Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The UR2601 contract is expected to fluctuate in the range of 1600 - 1660 in the short - term [7] - The domestic urea market fluctuated narrowly at a low level this week. The average price of mainstream small and medium - sized particles in Shandong dropped by 20 yuan/ton week - on - week [8] - Recently, new urea plants in China have stopped production, and the output has decreased slightly. Next week, the probability of output increase is high. Agricultural demand has increased moderately, and industrial demand is tepid. The inventory may still show an increasing trend [8] 3. Summary by Directory 3.1 Week - on - Week Summary - Strategy suggestion: The UR2601 contract is expected to fluctuate in the range of 1600 - 1660 in the short - term [7] - Market review: The domestic urea market fluctuated narrowly at a low level this week. The average price of mainstream small and medium - sized particles in Shandong dropped to 1500 - 1560 yuan/ton, with an average price down 20 yuan/ton week - on - week [8] - Market outlook: New urea plants have stopped production, and the output has decreased slightly. Next week, the probability of output increase is high. Agricultural demand has increased moderately, and industrial demand is tepid. Inventory may still increase [8] 3.2 Futures Market - Futures price: The price of the main urea contract in Zhengzhou closed up with a weekly increase of 2.5% [11] - Inter - period spread: As of October 24, the UR 1 - 5 spread was - 77 [14] - Position analysis: Not detailed in the provided content - Futures warehouse receipts: As of October 24, there were 5407 urea warehouse receipts in Zhengzhou, a decrease of 887 from last week [23] 3.3 Spot Market - Domestic spot price: As of October 23, the mainstream price in Shandong was 1550 yuan/ton, down 10 yuan; the mainstream price in Jiangsu was 1550 yuan/ton, down 10 yuan [27] - Foreign spot price: As of October 23, the FOB price of urea in China was 360 US dollars/ton, with no change from last week [31] - Basis: As of October 23, the urea basis was - 88 yuan/ton, a decrease of 46 yuan/ton from last week [35] 3.4 Industry Chain - Upstream: As of October 22, the market price of Qinhuangdao thermal coal with 5500 kcal was 685 yuan/ton, up 10 yuan/ton from last week. As of October 23, the closing price of NYMEX natural gas was 3.29 US dollars/million British thermal units, up 0.29 US dollars/million British thermal units from last week [39] - Industry: As of October 23, the output of Chinese urea production enterprises was 127.79 tons, a decrease of 4.26 tons from the previous period, a week - on - week decrease of 3.23%; the capacity utilization rate was 78.03%, a decrease of 2.61% from the previous period. As of October 23, the sample inventory of Chinese urea ports was 21 tons, a week - on - week decrease of 23.6 tons, a decrease of 52.91%. As of October 22, the total inventory of Chinese urea enterprises was 163.02 tons, an increase of 1.48 tons from last week, a week - on - week increase of 0.92%. In September 2025, urea exports were 137.12 tons, a month - on - month increase of 72.12%; the average export price was 424.93 US dollars/ton, a month - on - month increase of 93.01% [42][45][48] - Downstream: As of October 23, the capacity utilization rate of compound fertilizers was 27.71%, a week - on - week increase of 3.53 percentage points. The weekly average capacity utilization rate of melamine in China was 48.30%, a decrease of 6.88 percentage points from last week [51]

