand side shows the characteristic of "off - season not being off - season", with high pre - production schedules for power and energy storage terminals in December, driving strong purchasing demand from downstream material factories. The pattern of strong supply and demand continues, providing a bottom - level support for prices. Technically, the current price faces short - term pressure at the 100,000 yuan/ton mark, and there is a strong motivation for long - position holders to take profits at this level. Be vigilant against potential profit - taking by long - position holders due to increased differences among funds in the context of active market trading recently. In general, in the short term, be cautious about the risk of chasing high prices at the 100,000 yuan/ton mark, and the price may experience a phased correction [103] - The latest price of lithium carbonate futures main contract is 94,840 yuan/ton, up 2,680 yuan from the previous day but down 980 yuan from last week [104] Group 8: Industrial Silicon - Industrial silicon is currently in a situation of weak supply and demand, with both upstream and downstream having expectations of production cuts. The fundamentals lack substantial improvement momentum. Considering potential supply - side disturbances from winter environmental protection in production areas, the short - term fundamentals of the industry are unlikely to improve. Technically, the futures price has been moving within the Bollinger Bands, and in the short term, it will closely follow the price fluctuations of related products such as polysilicon and coking coal, and is likely to maintain a volatile consolidation trend. In the long - term, the downside space of the price is limited [117] - The latest price of industrial silicon main contract is 8,675 yuan/ton, down 130 yuan or - 1.48% [120]

咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和 建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形 下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使 独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关责任的权力。所有本报告中使用的商标 ...

油料周报 油料产业周报 2025/12/5 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和 建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形 下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使 独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保 ...

Report Summary Core View - The capital market maintains a loose pattern, and abundant liquidity supports the bond market. The economic fundamentals have no significant negative factors, and the market environment is relatively stable. However, there are potential risks of rising inflation expectations and geopolitical uncertainties, which may put pressure on the bond market. It is recommended to maintain a wait - and - see approach, control risks, and pay attention to policy signals and economic data trends [2] Data Analysis - **Yield to Maturity**: The report presents the yield - to - maturity data of 2Y, 5Y, 10Y, 30Y, and 7Y treasury bonds from 2024/04 to 2025/08 [3] - **Funding Rates**: It shows the funding rates including the deposit - type institutional pledged repurchase weighted average rate for 1 - day and 7 - day, and the 7 - day reverse repurchase rate from 2023/12 to 2025/06 [3] - **Treasury Bond Term Spreads**: The term spreads of 7Y - 2Y and 30Y - 7Y treasury bonds from 2024/04 to 2025/08 are provided [4][5] - **Treasury Bond Futures Positions**: The positions data of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures from 2015/12 to 2023/12 are presented [7] - **Treasury Bond Futures Trading Volume**: The trading volume data of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures from 2024/04 to 2025/08 are shown [8] - **Treasury Bond Futures Basis**: The basis data of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures' current - quarter contracts are provided with different time ranges [9][10][11][13] - **Treasury Bond Futures Inter - Period Spreads**: The inter - period spreads of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures (current - quarter minus next - quarter) are presented with different time ranges [14][15][16][18] - **Treasury Bond Futures Inter - Variety Spreads**: The inter - variety spreads of TS*4 - T from 2024/04 to 2025/08 and T*3 - TL from 2023/06 to 2025/06 are shown [19][20]

Report Information - Report Title: Zinc Industry Weekly Report - Report Date: December 5, 2025 - Report Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Report Industry Investment Rating - Not mentioned in the provided content Core Views Bullish Factors - Domestic zinc inventory has been continuously declining, with the inventory of zinc ingots in seven major regions decreasing by 0.38 million tons, indicating a tightening supply [3]. - Export orders have remained stable, and the improvement in weather has boosted terminal demand, supporting zinc prices [3]. Bearish Factors - The increase in LME zinc inventory indicates supply pressure, and weak consumption has suppressed zinc prices [3]. - Galvanizing enterprises in northern China have reduced their operating rates due to environmental protection restrictions, dragging down downstream demand [3]. Trading Advisory Views - It is recommended to pay attention to the impact of inventory changes and export data on short - term prices and operate with caution [3]. Summary by Directory Processing and Terminal Demand - Multiple data on the zinc processing industry, including the weekly market sentiment index, weekly inventory, and weekly output of galvanized coils, are presented in a seasonal chart format [5]. - Seasonal charts of net exports of galvanized sheets (strips), die - cast zinc alloys, color - coated sheets (strips), and zinc oxide are provided [6][8]. - Seasonal charts of real - estate - related data such as real - estate development investment, engineering progress, sales area, and land transaction area are shown [11][13][15]. - Seasonal charts of infrastructure fixed - asset investment (excluding rural households) in different sectors are presented [16]. Supply and Supply - side Profit - Seasonal charts of zinc concentrate monthly import volume, SMM zinc ingot monthly output, China's zinc ingot monthly production plus import volume, and zinc concentrate raw material inventory days are provided [19][22][23][25]. - Charts showing the relationship between SMM import and domestic zinc concentrate weekly processing fees, refined zinc enterprise production profit and domestic zinc concentrate weekly processing fees, and LME and SHFE zinc inventory are presented [21][22][25][26]. Futures and Spot Market Review - Charts of domestic and international zinc price trends, Shanghai zinc main contract trading volume and open interest, LME zinc closing price and US dollar index, LME zinc premium and discount, and zinc ingot basis are presented [28][29][30][32][34][37].

