Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the performance and outlook of the lithium and copper mining sectors, particularly focusing on major Australian lithium mines and overseas copper companies. Lithium Mining Companies General Performance - Total lithium concentrate production for FY2025 is projected at 1.48 million tons, exceeding design capacity, although the CGP3 project's output has not met expectations [3][4] - Q2 production was stable at 340,000 tons, with sales increasing by 12% to 410,000 tons [4] - Cash costs rose to $238 per ton, a 7% increase due to declining ore grades [4] Future Outlook - For FY2026, lithium concentrate production is expected to increase to 1.5-1.65 million tons, with costs projected to decrease to approximately $202-$234 per ton [4] - Capital expenditures are anticipated to drop from AUD 710 million to AUD 575-675 million [4] Specific Mines 1. **Pilbara** - FY2025 production reached 755,000 tons, exceeding guidance, with plans to increase to 820,000-870,000 tons in FY2026 [4] - FOB costs are expected to decrease to AUD 560-600 per ton [4] 2. **Marion Mountain** - Q2 production fell by 11% due to efforts to improve product grade, with an annual target of 514,000 tons [7] 3. **Wojena** - Q2 production increased by 30% to 166,000 tons, with costs dropping to AUD 641 per ton [7] - Annual production is projected at 502,000 tons [7] Market Conditions - The overall growth rate for major projects in FY2025 is limited, with a conservative outlook for FY2026 due to current low price environments [5] - Recent price increases above $700 may lead companies to adopt more aggressive production plans [5] Copper Mining Companies General Performance - In Q2 FY2025, 15 major overseas copper companies produced approximately 2.7 million tons, a 1.4% year-over-year decline but a 2.5% quarter-over-quarter increase [2][8] - For the first half of FY2025, total copper production was about 5.34 million tons, down 1.3% year-over-year [9] Company-Specific Insights - **Rio Tinto** saw a 9% increase in Q2 production, benefiting from improved underground capacity and ore grades [8] - **Glencore** experienced a 21% year-over-year decline due to low ore grades and recovery rates [8] Market Conditions - Q2 supply tightness is expected to support copper prices, with a continued tight supply forecast for the second half of the year [10] - The absence of significant economic downturns is likely to prevent substantial drops in copper prices, presenting potential investment opportunities [10] Additional Insights - The shutdown of the Jianxiao mine is expected to positively impact related companies, providing a potential turnaround for those near breakeven [6] - Zhongkuang Resources may benefit from stabilized lithium carbonate prices, with rising profits from copper and minor metals aiding in achieving market value targets [6]

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoint The copper market is under fundamental pressure, and copper prices are expected to oscillate downward. The US economic recession risk and interest - rate cut expectations are rising, and the market sentiment is weak. The high inventory and insufficient subsequent demand in the US copper market, along with poor spot demand during the off - season in the Shanghai copper market, contribute to the unfavorable outlook [1][2]. 3. Summary by Related Aspects Market Sentiment and Price Movements - On Friday, China's July economic data fell short of expectations, the US announced full tariff rates, and the US non - farm payroll data was disappointing with significant downward revisions of the previous two months' data. The dollar tumbled at night while the RMB soared, and the market weakened. However, positive data from China's automotive and machinery industries improved market sentiment during the day, with most non - ferrous metals rising, including Shanghai copper, international copper, LME copper, and domestic spot copper [1]. - Technically, LME copper oscillated slightly higher around $9670, and Shanghai copper rebounded after hitting a low, closing at 78330. The trading volume and open interest of Shanghai copper both decreased, indicating cautious market sentiment [2]. Inventory and Premium - This week, the inventory of US copper and LME copper increased significantly, while the inventory of Shanghai copper decreased slightly. The RMB exchange rate rose slightly, and the Yangshan copper premium dropped slightly to $50.5, suggesting poor domestic spot demand [1]. - The LME spot discount narrowed slightly to - $49 this week, indicating weak external spot demand. The copper price ratio of LME to Shanghai copper rose to 8.17, and the premium of international copper over Shanghai copper decreased to 180 points, with the external market ratio slightly higher than the domestic market, showing weak market sentiment [1]. Data Monitoring | Date | RMB Exchange Rate | Spot Premium (Yuan/Ton) | Yangshan Copper Premium (USD/Ton) | LME Copper - Futures - Spot Spread | Main Contract Shanghai - LME Ratio | | ---- | ---- | ---- | ---- | ---- | ---- | | July 29 | 7.1808 | 220 | 51.5 | - 54 | 8.04 | | July 30 | 7.2120 | 520 | 48 | - 52 | 8.06 | | July 31 | 7.2093 | 580 | 48 | - 47 | 8.11 | | August 1 | 7.1981 | 40 | 52.5 | - 51 | 8.09 | | August 4 | 7.1783 | 180 | 50.5 | - 49 | 8.17 | [3]

