建信期货铜期货日报-20250520

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The Shanghai copper price is expected to continue its weak performance in the short - term. The high monthly spread of Shanghai copper remains, and the short - term accumulation of social inventory has little pressure on the market. However, the potential negative impact from the narrowing C - L spread in the overseas market is increasing, and the weaker - than - expected Chinese economy has also led to a bearish market sentiment [7]. 3. Summary by Directory 3.1行情回顾与操作建议 - The main contract of Shanghai copper declined and closed with a doji star, the total open interest decreased, and the price spread structure of the market remained at 440. The spot premium slightly dropped to 440. Due to the weak exchange ratio, the premiums for bonded warehouse receipts and bills of lading of US dollars copper remained unchanged. The social inventory increased by 0.72 tons compared with last Thursday. The COMEX - LME spread narrowed to 690, and the transfer of copper inventory to COMEX is compressing the C - L spread, while the delivery pressure in the LME market is slowing down [7]. 3.2行业要闻 - Antofagasta's Zaldivar copper mine in Chile has obtained environmental approval to continue using the existing water source until 2028, allowing the company to advance research to extend the mine's lifespan to 2051. The project will maintain the current ore mining rate of 260,000 tons per day and copper production of 176,000 tons per year [10]. - According to a CITIC Securities research report, from 2024 to Q1 2025, the profitability of the metal industry increased steadily, with the gold, nickel - cobalt - tin - antimony, rare - earth magnetic materials, and copper sectors leading the industry. The valuation of the metal industry is currently at a relatively low level, and the valuation repair of the industry is worth looking forward to. The industry's dividend return continues to improve, and some stocks have a dividend yield of over 5%. In the second half of 2025, attention should be paid to the allocation opportunities in the gold, rare - earth, copper, aluminum, tin, and tungsten sectors [10]. - Anhui Xinhuid copper Co., Ltd.'s annual 100,000 - ton copper products project's environmental assessment approval decision was publicly announced. The project is located in Chizhou Economic and Technological Development Zone, Anhui Province, covering an area of about 140 mu. After completion, it will have an annual production capacity of 100,000 tons of copper products [11].