建信期货铜期货日报-20251231

Group 1: General Information - Report title: Copper Futures Daily Report [1] - Date: December 31, 2025 [2] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Market Review and Operation Suggestions Market Review - Shanghai copper prices rebounded after hitting a low, with the total open interest decreasing by 17,019 lots. Affected by the selling sentiment in the precious metals market, copper prices once dropped to 96,000, but the bullish sentiment in the copper market remained, and the downward trend was halted during the day [9]. - Spot copper prices fell by 3,120 to 97,620, and the spot discount narrowed by 90 to 240. As the end of the year approached, spot trading was sluggish [9]. - The import loss of spot copper during the day was 1,489, and the export window was approaching opening. It is expected that the inventory accumulation speed of domestic social warehouses will slow down in the future [9]. Operation Suggestions - Overall, the medium - term fundamentals are positive, but the spot market is dragging down in the short term. Current copper prices are more driven by macro - sentiment, and fluctuations are expected to increase. With the New Year's Day holiday approaching, it is recommended to control positions before the holiday [9] Group 3: Industry News Tibet Julong Copper Mine - On December 29, the main project construction and core equipment installation of the second - phase expansion project of Tibet Julong Copper Mine were completed and successfully linked for trial operation, marking a key step before production. After the second - phase is fully operational, it will add a new ore - processing capacity of 200,000 tons per day. At that time, the combined daily processing capacity of the first and second phases will reach 350,000 tons [9]. - The third - phase project of Julong Copper Mine is also in the planning stage. After completion, it will rank among the world's largest copper mines in terms of mining and processing scale [9] India's Supreme Court Ruling - India's Supreme Court suspended its ruling made five weeks ago on redefining the Aravalli Mountains, which had opened the mineral - rich ancient mountains to broader mining and real - estate development. The special panel led by Chief Justice Surya Kant stated that the original ruling might be "misunderstood and misused" [9][10]. - A high - level expert committee will be established to comprehensively assess the ecological impact of the original definition, and the new committee will study how to allow sustainable mineral development while protecting ecological integrity. The Supreme Court will hear the case again on January 21, 2026, and during this period, the suspension order on new mining leases will be maintained [9][10] - The Aravalli Mountains are rich in more than 70 kinds of mineral resources, including copper (mainly distributed in the Khetri copper belt in Rajasthan), zinc, lead, silver, tungsten, asbestos, and other industrial raw materials [10]