商 品 研 究 2025 年 11 月 26 日 铜：LME 现货走强，驱动价格 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 【基本面跟踪】 铜基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪铜主力合约 | 86,600 | 0.60% | 86350 | -0.29% | | | 伦铜3M电子盘 | 10,833 | 0.47% | - | - | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | 沪铜指数 | 177,123 | -25,872 | 524,645 | 9,978 | | | 伦铜3M电子盘 | 23,187 | 11,411 | 329,000 | 1,449 | | | | 昨日期货库存 | 较前日变动 | 注销仓单比 | 较前日变动 | | | 沪铜 | 40,965 | -2,851 | - | - | | | 伦铜 | 156,575 | 825 | 3.59% | 0.05% | ...

铜周报 2025/11/22 0755-23375135 wukj1@wkqh.cn 从业资格号：F3036210 交易咨询号：Z0015924 吴坤金（有色金属组） 地缘层面对市场情绪有所压制 CONTENTS 目录 周度评估及策略推荐 周度评估及策略推荐 01 周度评估及策略推荐 04 供给端 02 期现市场 05 需求端 03 利润库存 06 资金端 01 ◆ 供应：铜精矿现货加工费下滑，粗铜加工费持平，冷料供应边际偏宽松。消息面，智利国家铜业（Codelco）对2026年CIF韩国电解铜长单报 价在330美元/吨，较2025年85美元/吨上涨245美元/吨。 ◆ 库存：三大交易所库存环比增加3.8万吨，其中上期所库存增加0.1至11.1万吨，LME库存增加1.9至15.5万吨，COMEX库存增加1.7至36.2万吨 上海保税区库存增加0.5万吨。现货方面，周五国内上海地区现货升水期货90元/吨，LME市场Cash/3M升水1.1美元/吨。 ◆ 进出口：国内电解铜现货进口亏损缩窄，洋山铜溢价反弹。海关总署数据显示，2025年10月我国精炼铜进口量32.3万吨，净进口量为25.7万 吨，环比减少9.0万吨 ...

Report Overview - Report Title: Copper Futures Monthly Report - Date: November 3, 2025 - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin - Industry: Copper Futures 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - Supply - The tightness in the ore end is spreading to the smelting end. The supply tension of copper mines persists, and the TC of copper mines is still falling. The supply pressure of refined copper at home and abroad is easing. - Demand - Short - term high copper prices inhibit downstream consumption, but there are still growth expectations for medium - term copper demand. - Macro - The bullish pattern in the macro - aspect remains. Sino - US monetary policy easing expectations will continue to benefit base metals, and copper prices will strengthen [7]. 3. Summary According to the Table of Contents 3.1. Market Review and Future Outlook - **Market Review**: In October, the main contract of Shanghai copper operated in the range of (82300, 89270), with the total open interest rising 11% to 594,000 lots. The spot market turned from premium to discount. Social inventories continued to accumulate slightly. LME copper and COMEX copper also showed certain trends [9]. - **Future Outlook**: The supply pressure of refined copper at home and abroad is easing. The short - term high copper price inhibits downstream consumption, but the medium - term copper demand is expected to grow. The macro - environment is favorable, and copper prices are expected to strengthen [11][13]. 3.2. Supply Side: The Tightness of Raw Materials is Spreading to the Smelting End - **Copper Concentrate Market**: The supply and demand of the global copper concentrate market remain tight. In 2025, the incremental production of global copper mines is expected to be reduced to 270,000 tons. The TC of imported copper concentrates continues to decline, and the domestic supply - demand tension of copper concentrates intensifies [14][15]. - **Cold Material Market**: The import volume of anode copper in China from January to September 2025 decreased significantly year - on - year. The import volume of scrap copper increased. The supply - demand situation of the cold material market is expected to improve in November, and the processing fees are expected to rise steadily [18][19]. - **Smelter Production**: The production of smelters decreased. It is expected that the output of refined copper in China will continue to decline in November, and the output in December may increase slightly [21][22]. 3.3. Demand Side: The Peak Season of Copper Products is Not Prosperous, and the Terminal Demand Shows Resilience - **Domestic Copper Products Production**: From January to September, the output of domestic copper products increased year - on - year. In October, the operating rates of copper rods and their downstream industries were lower than expected, and the new orders were limited [27][29]. - **Automobile Market**: The production and sales of the automobile market have increased for five consecutive months, and the production and sales of new energy vehicles have reached a record high [31][32]. - **Power System**: From January to September, the investment in the power grid increased year - on - year, and it is expected to further increase. The investment in the power source is expected to lag behind that in the power grid [37][38]. - **Home Appliance Industry**: From January to September 2025, the output and export growth rates of home appliances slowed down, and the global home appliance production and sales are expected to face downward pressure [41]. - **Real Estate Industry**: From January to September 2025, the investment, new construction, and completion growth rates of the real estate industry were negative, and it is expected that the real estate industry will not contribute to copper demand in the short term [43].

