铜周报：铜价延续上涨趋势-20251123

Group 1: Report Overview - Report Title: Copper Weekly Report [1][2] - Report Date: November 21, 2025 [2] Group 2: Core Views - The low TC of copper concentrates and tightness at the mine end, along with some smelting maintenance, support prices from the raw material side [4] - New energy demand continues, providing structural demand support and offsetting the traditional off - season [4] - Traditional downstream demand weakens from the peak season. High prices make buyers cautious, with weak transactions in construction and home appliance sectors and low restocking willingness [4] - Hawkish remarks from the Fed suppress rate - cut expectations, strengthening the US dollar and weakening the upward financial - attribute drive for copper prices [4] - There is co - existence of tightness at the mine end and weak traditional demand. Inventory and basis fluctuations are limited, and prices mainly fluctuate within a range [5] Group 3: Copper Futures Data (Weekly) - The latest price of SHFE Copper Main Contract is 85,660 yuan/ton, with a weekly decline of 1.43%, a position of 190,218, and a weekly position decline of 2,075. The trading volume is 98,905 [6] - The latest price of SHFE Copper Index - weighted is 85,634 yuan/ton, with a weekly decline of 1.43%, a position of 523,117, and a weekly position decline of 38,538. The trading volume is 177,960 [6] - The latest price of International Copper is 76,320 yuan/ton, with a weekly decline of 1.34%, a position of 3,329, and a weekly position decline of 684. The trading volume is 3,931 [6] - The latest price of LME Copper 3 - month is $10,686, with a weekly decline of 1.59%, a position of 239,014, and a weekly position decline of 38,282. The trading volume is 18,624 [6] - The latest price of COMEX Copper is $495.35, with a weekly decline of 2.06%, a position of 69,028, and a weekly position decline of 39,283. The trading volume is 48,117 [6] Group 4: Copper Spot Data (Weekly) - The latest price of Shanghai Non - ferrous 1 copper is 85,815 yuan/ton, with a weekly decline of 1,280 yuan and a decline rate of 1.47% [10] - The latest price of Shanghai Material Trading is 85,870 yuan/ton, with a weekly decline of 1,205 yuan and a decline rate of 1.38% [10] - The latest price of Guangdong Southern Reserve is 85,900 yuan/ton, with a weekly decline of 1,160 yuan and a decline rate of 1.33% [11] - The latest price of Yangtze River Non - ferrous is 85,980 yuan/ton, with a weekly decline of 1,220 yuan and a decline rate of 1.4% [11] - The latest Shanghai Non - ferrous premium/discount is 90 yuan/ton, with a weekly increase of 35 yuan and an increase rate of 63.64% [11] - The latest Shanghai Material Trading premium/discount is 60 yuan/ton, with a weekly increase of 35 yuan and an increase rate of 140% [11] - The latest Guangdong Southern Reserve premium/discount is 85 yuan/ton, with a weekly increase of 35 yuan and an increase rate of 70% [11] - The latest Yangtze River Non - ferrous premium/discount is 105 yuan/ton, with a weekly increase of 50 yuan and an increase rate of 90.91% [11] - The latest LME Copper (spot/3 - month) premium/discount is -$18.89/ton, with a weekly decline of $12.93 and a decline rate of 216.95% [11] - The latest LME Copper (3 - month/15 - month) premium/discount is $117.68/ton, with a weekly decline of $5.65 and a decline rate of - 4.58% [11] Group 5: Advanced Copper Data (Weekly) - The copper import profit and loss is - 488.26 yuan/ton, with a weekly increase of 338.52 yuan and a decline rate of - 40.94% [12] - The copper concentrate TC is - 41.72 dollars/ton, with a weekly decline of 0.2 dollars and an increase rate of 0.48% [12] - The copper - to - aluminum ratio is 4.007, with a weekly increase of 0.0229 and an increase rate of 0.57% [12] - The refined - scrap copper price difference is 3,065.74 yuan/ton, with a weekly decline of 657.24 yuan and a decline rate of - 17.65% [12] Group 