Report Information - Report Name: Copper Futures Daily Report [1] - Date: November 6, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] - Team: Non - ferrous Metals Research Team [4] Investment Rating - No investment rating information is provided in the report. Core Viewpoint - The Shanghai copper price bottomed out and rebounded. The main contract of Shanghai copper dropped to a minimum of 84,900 during the day, and the total open interest decreased by 4,052. The US dollar index above 100 and the overnight slump in overseas stock markets pressured the copper price, causing it to return to the mid - October trading range. The spot price dropped by 1,255 to 85,335, the spot premium rose by 25, and downstream short - term centralized restocking occurred. The spot import loss narrowed to around 520, and the LME 0 - 3 contango structure widened to 30.45. The domestic spot showed resistance to decline when the copper price fell. It is expected that the copper price will stop falling around 85,000 as downstream demand is released and the US dollar index is difficult to have a unilateral upward trend [10]. Summary by Directory 1. Market Review and Operation Suggestions - The Shanghai copper price bottomed out and rebounded. The main contract hit a low of 84,900 during the day, with a 4,052 decrease in total open interest. The US dollar index above 100 and the overnight slump in overseas stock markets increased selling sentiment, pushing the copper price back to the mid - October range. The spot price dropped by 1,255 to 85,335, the spot premium rose by 25, and downstream short - term restocking took place. The spot import loss narrowed to around 520, and the LME 0 - 3 contango structure widened to 30.45. The domestic spot was resistant to decline. It is expected that the copper price will stop falling around 85,000 [10]. 2. Industry News - Kinterra Capital and its subsidiary received a non - binding letter of intent from the US Export - Import Bank for up to $200 million in debt financing. $180 million will be used to restart the Pumpkin Hollow underground copper mine in Nevada, and $20 million for technology R & D of the Southwest open - pit project. The mine has invested over $1 billion in infrastructure, is expected to restart underground mining in Q2 2026, and will gradually achieve an annual domestic copper supply of about 60 million pounds (about 27,200 tons) after production [11]. - Codelco lowered its 2025 copper production forecast to 1.31 - 1.34 million tons from the previous 1.34 - 1.37 million tons. It still plans to exceed last year's 1.321 million tons. The company emphasized the output growth at the Ministro Hales mine and the role of the Rajo|nca project at the Salvador mine in increasing production. The CEO said the adjustment would not affect the 2030 target of 1.7 million tons per year [11][12]