Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core View of the Report - The copper price is close to a new high due to macro - positive stimuli. The overall sentiment in the market is optimistic. The copper price may continue to rise in the medium - to - long - term and could potentially break through historical highs following the trend of gold [3][4] Group 3: Summary Based on Related Information Market Performance - Today, the US dollar rose slightly while the RMB soared. Non - ferrous metals remained strong throughout the day. Shanghai copper, London copper, and domestic spot copper all increased. The closing price of Shanghai copper was 88,370, and the spot price was 88,340. The spot was at a discount of - 30 points to the futures. The spot basis turned to a discount of - 45 points, and spot trading was poor. The LME spot discount narrowed slightly to - 26 dollars this week, indicating general foreign spot demand. US copper inventories continued to rise significantly this week, London copper inventories decreased, and Shanghai copper inventories increased, with general spot demand. The RMB exchange rate rose significantly this week, and the Yangshan copper premium dropped to 34.5 dollars, showing weak domestic spot demand. The London - Shanghai ratio of copper prices rose to 8.09, and the premium of international copper over Shanghai copper increased to 595 points, with the foreign price - to - value ratio higher than the domestic one [3] Technical and Fundamental Analysis - Technically, London copper surged today, trading around 11,050 dollars. Shanghai copper also rose sharply, closing at 88,370, hitting a recent high with a strong technical pattern. Both trading volume and open interest of Shanghai copper increased, and market sentiment was optimistic. Macroscopically, the global trade pattern is gradually stabilizing, the Fed's interest - rate cut cycle continues, and global monetary policies are becoming more accommodative, which is a medium - term positive for copper prices. In terms of supply and demand, mine production in places like Indonesia has declined, but short - term spot demand remains weak, inventories are high, and there is growth potential for medium - to - long - term copper demand, presenting a generally neutral situation that requires attention [3][4] Future Events to Watch - In the short - term, important macro events to follow include the results of Sino - US talks, the Fed's interest - rate meeting early Thursday, the APEC meeting at the end of the month where Sino - US leaders may meet, and the end of the US government shutdown. In the medium - term, it is necessary to monitor whether Sino - US relations can continue to improve, whether the Fed's interest - rate cut cycle can persist, when the current weak domestic and foreign spot demand will improve, and whether AI - related demand can materialize [4] Copper Market Indicator Monitoring | Date | RMB Exchange Rate | Spot Premium/Discount (yuan/ton) | Yangshan Copper Premium (dollars/ton) | LME Copper - Futures and Spot Spread | Main Contract London - Shanghai Ratio | | ---- | ---- | ---- | ---- | ---- | ---- | | Oct 21 | 7.1269 | 450 | 35 | - 23 | 8.05 | | Oct 22 | 7.1256 | - 320 | 34 | - 30 | 8.03 | | Oct 23 | 7.1246 | - 520 | 40 | - 6 | 8.05 | | Oct 24 | 7.1259 | - 1170 | 39 | - 12 | 7.97 | | Oct 27 | 7.1136 | - 30 | 34.5 | - 26 | 8.09 | [5]