Report Industry Investment Rating - Not provided in the given content Core View - The price of copper remains firm while the US dollar is under pressure [1] Summary According to Related Contents Copper Fundamental Data - The closing price of the Shanghai Copper main contract was 80,540 with a daily decline of 0.12%, and the night - session closing price was 80,900 with a night - session increase of 0.45%. The closing price of the LME Copper 3M electronic disk was 10,010 with a daily increase of 0.67% [1] - The trading volume of the Shanghai Copper main contract was 101,958, a decrease of 11,491 compared to the previous day, and the open interest was 223,122, a decrease of 861. The trading volume of the LME Copper 3M electronic disk was 16,830, a decrease of 5,645, and the open interest was 285,000, an increase of 1,136 [1] - The futures inventory of Shanghai Copper was 25,097, an increase of 324, and that of LME Copper was 90,625, a decrease of 625. The cancellation warrant ratio of LME Copper was 36.33%, an increase of 1.29% [1] - The LME copper premium was 116.3, a decrease of 65.39 compared to the previous day. The Shanghai 1 bright copper price was 73,900, an increase of 600. The spot - to - near - month futures spread was 120, a decrease of 80 [1] Macro and Industry News - Macro: The US ADP employment in June decreased by 33,000, the first monthly decline in more than three years. UBS and Citigroup warned that the cooling of the job market may accelerate interest rate cuts. Trump said that the US and Vietnam reached a trade agreement, with the US imposing a 20% tariff on Vietnamese goods and 40% on transshipped goods, and Vietnam "fully opening the market" to the US [1] - Micro: Western Mining's Yulong Copper Mine Phase III project was approved, and the copper production scale will increase to 30 million tons per year. The negotiation result of TC/RC between Antofagasta and Chinese smelters in 2025 was set at 0.0 dollars per thousand tons and 0.0 cents per pound, far exceeding market expectations. More than 33,000 metric tons of copper concentrate have been shipped from the closed Cobre Panama copper mine. Chile's copper production in May was 486,574 tons, a month - on - month increase of 4.9% and a year - on - year increase of 9.4% [1][3] Trend Intensity - The copper trend intensity is 1, with the range of trend intensity being integers in the [-2, 2] interval, where -2 represents the most bearish and 2 represents the most bullish [3]
铜：美元承压，价格坚挺
Guo Tai Jun An Qi Huo·2025-07-03 02:32