Report Summary Core Viewpoint - This week, the port methanol market was weak, and the inland market declined. The overall domestic methanol production decreased due to more capacity losses from maintenance and production cuts than output from restored capacity. The inventory of domestic methanol enterprises decreased, while the port inventory increased slightly. In October, the expected sufficient imports may further raise the port inventory. The overall olefin industry's operation rate decreased this week, and it may continue to decline in the short term due to cost pressure and falling downstream prices. The MA2601 contract is expected to fluctuate in the range of 2240 - 2320 [7]. Industry Investment Rating - Not mentioned in the report. Summary by Directory 1. Week - on - Week Summary - **Market Review**: This week, the port methanol market was weak. The price in Jiangsu ranged from 2230 - 2300 yuan/ton, and in Guangdong from 2240 - 2270 yuan/ton. The inland methanol market declined. The price in the main production area of Ordos North Line ranged from 2010 - 2053 yuan/ton, and the receiving price in Dongying ranged from 2267 - 2277 yuan/ton [7]. - **Market Outlook**: Domestic methanol production decreased. The overall supply pressure was not significant, and the inventory of domestic methanol enterprises decreased. The port inventory increased slightly, and there is still a possibility of further increase in October. The olefin industry's operation rate decreased this week and may continue to decline in the short term [7]. - **Strategy Suggestion**: The MA2601 contract is expected to fluctuate in the range of 2240 - 2320 [7]. 2. Futures and Spot Markets - **Futures Market** - The price of the main contract of Zhengzhou methanol futures was flat this week, with a 0% change [10]. - As of October 24, the MA 1 - 5 spread was - 45 [14]. - As of October 24, the number of Zhengzhou methanol warehouse receipts was 14092, an increase of 2810 compared to last week [22]. - **Spot Market** - As of October 23, the mainstream price in East China's Taicang area was 2250 yuan/ton, a decrease of 30 yuan/ton compared to last week; the mainstream price in Northwest Inner Mongolia was 2012.5 yuan/ton, a decrease of 40 yuan/ton compared to last week. The price difference between East China and Northwest was 237.5 yuan/ton, an increase of 10 yuan/ton compared to last week [27]. - As of October 23, the CFR price of methanol at the Chinese main port was 261 dollars/ton, unchanged from last week. The price difference between Southeast Asia and the Chinese main port was 65 dollars/ton, a decrease of 1 dollar/ton compared to last week [32]. - As of October 23, the basis of Zhengzhou methanol was - 42 yuan/ton, a decrease of 50 yuan/ton compared to last week [36]. 3. Industry Chain Analysis - **Upstream** - As of October 22, the market price of Qinhuangdao thermal coal with 5500 kcal was 685 yuan/ton, an increase of 10 yuan/ton compared to last week. - As of October 23, the closing price of NYMEX natural gas was 3.29 dollars/million British thermal units, an increase of 0.29 dollars/million British thermal units compared to last week [39]. - **Industry** - As of October 23, China's methanol production was 1943465 tons, a decrease of 39690 tons compared to last week. The device capacity utilization rate was 85.65%, a decrease of 2.00% compared to last week [42]. - As of October 22, the inventory of Chinese methanol sample production enterprises was 36.04 tons, an increase of 0.05 tons compared to the previous period, a 0.13% increase. The sample enterprises' orders to be delivered were 21.57 tons, a decrease of 1.33 tons compared to the previous period, a 5.79% decrease. The total inventory of Chinese methanol ports was 151.22 tons, an increase of 2.08 tons compared to the previous data [48]. - In September 2025, China's methanol imports were 142.69 tons, a decrease of 18.92% compared to the previous month. From January to September 2025, the cumulative methanol imports were 966.67 tons, a decrease of 3.94% compared to the same period last year. As of October 23, the methanol import profit was - 6.62 yuan/ton, a decrease of 29.1 yuan/ton compared to last week [51]. - **Downstream** - As of October 23, the capacity utilization rate of domestic methanol - to - olefin devices was 91.44%, a decrease of 1.97% compared to last week [54]. - As of October 24, the domestic methanol - to - olefin on - paper profit was - 954 yuan/ton, an increase of 111 yuan/ton compared to last week [57]. 4. Option Market Analysis - Not mentioned in the report.

