铜：库存增加，价格震荡

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The copper market shows inventory increase and price fluctuations. The trend strength of copper is neutral, with a value of 0 [1][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices: The closing price of the Shanghai copper main - contract was 86,320 with a daily increase of 0.76%, and the night - session closing price was 85,690 with a decline of 0.73%. The LME copper 3M electronic - disk price was 10,687 with a decline of 0.43% [1]. - Trading Volume and Open Interest: The trading volume of the Shanghai copper index was 207,959, a decrease of 72,044 from the previous day, and the open interest was 557,346, a decrease of 299. The trading volume of the LME copper 3M electronic - disk was 16,169, a decrease of 4,560, and the open interest was 335,000, an increase of 577 [1]. - Futures Inventory: The Shanghai copper inventory was 43,893, an increase of 1,332, and the LME copper inventory was 134,475, an increase of 500. The LME copper注销仓单 ratio was 7.96%, an increase of 0.01% [1]. - Spreads: The LME copper spread was - 38.37, a decrease of 7.92 from the previous day. The Shanghai copper spot - to - futures near - month spread was 30, an increase of 5 [1]. 3.2 Macro and Industry News - Macro News: In October, the number of Challenger corporate layoffs in the US reached the highest level for the same period in more than two decades. The direction of the Fed's December interest - rate cut is unclear [1]. - Industry News: Chile's state - owned mining company ENAMI obtained an environmental permit for a new $1.7 - billion copper smelter. Indonesia granted Amman Mineral Internasional a 400,000 - ton copper - concentrate export quota. Chile's copper production in September was 456,663 tons, a 7.79% month - on - month increase and a 4.5% year - on - year decrease. Glencore plans to close its Horn smelter and Canadian copper refinery in Quebec, Canada. The US included copper in its new critical - minerals list. Tanzania reopened its border with Zambia [1][3].