Core Viewpoint - The copper market is experiencing a tightening supply situation, with expectations of high-level fluctuations in prices due to macroeconomic uncertainties and strong fundamental support [1][5]. Group 1: Supply and Production - Chile's copper production in August fell sharply by 9.9% year-on-year to 424,000 tons, marking the largest decline in over two years, with Codelco's output down 25% [1]. - Peru's copper production also decreased by 1.6% year-on-year to 242,700 tons in August [1]. - The temporary shutdown of Indonesia's Grasberg copper mine has exacerbated the global copper supply shortage, with some areas expected to restart in mid-Q4, while others may not resume until 2026 [1]. - Goldman Sachs revised its 2025 global copper market forecast from a surplus of 10,500 tons to a shortage of 5,550 tons [1]. Group 2: Domestic Production and Demand - China's electrolytic copper production in September was 1.121 million tons, a month-on-month decrease of 4.31% but a year-on-year increase of 11.62% [2]. - The operating rate of domestic electrolytic copper sample plants was 84.06%, down 3.91 percentage points month-on-month [2]. - In October, production is expected to decline to 1.083 million tons, with a further decrease anticipated due to maintenance at six smelting plants affecting 1.4 million tons of capacity [2]. - The import volume of unwrought copper and copper products in September reached 485,000 tons, the highest monthly figure this year, while cumulative imports from January to September totaled 4.019 million tons, down 1.7% year-on-year [2]. Group 3: Inventory and Market Dynamics - As of October 17, global copper inventories across three major exchanges totaled 560,900 tons, an increase of 28,500 tons from the end of September [3]. - COMEX copper inventories have risen for seven consecutive months, reaching 345,600 short tons, while LME inventories have decreased to 137,200 tons [3]. - Domestic electrolytic copper social inventories have been accumulating, with a total of 186,600 tons reported as of October 20, reflecting a weekly increase of 14,600 tons but a year-on-year decrease of 32,800 tons [3]. Group 4: Economic and Market Outlook - Domestic copper cable enterprises' operating rates increased by 3.38 percentage points to 61.91% week-on-week, although this is a 15.02% decline year-on-year [4]. - High copper prices are suppressing downstream demand, leading to a focus on just-in-time purchasing [4]. - The domestic economy is under short-term pressure, with consumption and investment growth slowing, but there are structural highlights in domestic demand [4]. - The overall expectation is for copper prices to maintain high-level fluctuations, with key support levels for the main contract around 84,000 to 84,200 yuan per ton [5].

