铜：缺乏驱动，价格波幅收窄

Report Summary 1) Report Industry Investment Rating - No investment rating provided in the report. 2) Core View of the Report - The copper market lacks driving forces, and price fluctuations are narrowing [1]. 3) Summary by Related Catalogs Fundamental Tracking - Futures Data: The closing price of the Shanghai copper main contract was 79,060 with a daily increase of 0.14%, and the night - session closing price was 79,080 with a night - session increase of 0.03%. The LME copper 3M electronic disk closed at 9,760 with a decrease of 0.17%. Trading volumes of both Shanghai and LME copper decreased, while positions increased [1]. - Inventory Data: Shanghai copper inventory was 24,560, an increase of 126 from the previous day, and LME copper inventory was 155,800, a decrease of 50. The LME copper注销仓单 ratio was 7.40%, an increase of 0.31% [1]. - Spread Data: There were various changes in spreads, such as the LME copper spread and the spread between Shanghai copper spot and futures [1]. Macroeconomic and Industry News - Macroeconomic News: In China, July economic data showed that social consumer goods retail, industrial added value, fixed - asset investment, and real - estate sales were all lower than the previous month. The central bank will implement a moderately loose monetary policy. In the US, July retail sales increased by 0.5% month - on - month, but consumer confidence unexpectedly declined in August [1]. - Industry News: In June, Chile's copper and copper ore exports to China declined due to lower production, but rebounded in July. In July 2025, China's imports of unwrought copper and copper products were 480,000 tons, a 9.6% increase year - on - year. Codelco's copper production in June increased by 17% year - on - year to 120,200 tons. PT Smelting's maintenance period was extended due to equipment failure, and Codelco's El Teniente copper smelter restarted [1][3]. Trend Intensity - The copper trend intensity is 0, indicating a neutral trend [3].