Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View - The supply side of copper is disrupted with smelting enterprises reducing production and scrap copper policies being loosened. In October, China's manufacturing production activities slowed down compared to the previous month, and the manufacturing purchasing managers' index (PMI) dropped to 49.0%. The copper market is considered neutral based on fundamentals. The spot price is 86,470 with a basis of -10, indicating a discount to the futures price, also neutral. Copper inventories increased on November 10, and the SHFE copper inventory decreased from last week. The closing price is above the 20 - day moving average which is upward - trending, and the main positions are net long but the long positions are decreasing. Overall, it is expected that copper prices will oscillate at a high level due to inventory increases and geopolitical disturbances, such as the event at the Grasberg Block Cave mine in Indonesia [2]. 3. Summary by Related Catalogs Daily View - **Fundamentals**: Supply side has disruptions, smelting enterprises cut production, scrap copper policy is loosened, and China's manufacturing PMI in October is 49.0%, neutral [2]. - **Basis**: Spot price is 86,470, basis is -10, discount to futures, neutral [2]. - **Inventory**: On November 10, copper inventory increased by 375 to 136,275 tons, and SHFE copper inventory decreased by 1,105 tons to 115,035 tons from last week, neutral [2]. - **Disk**: Closing price is above the 20 - day moving average which is upward - trending, bullish [2]. - **Main Positions**: Main net positions are long but long positions are decreasing, bullish [2]. - **Expectation**: Copper prices will oscillate at a high level due to inventory increases and geopolitical disturbances [2]. Recent利多利空Analysis - **利多**: Global policy easing [3]. - **利空**: Trade war escalation [3]. Supply - Demand Balance - In 2024, there is a slight surplus, and in 2025, it will be in a tight balance [20]. - China's annual supply - demand balance table shows different production, import, export, consumption, and balance data from 2018 - 2024 [22]. Other Information - Bonded area inventory is rising from a low level [14]. - Processing fees are falling [16].

Report Core View - The supply side of copper is disturbed with smelting enterprises reducing production and the scrap copper policy being relaxed. China's manufacturing PMI in October dropped to 49.0%. The inventory is rising, and geopolitical disturbances still exist. The copper price is expected to fluctuate at a high level [2]. Summary by Relevant Catalogs Daily View - **Fundamentals**: The supply side is disturbed, and China's manufacturing production activity slowed down in October with the PMI at 49.0%, considered neutral [2]. - **Basis**: The spot price is 86,610 with a basis of 870, showing a premium over futures, considered bullish [2]. - **Inventory**: On November 4, copper inventory increased by 300 to 133,900 tons, and SHFE copper inventory increased by 11,348 tons to 116,140 tons last week, considered neutral [2]. - **Disk**: The closing price is below the 20 - day moving average while the 20 - day moving average is upward, considered neutral [2]. - **Main Position**: The main net position is long and the long position is increasing, considered bullish [2]. - **Expectation**: With inventory rising and geopolitical disturbances, such as the event at Indonesia's Grasberg Block Cave mine, the copper price will fluctuate at a high level [2]. Recent利多利空Analysis - **Likely Influencing Factors**: Global policy easing and trade - war escalation are mentioned, but specific impacts of "利多" (bullish) and "利空" (bearish) are not detailed [3]. Supply - Demand Balance - In 2024, there is a slight surplus, and in 2025, it will be in a tight balance. China's annual supply - demand balance table shows different production, import, export, consumption, and balance data from 2018 - 2024 [19][21]. Other Information - The bonded - area inventory has rebounded from a low level, and the processing fee has declined [13][15].

