铜：国内现货高升水，价格坚挺

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The domestic spot copper has a high premium, and the price is firm [1] Group 3: Summary of Copper Fundamental Data Futures - The closing price of the Shanghai Copper main contract yesterday was 79,780, with a daily increase of 0.47%, and the night - session closing price was 79,660, with a decrease of 0.15%. The closing price of the LME Copper 3M electronic disk yesterday was 9,875, with a decrease of 0.31% [1] - The trading volume of the Shanghai Copper main contract yesterday was 78,481, an increase of 7,420 compared with the previous day, and the position was 180,644, an increase of 6,818. The trading volume of the LME Copper 3M electronic disk was 10,513, a decrease of 12,738, and the position was 269,000, an increase of 742 [1] - The inventory of Shanghai Copper was 20,200, a decrease of 1,212. The inventory of LME Copper was 158,875, a decrease of 25, and the cancellation warrant ratio was 8.29%, an increase of 0.08% [1] Spot - The LME copper premium was - 86.27, a decrease of 6.01 compared with the previous day. The bonded - area warehouse receipt premium was 55 (unchanged), and the bonded - area bill of lading premium was 58, a decrease of 1 [1] - The price of Shanghai 1 bright copper was 73,700, an increase of 300. The spot - to - futures near - month spread was 235, a decrease of 15 [1] - The spread between the near - month contract and the consecutive - first contract was - 10, a decrease of 40. The cost of the inter - period arbitrage of buying the near - month contract and selling the consecutive - first contract was 200 [1] - The spread between Shanghai copper spot and LME cash was 91, a decrease of 100. The spread between the Shanghai Copper consecutive - third contract and LME 3M was - 213, a decrease of 146 [1] - The spread between Shanghai copper spot and Shanghai 1 recycled copper was 1,637, an increase of 176. The import profit and loss of recycled copper was 700, an increase of 486 [1] Group 4: Summary of Macro and Industry News Macro - China's S&P manufacturing PMI in August rebounded to 50.5, and the new order growth rate was the fastest since March. New orders promoted the recovery of manufacturing production, the decline of new export business slowed down, procurement activities and inventory increased, and business confidence also improved [1] - Boosted by the recovery of domestic demand, the Eurozone's manufacturing PMI in August rose above the boom - bust line for the first time in three years, with strong rebounds in Germany and France [1] Industry - Freeport's Indonesian branch will complete the maintenance of the Gresik factory in early September [1] - Canadian mining company Hudbay Minerals has resumed operations at its Snow Lake mine in Manitoba since the authorities lifted the mandatory evacuation order on August 22 [3] - Ivanhoe Mines said that the drainage of the eastern section of the Kamoa - Kakula copper mine, the largest copper producer in Africa, will enable the mine to resume production capacity early next year [3] - Chile's copper production in July was 445,214 tons, a slight month - on - month increase of 5% and a limited year - on - year increase [3] Group 5: Copper Trend Intensity - The copper trend intensity is 1, and the value range of trend intensity is an integer in the [-2, 2] interval [3]