建信期货铜期货日报-20250730

Report Information - Report Title: Copper Futures Daily Report [1] - Date: July 30, 2025 [2] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3] Industry Investment Rating - Not provided Core View - The copper price is expected to face correction pressure, but there are still fundamental supporting factors, and the correction is still a buying opportunity [10] Summary by Directory 1. Market Review and Operation Suggestions - The Shanghai copper continued to trade below the trend line. Overnight, Chile hoped to exempt copper tariffs, leading to a sharp drop in US copper, and the COMEX - LME spread narrowed to 2542. As August 1 approaches, the market's attention to tariff details and implementation time has increased. The US - EU trade agreement boosted the US dollar and risk sentiment, with a neutral - weak impact on copper prices [10] - The spot copper showed resistance to decline, with the price dropping 50 to 79,025, and the spot premium rising 15 to 110. The near - month contract shifted to a slight contango structure. The LME 0 - 3 contango was 54.34. The LME market continued to be suppressed by US copper tariffs, but the overall intraday decline of Shanghai copper and London copper was limited, and the market was in a wait - and - see mood [10] - There are many macro - level events currently, such as the resumption of trade talks between Chinese and US senior officials, the end - of - month Fed interest - rate meeting, the end - of - month Chinese Politburo meeting, and US non - farm payroll data, increasing market uncertainty [10] 2. Industry News - Due to agricultural exports in Africa, the shipping industry has entered a peak congestion period, with ship bookings delayed until late August. There has been a certain degree of inventory accumulation of electrolytic copper at the Durban and Dar es Salaam ports [11] - Fuye Group plans to establish a subsidiary, Jiangxi Hefang Environmental Technology Co., Ltd., in Jiangxi Hengfeng Economic Development Zone to build a project with an annual production capacity of 180,000 tons of recycled electrolytic copper [11] - On July 28, Chilean Finance Minister Mario Marcel said that the 50% tariff on copper has a chance of being exempted [11]