Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The expectation of tariff relief and tight supply of copper mines support copper prices. Fed rate - cuts, loose fiscal policies in multiple countries, production disruptions in overseas copper mines, and the easing signal after the US threat to impose tariffs on China may make the Shanghai copper price more likely to rise than fall [1]. 3. Summary by Relevant Catalogs 3.1. Shanghai Copper Futures - **Price and Volume**: On October 13, 2025, the closing price of the active Shanghai copper futures contract was 85,120, down 790 from the previous day. The trading volume was 291,422 lots, an increase of 78,954 lots. The open interest was 201,831 lots, a decrease of 14,284 lots. The inventory was 32,890 tons, an increase of 2,926 tons [1]. - **Basis and Premium**: The Shanghai copper basis was - 75, down 845. The SMM 1 electrolytic copper average price was 85,045, down 1,635. Various copper premiums and discounts showed different changes [1]. - **Spread**: The spread between the near - month and the first continuous contract of Shanghai copper was - 120, down 110. The spread between the first and the second continuous contracts was 0, unchanged, and the spread between the second and the third continuous contracts was 40, an increase of 70 [1]. 3.2. London Copper - On October 13, 2025, the LME 3 - month copper futures closing price (electronic trading) was 10,802, an increase of 428. The LME copper futures 0 - 3 - month contract spread was 226.78, an increase of 257.97, and the 3 - 15 - month contract spread was 209.5, an increase of 135.30. The Shanghai - London copper price ratio was 7.8800, down 0.40 [1]. 3.3. COMEX Copper - On October 13, 2025, the closing price of the active COMEX copper futures contract was 5.13, down 0.01, and the total inventory was 340,875 tons, an increase of 2,716 tons [1]. 3.4. Supply - Demand - Inventory - **Supply**: There are production disruptions in multiple domestic and foreign copper mines, leading to a negative China copper concentrate import index and a tight supply - demand expectation for domestic copper concentrates. The scrap copper supply is expected to be tight, and the processing fees for domestic blister copper or anode plates have begun to rise. The maintenance capacity of copper smelters in October has increased month - on - month [1]. - **Demand**: Due to the sharp rise in copper prices, downstream buyers mainly make rigid - demand purchases [1]. - **Inventory**: The social inventory of Chinese electrolytic copper has increased compared with last week. The LME electrolytic copper inventory has decreased, and the COMEX copper inventory has increased [1]. 3.5. Trading Strategy - Investors are advised to mainly lay out long positions when the price falls. Pay attention to the support level around 77,000 - 80,000 and the resistance level around 86,000 - 89,000 for Shanghai copper. For London copper, pay attention to the support level around 9,500 - 10,200 and the resistance level around 11,000 - 12,000. For US copper, pay attention to the support level around 4.0 - 4.5 and the resistance level around 5.5 - 6.0 [1].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The Fed's interest rate cut and the expectation of fiscal easing in many countries, along with production disruptions in multiple overseas copper mines, may slow down the upward pace of Shanghai copper prices due to concerns about whether the Sino - US trade conflict can be alleviated [1] Group 3: Summary of Key Data Shanghai Copper - On October 10, 2025, the closing price of the active Shanghai copper contract was 85,910, down 840 from the previous day; trading volume was 212,468 lots, an increase of 74,652; open interest was 216,115 lots, a decrease of 5,600; inventory was 29,964 tons, an increase of 261; the Shanghai copper basis was 770, an increase of 1,780 [1] - The average price of SMM 1 electrolytic copper was 86,680, up 940 from the previous day [1] London Copper - On October 10, 2025, the closing price of the LME 3 - month copper futures (electronic trading) was 10,374, down 402.5 from the previous day; the LME copper futures 0 - 3 - month contract spread was - 31.19, down 6.29; the 3 - 15 - month contract spread was 74.2, down 19.97 [1] COMEX Copper - On October 10, 2025, the closing price of the active COMEX copper contract was 4.845, down 0.24 from the previous day; total inventory was 339,525, an increase of 4,004 [1] Group 4: Supply - Demand and Inventory Analysis Supply - There are production disruptions in multiple domestic and foreign copper mines, causing the China copper concentrate import index to remain negative, leading to a tight supply - demand expectation for domestic copper concentrates; the expected increase in scrap copper supply has led to an initial increase in domestic processing fees for blister copper or anode plates, and the maintenance capacity of copper smelters in October has increased month - on - month [1] Demand - High copper prices have led downstream buyers to mainly make purchases based on rigid demand [1] Inventory - China's electrolytic copper social inventory has increased compared to last week; LME electrolytic copper inventory has decreased compared to last week, and COMEX copper inventory has increased compared to last week [1] Group 5: Trading Strategy - The trading strategy is to mainly establish long positions when prices decline. Pay attention to the support level around 77,000 - 80,000 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 [1]