Report Overview - Report Title: Shanghai Copper Weekly Report (11.17 - 11.21) - Author: Zhu Senlin from Dayue Futures Investment Consulting Department - Contact: 0575 - 85226759 [1] 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - Last week, Shanghai copper fluctuated and adjusted. The main contract of Shanghai copper fell 1.43% to 85,600 yuan/ton. Geopolitical factors and US tariffs affected copper prices. Global instability remains, while force majeure in Indonesian copper mines and the rise of precious metals supported copper prices. In China, it's the consumption off - season, and downstream consumption willingness is average. Domestic spot trading is mainly for rigid demand. LME copper inventory was 155,025 tons, with a slight increase last week, and SHFE copper inventory increased by 1,196 tons to 110,603 tons [4]. 3. Summary by Relevant Catalogs 3.1 Market Review - Last week, the main contract of Shanghai copper fell 1.43% to 85,600 yuan/ton. Geopolitical factors and US tariffs disturbed copper prices. Global instability persists, and force majeure in Indonesian copper mines and the rise of precious metals supported copper prices. In China, it's the consumption off - season, and downstream consumption willingness is average. Domestic spot trading is mainly for rigid demand. LME copper inventory was 155,025 tons, with a slight increase last week, and SHFE copper inventory increased by 1,196 tons to 110,603 tons [4]. 3.2 Fundamental Analysis 3.2.1 PMI - No specific PMI data or analysis is provided in the report. 3.2.2 Supply - Demand Balance - In 2024, the supply - demand is in tight balance, and in 2025, there will be an oversupply. The Chinese annual supply - demand balance table shows the production, import, export, apparent consumption, actual consumption, and supply - demand balance of copper from 2018 to 2024. For example, in 2024, production was 12.06 million tons, import was 3.73 million tons, export was 0.46 million tons, apparent consumption was 15.34 million tons, actual consumption was 15.23 million tons, and the supply - demand balance was 0.11 million tons [12][15]. 3.2.3 Inventory - LME copper inventory was 155,025 tons, with a slight increase last week. SHFE copper inventory increased by 1,196 tons to 110,603 tons. Exchange inventory is in the process of destocking, and bonded area inventory remains at a low level [4][16][19]. 3.3 Market Structure 3.3.1 Processing Fees - Processing fees are at a low level [22]. 3.3.2 CFTC Position - CFTC non - commercial net long positions are flowing out [24]. 3.3.3 Futures - Spot Price Difference - No specific analysis of the futures - spot price difference is provided in the report. 3.3.4 Import Profit - No specific analysis of import profit is provided in the report. 3.3.5 Warehouse Receipts - No specific analysis of warehouse receipts is provided in the report.
大越期货沪铜周报-20251124
Da Yue Qi Huo·2025-11-24 02:32