Report Overview - Report Title: Copper Weekly Report - Date: December 5, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) 1. Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Copper prices are expected to fluctuate strongly in the short term, but there is a risk of a high - level correction. Supply shortages and macro - economic positives support prices, but high prices suppress actual demand. Attention should be paid to the battle at the 90,000 yuan/ton mark [4][5] - Fundamental factors include a significant outflow of copper inventory from LME Asian warehouses and US stockpiling needs, which exacerbate regional shortages and push up prices; the probability of the Fed cutting interest rates in December has risen to 87%, with a weaker US dollar and expectations of loose liquidity supporting the financial attributes of copper prices; domestic electrolytic copper social inventory has increased, downstream buyers show obvious high - price aversion, with weak restocking willingness and light spot transactions; refined copper processing fees fluctuate at a low level, and rising costs are expected to lead to a decline in the operating rates of copper rod and strip enterprises, dragging down demand [4] 3. Summary by Directory 3.1 Copper Futures Market Data (Weekly) - **Prices and Changes**: - The latest price of SHFE Copper Main Contract is 92,780 yuan/ton, with a weekly increase of 6.12% - The latest price of SHFE Copper Index - weighted is 92,725 yuan/ton, with a weekly increase of 6.12% - The latest price of International Copper is 83,390 yuan/ton, with a weekly increase of 5.87% - The latest price of LME Copper 3 - month is 11,434 US dollars/ton, with a weekly increase of 4.61% - The latest price of COMEX Copper is 536.2 US dollars, with a weekly increase of 3.86% [6] - **Positions and Changes**: - The position of SHFE Copper Main Contract is 236,494 lots, with a weekly increase of 18,237 lots - The position of SHFE Copper Index - weighted is 653,661 lots, with a weekly increase of 107,150 lots - The position of International Copper is 5,499 lots, with a weekly increase of 4,210 lots - The position of LME Copper 3 - month is 239,014 lots, with a weekly decrease of 38,282 lots - The position of COMEX Copper is 141,978 lots, with a weekly increase of 7,685 lots [6] - **Trading Volume**: - The trading volume of SHFE Copper Main Contract is 188,062 lots - The trading volume of SHFE Copper Index - weighted is 402,980 lots - The trading volume of International Copper is 11,403 lots - The trading volume of LME Copper 3 - month is 24,540 lots - The trading volume of COMEX Copper is 42,574 lots [6] 3.2 Copper Spot Market Data (Weekly) - **Spot Prices**: - The latest price of Shanghai Non - Ferrous 1 Copper is 91,585 yuan/ton, with a weekly increase of 4,185 yuan and a weekly increase rate of 4.79% - The latest price of Shanghai Wumaotrade is 91,400 yuan/ton, with a weekly increase of 4,040 yuan and a weekly increase rate of 4.62% - The latest price of Guangdong Southern Reserve is 91,370 yuan/ton, with a weekly increase of 3,980 yuan and a weekly increase rate of 4.55% - The latest price of Yangtze Non - Ferrous is 91,540 yuan/ton, with a weekly increase of 4,100 yuan and a weekly increase rate of 4.69% [10][11] - **Spot Premiums**: - Shanghai Non - Ferrous premium is 170 yuan/ton, with a weekly increase of 60 yuan and a weekly increase rate of 54.55% - Shanghai Wumaotrade premium is 110 yuan/ton, with a weekly increase of 45 yuan and a weekly increase rate of 69.23% - Guangdong Southern Reserve premium is 140 yuan/ton, with a weekly increase of 35 yuan and a weekly increase rate of 33.33% - Yangtze Non - Ferrous premium is 155 yuan/ton, with a weekly increase of 40 yuan and a weekly increase rate of 34.78% - LME Copper (spot/3 - month) premium is 50.44 US dollars/ton, with a weekly increase of 33.88 US dollars and a weekly increase rate of 204.59% - LME Copper (3 - month/15 - month) premium is 234.51 US dollars/ton, with a weekly increase of 68.26 US dollars and a weekly increase rate of 41.06% [11] 3.3 Copper Advanced Data (Weekly) - **Copper Import Profit and Loss**: The latest value is - 1,227.97 yuan/ton, with a weekly decrease of 367.03 yuan and a weekly decrease rate of 42.63% [12] - **Copper Concentrate TC**: The latest value is - 42.7 US dollars/ton, with a weekly decrease of 0.55 US dollars and a weekly decrease rate of 1.3% [12] - **Copper - Aluminum Ratio**: The latest value is 4.1251, with a weekly increase of 0.0734 and a weekly increase rate of 1.81% [12] - **Refined - Scrap Copper Price