Report Information - Report Title: Financial Futures Weekly Report [1] - Date: November 7, 2025 [2] - Researcher: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided in the report. Core Viewpoints - For the stock index, in the long - term, the upward trend remains unchanged due to the easing external environment and new policy expectations from the 15th Five - Year Plan. In the short - term, the index may oscillate around the key pressure level of 4000 points on the Shanghai Composite Index. A dumbbell strategy with balanced allocation of CSI 300 and CSI 500 is recommended [13]. - For treasury bonds, the negative factors in the bond market have basically been released, and November is a stage of accumulating positive factors. Although there are some uncertain disturbances, the overall bond market environment has improved. It is recommended to seize allocation opportunities when there is market over - adjustment [87]. - For shipping indexes, although the actual demand may not support large price increases, the freight rate is likely to form an upward trend, and the bottom may have been reached. It is recommended to maintain the idea of buying on dips for the December contract [108]. Summary by Section Stock Index Market Review - The A - share market has shown a pattern of "short - term correction followed by strong performance, and rebound after a sharp decline due to external shocks" since the beginning of the year. From November 3 - 7, the A - share market rose with reduced volume. The Wind All - A index rose 0.62%, and large - cap blue - chip stocks performed better. Futures were weaker than the spot index [7][8]. - Looking ahead, concerns about liquidity in the US market and high expectations for Sino - US tariff negotiations have led to a weakening market after the positive news was released. Domestically, the economic fundamentals in September faced more pressure, and the export data in October showed a downward trend. Although the margin trading balance provided support, the participation of retail investors was not high. The overall A - share trading volume returned to 2 trillion yuan, and its sustainable growth needs attention [12][13]. 成交持仓分析 - Stock index trading volume decreased. The average daily trading volumes of IF, IH, IC, and IM decreased by 1.13, 0.71, 0.79, and 0.46 million lots respectively compared with last week. The positions showed a differentiated trend. IF and IM positions increased, while IH and IC positions decreased [14]. 基差、跨期价差及跨品种价差分析 - The basis showed a differentiated trend. The basis of CSI 300 and CSI 500 widened, while that of SSE 50 changed from premium to discount, and the basis of CSI 1000 narrowed. The annualized basis rate of each index decreased. The spread between the next - month and current - month contracts of IF, IC, and IM widened, while that of IH narrowed. The spread between the current - quarter and current - month contracts of all varieties widened. Large - cap blue - chip stocks performed relatively better [16][26][32]. Industry Sector Overview - In the CSI 300, the energy, industrial, and financial sectors led the gains, while the pharmaceutical, optional consumer, and information sectors led the losses. In the CSI 500, the energy, public utilities, and industrial sectors led the gains, while the real estate, pharmaceutical, and information sectors led the losses. Among the first - level industries, the power equipment, coal, and petroleum and petrochemical sectors led the gains, while the beauty care, computer, and pharmaceutical biology sectors led the losses [33][35]. Valuation Comparison - As of November 7, the rolling price - to - earnings ratios of CSI 300, SSE 50, CSI 500, and CSI 1000 were 14.3295, 11.9766, 33.464, and 47.8124 times respectively, and they were at the 88.07%, 91.32%, 79.72%, and 77.08% percentile levels in the past decade [38]. Treasury Bonds This Week's Market Review - **Treasury Bond Futures Market**: The central bank's bond - buying was slightly lower than expected, and the warming of the A - share market suppressed the bond market. The performance of long - term futures was slightly stronger than that of spot bonds, while the opposite was true for short - term bonds. There is a certain positive arbitrage space for each variety's main contract, and there is a large reverse arbitrage space for non - CTD bonds of 30 - year, 10 - year, and 2 - year main contracts. The basis of the 10 - year main contract is slightly high and has the motivation to converge. The spread between the current - quarter and next - quarter contracts is expected to continue to narrow during the position - shifting process. A flattening strategy is recommended [42][44][51]. - **Bond Spot Market**: Most of the spot yields of treasury bonds increased this week, with a larger increase at the short end. The yield of US Treasury bonds first decreased and then increased [65]. - **Funding Situation**: At the beginning of the month, there was a net withdrawal of funds. The central bank conducted an equal - amount renewal of the 3 - month outright reverse repurchase due this month. The overall funding situation was stable, and