Summary of Zijin Mining Conference Call Company Overview - **Company**: Zijin Mining - **Industry**: Mining (Gold, Copper, Lithium) Key Financial Highlights - **Revenue**: 221.1 billion CNY for the first three quarters, up 55% year-on-year [2][3] - **Net Profit**: 34.1 billion CNY, a 44% increase year-on-year [2][3] - **Operating Cash Flow**: 52.1 billion CNY, up 44% year-on-year [2][3] - **Cash Balance**: 61.5 billion CNY at the end of the period [2][3] - **Debt Ratio**: Decreased to 53%, down 2.18 percentage points from the previous year [3] Gold Business Performance - **Gold Production**: 65 tons, a 20% increase year-on-year [2][5] - **Third Quarter Gold Production**: 24 tons [5] - **Zijin Gold International IPO**: Successfully listed in Hong Kong, raising 28.7 billion HKD, making it the largest gold IPO globally [2][5] - **Future Gold Production Target**: Aiming for 100-110 tons by 2028, with expected production of nearly 50 tons in 2025 after the acquisition of the Akin Mine [6][5] Cost and Profitability - **Sales Cost Increase**: Unit sales costs have risen, but gross margins remain high [7][8] - **Gold Ingot Gross Margin**: 55.8% [7] - **Copper Products Gross Margins**: Copper concentrate at 64.77%, electrolytic copper at 47.21% [8] Copper Production Outlook - **2025 Copper Production Target**: Originally planned for 1.15 million tons, now expected to be around 1.1 million tons [14][15] - **2028 Copper Production Goal**: Targeting 1.5 to 1.6 million tons, with growth driven by projects in Tibet and other regions [14][15] Lithium Strategy - **Lithium Production**: Significant focus on lithium, with projects in Tibet and Argentina [4][16] - **Cost Control**: Lithium production costs range from 35,000 to 60,000 CNY per ton depending on the project [20][21] Market Trends and Future Outlook - **Gold Price Trends**: Gold prices have increased by 61% in 2025, with significant volatility expected [13] - **Copper Market Dynamics**: Anticipated price increase to over 12,000 USD per ton due to supply constraints and rising demand [22] - **Cost Management**: Company plans to optimize internal management and control costs through technological innovation [19] Additional Insights - **Non-Recurring Income**: Approximately 2.07 billion CNY in non-recurring income for the third quarter, primarily from financial asset changes [25] - **Profit Contribution**: Gold and copper each contributed about 38.5% to the overall profit in the third quarter [26] This summary encapsulates the key points from the conference call, highlighting Zijin Mining's financial performance, strategic initiatives, and market outlook.

10月8日（周三），伦敦金属交易所（LME）铜价回落，受累于美元走强，稍早因交易商担心矿山生产 持续中断可能造成短缺而触及16个月最高。 铝价亦触及16个月最高水平，因可用库存下滑。 伦敦时间10月8日17:00(北京时间10月9日00:00)，LME三个月期铜下跌92美元，或0.85%，收报每吨 10,669.0美元。盘中一度触及每吨10,815美元的去年5月22日以来最高。 国际铜业研究组织(ICSG)周三预计，2025年全球精炼铜市场将供应过剩约17.8万吨，2026年将短缺15万 吨。今年4月，该组织预测今年将过剩28.9万吨，2026年将过剩20.9万吨。 "所有的供应干扰都使得市场吃紧，"WisdomTree大宗商品策略师Nitesh Shah称。"矿商在新勘探方面几 乎没有什么动作，甚至开采新矿也变得更加困难，因此这种供应紧张的状况将会持续。" | | 10月8日 LIE基本金属收盘报价(美元/吨) | | | | --- | --- | --- | --- | | 金屋 | 收盘价 | 张跃 | 张跌幅 | | 三个月期铜 | 10.669.00 + | -92.00 ↓ -0.85% | | ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The fundamentals of copper are still tight with resilient demand. The inventory of the Shanghai Futures Exchange is decreasing due to the improvement in peak - season demand and increased demand before the double festivals. The copper market is expected to show a strong - side oscillatory trend [1] 3. Summary by Relevant Catalogs Strategy Analysis - The Shanghai copper futures opened higher and moved higher, showing a strong - side oscillation during the day. The leaders of China and the US had a phone call, and Trump said the call was "very productive", with plans for a meeting during the APEC and a visit to China early next year. After the Fed's interest - rate cut, the US dollar index has shifted upward. As of September 19, the spot TC was - 40.64 dollars per dry ton and RC was - 4.05 cents per pound, remaining weakly stable. Many smelters had maintenance in September, and small and medium - sized smelters are under profit pressure. The supply of refined copper will remain tight. The SMM China electrolytic copper output in August was 1.1715 million tons, a 0.24% decrease from the previous month and a 15.59% increase year - on - year. Affected by policies, the supply of scrap copper in September will significantly decline, and the electrolytic copper output in September is expected to drop sharply. The downstream demand has marginally improved, but the overall purchasing sentiment is cautious [1] Periodic and Spot Market Conditions - Futures: The Shanghai copper futures opened higher and moved higher, with a strong - side oscillation during the day, and the closing price was 80,160 yuan per ton. Spot: The spot premium in East China was 60 yuan per ton, and in South China was 70 yuan per ton. On September 19, 2025, the LME official price was 9,982 dollars per ton, and the spot premium was - 78 dollars per ton [3] Supply Side - As of September 19, the latest data showed that the spot TC was - 40.64 dollars per dry ton, and the spot RC was - 4.05 cents per pound [6] Fundamental