Report Industry Investment Rating No information provided. Core View - The supply side of copper has disturbances, with smelting enterprises reducing production and the scrap copper policy being relaxed. In October, China's manufacturing production activities slowed down compared to the previous month, and the manufacturing purchasing managers' index (PMI) dropped to 49.0%. The copper price is expected to fluctuate at a high level due to factors such as inventory recovery and geopolitical disturbances [2]. Summary by Relevant Catalogs Daily View - Fundamentals: Supply-side disturbances, relaxed scrap copper policy, and a slowdown in China's manufacturing in October. The manufacturing PMI dropped to 49.0%, considered neutral [2]. - Basis: The spot price is 86935, with a basis of -365, indicating a discount to the futures, considered neutral [2]. - Inventory: On November 3, copper inventory decreased by 1025 to 133600 tons, and the Shanghai Futures Exchange copper inventory increased by 11348 tons to 116140 tons compared to the previous week, considered neutral [2]. - Disk: The closing price is above the 20-day moving average, and the 20-day moving average is upward, considered bullish [2]. - Main Position: The main net position is long, with a shift from short to long, considered bullish [2]. - Expectation: Inventory is rising, and geopolitical disturbances remain. The incident at Indonesia's Grasberg Block Cave mine is fermenting, and the copper price is expected to fluctuate at a high level [2]. Recent利多利空Analysis -利多: Global policy easing [3]. -利空: Trade war escalation [3]. Supply and Demand Balance - In 2024, there is a slight surplus, and in 2025, it is in a tight balance [19]. - The China annual supply and demand balance sheet shows production, imports, exports, apparent consumption, actual consumption, and supply-demand balance from 2018 - 2024 [21]. Other Information - Bonded area inventory has rebounded from a low level [13]. - Processing fees have declined [15].

Report Summary Core Viewpoints - The supply side of copper has disturbances, with smelting enterprises reducing production and the scrap copper policy being liberalized. In September, manufacturing production accelerated, and the PMI rose to 49.8%, with the economic climate continuing to improve. The copper price is expected to remain strong due to inventory recovery and geopolitical disturbances, such as the fermentation of the Grasberg Block Cave mine incident in Indonesia [2]. Industry Analysis Fundamentals - The supply side has disturbances, smelting enterprises have production cuts, and the scrap copper policy is liberalized. In September, manufacturing production accelerated, and the PMI reached 49.8%, with the economic climate continuing to improve, showing a neutral situation [2]. Basis - The spot price is 87,920, and the basis is -40, indicating a discount to the futures, showing a neutral situation [2]. Inventory - On October 30, copper inventories decreased by 400 to 134,950 tons, and SHFE copper inventories decreased by 5,448 tons from the previous week to 104,792 tons, showing a neutral situation. The bonded - area inventory has rebounded from a low level [2][13]. Market Trends - The closing price is above the 20 - day moving average, and the 20 - day moving average is upward, showing a bullish situation [2]. Main Position - The main net position is short, and short positions are increasing, showing a bearish situation [2]. Supply - Demand Balance - There will be a slight surplus in 2024 and a tight balance in 2025. The Chinese annual supply - demand balance table shows different supply - demand situations from 2018 to 2024 [19][21]. Other Factors - The processing fee has declined, and the recent analysis of long and short factors includes global policy easing and trade - war escalation [3][15].

1. Report Industry Investment Rating - Not provided 2. Core View of the Report - The supply side of copper has some disturbances, with smelting enterprises reducing production and the scrap copper policy being relaxed. In September, manufacturing production accelerated, and the PMI rose to 49.8%, with the business climate continuing to improve. The copper price is expected to remain strong due to inventory recovery and geopolitical disturbances, such as the incident at the Grasberg Block Cave mine in Indonesia [2]. 3. Summary by Relevant Catalogs Daily View - **Fundamentals**: Supply - side disturbances exist with smelting production cuts and relaxed scrap copper policy. September manufacturing PMI reached 49.8%, showing improved business climate; assessment is neutral [2]. - **Basis**: Spot price is 85940, basis is 1530, indicating a premium over futures; assessment is bullish [2]. - **Inventory**: On October 14, copper inventory decreased by 550 to 138800 tons, and SHFE copper inventory increased by 14656 tons to 109690 tons compared to last week; assessment is neutral [2]. - **Market Chart**: The closing price is above the 20 - day moving average, and the 20 - day moving average is rising; assessment is bullish [2]. - **Main Position**: Main net long positions are held, but long positions are decreasing; assessment is bullish [2]. - **Expectation**: Inventory is rising, and geopolitical disturbances remain. The incident at the Indonesian Grasberg Block Cave mine is intensifying, and the copper price will maintain its strength [2]. Recent利多利空Analysis - **Likely Positive Factors**: Global policy easing [3]. - **Likely Negative Factors**: Escalation of trade wars [3]. Inventory - **Exchange Inventory**: On October 14, copper inventory decreased by 550 to 138800 tons, and SHFE copper inventory increased by 14656 tons to 109690 tons compared to last week [2]. - **Bonded Area Inventory**: Bonded area inventory has rebounded from a low level [14]. Processing Fee - Processing fees are falling [16]. Supply - Demand Balance - In 2024, there is a slight surplus, and in 2025, the market is in a tight - balance state [20]. - The Chinese annual supply - demand balance table shows different production, import, export, consumption, and balance data from 2018 - 2024. For example, in 2024, production is 12060000 tons, imports are 3730000 tons, exports are 460000 tons, apparent consumption is 15340000 tons, actual consumption is 15230000 tons, and the supply - demand balance is a surplus of 110000 tons [22].