there was no liquidity stratification between banks and non - banks [70]. - **Interest Rate Derivatives**: The yields of interest rate swap varieties increased slightly this week, and the liquidity expectation was stable [85]. Market Analysis - The bond market stabilized and strengthened in October. Currently, the economic fundamentals still face pressure, and the market's expectation of monetary easing may rise again. The restart of treasury bond trading has brought direct buying demand to the bond market, and the impact of wide - credit expectations on the bond market should be limited. Although there are some uncertain disturbances, the bond market environment has improved [87]. Next Week's Open - Market Maturities and Important Economic Calendar - There are a total of 783 billion yuan of reverse repurchases due next week, and important economic data such as China's October social financing data and national economic activity data will be released [95]. Shipping Index Market Review - The reduction of quotes hit the sentiment of long - positions. This week, the SCFIS index turned down again. On the spot side, shipping companies reduced the price increase, which hit the sentiment of long - positions and led to a sharp decline in EC futures [96]. Container Shipping Market Situation - **Spot Market**: The freight rates of ocean routes continued to rebound, with the rates of European and American routes rising. Shipping companies continued to raise the quotes for November and December, but the increase was lower than before. Considering the general demand and the decline of the SCFIS index, it is uncertain whether the price increase can be fully implemented [102][103]. - **Supply - Demand Fundamentals**: On the supply side, the container shipping capacity in Europe in November remained at a relatively high level in the off - season, and the potential and actual shipping capacities are expected to continue to grow. The geopolitical conflict in the Middle East continues to deteriorate, and the probability of the Red Sea resuming navigation within the year is low. On the demand side, the macro - demand in the eurozone continues to recover weakly, and the demand at the end - of - year peak season may be lower than expected, so the support for container shipping prices is limited [106][107]. Market Outlook - Although the actual demand may not support a large price increase, the freight rate is likely to form an upward trend, and the bottom may have been reached. It is recommended to maintain the idea of buying on dips for the December contract [108].

Investment Rating - The report maintains a non-pessimistic outlook on the US stock market, with an adjusted target for the S&P 500 index set at 6,700 points, despite high valuations and strong earnings growth [1][9]. Core Insights - The Federal Reserve's interest rate cut is primarily a response to unexpectedly low non-farm employment data, with a cautious approach reflecting a balance between short-term stimulus and long-term stability [3][4]. - The cessation of balance sheet reduction by the Federal Reserve is aimed at alleviating liquidity tensions in the financial system, which is beneficial for overall market liquidity [6]. - The anticipated interest rate cuts are expected to positively impact the real estate and manufacturing sectors, with new home sales reaching a three-year high and manufacturing PMI showing signs of recovery [1][7][8]. - The new Federal Reserve chairperson's policies will significantly influence future monetary policy directions, with potential for slight increases in easing measures without losing independence [5]. Summary by Sections Federal Reserve Actions - The Federal Reserve's decision to stop balance sheet reduction is intended to prevent liquidity shortages and maintain financial stability [4][6]. - The cautious stance of the Federal Reserve reflects a need to balance economic stimulus with financial stability, especially in light of recent employment data [3]. Market Reactions - The market's recent pullback following the Federal Reserve's interest rate cut and US-China tariff negotiations is attributed to profit-taking and a strong dollar, which has increased liquidity tensions [2][11]. - The anticipated increase in liquidity from the cessation of balance sheet reduction and government funding releases is expected to support market stability [6]. Sector-Specific Insights - The real estate sector is benefiting from lower interest rates, with significant increases in new home sales and a recovering manufacturing PMI, indicating positive trends in related sectors [1][7][8]. - The semiconductor industry is poised for growth due to China's focus on technological self-reliance, despite existing gaps in advanced manufacturing capabilities [19][22]. Future Outlook - The report suggests that the US stock market remains a viable investment opportunity, with strong earnings growth mitigating risks associated with high valuations [9]. - The anticipated growth in the semiconductor and AI sectors is expected to create substantial investment opportunities, particularly as domestic capabilities improve [20][22].

