新能源等需求旺盛 沪铜期价仍有上行空间

Market Overview - As of November 14, 2025, the main contract for copper futures on the Shanghai exchange closed at 86,900 CNY/ton, with a weekly increase of 1.11% [1] - The trading range for the week was between 85,750 CNY/ton and 87,920 CNY/ton, with a reduction in open interest by 14,843 contracts compared to the previous week [1] Inventory and Supply Chain - During the week of November 7-14, domestic primary copper rod enterprises saw a 2.35% increase in raw material inventory, while finished product inventory decreased by 1.63% [2] - The increase in raw material inventory was attributed to companies replenishing stocks after a price correction and prioritizing inventory reduction due to concentrated order releases [2] - As of November 13, the total inventory of copper in bonded zones in Shanghai and Guangdong reached 115,200 tons, with a slight increase from previous measurements [2] Institutional Insights - Dongwu Futures noted that the end of the U.S. government shutdown has improved market risk appetite, benefiting commodities, while the October employment data in the U.S. reinforced expectations for a rate cut in December [3] - The copper industry sentiment index in China showed a slight increase, and demand for copper is expected to improve due to the global AI computing power demand [3] - Hualian Futures highlighted ongoing disruptions in copper production in Indonesia, Chile, and Africa, leading to heightened supply tightness, while the demand from the renewable energy sector remains strong [3] - The traditional consumption sectors are under pressure, with a significant decline in real estate investment, but the demand from the new energy sector is expected to support copper prices [3]