1. Report Industry Investment Rating - No information provided on the industry investment rating in the report. 2. Core Viewpoints of the Report - Last week, the Shanghai copper price slightly retraced. As of March 27, it closed at 95,930 yuan/ton, with a week-on-week decrease of 1.26%. Geopolitical conflicts in the Middle East and the strengthening of the US dollar index have suppressed copper prices. However, the significant reduction of domestic social inventories and the arrival of the peak copper consumption season will support copper prices [5]. - Affected by macro - factors, copper prices will first decline and then rise this week. Geopolitical conflicts in the Middle East, inflation, and the strengthening of the US dollar will continue to suppress copper prices. Fundamentally, the tight supply situation at the mine end continues, and some enterprises have signaled production cuts. Downstream demand is relatively active, and domestic inventories are significantly decreasing. Copper prices may maintain a volatile adjustment [10]. 3. Summary by Directory 3.1 Main Viewpoints and Strategies - **Market Review**: Last week, the Shanghai copper price slightly retraced. Geopolitical conflicts in the Middle East and the strengthening of the US dollar index have suppressed copper prices. The shortage at the mine end has not been substantially repaired, and the spot processing fee for copper concentrates remains at a historical low. Some enterprises have signaled production cuts, and domestic smelting enterprises will enter the peak maintenance period in the second quarter. The decline in copper prices has led to an increase in downstream orders and开工, and domestic copper inventories continue to decline [5]. - **Supply - side**: The shortage of copper concentrates persists. As of March 27, the domestic copper concentrate port inventory was 458,000 tons, a year - on - year decrease of 24.55%. The spot TC of copper concentrates has reached a historical low. The supply of scrap - produced blister copper and anode plates is relatively abundant, and the domestic blister copper processing fee is at a multi - year high [8][29]. - **Demand - side**: The decline in copper prices has led to an increase in the开工 rate of refined copper rods, and the copper foil industry has maintained a high level of prosperity. Last week (March 20 - March 26), the average weekly starting rate of domestic major refined copper rod enterprises was 83.17%, a week - on - week increase of 1.66 percentage points. The starting rates of copper foil, copper strip, and copper rod in February were 88.56%, 41.98%, and 22.78% respectively [8][32]. - **Inventory**: Domestic copper inventories continue to decline, while LME inventories continue to accumulate. As of March 27, the copper inventory on the Shanghai Futures Exchange was 35.91 tons, a week - on - week decrease of 12.65%. As of March 26, the copper inventory in the mainstream regions of the country was 427,400 tons, a decrease of 18.29% compared to March 19. As of March 27, the LME copper inventory was 360,300 tons, a week - on - week increase of 5.23%. The COMEX copper inventory was 588,900 short tons, a week - on - week increase of 0.04% [9][35]. - **Strategy Suggestion**: Affected by macro - factors, copper prices will first decline and then rise this week. Geopolitical conflicts in the Middle East, inflation, and the strengthening of the US dollar will continue to suppress copper prices. Fundamentally, the tight supply situation at the mine end continues, and some enterprises have signaled production cuts. Downstream demand is relatively active, and domestic inventories are significantly decreasing. Copper prices may maintain a volatile adjustment [10]. 3.2 Futures and Spot Market and Positioning - **Premium and Discount**: The significant decline in social inventories has led to a stable premium and discount of Shanghai copper in the game. The LME copper inventory continues to accumulate, the LME 0 - 3 discount continues to widen, and the New York - London copper price difference remains negative [16]. - **Domestic and Overseas Positions**: As of March 27, the trading volume and open interest of Shanghai copper have both decreased. As of March 20, the net long positions of LME copper investment companies and credit institutions increased by 59.95% week - on - week. As of March 24, the net long positions of COMEX copper asset management institutions decreased by 24.21% week - on - week [20]. 