Group 1 - Copper prices are expected to have upward momentum despite short-term adjustments, driven by tight raw material supply and anticipated supply-demand gaps in Q4 2023 and 2024 [1] - The U.S. monetary policy is shifting towards easing, with expectations of further rate cuts, which will lower the holding costs for copper [1] - Supply disruptions in major copper mines, such as the Grasberg mine in Indonesia and Codelco in Chile, are leading to significant production declines, impacting overall copper supply [1][2] Group 2 - The processing fees for copper concentrate are expected to remain weak, with potential reductions in production for smelting companies that rely on low self-owned mine ratios [2] - Global copper inventories have increased recently, but there are expectations for long-term consumption improvements driven by sectors like renewable energy and traditional industries [3] - The overall copper market is characterized by reduced supply and increasing demand, indicating a potential for inventory depletion in the coming quarters [3]
沪铜 仍然具备多头配置价值
Qi Huo Ri Bao·2025-10-14 00:59