Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - Multiple copper mines have production disruptions, which may make the Shanghai copper price cautiously bullish. The supply - side has production disruptions in multiple domestic and foreign copper mines, leading to a negative China copper concentrate import index and a tight supply - demand expectation for domestic copper concentrates. The supply of scrap copper has increased, and the processing fees for domestic blister copper or anode plates have risen. The maintenance capacity of copper smelters in November has decreased month - on - month. On the demand side, the capacity utilization rates of refined copper rods, recycled copper rods, copper wires and cables, copper enameled wires, copper strips, copper tubes, and brass rods have increased compared to last week. In terms of inventory, the social inventory of Chinese electrolytic copper has decreased compared to last week, while the inventory of LME electrolytic copper and COMEX copper has increased [3] Group 3: Summary by Relevant Catalogs 1. Shanghai Copper Futures - On November 10, 2025, the closing price of the active Shanghai copper futures contract was 86,480, with a volume of 98,089 lots, a position of 204,127 lots, and an inventory of 43,789 tons. The Shanghai copper basis was 55, and the average price of SMM 1 electrolytic copper was 86,535. Compared with November 7, the closing price increased by 540, the volume increased by 6,813 lots, the position decreased by 3,009 lots, and the inventory increased by 395 tons [3] 2. London Copper - On November 10, 2025, the closing price of the LME 3 - month copper futures (electronic trading) was 10,874.5. The LME copper futures 0 - 3 - month contract spread was 0, and the 3 - 15 - month contract spread was 0. Compared with November 7, the closing price increased by 179.5, the 0 - 3 - month contract spread increased by 18.22, and the 3 - 15 - month contract spread decreased by 77.98 [3] 3. COMEX Copper - On November 10, 2025, the closing price of the active COMEX copper futures contract was 5.0995, and the total inventory was 372,304. Compared with November 6, the closing price increased by 0.12, and the inventory increased by 5,885 [3] 4. Trading Strategy - Short - term, lightly - position and try to go long on the main contract at low prices. Pay attention to the support level around 82,000 - 84,000 and the resistance level around 87,000 - 89,000 for Shanghai copper. For London copper, pay attention to the support level around 10,300 - 10,500 and the resistance level around 10,800 - 11,200. For US copper, pay attention to the support level around 4.5 - 4.8 and the resistance level around 5.2 - 5.5 [3]
沪铜日评：美国政府结束停摆预期或支撑铜价-20251111
Hong Yuan Qi Huo·2025-11-11 03:10