财达期货｜铜周报 2025-11-24 财达期货｜铜周报 铜价高位震荡为主 F3084967 Z0018883 行情回顾：上周沪铜主力合约周初延续前一周五的冲高回落趋势，后续 维持震荡走势，周五收于 85660 元/吨，较前一周-1.4%。 研究员 姓名：张珩 供需方面，进口铜精矿加工费无太多变化，11 月 18 日，自由港发布公 告，宣布全球印尼 Grasberg 地下矿将自 2026 年第二季度起逐步大规模重启 并提产，2026 年 Grasberg 矿区的预估产量调整为与 2025 年持平，约为 10 亿磅（约 45.4 万吨）铜，这一数字较 9 月修订后的事故前预估水平下降约 35%，所以中期来看对供应端还是有一定影响。上周 SMM 铜线缆开工率环 比升 1.32 个百分点，铜价回调至 86000 元/吨下，订单回升但个别企业观望， 汽车线束需求向好，11 月最后一周，企业将提产冲刺，SMM 预期开工率小 幅回升。漆包线行业机台开机率环比回升 0.73 个百分点至 77.93%。周中铜 价重心小幅回落，有效刺激下游下单需求，行业整体活跃度呈现回暖态势， 但仍未达到旺季常规水平。三大交易所库存环比增加 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report The valuation of copper is slightly bearish with a neutral bias. The global manufacturing PMI has a neutral driving force, the short - term decline in copper concentrate processing fees is bullish, and the rise in the US dollar index is bearish. Geopolitical factors suppress risk appetite, while copper raw material supply remains tight. Although domestic smelting maintenance is decreasing marginally, downstream operating rates remain strong, and the short - term pressure on inventory accumulation in China is not significant. Copper prices are expected to fluctuate in the short term. The trading range for the main SHFE copper contract is expected to be between 84,800 - 87,500 yuan/ton, and for LME copper 3M, it is expected to be between 10,550 - 11,000 US dollars/ton [12]. Summary by Directory 1. Weekly Assessment and Strategy Recommendation - Supply: Spot processing fees for copper concentrates declined, and those for blister copper remained flat. Codelco's 2026 CIF South Korea electrolytic copper long - term contract offer increased by 245 US dollars/ton compared to 2025 [11]. - Inventory: The combined inventory of the three major exchanges increased by 38,000 tons, with SHFE inventory rising to 111,000 tons, LME inventory to 155,000 tons, and COMEX inventory to 362,000 tons. Shanghai bonded area inventory increased by 5,000 tons. The spot premium in Shanghai was 90 yuan/ton over futures, and the LME Cash/3M premium was 1.1 US dollars/ton [11]. - Imports and Exports: The loss on domestic electrolytic copper spot imports narrowed, and the Yangshan copper premium rebounded. In October 2025, China's refined copper imports were 323,000 tons, with net imports of 257,000 tons, a month - on - month decrease of 90,000 tons and a year - on - year decline of 31.6%. From January to October, cumulative imports were 3.225 million tons, and net imports were 2.676 million tons, a year - on - year decrease of 4.7% [11]. - Demand: The operating rate of domestic downstream refined copper rod enterprises increased, and spot transactions remained warm. The domestic refined - scrap copper price spread narrowed, reducing the substitution advantage of scrap copper, and the operating rate of recycled copper rod enterprises declined further [11]. 2. Futures and Spot Markets - Futures Prices: Copper prices fluctuated downward. The main SHFE copper contract fell 1.43% for the week, and LME copper fell 0.63% to 10,778 US dollars/ton [22]. - Spot Prices: The spot prices of electrolytic copper and copper products showed different degrees of change, and the price spreads also varied [24]. - Premiums and Discounts: The spot premium of copper in East China was 90 yuan/ton over futures. The LME Cash/3M premium first declined and then rose, reaching 1.1 US dollars/ton on Friday. The loss on domestic electrolytic copper spot imports continued to narrow, and the Yangshan copper premium (bill of lading) rebounded [27]. 3. Profit and Inventory - Smelting Profit: The spot TC for imported copper concentrates declined to - 42.3 US dollars/ton, and the price of sulfuric acid in East China increased, positively boosting copper smelting revenue [35]. - Import - Export Ratio: No specific information on the change trend is provided. - Import - Export Profit and Loss: The loss on copper spot imports narrowed [40]. - Inventory: The combined inventory of the three major exchanges increased by 38,000 tons, and Shanghai bonded area inventory increased by 5,000 tons. The increase in SHFE inventory came from Shanghai, and the decrease came from Guangdong and Jiangsu. The number of copper warehouse receipts decreased by 40 to 49,790 tons. The increase in LME inventory came from Asian warehouses, and European inventory decreased slightly. The proportion of cancelled warehouse receipts declined [43][46][49]. 