铜：LME库存减少，支撑价格

Report Summary 1) Report Industry Investment Rating - No information provided on the industry investment rating. 2) Report Core View - The reduction in LME copper inventory supports copper prices [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - Futures Data: The closing price of the Shanghai Copper main - contract was 86,900 with a daily decline of 0.74%, and the night - session closing price was 86,680 with a decline of 0.25%. The LME 3M copper electronic - trading price was 10,846 with a decline of 0.12%. The trading volume of the Shanghai Copper index was 238,872 (a decrease of 297 from the previous day), and the open interest was 553,083 (a decrease of 8,572). The trading volume of the LME 3M copper electronic - trading was 40,992 (an increase of 21,594), and the open interest was 326,000 (an increase of 5,006). The Shanghai Copper inventory was 49,830 (an increase of 5,873), and the LME copper inventory was 135,725 (a decrease of 450) [1]. - Spot Data: The LME copper premium, Shanghai 1 bright copper price, and bonded - area bill of lading premium remained unchanged. The spot - to - near - month futures spread increased by 5, the near - month to consecutive - first - month contract spread decreased by 50, and the cross - period arbitrage cost of buying the near - month and selling the consecutive - first - month contract was 202. The Shanghai copper spot - to - LME cash spread decreased by 135, the Shanghai Copper consecutive - third - month contract to LME 3M spread decreased by 15, the Shanghai copper spot - to - Shanghai 1 recycled copper spread decreased by 235, and the recycled copper import profit and loss increased by 446 [1]. Macro and Industry News - Macro News: Li Qiang chaired an executive meeting of the State Council to deploy policies and measures to enhance the adaptability of consumer goods supply and demand and further promote consumption. The hawkish faction of the Federal Reserve is prominent and opposes a December interest - rate cut, while Milan calls for a rate cut again [1]. - Industry News: The United States officially announced a new list of critical minerals, including copper for the first time. Tanzania has reopened its border with Zambia, resuming the flow of goods on this important trade corridor between the two major African copper - exporting countries. Freeport Indonesia completed the investigation of the 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 nine months of 2025 was about 2.048 million tons, a year - on - year increase of 2.7%. Marimaca Copper's copper oxide mine project in Chile's Antofagasta Region obtained environmental approval [1][3]. Trend Intensity - The copper trend intensity is 0, indicating a neutral outlook [3].