铜：美元调整，限制价格回落
Guo Tai Jun An Qi Huo·2025-09-29 02:53

Report Summary 1) Report Industry Investment Rating - Not provided in the content. 2) Core View of the Report - The adjustment of the US dollar restricts the decline of copper prices. The copper trend strength is 0, indicating a neutral view [1][3]. 3) Summary According to Relevant Catalogs [Fundamental Tracking] - Futures Price: The closing price of the Shanghai Copper main contract was 82,470, with a daily decline of 0.29%, and the night - session closing price was 82,380, with a decline of 0.11%. The LME Copper 3M electronic disk closed at 10,205, with a decline of 0.69% [1]. - Trading Volume and Open Interest: The trading volume of the Shanghai Copper main contract was 174,625, a decrease of 160,268 from the previous day, and the open interest was 229,050, a decrease of 9,473. The trading volume of the LME Copper 3M electronic disk was 20,104, a decrease of 22,262, and the open interest was 298,000, an increase of 2,051 [1]. - Inventory: The Shanghai Copper inventory was 26,557, a decrease of 1,105, and the LME Copper inventory was 144,400, a decrease of 25. The LME Copper注销仓单 ratio was 7.15%, a decrease of 0.74% [1]. - Price Spreads: There were various price spreads such as LME copper basis, spot - to - futures spreads, and cross - period spreads, with different changes compared to the previous day [1]. [Macro and Industry News] - Macro: US PCE inflation met expectations, giving the Fed room to address the cooling labor market. The central bank will implement a moderately loose monetary policy to promote economic growth and price stability [1]. - Industry: Freeport declared force majeure at the Grasberg mine in Indonesia, with its Q3 2025 comprehensive sales expected to be about 4% lower for copper and 6% lower for gold than the July 2025 estimate. The China Non - Ferrous Metals Industry Association Copper Branch opposes "involution - style" competition in the copper smelting industry. Foran Mining's McIlvenna Bay zinc - copper project in Saskatchewan is expected to start commercial production in mid - Q2 next year [1][3].