Report Summary 1) Report Industry Investment Rating - Unilateral: Neutral, with a short - term focus on waiting and observing [2] - Inter - period: None [2] - Cross - variety: None [2] - Futures - cash: None [2] - Options: None [2] 2) Core View of the Report - The contradiction in the liquefied petroleum gas market is currently limited, and the volatility of the crude oil end has also decreased. The market has entered a narrow - range oscillation state, and industry players are waiting for the final result of the Sino - US tariff negotiation [1] 3) Summary by Related Catalog Market Analysis - On October 29, regional prices were as follows: Shandong market, 4200 - 4300; Northeast market, 3630 - 4030; North China market, 4100 - 4350; East China market, 4150 - 4310; Yangtze River market, 4550 - 4760; Northwest market, 4150 - 4200; South China market, 4250 - 4480 [1] - In the second half of November 2025, the CIF price of frozen propane in East China, China, was 548 US dollars/ton, up 7 US dollars/ton, and butane was 548 US dollars/ton, up 6 US dollars/ton. In RMB terms, propane was 4274 yuan/ton, up 54 yuan/ton, and butane was 4274 yuan/ton, up 46 yuan/ton [1] - In the second half of November 2025, the CIF price of frozen propane in South China, China, was 543 US dollars/ton, up 8 US dollars/ton, and butane was 543 US dollars/ton, up 7 US dollars/ton. In RMB terms, propane was 4235 yuan/ton, up 62 yuan/ton, and butane was 4235 yuan/ton, up 54 yuan/ton [1] - The domestic liquefied petroleum gas spot price remained stable overall yesterday, with partial increases. In Shandong, the mainstream transaction price of civil liquefied petroleum gas increased month - on - month, but the price of ether - post carbon four decreased. The trading atmosphere of civil gas was active, driving up the prices of some enterprises with good sales. The production and sales of ether - post carbon four were stable, but the decline in crude oil prices had a negative impact on market sentiment, and refineries adjusted their prices downwards [1]

Core Viewpoint - The article highlights a significant downturn in the gold market, predicting that the recent price drop is a result of overextended bullish sentiment and the emergence of bearish factors, suggesting a temporary adjustment rather than a long-term decline [1][5][8]. Market Analysis - A major drop in gold prices occurred, with February futures closing at $4109.10 per ounce, marking a 5.7% decline, the largest since June 2013 [1]. - Spot gold fell from a high of $4381 to a low of $4004, a drop of $377 per ounce, representing a 6.3% decrease, the largest single-day drop since April 2013 [1]. Reasons for Price Drop - The bullish factors for gold, such as anticipated interest rate cuts, U.S. government shutdown, and the Fed's announcement to halt balance sheet reduction, have already been priced in [3][4]. - The market is now facing more bearish factors, including potential positive outcomes from U.S.-China tariff negotiations and the likelihood of the U.S. government reopening, which could negate recent gains [5][6]. Silver's Impact - The recent rise in gold prices was partly driven by silver's performance, which experienced a supply squeeze. However, as silver's supply issues were resolved, its price began to decline, contributing to gold's price adjustment [6]. Future Outlook - The article suggests that the current downturn in gold prices is a temporary adjustment, with a bullish outlook for the coming years as the underlying issues with fiat currencies persist [7][8]. - It is anticipated that gold prices may stabilize and potentially rise again towards the end of the year, particularly after the expiration of futures and options contracts [9]. Investment Strategy - Investors are advised to consider entering the gold market during price corrections, as these represent opportunities for long-term gains [10].

