Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - The Shanghai copper market is bullish, driven by macro - optimistic sentiment. The Shanghai copper main contract 2512 closed at 87,720 yuan/ton on Friday afternoon, with a weekly increase of 3.95%. The market went up due to factors such as Sino - US economic and trade consultations, slow growth of US core CPI in September, and positive economic data from China, the US, and Europe [4]. - The supply of copper is expected to be tight. Domestic smelters' maintenance expanded in October, with anode copper supplement limited. The output in October is expected to decrease by 3.4% month - on - month and increase by 8.7% year - on - year, and the output in November is also expected to decline month - on - month. The net import of copper in October increased month - on - month [4]. - The demand for copper is affected by high prices. The consumption of refined copper rods is dull. The sales area of new and second - hand houses in 10 key cities from October 13 - 19 increased month - on - month but decreased year - on - year. The production of household air conditioners in October decreased by 18% compared with the same period last year. The retail volume of narrow - sense passenger cars in October is expected to decrease by 2% month - on - month and 2.6% year - on - year. The production of photovoltaic modules in October is expected to decline slightly [4]. - In terms of inventory, the spot inventory of electrolytic copper and the bonded - area inventory increased week - on - week, while LME copper inventory decreased and COMEX copper inventory increased [4]. 3) Summary by Relevant Catalogs a) Price Data - The copper spot premium and discount declined as the market was strong but the procurement sentiment weakened. The LME copper 0 - 3M premium and discount weakened week - on - week [12][13]. b) Fundamental Data - The average price of the copper concentrate TC index decreased by $1.73/ton week - on - week to - $42.7/ton, remaining at a low level [18]. - The inventory of copper concentrates in ten ports decreased by 0.26 tons week - on - week to 67.81 tons [20]. - The change in the refined - scrap copper price difference was limited [22]. - The domestic electrolytic copper output in October is expected to decrease by 3.4% month - on - month and increase by 8.7% year - on - year [24]. - China imported 485,000 tons of unwrought copper and copper products in September, and the cumulative import volume from January to September decreased by 1.7% year - on - year [26]. - The spot inventory of electrolytic copper and the bonded - area inventory increased week - on - week. LME copper inventory decreased and COMEX copper inventory increased [27][28]. - The operating rate of refined copper rods decreased slightly week - on - week, and consumption was dull due to high copper prices [31]. - The retail volume of narrow - sense passenger cars in October is expected to be 2.2 million, a decrease of 2% month - on - month and 2.6% year - on - year [33]. - The production of photovoltaic modules in October is expected to decline slightly [34]. - The production of household air conditioners in October decreased by 18% compared with the actual production in the same period last year [35]. c) Macroeconomic Data - China's GDP in the third quarter increased by 4.8% year - on - year, and the GDP in the first three quarters increased by 5.2% year - on - year [38]. - The US Markit PMI in October reached the second - highest level this year, and the euro - zone composite PMI in October reached the highest level in a year and a half [40]. - The US core CPI in September increased by 0.2% month - on - month, the slowest growth in three months, which increased the expectation of another interest - rate cut by the Fed this year [43].