Hong Yuan Qi Huo·2025-08-29 09:13Report Industry Investment Rating - Not provided Core View - Fed's September rate - cut expectation is rising, there's an expectation of a shift from the traditional domestic consumption off - season to the peak season, and the global total inventory of electrolytic copper shows an initial decline, which may lead to a relatively strong performance of Shanghai copper prices. It is recommended that investors lightly go long on the main contract on dips, and pay attention to the support and resistance levels of Shanghai copper, London copper, and US copper [2]. Summary by Relevant Data Shanghai Copper Futures Data (2025 - 08 - 28) - Closing price: 78,930, down 260 from the previous day [2] - Trading volume: 73,403 lots, an increase of 15,585 lots from the previous day [2] - Open interest: 168,997 lots, a decrease of 6,000 lots from the previous day [2] - Inventory: 21,232 tons, down 55 tons from the previous day [2] - SMM 1 electrolytic copper average price: 79,616, down 355 from the previous day [2] - Shanghai copper basis: 260, down 95 from the previous day [2] Other Price and Spread Data - LME 3 - month copper futures closing price: 9,818, up 62.5 from the previous day [2] - Total registered and cancelled warehouse receipt inventory: 0, a decrease of 157,950 from the previous day [2] - LME copper futures 0 - 3 - month contract spread: - 82.79, up 7.14 from the previous day [2] - LME copper futures 3 - 15 - month contract spread: - 167.53, up 2.04 from the previous day [2] - Shanghai - London copper price ratio: 8.0393, down 0.08 from the previous day [2] - COMEX 9 copper futures active contract closing price: 4.5445, down 0.0025 from the previous day [2] - Total inventory weight: 275,226 tons, an increase of 3,121 tons from the previous day [2] Industry News - Hudbay Minerals restarted the operation of its Snow Lake mine in Manitoba on August 22 [2] - European high - quality copper exports are restricted, and Sino - US tariff negotiation uncertainty affects scrap copper imports. Domestic electrolytic copper and scrap copper price difference is negative, and the scrap copper import window is closed. Some copper smelters are shut down or have production cuts, while some new projects are under construction or planned to be put into production [2] - The weekly processing fee of crude copper in northern (southern) China remains flat (decreases), and the operating rate of domestic scrap - produced anode plate capacity decreases compared with last week. Domestic smelters' crude copper maintenance capacity in August may decrease month - on - month, and the production (import) volume of domestic crude copper in August may increase [2] - Some domestic electrolytic copper production projects are planned to be put into production in the future, and some overseas copper smelters have maintenance or production - cut situations. African agricultural exports delay ship bookings, which may lead to a decrease in domestic electrolytic copper imports in August. The import window opening may increase imports, and the social inventory of domestic electrolytic copper increases [2]