铜：担忧美国经济，价格回落

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Concerns about the US economy have led to a decline in copper prices [1] - The trend strength of copper is 0, indicating a neutral outlook [3] Group 3: Summary According to Relevant Catalogs 1. Fundamental Tracking Futures Data - The closing price of the Shanghai Copper main contract was 85,740, with a daily decline of 1.79%, and the night - session closing price was 85,690, with a decline of 0.06%. The closing price of the LME Copper 3M electronic disk was 10,649, with a decline of 1.57% [1] - The trading volume of the Shanghai Copper index was 320,218, an increase of 44,492 compared to the previous day, and the open interest was 561,697, a decrease of 24,178. The trading volume of the LME Copper 3M electronic disk was 33,128, an increase of 17,584, and the open interest was 335,000, an increase of 561 [1] - The inventory of Shanghai Copper was 41,147, an increase of 1,081, and the inventory of LME Copper was 133,900, an increase of 300. The cancellation warrant ratio of LME Copper was 8.16%, a decrease of 0.17% [1] Spot Data - The LME copper premium/discount was - 25.7, a decrease of 11.26 compared to the previous day. The bonded - area warehouse receipt premium and bill of lading premium remained unchanged [1] - The price of Shanghai 1 bright copper was 78,100, a decrease of 300. The spot - to - futures near - month spread was 0, an increase of 5; the near - month contract to the consecutive - first contract spread remained unchanged [1] - The cost of the inter - month arbitrage of buying the near - month and selling the consecutive - first contract was 204. The spread between Shanghai copper spot and LME cash was - 577, an increase of 176; the spread between the Shanghai Copper consecutive - third contract and LME 3M was - 493, an increase of 142 [1] - The spread between Shanghai copper spot and Shanghai 1 recycled copper was 3,315, a decrease of 6. The recycled copper import profit and loss was - 1,451, an increase of 190 [1] 2. Macro and Industry News Macro News - The US Senate failed to pass the appropriation bill, and the federal government's "shutdown" is set to break the record [1] - The fate of Trump's tariffs depends on three justices appointed by himself, and US Treasury Secretary Bessent will go to the Supreme Court and emphasize the importance of tariffs [1] Industry News - Chile's state - owned mining company ENAMI has obtained environmental approval for a new copper smelter worth $1.7 billion, which will process up to 850,000 tons of copper concentrate and produce up to 240,000 tons of cathode copper annually [1] - Indonesia has granted Amman Mineral International a 400,000 - ton copper concentrate export quota valid for six months [3] - Chile's copper production in September was 456,663 tons, a month - on - month increase of 7.79% and a year - on - year decrease of 4.5% [3] - Glencore plans to close its Horne smelter in Quebec, Canada, and its supporting copper refinery due to environmental issues and high transformation costs [3]