建信期货铜期货日报-20250612

1. Report Industry Investment Rating - The report maintains a bullish view on Shanghai copper [8] 2. Core View of the Report - The tight spot market situation in both Shanghai and LME copper is expected to continue, providing support for copper prices [8] 3. Summary by Related Catalogs 3.1 Market Review and Operation Suggestions - Shanghai copper fluctuated and rose, once again surpassing 79,000. The domestic spot market remained tight, and the spot premium increased instead of decreasing as the delivery approached, but the monthly spread on the futures market narrowed [8] - The LME market continued to reduce inventories. On Wednesday, LME inventories decreased by 950 tons to 119,000 tons, and the LME 0 - 3 back structure widened to 84. It is expected that LME copper inventories will continue to decline, and the 0 - 3 back structure is also expected to widen, which may open the window for domestic refined copper exports. Coupled with the decline in domestic refinery production, the further narrowing space of the Shanghai copper back structure is limited [8] 3.2 Industry News - From January to March 2025, Jinchuan International's copper production increased by about 6.8% year - on - year to 13,914 tons, mainly due to the unstable power supply at the Ruashi mine. Cobalt production decreased by about 86.6% year - on - year to 71 tons, and copper sales decreased by about 9.5% year - on - year to 11,957 tons. The company continued to be suspended from trading [9] - On June 10, JinkoSolar held a press conference for its TOPCon technology and Tiger Neo 3.0 commercial solution white paper. The Tiger Neo 3.0 product is planned for mass production in the second half of the year, with a power efficiency of 670W/24.8%. The combined production capacity of Tiger Neo 2.0 and Tiger Neo 3.0 by the end of 2025 will be 40 - 50GW+. The company's R & D deputy general manager said that TOPCon batteries and their upgraded technologies still have broad efficiency improvement space [9] - In May, LME's Russian copper inventories decreased by 27,350 tons, including 14,800 tons of "Category 2" Russian copper, which British companies and citizens are prohibited from buying according to UK sanctions. This transaction highlights the tight situation in the LME copper market, where overall inventories have dropped to the lowest level in nearly two years [10]