沪铅市场周报 供给增加需求不变，沪铅价格持续平稳 业 务 咨 询 研究员 添 加 客 服 :黄闻杰 期货从业资格号F03142112 期货投资咨询从业证书号Z0021738 关 注 我 们 获 取 更 多 资 讯 瑞达期货研究院 目录 「2025.10.24」 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 3 u 行情回顾：本周沪铅期货呈现震荡态势。沪期铅主力合约2511表现活跃，本周沪铅2511上涨3.43%。 本周在金九银十旺季带领下，沪铅需求增加，同时沪铅库存大幅下行背景下，沪铅价格大幅上行 u 行情展望：供应端,原生铅方面，尽管部分原生铅冶炼厂存有冲刺全年产销量的计划，但是10-11月 原生铅冶炼厂检修较多，预计原生铅产量仅小幅上升。再生铅方面，前期受770号文影响的冶炼厂 逐渐复产，不过目前原料库存水平不高，且北方地区进入供暖季，河北等地因环保要求对车辆运输 进行管控，再生铅企业的废料运输受到影响，预计再生铅产量回升幅度有限，短期内铅锭现货仍将 偏紧。铅价建议逢高布局空单。需求端，国庆及中秋假期影响结束后，铅酸蓄电池企业周度开工率 明显回升，进入传统消费旺季，汽车和电动自行车市场 ...

瑞达期货研究院 「2025.10.24」 红枣市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 取 更 多 资 讯 添加客服 「 周度要点小结」 未来交易提示： 关 注 我 们 获 业务咨询 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场及期股关联 1、现货价格2、消费端 3 行情回顾：本周郑枣主力合约价格下跌，周度跌幅约5.87%。 行情展望：受节气影响灰枣下树时间较去年提前，市场主要焦点在可供制作仓 单的货源为主。据 Mysteel 农产品调研数据统计，截止2025年10月23日红枣本 周36家样本点物理库存在9103吨，较上周增加94吨，环比减少1.04%，同比增加 109.22%，样本点库存小幅增加。新季红枣尚未集中下树，内地枣商已陆续前往 产区采购货源。部分商家积极订购新季原料，也有部分枣商采购部分陈货。目 前，和田、且末地区收购进度较快，新枣原料正在陆续下树并运输中，市场对 新货的接受度值得关注。后市供应端压力将逐渐显现，枣价继续回落概率加大。 关注新枣主流收购价格及质量情况。 策略建议：操作上，建议郑枣2601合约短期逢高抛空思路对 ...

「 2025.10.24」 纯碱玻璃市场周报 研究员:黄闻杰 期货从业资格号F03142112 期货投资咨询从业证书号Z0021738 关 注 我 们 获 取 更 多 资 讯 业 务 咨 询 添 加 客 服 瑞达期货研究院 目录 「 周度要点小结」 u 行情回顾：本周纯碱期货上涨1.65%，玻璃期货下跌0.27%，本周纯碱期货行情呈现出上行走势，本周 纯碱在减产预期下，整体呈现了小幅上行态势，玻璃由于库存增加，地产情绪低迷导致，整体维持底部 震荡。 u 行情展望：纯碱方面，供应端来看国内纯碱开工率下行，纯碱产量下行，现阶段国内纯碱开工率处于较 高水平且呈现上行趋势。从企业层面来看，部分企业因利润压缩以及设备维护需求，计划在下周进行短 停检修，这将对整体供应产生一定影响。需求端玻璃产线冷修数量不变，整体产量不变，依旧底部徘徊， 刚需生产迹象明显，利润回升，主要来自于现货价格上行，预计下周产量继续底部。当前光伏玻璃市场 走势平稳，对纯碱的整体需求暂无明显变化。不过，随着 "反内卷" 进程推进，后续光伏玻璃行业将 继续减产，对纯碱的需求将减弱 。本周国内纯碱企业库存增加，下游需求不畅，光伏玻璃产量下滑导致， 玻璃企 ...