3.3 Fundamental Data - **Supply - side**: The shortage of copper concentrates persists. As of March 27, the domestic copper concentrate port inventory was 458,000 tons, a year - on - year decrease of 24.55%. The spot TC of copper concentrates has reached a historical low. The supply of scrap - produced blister copper and anode plates is relatively abundant, and the domestic blister copper processing fee is at a multi - year high. The electrolytic copper production in February was 1.1424 million tons, a month - on - month decrease of 3.13% and a year - on - year increase of 7.96%. It is expected that the electrolytic copper production in March will further increase [29]. - **Downstream Starting Rate**: The starting rates of copper foil, copper strip, and copper rod in February were 88.56%, 41.98%, and 22.78% respectively. The starting rate of copper foil is much higher than the same period in previous years. Last week (March 20 - March 26), the average weekly starting rate of domestic major refined copper rod enterprises was 83.17%, a week - on - week increase of 1.66 percentage points [32]. - **Inventory**: Domestic copper inventories continue to decline, while LME inventories continue to accumulate. As of March 27, the copper inventory on the Shanghai Futures Exchange was 35.91 tons, a week - on - week decrease of 12.65%. As of March 26, the copper inventory in the mainstream regions of the country was 427,400 tons, a decrease of 18.29% compared to March 19. As of March 27, the LME copper inventory was 360,300 tons, a week - on - week increase of 5.23%. The COMEX copper inventory was 588,900 short tons, a week - on - week increase of 0.04% [35].

Investment Rating - The report maintains an "Overweight" rating for the copper industry [6] Core Viewpoints - Short-term copper prices are fluctuating, but there is optimism for price increases in 2026 due to tight supply and demand dynamics [1] - The report highlights a significant increase in domestic copper social inventory and LME copper inventory, indicating a potential supply tightening in the future [2] - The TC spot price has reached a historical low, reflecting ongoing challenges in the smelting sector [3] - The report suggests that with tightening supply and improving demand, copper prices are expected to rise further [4] Supply Summary - Domestic copper concentrate inventory at major ports increased by 3.5% to 633,000 tons as of March 6, 2026 [2] - Global electrolytic copper inventory totaled 1.307 million tons, up 4.5% from February 27, 2026 [2] - The TC spot price is at -56.1 USD/ton, marking a decrease of 5.1 USD/ton from the previous week, the lowest since September 2007 [3] Demand Summary - Cable manufacturing companies' operating rates increased by 33.2 percentage points to 60.90% as of March 5, 2026 [3] - The air conditioning sector, which accounts for approximately 13% of domestic copper demand, is projected to see production changes of -6.1%, +2.9%, and +4.9% from March to May 2026 [3][94] - The report indicates that cable demand is closely linked to electricity sector investments, which are critical for future copper consumption [75] Investment Recommendations - The report recommends investing in companies such as Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Western Mining, while keeping an eye on Tongling Nonferrous Metals [4]

Investment Rating - The report maintains an "Accumulate" rating for the copper industry [6]. Core Viewpoints - The report is optimistic about the upward trend of copper prices in 2026, with SHFE copper closing at 103,920 CNY/ton and LME copper at 13,296 USD/ton, reflecting increases of 1.55% and 2.56% respectively [1][15]. - Supply-demand dynamics remain tight, with expectations for copper prices to continue rising due to supply constraints and improving demand [4]. Summary by Sections Inventory - Domestic copper social inventory increased by 50.4% compared to February 12, 2026, while LME copper inventory rose by 5.0% [2][23]. - As of February 27, 2026, global inventory across major exchanges totaled 1.247 million tons, up 48.3% from February 13, 2026 [2][23]. Supply - China's electrolytic copper production in February 2026 was 1.1424 million tons, down 3.1% month-on-month but up 8.0% year-on-year [3][59]. - The price difference between refined copper and scrap copper was 2,689 CNY/ton, down 410 CNY/ton from February 13, 2026 [2][53]. Demand - Cable manufacturing utilization rate increased by 11.5 percentage points week-on-week, reaching 27.72% [3][70]. - Air conditioning production for March to May 2026 is projected to decrease by 6.1%, followed by increases of 2.9% and 4.9% in subsequent months [3][70]. Futures - SHFE copper active contract positions increased by 46% compared to February 13, 2026, with a total of 204,000 contracts [4][29]. - The report recommends stocks such as Zijin Mining, Western Mining, and Luoyang Molybdenum for investment [4].

