1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - Copper prices may mainly show a volatile and slightly stronger market, with small price fluctuations and limited arbitrage opportunities. It is recommended to mainly wait and see for option contracts [4][34]. 3. Summary by Relevant Catalogs 3.1 Market Review - In August, the price of the main contract of Shanghai copper futures showed a volatile and slightly stronger trend, ranging from 77,950 yuan/ton to 79,840 yuan/ton. The price trend of the LME copper futures contract was similar to that of the main contract of Shanghai copper futures, with an operating range of about 9,575 - 9,914 US dollars/ton [7]. 3.2 Macroeconomic Environment - **Fed Rate Cut Imminent**: Fed Governor Waller supports a 25 - basis - point rate cut at the next monetary policy meeting on September 16 - 17, 2025, and expects further rate cuts in the next three to six months. As of August 29, the probability of a 25 - basis - point rate cut in September is 86.2%, and the probability of keeping the interest rate unchanged is 13.8% [2][12][33]. - **Narrowed Decline in Profits of Industrial Enterprises above Designated Size**: From January to July, the total profit of industrial enterprises above designated size was 4,020.35 billion yuan, a year - on - year decrease of 1.7%, with the decline narrowing. Profits in different industries showed different trends [14]. 3.3 Supply Side - **Decrease in Refined Copper Production Month - on - Month**: As of July 2025, the monthly refined copper production was 1.27 million tons, a decrease of 32,000 tons from the previous month and a year - on - year increase of 14%. As of August 22, 2025, the refining fee of Chinese copper smelters was - 4.14 cents/pound, and the smelting fee was - 41.32 US dollars/kiloton [16]. - **Reduction in the Price Difference between Refined and Scrap Copper**: As of August 29, 2025, the price of refined copper in Shanghai Wumaom was 79,355 yuan/ton, the price of scrap copper in Foshan, Guangdong was 72,850 yuan/ton, and the price difference was - 780 yuan/ton [21]. 3.4 Demand Side - **Month - on - Month Decline in Copper Product Output**: As of July 2025, the monthly output of copper products was 2.1694 million tons, a year - on - year increase of 8.3%. As of July 2025, the cumulative monthly investment in power grid construction was 331.5 billion yuan, a year - on - year increase of 12.5% [24]. 3.5 Inventory Side - **Continuous Inventory Accumulation of COMEX Copper**: As of August 29, 2025, the cathode copper inventory in the Shanghai Futures Exchange was 79,748 tons, a decrease of 1,950 tons from the previous week. As of August 28, 2025, the LME copper inventory was 157,950 tons, an increase of 1,850 tons from the previous trading day, and the proportion of cancelled warrants was 8.26%. The COMEX copper inventory was 275,226 tons, an increase of 1,459 tons from the previous trading day. The inventory in Shanghai Free Trade Zone was 83,300 tons, a decrease of 2,000 tons from the previous week [29]. 3.6 Outlook - **Analysis of Price Trend Factors**: Key factors affecting copper prices include Chinese economic policies, US policies, supply, demand, inventory, etc. Among them, Chinese economic policies, US policies, and supply - side refined copper processing fees have a relatively large impact [32]. - **Market Outlook**: Considering various factors, copper prices may mainly show a volatile and slightly stronger market, with small price fluctuations and limited arbitrage opportunities. It is recommended to mainly wait and see for option contracts [34].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Last week, Shanghai copper fluctuated and rose, with the main contract of Shanghai copper rising 0.91% to close at 79,410 yuan/ton. Geopolitical factors disturbed copper prices, and there were still global instability factors. In China, consumption is entering the peak season, but the downstream consumption willingness is average. In the industrial end, domestic spot trading is average, mainly for rigid - demand transactions. The LME copper inventory was 158,900 tons with little change last week, and the SHFE copper inventory decreased by 1,950 tons to 79,748 tons compared with last week. The supply - demand situation is in a tight balance in 2024 and will be in surplus in 2025 [3][11]. 3. Summary by Relevant Catalogs 3.1 Market Review - Last week, the main contract of Shanghai copper rose 0.91% to close at 79,410 yuan/ton. Geopolitical factors and US tariff issues affected copper prices. In China, downstream consumption willingness is average, and domestic spot trading is mainly for rigid - demand. The LME copper inventory was 158,900 tons with little change, and the SHFE copper inventory decreased by 1,950 tons to 79,748 tons [3]. 3.2 Fundamentals 3.2.1 PMI - Not provided in detail in the given content 3.2.2 Supply - Demand Balance - The supply - demand situation is in a tight balance in 2024 and will be in surplus in 2025. The Chinese annual supply - demand balance table shows different supply - demand situations from 2018 - 2024, such as a supply surplus of 10,000 tons in 2018 and a supply shortage of 10,000 tons in 2023 [11][14]. 3.2.3 Inventory - Exchange inventory is in the process of destocking, and the bonded area inventory remains at a low level [15][18]. 3.3 Market Structure 3.3.1 Processing Fees - Processing fees are at a low level [21]. 3.3.2 CFTC Position - CFTC non - commercial net long positions are flowing out [23]. 3.3.3 Spot - Futures Spread - Not provided in detail in the given content 3.3.4 Import Profit - Not provided in detail in the given content 3.3.5 Warehouse Receipts - Not provided in detail in the given content

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]

Core Insights - The London Metal Exchange (LME) reported that copper inventories remained relatively stable last week, with the latest inventory level at 155,800 tons [1] - The Shanghai Futures Exchange (SHFE) indicated that copper inventories increased by 5.4% to 86,361 tons, reaching a one-and-a-half-month high as of the week of August 15 [1] - International copper inventories rose by 123 tons to 10,967 tons [1] - The New York copper inventory continued to accumulate, reaching 267,195 tons, the highest level since late January 2004 [1] Inventory Trends - LME copper inventory remained stable at 155,800 tons, showing minimal fluctuation [3] - SHFE copper inventory increased to 86,361 tons, marking a 5.4% rise [3] - COMEX copper inventory reached 267,195 tons, reflecting a consistent upward trend [3] - The overall trend indicates that declining inventories in domestic and international exchanges typically support copper prices, while increasing inventories may exert downward pressure [1]