瑞达期货研究院 「2025.10.24」 国债期货周报 风险偏好回升，债市偏弱震荡 研究员 廖宏斌 期货从业资格号 F30825507 期货投资咨询从业证号 Z0020723 关 注 我 们 获取更多资讯 资金面：本周央行公开市场逆回购8672亿元，逆回购到期7891亿元，累计实现净投放1981亿元。 本周央行净投放，DR007加权利率维持1.41%附近震荡。 总结：本周国债现券收益率集体走弱，到期收益率1-7Y上行0.1-1.5bp左右，10Y、30Y到期收益率分别上行2.3、1.2bp左右至1.84%、2.21%。 本周国债期货集体走弱，TS、TF、T、TL主力合约分别下跌0.04%、0.16%、0.27%、0.74%。 目录 1、行情回顾 2、消息回顾与分析 3、图表分析 4、行情展望与策略 周度要点总结 政策及监管：1、二十届四中全会公报发布。全会提出了"十五五"时期经济社会发展的主要目标：高质量发展取得显著成效，科技自 立自强水平大幅提高，进一步全面深化改革取得新突破，社会文明程度明显提升，人民生活品质不断提高，美丽中国建设取得新的重大 进展，国家安全屏障更加巩固；2、为贯彻落实党中央国务院决策部署 ...

瑞达期货研究院 「2025.10.24」 天然橡胶市场周报 研究员：林静宜 期货从业资格号F03139610 期货投资咨询证书号Z0021558 关 注 我 们 获 取 更 多 资 讯 业务咨询 添加客服 目录 3 行情回顾：本周天然橡胶市场利多因素集聚，胶价强势上涨。进口胶市场报盘上涨，贸易商轮换， 工厂备货情绪偏淡。期货盘面维持偏强震荡格局，国产天然橡胶现货报价随盘面跟涨。下游采购 意愿相对平淡，多以适量刚需补货为主，市场整体交投气氛一般，实际成交表现清淡。 行情展望：全球天然橡胶产区处于割胶期，云南产区割胶正常，原料供应尚可，受期现市场强劲 带动，原料收购价格保持坚挺；海南产区降水天气扰动持续，岛内割胶作业尚未恢复，新鲜胶水 产出稀少，当地橡胶加工厂实际原料可收购量较为有限，收胶意愿普遍不高。青岛港口总库存呈 现去库态势，保税库及一般贸易库均去库，一般贸易库去库幅度超预期。节后轮胎企业产能利用 率恢复，带动轮胎企业产能利用率明显提升，下游一般贸易库提货明显增加，叠加胶价下跌使得 下游补货情绪好转，仓库整体出库量大于入库量，总库存呈现为去库。需求方面，本周国内轮胎 企业排产多恢复至常规水平，带动整体产能利 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The lithium carbonate market is in a stage of increasing supply and demand with inventory reduction. The price of lithium carbonate may be supported. It is recommended to conduct short - term long trades at low prices with a light position and control risks [7][8]. 3. Summary by Relevant Catalogs 3.1 Weekly Highlights Summary - **Market Review**: The weekly line of the lithium carbonate main contract fluctuated strongly, with a change rate of +5.05% and an amplitude of 7.32%. As of the end of this week, the closing price of the main contract was 79,520 yuan/ton [7]. - **Macro Aspect**: The communiqué of the Fourth Plenary Session of the 20th Central Committee was released, setting the main goals for economic and social development during the "15th Five - Year Plan" period [7]. - **Fundamentals**: Overseas miners continue to support prices. The current demand of lithium salt plants is good, and the ore price rises with the lithium price. The smelters maintain a high production schedule, and the domestic lithium carbonate supply shows a stable growth trend. The downstream material factories have good production and order situations. The power battery benefits from the peak consumption season of the new energy vehicle industry, and the energy storage market also maintains a high growth rate. The domestic demand for lithium carbonate is strong, and the industrial inventory is gradually reduced [7]. - **Strategy Recommendation**: Conduct short - term long trades at low prices with a light position and control trading rhythm to manage risks [8]. 3.2 Futures and Spot Market - **Futures Price**: As of October 24, 2025, the closing price of the lithium carbonate main contract was 79,520 yuan/ton, a week - on - week increase of 3,820 yuan/ton. The near - far month spread was - 600 yuan/ton, a week - on - week decrease of 120 yuan/ton [14]. - **Spot Price**: As of October 24, 2025, the average price of battery - grade lithium carbonate was 75,400 yuan/ton, a week - on - week increase of 2,050 yuan/ton. The basis of the main contract was - 4,120 yuan/ton, a week - on - week decrease of 1,770 yuan/ton [20]. 3.3 Upstream Market - **Spodumene**: As of October 24, 2025, the average price of spodumene concentrate (6% - 6.5%) was 897 US dollars/ton, a week - on - week increase of 45 US dollars/ton. The spot exchange rate of the US dollar against the RMB was 7.1221, a week - on - week decrease of 0.04% [24]. - **Lepidolite**: As of the latest data, the average price of lepidolite (Li₂O: 2.0% - 3%) was 2,835 yuan/ton, a week - on - week increase of 112 yuan/ton. The average price of lithiophilite was 8,250 yuan/ton, a week - on - week increase of 700 yuan/ton [31]. 