铜：宏观扰动，限制价格上涨

Report Title - Copper: Macroeconomic Disturbances Limit Price Increases [1] Report Industry Investment Rating - Not provided Core View - Macroeconomic disturbances limit the upward movement of copper prices [1] Summary by Relevant Catalogs 1. Fundamental Tracking - Futures Data: The closing price of the Shanghai Copper main contract was 87,550 with a daily increase of 0.82%, and the night - session closing price was 87,400 with a decrease of 0.17%. The LME Copper 3M electronic - disk price was 10,859 with a decrease of 0.35%. The trading volume and open interest of the Shanghai Copper index and LME Copper 3M electronic - disk had corresponding changes. The inventory of Shanghai Copper decreased by 131 to 43,957, and the inventory of LME Copper decreased by 75 to 136,175. The LME Copper注销仓单 ratio was 7.44% with a decrease of 0.05% [1] - Spot Data: The price of Shanghai 1 bright copper increased by 200 to 78,600. There were corresponding changes in various spot - related spreads and costs, such as the spot - to - futures near - month spread, the near - month contract to the first - continuous contract spread, etc. [1] 2. Macroeconomic and Industry News - Macroeconomic News: In China, the new social financing in October was 810 billion yuan, and the new RMB loans were 220 billion yuan. The M2 - M1 scissors gap widened. The US House of Representatives passed a temporary appropriation bill, ending the government shutdown. Fed officials took a hawkish stance, causing the three major US stock indexes to record their largest one - month drop [1] - Industry News: The US officially announced a new critical minerals list, including copper for the first time. Tanzania reopened its border with Zambia, resuming the flow of goods on this important trade corridor. Freeport Indonesia completed the investigation of a mudslide incident at its Grasberg copper - gold mine. Peru's copper production in September increased by 3.7% year - on - year to 240,995 tons, and the production in the first 9 months of 2025 was about 2.048 million tons, a year - on - year increase of 2.7% [1][3] 3. Trend Intensity - The trend intensity of copper is 0, within the range of [- 2,2], indicating a neutral trend [3]