Group 1 - Copper stocks collectively rose, with notable increases: China Daye Non-Ferrous Metals up 10% to HKD 0.099, Luoyang Molybdenum up 7.28% to HKD 17.38, Jiangxi Copper up 4.29% to HKD 35.04, and Zijin Mining up 4.29% to HKD 35.04 [1] - The U.S.-China trade talks in Kuala Lumpur led to preliminary consensus on several key economic issues, indicating a potential easing of tariff pressures [1] - The Grasberg copper mine has no news on resuming production, contributing to tight copper supply and challenging smelting profit environments, with downstream consumption not meeting last year's levels during the traditional peak season [1] Group 2 - Downstream acceptance of copper prices is gradually improving, with better procurement reported this week [2] - Codelco plans to raise the copper surcharge for the European market to USD 345 per ton by 2026, marking a historical high and reflecting market concerns over tight copper supply next year [2] - The long-term outlook for copper prices remains positive, with the sector's valuation at historically low levels, suggesting a buy adjustment [2]

Group 1 - Copper stocks collectively rose, with China Daye Nonferrous Metals up 10% to HKD 0.099, Luoyang Molybdenum up 7.28% to HKD 17.38, Jiangxi Copper up 4.29% to HKD 35.04, and Zijin Mining up 4.29% to HKD 35.04 [1] - The U.S.-China trade talks in Kuala Lumpur led to a preliminary consensus on several important economic issues, indicating a slight easing of tariff pressures [1] - The Grasberg copper mine has no news on resuming production, contributing to tight copper supply and challenging smelting profit environments, with downstream consumption not meeting last year's levels during the traditional peak season [1] Group 2 - Downstream acceptance of copper prices is gradually improving, with better procurement reported this week [2] - Codelco plans to raise the copper surcharge for the European market to USD 345 per ton by 2026, marking a historical high and reflecting market concerns over tight copper supply next year [2] - The long-term outlook for copper prices remains positive, with the sector's valuation at historically low levels, suggesting a buy adjustment [2]

Report Industry Investment Rating - Unilateral: Neutral; for spreads, EG2601 - EG2605 reverse spread; for cross - variety, none [4] Core View - This week, the price center of ethylene glycol fluctuated upward, and the basis strengthened significantly. The domestic ethylene glycol supply is still at a high level, while overseas supply losses remain high. Recently, the downstream of polyester has moderately improved, boosting market sentiment [1][3] Summary by Directory Price and Spread - This week, the ethylene glycol price center fluctuated upward, and the basis strengthened significantly. At the beginning of the week, the ethylene glycol port inventory continued to rise, putting pressure on the ethylene glycol futures. In the middle of the week, with the intensification of geopolitical conflicts, crude oil rebounded. Affected by the possible delay of Saudi arrivals and the cancellation of the loading of some Iranian cargoes, the ethylene glycol price rose rapidly [1] Supply - The overall operating load of ethylene glycol in mainland China is 73.28% (a 3.88% decrease from last week), among which the operating load of ethylene glycol produced by oxalic acid catalytic hydrogenation (syngas) is 82.21% (a 0.32% increase from last week). With the maintenance and shutdown of plants such as Shenghong, Fujian Refining & Petrochemical, and Zhongke, the total EG load declined from a high level this week. Recently, the coal - based production has decreased, but the reduction of supply - side plants is not obvious, and the supply is still at a high level [1] Demand - The load of textile looms in Jiangsu and Zhejiang is 75.0% (a 6.0% increase from last week), the load of texturing machines in Jiangsu and Zhejiang is 84.0% (a 4.0% increase from last week), the polyester operating rate is 91.40% (unchanged from last week), and the direct - spinning filament load is 92.40% (a 0.40% decrease from last week). The inventory days of POY, FDY, and DTY have decreased significantly. The operating rate of polyester staple fiber plants is 94.3% (unchanged), and the inventory days of polyester staple fiber plants' equity inventory have decreased. The operating rate of bottle - chip plants is 73.2% (a 0.8% increase from last week). With the cooling weather and the start of the Double Eleven sales, domestic orders have improved significantly this week. The load of looms and texturing machines has rebounded significantly, and the raw material rebound has also driven centralized restocking. The filament inventory has been significantly reduced. However, since the inventory is still at a seasonal high, the current raw material inventory of weaving mills is not high. Attention should be paid to whether the Sino - US tariff negotiations at the end of the month will bring favorable factors to drive external demand. Currently, the inventory of polyester plants is not high, and the cash - flow profit is acceptable. The average load of polyester in October and November is expected to be slightly increased [2] Inventory - According to the data released by CCF every Monday, the inventory of MEG in the main ports of East China is 57.9 tons (a 3.8 - ton increase from last week); according to the data released by Longzhong every Thursday, the inventory of MEG in the main ports of East China is 48.3 tons (a 1.0 - ton decrease from last week). According to CCF data, the total planned arrivals at the main ports of East China this week are 5.3 tons, and the planned arrivals at the secondary ports are 6.3 tons. As of October 23, the total inventory of MEG in the main ports of East China is 48.3 tons, 3 tons lower than on Monday this week and 1 ton lower than on Thursday last week [3]