3.4 Industry Supply - **Imports and Exports**: As of September 2025, the monthly import volume of lithium carbonate was 19,596.9 tons, a decrease of 2,250.01 tons from August, a decline of 10.3%, and a year - on - year increase of 20.49%. The monthly export volume was 150.816 tons, a decrease of 218.09 tons from August, a decline of 59.12%, and a year - on - year decrease of 9.07% [34]. - **Production**: As of September 2025, the monthly output of lithium carbonate was 47,140 tons, an increase of 1,260 tons from August, an increase of 2.75%, and a year - on - year increase of 47.59%. The monthly operating rate was 43%, a month - on - month decrease of 5% and a year - on - year decrease of 32% [34]. 3.5 Downstream Demand - **Lithium Hexafluorophosphate**: As of October 24, 2025, the average price was 95,000 yuan/ton, a week - on - week increase of 16,000 yuan/ton. As of September 2025, the monthly output of electrolyte was 211,050 tons, an increase of 18,950 tons from August, an increase of 9.86%, and a year - on - year increase of 45.25% [38]. - **Lithium Iron Phosphate**: As of the latest data, the average price of lithium iron phosphate (power type) was 33,400 yuan/ton, with no week - on - week change. As of September 2025, the monthly output of lithium iron phosphate cathode materials was 246,300 tons, an increase of 6,300 tons from August, an increase of 2.63%, and a year - on - year increase of 35.93%. The monthly operating rate was 59%, a month - on - month increase of 2% and a year - on - year decrease of 1% [41]. - **Ternary Materials**: As of September 2025, the monthly output of ternary materials was 63,140 tons, a decrease of 2,720 tons from August, a decline of 4.13%, and a year - on - year increase of 15.56%. The monthly operating rate was 53%, a month - on - month decrease of 2% and a year - on - year decrease of 4%. As of the latest data, the prices of ternary materials 811 type, 622 type, and 523 type continued to strengthen [46]. - **Lithium Manganate**: As of September 2025, the monthly output of lithium manganate was 9,920 tons, a decrease of 410 tons from August, a decline of 3.97%, and a year - on - year decrease of 5.52%. As of the latest data, the average price of lithium manganate was 32,000 yuan/ton, with no week - on - week change [51]. - **Lithium Cobaltate**: As of the latest data, the average price of lithium cobaltate was 343,500 yuan/ton, a week - on - week increase of 17,000 yuan/ton. As of September 2025, the monthly output of lithium cobaltate was 15,080 tons, an increase of 100 tons from August, an increase of 0.67%, and a year - on - year increase of 103.23% [54]. - **New Energy Vehicles**: As of September 2025, the penetration rate of new energy vehicles was 46.09%, a month - on - month increase of 0.55% and a year - on - year increase of 7.52%. The monthly production was 1,617,000 vehicles, a month - on - month increase of 16.25%, and the monthly sales were 1,604,000 vehicles, a month - on - month increase of 14.98%. The cumulative export volume was 1.758 million vehicles, a year - on - year increase of 89.44% [56][61]. 3.6 Options Market - According to the option parity theory, the premium of the synthetic underlying is 0.23, presenting a positive arbitrage opportunity. Based on the performance of option at - the - money contracts and the fundamental situation, it is recommended to go long on volatility by constructing a long straddle option [66].