Investment Rating - The report maintains an "Overweight" rating for the copper industry [6] Core Views - Short-term copper prices are expected to fluctuate, but there is optimism for an upward trend in copper prices in 2026 due to ongoing supply-demand tightness [1][4] - The TC spot price continues to hit historical lows, indicating tight procurement of copper concentrate [1][3] - The report recommends specific companies for investment: Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Western Mining, while also suggesting to pay attention to Tongling Nonferrous Metals [4] Supply and Demand Summary - **Supply**: - As of February 6, 2026, domestic copper concentrate inventory at major ports is 638,000 tons, down 5.2% from the previous week [2][46] - The TC spot price is at -51.23 USD/ton, a decrease of 0.9 USD/ton from January 30, 2026, marking a low since September 2007 [3][57] - **Demand**: - Cable manufacturing utilization rate increased by 0.7 percentage points to 60.15% as of February 5, 2026 [4][70] - Air conditioning production is projected to decline by 31.6% in February, 6.5% in March, and increase by 4.0% in April 2026 [4][87] Inventory Summary - Domestic copper social inventory increased by 4.0% week-on-week, while LME copper inventory rose by 4.9% [2][24] - Global inventory across major exchanges reached 1,021,000 tons, up 3.6% from January 30, 2026 [2][24] Price Trends - As of February 6, 2026, SHFE copper closed at 100,100 CNY/ton, down 3.45% from January 30, 2026, while LME copper closed at 13,060 USD/ton, down 0.08% [1][17]

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Views of the Report - After the market sentiment eased from the Greenland event in the macro - market last week, copper prices rebounded slightly today. Due to fundamental disturbances and the recurrence of macro - level sentiment, copper prices rose steadily and slightly last week. Affected by the sharp decline of the US dollar today, copper prices gapped up, but the upward trend of Shanghai copper before the Spring Festival is expected to be suppressed due to the weakening of the demand side [3]. 3. Summary by Relevant Catalogs 3.1行情分析 (Market Analysis) - **Macro aspect**: US President Trump announced a 10% tariff increase on imported goods from 8 European countries starting February 1, 2026, and to 25% starting June 1, to pressure negotiations on Greenland's sovereignty. After he declared not to use force on Greenland, market tensions eased. With the strengthening of the yen, the US dollar declined continuously during the week, supporting non - ferrous metal prices [3]. - **Supply aspect**: On Thursday, Capstone Copper's Mantoverde copper mine in Chile stopped production due to a strike caused by the failure of collective bargaining between the largest union and the company. The mine's expected cathode copper production in 2025 was 29,000 - 32,000 tons. TC/RC fees remained weakly stable with a further downward trend. SMM estimated that China's electrolytic copper production in January would decrease by 14,500 tons month - on - month (a 1.23% decline) and increase by 156,300 tons year - on - year (a 14.78% increase). The start - up rate of scrap copper enterprises decreased, and the scrap copper market's supply and demand were affected [3]. - **Demand aspect**: As of December 2025, the apparent consumption of copper was 1.3188 million tons, a 4.00% increase from the previous month. Approaching the Spring Festival and with high copper prices, most small and medium - sized enterprises started their holidays, with low procurement willingness for raw materials. The performance of new - energy vehicles at the terminal was poor, while there was a slight increase in traditional industries such as refrigerators and air conditioners [3]. 3.2沪铜价格走势 (Shanghai Copper Price Trend) - This week, Shanghai copper fluctuated strongly. The weekly high was 102,000 yuan/ton, the low was 99,210 yuan/ton, the weekly amplitude was 2.77%, and the range increase/decrease was + 0.57% [5]. 3.3沪铜现货行情 (Shanghai Copper Spot Market) - As of January 26, the average spot premium/discount in East China was - 190 yuan/ton, and in South China it was - 135 yuan/ton. Under the bearish sentiment of downstream enterprises, the spot was traded at a discount, and the sentiment is expected to remain unchanged in the short term [10]. 3.4伦铜价差结构 (LME Copper Spread Structure) - As of January 23, LME copper rose 0.43% during the week, closing at $12,980/ton, with a spot premium of - $59.5/ton [15]. 