1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The CPI and core CPI in the US in November were significantly lower than expected, increasing the probability of the Fed's interest rate cut and boosting risk assets with the expectation of loose liquidity [3] - The processing fee remained at a negative low, and the tight situation at the mine end was unresolved. Antofagasta signed a long - term contract with Chinese smelters at a zero processing fee, highlighting long - term supply constraints [3] - High copper prices suppressed purchasing sentiment. Downstream cable and home appliance enterprises maintained a "buy - as - you - use" strategy. Copper product output decreased by 10.2% month - on - month, and terminal consumption was weak [3] - The inventory of copper concentrates at domestic ports increased by 0.7 tons month - on - month to 68.1 tons, and the social inventory of refined copper increased to 17.45 tons, showing inventory accumulation pressure [3] - Copper prices will maintain a high - level shock. The expectation of the Fed's interest rate cut and the tightening at the mine end provide bottom support, but cautious demand and inventory accumulation pressure limit the upside space, and the volatility will intensify under the game between long and short positions [4] 3. Summary by Relevant Catalogs 3.1 Copper Futures Market Data (Weekly) - The latest price of the main Shanghai copper contract was 93,180 yuan/ton, with a weekly decline of 0.96%, the position was 237,652 lots, an increase of 49,003 lots, and the trading volume was 172,714 lots [5] - The weighted average price of the Shanghai copper index was 93,106 yuan/ton, with a weekly decline of 1.04%, the position was 622,036 lots, a decrease of 9,157 lots, and the trading volume was 288,527 lots [5] - The price of international copper was 83,840 yuan/ton, with a weekly decline of 0.77%, the position was 3,975 lots, a decrease of 609 lots, and the trading volume was 7,038 lots [5] - The price of LME copper for 3 months was 11,727 US dollars/ton, with a weekly decline of 0.9%, the position was 239,014 lots, a decrease of 38,282 lots, and the trading volume was 31,364 lots [5] - The price of COMEX copper was 542.45 US dollars, with a weekly decline of 1.16%, the position was 143,258 lots, an increase of 282 lots, and the trading volume was 33,499 lots [5] 3.2 Copper Spot Market Data (Weekly) - The price of Shanghai Non - ferrous 1 copper was 92,350 yuan/ton, with a weekly decline of 1,245 yuan, a decline of 1.33% [11] - The price of Shanghai Wumao was 92,480 yuan/ton, with a weekly decline of 1,350 yuan, a decline of 1.44% [11] - The price of Guangdong Nanchu was 92,670 yuan/ton, with a weekly decline of 1,250 yuan, a decline of 1.33% [12] - The price of Yangtze Non - ferrous was 92,640 yuan/ton, with a weekly decline of 1,300 yuan, a decline of 1.38% [12] - The premium of Shanghai Non - ferrous was - 160 yuan/ton, a weekly increase of 140 yuan, an increase of 700% [12] - The premium of Shanghai Wumao was - 170 yuan/ton, a weekly increase of 140 yuan, an increase of 466.67% [12] - The premium of Guangdong Nanchu was - 150 yuan/ton, a weekly increase of 120 yuan, an increase of 400% [12] - The premium of Yangtze Non - ferrous was - 25 yuan/ton, a weekly decrease of 95 yuan, a decrease of 135.71% [12] - The premium of LME copper (spot/3 months) was - 13.89 US dollars/ton, a weekly decrease of 38.65 US dollars, a decrease of 156.1% [12] - The premium of LME copper (3 months/15 months) was 171.75 US dollars/ton, a weekly decrease of 82.7 US dollars, a decrease of 32.5% [12] 3.3 Copper Advanced Data (Weekly) - The import profit and loss of copper was - 1,053.43 yuan/ton, a weekly increase of 108.85 yuan, a decrease of 9.37% [13] - The copper concentrate TC was - 43.25 US dollars/ton, a weekly decrease of 0.42 US dollars, an increase of 0.98% [13] - The copper - aluminum ratio was 4.2293, a weekly increase of 0.014, an increase of 0.33% [13] - The refined - scrap copper price difference