铜行业周报：9月全球铜精矿产量同比增速放缓，10月空调产量同比增长48%

Investment Rating - The report maintains a "Buy" rating for the copper industry [7]. Core Viewpoints - The macroeconomic impact is diminishing, and supply-demand dynamics are becoming more significant, supporting an upward trend in copper prices [1][4]. - As of November 22, 2024, SHFE copper price is 73,760 CNY/ton, down 0.1% week-on-week, while LME copper price is 8,973 USD/ton, up 0.02% week-on-week [1][21]. - The report anticipates that copper prices will continue to rise due to tightening supply and improving demand [4]. Summary by Sections 1. Copper Prices and Stocks - This week, copper stocks in China decreased by 1.8%, while LME copper stocks increased by 0.2% [2][9]. - As of November 15, 2024, global copper stocks across three major exchanges totaled 491,000 tons, the highest in nearly six years, down 1.8% week-on-week [2][9]. 2. Supply - The report notes a slowdown in global copper concentrate production growth, with September 2024 global copper concentrate production at 1.925 million tons, up 2.3% year-on-year [2][51]. - Domestic copper concentrate production in China for September 2024 was 147,000 tons, up 4.5% year-on-year [2][51]. - The TC spot price as of November 22, 2024, is 11.40 USD/pound, up 0.7 USD/pound week-on-week, remaining at a historical low since data collection began in September 2007 [3][63]. 3. Domestic Demand - The cable industry’s operating rate increased by 0.9 percentage points this week, with October household air conditioner production up 48% year-on-year, totaling 14.06 million units [3][80]. - The cable sector accounts for approximately 31% of domestic copper demand, with the operating rate for cable enterprises at 90.30% as of November 21, 2024 [3][81]. 4. Investment Recommendations - The report recommends investing in Zijin Mining, Luoyang Molybdenum, Western Mining, and Jincheng Mining, while also suggesting to pay attention to Minmetals Resources [4][6].