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The supply side of copper has disturbances, smelting enterprises have production cut actions, and the scrap copper policy has been liberalized. In September, manufacturing production activities accelerated, with the PMI rising to 49.8%, and the economic climate continued to improve [2]. - The spot price is 85085, with a basis of -35, indicating a discount to the futures price [2]. - On October 13, copper inventories decreased by 50 to 139350 tons, and the SHFE copper inventories increased by 14656 tons to 109690 tons compared to last week [2]. - The closing price is above the 20 - day moving average, and the 20 - day moving average is upward, showing a bullish trend [2]. - The net position of the main players is long, and the long positions are increasing [2]. - With the inventory rising and geopolitical disturbances remaining (such as the fermentation of the Grasberg Block Cave mine incident in Indonesia), the copper price will maintain its strength [2]. Summary by Related Catalogs Daily Viewpoint - Fundamental analysis: The supply side is disturbed, while the manufacturing PMI shows improvement, considered neutral [2]. - Basis analysis: Spot price is at a discount to futures, neutral [2]. - Inventory analysis: Copper inventories show mixed trends, considered neutral [2]. - Technical analysis: The closing price and moving average indicate a bullish trend [2]. - Position analysis: The main players' net long position and increasing long positions are bullish [2]. - Expectation: Copper price will remain strong due to inventory and geopolitical factors [2]. Recent利多利空Analysis -利多: Global policy easing [3]. -利空: Trade - war escalation [3]. Spot - Information on local middle - prices, price changes, and inventory types and quantities is provided, but specific data is not fully filled in [6]. 期现价差 - Not detailed in the report Exchange Inventory - On October 13, copper inventories decreased by 50 to 139350 tons, and SHFE copper inventories increased by 14656 tons to 109690 tons compared to last week [2]. 保税区库存 - The inventory in the bonded area has rebounded from a low level [14]. 加工费 - The processing fee has declined [16]. CFTC - Not detailed in the report Supply - Demand Balance - In 2024, there is a slight surplus, and in 2025, it is in a tight - balance state [20]. - China's annual supply - demand balance table shows the production, import, export, apparent consumption, actual consumption, and supply - demand balance from 2018 to 2024 [22].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The supply side of copper has disturbances with smelting enterprises reducing production and the scrap - copper policy being relaxed. In September, the manufacturing PMI rose to 49.8%, with the business climate continuing to improve. The copper price is expected to remain strong due to inventory recovery and geopolitical disturbances, such as the event at the Grasberg Block Cave mine in Indonesia [2]. 3. Summary by Relevant Catalogs Daily View - **Fundamentals**: Supply - side disturbances, smelting production cuts, relaxed scrap - copper policy, and improved manufacturing PMI in September. Overall, it is considered neutral [2]. - **Basis**: The spot price is 85750, with a basis of - 1000, indicating a discount to futures, which is bearish [2]. - **Inventory**: On October 9, copper inventory increased by 275 to 139475 tons, and the SHFE copper inventory decreased by 3745 tons to 95034 tons compared to last week. Overall, it is considered neutral [2]. - **Market Chart**: The closing price is above the 20 - day moving average, and the 20 - day moving average is upward, which is bullish [2]. - **Main Position**: The main net position is long, but the long position is decreasing, which is bullish [2]. - **Expectation**: Inventory is rising, geopolitical disturbances persist, and the copper price is expected to remain strong [2]. Recent利多利空Analysis - **Likely Influencing Factors**: Global policy easing and trade - war escalation are mentioned as logical factors, but no clear classification of bullish or bearish factors is given [3]. Supply - Demand Balance - In 2024, there is a slight surplus, and in 2025, it is in a tight - balance state [21]. - The China annual supply - demand balance table shows production, import, export, apparent consumption, actual consumption, and supply - demand balance data from 2018 to 2024 [23].