6: Copper Inventory (Weekly) - The total SHFE copper warehouse receipts are 49,790 tons, with a weekly decline of 40 tons and a decline rate of - 0.08% [18] - The total International Copper warehouse receipts are 6,202 tons, with a weekly decline of 7,131 tons and a decline rate of - 53.48% [18] - The SHFE copper inventory is 110,603 tons, with a weekly increase of 1,196 tons and an increase rate of 1.09% [18] - The LME copper registered warehouse receipts are 148,450 tons, with a weekly increase of 22,400 tons and an increase rate of 17.77% [18] - The LME copper cancelled warehouse receipts are 9,475 tons, with a weekly decline of 650 tons and a decline rate of - 6.42% [20] - The LME copper inventory is 157,925 tons, with a weekly increase of 21,750 tons and an increase rate of 15.97% [20] - The COMEX copper registered warehouse receipts are 176,701 tons, with a weekly increase of 9,804 tons and an increase rate of 5.87% [20] - The COMEX copper unregistered warehouse receipts are 221,812 tons, with a weekly increase of 9,270 tons and an increase rate of 4.36% [20] - The COMEX copper inventory is 398,513 tons, with a weekly increase of 19,074 tons and an increase rate of 5.03% [20] - The copper mine port inventory is 530,000 tons, with a weekly increase of 32,000 tons and an increase rate of 6.43% [20] - The social inventory is 418,200 tons, with a weekly increase of 4,300 tons and an increase rate of 1.04% [20] Group 7: Copper Mid - stream Production (Monthly) - In September 2025, the refined copper output was 1.266 million tons, with a year - on - year increase of 10.1%. The cumulative output was 12.295 million tons, with a year - on - year increase of 9.7% [24] - In September 2025, the copper product output was 2.232 million tons, with a year - on - year increase of 5.9%. The cumulative output was 20.124 million tons, with a year - on - year increase of 5.9% [24] Group 8: Copper Mid - stream Capacity Utilization (Monthly) - In October 2025, the capacity utilization rate of refined copper rods was 56.2%, with a monthly decline of 9.03 percentage points and a year - on - year decline of 5.35 percentage points [26] - In October 2025, the capacity utilization rate of scrap copper rods was 24.11%, with a monthly decline of 1.26 percentage points and a year - on - year decline of 1.69 percentage points [26] - In October 2025, the capacity utilization rate of copper strips was 63.84%, with a monthly decline of 2.4 percentage points and a year - on - year decline of 8.4 percentage points [26] - In October 2025, the capacity utilization rate of copper rods was 50.13%, with a monthly decline of 0.77 percentage points and a year - on - year increase of 0.1 percentage point [26] - In October 2025, the capacity utilization rate of copper tubes was 52.57%, with a monthly decline of 6.87 percentage points and a year - on - year decline of 15.63 percentage points [26] Group 9: Copper Element Imports (Monthly) - In October 2025, the copper concentrate imports were 2.451487 million tons, with a year - on - year increase of 6%. The cumulative imports were 25.118228 million tons, with a year - on - year increase of 8% [30] - In October 2025, the anode copper imports were 55,239 tons, with a year - on - year decline of 8%. The cumulative imports were 634,011 tons, with a year - on - year decline of 15% [30] - In October 2025, the cathode copper imports were 279,944 tons, with a year - on - year decline of 22%. The cumulative imports were 2,817,921 tons, with a year - on - year decline of 6% [30] - In October 2025, the scrap copper imports were 196,607 tons, with a year - on - year increase of 7%. The cumulative imports were 1,895,530 tons, with a year - on - year increase of 2% [30] - In October 2025, the copper product imports were 440,000 tons, with a year - on - year decline of 13.5%. The cumulative imports were 4,460,000 tons, with a year - on - year decline of 3.1% [30]