建信期货铜期货日报-20250924

Report Information - Report Title: Copper Futures Daily Report [2] - Date: September 24, 2025 [3] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [4] Report Core View - Shanghai copper showed a weak and volatile trend. The new Fed governor called for aggressive interest rate cuts, while colleagues advocated caution. The US dollar index first rose and then fell. Gold and US stock indices reached new highs. Both safe - haven and risk assets rose. Overseas assets traded on the expectation of further significant Fed rate cuts, but A - shares and industrial products were weak. The spot copper price dropped by 215 to 80010, and the spot premium decreased by 5 to 55. The slow downstream stocking before the holiday put pressure on the premium. High copper prices inhibited downstream pre - holiday stocking sentiment, but the weak US dollar and potential pre - holiday restocking in China provided strong support for Shanghai copper prices. It is expected that copper prices will show a strong and volatile trend before the holiday. Considering the release of US non - farm payroll data in September during the holiday, it is recommended to control positions before the holiday [8][11] Industry News Summary Project Expansion - The US Trade and Development Agency (USTDA) provided funds to Metalex Africa Zambia, a subsidiary of Metalex Commodities, for a feasibility study to expand copper - cobalt extraction and processing facilities in Zambia. The funds will be used to assess the feasibility of adding 25,000 tons of copper - cobalt concentrate production capacity per year at the Kazozu mine and help establish cooperation with US buyers [12] Project Progress - Foran Mining reported that the construction progress of its McIlvenna Bay copper - zinc project in Saskatchewan was 56% complete, still planning for the first production in mid - 2026 without exceeding the budget. In August, 597 meters of underground development were carried out, setting a monthly record. The surface ore stockpile exceeded 112,000 tons, and major surface projects also made progress [12] Export Situation - In August 2025, China's total wire and cable exports were 261,000 tons, including 123,400 tons of copper cables. In September, due to the resilient foreign demand for copper cables, the export volume is expected to remain at a high level [13]