4. Supply Side - Electrolytic Copper Monthly Output: According to SMM, China's refined copper output in October 2025 decreased by about 30,000 tons month - on - month, and it is expected to decline slightly in November. According to NBS data, domestic refined copper output in October was 1.204 million tons, a year - on - year increase of 8.9%, and the cumulative output from January to October was 12.295 million tons, a year - on - year increase of 9.7% [54]. - Import and Export Situation: In October 2025, China's copper ore imports were 2.451 million tons, a month - on - month decrease. From January to October, cumulative imports were 25.086 million tons, a year - on - year increase of 7.5%. Unwrought copper and copper products imports were 438,000 tons, a month - on - month decrease of 52,000 tons but a year - on - year increase of 2%. Anode copper imports were 55,000 tons, a month - on - month increase of 5,000 tons but a year - on - year decline of 8.6%. Refined copper imports were 323,000 tons, with net imports of 257,000 tons, a month - on - month decrease of 90,000 tons and a year - on - year decline of 31.6%. Refined copper exports were 66,000 tons, a month - on - month increase of 40,000 tons. The profit from domestic spot copper feed - processing exports narrowed. Recycled copper imports were 197,000 tons, a month - on - month increase of 13,000 tons and a year - on - year increase of 7.4%. From January to October, cumulative imports were 1.9 million tons, a year - on - year increase of 2.2% [57][60][63][69][72]. 5. Demand Side - Consumption Structure: China's official and Caixin manufacturing PMIs in October both weakened. The manufacturing prosperity of major overseas economies was divided, with improvements in the Eurozone, India, and the UK, and weakening in the US and Japan [79]. - Downstream Industry Output Data: In October, the year - on - year output of automobiles, color TVs, and power generation equipment increased, while that of refrigerators, air conditioners, washing machines, freezers, and AC motors decreased. From January to October, the cumulative output of power generation equipment, air conditioners, washing machines, refrigerators, and AC motors increased, while that of color TVs and freezers decreased [82]. - Real Estate Data: Domestic real estate data in October continued to be weak, with new construction, construction, sales, and completion all declining year - on - year. The decline in construction remained the same, while the decline in new construction, sales, and completion widened. The National Housing Climate Index continued to decline [85]. - Downstream Enterprise Operating Rates: In October, the operating rates of refined copper rod, enameled wire, wire and cable, copper tube, brass rod, and copper strip enterprises declined, while the operating rate of copper foil enterprises increased. It is expected that the operating rates of these enterprises will rebound or increase slightly in November [88][91][94][97]. - Refined - Scrap Price Spread: The domestic refined - scrap copper price spread narrowed, reaching 2,675 yuan/ton on Friday [100]. 6. Capital Side - SHFE Copper Positions: The total SHFE copper positions decreased by 71,216 to 1,034,950 lots (bilateral), and the positions of the nearby 2512 contract were 249,184 lots (bilateral) [105]. - Foreign Fund Positions: As of October 7, CFTC funds maintained a net long position, with a net long ratio of 13.3%. The proportion of long positions of LME investment funds stabilized as of November 14 [108].

