铜：等待美联储利率决议，价格震荡

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The copper price is fluctuating as the market awaits the Fed's interest rate decision this week [1] 3. Summary by Relevant Catalogs 3.1 Copper Fundamental Data - Futures Prices: The closing price of the Shanghai copper main - contract yesterday was 86,980, with a daily decline of 1.57%, and the night - session closing price was 87,910, with a night - session increase of 1.07%. The LME copper 3M electronic - disk closing price was 11,030, with an increase of 0.26% [1] - Trading Volume and Open Interest: The trading volume of the Shanghai copper index yesterday was 396,365, a decrease of 808 from the previous day, and the open interest was 595,121, a decrease of 18,012. The trading volume of the LME copper 3M electronic - disk was 21,767, a decrease of 2,744, and the open interest was 323,000, an increase of 2,194 [1] - Futures Inventory: The Shanghai copper futures inventory was 35,846, an increase of 454. The LME copper inventory was 134,575, a decrease of 1,400, and the注销仓单比 was 8.30%, an increase of 0.97% [1] - Spreads: The LME copper spread increased by 2.13 to - 23.84 compared with the previous day. The Shanghai 1 bright copper price decreased by 100 to 78,900. The spot - to - near - month futures spread decreased by 10 to - 55 [1] 3.2 Macro and Industry News - Macro: The market is waiting for the Fed's interest rate decision this week. The U.S. Treasury yield remained almost unchanged, and the U.S. dollar index fluctuated lower. The "15th Five - Year Plan" proposes to take extraordinary measures to promote key core technology breakthroughs in key areas [1] - Industry: Antofagasta's copper production in Q3 2025 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 guidance range. Indonesia may allow Amman Mineral international to export copper concentrates. Trump overturned a pollution - prevention regulation on copper smelters. Anglo American's Q3 copper production was 184,000 tons, higher than the same period last year, but the production in the first three quarters decreased by 9% year - on - year to 526,000 tons [1][3] 3.3 Trend Intensity - The copper trend intensity is 1, indicating a neutral trend [3]