建信期货铜期货日报-20250718

Report Information - Report Title: Copper Futures Daily Report [1] - Date: July 18, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Core View - The Shanghai copper market continued its weak and volatile trend. The macro - environment showed an external weakness and internal strength situation. There was no obvious change in the fundamentals. The copper price was in a volatile range as both the macro and fundamental factors provided no clear directional guidance [11]. Summary by Directory 1. Market Review and Operation Suggestions - The Shanghai copper market continued to show a weak and volatile trend. The U.S. dollar index fluctuated sharply due to Trump's remarks about the Fed chair. Domestically, the premier's meeting on strengthening the domestic market circulation policy made related industrial products rise. The inventory in China decreased by 0.43 million tons this week, the 08 - 09 spread of the Shanghai copper market turned to contango, and the lme0 - 3 contango expanded to 64. The support from the spot market in both Shanghai and London continued to weaken [11]. 2. Industry News - Rio Tinto's copper production in Q2 2025 was 22.9 million tons, with a year - on - year increase of 15% and a quarter - on - quarter increase of 9%. Its annual production guidance for 2025 was 78 - 85 million tons, and the output was expected to reach the upper limit of the guidance [12]. - The brass rod market was under pressure. Small enterprises mainly produced continuous casting rods for the real - estate sector, facing insufficient demand and production cuts. Large enterprises had more orders for extrusion rods, but small enterprises had difficulty entering this field due to high production thresholds [12].