Group 1 - LME copper futures prices showed a slight increase, opening at $9,833 per ton and currently trading at $9,842 per ton, with a change of 0.03% [1] - The highest price during the trading session reached $9,849 per ton, while the lowest was $9,832 per ton [1] Group 2 - On August 28, LME copper futures opened at $9,769.0, peaked at $9,844.5, and closed at $9,843.0, reflecting a 0.69% increase [2] - The electrolytic copper spot price ratio between Shanghai and London was reported at 8.08, with an import profit and loss of 330.65 yuan per ton, compared to 162.17 yuan per ton on the previous trading day [2] - As of August 28, the Shanghai Futures Exchange had copper futures warehouse receipts totaling 21,232 tons, a decrease of 55 tons from the previous trading day [2] - LME registered copper warehouse receipts stood at 144,850 tons, with canceled receipts at 13,100 tons, a reduction of 150 tons; total copper inventory increased by 1,850 tons to 157,950 tons [2]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Last week, Shanghai copper fluctuated and declined. The main contract of Shanghai copper fell 0.47% to close at 78,690 yuan/ton. Geopolitical factors disturbed copper prices, and there were still global instability factors. Domestically, consumption entered the off - season, and downstream consumption willingness was average. In the industrial end, domestic spot trading was average, mainly for rigid demand. LME copper inventory was 155,975 tons with little change last week, and SHFE copper inventory decreased by 4,663 tons to 81,698 tons compared with last week [4]. - The supply - demand situation of copper is in a tight balance in 2024 and will be in surplus in 2025 [12]. Summary by Directory 1. Market Review - Last week, Shanghai copper fluctuated and declined. The main contract of Shanghai copper fell 0.47% to close at 78,690 yuan/ton. Geopolitical factors and US tariff issues affected copper prices. Domestically, consumption entered the off - season, and downstream consumption willingness was average. Industrial spot trading was mainly for rigid demand. LME copper inventory was 155,975 tons with little change, and SHFE copper inventory decreased by 4,663 tons to 81,698 tons [4]. 2. Fundamentals 2.1 PMI - No detailed content provided [10] 2.2 Supply - Demand Balance - The supply - demand situation of copper is in a tight balance in 2024 and will be in surplus in 2025. The China annual supply - demand balance table shows the production, import, export, apparent consumption, actual consumption, and supply - demand balance of copper from 2018 - 2024 [12][15]. 2.3 Inventory - LME copper inventory was 155,975 tons with little change last week, and SHFE copper inventory decreased by 4,663 tons to 81,698 tons. Exchange inventory was in the process of destocking, and bonded area inventory remained at a low level [4][16][19]. 3. Market Structure 3.1 Processing Fees - Processing fees were at a low level [22]. 3.2 CFTC Position - CFTC non - commercial net long positions flowed out [24]. 3.3 Spot - Futures Spread - No detailed content provided [27] 3.4 Import Profit - No detailed content provided [30] 3.5 Warehouse Receipts - No detailed content provided

Group 1 - LME copper futures prices are experiencing a slight decline, opening at $9,744 per ton and currently trading at $9,714 per ton, reflecting a decrease of 0.21% [1] - On August 21, LME copper futures had an opening price of $9,721 per ton, a highest price of $9,746.5 per ton, a lowest price of $9,673 per ton, and a closing price of $9,740 per ton, with a change of 0.20% [2] - The electrolytic copper spot market showed a ratio of 8.11, with an import profit and loss of 234.81 yuan per ton, down from 354.75 yuan per ton the previous trading day [2] Group 2 - As of August 21, LME registered copper warrants totaled 145,000 tons, while canceled warrants increased by 600 tons to 11,350 tons, with total copper inventory remaining at 156,350 tons [2] - In Shanghai and Guangdong bonded zones, the total copper spot inventory reached 93,200 tons, an increase of 6,400 tons compared to August 14, but a decrease of 1,100 tons compared to August 18 [2] - Specifically, Shanghai bonded zone inventory was 87,600 tons, up by 7,000 tons from August 14, and down by 500 tons from August 18, while Guangdong bonded zone inventory was 5,600 tons, down by 600 tons from both August 14 and August 18 [2]

