Group 1: Report Overview - Report Name: Copper Futures Daily Report [1] - Date: November 7, 2025 [2] - Research Team: Non - Ferrous Metals Research Team [4] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - Copper prices are expected to oscillate upwards as they return to the logic of improved macro - atmosphere, strong medium - term fundamentals, and short - term high prices suppressing spot demand [10] Group 4: Market Review and Operation Suggestions - Copper prices rose, the US dollar index declined, and risk assets rose across the board. Shanghai copper reached 86,000, with total positions decreasing by 299 lots. Spot copper rose 660 to 85,995, and the premium rose to 30 [10] - Due to the rising copper prices, downstream buyers showed obvious fear of high prices. The social inventory in China increased by 0.32 tons this week compared with Monday, indicating weak short - term demand [10] - The LME0 - 3 contango widened to 38, the spot import loss was nearly 500 yuan/ton, and the trading volume of Yangshan copper was limited [10] Group 5: Industry News - There are rumors that Glencore plans to shut down the Horne smelter and CCR refinery in Canada. The two facilities have a combined annual output of over 300,000 tons of copper, accounting for about 17% of US imports. If the shutdown plan is implemented, it will exacerbate the global supply shortage [11] - Kenadyr Metals Corp. announced that its Adelita copper - gold - silver project has obtained all social, environmental, and exploration permits and a 20 - year mining license. The first - phase exploration plan will start in November [11] - On November 5, Zambia reopened its border with Tanzania, resuming the flow of goods on an important trade corridor. The average number of trucks cleared in each direction per day is 250 [11]
建信期货铜期货日报-20251107
Jian Xin Qi Huo·2025-11-07 06:18