机构：下游高景气度有望推升铜需求量

Group 1 - The copper price at the London Metal Exchange (LME) reached an all-time high, with delivery orders showing the largest single-day increase since 2013 [1] - The main copper futures contract on the Shanghai Futures Exchange surpassed 90,000 yuan per ton, also marking a historical peak [1] - Everbright Securities believes that the tightness in the mining sector is being transmitted to electrolytic copper, maintaining a positive outlook for further increases in copper prices [1] Group 2 - Dongfang Securities suggests that domestic copper smelting "anti-involution" self-discipline measures may accelerate, potentially alleviating supply-demand conflicts between the mining and smelting sectors [2] - Several large copper mines are expected to resume production, with mid-term mining output growth likely to exceed smelting expansion, indicating upward potential for smelting fees [2] - The recent announcement by Freeport-McMoRan to restart large-scale production at the Grasberg mine in Q1 2026, with expected copper output reaching 726,000 tons by 2027, supports this outlook [2] - High demand from downstream sectors is anticipated to boost copper consumption, with the global upgrade of power grids and the rise of clean energy and AI data centers expected to drive new demand for copper [2]