Tracking - Inventory: The SHFE copper inventory was 29,900 tons, a decrease of 1,945 tons from the previous period. As of September 18, the copper inventory in the Shanghai Free Trade Zone was 76,400 tons, remaining the same as the previous period. The LME copper inventory was 147,700 tons, a decrease of 900 tons from the previous period. The COMEX copper inventory was 315,200 short tons, an increase of 2,364 short tons from the previous period [10]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The weakening US job market has heightened expectations of a Fed rate cut. However, due to the traditional domestic consumption off - season suppressing downstream demand, the total inventory of electrolytic copper at home and abroad is oscillating upwards. As a result, there is still room for the Shanghai copper price to decline. It is recommended that investors hold their previous short positions. They should pay attention to the support levels around 76,000 - 78,000 and the resistance levels around 80,000 - 81,000 for Shanghai copper, the support levels around 3,300 - 9,500 and the resistance levels around 10,000 - 10,200 for London copper, and the support levels around 4.0 - 4.2 and the resistance levels around 4.6 - 5.0 for US copper. (View score: -1) [3] 3. Summary by Relevant Catalogs Market Data - **Shanghai Copper Futures**: On August 4, 2025, the closing price of the active contract of Shanghai copper futures was 78,330, down 70 from the previous day; the trading volume was 62,389 lots, a decrease of 18,554 lots; the open interest was 163,558 lots, a decrease of 4,113 lots; the inventory was 20,348 tons, down 1 ton; the average price of SMM 1 electrolytic copper was 78,420, up 90 [2]. - **Shanghai Copper Basis and Spot Premium/Discount**: The Shanghai copper basis was 90, up 160; the spot premium/discount in Guangzhou was - 55, down 40; in North China, it remained at - 120; in East China, it was 30, down 5 [2]. - **Spread (Near - Month vs. Far - Month)**: The spread between the near - month and the first continuous contract of Shanghai copper was 20, up 30; between the first and the second continuous contracts was 0, down 10; between the second and the third continuous contracts was 80, up 20 [2]. - **London Copper**: The closing price of the LME 3 - month copper futures (electronic trading) on August 4, 2025, was 9,708.5, up 75.5; the total inventory of registered and cancelled warrants was 0, a decrease of 139,575 tons; the LME copper futures 0 - 3 - month contract spread was - 52.73, down 3.48; the 3 - 15 - month contract spread was - 139.23, up 3.70; the Shanghai - London copper price ratio was 8.0682, down 0.07 [2]. - **COMEX Copper**: The closing price of the active contract of COMEX copper futures on August 4, 2025, was 4.456, up 0.03; the total inventory was 261,180, an increase of 3,265 [2]. Industry News - **Corporate News**: Mitsubishi Materials Corporation is considering reducing the copper concentrate processing volume at its Onahama Smelting Co., Ltd. After the scheduled equipment maintenance from October to November this year, it plans to reduce copper concentrate processing through partial facility shutdowns while maintaining the processing of electronic waste, aiming to increase the utilization ratio of recycled materials and profitability. The 2025 cathode copper production forecast will be announced separately (Onahama's copper rough - smelting capacity is 230,000 tons) [2]. - **Regional News**: Peruvian informal miners have suspended negotiations with the government and may resume protests due to disagreements. The government refused to adjust the August 17 deadline and required miners to transfer explosives to a formal "powder magazine". About 20,000 miners who cannot meet the deadline will be excluded from the government's work regularization plan [2]. Supply - Demand Analysis - **Supply Side**: European high - quality scrap steel export restrictions, uncertainties in Sino - US tariff negotiations, negative price differences between domestic electrolytic copper and scrap copper, and the closure of the scrap copper import window may lead to a decrease in domestic scrap copper production (import) in August. Many copper smelters around the world are facing production adjustments, such as the shutdown of Glencore's PASIAR copper smelter in the Philippines, the suspension of Zhongkuang Resources' Isunebag plant in Namibia, and the suspension of Glencore's Altonorte smelter in Chile. Some projects are under construction or planned to increase production, like Jiangxi Hongyuan's second - phase project and the 200,000 - ton high - purity copper project in Baotou [3]. - **Demand Side**: The traditional domestic consumption off - season suppresses downstream demand [3]. Inventory Situation The inventory of electrolytic copper in domestic bonded areas has decreased compared to last week, while the domestic social inventory, LME inventory, and COMEX copper inventory have all increased [3]. Investment Strategy Investors are recommended to hold their previous short positions and pay attention to the support and resistance levels of Shanghai copper, London copper, and US copper as mentioned above [3].

