铜：美联储降息，限制价格下跌

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The Fed's interest rate cut restricts the decline of copper prices. The signals given by the Fed are mixed, causing major assets to fluctuate. [1] 3. Summary by Related Catalogs 3.1 Copper Fundamental Data - Futures Prices: The closing price of the Shanghai Copper main contract was 80,560, with a daily decline of 0.38%, and the night - session closing price was 79,880, with a decline of 0.84%. The LME Copper 3M electronic disk closed at 9,974, with a decline of 1.41% [1]. - Trading Volume and Open Interest: The trading volume of the Shanghai Copper main contract was 61,934, a decrease of 8,713 compared to the previous day, and the open interest was 179,082, an increase of 4,068. The trading volume of the LME Copper 3M electronic disk was 27,540, an increase of 10,725, and the open interest was 293,000, an increase of 982 [1]. - Inventory: The Shanghai Copper inventory was 33,291, a decrease of 401, and the LME Copper inventory was 149,775, a decrease of 1,175. The LME Copper cancellation warrant ratio was 9.65%, a decrease of 0.82% [1]. - Spreads: The LME copper spread was - 71.13, a decrease of 11.87 compared to the previous day. The Shanghai 1 bright copper price was 74,000, a decrease of 200 [1]. 3.2 Macro and Industry News - Macro News: The Fed cut interest rates by 25 basis points as expected, admitted the weakening of the labor market, and mentioned rising inflation. The dot - plot shows two more rate cuts are expected this year and one next year. Powell said the call for a 50 - basis - point rate cut at this meeting was not high [1]. - Industry News: Peru's copper production in July increased by 2% year - on - year to 228,007 tons. In the first seven months of 2025, Peru's copper production was about 1.56 million tons, a year - on - year increase of 3.3%. The Grasberg copper mine in Indonesia remains shut down for rescue operations. Panama will negotiate with First Quantum Minerals on the resumption of the CP copper mine. In July, the copper production of Codelco and Escondida increased year - on - year. China's copper production increased slightly in August and is expected to decline in September [1][3]. 3.3 Trend Intensity - The trend intensity of copper is 0, indicating a neutral trend [3]