Group 1 - Recent copper price movements have been influenced by supply-side production cuts and the Federal Reserve's monetary policy, leading to a strong rally followed by a pullback due to hawkish signals from the Fed [1] - The macroeconomic environment remains marginally loose, but its positive impact on the market is limited, with expectations for a rate cut in December now below 50% [1] - Supply uncertainties persist, with a decrease in refined copper production and imports in September, while global copper markets may face a supply gap of approximately 150,000 tons by 2026 [1][2] Group 2 - The inventory structure shows regional mismatches, with high Comex copper inventories and slight accumulations in SHFE, while LME inventories are declining [2] - The TC (treatment charge) remains at historically low levels, indicating ongoing tightness in copper ore supply, with upcoming negotiations expected to influence TC levels for 2026 [2] - As the fourth quarter progresses, copper prices are likely to be driven by supply and demand dynamics, with macroeconomic stimuli failing to create a sustained trend [3]

Core Viewpoint - Copper prices experienced a slight increase of 0.17% at closing, influenced by a decrease in expectations for a Federal Reserve interest rate cut and ongoing supply constraints from mining operations [1] Group 1: Market Dynamics - The market is currently facing pressure due to reduced expectations for a December interest rate cut by the Federal Reserve, alongside a significant drop in U.S. stock markets, which has dampened market risk appetite [1] - Despite the pressure on copper prices, there is a slight recovery in domestic consumption as prices have retreated, leading to an increase in operating rates among downstream enterprises and a minor reduction in domestic inventory levels [1] Group 2: Supply and Production - Freeport-McMoRan announced plans to resume large-scale production at its Grasberg mine in Indonesia in the second quarter of next year, with expectations that copper and gold production will remain stable at approximately 1 billion pounds of copper and 900,000 ounces of gold by 2026 [1] - The copper mining sector is experiencing increased disruptions this year, with domestic copper concentrate processing fees remaining low, indicating significant negotiation pressures for domestic smelters and overseas miners as the year ends [1]

Core Viewpoint - LME copper futures prices experienced significant fluctuations, with a current price of $10,741 per ton, reflecting a decline of 0.35% from the opening price [1] Group 1: Market Performance - On November 18, LME copper futures opened at $10,752 per ton and reached a high of $10,764.5 per ton and a low of $10,722.5 per ton [1] - On November 17, LME copper futures had an opening price of $10,830, a high of $10,851, a low of $10,756.5, and a closing price of $10,766.5, marking a decrease of 0.73% [2] Group 2: Market Indicators - The electrolytic copper spot price ratio between Shanghai and London was reported at 7.99, indicating an import loss of 923.99 yuan per ton, which increased from a loss of 809.1 yuan per ton on the previous trading day [2] - As of November 17, LME registered copper warrants totaled 126,575 tons, with canceled warrants at 9,475 tons, a decrease of 175 tons. Total copper inventory increased by 325 tons to 136,050 tons [2] Group 3: Future Price Predictions - Morgan Stanley forecasts that copper prices will reach $10,600 per ton by 2026 [2]

点击注册小程序 查看完整报告 特别申明： 供给：本周精废价差环比+500元/吨 （1）铜矿：2025年7月中国铜精矿产量为13.8 万吨，环比-6.3%，同比-1.6%；8月全球铜精矿产量为193.7万 吨，环比-0.3%。（2）废铜：截至2025年11月14日，精废价差为3488 元/吨，环比11月7日+500 元/吨。 冶炼：本周TC现货价环比-0.5美元/吨 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 本周小结：短期铜价震荡，需求修复后仍看好铜价上行 截至2025年11月14日，SHFE铜收盘价86900 元/吨，环比11月7日+1.12%；LME铜收盘价10846 美元/吨，环比 11月7日+1.41%。（1）宏观：短期宏观扰动减弱。