3.5铜精矿供给 (Copper Concentrate Supply) - In December 2025, China imported 2.704 million physical tons of copper ore and concentrates, a 7% month - on - month and 7.2% year - on - year increase. From January to December 2025, the cumulative import was 30.365 million physical tons, a 7.8% cumulative year - on - year increase. In January 2026, there were strikes and road blockades in some Chilean mines, which were later resolved [19]. 3.6废铜供给 (Scrap Copper Supply) - In December 2025, China imported 239,000 physical tons of copper scrap and waste, a 14.81% month - on - month and 9.88% year - on - year increase. Affected by policy changes and tax inspections, the supply and demand of the scrap copper market were affected [24]. 3.7冶炼厂费用 (Smelter Fees) - As of January 23, China's spot rough smelting fee (TC) was - $50/dry ton, and the RC fee was - 5.18 cents/pound. TC/RC fees remained weakly stable with a downward trend. The China Copper Smelters Purchasing Consortium (CSPT) announced a joint production cut of over 10% in 2026, and the 2026 copper concentrate long - term processing fee was set at $0/ton and 0 cents/pound [29]. 3.8精炼铜供给 (Refined Copper Supply) - In December 2025, SMM's China electrolytic copper production increased by 75,000 tons month - on - month (a 6.8% increase) and 7.54% year - on - year. From January to December 2025, the cumulative production increased by 1.372 million tons (an 11.38% increase). SMM estimated that the domestic electrolytic copper production in January 2026 would decrease by 14,500 tons month - on - month and increase by 156,300 tons year - on - year. In December 2025, the import of unwrought copper and copper products was 437,000 tons, a 21.8% decrease compared to December 2024 [33]. 3.9表观需求 (Apparent Demand) - As of December 2025, the apparent consumption of copper was 1.3188 million tons, a 4.00% increase from the previous month [37]. 3.10下游消费 (Downstream Consumption) - Some copper rod enterprises have entered the holiday state, with a significant decline in the start - up rate. The copper foil market has no obvious fluctuations in transactions, with reduced new orders. Copper tube enterprises have increased low - price replenishment recently, and most small and medium - sized enterprises will start their holidays next week. The downstream demand for copper rods has begun to decline, and copper rod enterprises mainly maintain just - in - time inventory [41]. 3.11电网工程数据 (Power Grid Project Data) - As of the end of November 2025, the national cumulative power generation installed capacity was 3.79 billion kilowatts, a 17.1% year - on - year increase. Among them, solar power installed capacity was 1.16 billion kilowatts (a 41.9% increase), wind power installed capacity was 600 million kilowatts (a 22.4% increase), hydropower installed capacity was 440 million kilowatts (a 3% increase), and nuclear power installed capacity was 60 million kilowatts (a 7.6% increase) [45]. 3.12房地产基建数据 (Real Estate and Infrastructure Data) - In December 2025, the sales area of newly - built commercial housing was 93.99 million square meters, a 39.87% month - on - month increase and a 16.58% year - on - year decrease; the sales volume was 880.7 billion yuan, a 44.07% month - on - month increase and a 24.24% year - on - year decrease [51]. 3.13汽车/新能源汽车产业数据 (Automobile/New - Energy Automobile Industry Data) - The Passenger Car Association predicted that the retail sales of narrow - sense passenger cars in January 2026 would be about 1.8 million, a 20.4% month - on - month decrease and a flat - to - slightly - increasing year - on - year. The retail sales of new - energy vehicles were expected to reach 800,000, but the retail penetration rate dropped to 44.4%. In 2026, the vehicle purchase tax changed from exemption to half - collection, and there were subsidy policies for vehicle replacement [57]. 3.14全球各主要交易所铜库存 (Copper Inventories in Major Global Exchanges) - As of January 23, LME copper inventory increased by 28,125 tons to 171,700 tons week - on - week (a 3.31% increase), and was 33.72% lower year - on - year. COMEX copper inventory was 562,600 tons, a 3.63% week - on - week increase and 473.67% higher year - on - year. On January 22, the combined copper spot inventory in Shanghai and Guangdong bonded areas was 120,600 tons, still increasing. As of January 23, Shanghai Futures copper inventory was 146,800 tons, a 2.53% week - on - week increase, and cathode copper inventory was 225,900 tons, a 5.82% week - on - week increase [62][67].

