铜：内外库存增加，价格承压

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - Copper prices are under pressure due to the increase in both domestic and foreign inventories [1]. 3. Summary by Relevant Catalogs 3.1 Copper Fundamental Data - Futures Prices: The closing price of the Shanghai Copper main contract was 85,660 with a daily decline of 0.91%, and the night - session closing price was 85,900 with a night - session increase of 0.28%. The LME Copper 3M electronic disk closed at 10,698 with a decline of 0.64% [1]. - Trading Volume and Open Interest: The trading volume of the Shanghai Copper index was 208,908, a decrease of 43,900 from the previous day, and the open interest was 521,539, a decrease of 20,218. The trading volume of the LME Copper 3M electronic disk was 24,521, an increase of 8,122, and the open interest was 320,000, an increase of 4,891 [1]. - Futures Inventories: The Shanghai Copper inventory was 60,874, an increase of 3,909, and the LME Copper inventory was 140,500, an increase of 4,450. The LME Copper cancellation warrant ratio was 6.35%, a decrease of 0.61% [1]. - Spreads: The LME Copper basis was - 32.62, a decrease of 36.50 from the previous day. The Shanghai 1 bright copper price was 78,200, a decrease of 200. The spot - to - near - month futures spread was 70, a decrease of 35 [1]. 3.2 Macro and Industry News - Macro News: Before the release of NVIDIA's earnings report and the non - farm payroll report this week, investors chose to stay on the sidelines. Amazon's issuance of huge bonds and "New Bond King" Gundlach's warning on the private credit market led to the continued selling of risk assets such as technology stocks and cryptocurrencies. There may be at least 3 dissenting votes at the Fed's December meeting [1]. - Industry News: 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%. Marimaca Copper's copper oxide project in Chile's Antofagasta Region obtained environmental approval. China's copper product output in October 2025 was 2.004 million tons, a month - on - month decline of more than 10% [1][3]. 3.3 Trend Intensity - The copper trend intensity is 0, indicating a neutral outlook [3].