基本面转好，盘面偏强震荡

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The fundamentals of copper are still tight with resilient demand. The inventory of the Shanghai Futures Exchange is decreasing due to the improvement in peak - season demand and increased demand before the double festivals. The copper market is expected to show a strong - side oscillatory trend [1] 3. Summary by Relevant Catalogs Strategy Analysis - The Shanghai copper futures opened higher and moved higher, showing a strong - side oscillation during the day. The leaders of China and the US had a phone call, and Trump said the call was "very productive", with plans for a meeting during the APEC and a visit to China early next year. After the Fed's interest - rate cut, the US dollar index has shifted upward. As of September 19, the spot TC was - 40.64 dollars per dry ton and RC was - 4.05 cents per pound, remaining weakly stable. Many smelters had maintenance in September, and small and medium - sized smelters are under profit pressure. The supply of refined copper will remain tight. The SMM China electrolytic copper output in August was 1.1715 million tons, a 0.24% decrease from the previous month and a 15.59% increase year - on - year. Affected by policies, the supply of scrap copper in September will significantly decline, and the electrolytic copper output in September is expected to drop sharply. The downstream demand has marginally improved, but the overall purchasing sentiment is cautious [1] Periodic and Spot Market Conditions - Futures: The Shanghai copper futures opened higher and moved higher, with a strong - side oscillation during the day, and the closing price was 80,160 yuan per ton. Spot: The spot premium in East China was 60 yuan per ton, and in South China was 70 yuan per ton. On September 19, 2025, the LME official price was 9,982 dollars per ton, and the spot premium was - 78 dollars per ton [3] Supply Side - As of September 19, the latest data showed that the spot TC was - 40.64 dollars per dry ton, and the spot RC was - 4.05 cents per pound [6] Fundamental Tracking - Inventory: The SHFE copper inventory was 29,900 tons, a decrease of 1,945 tons from the previous period. As of September 18, the copper inventory in the Shanghai Free Trade Zone was 76,400 tons, remaining the same as the previous period. The LME copper inventory was 147,700 tons, a decrease of 900 tons from the previous period. The COMEX copper inventory was 315,200 short tons, an increase of 2,364 short tons from the previous period [10]