Investment Rating - The report maintains an "Accumulate" rating for the copper industry [6] Core Viewpoints - The copper market is expected to remain tight in 2026, supporting upward price movement. As of January 16, 2026, SHFE copper closed at 100,770 CNY/ton, down 0.63% from January 9, while LME copper closed at 12,803 USD/ton, down 1.50% [1] - The report highlights that the market has largely priced in the Federal Reserve's decision not to cut interest rates in January 2026 [1] - The report anticipates that supply constraints and improving demand will lead to further increases in copper prices [4] Summary by Sections Inventory - Domestic copper social inventory increased by 17.2% week-on-week, while LME copper inventory rose by 4.6% [2] - As of January 16, 2026, global inventory across the three major exchanges reached 900,000 tons, up 7.7% from January 9 [2] Supply - The TC spot price reached a historical low of -46.6 USD/ton [3] - Domestic copper concentrate production in October 2025 was 130,000 tons, down 8.1% month-on-month and 12.1% year-on-year [2] - The price difference between refined copper and scrap copper decreased by 1,010 CNY/ton, indicating tighter scrap supply [2][55] Demand - The cable manufacturing industry's operating rate decreased by 0.6 percentage points to 55.99% [3] - The report notes that cable production accounts for approximately 31% of domestic copper demand [3] - Air conditioning production is projected to see a year-on-year increase of 11% in January 2026, followed by declines of 11.4% and 2.4% in February and March, respectively [3][95] Futures - SHFE copper active contract positions increased by 24% week-on-week, with a total of 226,000 contracts as of January 16, 2026 [4] - COMEX non-commercial net long positions decreased by 7.6% week-on-week [4] Investment Recommendations - The report recommends investing in Zijin Mining, Western Mining, Luoyang Molybdenum, and Jincheng Mining, while keeping an eye on Tongling Nonferrous Metals [4]

Core Viewpoint - The logic supporting copper price increases has not significantly changed, and after the adjustment, there is still potential for a rebound. The first quarter is typically a slow season, and without new drivers, prices may fluctuate before the Spring Festival. Post-holiday, with resumption of work and tight spot supply, copper prices may rise again. The short-term price range is expected to be 94,000 to 120,000 CNY/ton for Shanghai copper and 12,000 to 15,000 USD/ton for London copper. The strategy remains to buy on dips [3][17][26]. Focus Point 1: US-LME Price Spread - The recent convergence of the US-LME price spread is primarily due to delayed or canceled expectations regarding US copper tariffs, influenced by the postponement of timber tariff increases and the upcoming results of the silver 232 investigation, which may exempt silver tariffs and similarly affect copper tariffs. Additionally, US copper imports concentrated at the end of December, with current COMEX inventories reaching 500,000 tons. Future tariff expectations may still fluctuate [6][20]. Focus Point 2: Ongoing Supply Disruptions - Recent disruptions at mining sites have intensified expectations of tight raw material supply. The Mantoverde copper mine in Chile experienced a strike in early January, halting production of approximately 74,000 tons, with a potential monthly impact of 6,000 tons if the strike continues. Furthermore, the Mirador copper mine in Ecuador has delayed its second phase due to political changes, affecting the signing of mining contracts, with the timeline for production now uncertain. This mine was initially expected to contribute an additional 90,000 tons this year [8][22][24]. Focus Point 3: High Prices Suppressing Downstream Consumption - High copper prices are significantly suppressing consumption, with the operating rate of refined copper rods dropping from an average of 64% in December to 48%, resulting in a weekly sample production decrease of nearly 20,000 tons. Domestic social inventories accumulated nearly 80,000 tons in December, with an additional 54,000 tons accumulated in January so far, as some downstream sectors prepare to enter the Spring Festival holiday early, leading to weak consumption. This weakness in demand is limiting the upward price momentum, and downstream sectors require time to accept current prices [10][11][25]. Summary of Macro and Supply-Demand Dynamics - On the macro level, recent US economic data shows mixed PMI results, with manufacturing