（2）供需：自由港削减2025-2026年铜产量，供给后续仍维 持紧张 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The copper price resumed its upward trend this week due to the impending restart of the US government, which led to a rebound in market risk appetite. Meanwhile, the spot premium remained stable, and the downstream procurement sentiment increased steadily. With macro - level positives and support from the spot market, the copper price was pushed up. The supply - side support for the copper price is weakening this year, while the demand is expected to pick up and support the copper price. From a macro perspective, after the US government restarts, the release of employment and inflation data is expected to increase the probability of an interest rate cut in December, and the US dollar is expected to weaken. Overall, it is difficult for the copper price to decline, and it is expected to continue rising with the improvement of the macro - environment and demand [10]. 3. Summary by Relevant Catalogs 3.1. Market Review and Operation Suggestions - **Price Trend Reasons**: The resumption of the upward trend in copper prices is due to the upcoming restart of the US government, the recovery of market risk appetite, stable spot premiums, and increased downstream procurement sentiment. The support from macro factors and the spot market has pushed up copper prices. - **Supply - Side Situation**: The narrative of tight copper ore supply continues, but the supply pressure of cold materials has weakened as the refined - scrap price spread has widened. The production reduction pressure on smelters in November has eased. SMM expects a decrease of only 0.4 million tons in November and a slight increase in December, so the supply - side support for copper prices is weakening this year [10]. - **Demand - Side Outlook**: The demand that was squeezed by the sharp increase in copper prices in the early stage is gradually being released in November. There is an expectation of rush - work in the power grid sector near the end of the year. SMM expects the operating rate in the refined copper rod sector to rebound, mainly driven by the need to complete production value tasks in the wire and cable sector and the continuous growth of demand in the new energy and transformer sectors in the enameled wire field. However, the social inventory has not effectively started to decline, making the upward rhythm of copper prices unstable [10]. - **Macro - Economic Impact**: After the US government restarts, the release of employment and inflation data is expected to increase the probability of an interest rate cut in December, and the US dollar is expected to weaken. Overall, the copper price is expected to continue rising [10]. 3.2. Industry News - **Peru's Copper Production**: In September 2025, Peru's copper production increased by 3.7% year - on - year to 240,995 tons. In the first nine months of 2025, Peru's copper production was about 2.048 million tons, a year - on - year increase of 2.7%. Peru is the world's third - largest copper producer [11]. - **SandfireResources' Acquisition Plan**: Australia's largest listed independent copper producer, SandfireResources, announced on Thursday that it had reached a binding term sheet with HavilahResources. It plans to acquire an 80% stake in the Kalkaroo copper - gold project in South Australia through a two - stage investment of up to A$210 million. The first stage requires a payment of A$105 million (70% in Sandfire shares and 30% in cash) to obtain the qualification, and the second stage requires another A$105 million after the pre - feasibility study (PFS) is completed [11]. - **TasekoMines' Performance**: Vancouver copper producer TasekoMines had a revenue of C$174 million in the third quarter, an adjusted EBITDA of C$62 million, and a net profit of C$6 million. The copper production of its core asset, the Gibraltar mine, increased to 27.6 million pounds (including 895,000 pounds of cathode copper) due to the high - grade mining area. The grade was 0.22%, the recovery rate was 77%, and the C1 cost dropped to US$2.87 per pound. The solvent extraction and electrowinning plant of the Florence Copper project in Arizona has been basically completed, with the first solution injection in early November. The commercial well - field flow met expectations, and the first batch of cathode copper production is imminent. Drilling will resume in the coming weeks to support capacity ramp - up in 2026 [11][12].

