建信期货铜期货日报-20250619

Group 1: Report Overview - Report Name: Copper Futures Daily Report [1] - Date: June 19, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Investment Rating - Not mentioned Group 3: Core View - The short - term macro - face remains weak, but the copper fundamentals are strongly supported, and the judgment of buying on dips is maintained [11] Group 4: Market Review and Operation Suggestions - Shanghai copper fluctuated and rose. Although Trump's consideration of striking Iran drove up crude oil prices, the market's risk - aversion sentiment did not rise significantly, gold continued to weaken, and most other industrial products rose [11] - The Fed is expected to keep interest rates unchanged in its June rate decision, but it is difficult to have an obvious dovish statement under the influence of rising crude oil prices and tariff issues [11] - On the spot side, the domestic premium declined, and the concern of warehouse receipt outflow made traders rush to sell. The back structure between months on the disk narrowed due to rising copper prices and the off - season of downstream demand [11] - LME market inventory turned to a reduction of 200 tons again, but Singapore warehouses continued to accumulate 1625 tons. The LME0 - 3back widened to 122, and the spot shortage in the LME market intensified, opening the domestic spot export window further [11] - The current global copper prices are Shanghai copper < LME copper < COMEX copper, and domestic copper supplies are expected to flow to the LME market, so it is difficult for the domestic spot to be significantly loose [11] Group 5: Industry News - Zijin Mining Group Co., Ltd. and Ajlan & Bros Mining Company's new joint - venture enterprise case entered the publicity period from June 16 to June 25, 2025. The joint - venture will engage in exploration, potential mining, operation, management, and sales of minerals in Saudi Arabia [12] - The new orders in the enameled wire industry have continued to decline recently. The industry has entered the off - season, and the demand side is sluggish, especially the demand from the home appliance port [12] - India's Adani copper smelter with an annual capacity of 500,000 tons投料 again on June 16, but there is a risk of cancellation of its long - term copper concentrate supply contract with South America due to previous delays [13]