Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - Last week, copper prices stabilized and rebounded due to the significant increase in the market's expectation of a Fed rate cut in September, the normalization of the global copper supply chain after the premium issue of US copper tariffs subsided, and the clear tone of China's anti - involution and stable - growth policies boosting the demand in the non - ferrous metal market. The fact that major non - US economies did not retaliate against the US also slightly improved the global economic growth outlook. Fundamentally, the tight balance of global refined copper persists, with weak inventory accumulation during the domestic off - season and the near - month structure turning to flat water [2][8]. - Overall, after the implementation of reciprocal tariffs, major non - US economies did not retaliate against the US. The market is optimistic about the Fed's rate cut in September. China's anti - involution and stable - growth policies will boost the non - ferrous metal market demand and support the domestic economic base. Both internal and external macro factors are favorable for copper prices. Fundamentally, overseas mine supply remains tight, domestic inventory accumulation during the off - season is limited, and the release of global refined copper production capacity is slow. Copper prices are expected to enter a volatile and slightly upward trend in the short term [3][11]. Group 3: Summary by Relevant Catalogs 1. Market Data - Price Changes: From August 1st to August 8th, LME copper rose from $9,633/ton to $9,768/ton, a 1.40% increase; COMEX copper rose from 444.3 cents/pound to 448.5 cents/pound, a 0.95% increase; SHFE copper rose from 78,400 yuan/ton to 78,490 yuan/ton, a 0.11% increase; international copper rose from 69,530 yuan/ton to 69,650 yuan/ton, a 0.17% increase. The Shanghai - London ratio decreased from 8.14 to 8.04, and the LME spot premium/discount decreased from - $49.25/ton to - $69.55/ton, a 41.22% change. The Shanghai spot premium/discount decreased from 175 yuan/ton to 120 yuan/ton [4]. - Inventory Changes: As of August 8th, the total inventory of LME, COMEX, SHFE, and Shanghai Bonded Area increased to 577,405 tons, a 5.18% increase from August 1st. LME inventory increased by 14,100 tons (9.95%), COMEX inventory increased by 4,459 short tons (1.72%), SHFE inventory increased by 9,390 tons (12.95%), and Shanghai Bonded Area inventory increased by 500 tons (0.67%) [7]. 2. Market Analysis and Outlook - Price Rebound Reasons: The significant increase in the Fed's rate - cut expectation in September, the normalization of the global copper supply chain, China's policies boosting demand, and the improved global economic growth outlook due to no retaliation from major economies against the US all contributed to the copper price rebound. Fundamentally, the tight balance of global refined copper persists, with weak domestic inventory accumulation during the off - season [8]. - Inventory Situation: As of August 8th, the total global inventory increased to 577,400 tons. LME copper inventory increase led to the LME0 - 3 turning to a contango structure, and the cancelled warrant ratio slightly decreased to 7.1%. SHFE inventory increased by 9,000 tons, and Shanghai Bonded Area inventory was basically flat. The Yangshan copper bill of lading premium fell to around $50. Overseas supplies flowed back to LME Asian warehouses and some entered China, increasing imports. The Shanghai - London ratio decreased to 8.04 due to the short - term depreciation of the US dollar after the rate - cut expectation increased [8]. - Macroeconomic Situation: In the US, inflation expectations increased, credit access became more difficult, but the employment outlook improved. Trump nominated a new Fed governor who is expected to be dovish. India may not retaliate against US tariffs. Fed official Kashkari believes that the US economy is slowing and rate cuts may be appropriate, with a 93.4% probability of a rate cut in September according to CME. The US service industry index showed signs of stagnation, and the risk of stagflation is rising. In China, exports in July increased by 7.2% year - on - year (in US dollars), and the total import and export value in the first seven months increased by 3.5% year - on - year, with high - tech product trade growing strongly [9]. - Supply and Demand Situation: Overseas, Codelco's Chilean mine has not restarted, and the Panama project may not resume production this year. Six overseas mining companies have lowered their production targets. In China, the production of large and medium - sized smelters was high in July but is expected to decline slightly in August. In terms of demand, power grid investment weakened, the开工 rate of wire and cable enterprises decreased, the consumption of the wind and solar industries is expected to decline, and the new energy vehicle market is in the off - season but still has year - on - year growth. Overall, domestic demand decreased slightly month - on - month but remained resilient year - on - year, and the market maintained a tight balance [10]. 3. Industry News - Codelco's El Teniente copper mine earthquake may be caused by mining activities. The company has applied to restart part of the mine and is investigating the cause. If the mine remains closed, it will exacerbate the global copper supply shortage and increase Codelco's financial pressure. Restarting the mine requires convincing regulators and unions of the stability of the entire underground operation area [12]. - Teck Resources' Q2 2025 copper production was 109,000 tons, a 1.2% year - on - year decrease and a 2.8% quarter - on - quarter increase. Antamina's production decreased due to an accident and lower ore treatment volume, while Highland Valley Copper's production increased. Antamina's 2025 copper production is expected to be between 80,000 - 90,000 tons. Quebrada Blanca's Q2 production was 52,700 tons, a 2.7% year - on - year increase and a 24.6% quarter - on - quarter increase. The QB port facility's loading machine malfunction is expected to last until H1 2026, and production is not expected to be affected. QBII's 2025 copper production guidance is revised down to 210,000 - 230,000 tons [13]. - The processing fee of 8mm T1 cable wire rods in East China decreased slightly last week due to the decline in the spot premium of domestic copper and weak restocking by cable enterprises in the off - season. The processing fees in different regions vary. The price of 8mm T3 low - oxygen copper rods in South and Southwest China increased by $50 - 100/ton compared with last week. The operating rate of domestic refined copper rod enterprises is expected to be under slight pressure in mid - August [14][15]. 4. Relevant Charts - The report provides multiple charts showing the price trends of Shanghai copper and LME copper, inventory changes in LME, COMEX, and SHFE, and other related data such as basis, premium, and TC [16][18][21][22][26][27][29][32][35][38]