刚刚，再次见证历史！

Core Viewpoint - The article highlights the significant rise in copper prices, with LME copper reaching a historical high of $11,146 per ton, driven by strong demand from sectors like electric vehicles and AI infrastructure [2][4][6]. Supply and Demand Dynamics - The global copper supply has shifted from a "tight balance" to a "shortage," with major mining companies reducing their copper production forecasts [8][9]. - Glencore reported a 17% decrease in copper production for the first three quarters of the year, adjusting its annual target to 850,000 - 875,000 tons from a previous range of 850,000 - 890,000 tons [9][10]. - Significant production disruptions have occurred, including a 120,000-ton reduction from Freeport's Grasberg mine and a 50,000-ton impact from social unrest at the Constancia mine in Peru [10]. - Chile's Codelco reported a 25% drop in production at its El Teniente mine, reaching a 20-year low, while other Chilean mines also lowered their production forecasts [10][11]. Market Outlook - The International Copper Study Group (ICSG) revised the global mine production growth rate down to 1.4% for 2025, predicting a supply shortfall of 150,000 tons in 2026, contrary to earlier forecasts of a surplus [11]. - LME copper inventories fell below 140,000 tons, increasing the risk of short squeezes for bearish positions [12]. - Analysts suggest that while short-term demand may be subdued, the overall trend for copper prices remains bullish due to supply constraints and improving macroeconomic conditions [14][15][16]. - The expected trading range for copper prices in November is projected to be between 85,000 - 92,000 yuan per ton, with a cautious approach recommended for trading strategies [16].