建信期货铜期货日报-20251230

Group 1: Report General Information - Report Name: Copper Futures Daily Report [1] - Date: December 30, 2025 [2] - Research Team: Non - ferrous Metals Research Team [4] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3] Group 2: Market Review and Operation Suggestions - Market Trend: Copper prices rose and then fell. SHFE copper reached over 100,000 yuan. Afternoon dives in silver, platinum, and palladium dragged copper prices back. Spot prices rose 3000 to 100,740 yuan, and the spot discount narrowed 10 to 330 yuan. Social inventories increased 2.12 to 21.48 tons over last Thursday. Spot import losses were 1648 yuan, and the export window was close to opening [9] - Operation Suggestion: The fundamental outlook is positive in the medium - term but weighed down by the short - term spot market. Copper prices are mainly driven by macro sentiment with expected increased volatility. With the New Year's Day holiday approaching, it is recommended to control positions before the holiday [9] Group 3: Industry News - Norfolk Metals: After approval at the 2025 November annual general meeting, the company issued and completed the placement of 760,209 fully - paid ordinary shares to Transcendence. As of Q4 2025, it had invested over 3 million Australian dollars in its Caremn copper project since June 2025 [9] - Goldman Sachs Forecast: Current copper prices reflect the expected US refined copper tariff (expected to be announced in mid - 2026 and implemented in 2027). The 2026 average price is forecasted at 11,400 US dollars/ton. In 2026, overseas inventories are expected to drop by 450,000 tons, but the US may release about 1.5 million tons of strategic stockpiles in the second half of 2026, pressuring prices down [9] - Aeris Resources: The company received official approval from the New South Wales Department of Planning, Housing and Infrastructure to develop its Constellation copper - gold project in the Cobar Basin. The project has proven and probable ore reserves of 2.3 million tons with a copper grade of 2.0%, gold grade of 0.6 g/ton, and silver grade of 3 g/ton. The total mineral resource is 7.6 million tons [9][10]