Report Industry Investment Rating - The investment rating for the copper sector in the non-ferrous metals industry is "oscillating bullish" [1] Core View - In the context of negative year-on-year PPI in China, the month-on-month PPI of the non-ferrous metal smelting and rolling industry has significantly rebounded, and the year-on-year growth has remained positive, which strongly supports the copper price. Although the US government has ended the longest federal government shutdown in history, the US White House may not release the October CPI and employment data, and many FOMC voters have publicly expressed their reservations about further interest rate cuts, which intensifies the uncertainty of the policy path. It is expected that the price of Shanghai copper futures this week will remain in the range of 85,000 - 89,000 yuan, and the oscillation range may widen [1] Summary by Related Catalog Market Review - The night - session closing price of the main Shanghai copper contract CU2601 was 87,050 yuan/ton, a decrease of 0.05% compared with the previous night - session closing price. The night - session closing price of the second - main Shanghai copper contract CU2602 was 87,080 yuan/ton, a decrease of 0.05%. As of 06:00 Beijing time, the closing price of the COMEX copper main contract was 5.1155 US dollars/pound (converted to 79,852 yuan/ton at an exchange rate of 7.0806), and the market was closed for Thanksgiving. The LME copper main contract CA03ME closed at 10,930 US dollars/ton (converted to 77,391 yuan/ton at an exchange rate of 7.0806), a decrease of 0.21% [1] Important Information - From January to October, the operating income of the non - ferrous metal smelting and rolling processing industry increased by 14.2% year - on - year, and the total profit increased by 14.0% year - on - year [1] - On November 26, the Canadian Minister of Industry Melanie Joly said that Canada has launched a national security review of the proposed merger between Anglo American and Teck Resources, focusing on evaluating the impact of the transaction on critical minerals and related supply chains [1] - On November 26, Jiangxi Copper's general manager Zhou Shaobing said at the performance briefing that the decline in copper smelting processing fees is related to the shortage of copper concentrates. Currently, the domestic TC (smelting fee) spot purchase price has fallen to a new low in recent years and is expected to remain at a low level [1] - On November 21, Jiangxi Copper's Guixi Smelter's cathode copper production successfully passed the national intelligent manufacturing capability maturity (CMMM) level - 4 assessment, becoming the only enterprise in the national non - ferrous metal industry to obtain CMMM level - 4 certification [1] - On November 24, Jintian Co., Ltd. said on the interactive platform that its high - precision special - shaped oxygen - free copper bar products have been applied to the top - level GPU cooling solutions of many first - tier global cooling module enterprises [1] Trading Strategy - There is no trading strategy provided in the report [1]