Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View of the Report - The domestic copper spot market is firm, which supports the copper price [1] 3) Summary by Relevant Catalogs [Fundamental Tracking] - **Futures Prices**: The closing price of the Shanghai Copper main contract was 78,090 with a daily decline of 0.40%, and the night - session closing price was 78,070 with a decline of 0.03%. The LME Copper 3M electronic disk closed at 9,658 with a daily increase of 0.15% [1] - **Trading Volume and Open Interest**: The trading volume of the Shanghai Copper main contract was 81,666, an increase of 2,530 from the previous day, and the open interest was 169,930, a decrease of 2,274. The trading volume of the LME Copper 3M electronic disk was 14,553, a decrease of 6,083, and the open interest was 279,000, a decrease of 1,048 [1] - **Futures Inventory**: The Shanghai Copper inventory was 50,133, an increase of 15,754, and the LME Copper inventory was 110,475, an increase of 850. The LME Copper注销仓单 ratio was 11.43%, a decrease of 3.05% [1] - **Price Spreads**: The LME copper ascension and premium increased by 13.80 to - 48.27. The bonded area warehouse receipt premium increased by 3 to 50, and the bonded area bill of lading premium increased by 3 to 66. The price of Shanghai 1 bright copper decreased by 300 to 72,800 [1] [Macro and Industry News] - **Macro News**: In the US, the core CPI in June increased by 2.9% year - on - year and 0.2% month - on - month, lower than expected for five consecutive months. Trump said that the US reached an agreement with Indonesia to impose a 19% tariff, lower than the threatened level last week. The EU said there were large gaps in positions between the US and the EU in some areas [1] - **Industry News**: Copper traders are shipping copper to Hawaii to take advantage of huge tariff trade. First Quantum Minerals' investment in Prospect Resources is crucial for extending the life of the Sentinel mine in Zambia. China's imports of copper ore and concentrates in June were 2.35 million tons, and the cumulative imports from January to June were 14.754 million tons, a year - on - year increase of 6.4%. The imports of unwrought copper and copper products in June were 464,000 tons, and the cumulative imports from January to June were 2.633 million tons, a year - on - year decrease of 4.6%. In the first half of this year, Azerbaijan's copper concentrate production soared nearly 12 times to about 1,200 tons [1][3] [Trend Intensity] - The copper trend intensity is 0, indicating a neutral state [3]

Group 1: Consumer Price Trends - Consumer prices remained generally stable in the first half of the year, with CPI down 0.1% year-on-year, consistent with the first quarter [2] - In June, CPI turned from decline to an increase of 0.1%, influenced by international commodity price fluctuations and effective domestic demand policies [2] - Core CPI, excluding food and energy, rose 0.4% year-on-year in the first half, with a 0.1 percentage point increase compared to the first quarter [2][4] Group 2: Food Price Dynamics - Food prices decreased by 0.9% year-on-year in the first half, with the decline narrowing by 0.6 percentage points compared to the first quarter [2] - Prices for fresh fruits and aquatic products increased by 2.7% and 0.8%, respectively, contributing approximately 0.08 percentage points to CPI [2] - Pork prices averaged a 3.8% increase in the first half, while beef prices saw a 6.9% decline [2] Group 3: Energy Price Trends - Energy prices fell by 3.2% year-on-year in the first half, with the decline expanding by 2.1 percentage points compared to the first quarter [3] - Gasoline prices dropped by 7.1%, contributing approximately 0.25 percentage points to the CPI decline [3] Group 4: Producer Price Index (PPI) Trends - PPI decreased by 2.8% year-on-year in the first half, with a notable decline of 3.6% by June [5] - International commodity price fluctuations led to a mixed price trend in domestic oil and non-ferrous metal industries [5] - Oil and gas extraction prices averaged a 9.6% decline, while non-ferrous metal smelting prices increased by an average of 6.2% [5] Group 5: Export and Industry Price Pressures - Uncertainties in the global trade environment led to price declines in export-oriented industries, with textiles and metal products down 2.3% year-on-year [6] - Sufficient supply and weak demand contributed to price declines in coal and electricity production, with coal prices down 15.4% [7] Group 6: Policy Impact on Prices - Macro policies have stabilized prices in certain industries, with the price of new energy vehicle manufacturing down 1.6%, a reduction narrower than in the first quarter [7] - Consumer demand policies have led to price increases in discretionary consumption sectors, with prices for arts and crafts up 12.3% [7]