weakening and services slightly strengthening. Non-farm employment numbers have decreased, but the unemployment rate and wage growth have exceeded expectations, indicating a continued soft landing for the US economy. The backdrop of loose liquidity remains unchanged. In terms of supply and demand, global copper concentrate supply-demand tightness persists, with ongoing mining supply disruptions. The expected surplus of refined copper is narrowing, but high copper prices are significantly suppressing downstream consumption, leading to unexpected inventory accumulation domestically. Structurally, the convergence of the COMEX-LME premium is influenced by tariff expectations, with ongoing trade flows of refined copper from non-US regions to the US. If the US-LME price spread expands again, structural shortages may continue to support copper prices [12][26].

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [6] Core Viewpoints - Short-term copper prices are fluctuating, but supply-demand tightness in 2026 is expected to support upward price movement [1] - The report highlights a significant drop in the operating rate of cable enterprises, reaching a six-year low in December 2025, which may suppress demand despite rising copper prices [1][3] - The report anticipates continued upward pressure on copper prices due to tightening supply and improving demand [4] Supply and Demand Summary - **Supply**: - China's copper smelting capacity growth may be limited due to regulatory measures [1] - December 2025 saw a 7.5% year-on-year increase in China's electrolytic copper production, totaling 1.1781 million tons [3][64] - The price difference between refined copper and scrap copper decreased by 840 RMB/ton, indicating a tighter supply of scrap [2][58] - **Demand**: - The operating rate of cable enterprises was reported at 60.75%, down 5.96 percentage points week-on-week [3][76] - Air conditioning production is expected to increase by 11% year-on-year in January 2026, indicating potential demand growth [3][92] Inventory Summary - Domestic copper social inventory increased by 23.4% week-on-week, while LME copper inventory decreased by 7.4% [2][26] - As of December 31, 2025, global copper inventory across major exchanges totaled 789,000 tons, up 10.2% from the previous week [2][26] Futures Market Summary - The active copper contract on SHFE saw a 15.9% decrease in open interest, indicating reduced trading activity [4][34] - COMEX non-commercial net long positions increased by 3.5%, reflecting a bullish sentiment among traders [4][34] Investment Recommendations - The report recommends stocks such as Zijin Mining, Western Mining, and Luoyang Molybdenum, suggesting a positive outlook for these companies in the context of rising copper prices [4]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [6]. Core Views - The macroeconomic sentiment has improved, leading to a positive outlook for copper prices. As of December 12, 2025, SHFE copper closed at 94,080 RMB/ton, up 1.40% from December 5, while LME copper closed at 11,553 USD/ton, down 0.96% [1]. - The supply-demand dynamics remain tight, with expectations for continued upward movement in copper prices due to tightening supply and improving demand [4]. Supply and Demand Summary - **Supply**: Domestic copper concentrate production in October 2025 was 130,000 tons, down 8.1% month-on-month and down 12.1% year-on-year. The TC spot price as of December 12, 2025, was -43.33 USD/ton, reflecting a decrease of 0.3 USD/ton from December 5, 2025 [3][60]. - **Demand**: The cable industry, which accounts for approximately 31% of domestic copper demand, saw a slight decrease in operating rates to 66.31%, down 0.81 percentage points week-on-week. Air conditioning production is expected to decline year-on-year by 22% in December 2025, but improve by 14% in January 2026 [3][91]. Inventory Summary - Domestic copper social inventory increased by 2.6% week-on-week, while LME copper inventory rose by 0.8%. As of December 12, 2025, COMEX copper inventory reached a historical high of 451,000 tons, up 3.2% from December 5, 2025 [2][26]. Futures Market Summary - The active SHFE copper contract saw a significant decrease in open interest, down 18% to 189,000 lots as of December 12, 2025, which is at the 52nd percentile since 1995 [4][34]. Investment Recommendations - The report recommends increasing positions in Zijin Mining, Western Mining, Luoyang Molybdenum, and Jincheng Mining, while also monitoring Tongling Nonferrous Metals [4].