Report Industry Investment Rating No relevant content provided. Core Viewpoint of the Report The weakening US job market has increased expectations of a Fed rate cut, but the traditional domestic consumption off - season has suppressed downstream demand. The total inventory of electrolytic copper at home and abroad has been rising, indicating that there is still room for the Shanghai copper price to fall. It is recommended that investors hold their previous short positions and pay attention to the support and pressure levels of Shanghai copper, London copper, and US copper [3]. Summary by Related Catalogs Market Data - On August 4, 2025, the closing price of the active contract of Shanghai copper futures was 78,330 yuan, down 70 yuan from the previous day; the trading volume was 62,389 lots, a decrease of 18,554 lots; the open interest was 163,558 lots, a decrease of 4,113 lots; the inventory was 20,348 tons, a decrease of 1 ton; the average price of SMM 1 electrolytic copper was 78,420 yuan, up 90 yuan [2]. - The Shanghai copper basis was 90 yuan, up 160 yuan from the previous day. The spot discounts in Guangzhou, North China, and East China were -55 yuan, -120 yuan, and 30 yuan respectively, with changes of -40 yuan, 0 yuan, and -5 yuan [2]. - The spreads between near - month and far - month contracts of Shanghai copper showed different changes. For example, the spread between the near - month and the first continuous contract was 20 yuan, up 30 yuan [2]. - The closing price of the LME 3 - month copper futures (electronic trading) on August 4, 2025, was 9,708.5 US dollars, up 75.5 US dollars from the previous day. The total inventory of registered and cancelled warrants was 0 tons, a decrease of 139,575 tons [2]. - The closing price of the active contract of COMEX copper futures on August 4, 2025, was 4.456 US dollars, up 0.03 US dollars from the previous day, and the total inventory was 261,180 tons, an increase of 3,265 tons [2]. Industry News - Mitsubishi Materials Corporation is considering reducing the copper concentrate processing volume of its Onahama Smelting Co., Ltd. After the scheduled equipment maintenance from October to November this year, it plans to reduce the copper concentrate processing volume through partial facility shutdowns while maintaining the processing volume of electronic waste to improve the utilization rate of recycled materials and profitability [2]. - Non - formal miners in Peru have suspended negotiations with the government and may resume protests due to differences in the negotiations. The government refuses to adjust the August 17 deadline and requires miners to transfer explosives to formal "powder magazines" [2]. Supply and Demand Situation - European high - quality scrap steel exports are restricted, and Chinese importers can only purchase steel shot or brass. Uncertainty in Sino - US tariff negotiations has led to a low direct import of US scrap copper by traders. The negative price difference between domestic electrolytic copper and bright and aged scrap copper has weakened the economic viability of scrap copper, closing the scrap copper import window [2][3]. - Some copper smelters at home and abroad are facing production adjustments. For example, Glencore's PASIAR copper smelter in the Philippines has stopped production, and Zhongkuang Resources' Isunebag plant in Namibia has suspended production due to a shortage of copper concentrate supply [3]. - Some new projects are under construction or planned to be put into production. For example, Jianggang Hongyuan's second - phase project with an annual output of 150,000 tons of cathode copper started construction in Guixi at the end of March, and the 200,000 - ton high - purity copper project in Baotou Jinshan Economic Development Zone started construction on June 24 [3]. Investment Strategy - Due to the expected increase in domestic crude copper production and the possible decrease in electrolytic copper production and import in August, and the increase in total electrolytic copper inventory at home and abroad, it is recommended that investors hold their previous short positions and pay attention to the support and pressure levels of Shanghai copper, London copper, and US copper [3].

