建信期货铜期货日报-20250822

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Copper prices are oscillating weakly. The main contract closed at 78,540. The spot price rose 30 to 78,800, and the spot premium fell 30 to 160. The spot import window remains open, with a profit of 230 yuan/ton. Short - term demand is in the transition between peak and off - peak seasons, and inventories are low, so the fundamentals still support copper prices. The market is cautious before important events, lacking obvious bullish factors, and copper prices are expected to continue narrow - range oscillations, with continued attention on the 78,000 support level [10] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Copper prices are oscillating weakly. The main contract closed at 78,540. The spot price rose 30 to 78,800, and the spot premium fell 30 to 160. The spot import window is open with a profit of 230 yuan/ton. The short - term demand is in the transition between peak and off - peak seasons, and the low inventory provides support for copper prices. However, due to the approaching important events, the market is cautious and lacks obvious bullish factors, so copper prices are expected to continue narrow - range oscillations, and the 78,000 support level should be continuously monitored [10] 3.2 Industry News - Chile's state - owned copper company Codelco will cut its 2025 copper production guidance due to a production halt at the El Teniente copper mine. The refined copper production in this division is expected to decrease by 33,000 metric tons, the copper sales profit will decline by 233 million US dollars, and the economic loss caused by the production cut is 340 million US dollars [11] - Jianfa Shenghai will invest 12.15 billion yuan (Jianfa holds 51%) and is set to start production in May 2026, with an annual production of 600,000 tons of cathode copper, 16.84 tons of gold, 1,121 tons of silver, 2.36 million tons of by - product sulfuric acid, 600,000 tons of industrial - grade phosphoric acid for new - energy batteries, 100,000 tons of iron phosphate, and 2 million tons of compound fertilizer [11] - First Quantum has launched a 1.25 - billion - dollar expansion project at its Kansanshi copper mine in Zambia [11]