Market Sentiment - The market sentiment has turned optimistic again, with the Shanghai Composite Index reaching a new high for the year, indicating a potential target of 4000 points next week [1][7]. Trade Negotiations - Recent discussions between the US and China in Malaysia have alleviated concerns regarding tariffs, with both sides engaging in constructive dialogue [2]. - The US Treasury spokesperson described the discussions as "very constructive," suggesting that there is still room for negotiation, which is viewed positively by the market [2]. - The trade talks are reportedly in the final detail phase, with a framework established and pending clauses to be finalized before leaders review the agreement [2]. Economic Data - The US released its September inflation data, showing a year-on-year CPI of 3%, which is lower than the market expectation of 3.1% [3]. - Following the inflation report, the market reacted positively, anticipating two interest rate cuts by the Federal Reserve, leading to new historical highs in US stock markets [3]. Upcoming Events - Several significant market events are anticipated next week, including further disclosures from ongoing meetings, the APEC summit in South Korea on October 31, and the Federal Reserve's interest rate meeting on October 30 [5]. - The market is currently in a phase of buying expectations, and there is a need to observe if a "sell the fact" scenario will occur next week [5]. Technical Analysis - The Shanghai Composite Index is showing different patterns compared to other indices, with potential concerns about a top formation as indicated by MACD indicators [9]. - The market is at a critical juncture, where a confirmation of a top structure could signal caution for investors [9].

1. Report Industry Investment Ratings - Not mentioned in the provided content 2. Report Core Views Copper - Copper prices strengthened due to improved market risk appetite after China and the US agreed to conduct economic and trade consultations. In the short - term, China - US talks boosted market sentiment, the Fed may stop shrinking its balance sheet, and the COMEX - LME spread widened. Fundamentally, tight copper ore supply supports prices, and high copper prices moderately suppress downstream demand. The terminal demand has strong resilience. The main contract is expected to be supported at 84000 - 85000 [1]. Aluminum - The alumina market remains weak, with supply pressure and weak demand. The futures price is expected to continue to be under pressure, with the main contract oscillating between 2750 - 2950 yuan/ton. Aluminum prices showed a strong - oscillating trend. With stable supply, resilient demand, and declining inventory, the short - term Shanghai aluminum is expected to maintain a high - level oscillation, with the main contract in the range of 20700 - 21300 yuan/ton [3]. Aluminum Alloy - Casting aluminum alloy followed the aluminum price and showed a strong - oscillating trend. Cost support is prominent, but high inventory and policy uncertainty restrict price increases. The short - term ADC12 price is expected to maintain a strong - oscillating pattern, with the main contract in the range of 20200 - 20800 yuan/ton [4]. Zinc - Due to concerns about the LME zinc market squeeze and China - US economic and trade consultations, the Shanghai zinc price rebounded. The supply is loose, and the demand is not outstanding. The short - term price may rise due to macro - drivers but will likely oscillate without a clear inflection point in the supply - loose logic, with the main contract in the range of 21800 - 22800 [8]. Tin - Tin supply is tight, and demand is weak. The tin price continues to oscillate at a high level. If the supply in Myanmar recovers smoothly in the fourth quarter, the tin price may weaken; otherwise, it is expected to continue to run strongly [10]. Nickel - The nickel market is in a state of high - level oscillation. Macro - factors are temporarily stable, and the cost has support, but inventory accumulation restricts the upside space. The main contract is expected to oscillate in the range of 120000 - 126000 [12]. Stainless Steel - The stainless - steel market showed a low - level upward repair. Macro - factors may bring policy expectations. The supply pressure is increasing, and demand improvement is not obvious. The short - term market is expected to oscillate weakly, with the main contract in the range of 12600 - 13000 [14]. Lithium Carbonate - The lithium carbonate market showed a significant upward trend. The supply - demand gap exists in the peak season, and demand is optimistic. The short - term market is expected to run strongly, with the main contract in the range of 76000 - 82000 yuan/ton [16]. 