建信期货铜期货日报-20251218

Group 1: Report Information - Report Name: Copper Futures Daily Report [1] - Date: December 18, 2025 [2] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - The center of Shanghai copper has moved slightly upward. After the former deputy governor of the Bank of Japan stated that premature interest rate hikes and excessive tightening should be avoided, market sentiment was greatly alleviated, and risk assets rose across the board. Shanghai copper stopped falling and rebounded again near the bull - bear line. The short - term market focus is on the Bank of Japan's interest rate decision this Friday. Bullish signals will have an obvious impact on market sentiment, while bearish signals will have limited impact on the market under the strong fundamentals. It is expected that copper prices will continue to fluctuate at a high level [10] Group 4: Market Review and Operation Suggestions - Shanghai copper's center moved slightly upward. The spot price of Shanghai copper rose 445 to 92,145, the discount widened 25 to 150, and the spot loss expanded to over a thousand yuan, mainly due to the significant decline in the exchange ratio [10] Group 5: Industry News - The Canadian government has approved the $53 - billion all - stock merger between Anglo American and Teck Resources. The new company "Anglo Teck" will relocate its headquarters to Vancouver, Canada, and plans to invest at least C$45 billion (about $32 billion) in Canada within 5 years and C$10 billion (about $7.3 billion) within 15 years. It will also invest at least C$100 million (about $73 million) in relevant research and training. The transaction is expected to take up to 18 months for global regulatory approval, and the new company's copper production will account for nearly 5% of the global market share [7] - Japan's JX Metals announced on December 16 that its subsidiary, Pan Pacific Copper (PPC), has sold all its equity in the undeveloped Quechua copper project in Peru to Glencore. The Quechua copper project is a green - field project with an estimated investment of about $1.29 billion and potential mineral resources of about 260 million tons [7][11]