Group 1 - The global refined copper market experienced a deficit of 51,000 tons in September, contrasting with a surplus of 41,000 tons in August [1] - For the first nine months of the year, the market showed a surplus of 94,000 tons, down from a surplus of 310,000 tons in the same period last year [1] - In September, global refined copper production was 2.37 million tons, while consumption was 2.42 million tons [1] Group 2 - After adjusting for changes in inventory at Chinese bonded warehouses, a deficit of 50,000 tons was reported in September, compared to a surplus of 47,000 tons in August [2] - China, as the largest copper consumer globally, faces three major challenges: increasing reliance on foreign upstream resources, excess capacity in the midstream processing sector, and downstream demand being suppressed by high copper prices [3]

Report Summary 1. Report Industry Investment Rating The report does not explicitly mention the industry investment rating. 2. Report's Core View - **Copper**: Due to high prices suppressing downstream demand and a decline in market risk appetite, copper prices are under pressure but the downside is expected to be limited. Short - term, copper prices are expected to adjust weakly, and it is recommended to do long - spread arbitrage on SHFE copper [8]. - **Nickel**: Affected by the US government shutdown and uncertainties in Indonesia's nickel - related policies, nickel prices will fluctuate in the short term. In the long run, there is still pressure from oversupply of primary nickel [89]. - **Stainless Steel**: With weak raw material prices, reduced steel mill production, and weak downstream demand, stainless steel futures will fluctuate weakly [90]. 3. Summary by Directory 3.1有色金属价格监测 - Various有色金属 showed different price trends. For example, the US dollar index was at 99.5, with a daily decline of 0.15%, a weekly decline of 0.18%, and an annual decline of 8.24%. The price of industrial silicon was 9,220 yuan/ton, with a daily increase of 1.71%, a weekly increase of 1.32%, and an annual decrease of 16.07% [6]. 3.2 Copper (CU) - **Macro Factors**: China's exports declined in October, the US consumer confidence index hit a new low, and the US government shutdown continued, all of which were bearish for copper [8]. - **Raw Material End**: The spot processing fee of copper ore rebounded slightly, but the tight supply pattern continued. The accident at Freeport's mine in Indonesia will lead to a decline in copper and gold production in 2026 [8]. - **Smelting End**: The losses of smelters using spot copper ore narrowed, while the profits of those using long - term contract copper ore increased. Domestic copper production continued to decline in October [8]. - **Demand End**: Although downstream demand improved slightly due to the decline in copper prices, the overall downstream copper product start - up rate in October decreased significantly [8]. - **Inventory**: Both domestic and foreign visible copper inventories increased, and global copper inventories continued to rise [8]. 3.3 Nickel - Stainless Steel (NI - SS) - **Nickel** - **Macro Factors**: The US government shutdown and weak domestic manufacturing PMI put pressure on the non - ferrous metal sector [89]. - **Raw Material End**: Indonesia restricted the approval of nickel - related smelting projects, and the premium of Indonesian nickel ore was firm. The import of nickel ore from the Philippines decreased seasonally, and domestic port inventories decreased slightly [89]. - **Smelting End**: Pure nickel production was at a high level, but some enterprises planned to reduce production at the end of the year. Nickel iron prices were stable, and the demand for nickel sulfate increased [89]. - **Demand End**: The social inventory of stainless steel remained stable, and the demand for new energy vehicles was strong, increasing the demand for nickel sulfate [89]. - **Inventory**: Global nickel inventories continued to increase [89]. - **Stainless Steel** - **Production**: Domestic stainless steel production increased in October but is expected to decrease in November. The production of the 300 - series is also expected to decline slightly [133]. - **Inventory**: The social inventory of stainless steel remained stable, with narrow inventory increases mainly in the 200 - series and 400 - series [139]. - **Supply and Demand**: The import of stainless steel increased slightly in September, while exports decreased. Overseas demand was weak, and the subsequent tariff policy was uncertain [149].

Group 1 - The Indonesian Ministry of Energy and Mineral Resources is evaluating the fatal accident at Freeport Indonesia's Grasberg copper-gold mine to determine the cause and any negligence involved [1] - The assessment aims to establish whether operations can resume safely once the evaluation is completed [1] Group 2 - China, as the world's largest copper consumer, faces three major challenges: increasing dependence on foreign upstream resources, excess capacity in the midstream processing sector, and suppressed downstream demand due to high copper prices [1] - To assist the industry in navigating these challenges, Shanghai Nonferrous Metals Network has collaborated with copper industry enterprises to compile a bilingual distribution map of the Chinese copper industry chain for 2026 [1]

