Core Insights - The current spot price for 1 electrolytic copper in Shanghai is quoted at 84,955.00 CNY/ton, which is at a discount of 465.0 CNY/ton compared to the futures main contract price of 85,420.00 CNY/ton [1] - The futures market saw the main copper contract close at 85,420.00 CNY/ton on October 22, with a slight decline of 0.13%, and a trading volume of 112,173 lots [2] - The London Metal Exchange (LME) reported a copper registered warehouse receipt of 127,575 tons, with a decrease in canceled receipts by 525 tons, leading to a total copper inventory of 136,850 tons, down by 300 tons [3] Market Analysis - According to a report from Jianxin Futures, the domestic copper market is experiencing inventory accumulation while overseas markets are seeing inventory depletion. Although domestic demand during the peak season is slightly below expectations, the fundamentals remain supportive due to reduced production from domestic smelters caused by raw material shortages and positive demand outlooks from the power grid and automotive sectors towards the end of the year [4]
基本面支撑逻辑不改 铜价维持偏强震荡
Jin Tou Wang·2025-10-22 08:43