铜：风险情绪仍弱，价格震荡

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The risk sentiment for copper remains weak, and the price is oscillating. The trend strength of copper is 0, indicating a neutral outlook [1][3]. 3. Summary by Relevant Catalogs 3.1 Copper Fundamental Data - Futures Prices: The closing price of the Shanghai Copper main - contract was 86,130 with a daily increase of 0.02%, and the night - session closing price was 85,920 with a decrease of 0.24%. The LME Copper 3M electronic - trading price was 10,686 with a decrease of 1.08% [1]. - Trading Volume and Open Interest: The trading volume of the Shanghai Copper index decreased by 7,559 to 177,960, and the open interest decreased by 4,003 to 523,117. The trading volume of the LME Copper 3M electronic - trading increased by 2,012 to 18,624, and the open interest increased by 84 to 317,000 [1]. - Inventory: The Shanghai Copper inventory decreased by 3,369 to 54,983, and the LME Copper inventory increased by 50 to 157,925. The LME Copper注销仓单 ratio was 6.00%, a decrease of 0.16% [1]. - Price Spreads: The LME Copper cash - to - 3M spread increased by 2.20 to - 33.13. The Shanghai 1 bright copper price increased by 200 to 78,400. Other spreads such as the spot - to - near - month, near - month - to - first - continuous, and cross - period arbitrage costs also showed certain changes [1]. 3.2 Macro and Industry News - Macro News: In the US, the non - farm payrolls in September increased by 119,000, far exceeding expectations, but the employment figures of the previous two months were revised down by 33,000. The unemployment rate unexpectedly rose to 4.4%, a four - year high. The number of initial jobless claims last week unexpectedly dropped to 220,000, while the number of continued claims reached a four - year high. A Dutch official suspended the intervention in Nexperia, and China's Ministry of Commerce welcomed the move but noted the gap from "revoking the administrative order" [1]. - Industry News: In September, Peru's copper production increased by 3.7% year - on - year to 240,995 tons, and the output in the first nine months of 2025 was about 2.048 million tons, a 2.7% year - on - year increase. Marimaca Copper's copper oxide mine project in Chile obtained environmental approval. China's copper product output in October 2025 was 2.004 million tons, a month - on - month decline of over 10%. Freeport plans to restart the Grasberg mine before July, with expected copper and gold output in the next year to be the same as this year. In October 2025, China's imports of copper ore and concentrates decreased by 5.24% month - on - month but increased by 6.08% year - on - year; imports of scrap copper increased by 6.81% month - on - month and 7.35% year - on - year; imports of refined copper decreased by 13.62% month - on - month and 16.32% year - on - year [3].