1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Core Viewpoints of the Report - The fundamentals of copper are neutral with smelting enterprises reducing production and the scrap - copper policy being relaxed. The manufacturing PMI in August reached 49.4%, showing improved business levels compared to the previous month [2]. - The basis is neutral as the spot price is 82,510 with a basis of 40, indicating a premium over the futures [2]. - The inventory situation is neutral. On September 26, copper inventory decreased by 25 to 144,400 tons, and the SHFE copper inventory decreased by 7,035 tons to 98,779 tons compared to the previous week [2]. - The market trend is bullish as the closing price is above the 20 - day moving average which is trending upwards, and the net position of the main players is long, although the long positions are decreasing [2]. - The expectation is that with inventory rising and geopolitical disturbances remaining, the market is waiting for consumption guidance in the peak season of September. The incident at the Grasberg Block Cave mine in Indonesia has led to copper prices opening and closing higher, reaching a recent high [2]. 3. Summary by Relevant Catalogs 3.1 Daily View - **Fundamentals**: Smelting enterprises reducing production, scrap - copper policy relaxation, and the August manufacturing PMI at 49.4% show improved business levels; overall neutral [2]. - **Basis**: Spot price 82,510, basis 40, premium over futures; neutral [2]. - **Inventory**: On September 26, copper inventory decreased by 25 to 144,400 tons, SHFE copper inventory decreased by 7,035 tons to 98,779 tons compared to last week; neutral [2]. - **Trend**: Closing price above the 20 - day moving average which is trending upwards; bullish [2]. - **Main Position**: Net long position of the main players, long positions decreasing; bullish [2]. - **Expectation**: Inventory rising, geopolitical disturbances, waiting for September peak - season consumption guidance, and the mine incident in Indonesia leading to higher copper prices [2]. 3.2 Recent利多利空Analysis - **Likely Influencing Factors**: Global policy easing and trade - war escalation [3]. 3.3 Spot - No specific summarized data provided, only the format of location, mid - price, price change, inventory type, total inventory, and inventory change is given [6]. 3.4 Exchange Inventory - The LME inventory (daily) and SHFE inventory (weekly) are mentioned, but no specific summarized data is provided [6][12]. 3.5 Bonded - Area Inventory - Bonded - area inventory has rebounded from a low level [14]. 3.6 Processing Fee - Processing fees are declining [16]. 3.7 CFTC - No specific summarized content provided [18]. 3.8 Supply - Demand Balance - The supply - demand situation is expected to be slightly in surplus in 2024 and in a tight balance in 2025 [20]. - The Chinese annual supply - demand balance table shows production, import, export, apparent consumption, actual consumption, and supply - demand balance data from 2018 to 2024 [22].