下游疲弱，承压运行 制作日期：2025 年 8 月 6 日 【策略分析】 今日盘面高开低走，尾盘拉涨。美国供应管理协会（ISM）表示，其非制造业采购经 理人指数（PMI）从 6 月的 50.8 降至上月的 50.1。国内基本面来看，7 月 SMM 中国电解 铜产量环比大增 3.94 万吨，同比上升 14.21%。TC/RC 费用依然处于负值，但已经止跌回 升，冶炼厂三季度有三家工厂有检修计划，目前冶炼厂仍能依靠硫酸等副产品弥补亏 损，目前淡季下需求疲软，市场交投情绪不温不火铜半成品后续被征收关税，可能将影 响出口需求。上期所库存依然在低位，暂未大幅累库，支撑盘面价格。综合来看，下游 铜材需求疲弱，铜价承压运行，但目前库存压力依然不大，显性库存环比有去化，铜价 震荡承压，但低位库存及美联储降息预期下方支撑行情。 投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 资料来源：同花顺期货通（日线图表） 1 【冠通研究】 数据来源：Wind、冠通研究咨询部 【基本面跟踪】 -60 -40 -20 0 20 40 60 80 100 120 1月 2月 3月 4月 5月 6月 7月 ...

Core Viewpoint - Copper prices showed a slight upward trend on Monday and Tuesday, indicating a correction from previous declines, but investors should remain cautious about weak demand impacting the market [1] Summary by Relevant Categories Price Movement - Copper prices on LME and COMEX are stabilizing, with LME prices unlikely to exceed COMEX prices in the short term [1] - The recent decline in COMEX copper has led to an oversold condition, which may slightly boost valuations in the other two copper markets [1] Demand Factors - Three bullish factors include: 1. Agreement on tariff policies between the US and other countries 2. Employment data causing a decline in the US dollar index 3. Clear support levels for copper prices [1] - Three bearish factors include: 1. Fluctuations in tariff policies 2. Tariff policies leading to a decrease in global demand 3. Adjustments in US copper tariff policies resulting in extremely high COMEX inventories [1]

Report Information - Report Name: Copper Futures Daily Report [1] - Date: August 6, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Investment Rating - Not provided Core View - The short - term market sentiment for buying copper is still strong. Although copper is in the inventory accumulation period, the support at 77,000 is expected to be strong. However, the short - term spot market's support for copper prices is weak due to inventory accumulation pressure at home and abroad [11]. Summary by Directory 1. Market Review and Operation Suggestions - The main contract of Shanghai copper fluctuated strongly, closing at 78,580, and continued to run below the trend line. Spot copper rose 195 to 78,615, and the premium dropped 50 to 130. It is expected that the premium will continue to decline tomorrow. The premium of imported copper continued to be weak, with a rising trend in offers but large differences between buyers and sellers, and few transactions in the market. LME copper inventory increased by 14,275 to 153,850 tons, and the 0 - 3C structure expanded to 52.73. The domestic spot market has limited acceptance of high - priced copper, and the inventory accumulation pressure at home and abroad weakens the support of the short - term spot market for copper prices [11]. 2. Industry News - Some domestic copper processing material export orders to the US are under pressure due to the US tariff increase on copper semi - finished products. A copper tube enterprise's goods arriving in the US on August 5 were additionally taxed 50%, and the comprehensive tariff for copper tube exports to the US reached 97%. High tariffs have led to a suspension of subsequent un - signed orders from US customers [12]. - Codelco must submit four reports regarding the El Teniente copper mine collapse incident [12]. - Baiyin Nonferrous has achieved cost - reduction and efficiency - improvement. As of the end of July, the electrolysis workshop of its copper business has produced 231,000 tons of cathode copper, with the A - grade copper grade rate reaching 96.31% [12].

