Report Title - Copper Weekly Report [1][2] Investment Rating - No investment rating information is provided in the report. Core Viewpoints - Copper prices are supported at high levels by macro - liquidity and exchange rates, but the weak fundamental reality limits their upside potential. In the short term, copper prices may enter a high - level shock phase, and the risk of a correction is increasing [4][5] Summary by Directory Copper Futures Market Data (Weekly) - The latest price of Shanghai Copper Main Contract is 98,720 yuan/ton, with a weekly increase of 5.95%. The position is 252,097 lots, with a weekly increase of 14,445 lots, and the trading volume is 286,978 lots [6] - The latest price of Shanghai Copper Index Weighted is 98,776 yuan/ton, with a weekly increase of 6.09%. The position is 651,557 lots, with a weekly increase of 29,521 lots, and the trading volume is 477,230 lots [6] - The latest price of International Copper is 88,630 yuan/ton, with a weekly increase of 5.71%. The position is 2,830 lots, with a weekly decrease of 1,145 lots, and the trading volume is 8,081 lots [6] - The latest price of LME Copper 3 - month contract is 12,133 US dollars/ton, with a weekly increase of 3.33%. The position is 239,014 lots, with a weekly decrease of 38,282 lots, and the trading volume is 18,195 lots [6] - The latest price of COMEX Copper is 557.3 US dollars, with a weekly increase of 2.7%. The position is 148,392 lots, with a weekly increase of 4,858 lots, and the trading volume is 31,214 lots [6] Copper Spot Market Data (Weekly) - The latest price of Shanghai Non - ferrous 1 copper is 97,740 yuan/ton, with a weekly increase of 5,390 yuan and a weekly increase rate of 5.84% [11] - The latest price of Shanghai Wumaotrade copper is 97,865 yuan/ton, with a weekly increase of 5,385 yuan and a weekly increase rate of 5.82% [11] - The latest price of Guangdong Nanchu copper is 98,000 yuan/ton, with a weekly increase of 5,330 yuan and a weekly increase rate of 5.75% [12] - The latest price of Yangtze Non - ferrous copper is 98,030 yuan/ton, with a weekly increase of 5,390 yuan and a weekly increase rate of 5.82% [12] Copper Advanced Data (Weekly) - The copper import profit and loss is - 1,732.18 yuan/ton, with a weekly decrease of 683.5 yuan and a weekly decrease rate of 65.18% [13] - The copper concentrate TC is - 43.8 US dollars/ton, with a weekly decrease of 0.55 US dollars and a weekly decrease rate of 1.27% [13] - The copper - aluminum ratio is 4.3348, with a weekly increase of 0.1055 and a weekly increase rate of 2.49% [13] - The refined - scrap copper price difference is 3,943.88 yuan/ton, with a weekly decrease of 348.63 yuan and a weekly decrease rate of - 8.12% [13] Copper Inventory (Weekly) - The total Shanghai Copper warehouse receipts are 59,083 tons, with a weekly increase of 14,433 tons and a weekly increase rate of 32.32% [20] - The total International Copper warehouse receipts are 1,053 tons, with no change [20] - The Shanghai Copper inventory is 95,805 tons, with a weekly increase of 6,416 tons and a weekly increase rate of 7.18% [20] Copper Mid - stream Production (Monthly) - In November 2025, the refined copper production was 123.60 million tons, a year - on - year increase of 11.9%. The cumulative production was 1,332.30 million tons, a year - on - year increase of 9.8% [24] - In November 2025, the copper product production was 222.60 million tons, a year - on - year decrease of 0.8%. The cumulative production was 2,259.30 million tons, a year - on - year increase of 4.9% [24] Copper Mid - stream Capacity Utilization (Monthly) - In November 2025, the capacity utilization rate of refined copper rods was 63.31%, with a monthly increase of 7.11 percentage points and a year - on - year decrease of 5.5 percentage points [26] - In November 2025, the capacity utilization rate of scrap copper rods was 23.59%, with a monthly decrease of 0.52 percentage points and a year - on - year decrease of 3.73 percentage points [26] - In November 2025, the capacity utilization rate of copper strips was 66.44%, with a monthly increase of 2.6 percentage points and a year - on - year decrease of 6.62 percentage points [26] - In November 2025, the capacity utilization rate of copper rods was 54.08%, with a monthly increase of 3.95 percentage points and a year - on - year decrease of 1.98 percentage points [26] - In November 2025, the capacity utilization rate of copper tubes was 59.69%, with a monthly increase of 7.12 percentage points and a year - on - year decrease of 18.42 percentage points [26] Copper Element Imports (Monthly) - In November 2025, the import volume of copper concentrates was 2.526194 million tons, a year - on - year increase of 13%. The cumulative import volume was 27.615499 million tons, a year - on - year increase of 8% [30] - In November 2025, the import volume of anode copper was 58,333 tons, a year - on - year decrease of 16%. The cumulative import volume was 688,621 tons, a year - on - year decrease of 15% [30] - In November 2025, the import volume of cathode copper was 269,205 tons, a year - on - year decrease of 25%. The cumulative import volume was 3,085,712 tons, a year - on - year decrease of 8% [30] - In November 2025, the import volume of scrap copper was 208,143 tons, a year - on - year increase of 20%. The cumulative import volume was 2,103,603 tons, a year - on - year increase of 4% [30] - In November 2025, the import volume of copper products was 430,000 tons, a year - on - year decrease of 19%. The cumulative import volume was 4,880,000 tons, a year - on - year decrease of 4.7% [30]
铜周报：铜价延续上涨趋势-20251228
Dong Ya Qi Huo·2025-12-28 01:31