建信期货铜期货日报-20251013

Group 1: Report Overview - Report Name: Copper Futures Daily Report [1] - Date: October 13, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Investment Rating - The report does not mention the industry investment rating. Group 3: Core View - The copper market is in a context of mine - end production cuts spreading to the smelting end. Short - term domestic demand is suppressed by high copper prices. The previous highs are expected to still suppress copper prices in the short term, but considering the continuous capital enthusiasm and long - term favorable factors in fundamentals and macro - aspects, copper prices are expected to oscillate and consolidate at high levels [10]. Group 4: Market Review and Operation Suggestions - Market Performance: Both Shanghai copper and LME copper reached near previous highs and then fell back. Shanghai copper's total open interest increased by 13,557 lots. The contango structure of the nearby contracts narrowed. Spot copper prices rose by 940 to 86,680, and the spot premium rose by 5 to 20. The domestic - to - overseas price ratio dropped below 8, and the spot import loss exceeded 1,000 yuan [10]. - Market Outlook: Short - term price suppression from previous highs exists, but with continuous capital enthusiasm and long - term favorable factors, copper prices will oscillate at high levels [10]. Group 5: Industry News - Codelco's copper production in August dropped to 93,400 tons due to an accident at the El Teniente mine, which then stopped production [11]. - Zijin Copper's 200,000 - ton/year cathode copper expansion project entered the environmental assessment acceptance publicity stage. The Kamoa - Kakula project in Africa is about to be put into operation, and Zijin Copper plans to import anode plates from it [11]. - About 6.4 million tons of copper production capacity is stagnant or suspended due to ESG issues, equivalent to over 25% of global mineral production [11].