3. Summary by Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price rose to 85490 yuan/ton, up 0.63% [1]. - The refined - scrap price difference increased by 7.02% to 3366 yuan/ton [1]. Fundamental Data - In September, electrolytic copper production decreased by 4.31% to 112.10 million tons, and imports increased by 26.50% to 33.43 million tons [1]. Aluminum Price and Spread - SMM A00 aluminum price rose to 21040 yuan/ton, up 0.29% [3]. - Alumina prices in various regions showed a downward trend [3]. Fundamental Data - In September, alumina production decreased by 1.74% to 760.37 million tons, and electrolytic aluminum production decreased by 3.16% to 361.48 million tons [3]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 price rose to 21200 yuan/ton, up 0.47% [4]. Fundamental Data - In September, the production of recycled aluminum alloy ingots increased by 7.48% to 66.10 million tons, and the production of primary aluminum alloy ingots increased by 4.43% to 28.30 million tons [4]. Zinc Price and Spread - SMM 0 zinc ingot price rose to 22100 yuan/ton, up 0.91% [8]. Fundamental Data - In September, refined zinc production decreased by 4.17% to 60.01 million tons, and imports decreased by 11.61% to 2.27 million tons [8]. Tin Spot Price and Basis - SMM 1 tin price decreased to 280000 yuan/ton, down 0.36% [10]. Fundamental Data - In September, tin ore imports decreased by 15.13% to 8714, and SMM refined tin production decreased by 31.71% to 10510 [10]. Nickel Price and Basis - SMM 1 electrolytic nickel price rose to 122150 yuan/ton, up 0.04% [12]. Fundamental Data - China's refined nickel production increased by 1.26% to 32200 in September, and imports decreased by 3.00% to 17010 [12]. Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) remained at 13000 yuan/ton [14]. Fundamental Data - In September, China's 300 - series stainless - steel crude - steel production (43 companies) increased by 0.38% to 182.17 million tons, and Indonesia's production increased by 0.36% to 42.35 million tons [14]. Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate average price rose to 74800 yuan/ton, up 0.61% [16]. Fundamental Data - In September, lithium carbonate production increased by 2.37% to 87260, and demand increased by 12.28% to 116801 [16].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View The uncertainty of Sino-US tariff negotiations may put pressure on copper prices. Supply is expected to be tight due to disturbances in multiple copper mines at home and abroad, and the demand-side capacity utilization rate has increased. Considering the expected future interest rate cuts and the end of balance sheet reduction by the Fed, it is advisable to wait for the price to fall before mainly laying out long positions. The price is expected to be weak first and then strong [1][2]. 3. Summary by Relevant Catalogs 3.1. Market Data - **Shanghai Copper Futures Active Contract**: On October 22, 2025, the closing price was 85,420, the trading volume was 112,173 lots, the open interest was 233,361 lots, and the inventory was 36,253 tons. The basis was -465, and the average price of SMM 1 electrolytic copper was 84,955 [2]. - **London Copper**: On October 22, 2025, the closing price of the LME 3 - month copper futures (electronic trading) was 10,658.5, and the LME copper futures 0 - 3 - month contract spread was -6.36 [2]. - **COMEX Copper**: On October 22, 2025, the closing price of the copper futures active contract was 5.005, and the total inventory was 346,499 [2]. 3.2. Supply - Demand - Inventory Situation - **Supply**: Multiple domestic and foreign copper mines have production disturbances, the import index of Chinese copper concentrates has been negative, and the processing fees of domestic crude copper or anode plates have initially increased. The maintenance capacity of copper smelters in October has increased month - on - month [2]. - **Demand**: The capacity utilization rates of refined copper rods, recycled copper rods, copper wires and cables, copper enameled wires, copper strips, copper tubes, and brass rods have increased compared to last week [2]. - **Inventory**: The social inventory of Chinese electrolytic copper has increased compared to last week, the inventory of LME electrolytic copper has decreased compared to last week, and the inventory of COMEX copper has increased compared to last week [2]. 3.3. Trading Strategy Wait for the price to fall and mainly lay out long positions. Pay attention to the support level around 80,000 - 83,000 and the resistance level around 86,000 - 89,000 for Shanghai copper, the support level around 9,500 - 10,200 and the resistance level around 11,000 - 12,000 for London copper, the support level around 4.0 - 4.5 and the resistance level around 5.5 - 6.0 for US copper [2].