铜：市场情绪偏多，支撑价格

Report Overview - The report focuses on the copper market, providing fundamental data, macro and industry news, and trend strength analysis [1][3] 1. Report Industry Investment Rating - Not provided 2. Report's Core View - The market sentiment for copper is bullish, which supports the price. The copper trend strength is 1, indicating a relatively positive outlook [1][3] 3. Summary by Relevant Catalogs 3.1 Copper Fundamental Data - Futures Prices: The closing price of the Shanghai copper main contract was 88,370 with a daily increase of 0.74%, and the night - session closing price was 88,130 with a decrease of 0.27%. The LME copper 3M electronic disk closed at 11,001 with a 0.49% increase [1] - Trading Volume and Open Interest: The trading volume of the Shanghai copper index was 397,173, an increase of 95,594 from the previous day, and the open interest was 613,133, an increase of 29,521. The trading volume of the LME copper 3M electronic disk was 24,511, a decrease of 1,154, and the open interest was 321,000, an increase of 1,413 [1] - Futures Inventory: The Shanghai copper inventory was 35,392, an increase of 321, and the LME copper inventory was 135,975, a decrease of 375. The LME copper注销仓单比 was 7.34%, a decrease of 0.25% [1] - Price Spreads: The LME copper spread decreased by 14.42 to - 25.97, the Shanghai 1 bright copper price increased by 1,000 to 79,000, and other spreads also showed corresponding changes [1] 3.2 Macro and Industry News - Macro News: Wang Yi talked with US Secretary of State Rubio, hoping both sides work towards each other for high - level interactions. The US reached a trade agreement with Southeast Asian countries, but details are insufficient [1] - Industry News: In September 2025, China's refined copper imports were 374,075.58 tons, a 21.76% month - on - month increase and 7.44% year - on - year increase; waste copper imports were 184,079.92 tons, a 2.67% month - on - month increase and 14.84% year - on - year increase; copper ore and concentrate imports were 2.5869 million tons, a 6.24% month - on - month decrease and 6.43% year - on - year increase; refined copper exports were 26,434 tons, an 81.47% year - on - year increase and 28.15% month - on - month decrease. Antofagasta's Q3 2025 copper production was 161,800 tons, a 1% quarter - on - quarter increase, and the annual production is expected to be at the lower end of the 660,000 - 700,000 - ton range. Indonesia may allow Amman Mineral international to export copper concentrates. Trump overturned a pollution - control regulation on copper smelters [1][3] 3.3 Trend Strength - The copper trend strength is 1, within the [-2, 2] range, indicating a relatively positive market sentiment [3]