金融属性增强 铜价或重归震荡格局

Group 1 - Since the end of June, copper prices have experienced two phases of fluctuation, initially rising and then declining, with a peak of 80,990 yuan/ton and a subsequent low of 77,700 yuan/ton by July 15 [1] - The Ministry of Industry and Information Technology announced a growth stabilization plan for key industries, which positively impacted copper prices, although further details are awaited [1] - The Federal Reserve is expected to hold three meetings in the second half of the year, with macroeconomic factors likely to have a significant impact on copper prices, leaning towards a bullish outlook [1] Group 2 - CSPT decided not to set a reference standard for copper concentrate processing fees for Q3 2025 due to unsustainable distortions in the current spot market [2] - New copper mines are expected to contribute to copper concentrate supply in the second half of the year, potentially alleviating tight supply conditions [2] - Domestic smelters are anticipated to face a peak maintenance period from September to November, which may affect production capacity [2] Group 3 - The U.S. copper tariff policy has been finalized, leading to increased volatility in U.S. copper prices, but it is unlikely to cause significant changes in global copper inventory structures [3] - The cable industry is currently in a low season, and high temperatures and rainy weather are disrupting production for some cable companies [3] - The automotive market is experiencing a consumption peak, with production and sales expected to accelerate [3] Group 4 - Overall, the financial attributes of copper prices are strengthening, and a return to a fluctuating market pattern is anticipated [4]