Group 1 - Freeport Indonesia has completed the investigation into the landslide incident at the Grasberg copper-gold mine that resulted in the deaths of seven workers and has received improvement recommendations from the government [1] - The Indonesian Ministry of Mining is evaluating the incident to determine if negligence or regulatory violations contributed to the disaster before deciding on the resumption of operations [1][2] - On September 8, approximately 800,000 tons of wet material flooded the Grasberg mine complex, leading to the fatalities [1] Group 2 - Freeport-McMoRan indicated that the Big Gossan and Deep Mill Level Zone mines at Grasberg could potentially restart operations in the fourth quarter, as they were not affected by the landslide [2] - The Grasberg Block Cave (GBC) is expected to account for 70% of Freeport Indonesia's projected copper and gold production by 2029 [2]

Group 1 - Freeport-McMoRan Inc has resumed operations at the Big Gossan and Deep Mill Level Zone mines after a fatal mudflow incident at the Grasberg mine, which occurred in late October [1] - The two mines that resumed operations were not affected by the September incident that resulted in the deaths of seven workers [1] Group 2 - China's copper industry faces three major challenges: increasing dependence on foreign resources in the upstream sector, overcapacity in the midstream processing segment, and suppressed downstream demand due to high copper prices [1] - To assist the industry in navigating these challenges, Shanghai Nonferrous Metals Network has collaborated with copper industry enterprises to compile a bilingual version of the "2026 China Copper Industry Chain Distribution Map" [1]

Group 1 - Chile's copper production in September was 456,663 tons, showing a month-on-month increase of 7.79% but a year-on-year decrease of 4.5% [1] - The increase in copper production in September is attributed to disruptions in mining operations that have affected output since the second half of the year [1] Group 2 - China, as the largest copper consumer globally, faces three major challenges: rising dependence on foreign upstream resources, excess capacity in the midstream processing sector, and suppressed downstream demand due to high copper prices [3] - To assist the industry in navigating these challenges, Shanghai Nonferrous Metals Network has collaborated with copper industry enterprises to compile a bilingual distribution map of the Chinese copper industry chain for 2026 [3]

Group 1 - Chile's copper production in September decreased by 4.5% year-on-year, totaling 456,663 tons [1] - Chile, as the world's largest copper producer, saw its manufacturing output increase by 5% year-on-year in September, which was below economists' expectations of a 6.9% growth [1] Group 2 - China's copper industry faces three major challenges: increasing reliance on foreign upstream resources, excess capacity in the midstream processing sector, and downstream demand being suppressed by high copper prices [2] - To assist the industry in navigating these challenges, Shanghai Nonferrous Metals Network collaborated with copper industry enterprises to compile the "2026 China Copper Industry Chain Distribution Map" in both Chinese and English [2]

Group 1 - The core point of the article is that Chile's large copper mines have experienced a decrease in direct production costs in the first half of the year, reversing a trend of rising costs in recent years [1] - Cochilco reported that the decrease in costs is attributed to lower processing and refining costs, alongside significant increases in gold and silver prices, which rose by 39% and 26% respectively during the same period [1] - The cash cost of copper in Chile, the world's largest copper producer, has dropped to $1.767 per pound, compared to $1.912 per pound in the first half of 2024 [1] Group 2 - Cochilco conducted a survey of 21 copper mining companies, which account for approximately 94% of the country's mining output [2]

Group 1 - ENAMI, the Chilean state-owned mining company, has received environmental approval for a new $1.7 billion copper smelter [2] - The new smelter will process up to 850,000 tons of copper concentrate annually and produce up to 240,000 tons of cathode copper [2] - The modernization project aims to ensure profitability and sustainable operations, increasing capacity nearly threefold compared to the old smelter [2] Group 2 - China, as the largest copper consumer globally, faces three major challenges: rising dependence on foreign upstream resources, overcapacity in the midstream processing sector, and suppressed downstream demand due to high copper prices [3] - To assist the industry in addressing these challenges, Shanghai Nonferrous Metals Network has collaborated with copper industry enterprises to compile the "2026 China Copper Industry Chain Distribution Map" [3]

Group 1 - Glencore reported a 17% decrease in copper production for the first three quarters of the year, attributed to declining ore grades at some mines, despite an increase in output in the third quarter [2] - The company has revised its copper production target for the year to 850,000-875,000 tons, down from the previous target of 850,000-890,000 tons [2] - For the period of January to September, Glencore's copper production fell to 583,500 tons, while cobalt production increased by 2,000 tons to 28,500 tons [2] Group 2 - China's copper industry faces three major challenges: increasing reliance on foreign resources, overcapacity in the midstream processing sector, and downstream demand being suppressed by high copper prices [2] - To assist the industry in navigating these challenges, Shanghai Nonferrous Metals Network has collaborated with copper industry enterprises to compile the "2026 China Copper Industry Chain Distribution Map" [2]