Group 1: Report Industry Investment Rating - Copper investment rating: Cautiously bullish [5] Group 2: Core View of the Report - After the UK - US trade agreement, market risk sentiment has emerged, and the continuously low TC price indicates that copper prices are still likely to rise rather than fall. It is recommended to mainly use buy - hedging on dips [5] Group 3: Summary by Relevant Catalogs Market News and Important Data Futures Quotes - On May 14, 2025, the main Shanghai copper contract opened at 77,930 yuan/ton and closed at 78,940 yuan/ton, up 1.09% from the previous trading day's close. The night - session main contract opened at 78,900 yuan/ton and closed at 78,650 yuan/ton, up 0.19% from the afternoon close [1] Spot Situation - On the previous day, both procurement and sales sentiment declined. Near the delivery date, downstream procurement was affected by high monthly spreads, with a procurement index of 3.07. Sellers with registerable warehouse receipt goods were reluctant to sell at low prices, and the overall sales sentiment index dropped to 3.14 [2] Important Information Summary - **Macro and Geopolitical**: The US is "close to reaching" a trade tariff agreement with Japan, South Korea, and India. The US does not seek dollar depreciation in tariff negotiations. Trump reached a $12 - trillion economic commitment in Qatar, and the US and Qatar signed over $243.5 - billion economic and military cooperation agreements. In China, the social financing increment from January to April was 16.34 trillion yuan, new loans were 10.06 trillion yuan, and M2 in April increased by 8% year - on - year [3] - **Mine End**: From 2020 - 2024, Western Mining's net profit compound growth rate was 41%. Its mine production capacity expanded, and mineral copper production increased significantly. In 2024, the deterioration of smelting processing fees and year - end asset impairment affected the company's profitability [3] - **Smelting and Import**: In 2024, the total electrolytic copper output of 19 large domestic copper smelters was 10.5558 million tons, an increase of 0.642 million tons or 6.5% year - on - year. These 19 enterprises accounted for 77.37% of China's total electrolytic copper output, a 1.04% increase from the previous year [4] - **Consumption**: Last week, copper prices fluctuated narrowly. Near the end of the month, downstream consumption growth was limited. Due to some processing enterprises' export - rushing actions, market demand was relatively stable, and downstream enterprises mainly made low - price, just - in - time purchases [4] - **Inventory and Warehouse Receipts**: LME warehouse receipts decreased by 2,125 tons to 185,575 tons, SHFE warehouse receipts increased by 20,912 tons to 50,069 tons. On May 12, the domestic electrolytic copper spot inventory was 1.231 million tons, an increase of 0.03 million tons from the previous week [4] Strategy - Copper: Cautiously bullish, mainly use buy - hedging on dips [5] - Options: short put@ 74000 [5] Data Table - The table shows copper price and basis data including spot (premium/discount), inventory, warehouse receipt, arbitrage, import profit, and Shanghai - London ratio data for different time points [20][25]