Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The market has witnessed the realization of expectations and a short - term correction. With a tight supply at the mine end, it is advisable to go long on SHFE copper at low levels [1] 3. Summary by Directory 3.1 Price Data - The market was strong in the first half of the week, with the spot premium declining and rebounding in the second half [11] - The LME copper 0 - 3M premium strengthened on a week - on - week basis [12] 3.2 Fundamental Data - The average price of the copper concentrate TC index increased by $0.55/ton week - on - week to - $42.15/ton, still at a low level [16] - The inventory of copper concentrates at ten ports decreased by 52,000 tons week - on - week to 626,100 tons [19] - The price difference between refined and scrap copper strengthened on a week - on - week basis [21] - China's electrolytic copper production in October decreased month - on - month [23] - China imported 485,000 tons of unwrought copper and copper products in September, and the cumulative import volume from January to September decreased by 1.7% year - on - year [25] - The spot inventory of electrolytic copper increased week - on - week, while the bonded area inventory decreased slightly [28] - LME copper continued to see inventory reduction, while COMEX copper continued to accumulate inventory [29] - The weekly operating rate of refined copper rods decreased, and the high price significantly suppressed downstream procurement [32] - From October 1st to 26th, the retail sales of new energy passenger vehicles in the Chinese market were flat year - on - year [34] - The shipments of leading photovoltaic module enterprises were satisfactory, and centralized projects showed signs of recovery [35] - The planned production volume of household air conditioners in November decreased by 23.7% compared with the actual production volume of the same period last year [36] 3.3 Macroeconomic Data - China's official manufacturing PMI in October dropped to 49, while the non - manufacturing index rose to 50.1 [39] - The European Central Bank maintained the deposit rate at 2% for the third time, and the economic resilience withstood the headwinds of trade [41] - The Federal Reserve cut interest rates by 25 basis points in the October meeting and will end the balance sheet reduction in December [42]