was 4,292.51 yuan/ton, a weekly increase of 285.85 yuan, an increase of 7.13% [13] 3.4 Copper Inventory (Weekly) - The total Shanghai copper warehouse receipts were 45,739 tons, an increase of 13,176 tons, an increase of 40.46% [18] - The total international copper warehouse receipts were 1,053 tons, a decrease of 4,611 tons, a decrease of 81.41% [18] - The Shanghai copper inventory was 95,805 tons, an increase of 6,416 tons, an increase of 7.18% [18] - The LME copper registered warehouse receipts were 102,725 tons, an increase of 3,525 tons, an increase of 3.55% [18] - The LME copper cancelled warehouse receipts were 61,550 tons, a decrease of 5,100 tons, a decrease of 7.65% [21] - The LME copper inventory was 164,275 tons, a decrease of 1,575 tons, a decrease of 0.95% [21] - The COMEX copper registered warehouse receipts were 264,839 tons, an increase of 8,213 tons, an increase of 3.2% [21] - The COMEX copper unregistered warehouse receipts were 194,725 tons, an increase of 4,053 tons, an increase of 2.13% [21] - The COMEX copper inventory was 459,564 tons, an increase of 12,266 tons, an increase of 2.74% [21] - The copper mine port inventory was 66.4 tons, a decrease of 1.7 tons, a decrease of 2.5% [21] - The social inventory was 41.82 tons, an increase of 0.43 tons, an increase of 1.04% [21] 3.5 Copper Mid - stream Production (Monthly) - In October 2025, the monthly output of refined copper was 1.204 million tons, a year - on - year increase of 8.9%, and the cumulative output was 13.323 million tons, a year - on - year increase of 9.8% [24] - In October 2025, the monthly output of copper products was 2.004 million tons, a year - on - year decrease of 3.3%, and the cumulative output was 22.593 million tons, a year - on - year increase of 4.9% [24] 3.6 Copper Mid - stream Capacity Utilization (Monthly) - In November 2025, the total annual capacity of refined copper rods was 15.84 million tons, the capacity utilization rate was 63.31%, a month - on - month increase of 7.11%, and a year - on - year decrease of 5.5% [26] - In November 2025, the total annual capacity of scrap copper rods was 8.19 million tons, the capacity utilization rate was 23.59%, a month - on - month decrease of 0.52%, and a year - on - year decrease of 3.73% [26] - In November 2025, the total annual capacity of copper strips was 3.59 million tons, the capacity utilization rate was 66.44%, a month - on - month increase of 2.6%, and a year - on - year decrease of 6.62% [26] - In November 2025, the total annual capacity of copper rods was 2.2865 million tons, the capacity utilization rate was 54.08%, a month - on - month increase of 3.95%, and a year - on - year decrease of 1.98% [26] - In November 2025, the total annual capacity of copper tubes was 2.783 million tons, the capacity utilization rate was 59.69%, a month - on - month increase of 7.12%, and a year - on - year decrease of 18.42% [26] 3.7 Copper Element Imports (Monthly) - In November 2025, the monthly import volume of copper concentrates was 2.53 million tons, a year - on - year increase of 13%, and the cumulative import volume was 27.619304 million tons, a year - on - year increase of 8% [30] - In October 2025, the monthly import volume of anode copper was 55,239 tons, a year - on - year decrease of 8%, and the cumulative import volume was 630,288 tons, a year - on - year decrease of 15% [30] - In October 2025, the monthly import volume of cathode copper was 279,944 tons, a year - on - year decrease of 22%, and the cumulative import volume was 2,816,507 tons, a year - on - year decrease of 6% [30] - In October 2025, the monthly import volume of scrap copper was 196,607 tons, a year - on - year increase of 7%, and the cumulative import volume was 1,895,460 tons, a year - on - year increase of 2% [30] - In November 2025, the monthly import volume of copper products was 430,000 tons, a year - on - year decrease of 19%, and the cumulative import volume was 4,880,000 tons, a year - on - year decrease of 4.7% [30]