建信期货铜期货日报-20250826

Report Information - Report Title: Copper Futures Daily Report [1] - Date: August 26, 2025 [2] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3] Report Summary Investment Rating - No investment rating information provided Core View - Copper prices rose with increasing volume, hitting a new high in August. With the release of a potential interest - rate cut signal by Powell at the global central bank meeting and the relaxation of housing purchase restrictions in Shanghai, the market's bullish sentiment was high. In the short term, supported by a stronger fundamental outlook and growing expectations of a Fed interest - rate cut, copper prices are expected to break through the range, and attention should be paid to the previous high resistance level [10] Section Summaries 1. Market Review and Operation Suggestions - Copper prices soared on high volume, reaching an August high. The LME was closed, and COMEX copper edged up. The market's bullish sentiment was strong. The monthly spread structure on the futures market slightly narrowed. Spot prices rose by 565 to 79,395, while the spot premium dropped by 10 to 140. Social inventories decreased by 0.87 million tons to 12.3 million tons compared to last Thursday, which supported the spot premium [10] 2. Industry News - Codelco announced that the Andes Norte and Diamante mines of the El Teniente copper mine in Chile have been approved to resume production by the mining regulator Sernageomin after a suspension due to an accident on July 31 [11] - According to the ICSG report, after adjusting for inventory changes in Chinese bonded warehouses, the supply surplus in June was 42,000 tons, down from 58,000 tons in May. In June, the global copper market had a supply surplus of 36,000 tons, down from 79,000 tons in May. Global refined copper production in June was 2.43 million tons, and consumption was 2.4 million tons [11] - Luoyang Molybdenum's 2025 H1 financial report showed that the company's mining revenue reached a record high of 39.402 billion yuan, accounting for about 42% of total operating revenue, up 11 and 28 percentage points from the same periods in 2024 and 2023 respectively. The proportion of copper - related mining revenue also reached a record high. With the help of the TFM and KFM projects, the company produced 353,600 tons of copper in H1, a year - on - year increase of 12.68%, and achieved about 56.1% of the annual production target. The copper mining revenue was 25.718 billion yuan, accounting for about 65% of the total mining revenue, up 1 and 31 percentage points from the same periods in 2024 and 2023 respectively [11]