铜：LME库存减少，限制价格回落

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The reduction in LME copper inventory restricts the decline in copper prices [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices: The closing price of the Shanghai copper main - contract was 87,300 with a daily increase of 0.33%, and the night - session closing price was 86,970 with a decline of 0.38%. The LME copper 3M electronic - trading price was 10,819 with a decline of 0.67% [1]. - Trading Volume and Open Interest: The trading volume of the Shanghai copper index was 275,726, a decrease of 168,902 from the previous day, and the open interest was 585,875, a decrease of 7,728. The trading volume of the LME copper 3M electronic - trading was 15,544, a decrease of 5,193, and the open interest was 334,000, a decrease of 11,593 [1]. - Inventory: The Shanghai copper inventory was 40,066, an increase of 356, and the LME copper inventory was 133,600, a decrease of 1,025. The LME copper注销仓单 ratio was 8.33%, a decrease of 1.63% [1]. - Spreads: The LME copper spread increased by 6.95 to - 14.44. The Shanghai copper spot - to - futures near - month spread decreased by 5 to - 5, and the near - month contract to the consecutive - first contract spread decreased by 60 to - 40 [1]. 3.2 Macroeconomic and Industry News - Macroeconomic News: The US October ISM manufacturing PMI dropped to 48.7%, contracting for eight consecutive months. The euro - zone October manufacturing PMI was 50, with Germany and France in continuous contraction [1]. - Industry News: Glencore's copper production decreased by 17% in the first three quarters due to lower ore grades. Chile's state - owned mining company ENAMI obtained environmental approval for a new $1.7 - billion copper smelter. Indonesia granted Amman Mineral International a 400,000 - ton copper - concentrate export quota. Chile's September copper production was 456,663 tons, a 7.79% month - on - month increase and a 4.5% year - on - year decrease [1][3]. 3.3 Trend Intensity - The copper trend intensity is 0, indicating a neutral outlook [3].