Nanhua Futures(SH:603093) Nan Hua Qi Huo·2025-06-27 07:55Report Overview - Report Title: Nanhua Futures Copper Risk Management Daily Report - Date: June 27, 2025 - Research Team: Nanhua Non-ferrous Metals Research Team 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The copper market's fundamentals remain stable. There are both利多 factors, such as the easing of Sino-US tariff policies and reduced inventory levels, and利空 factors, including the volatility of tariff policies, reduced global demand due to tariff policies, the Fed maintaining high - interest rates, the US dollar index hovering at a low level, and an increased expectation of Fed rate cuts [3][4][5][6][8]. 3. Summary by Relevant Catalogs Copper Price and Volatility - The latest copper price is 78,890 yuan/ton, with a monthly price range forecast of 73,000 - 80,000 yuan/ton. The current volatility is 8.61%, and the current volatility's historical percentile is 6.9% [2]. Copper Risk Management Suggestions Inventory Management - For high - level finished product inventory and concerns about price drops, with a long spot exposure, it is recommended to sell 75% of the Shanghai Copper main futures contract at around 82,000 yuan/ton and sell 25% of the CU2508C80000 call option when volatility is relatively stable [2]. Raw Material Management - For low - level raw material inventory and concerns about price increases, with a short spot exposure, it is recommended to buy 75% of the Shanghai Copper main futures contract at around 75,000 yuan/ton [2]. Copper Futures and Spot Data Futures Data - The latest price of the Shanghai Copper main contract is 78,890 yuan/ton, with no daily change. The Shanghai Copper continuous - one contract rose 210 yuan to 78,890 yuan/ton, a 0.27% increase. The Shanghai Copper continuous - three contract was 78,520 yuan/ton with no change. The LME Copper 3M contract rose 169 dollars to 9,896 dollars/ton, a 1.74% increase. The Shanghai - London ratio was 7.95, up 0.05 or 0.63% [7]. Spot Data - The latest prices of Shanghai Non - ferrous 1 copper, Shanghai Wumaom, Guangdong Nanchu, and Yangtze Non - ferrous were 78,940 yuan/ton, 78,740 yuan/ton, 78,860 yuan/ton, and 78,950 yuan/ton respectively, with daily increases of 360 yuan (0.46%), 180 yuan (0.23%), 270 yuan (0.34%), and 210 yuan (0.27%) [9]. Copper Warehouse Receipt and Inventory Data Warehouse Receipt Data - The total Shanghai Copper warehouse receipt was 23,696 tons, up 2,226 tons or 10.37%. The total international copper warehouse receipt was 1,601 tons, down 302 tons or - 15.87% [14]. Inventory Data - The total LME copper inventory was 93,075 tons, down 400 tons or - 0.43%. The COMEX copper inventory was 206,135 tons, up 7,730 tons or 3.9% [16][18]. Copper Import and Processing Data - The copper import profit and loss was - 2,812.05 yuan/ton, down 289.76 yuan or 11.49%. The copper concentrate TC was - 43.13 dollars/ton, up 0.67 dollars or - 1.53% [19].