7月下旬以来，沪铜主力合约价格自创80140元/吨的阶段性高点后，运行重心缓慢下移，目前在78500元/吨附近徘徊。后期在国内铜产 量偏高及消费淡季施压的背景下，预计铜价将以弱势震荡为主。 受智利矿石品位下降等因素影响，智利6月铜产量同比减少6%，至424390吨。智利国家矿业协会预计，2025年铜产量将达到540万至 560万吨，计划2025年投资额为47.27亿美元。 秘鲁铜矿产量位于智利和刚果（金）之后，秘鲁矿业部数据显示，今年5月秘鲁铜产量为22.08万吨，同比下滑4.6%。因秘鲁矿企面临 资源质量下降及新项目开发瓶颈问题，秘鲁矿业部长预计2025年铜产量仅小幅增长至280万吨。 ICSG数据显示，2025年5月全球矿山产量同比上升6.12%，至200.57万吨。国际铜研究小组预计，2025年全球铜矿产量增幅为3.5%， 增长主要得益于刚果（金）和蒙古国产能的提升，以及俄罗斯Malmyzhskoye矿的启动。同时，一些扩建项目和中小型矿山的启动也 将推动产量增长。 从国内电解铜的生产情况来看，相关数据显示，7月国内电解铜产量为117.43万吨，环比增长3.94万吨，增幅为3.47%，同比增长 14.2 ...

Market Review - On Monday, the main copper futures in Shanghai experienced narrow fluctuations, while London copper fell below the $9,600 mark before rebounding, with the domestic near-month structure shifting to flat [1] Fundamental Summary - As of August 4, the bonded copper inventory in Shanghai and Guangdong reached a total of 81,200 tons, an increase of 500 tons compared to July 31. Shanghai's bonded inventory was 75,500 tons, up by 500 tons, while Guangdong's remained unchanged at 5,700 tons. The inventory continues to show a slight accumulation trend, with a small amount of supply from smelters being delivered to the warehouses [2] - On August 4, the daily transaction volume of electrolytic copper among 53 surveyed domestic trading enterprises was 27,600 tons, a decrease of 4,200 tons or 13.29% from the previous trading day [2] - The order volume for copper rods on August 4 was reported at 10,800 tons from 31 surveyed copper rod production enterprises and 6 traders, down by 2,800 tons or 20.73% compared to the previous trading day [2] Institutional Perspectives - Zhengxin Futures noted that domestic copper positions remain low, and the recent sharp decline in COMEX copper has led many positions to exit. The current price level sees limited aggressive trading, with more focus on LME copper variables. The recommendation is to increase long-term put option positions on dips, as copper prices may face pressure in the important time window of August to September, with attention on inventory and capital direction changes [3] - Guantong Futures stated that following the implementation of copper tariffs, the market is returning to fundamentals. The increase in U.S. non-farm payroll data raises expectations for a rate cut in September, with a weaker dollar supporting copper prices. However, with domestic inventories at low levels, the downside potential appears limited, maintaining an overall weak outlook with a focus on the support level of 78,000 yuan/ton [3]

