海关统计数据在线查询平台公布的数据显示，中国2025年10月精炼铜进口量为323,144.72吨，环比下降 13.62%，同比下降16.32%。 刚果民主共和国是第一大进口来源地，当月从刚果民主共和国进口精炼铜106,256.34吨，环比减少 16.22%，同比减少27.55%。 俄罗斯是第二大进口来源地，当月从俄罗斯进口精炼铜43,359.60吨，环比下降10.34%，同比增长 89.30%。 | 塞拉利品 | 102.14 | 100.75% | | | --- | --- | --- | --- | | 安哥拉 | 100.70 | 100.49% | -42.22% | | 加蓬 | 71.92 | -57.78% | -26.16% | | 爱沙尼亚 | 53.65 | -- | -- | | 超目 | 50.06 | -34.93% | -- | | 亚美尼亚 | 45.69 | 0.26% | 63.82% | | 毛里求斯 | 39.06 | -48.89% | 45.45% | | 阿尔及利亚 | 27.83 | -82.29% | -- | | 几内亚 | 25.28 | -90.02% ...

Core Insights - China's refined copper imports in September 2025 reached 374,075.58 tons, reflecting a month-on-month increase of 21.76% and a year-on-year increase of 7.44% [1][2] Import Sources - The Democratic Republic of the Congo was the largest source of refined copper imports, supplying 126,834.67 tons, with a month-on-month increase of 0.42% and a year-on-year increase of 3.27% [1][2] - Russia ranked second, exporting 48,359.13 tons, showing a significant month-on-month increase of 91.76% and a year-on-year increase of 37.40% [1][2] - Other notable sources included Chile (31,683.05 tons, +45.99% MoM, +9.20% YoY) and Kazakhstan (21,580.77 tons, +30.77% MoM, -21.73% YoY) [1][2] Detailed Import Data - A comprehensive breakdown of refined copper imports by origin for September 2025 is provided, highlighting significant increases from countries like Myanmar (15,549.01 tons, +109.97% MoM, +244.32% YoY) and Australia (13,563.58 tons, +147.29% MoM, +41.91% YoY) [1][2] - Conversely, imports from Japan (13,358.24 tons, +59.22% MoM, -43.13% YoY) and Peru (6,633.35 tons, +577.82% MoM, -37.45% YoY) showed notable declines in year-on-year comparisons [1][2] Summary of Trends - The overall trend indicates a robust increase in refined copper imports, particularly from emerging markets, while traditional suppliers like Japan and Peru are experiencing declines [1][2][3]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The continuous rise of the US dollar restricts the upward movement of copper prices. The strong US economic data increases the uncertainty of the Fed's future interest - rate cut path, and the market's expectation of a rate cut in October has cooled [1]. 3. Summary According to Related Catalogs 3.1 Copper Fundamental Data - **Futures Prices**: The closing price of the Shanghai copper main contract was 82,710 with a daily increase of 3.44%, and the night - session closing price was 82,380 with a decrease of 0.40%. The LME copper 3M electronic disk was at 10,276 with a decrease of 0.43% [1]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai copper main contract was 334,893, an increase of 283,166 from the previous day, and the open interest was 238,523, an increase of 66,079. The trading volume of the LME copper 3M electronic disk was 42,366, a decrease of 4,722, and the open interest was 296,000, an increase of 6,048 [1]. - **Futures Inventory**: The Shanghai copper inventory was 27,662, an increase of 243, and the LME copper inventory was 144,425, a decrease of 350. The LME copper注销仓单 ratio was 7.89%, a decrease of 0.24% [1]. - **Spreads**: The LME copper spread decreased by 0.18, the保税 - zone warehouse receipt premium decreased by 4, and the Shanghai 1 bright copper price increased by 1,300. Many other spreads also showed different degrees of change [1]. 3.2 Macro and Industry News - **Macro**: The US second - quarter GDP growth was revised up to 3.8%, the highest in nearly two years, and the PCE price index was 2.6%. The strong data increased the uncertainty of the Fed's future interest - rate cut path [1]. - **Industry**: In August, China's refined copper imports were 30.72 tons, a month - on - month decrease of 8.17% and a year - on - year increase of 11.14%. Congo was the largest supplier. Freeport declared force majeure at its Indonesian Grasberg mine, and its comprehensive sales in Q3 2025 are expected to be about 4% lower for copper and 6% lower for gold than the July 2025 estimate [1][3]. 3.3 Trend Intensity - The copper trend intensity is 0, indicating a neutral view [3]

Group 1 - The core point of the article highlights that China's refined copper imports in August amounted to 307,200 tons, representing a month-on-month decrease of 8.17% but a year-on-year increase of 11.14% [1] - The Democratic Republic of the Congo remains the largest supplier of refined copper to China, with a supply volume of 126,300 tons, which is a month-on-month decrease of 11.55% but a year-on-year increase of 26.49% [1] - Russia is the second-largest supplier, providing 25,200 tons, which reflects a month-on-month decrease of 17.56% but a significant year-on-year increase of 173.10% [1] Group 2 - There are signs of improvement in import price ratios in late August, although most of the time, the market remains unprofitable [1]

Core Insights - China's refined copper imports in August 2025 totaled 307,228.23 tons, representing a month-on-month decrease of 8.17% but an increase of 11.14% year-on-year [1][2]. Import Sources - The Democratic Republic of the Congo was the largest source of refined copper imports, supplying 126,307.12 tons, which is a decrease of 11.55% month-on-month but an increase of 26.49% year-on-year [1]. - Russia ranked second, with imports of 25,218.78 tons, showing a month-on-month decrease of 17.56% but a significant year-on-year increase of 173.10% [1]. - Other notable sources included the Netherlands (25,122.38 tons, +62.82% MoM, +12553.94% YoY) and Chile (21,701.70 tons, +12.84% MoM, -6.44% YoY) [1]. Detailed Import Data - A comprehensive breakdown of refined copper imports by origin for August 2025 is provided, highlighting significant fluctuations in both month-on-month and year-on-year changes across various countries [1][2]. - For instance, imports from Myanmar surged by 163.24% MoM and 185.32% YoY, while imports from Australia fell by 14.29% MoM and decreased by 57.40% YoY [1]. Additional Notes - The data includes various forms of refined copper, such as cathodes and wire bars, and also notes that the total import figures encompass additional unlisted origins [3].

Group 1 - The core point of the article highlights that China's refined copper imports in July amounted to 336,000 tons, showing a month-on-month decrease of 0.32% but a year-on-year increase of 12.05% [1] - The Democratic Republic of the Congo remains the largest supplier of refined copper to China, with a supply volume of 142,800 tons, reflecting a month-on-month increase of 20.72% and a year-on-year increase of 20% [1] - Russia is the second-largest supplier, providing 30,600 tons, which represents a month-on-month decrease of 32.25% but a year-on-year increase of 20.76% [1] Group 2 - The article notes that the import losses have narrowed in July, indicating that China's refined copper imports are still at a relatively high level for the year [1]