Investment Rating - The industry investment rating is "Outperform the Market" (预计 6 个月内，行业指数表现强于市场表现 5%以上) [7] Core Insights - The report highlights the potential inclusion of copper concentrate in the national reserve system, which is expected to elevate the strategic resource status of copper gradually. This move aims to enhance the security of copper resources in China [4][6]. - The report indicates a continuous decline in copper concentrate processing fees, with long-term contracts dropping from $80/ton in 2024 to $21.25/ton in the second half of 2025, and further to $0/ton by 2026. This suggests a persistent tightness in copper concentrate supply [6]. - U.S. copper inventories have been increasing significantly, with a total of 192,000 tons at the end of the first half of 2025 and 259,000 tons accumulated in the second half. By the end of January 2026, COMEX copper inventories reached 524,000 tons, representing 33.2% of the U.S. refined copper consumption in 2024 [6]. - The supply-demand dynamics for copper are expected to improve, with long-term copper prices anticipated to rise steadily due to global industrial upgrades and increased demand from data center construction [6]. Summary by Sections Copper Resource Reserve Expansion - The report discusses the expansion of the national copper strategic reserve, including the potential addition of tradeable and easily liquidated copper concentrates to the reserve system [4][6]. Supply and Demand Dynamics - The report notes that the supply side remains constrained, with ongoing global copper resource shortages. The demand for copper is expected to grow due to advancements in core industries and the construction of data centers [6]. Investment Recommendations - The report suggests focusing on companies with strong resource advantages, specifically recommending Luoyang Molybdenum Co., Ltd. as a potential investment opportunity [6].
有色行业点评：铜精矿拟纳入储备范围，铜战略资源地位有望逐步抬升
Ping An Securities·2026-02-04 10:08