Report Industry Investment Rating - Not provided in the content Core View of the Report - The fundamentals of Shanghai copper may be in a stage where the supply growth rate is gradually decreasing and the demand is temporarily weak, but the outlook is positive. It is recommended to conduct short - term long positions at low prices with a light position, while paying attention to controlling the rhythm and trading risks [2] Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai copper was 78,460 yuan/ton, up 180 yuan; the price of LME 3 - month copper was 9,717 dollars/ton, up 41 dollars. The main contract's open interest of Shanghai copper decreased by 973 lots to 157,601 lots. LME copper inventory increased by 2,275 tons to 156,125 tons, while the Shanghai Futures Exchange's cathode copper inventory decreased by 880 tons to 72,543 tons [2] Spot Market - The price of SMM 1 copper spot was 78,500 yuan/ton, up 150 yuan; the price of Yangtze River Non - ferrous Market 1 copper spot was 78,475 yuan/ton, up 115 yuan. The CU main contract basis was 40 yuan/ton, down 30 yuan [2] Upstream Situation - The import volume of copper ore and concentrates was 234.97 million tons, down 4.58 million tons. The output of refined copper was 130.20 million tons, up 4.80 million tons. The price of copper concentrate in Jiangxi and Yunnan increased by 100 yuan/metal ton [2] Industry Situation - The social inventory of copper increased by 0.43 million tons to 41.82 million tons. The price of 1 bright copper wire in Shanghai decreased by 200 yuan/ton, and the price of 2 copper in Shanghai decreased by 250 yuan/ton [2] Downstream and Application - The output of copper products was 221.45 million tons, up 11.85 million tons. The cumulative completed investment in power grid infrastructure was 291.1 billion yuan, up 87.114 billion yuan. The cumulative completed investment in real estate development was 4,665.756 billion yuan, up 1,042.372 billion yuan [2] Option Situation - The 20 - day historical volatility of Shanghai copper was 9.10%, down 0.01%; the 40 - day historical volatility was 9.90%, down 0.21%. The implied volatility of the current - month at - the - money IV decreased by 0.0026%, and the call - put ratio of at - the - money options was 1.13, down 0.0606 [2] Industry News - Fed's Daly said policy may need adjustment in the coming months. Kashkari expected two rate cuts by the end of this year. In July, the central bank's net liquidity injection was 236.5 billion yuan. In August, the retail industry's prosperity index was 50.1%. In July, the retail sales of passenger cars increased by 7% year - on - year [2]