交易咨询业务资格：证监许可【2012】1091号 沪铜早报- 大越期货投资咨询部 : 祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 铜: 1、基本面：冶炼企业有减产动作，废铜政策有所放开，7月份制造业采购经理指数（PMI）为49.3%， 比上月下降0.4个百分点；中性。 2、基差：现货78345，基差15，升水期货；中性。 3、库存：8月4日铜库存减2175至139575吨，上期所铜库存较上周减880吨至72543吨；中性。 4、盘面：收盘价收于20均线下，20均线向下运行；偏空。 5、主力持仓：主力净持仓多，多减；偏多。 6、预期：美联储降息放缓，库存回升，地缘扰动仍存，淡季消费承压，铜价震荡调整. 近期利多利空分析 利多： 利空： 逻辑： 国内政策宽松 和 贸易战升级 风险： 自然灾害 1、俄乌,伊以地缘政治扰动。 2、美联储降息。 3、矿端增产缓 ...

Core Viewpoint - Copper prices are experiencing short-term fluctuations, with expectations of a potential rebound in Q4 due to increased demand from the power grid and air conditioning sectors as trade conflicts ease [3]. Macroeconomic Factors - As of August 1, 2025, SHFE copper closed at 78,400 CNY/ton, down 1.07% from July 25, while LME copper closed at 9,633 USD/ton, down 1.66% [3]. - The U.S. non-farm payrolls for July fell short of expectations, increasing the likelihood of a Federal Reserve rate cut in September, which has weakened the dollar [3]. Supply and Demand - The U.S. has imposed a 50% tariff on imported copper semi-finished products and high-copper-content derivatives starting August 1, excluding electrolytic copper, leading to short-term inventory pressure on LME [3]. - Domestic cable operating rates are lower than the same period last year, and air conditioning production is expected to decline year-on-year from August to October [3]. Inventory Levels - Domestic copper social inventory increased by 4.5% and LME copper inventory rose by 11.2% [4]. - As of August 1, 2025, domestic port copper concentrate inventory stood at 522,000 tons, down 7.0% from the previous week [4]. Raw Material Prices - The price difference between refined copper and scrap copper decreased by 35 CNY/ton this week [5]. - In May 2025, China's refined copper output was 158,000 tons, up 22.7% month-on-month and 11.2% year-on-year [5]. Smelting Production - In July 2025, China's electrolytic copper production was 1.1743 million tons, up 3.5% month-on-month and 14.2% year-on-year [6][7]. Demand Trends - Cable operating rates decreased by 3.5 percentage points, with cable production accounting for 31% of domestic copper demand [8]. - Air conditioning production is projected to decline by 12% year-on-year from August to October [8]. Futures Market - As of August 1, 2025, SHFE copper active contract positions decreased by 5% week-on-week, while COMEX non-commercial net long positions fell by 6% [9].

财达期货｜铜周报 2025-8-4 宏观方面，7 月美联储利率会议决定不降息，符合市场预期，但会后声明 叠加后续公布的非农就业数据不及预期使得市场对 9 月降息预期升温。美国 总统特朗普签署公告宣布对自 8 月 1 日起对进口半成品铜产品及铜密集型衍 生产品征收 50%的关税，铜输入原料（例如铜矿石、精矿、锍铜、阴极铜和 阳极铜）和铜废料不受关税约束，消息发布后 COMEX 铜暴跌，LME 铜小幅 跟跌。中美贸易谈判双方同意继续推动已暂停的美方对等关税 24%部分如期 展期 90 天，但并未达成新的突破性协议。 总的来看，原料紧张及库存低位能够为铜价提供下跌的支撑，但目前整 体仍处淡季，无明显上行动能。市场仍等待美国与未达成贸易协议国家的谈 判结果，不确定性较高压制铜价，预计短期受宏观影响铜价仍震荡偏弱走势。 请务必阅读正文之后的免责条款部分 第 1页共 3页 财达期货｜铜周报 铜价短期震荡偏弱 F3084967 Z0018883 供需方面，部分冶炼厂仍面临亏损状态，加工费维持负数区间。上周漆 包线行业订单整体平稳，周尾受铜价下行带动，新增订单环比增长 1.68 个百 分点，推动开机率小幅回升至 78.2%。 ...