Group 1: Report General Information - Report Name: Copper Futures Daily Report [1] - Date: December 30, 2025 [2] - Research Team: Non - ferrous Metals Research Team [4] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3] Group 2: Market Review and Operation Suggestions - Market Trend: Copper prices rose and then fell. SHFE copper reached over 100,000 yuan. Afternoon dives in silver, platinum, and palladium dragged copper prices back. Spot prices rose 3000 to 100,740 yuan, and the spot discount narrowed 10 to 330 yuan. Social inventories increased 2.12 to 21.48 tons over last Thursday. Spot import losses were 1648 yuan, and the export window was close to opening [9] - Operation Suggestion: The fundamental outlook is positive in the medium - term but weighed down by the short - term spot market. Copper prices are mainly driven by macro sentiment with expected increased volatility. With the New Year's Day holiday approaching, it is recommended to control positions before the holiday [9] Group 3: Industry News - Norfolk Metals: After approval at the 2025 November annual general meeting, the company issued and completed the placement of 760,209 fully - paid ordinary shares to Transcendence. As of Q4 2025, it had invested over 3 million Australian dollars in its Caremn copper project since June 2025 [9] - Goldman Sachs Forecast: Current copper prices reflect the expected US refined copper tariff (expected to be announced in mid - 2026 and implemented in 2027). The 2026 average price is forecasted at 11,400 US dollars/ton. In 2026, overseas inventories are expected to drop by 450,000 tons, but the US may release about 1.5 million tons of strategic stockpiles in the second half of 2026, pressuring prices down [9] - Aeris Resources: The company received official approval from the New South Wales Department of Planning, Housing and Infrastructure to develop its Constellation copper - gold project in the Cobar Basin. The project has proven and probable ore reserves of 2.3 million tons with a copper grade of 2.0%, gold grade of 0.6 g/ton, and silver grade of 3 g/ton. The total mineral resource is 7.6 million tons [9][10]

金十期货特约新湖期货点评：今日午盘多晶硅主力合约尾盘再度触及涨停，最后收54705，幅度 +8.87%，日增仓23852手。 多晶硅本轮宽幅上涨主要因素为产业消息面和宏观情绪面带动。一方面由于 近日行业组成联盟收储的消息传出，虽然昨日光伏行业协会发文辟谣，但市场情绪仍对传闻部分内容进 行想象，驱动盘面持续上涨。今日与重要会议相关的内容陆续整理发布，会议指出要依法依规治理企业 （删除了月初的低价二字）无序竞争，推进重点行业产能治理。其中重要领导人多次强调要破除"内 卷"畅通国内大循环。而下午发改委再度发文，要求严防地方政府通过政府投资基金变相补贴产能过剩 领域，防止重复投资和无序竞争，应和了《求是》发文提出的要规范政府行为，促进有效市场和有为政 府更好结合的"反内卷"方针之一。 对于多晶硅来说，行业基本面仍偏宽松，但近期政策与资金扰动 大，短线建议根据趋势操作，暂不建议单边做空，多硅料利润策略（多多晶硅，空工业硅）可持续关 注。 产业消息面和宏观情绪面带动多晶硅再次涨停！ ...