Core Viewpoint - The copper futures market is experiencing fluctuations due to a combination of factors, including low processing fees, seasonal demand decline, and geopolitical influences, which are creating structural contradictions in supply and demand dynamics [1][2][3] Market Performance - As of June 27, 2025, the main copper futures contract closed at 79,920 yuan/ton, with a weekly price change of 2.23% [1] - The trading range for the week was between 78,480 yuan/ton and 80,060 yuan/ton, with an increase in open interest by 48,823 contracts compared to the previous week [1] Inventory Levels - As of June 26, 2025, total copper inventory in Shanghai was 15,560 tons, an increase of 1,527 tons from the previous day, while inventories in Guangdong, Jiangsu, and Zhejiang also saw increases, leading to a total inventory of 23,696 tons, up by 2,226 tons [2] Industry Challenges - Executives in the global metals industry are facing rising capital expenditures due to inflation and infrastructure development, which are increasing the costs of new copper mines [2] - The low processing fees for copper mines are beginning to affect the smelting sector, with production cuts spreading from smaller smelters to larger enterprises, although significant large-scale reductions have not yet occurred [3] Demand and Pricing Outlook - The copper market is currently constrained by a combination of tight supply from the mining sector and a seasonal decline in demand, leading to cautious purchasing sentiment among downstream consumers [3] - Despite low inventory levels and easing geopolitical tensions providing some support, the overall acceptance of higher prices by downstream consumers remains limited [3] - Recent price increases in copper have led to a widening premium in the spot market, but attention is needed on the downstream demand's ability to sustain these higher prices [3]
大规模减产尚未形成 沪铜期货盘面维持窄幅震荡
Jin Tou Wang·2025-06-30 00:21