Difference**: The latest value is 5,510.64 yuan/ton, with a weekly increase of 1,966.81 yuan and a weekly increase rate of 55.5% [12] 3.4 Copper Inventory (Weekly) - **Warehouse Receipts and Inventories in China**: - SHFE Copper warehouse receipts total 30,936 tons, with a weekly decrease of 4,308 tons and a weekly decrease rate of - 12.22% - International Copper warehouse receipts total 4,929 tons, with a weekly decrease of 573 tons and a weekly decrease rate of - 10.41% - SHFE Copper inventory is 88,905 tons, with a weekly decrease of 9,025 tons and a weekly decrease rate of - 9.22% [18] - **LME Copper Inventory**: - LME Copper registered warehouse receipts are 98,500 tons, with a weekly decrease of 52,600 tons and a weekly decrease rate of - 34.81% - LME Copper cancelled warehouse receipts are 64,325 tons, with a weekly increase of 58,250 tons and a weekly increase rate of 958.85% - LME Copper inventory is 162,825 tons, with a weekly increase of 5,650 tons and a weekly increase rate of 3.59% [18][20] - **COMEX Copper Inventory**: - COMEX Copper registered warehouse receipts are 251,509 tons, with a weekly increase of 57,173 tons and a weekly increase rate of 29.42% - COMEX Copper unregistered warehouse receipts are 184,322 tons, with a weekly decrease of 39,008 tons and a weekly decrease rate of - 17.47% - COMEX Copper inventory is 435,831 tons, with a weekly increase of 18,165 tons and a weekly increase rate of 4.35% [20] - **Other Inventories**: - Copper mine port inventory is 67.4 million tons, with a weekly increase of 7.8 million tons and a weekly increase rate of 13.09% - Social inventory is 41.82 million tons, with a weekly increase of 0.43 million tons and a weekly increase rate of 1.04% [20] 3.5 Copper Mid - stream Production (Monthly) - **Refined Copper Production**: In October 2025, the monthly production was 1.204 million tons, a year - on - year increase of 8.9%. The cumulative production from January to October was 12.295 million tons, a year - on - year increase of 9.7% [23] - **Copper Products Production**: In October 2025, the monthly production was 2.004 million tons, a year - on - year decrease of 3.3%. The cumulative production from January to October was 20.124 million tons, a year - on - year increase of 5.9% [23] 3.6 Copper Mid - stream Capacity Utilization (Monthly) - **Copper Rod Capacity Utilization**: - The capacity utilization rate of refined copper rods in October 2025 was 56.2%, with a month - on - month decrease of 9.03% and a year - on - year decrease of 5.35% - The capacity utilization rate of scrap copper rods in October 2025 was 24.11%, with a month - on - month decrease of 1.26% and a year - on - year decrease of 1.69% [25] - **Copper Plate and Strip Capacity Utilization**: The capacity utilization rate of copper plates and strips in October 2025 was 63.84%, with a month - on - month decrease of 2.4% and a year - on - year decrease of 8.4% [25] - **Copper Bar Capacity Utilization**: The capacity utilization rate of copper bars in October 2025 was 50.13%, with a month - on - month decrease of 0.77% and a year - on - year increase of 0.1% [25] - **Copper Tube Capacity Utilization**: The capacity utilization rate of copper tubes in October 2025 was 52.57%, with a month - on - month decrease of 6.87% and a year - on - year decrease of 15.63% [25] 3.7 Copper Element Imports (Monthly) - **Copper Concentrate Imports**: In October 2025, the monthly import volume was 2.451487 million tons, a year - on - year increase of 6%. The cumulative import volume from January to October was 25.098307 million tons, a year - on - year increase of 8% [28] - **Anode Copper Imports**: In October 2025, the monthly import volume was 55,239 tons, a year - on - year decrease of 8%. The cumulative import volume from January to October was 633,067 tons, a year - on - year decrease of 15% [28] - **Cathode Copper Imports**: In October 2025, the monthly import volume was 279,944 tons, a year - on - year decrease of 22%. The cumulative import volume from January to October was 2,817,921 tons, a year - on - year decrease of 6% [28] - **Scrap Copper Imports**: In October 2025, the monthly import volume was 196,607 tons, a year - on - year increase of 7%. The cumulative import volume from January to October was 1,895,530 tons, a year - on - year increase of 2% [28] - **Copper Products Imports**: In October 2025, the monthly import volume was 440,000 tons, a year - on - year decrease of 13.5%. The cumulative import volume from January to October was 4,460,000 tons, a year - on - year decrease of 3.1% [28]