Report Industry Investment Rating - Not provided Core Viewpoints - The fundamentals of copper are neutral as smelting enterprises are reducing production and the scrap copper policy has been relaxed, with the manufacturing PMI rising to 49.4% in August. The basis is neutral, inventory is neutral, the disk is bullish, and the main position is bullish. Copper prices opened higher and hit a recent high due to the fermentation of the Grasberg Block Cave mine incident in Indonesia overnight, while waiting for consumption guidance in the peak season in September [2]. - The logic of recent copper price analysis involves global policy easing and the escalation of trade wars [3]. Summary by Relevant Catalogs Daily View - The fundamentals of copper are neutral with smelting production cuts and improved manufacturing PMI [2]. - The basis shows a premium of 25 for spot copper over futures [2]. - On September 24, copper inventory decreased by 200 to 144,775 tons, and SHFE copper inventory increased by 11,760 tons to 105,814 tons compared to last week [2]. - The closing price is above the 20 - day moving average which is upward - sloping, indicating a bullish trend [2]. - The main net position is long and increasing, also bullish [2]. Recent利多利空Analysis - The logic involves global policy easing and trade - war escalation [3]. Daily Summary - The report provides a table on inventory data including spot, warehouse receipts, LME inventory, and SHFE inventory, but specific numerical summaries are not further elaborated in the text [5]. Exchange Inventory - Not elaborated further in the text Bonded Area Inventory - Bonded area inventory has rebounded from a low level [12]. Processing Fee - Processing fees have declined [14]. CFTC - Not elaborated further in the text Supply - Demand Balance - The supply - demand situation is expected to be slightly in surplus in 2024 and in tight balance in 2025 [18]. - The Chinese annual supply - demand balance table shows production, import, export, apparent consumption, actual consumption, and supply - demand balance from 2018 - 2024. For example, in 2024, production is 12.06 million tons, imports are 3.73 million tons, exports are 0.46 million tons, apparent consumption is 15.34 million tons, actual consumption is 15.23 million tons, and the supply - demand balance is a surplus of 0.11 million tons [20].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The fundamentals of copper are neutral, with smelting enterprises reducing production and the scrap copper policy being relaxed. In August, the manufacturing PMI rose to 49.4%, showing improved business conditions compared to the previous month. The basis is also neutral, with the spot price at 79,970 and a basis of 120, indicating a premium over the futures price. The inventory situation is neutral, with copper inventories decreasing by 1,225 tons to 147,650 tons on September 19th, and the SHFE copper inventory increasing by 11,760 tons to 105,814 tons compared to the previous week. The market trend is bullish, with the closing price above the 20 - day moving average, which is upward - sloping. The main positions are net long, but the long positions are decreasing. Overall, with inventory rising and geopolitical disturbances still present, waiting for consumption guidance in the peak season in September, the current contradiction between long and short is not prominent, and copper prices are expected to fluctuate and strengthen [2]. 3. Summary by Related Catalogs Daily View - **Fundamentals**: Smelting enterprises reduce production, scrap copper policy is relaxed, and the manufacturing PMI in August rose to 49.4%, with business conditions improving compared to the previous month; neutral [2]. - **Basis**: Spot price is 79,970, basis is 120, with a premium over the futures price; neutral [2]. - **Inventory**: On September 19th, copper inventories decreased by 1,225 tons to 147,650 tons, and the SHFE copper inventory increased by 11,760 tons to 105,814 tons compared to the previous week; neutral [2]. - **Market Trend**: The closing price is above the 20 - day moving average, and the 20 - day moving average is upward - sloping; bullish [2]. - **Main Positions**: The main positions are net long, but the long positions are decreasing; bullish [2]. - **Expectation**: With inventory rising and geopolitical disturbances still present, waiting for consumption guidance in the peak season in September, the current contradiction between long and short is not prominent, and copper prices are expected to fluctuate and strengthen [2]. Recent利多利空Analysis - **Leverage Factors**: Global policy easing and trade - war escalation [3]. Inventory - **Exchange Inventory**: The SHFE copper inventory increased by 11,760 tons to 105,814 tons compared to the previous week [2]. - **Bonded Area Inventory**: The bonded area inventory has rebounded from a low level [13]. Supply - Demand Balance - In 2024, there is a slight surplus, and in 2025, it is in a tight balance. The China annual supply - demand balance table shows specific data for different years from 2018 - 2024, including production, import volume, export volume, apparent consumption, actual consumption, and supply - demand balance [19][21].