Report Industry Investment Rating - Not provided in the content Core Views - The expected 4 trillion yuan of fixed - asset investment by the State Grid during the "15th Five - Year Plan" will boost the long - term copper consumption expectation due to new energy grid construction [2] - Strikes in Chilean copper mines, difficulties in restarting South American mines, and delays in new copper mine project approvals, combined with low global visible inventories, amplify supply risks [2] - Downstream procurement has become more cautious, with transactions mainly for rigid demand. The inventory accumulation is stronger than in the past two years, and industry divergence has increased [2] - There is a significant outflow of funds from the non - ferrous metals sector, and the net long positions in copper futures speculation have been reduced, cooling market sentiment [2] - The industrial fundamentals need adjustment, but there is still support from macro - expectations and funds. It is expected that copper prices will maintain a volatile and slightly stronger pattern before the Spring Festival [3] Copper Futures盘面 Data (Weekly) - The latest price of Shanghai Copper Main Contract is 101340 yuan/ton, with a weekly increase of 0.57%, a position of 231437, and a weekly increase in position of 5504, and a trading volume of 232815 [4] - The latest price of Shanghai Copper Index Weighted is 101462 yuan/ton, with a weekly increase of 0.66%, a position of 658243, and a weekly increase in position of 14653, and a trading volume of 321730 [4] - The latest price of International Copper is 90070 yuan/ton, with a weekly increase of 0.47%, a position of 5464, and a weekly decrease in position of 1403, and a trading volume of 7445 [4] - The latest price of LME Copper 3 - month is 12840 dollars/ton, with a weekly decrease of 2.35%, a position of 239014, and a weekly decrease in position of 38282, and a trading volume of 28201 [4] - The latest price of COMEX Copper is 580.3 dollars, with a weekly decrease of 4.79%, a position of 142772, and a weekly increase in position of 3804, and a trading volume of 48177 [4] Copper Spot Data (Weekly) - The latest price of Shanghai Non - ferrous 1 Copper is 100070 yuan/ton, with a weekly decrease of 2505 yuan and a weekly decrease of 2.44% [8] - The latest price of Shanghai Wumaotrade is 100215 yuan/ton, with a weekly decrease of 1955 yuan and a weekly decrease of 1.91% [8] - The latest price of Guangdong Southern Reserve is 100240 yuan/ton, with a weekly decrease of 2400 yuan and a weekly decrease of 2.34% [8] - The latest price of Yangtze Non - ferrous is 100380 yuan/ton, with a weekly decrease of 2560 yuan and a weekly decrease of 2.49% [10] - The latest price of Shanghai Non - ferrous premium/discount is - 180 yuan/ton, with a weekly increase of 55 yuan and a weekly increase of 44% [10] - The latest price of Shanghai Wumaotrade premium/discount is - 185 yuan/ton, with a weekly increase of 65 yuan and a weekly increase of 54.17% [10] - The latest price of Guangdong Southern Reserve premium/discount is - 150 yuan/ton, with a weekly decrease of 310 yuan and a weekly decrease of 193.75% [10] - The latest price of Yangtze Non - ferrous premium/discount is - 95 yuan/ton, with a weekly increase of 25 yuan and a weekly increase of 35.71% [10] - The latest price of LME Copper (spot/3 - month) premium/discount is - 82.84 dollars/ton, with a weekly decrease of 120.44 dollars and a weekly decrease of 320.32% [10] - The latest price of LME Copper (3 - month/15 - month) premium/discount is - 96.62 dollars/ton, with a weekly decrease of 180.12 dollars and a weekly decrease of 215.71% [10] Copper Advanced Data (Weekly) - The latest copper import profit and loss is - 650.03 yuan/ton, with a weekly increase of 815.82 yuan and a weekly decrease of 55.66% [11] - The latest copper concentrate TC is - 46.58 dollars/ton, with a weekly decrease of 0.58 dollars and a weekly increase of 1.26% [11] - The latest copper - aluminum ratio is 4.181, with a weekly decrease of 0.0753 and a weekly decrease of 1.77% [11] - The latest refined - scrap copper