Report Overview - Report Title: Copper Futures Daily Report - Date: July 23, 2025 - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [4] 1. Investment Rating - No investment rating information provided in the report. 2. Core View - The current fundamentals of copper are supportive, with significant growth in Chinese copper demand and favorable domestic and international macro - environments. Short - term, copper prices are expected to continue rising [11]. 3. Summary by Sections 3.1 Market Review and Operation Suggestions - Shanghai copper closed with a doji star, and the total open interest decreased by 1,386 lots. The sentiment for going long on industrial products was high during the day, but copper prices were relatively flat, with weak capital entry willingness. The futures market maintained a structure where the near - month contracts were in contango and the far - month contracts were in back. The spot premium continued to rise to 240, and the LME 0 - 3 contango widened to $67/ton. The short - term spot market showed a pattern of strong domestic and weak overseas. In June 2025, China's copper product output was 2.214 million tons, a year - on - year increase of 6.8%, hitting a multi - year high for the same period [11]. 3.2 Industry News - In June, the export volume of refined copper rods (>6mm) continued to reach a new high, with stable growth in the Southeast Asian market. The total export volume of refined copper rods with a maximum cross - section >6mm was 9,827.53 tons, a month - on - month increase of 8.4% and a year - on - year increase of 50.36%. The export volume of refined copper rods with a maximum cross - section >6mm through feed - processing trade in June 2025 was 7,183.14 tons, a month - on - month increase of 36.22% and a year - on - year increase of 33.75 times [12]. - Russia's Norilsk Nickel (Nornickel) currently expects its copper production this year to be between 343,000 - 355,000 tons, lower than the previous estimate of 353,000 - 373,000 tons. The company's nickel production in the second quarter was 45,000 tons, a year - on - year increase of 9%, and palladium production was 658,000 ounces, a year - on - year decrease of 11% [12]. - Anglo Asian Mining plc announced that its Demirli copper mine in the Karabakh Economic Region of Azerbaijan has started trial production, and the output is expected to increase by the end of this year. The company expects its copper concentrate output in 2025 to be 4,000 tons, and after 2026, the annual output of the Demirli copper mine will increase to 15,000 tons. The mining life of the mine depends on further geopolitical developments and the mineral resource model [12].

Group 1: Report Overview - Report Name: Copper Futures Daily Report [1] - Date: June 19, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Investment Rating - Not mentioned Group 3: Core View - The short - term macro - face remains weak, but the copper fundamentals are strongly supported, and the judgment of buying on dips is maintained [11] Group 4: Market Review and Operation Suggestions - Shanghai copper fluctuated and rose. Although Trump's consideration of striking Iran drove up crude oil prices, the market's risk - aversion sentiment did not rise significantly, gold continued to weaken, and most other industrial products rose [11] - The Fed is expected to keep interest rates unchanged in its June rate decision, but it is difficult to have an obvious dovish statement under the influence of rising crude oil prices and tariff issues [11] - On the spot side, the domestic premium declined, and the concern of warehouse receipt outflow made traders rush to sell. The back structure between months on the disk narrowed due to rising copper prices and the off - season of downstream demand [11] - LME market inventory turned to a reduction of 200 tons again, but Singapore warehouses continued to accumulate 1625 tons. The LME0 - 3back widened to 122, and the spot shortage in the LME market intensified, opening the domestic spot export window further [11] - The current global copper prices are Shanghai copper < LME copper < COMEX copper, and domestic copper supplies are expected to flow to the LME market, so it is difficult for the domestic spot to be significantly loose [11] Group 5: Industry News - Zijin Mining Group Co., Ltd. and Ajlan & Bros Mining Company's new joint - venture enterprise case entered the publicity period from June 16 to June 25, 2025. The joint - venture will engage in exploration, potential mining, operation, management, and sales of minerals in Saudi Arabia [12] - The new orders in the enameled wire industry have continued to decline recently. The industry has entered the off - season, and the demand side is sluggish, especially the demand from the home appliance port [12] - India's Adani copper smelter with an annual capacity of 500,000 tons投料 again on June 16, but there is a risk of cancellation of its long - term copper concentrate supply contract with South America due to previous delays [13]

Group 1 - Styrene futures experienced a rapid increase, reaching a peak of 7492.00 yuan, with a current price of 7340.00 yuan, reflecting a rise of 3.05% [1] - New Lake Futures indicates a shift in market sentiment towards optimism, driven by macroeconomic signals and a slight increase in production prices [2] - The supply-demand balance for styrene is currently weak, with expectations of gradual improvement in operating rates in May and June, but potential volatility remains [2] Group 2 - Wenkang Futures notes that the cost of pure benzene is rising, with prices at 5585 yuan/ton in Shandong and 5975 yuan/ton in East China, indicating upward pressure on styrene prices [3] - The absolute inventory of styrene at ports is low, and macroeconomic improvements are contributing to the price rebound [3] - The operational suggestion is to treat the current rebound cautiously, as downstream production plans are weakening [3]