Report Summary 1. Investment Rating No investment rating for the copper industry is provided in the report. 2. Core Viewpoints - The spot processing fee of copper concentrate remains at a low level of -$40 per ton. Disruptions such as the shutdown of the Grasberg copper mine in Indonesia continue, and the global shortage of copper ore supports copper prices [4]. - The copper consumption in power, new energy vehicles, and AI data centers has increased significantly, offsetting the weakness in traditional sectors, and the demand is relatively resilient [4]. - The expectation of the Fed's interest - rate cut is volatile, and the strengthening of the US dollar increases the cost of purchasing copper. The non - farm payrolls in the US in September exceeded expectations, but the unemployment rate rose to 4.4%, intensifying concerns about liquidity [4]. - The LME copper inventory increased by 16.08% week - on - week to 158,000 tons, reflecting weak overseas demand and suppressing the rebound of copper prices [4]. - The game between supply and demand continues, with the contradiction between supply shortage and high inventory. In the short term, copper prices will remain in a high - level shock. Attention should be paid to macro - policies and the rhythm of terminal restocking [5]. 3. Summary by Categories Copper Futures Market Data (Weekly) | Futures Type | Latest Price | Weekly Change | Open Interest | Weekly Change in Open Interest | Trading Volume | | --- | --- | --- | --- | --- | --- | | Shanghai Copper Main Contract | 87,430 | 2.07% | 218,257 | 28,039 | 94,508 | | Shanghai Copper Index Weighted | 87,377 | 2.04% | 546,511 | 29,036 | 194,048 | | International Copper | 78,770 | 3.21% | 1,289 | - 2,040 | 2,580 | | LME Copper 3 - month | 10,930 | 2.28% | 239,014 | - 38,282 | 10,519 | | COMEX Copper | 516.25 | 4.22% | 134,293 | 65,265 | 12,165 | [6] Copper Spot Market Data (Weekly) | Spot Type | Unit | Latest Price | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Shanghai Non - ferrous 1 Copper | Yuan/ton | 87,400 | 1,585 | 1.85% | | Shanghai Wumaomao | Yuan/ton | 87,360 | 1,490 | 1.74% | | Guangdong Nanchu | Yuan/ton | 87,390 | 1,490 | 1.73% | | Yangtze Non - ferrous | Yuan/ton | 87,440 | 1,460 | 1.7% | | Shanghai Non - ferrous Premium | Yuan/ton | 110 | 20 | 22.22% | | Shanghai Wumaomao Premium | Yuan/ton | 65 | 5 | 8.33% | | Guangdong Nanchu Premium | Yuan/ton | 105 | 20 | 23.53% | | Yangtze Non - ferrous Premium | Yuan/ton | 115 | 15 | 15% | | LME Copper (Spot/3 - month) Premium | US dollars/ton | 16.56 | 35.45 | - 187.67% | | LME Copper (3 - month/15 - month) Premium | US dollars/ton | 166.25 | 48.57 | 41.27% | [11][12] Copper Advanced Data (Weekly) | Data Type | Unit | Latest Price | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Copper Import Profit and Loss | Yuan/ton | - 860.94 | - 370.97 | 75.71% | | Copper Concentrate TC | US