Group 1 - The overall consumer price index (CPI) has remained stable, with a year-on-year decrease of 0.1% in the first half of the year, consistent with the first quarter [2] - The core CPI, excluding food and energy prices, has gradually rebounded, increasing by 0.4% year-on-year in the first half, an increase of 0.1 percentage points compared to the first quarter [2][3] - Food prices have seen a reduced decline, with a year-on-year decrease of 0.9% in the first half, narrowing by 0.6 percentage points compared to the first quarter [2] - Energy prices have experienced a larger decline, with a year-on-year decrease of 3.2% in the first half, widening by 2.1 percentage points compared to the first quarter [2] Group 2 - The Producer Price Index (PPI) has decreased by 2.8% year-on-year in the first half, with the decline expanding to 3.6% by June due to various factors including international trade uncertainties [4] - The prices in the oil and gas extraction industry have seen a monthly year-on-year decline ranging from 1.3% to 17.3%, averaging a decrease of 9.6% in the first half [4] - Conversely, the prices in the non-ferrous metal smelting and rolling industry have increased for six consecutive months, with a year-on-year average increase of 6.2% in the first half [4] Group 3 - Macro policies have been effective in stabilizing prices in certain industries, with the price of new energy vehicle manufacturing decreasing by 1.6% year-on-year, a reduction that has narrowed by 0.6 percentage points compared to the first quarter [5] - The demand for optional consumption has accelerated, leading to significant price increases in specific sectors, such as a 12.3% increase in the manufacturing of arts and crafts and ceremonial goods [5] - High-tech manufacturing prices have also risen, with integrated circuit packaging and testing prices increasing by 4.1% year-on-year [5]

Core Insights - The June CPI report is characterized by its "self-selecting interpretation" nature, allowing for varied perspectives on the data [1] - The core CPI increased by 0.23% month-over-month in June, which is the median monthly increase over the past 12 months, indicating a moderate inflation trend [1] - Most forecasters expect more significant tariff impacts to be seen in July and August, suggesting that the June report may not alter existing views on inflation dynamics [1] - The report's findings may reinforce existing beliefs about the pace and magnitude of inflation transmission, depending on the initial outlook of the analysts [1]

当地时间7月15日，美国劳工统计局公布数据显示，6月美国消费者价格指数（CPI）环比增长0.3%，经 季节性调整前同比增长2.7%。当月，剔除波动较大的食品和能源价格后，核心CPI环比增长0.2%，经季 节性调整前同比增长2.9%。（央视新闻） ...

智通财经7月15日电，美国6月核心CPI同比增长2.9%，预估为2.9%；6月核心CPI环比增长0.2%，预估为 0.3%。 ...

美国6月核心CPI环比 0.2%，预期 0.3%，前值 0.1%。 ...

美国6月核心CPI同比 2.9%，预期 2.9%，前值 2.8%。 ...

Core Insights - The core Consumer Price Index (CPI) for June in the United States fell short of expectations, leading to a short-term increase in spot gold prices by $6, now reported at $3,355.95 per ounce [1] Economic Indicators - The June core CPI data indicates a weaker inflationary trend than anticipated, which may influence monetary policy decisions [1] - The immediate market reaction saw spot gold prices rise, reflecting a typical safe-haven response to lower-than-expected inflation data [1] Market Reaction - Spot gold experienced a short-term price increase of $6 following the release of the CPI data, highlighting its role as a hedge against inflation [1] - The current price of spot gold is reported at $3,355.95 per ounce, indicating a significant market response to the economic data [1]

Group 1 - The U.S. Consumer Price Index (CPI) for June, including both seasonally adjusted and core CPI month-over-month rates, is set to be released shortly [1] - The year-over-year rates for unadjusted CPI and core CPI will also be published [1] - The New York Federal Reserve's manufacturing index for July is expected to be announced [1] Group 2 - Canada's CPI month-over-month rate for June will be disclosed soon [1]