建信期货铜期货日报-20250606

Group 1: Report Overview - Report Name: Copper Futures Daily Report - Date: June 6, 2025 - Research Team: Non-ferrous Metals Research Team - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [1][2] Group 2: Investment Rating - Not provided in the report Group 3: Core Viewpoint - The internal and external fundamentals are still favorable for copper prices. It is recommended to buy copper on dips [7] Group 4: Market Review and Operation Suggestions - Shanghai copper fluctuated in a narrow range, with the total open interest decreasing by 4,040 lots to 552,000 lots. The spread structure on the disk continued to narrow, and the spot premium also fell to 90. The inventory is expected to continue to decline, and the low inventory will support the absolute price and spread of Shanghai copper. The LME inventory is also continuously declining, and the spot in the LME market is also becoming tight. It is recommended to buy copper on dips [7] Group 5: Industry News - The International Energy Agency (IEA) predicts that by 2035, the copper supply gap will reach 30% in the "stated policy scenario", and this gap will widen to 35% in the "accelerated production scenario" and exceed 40% in the "net-zero emissions scenario". The main reasons for the copper supply gap are the decline in ore grade, the increase in capital costs, the limited resource discovery, and the long delivery time [10] - Canadian mining companies Hudbay Minerals and SSR Mining have temporarily suspended operations at their respective mines due to approaching wildfires. Hudbay has suspended operations at its Snow Lake mine in Manitoba, which produced 7.7 million pounds of copper in Q1, accounting for 7.2% of the company's total output. It has also suspended exploration activities in the Flin Flon and Snow Lake areas [10][11] - On June 4, the review meeting of the copper concentrate bonded blending project at the Jingtang Port Area of Tangshan Port was held. The acceptance team unanimously decided to pass the on-site acceptance. After the project is fully put into operation, it can carry out 800,000 tons of copper concentrate blending per year [11]