Core Insights - The current spot price for 1 electrolytic copper in Shanghai is reported at 86,795.00 CNY/ton, showing a discount of 45.0 CNY/ton compared to the futures main price of 86,840.00 CNY/ton [1] - The futures market closed with the main contract for copper at 86,840.00 CNY/ton, reflecting a slight increase of 0.16%, with a trading volume of 76,287 lots [2] Industry Overview - A survey of 61 domestic refined copper rod production enterprises indicates a total capacity of 15.84 million tons, with an expected production of 756,000 tons in October 2025, representing a month-on-month decrease of 10.99% [3] - A survey of 74 sample enterprises in the recycled copper rod sector shows a total capacity of 8.19 million tons, with an anticipated production of 167,700 tons in October 2025, reflecting a month-on-month decline of 1.81% [3] - The increase in copper prices in October has notably suppressed downstream demand, leading to a significant decline in refined copper rod production [3] Market Analysis - According to a report from Guangzhou Futures, the nearing end of the U.S. government shutdown has reduced macroeconomic risks, but uncertainties in economic data continue to create speculation regarding potential interest rate cuts in December [4] - The copper market is experiencing a transmission of raw material shortages to the smelting sector due to mining accidents, with current prices showing bottom support; however, a breakthrough above previous highs requires additional positive drivers and substantial capital inflow [4] - The market is expected to trend within a range, indicating a potential for fluctuations rather than a clear upward trajectory [4]
美政府停摆接近尾声 铜价倾向于区间震荡运行
Jin Tou Wang·2025-11-12 08:53