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View - Supply - Domestic and overseas copper mines face production disruptions, leading to a negative China copper concentrate import index and a tight supply - demand outlook for domestic copper concentrates. The supply of scrap copper has increased, domestic processing fees for crude copper or anode plates have risen, and the maintenance capacity of copper smelters in November has decreased month - on - month. [2] - Demand - The capacity utilization rates of refined copper rods, recycled copper rods, copper wires and cables, copper enameled wires, copper strips, copper tubes, and brass rods have increased compared to last week. [2] - Inventory - China's electrolytic copper social inventory has decreased compared to last week, while LME and COMEX copper inventories have increased. [2] - Market Outlook - With the increasing expectation of a Fed rate cut in December and the end of the US federal government shutdown, the production disruptions in overseas copper mines may cause the Shanghai copper price to be cautiously bullish. [2] 3. Summary by Relevant Catalogs 3.1. Price and Trading Volume Data - **Shanghai Copper Futures**: On November 11, 2025, the closing price was 86,630, up 150 from the previous day. The trading volume was 74,639 hands, a decrease of 23,450. The open interest was 202,371 hands, a decrease of 1,756. The inventory was 42,964 tons, a decrease of 825. The Shanghai copper basis was 135, up 80. [2] - **London Copper**: On November 11, 2025, the LME 3 - month copper futures closing price (electronic trading) was 10,840, down 34.5. The LME copper futures 0 - 3 - month contract spread was - 21.28, down 6.43, and the 3 - 15 - month contract spread was 0, down 80.63. [2] - **COMEX Copper**: On November 11, 2025, the closing price of the copper futures active contract was 5.0635, up 0.11. The total inventory was 376,631, an increase of 7,262. [2] 3.2. Trading Strategy - Short - term traders are advised to go long on the main contract at low prices with a light position. Pay attention to the support level around 82,000 - 84,000 and the resistance level around 87,000 - 89,000 for Shanghai copper. For London copper, pay attention to the support level around 10,300 - 10,500 and the resistance level around 10,800 - 11,200. For US copper, pay attention to the support level around 4.5 - 4.8 and the resistance level around 5.2 - 5.5. [2]

Core Viewpoint - Citigroup projects that copper prices will continue to rise, reaching an average of $12,000 per ton by Q2 2026, with a bullish scenario estimating prices at $14,000 per ton [1] Group 1: Price Projections - For the remainder of this year, copper trading prices are expected to be around $11,000 per ton [1] - The target price reflects a more bullish fundamental setup for 2026, despite recent weak physical demand [1] - If bullish catalysts emerge, copper prices could rise to $12,000 per ton faster than anticipated [1] Group 2: Demand and Economic Outlook - Global manufacturing sentiment is mixed, indicating limited upside for cyclical copper demand in the remainder of 2025 [1] - Stronger consumption in 2024 is expected, but copper consumption growth will likely soften in Q4 2025 [1] - Manufacturing activity is projected to slow down, but a recovery is anticipated by 2026, supported by loose fiscal policies in the U.S. and global monetary policies [1]

Report Overview - Report Title: Copper Futures Daily Report [1] - Date: November 12, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Industry Investment Rating - Not provided Core Viewpoints - Copper prices are expected to continue to fluctuate strongly. The reopening of the US government may release the frozen TGA account, and the expectation of liquidity release has pushed up overnight risk assets. Although the rise of copper prices has narrowed due to the weakening of A - shares, the expected decline of domestic social inventories and the possible end of the US government shutdown will support copper prices [10]. Summary by Directory 1. Market Review and Operation Suggestions - Copper prices fluctuated strongly. The expectation of liquidity release pushed up overnight risk assets, and the intraday high of Shanghai copper's main contract jumped to 87,050. However, as A - shares weakened, the increase of copper prices narrowed. The spot copper rose 230 to 86,765, and the spot premium remained flat. The strengthening of copper prices slowed down the release of downstream orders, but with the gradual decline of domestic social inventories, the spot premium is expected to have limited downward space. The loss of spot imports expanded to over 700, the LME 0 - 3 contango narrowed to 14.85, and the Shanghai - London ratio decreased. It is expected that domestic social inventories will continue to decline in the short term, supporting copper prices [10]. 2. Industry News - In October, the sales volume of lithium concentrate in Brazil decreased significantly month - on - month because the largest lithium spodumene producer, Sigma lithium, did not export during this period. In October, Brazilian producers exported 9,993 tons of spodumene concentrate, an 85% decrease from the unusually high 66,800 tons in September, but exports increased by about 54% year - on - year. Sigma Lithium plans to announce its 7 - 9 monthly performance after the stock market closes on November 14 [11]. - On November 10, the State Administration for Market Regulation announced that it approved the establishment of a joint venture between Codelco and SQM with additional restrictive conditions. The two companies planned to form a joint venture through asset injection to jointly operate the lithium mine project in the Atacama Salt Lake in Chile. The restrictive conditions require the two companies and the joint venture to make commitments such as continuing to fulfill contracts, supplying fairly and reasonably without discrimination, and reporting major supply changes in a timely manner, which is beneficial to the stable supply and reasonable price of lithium carbonate products [11][12]