price difference is 2722.95 yuan/ton, with a weekly decrease of 535.68 yuan and a weekly decrease of 16.44% [11] Copper Inventory (Weekly) - The total Shanghai Copper warehouse receipts are 146793 tons, with a weekly decrease of 13624 tons and a weekly decrease of 8.49% [15] - The total International Copper warehouse receipts are 11166 tons, with a weekly decrease of 120 tons and a weekly decrease of 1.06% [15] - Shanghai Copper inventory is 213515 tons, with a weekly increase of 32972 tons and a weekly increase of 18.26% [15] - LME Copper registered warehouse receipts are 121150 tons, with a weekly increase of 30125 tons and a weekly increase of 33.1% [15] - LME Copper cancelled warehouse receipts are 47100 tons, with a weekly decrease of 3000 tons and a weekly decrease of 5.99% [15] - LME Copper inventory is 168250 tons, with a weekly increase of 27125 tons and a weekly increase of 19.22% [17] - COMEX Copper registered warehouse receipts are 335394 tons, with a weekly increase of 5310 tons and a weekly increase of 1.61% [17] - COMEX Copper unregistered warehouse receipts are 223954 tons, with a weekly increase of 20451 tons and a weekly increase of 10.05% [17] - COMEX Copper inventory is 559348 tons, with a weekly increase of 25761 tons and a weekly increase of 4.83% [17] - Copper mine port inventory is 54.7 million tons, with a weekly increase of 11.9 million tons and a weekly increase of 27.8% [17] - Social inventory is 41.82 million tons, with a weekly increase of 0.43 million tons and a weekly increase of 1.04% [17] Copper Mid - stream Production (Monthly) - In November 2025, the refined copper production was 1.236 million tons, with a year - on - year increase of 11.9%. The cumulative production was 14.72 million tons, with a year - on - year increase of 10.4% [19] - In November 2025, the copper product production was 2.226 million tons, with a year - on - year decrease of 0.8%. The cumulative production was 24.814 million tons, with a year - on - year increase of 4.7% [19] Copper Mid - stream Capacity Utilization (Monthly) - As of December 31, 2025, the capacity utilization rate of refined copper rods was 51.1%, with a monthly decrease of 12.21% and a year - on - year decrease of 15.06%, and the total annual capacity was 15.84 million tons [21] - As of December 31, 2025, the capacity utilization rate of scrap copper rods was 20.59%, with a monthly decrease of 3% and a year - on - year decrease of 6.9%, and the total annual capacity was 8.19 million tons [21] - As of December 31, 2025, the capacity utilization rate of copper strips was 64.48%, with a monthly decrease of 1.96% and a year - on - year decrease of 9.8%, and the total annual capacity was 3.59 million tons [22] - As of December 31, 2025, the capacity utilization rate of copper rods was 56.72%, with a monthly increase of 2.64% and a year - on - year decrease of 0.46%, and the total annual capacity was 2.2865 million tons [22] - As of December 31, 2025, the capacity utilization rate of copper tubes was 61.59%, with a monthly increase of 1.9% and a year - on - year decrease of 18.99%, and the total annual capacity was 2.783 million tons [22] Copper Element Imports (Monthly) - In December 2025, the import of copper concentrates was 2.704298 million tons, with a year - on - year increase of 7%. The cumulative import was 30.319797 million tons, with a year - on - year increase of 8% [24] - In December 2025, the import of anode copper was 61340 tons, with a year - on - year decrease of 23%. The cumulative import was 749961 tons, with a year - on - year decrease of 16% [24] - In December 2025, the import of cathode copper was 258549 tons, with a year - on - year decrease of 30%. The cumulative import was 3344261 tons, with a year - on - year decrease of 11% [24] - In December 2025, the import of scrap copper was 238977 tons, with a year - on - year increase of 10%. The cumulative import was 2342580 tons, with a year - on - year increase of 4% [24] - In December 2025, the import of copper products was 440000 tons, with a year - on - year decrease of 21.8%. The cumulative import was