瑞达期货研究院 「2025.10.24」 铝类市场周报 预期向好库存去化，铝类或将有所支撑 研究员:陈思嘉 期货从业资格号 F03118799 期货投资咨询 从业证书号 Z0022803 关 注 我 们 获 取 更 多 资 讯 业务咨询 添加客服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「 周度要点小结」 电解铝：基本面供给端，氧化铝现货价格持续走弱，叠加国内宏观预期释放提振铝价，令电解铝冶炼利润增厚，生产 积极性提升。但由于在运行产能临近行业上限，故国内电解铝供给量增量有限仅小幅度。需求端，"十五五"规划改 善国内消费预期，叠加传统旺季带来的下游开工率转暖，令电解铝消费走强，铝锭库存去化，但需谨慎观测过高铝价 对下游需求的抑制作用。整体来看，沪铝基本面或处于供给小增、消费走强的阶段，产业库存去化、预期向好。 策略建议：沪铝主力合约轻仓逢低短多交易，注意操作节奏及风险控制。 3 行情回顾：沪铝震荡偏强，周涨跌幅+1.51%，报21225元/吨。氧化铝低位震荡，周涨跌+0.36%，报2810元/吨。 行情展望： 氧化铝：基本面原料端，铝土矿港口库存小幅回落，土矿供给受海外季节变化影 ...

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The Shanghai copper market may oscillate due to the current weak supply - demand situation and positive future expectations [6] - The fundamentals of Shanghai copper may be in a state of temporary supply - demand weakness, with industrial inventory accumulating, but domestic macro - control may gradually repair consumption expectations [6] - It is recommended to conduct light - position oscillating trades and control trading rhythm and risks [7] Summary by Relevant Catalogs 1. Week - on - Week Summary - The Shanghai copper main contract showed a slightly stronger weekly oscillation, with a weekly increase of 3.95% and an amplitude of 4.09%. The closing price of the main contract this week was 87,720 yuan/ton [6] - Internationally, the US federal government "shutdown" may lead to the suspension of the food - stamp program in November, affecting 42 million low - income people. Domestically, the Fourth Plenary Session of the 20th Central Committee put forward the main goals for economic and social development during the "14th Five - Year Plan" period [6] - Fundamentally, copper concentrate supply is continuously tight, TC fees are in the negative range, and the ore price is firm. Domestic smelting capacity has decreased due to many maintenance operations and tight raw - material supply, and refined - copper supply has slightly tightened. High copper prices have suppressed downstream demand, and currently, downstream buyers mainly make purchases based on rigid demand and are highly watchful [6] 2. Futures and Spot Market - **Futures Contracts**: As of October 24, 2025, the basis of the Shanghai copper main contract was - 1,300 yuan/ton, a week - on - week decrease of 1,685 yuan/ton. The main - contract price was 87,720 yuan/ton, a week - on - week increase of 3,330 yuan/ton, and the position volume was 275,672 lots, a week - on - week increase of 60,099 lots [12] - **Spot Prices**: As of October 24, 2025, the average spot price of 1 electrolytic copper was 86,420 yuan/ton, a week - on - week increase of 690 yuan/ton. The inter - month spread of the Shanghai copper main contract was 20 yuan/ton, a week - on - week decrease of 20 yuan/ton [15] - **Premiums and Positions**: As of the latest data this week, the average CIF premium of Shanghai electrolytic copper was 52 US dollars/ton, a week - on - week increase of 2 US dollars/ton. The net position of the top 20 in Shanghai copper was a net short of - 24,968 lots, a decrease of 14,125 lots from last week [24] 3. Option Market - As of October 24, 2025, the short - term implied volatility of the Shanghai copper main - contract at - the - money option fell to around the 75th percentile of historical volatility. As of this week's data, the put - call ratio of Shanghai copper option positions was 0.7873, a week - on - week increase of 0.0388 [29] 4. Upstream Situation - **Mining Quotes and Processing Fees**: The quotes of upstream copper mines have strengthened, and the processing fees of blister copper have weakened. As of the latest data this week, the quote of copper concentrate in the main domestic mining area (Jiangxi) was 76,710 yuan/ton, a week - on - week increase of 520 yuan/ton. The processing fee of southern blister copper this week was 900 yuan/ton, a week - on - week decrease of 100 yuan/ton [30] - **Imports and Price Differences**: As of September 2025, the monthly import volume of copper ore and concentrates was 2.5869 million tons, a decrease of 172,000 tons from August, a decline of 6.23% and a year - on - year increase of 6.24%. As of the latest data this week, the price difference between refined and scrap copper (tax - included) was 3,425.14 yuan/ton, a week - on - week increase of 483.43 yuan/ton [36] - **Global Production and Inventories**: As of August 2025, the global monthly production of copper concentrates was 1.937 million tons, a decrease of 5,000 tons from July, a decline of 0.26%. The global capacity utilization rate of copper concentrates was 77.5%, a decrease of 0.4% from July. As of the latest data, the inventory of copper concentrates in seven domestic ports was 468,000 tons, a week - on - week decrease of 41,000 tons [41] 5. Industry Situation - **Refined - Copper Production**: As of September 2025, the monthly production of refined copper in China was 1.266 million tons, a decrease of 35,000 tons from August, a decline of 2.69% and a year - on - year increase of 11.25%. As of August 2025, the global monthly production of refined copper (primary + recycled) was 2.451 million tons, a decrease of 8,000 tons from July, a decline of 0.33%. The capacity utilization rate of refined copper was 81%, a decrease of 0.5% from July [44] - **Refined - Copper Imports**: As of September 2025, the monthly import volume of refined copper was 374,075.583 tons, an increase of 66,847.36 tons from August, an increase of 21.76% and a year - on - year increase of 7.44%. As of the latest data this week, the import profit and loss amount was - 1,608.72 yuan/ton, a week - on - week decrease of 1,053.96 yuan/ton [50][51] - **Social Inventories**: As of the latest data this week, the total LME inventory decreased by 300 tons from last week, the total COMEX inventory increased by 1,917 tons from last week, and the SHFE warehouse receipts decreased by 7,778 tons from last week. The total social inventory was 189,800 tons, a week - on - week decrease of 5,700 tons [54] 6. Downstream and Application - **Copper Products**: As of September 2025, the monthly production of copper products was 2.232 million tons, an increase of 10,000 tons from August, an increase of 0.45%. The monthly import volume of copper products was 490,000 tons, an increase of 60,000 tons from August, an increase of 13.95% and a year - on - year increase of 2.08% [60] - **Applications**: As of August 2025, the cumulative year - on - year growth rates of power and grid investment completion were 0.54% and 13.99% respectively. As of September 2025, the year - on - year growth rates of the monthly production values of washing machines, air conditioners, refrigerators, freezers, and color TVs were 5.6%, - 3%, - 2%, - 6.7%, and 3.9% respectively [64] - **Real Estate and Integrated Circuits**: As of September 2025, the cumulative completed investment in real - estate development was 6.770571 trillion yuan, a year - on - year decrease of 13.9% and a month - on - month increase of 12.26%. The cumulative production of integrated circuits was 381.88702 billion pieces, a year - on - year increase of 8.6% and a month - on - month increase of 11.37% [71] 7. Overall Situation - According to ICSG statistics, as of August 2025, the global supply - demand balance of refined copper showed an oversupply, with a monthly value of 47,000 tons. According to WBMS statistics, as of August 2025, the cumulative global supply - demand balance was 256,500 tons [76][77]