Group 1 - Recent domestic copper concentrate processing fees have rebounded, indicating a significant easing of supply tightness due to additional concentrate supply entering the market [2][3] - The domestic refined copper supply for the first half of the year was approximately 7.75 million tons, a year-on-year increase of 7.56%, driven by production growth [5] - The overall refined copper supply in China is expected to remain sufficient, with domestic smelters maintaining high production levels despite seasonal maintenance [6] Group 2 - Domestic copper social inventory has shown signs of recovery, primarily due to increased imports, while U.S. copper inventory continues to rise [7][8] - The copper price is expected to experience a downward adjustment in the short term, but the long-term outlook remains positive due to underlying support factors [9][10] - The demand for copper in the second half of the year is anticipated to remain strong in China, while overseas demand may follow a high-low trend [7]

Group 1 - The core viewpoint of the news is the fluctuation of LME copper futures prices, with a slight increase observed on August 20, 2023, where the price opened at $9688 per ton and reached a current price of $9693 per ton, reflecting a 0.09% increase [1] - On August 19, LME copper futures closed at $9691 per ton, down by 0.58% from the previous day, with the highest price during the day being $9778 per ton and the lowest at $9680 per ton [2] - The copper market showed a slight increase in the import loss, with the electrolytic copper spot Shanghai-London ratio at 8.11 and the import loss at 332.39 yuan per ton, compared to 329.14 yuan per ton the previous trading day [2] Group 2 - As of August 19, LME registered copper warrants totaled 143,900 tons, with canceled warrants at 11,250 tons, a decrease of 125 tons, while total copper inventory decreased by 450 tons to 155,150 tons [2] - The Shanghai Futures Exchange (SHFE) copper futures warrants remained stable at 25,498 tons compared to the previous trading day [2]

Group 1 - LME copper futures prices showed a slight increase, opening at $9738 per ton and currently at $9754 per ton, with a change of 0.02% [1] - The highest price during the trading session reached $9755.5 per ton, while the lowest was $9738 per ton [1] Group 2 - On August 18, LME copper futures had an opening price of $9756.0, a highest price of $9792.0, a lowest price of $9722.0, and a closing price of $9748.0, reflecting a decrease of 0.25% [2] - The electrolytic copper spot market showed a Shanghai-London price ratio of 8.12, with an import profit and loss of 329.14 yuan per ton, compared to 144.92 yuan per ton on the previous trading day [2] - Domestic electrolytic copper spot inventory was reported at 144,200 tons, an increase of 12,000 tons compared to August 11, and an increase of 11,800 tons compared to August 14 [2] - Shanghai's inventory was 89,500 tons, up 10,200 tons from August 11 and up 9,300 tons from August 14 [2] - Guangdong's inventory stood at 29,100 tons, increasing by 2,800 tons from August 11 and 2,300 tons from August 14 [2] - Jiangsu's inventory was reported at 17,200 tons, decreasing by 1,300 tons from August 11 but increasing by 100 tons from August 14 [2] - As of August 18, LME registered copper warrants totaled 144,225 tons, with canceled warrants at 11,375 tons, a decrease of 150 tons [2] - Total copper inventory at LME was 155,600 tons, reflecting a decrease of 200 tons [2]

Group 1 - LME copper futures prices showed an upward trend, opening at $9,756 per ton and currently trading at $9,773.5 per ton, with a gain of 0.14% [1] - The highest price during the trading session reached $9,792 per ton, while the lowest dipped to $9,755 per ton [1] Group 2 - On August 15, LME copper futures opened at $9,777.5, peaked at $9,808.0, and closed at $9,772.0, reflecting a slight increase of 0.04% [2] - The electrolytic copper spot price ratio between Shanghai and London was reported at 8.12, with an import profit and loss of 144.92 yuan per ton, up from 44.55 yuan per ton the previous trading day [2] - As of August 15, LME registered copper warrants totaled 144,275 tons, with 11,525 tons canceled, resulting in a net increase of 475 tons; total copper inventory decreased by 50 tons to 155,800 tons [2] - The Shanghai Futures Exchange reported copper futures warrants at 24,560 tons, an increase of 126 tons compared to the previous trading day [2]

