Report Information - Report Title: Copper Futures Daily Report [1] - Date: August 8, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Industry Investment Rating - No relevant information provided. Core View - The Shanghai copper continued to fluctuate, with the main contract still running below the trend line. The spot price rose 150 to 78,500, and the premium rose 10 to 110. The spot import loss slightly widened to 167. The domestic social inventory increased by 1.27 million tons this week compared with last Thursday, and the LME inventory accumulation speed slowed down. The dollar index continued to fall, and the domestic anti - involution trading logic emerged again. It is expected that the copper price will fluctuate strongly [10]. Summary by Directory 1. Market Review and Operation Suggestions - The Shanghai copper continued to fluctuate, with the main contract below the trend line. The monthly spread and position changes on the disk were small. The spot price rose 150 to 78,500, and the premium rose 10 to 110. The spot import loss slightly widened to 167. Imported goods continued to flow into the domestic market to supplement the social inventory. The domestic social inventory increased by 1.27 million tons this week compared with last Thursday. After a large - scale inventory accumulation on Tuesday, the LME inventory accumulation speed slowed down, reducing the short - term pressure on copper prices. However, there are still expectations of inventory accumulation at home and abroad, and combined with the off - season of downstream demand, the short - term spot is still weak. With the continuous decline of the dollar index and the emergence of the domestic anti - involution trading logic, the copper price is expected to fluctuate strongly [10]. 2. Industry News - In July 2025, China imported 2.56 million physical tons of copper ore concentrates, a year - on - year increase of 18.24% and a month - on - month increase of 8.95%. From January to July, China's cumulative imports of copper ore concentrates were 17.314 million physical tons, a cumulative year - on - year increase of 8.04% [11]. - PT Merdeka Copper Gold Tbk announced the latest drilling results of its Tujuh Bukit copper project in East Java, Indonesia. A 248 - meter - long mineralized zone with a grade of 0.4 g/t gold and 0.3% copper was found in the GMD - 25 - 043 drill hole in the Gua Macan target area, further confirming the project's growth potential [11].
建信期货铜期货日报-20250808
Jian Xin Qi Huo·2025-08-08 02:08