dollars/ton | - 42.15 | - 0.43 | 1.03% | | Copper - Aluminum Ratio | Ratio | 4.0517 | 0.0447 | 1.12% | | Refined - Scrap Copper Price Difference | Yuan/ton | 3,543.83 | 868.94 | 32.49% | [13] Copper Inventory Data (Weekly) | Inventory Type | Unit | Latest Value | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Shanghai Copper Warehouse Receipt: Total | Tons | 35,244 | - 14,546 | - 29.21% | | International Copper Warehouse Receipt: Total | Tons | 5,502 | - 700 | - 11.29% | | Shanghai Copper Inventory | Tons | 97,930 | - 12,673 | - 11.46% | | LME Copper Registered Warehouse Receipt | Tons | 151,100 | 2,650 | 1.79% | | LME Copper Cancelled Warehouse Receipt | Tons | 6,075 | - 3,400 | - 35.88% | | LME Copper Inventory | Tons | 157,175 | - 750 | - 0.47% | | COMEX Copper Registered Warehouse Receipt | Tons | 194,336 | 20,085 | 11.53% | | COMEX Copper Unregistered Warehouse Receipt | Tons | 223,330 | 5,903 | 2.71% | | COMEX Copper Inventory | Tons | 417,666 | 25,988 | 6.64% | | Copper Ore Port Inventory | 10,000 tons | 59.6 | 6.6 | 12.45% | | Social Inventory | 10,000 tons | 41.82 | 0.43 | 1.04% | [18][21] Copper Mid - stream Production Data (Monthly) | Production Type | Date | Unit | Monthly Value | Monthly YoY | Cumulative Value | Cumulative YoY | | --- | --- | --- | --- | --- | --- | --- | | Refined Copper Production | 2025 - 10 - 31 | 10,000 tons or % | 120.4 | 8.9 | 1,229.5 | 9.7 | | Copper Products Production | 2025 - 10 - 31 | 10,000 tons or % | 200.4 | - 3.3 | 2,012.4 | 5.9 | [24] Copper Mid - stream Capacity Utilization Data (Monthly) | Capacity Type | Date | Unit | Annual Total Capacity | Capacity Utilization | Monthly MoM | Monthly YoY | | --- | --- | --- | --- | --- | --- | --- | | Refined Copper Rod Capacity Utilization | 2025 - 10 - 31 | 10,000 tons or % | 1,584 | 56.2 | - 9.03 | - 5.35 | | Scrap Copper Rod Capacity Utilization | 2025 - 10 - 31 | 10,000 tons or % | 819 | 24.11 | - 1.26 | - 1.69 | | Copper Plate and Strip Capacity Utilization | 2025 - 10 - 31 | 10,000 tons or % | 359 | 63.84 | - 2.4 | - 8.4 | | Copper Bar Capacity Utilization | 2025 - 10 - 31 | 10,000 tons or % | 228.65 | 50.13 | - 0.77 | 0.1 | | Copper Tube Capacity Utilization | 2025 - 10 - 31 | 10,000 tons or % | 278.3 | 52.57 | - 6.87 | - 15.63 | [26] Copper Element Import Data (Monthly) | Import Type | Date | Unit | Monthly Value | Monthly YoY | Cumulative Value | Cumulative YoY | | --- | --- | --- | --- | --- | --- | --- | | Copper Concentrate Import | 2025 - 10 - 31 | 10,000 tons or % | 245.1487 | 6 | 2,511.8228 | 8 | | Anode Copper Import | 2025 - 10 - 31 | Tons or % | 55,239 | - 8 | 634,011 | - 15 | | Cathode Copper Import | 2025 - 10 - 31 | Tons or % | 279,944 | - 22 | 2,817,921 | - 6 | | Scrap Copper Import | 2025 - 10 - 31 | Tons or % | 196,607 | 7 | 1,895,530 | 2 | | Copper Products Import | 2025 - 10 - 31 | Tons or % | 440,000 | - 13.5 | 4,460,000 | - 3.1 | [30]