伦敦金属交易所（LME）公布数据显示，上周伦铜库存呈区间波动状态，整体变化不大，最新库存水 平为155,800吨。 上周，纽铜库存继续累积，最新库存水平为267,195吨，增至2004年1月下旬以来新高。 2023年以来三大交易所铜库存对比 | 以下为2025年8月以来三大交易所铜库存数据：（单位：吨） | | --- | 上海期货交易所最新公布数据显示，8月15日当周，沪铜库存继续回升，周度库存增加5.4%至86,361 吨，增至一个半月新高。国际铜库存增加123吨至10,967吨。 注：一般来说，国内外交易所库存不断下降将对期价形成支撑，反之，则对期价有所利空。 | 日期 | COMEX | LME | SHFE | | --- | --- | --- | --- | | 2025/8/15 | 267, 195 | 155, 800 | 86, 361 | | 2025/8/14 | 266, 804 | 155, 850 | | | 2025/8/13 | 266, 795 | 155, 875 | | | 2025/8/12 | 265, 889 | 155, 000 | | | 2025/8/11 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report Last week, Shanghai copper fluctuated and rose, with the main contract closing up 0.73% at 79,060 yuan/ton. Geopolitical factors and US tariffs affected copper prices, and there were still global uncertainties. Domestically, consumption entered the off - season with general downstream consumption willingness. In the industrial end, domestic spot trading was average, mainly for rigid demand. LME copper inventory was 155,800 tons with little change last week, and SHFE copper inventory increased by 4,428 tons to 86,361 tons. The copper market will be in a tight balance in 2024 and in surplus in 2025 [3][11]. 3) Summary by Relevant Catalogs 行情回顾 - Last week, Shanghai copper fluctuated and rose, with the main contract closing up 0.73% at 79,060 yuan/ton. Geopolitical factors and US tariffs affected copper prices, and there were still global uncertainties. Domestically, consumption entered the off - season with general downstream consumption willingness. In the industrial end, domestic spot trading was average, mainly for rigid demand. LME copper inventory was 155,800 tons with little change last week, and SHFE copper inventory increased by 4,428 tons to 86,361 tons [3]. 基本面（库存结构） - PMI: No specific content provided [7][9]. - Supply - demand balance: The copper market will be in a tight balance in 2024 and in surplus in 2025. A detailed China annual supply - demand balance table from 2018 - 2024 is provided [11][14]. - Inventory: Exchange inventory is in the process of destocking, and bonded area inventory remains at a low level [15][18]. 市场结构 - Processing fee: The processing fee is at a low level [22]. - CFTC position: Non - commercial net long positions in CFTC are flowing out [24]. - Spot - futures price difference: No specific content provided [27]. - Import profit: No specific content provided [30]. - Warehouse receipt: No specific content provided [21].

Group 1 - The core viewpoint of the article highlights the fluctuations in LME copper futures prices, with a current price of $9835.5 per ton, reflecting a 0.60% increase from the opening price of $9795 per ton [1] - On August 13, LME copper futures opened at $9829.0, reached a high of $9865.0, and closed at $9781.0, showing a decrease of 0.61% [1] - The electrolytic copper spot price ratio between Shanghai and London was reported at 8.09 on August 13, indicating an import loss of 75.3 yuan per ton, slightly improved from the previous day's loss of 75.33 yuan per ton [1] Group 2 - As of August 13, LME registered copper warrants totaled 144,325 tons, with canceled warrants at 11,550 tons, a decrease of 50 tons [1] - LME copper inventory increased by 875 tons, reaching a total of 155,875 tons on August 13 [1] - The Shanghai Futures Exchange reported a decrease in copper futures warrants to 22,800 tons, down by 3,496 tons from the previous trading day [1]