（文华综合） 沪铜夜盘低开低走，早间延续弱势，目前主力合约跌幅超过2%，国际铜同步下跌。此前受助于矿紧担 忧，叠加贵金属大涨带来的多头情绪外溢，沪铜再创新高，但国内需求受到高价抑制，目前贵金属高位 调整，沪铜追随贵金属跌势出现回落。 ...

（文华综合） 沪铜夜盘高开高走，期价再创历史新高，早间强势依旧，目前主力合约上涨近3%，期价最高触及 103310元。最近智利再传矿端干扰，矿紧担忧持续笼罩，LME铜库存自去年年底以来持续回落，叠加 贵金属企稳反弹，资金看涨情绪较强，铜价重心继续上移。目前国内精炼铜社会库存不断累积，但铜价 对此反应有限。 ...

Core Viewpoint - The domestic copper market shows a slight decline in social inventory, supporting copper prices amid ongoing concerns about tight supply from mines [1] Group 1: Market Performance - Shanghai copper closed up 0.62% after a day of strong fluctuations [1] - As of November 10, domestic electrolytic copper inventory was 198,300 tons, a decrease of 4,300 tons compared to November 6 [1] Group 2: Supply Concerns - Domestic copper concentrate processing fees remain around -40 USD per dry ton, indicating ongoing tightness in supply [1] - Market concerns about tight supply are bolstered by recent announcements from some mining companies lowering their annual production targets [1] Group 3: Future Outlook - Jinrui Futures anticipates that the market will maintain high-level fluctuations in the short term, with a slight oversupply in the fundamentals [1] - Future attention should be given to the impact of Indonesian mines on the non-US copper inventory [1]

Group 1 - Copper prices have shown signs of strength recently, breaking through the 80,000 mark, but the sustainability of this rise is questioned due to high prices suppressing demand [1][6] - The Grasberg mine in Indonesia, the second-largest copper mine globally, has faced production disruptions due to a natural disaster, leading to a significant downward revision in copper sales forecasts by Freeport [2][3] - The ongoing supply tightness in the copper market is exacerbated by previous disruptions in other major mines, highlighting the vulnerability of copper supply chains [3][4] Group 2 - Domestic copper smelting production is expected to decline due to tight raw material supplies and falling profits from by-products, indicating a shift in the production landscape [4][5] - Despite an increase in COMEX copper inventories, overall global copper stockpiles remain low, with limited accumulation in non-US regions, suggesting a tight supply environment [5][6] - The recent easing of monetary policy by the Federal Reserve and the tightening supply situation have created a favorable environment for copper prices, which are expected to remain strong in the short term [6][8]