Core Views - Low inventory and supply contradictions support the bottom, but the easing of tariff disturbances and the seasonal weakening of consumption will cause Shanghai copper to fluctuate in the short term. Attention should be paid to domestic policy expectations and the rhythm of inventory accumulation [5] - The inventory of copper in the Shanghai Futures Exchange has dropped to 72,543 tons, and the recovery of import demand supports the tightness of the spot market [4] - The port inventory of copper concentrate has dropped to 560,900 tons, and the processing fee remains at a low level of -$42.63 per ton, increasing the pressure on smelting plants to cut production [4] - The United States only imposes a 50% tariff on semi-finished copper products, exempting raw materials such as cathode copper. The decline in the COMEX premium has dragged down LME copper [4] - The growth rate of power grid investment has slowed down, and air conditioner production has entered the off-season. The end-users' acceptance of high prices is limited, which restricts the consumption elasticity [4] Copper Futures Market Data (Weekly) - The latest price of the main Shanghai copper contract is 78,400 yuan per ton, with a weekly decline of 1.07%, a position of 167,671 lots, and a trading volume of 80,943 lots [6] - The latest price of international copper is 69,530 yuan per ton, with a weekly decline of 1.18%, a position of 4,914 lots, and a trading volume of 4,289 lots [6] - The latest price of LME copper for three months is $9,803 per ton, with a weekly decline of 0.96%, a position of 239,014 lots, and a trading volume of 11,075 lots [6] - The latest price of COMEX copper is $566.95 per pound, with a weekly decline of 1.71%, a position of 104,219 lots, and a trading volume of 25,868 lots [6] Copper Spot Data (Weekly) - The latest price of Shanghai Nonferrous 1 copper is 78,330 yuan per ton, with a weekly decline of 1,120 yuan and a weekly decline rate of 1.41% [10] - The latest price of Shanghai Wumaomao is 78,985 yuan per ton, with a weekly decline of 720 yuan and a weekly decline rate of 0.9% [10] - The latest price of Guangdong Southern Storage is 78,890 yuan per ton, with a weekly decline of 620 yuan and a weekly decline rate of 0.78% [10] - The latest price of Yangtze River Nonferrous is 79,120 yuan per ton, with a weekly decline of 710 yuan and a weekly decline rate of 0.89% [12] - The latest price of Shanghai Nonferrous premium is 110 yuan per ton, with a weekly decline of 130 yuan and a weekly decline rate of 54.17% [12] - The latest price of Shanghai Wumaomao premium is 85 yuan per ton, with a weekly decline of 80 yuan and a weekly decline rate of 48.48% [12] - The latest price of Guangdong Southern Storage premium is 85 yuan per ton, with a weekly decline of 65 yuan and a weekly decline rate of 43.33% [12] - The latest price of Yangtze River Nonferrous premium is 115 yuan per ton, with a weekly decline of 60 yuan and a weekly decline rate of 34.29% [12] - The latest price of the LME copper (spot/three months) premium is -$51.71 per ton, with a weekly increase of $16.53 and a weekly decline rate of 24.22% [12] - The latest price of the LME copper (three months/15 months) premium is -$92.25 per ton, with a weekly increase of $10.37 and a weekly decline rate of 10.11% [12] Copper Advanced Data (Weekly) - The latest price of copper import profit and loss is -249.88 yuan per ton, with a weekly increase of 232.62 yuan and a weekly decline rate of 48.21% [13] - The latest price of copper concentrate TC is -$42.75 per ton, with a weekly increase of $0.42 and a weekly decline rate of 0.97% [13] - The latest copper-aluminum ratio is 3.7801, with a weekly decline of 0.0635 and a weekly decline rate of 1.65% [13] - The latest refined scrap price difference is 805.43 yuan per ton, with a weekly decline of 35.31 yuan and a weekly decline rate of 4.2% [13] Copper Inventory (Weekly) - The total warehouse receipt of Shanghai copper is 18,083 tons, with a weekly decline of 7,424 tons and a weekly decline rate