Report Summary 1. Investment Rating No investment rating for the copper industry is provided in the report. 2. Core Viewpoints - The spot processing fee of copper concentrate remains at a low level of -$40 per ton. Disruptions such as the shutdown of the Grasberg copper mine in Indonesia continue, and the global shortage of copper ore supports copper prices [4]. - The copper consumption in power, new energy vehicles, and AI data centers has increased significantly, offsetting the weakness in traditional sectors, and the demand is relatively resilient [4]. - The expectation of the Fed's interest - rate cut is volatile, and the strengthening of the US dollar increases the cost of purchasing copper. The non - farm payrolls in the US in September exceeded expectations, but the unemployment rate rose to 4.4%, intensifying concerns about liquidity [4]. - The LME copper inventory increased by 16.08% week - on - week to 158,000 tons, reflecting weak overseas demand and suppressing the rebound of copper prices [4]. - The game between supply and demand continues, with the contradiction between supply shortage and high inventory. In the short term, copper prices will remain in a high - level shock. Attention should be paid to macro - policies and the rhythm of terminal restocking [5]. 3. Summary by Categories Copper Futures Market Data (Weekly) | Futures Type | Latest Price | Weekly Change | Open Interest | Weekly Change in Open Interest | Trading Volume | | --- | --- | --- | --- | --- | --- | | Shanghai Copper Main Contract | 87,430 | 2.07% | 218,257 | 28,039 | 94,508 | | Shanghai Copper Index Weighted | 87,377 | 2.04% | 546,511 | 29,036 | 194,048 | | International Copper | 78,770 | 3.21% | 1,289 | - 2,040 | 2,580 | | LME Copper 3 - month | 10,930 | 2.28% | 239,014 | - 38,282 | 10,519 | | COMEX Copper | 516.25 | 4.22% | 134,293 | 65,265 | 12,165 | [6] Copper Spot Market Data (Weekly) | Spot Type | Unit | Latest Price | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Shanghai Non - ferrous 1 Copper | Yuan/ton | 87,400 | 1,585 | 1.85% | | Shanghai Wumaomao | Yuan/ton | 87,360 | 1,490 | 1.74% | | Guangdong Nanchu | Yuan/ton | 87,390 | 1,490 | 1.73% | | Yangtze Non - ferrous | Yuan/ton | 87,440 | 1,460 | 1.7% | | Shanghai Non - ferrous Premium | Yuan/ton | 110 | 20 | 22.22% | | Shanghai Wumaomao Premium | Yuan/ton | 65 | 5 | 8.33% | | Guangdong Nanchu Premium | Yuan/ton | 105 | 20 | 23.53% | | Yangtze Non - ferrous Premium | Yuan/ton | 115 | 15 | 15% | | LME Copper (Spot/3 - month) Premium | US dollars/ton | 16.56 | 35.45 | - 187.67% | | LME Copper (3 - month/15 - month) Premium | US dollars/ton | 166.25 | 48.57 | 41.27% | [11][12] Copper Advanced Data (Weekly) | Data Type | Unit | Latest Price | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Copper Import Profit and Loss | Yuan/ton | - 860.94 | - 370.97 | 75.71% | | Copper Concentrate TC | US dollars/ton | - 42.15 | - 0.43 | 1.03% | | Copper - Aluminum Ratio | Ratio | 4.0517 | 0.0447 | 1.12% | | Refined - Scrap Copper Price Difference | Yuan/ton | 3,543.83 | 868.94 | 32.49% | [13] Copper Inventory Data (Weekly) | Inventory Type | Unit | Latest Value | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Shanghai Copper Warehouse Receipt: Total | Tons | 35,244 | - 14,546 | - 29.21% | | International Copper Warehouse Receipt: Total | Tons | 5,502 | - 700 | - 11.29% | | Shanghai Copper Inventory | Tons | 97,930 | - 12,673 | - 11.46% | | LME Copper Registered Warehouse Receipt | Tons | 151,100 | 2,650 | 1.79% | | LME Copper Cancelled Warehouse Receipt | Tons | 6,075 | - 3,400 | - 35.88% | | LME Copper Inventory | Tons | 157,175 | - 750 | - 0.47% | | COMEX Copper Registered Warehouse Receipt | Tons | 194,336 | 20,085 | 11.53% | | COMEX Copper Unregistered Warehouse Receipt | Tons | 223,330 | 5,903 | 2.71% | | COMEX Copper Inventory | Tons | 417,666 | 25,988 | 6.64% | | Copper Ore Port Inventory | 10,000 tons | 59.6 | 6.6 | 12.45% | | Social Inventory | 10,000 tons | 41.82 | 0.43 | 1.04% | [18][21] Copper Mid - stream Production Data (Monthly) | Production Type | Date | Unit | Monthly Value | Monthly YoY | Cumulative Value | Cumulative YoY | | --- | --- | --- | --- | --- | --- | --- | | Refined Copper Production | 2025 - 10 - 31 | 10,000 tons or % | 120.4 | 8.9 | 1,229.5 | 9.7 | | Copper Products Production | 2025 - 10 - 31 | 10,000 tons or % | 200.4 | - 3.3 | 2,012.4 | 5.9 | [24] Copper Mid - stream Capacity Utilization Data (Monthly) | Capacity Type | Date | Unit | Annual Total Capacity | Capacity Utilization | Monthly MoM | Monthly YoY | | --- | --- | --- | --- | --- | --- | --- | | Refined Copper Rod Capacity Utilization | 2025 - 10 - 31 | 10,000 tons or % | 1,584 | 56.2 | - 9.03 | - 5.35 | | Scrap Copper Rod Capacity Utilization | 2025 - 10 - 31 | 10,000 tons or % | 819 | 24.11 | - 1.26 | - 1.69 | | Copper Plate and Strip Capacity Utilization | 2025 - 10 - 31 | 10,000 tons or % | 359 | 63.84 | - 2.4 | - 8.4 | | Copper Bar Capacity Utilization | 2025 - 10 - 31 | 10,000 tons or % | 228.65 | 50.13 | - 0.77 | 0.1 | | Copper Tube Capacity Utilization | 2025 - 10 - 31 | 10,000 tons or % | 278.3 | 52.57 | - 6.87 | - 15.63 | [26] Copper Element Import Data (Monthly) | Import Type | Date | Unit | Monthly Value | Monthly YoY | Cumulative Value | Cumulative YoY | | --- | --- | --- | --- | --- | --- | --- | | Copper Concentrate Import | 2025 - 10 - 31 | 10,000 tons or % | 245.1487 | 6 | 2,511.8228 | 8 | | Anode Copper Import | 2025 - 10 - 31 | Tons or % | 55,239 | - 8 | 634,011 | - 15 | | Cathode Copper Import | 2025 - 10 - 31 | Tons or % | 279,944 | - 22 | 2,817,921 | - 6 | | Scrap Copper Import | 2025 - 10 - 31 | Tons or % | 196,607 | 7 | 1,895,530 | 2 | | Copper Products Import | 2025 - 10 - 31 | Tons or % | 440,000 | - 13.5 | 4,460,000 | - 3.1 | [30]
铜周报：铜价延续上涨趋势-20251130
Dong Ya Qi Huo·2025-11-30 02:05