1. Report Industry Investment Rating - The report does not explicitly provide an overall industry investment rating. However, it suggests that for copper, the short - term price is expected to fluctuate, and in the long - term, the logic of consumption driving price increases remains, with a recommended strategy of buying on dips [8]. 2. Core Viewpoints - Copper prices are currently oscillating, and the global four - market price volatility has narrowed. There is strong uncertainty in the macro - environment, and the raw material supply shortage logic is weakening. High copper prices are suppressing consumption in the short - term, but the long - term consumption recovery logic is strong. The global total inventory has increased this week, with a significant increase in LME inventory. It is expected that copper prices will fluctuate in the short - term and be mainly bought on dips in the long - term [3][8]. 3. Summary by Relevant Catalogs 3.1 Transaction End - Volatility: The volatility of SHFE, INE, LME, and COMEX copper has declined. The LME copper price volatility is around 7.5%, and the SHFE copper volatility is about 13%, both lower than the previous week [12]. - Term Spread: The term structure of SHFE copper has weakened marginally, the LME copper spot premium has weakened, and the COMEX copper near - end C structure has expanded [14][16]. - Position: COMEX copper positions have increased, while LME and SHFE positions have decreased. SHFE copper positions have decreased by 35,600 lots to 517,500 lots [17]. - Capital and Industry Positions: LME commercial short net positions have increased from 75,900 lots on November 7th to 76,700 lots on November 14th; CFTC non - commercial long net positions have increased from 32,600 lots on September 30th to 39,100 lots on October 7th [23]. - Spot Premium: The domestic copper spot premium has strengthened, the Yangshan copper premium has remained stable at a historically low level, the US copper premium has remained high, the Rotterdam copper premium has remained at $145/ton, and the Southeast Asian copper premium has remained at $120/ton [28]. - Inventory: The global total copper inventory has increased from 760,700 tons on November 13th to 794,100 tons on November 20th. Domestic social inventory has decreased, while bonded area and COMEX inventories have increased, and LME copper inventory has also increased significantly [32]. - Position - to - Inventory Ratio: The LME copper position - to - inventory ratio has declined, and the SHFE copper position - to - inventory ratio is at a historically low level [33]. 3.2 Supply End - Copper Concentrate: Copper concentrate imports have increased year - on - year, port inventories have increased from 530,000 tons on November 14th to 596,000 tons on November 21st, and processing fees have continued to be weak, with smelting losses widening [38]. - Recycled Copper: Recycled copper imports and domestic production have increased year - on - year. In October, recycled copper imports were 196,600 tons, a 7.35% year - on - year increase, and in September, domestic recycled copper production was 97,700 tons, a 17.85% year - on - year increase. The refined - scrap spread of recycled copper has narrowed, and the import loss has also narrowed [39][49]. - Blister Copper: Blister copper imports have increased, and processing fees have rebounded. In September, imports were 55,200 tons, a year - on - year decrease of 8.56%, and in October, processing fees have increased marginally [51]. - Refined Copper: Domestic refined copper production has increased year - on - year, imports have decreased, and the spot import loss has narrowed. In October, production was 1,091,600 tons, a 9.63% year - on - year increase, and imports were 282,100 tons, a 15.61% year - on - year decrease [54]. 3.3 Demand End - Capacity Utilization Rate: In October, the capacity utilization rates of copper tube and copper plate - strip - foil enterprises have declined and are at historically low levels. The weekly capacity utilization rate of wire and cable enterprises has increased marginally in the week of November 20th [57]. - Profit: The copper rod processing fee has rebounded but is at a historically low level, the copper tube processing fee has declined and is at a historically moderately high - level, and the copper plate - strip and lithium - ion copper foil processing fees have remained stable at low levels [61]. - Raw Material Inventory: The raw material inventory of wire and cable enterprises has remained at a low level, the copper rod enterprise raw material inventory is at a historically moderately low level, and the copper tube raw material inventory is at a historically low level [62]. - Finished - Product Inventory: The copper rod finished - product inventory has increased and is at a historically high level, the copper tube finished - product inventory is at a historically low level, and the weekly finished - product inventory of wire and cable has decreased [65]. 3.4 Consumption End - Consumption: The domestic actual and apparent copper consumption has performed well. From January to September, the cumulative actual consumption was 12,035,900 tons, a 9.77% year - on - year increase, and the apparent consumption was 1,428,900 tons, a 9.01% year - on - year increase. Power grid investment, home appliances, and the new energy industry are important supports for copper consumption, but the growth rate of power grid investment has slowed down [70]. - Output: In October, the domestic air - conditioner output was 10.1326 million units, a 27.92% year - on - year decrease, and the new energy vehicle output was 1.772 million units, a 21.12% year - on - year increase [73].