of 29.11% [17] - The total warehouse receipt of international copper is 3,313 tons, with a weekly decline of 1,354 tons and a weekly decline rate of 29.01% [17] - The inventory of Shanghai copper is 73,423 tons, with a weekly decline of 11,133 tons and a weekly decline rate of 13.17% [17] - The registered warehouse receipt of LME copper is 108,225 tons, with a weekly decline of 4,375 tons and a weekly decline rate of 3.89% [17] - The cancelled warehouse receipt of LME copper is 19,400 tons, with a weekly increase of 7,150 tons and a weekly increase rate of 58.37% [17] - The inventory of LME copper is 127,625 tons, with a weekly increase of 2,775 tons and a weekly increase rate of 2.22% [19] - The registered warehouse receipt of COMEX copper is 109,453 tons, with a weekly increase of 1,404 tons and a weekly increase rate of 1.3% [19] - The unregistered warehouse receipt of COMEX copper is 143,978 tons, with a weekly increase of 8,246 tons and a weekly increase rate of 6.08% [19] - The inventory of COMEX copper is 253,431 tons, with a weekly increase of 9,650 tons and a weekly increase rate of 3.96% [19] - The port inventory of copper ore is 409,000 tons, with a weekly decline of 48,000 tons and a weekly decline rate of 10.5% [19] - The social inventory is 418,200 tons, with a weekly increase of 4,300 tons and a weekly increase rate of 1.04% [19] Copper Midstream Production (Monthly) - In June 2025, the monthly output of refined copper was 1.302 million tons, a year-on-year increase of 14.2%. The cumulative output was 7.363 million tons, a year-on-year increase of 9.5% [21] - In June 2025, the monthly output of copper products was 2.214 million tons, a year-on-year increase of 6.8%. The cumulative output was 11.765 million tons, a year-on-year increase of 3.7% [21] Copper Midstream Capacity Utilization (Monthly) - In June 2025, the total annual capacity of refined copper rods was 15.84 million tons, with a capacity utilization rate of 62.32%, a month-on-month decrease of 0.18 percentage points, and a year-on-year increase of 1.78 percentage points [23] - In June 2025, the total annual capacity of scrap copper rods was 8.19 million tons, with a capacity utilization rate of 32.01%, a month-on-month increase of 3.08 percentage points, and a year-on-year decrease of 0.98 percentage points [23] - In June 2025, the total annual capacity of copper strips was 3.59 million tons, with a capacity utilization rate of 68.73%, a month-on-month decrease of 1.55 percentage points, and a year-on-year decrease of 2.22 percentage points [24] - In June 2025, the total annual capacity of copper rods was 2.2865 million tons, with a capacity utilization rate of 51.52%, a month-on-month decrease of 1.97 percentage points, and a year-on-year decrease of 0.37 percentage points [24] - In June 2025, the total annual capacity of copper tubes was 2.783 million tons, with a capacity utilization rate of 72.25%, a month-on-month decrease of 10.35 percentage points, and a year-on-year increase of 1.01 percentage points [24] Copper Element Imports (Monthly) - In June 2025, the monthly import volume of copper concentrate was 2.34969 million tons, a year-on-year increase of 2%. The cumulative import volume was 14.757457 million tons, a year-on-year increase of 6% [26] - In June 2025, the monthly import volume of anode copper was 68,548 tons, a year-on-year increase of 2%. The cumulative import volume was 382,709 tons, a year-on-year decrease of 17% [26] - In June 2025, the monthly import volume of cathode copper was 300,506 tons, a year-on-year increase of 5%. The cumulative import volume was 1,646,147 tons, a year-on-year decrease of 9% [26] - In June 2025, the monthly import volume of scrap copper was 183,244 tons, a year-on-year increase of 8%. The cumulative import volume was 1,145,405 tons, a year-on-year increase of 0% [26] - In June 2025, the monthly import volume of copper products was 460,000 tons, a year-on-year increase of 6.5%. The cumulative import volume was 2,630,000 tons, a year-on-year decrease of 4.6% [26]