Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The copper market shows that both domestic and overseas inventories have decreased, and prices remain firm. The trend strength of copper is 1, indicating a neutral to slightly positive outlook [1][3]. Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - Futures Prices: The closing price of the Shanghai copper main contract was 79,190 with a daily decline of 0.63%, and the night - session closing price was 79,420 with a night - session increase of 0.29%. The LME copper 3M electronic trading price was 9,847 with a daily increase of 0.38% [1]. - Trading Volume and Open Interest: The trading volume of the Shanghai copper main contract was 68,825, a decrease of 19,070 from the previous day, and the open interest was 175,488, an increase of 5,727. The trading volume of the LME copper 3M electronic trading was 15,548, a decrease of 1,393, and the open interest was 269,000, an increase of 522 [1]. - Futures Inventories: The Shanghai copper inventory was 22,917, a decrease of 830, and the LME copper inventory was 155,000, a decrease of 975. The LME copper注销仓单比 was 7.58%, a decrease of 0.45% [1]. - Spreads: The LME copper spread decreased by 6.44, the bonded - zone warehouse receipt premium and bill of lading premium both increased by 2. The Shanghai 1 bright copper price increased by 100. The spot - to - near - month futures spread decreased by 10, and the near - month to consecutive - first - month contract spread increased by 40 [1]. 2. Macro and Industry News - Macro News: Trump announced to "fire" the current Federal Reserve governor and said that interest - rate cuts would become the majority view of the Fed. He also claimed to have completed trade agreements with the EU, Japan, and South Korea, and planned to impose "high" furniture tariffs. The US will no longer directly fund Ukraine [1]. - Micro News: Australia's Hillgrove Resources discovered new high - grade copper/gold resources in its Kanmantoo underground mine in South Australia, which may increase the mine's metal resources. Codelco lowered its copper production target for this year to 134 - 137 tons, down from the previous target of 137 - 140 tons. The US government proposed to include copper, silicon, silver, etc. in the critical minerals list. Xingye Yinxi plans to process copper - tin ores in its second - phase project [1][3].
铜:内外库存减少,价格坚挺
Guo Tai Jun An Qi Huo·2025-08-27 05:53