1月7日（周三），智利国家铜业公司（Codelco）董事长Máximo Pacheco表示，正在实现提高这家国有铜业巨头产量的目标——尽管只是刚刚达成。 Pacheco在接受采访时表示，尽管公司最大的矿场发生了致命坍塌事故，但去年Codelco的智利业务仍生产了133.3万吨铜，较上年增加5,000吨，增幅0.4%。 Pacheco是智利前能源部长兼国际纸业公司高管，其一直在致力于重振Codelco的产量，此前由于矿石品位下降及矿山和扩建项目受挫，产量已降至25年来的 最低水平。 Pacheco表示，由于El Teniente矿长期处于恢复阶段，该矿在去年7月31日发生事故导致产量减少约4.5万吨，使得增产计划更加复杂化。这位72岁的董事长任 期将于5月结束。 他说，智利Codelco公司今年的目标是将产量再度小幅提高，预算产量为134.4万吨。即便是微小的增长也会受到铜市场的欢迎，目前该市场因供应中断而不 稳定，供应紧张已帮助推动铜价创下历史新高。 这家国有企业之所以能实现2025年目标，得益于12月份的产量增加，咨询公司Plusmining估计其产量比11月份高出40%。虽然12月份的产量通常较高，但过 ...

Report Industry Investment Rating - Not provided Core View of the Report - The domestic copper smelter's maintenance capacity in August may decrease month-on-month, and the domestic electrolytic copper social inventory has decreased month-on-month. The US port inflation rebound reduces the Fed's expected number of interest rate cuts, but the decrease in scrap copper anode plates and domestic electrolytic copper social inventory may cause the Shanghai copper price to fluctuate. It is recommended that investors wait and see. Pay attention to the support and pressure levels of Shanghai copper, London copper, and US copper [1][4] Summary by Relevant Catalogs Copper Market Data - On August 15, 2025, the closing price of the active contract of Shanghai copper futures was 79,060 yuan, up 110 yuan from the previous day; the trading volume was 50,116 lots, down 1,618 lots; the open interest was 152,557 lots, up 216 lots; the inventory was 24,560 tons, up 126 tons. The average price of SMM 1 electrolytic copper was 79,180 yuan, down 255 yuan [2] - The LME 3 - month copper futures closing price (electronic disk) on August 15, 2025, was 9,760 US dollars, down 17 US dollars from the previous day; the total inventory of registered and cancelled warrants was 0 tons, down 155,800 tons [2] - The closing price of the active contract of COMEX copper futures on August 15, 2025, was 4.489 US dollars, down 0.01 US dollars from the previous day; the total inventory weight was 267,195 tons, up 400 tons [2] Zambia Copper Production - Zambia, the second - largest copper producer in Africa, had a copper production of about 439,644 tons in the first six months of 2025. Assuming no revision in the first - quarter production of about 224,000 tons, the second - quarter production was about 215,644 tons, a quarter - on - quarter decrease of about 4%. Four producers had problems in the second quarter. To reach the 1 - million - ton target set by the government this year, the production in the second half of the year needs to increase by about 27% [2] Industry News - Jiangxi Heli Environmental Protection Technology Co., Ltd. plans to invest 197.66065 million yuan to relocate and upgrade its existing project to build an annual 200,000 - ton recycled electrolytic copper project in Jiangxi Qianshan County Industrial Park [3] - Jiangxi Linghao New Material Technology Co., Ltd. plans to build an annual 500,000 - ton steelmaking furnace charge and 200,000 - ton copper - aluminum recycling project in De'an County, with a total investment of 200 million yuan and environmental protection investment of 1.31 million yuan [3] - On August 14, 2025, the environmental impact assessment of Jiangxi Hefan Environmental Protection Technology Co., Ltd.'s annual 200,000 - ton recycled electrolytic copper project was accepted for public notice, with a public notice period from August 14 to August 27, 2025 [5] Copper Product Industry Analysis - The daily processing fee of refined copper rods for power and enameled wires in East China has increased compared with last week, affecting the capacity utilization rate of copper products. The capacity utilization rate of different copper products may change in August. For example, the capacity utilization rate of electrolytic copper rods, copper foils, and brass rods may increase, while that of recycled copper rods, copper wires and cables, copper enameled wires, and copper tubes may decrease [4]

Report Industry Investment Rating - Not provided Core Viewpoints - The decline in copper production in Zambia's second quarter poses risks to the goal of increasing copper production to 1 million tons this year. The domestic copper smelting plant's maintenance capacity may decrease month - on - month in August, and the domestic electrolytic copper social inventory has decreased month - on - month. The inflation rebound at the US port end reduces the expected number of Fed rate cuts, but the decrease in scrap copper anode plates and domestic electrolytic copper social inventory may cause the Shanghai copper price to fluctuate. It is recommended that investors wait and see [1][2][4] Summary by Related Contents Copper Market Data - On August 15, 2025, the closing price of the active contract of Shanghai copper futures was 79,060, with an increase of 110 compared to the previous day. The trading volume was 50,116 lots, a decrease of 1,618 lots. The open interest was 152,557 lots, an increase of 216 lots. The inventory was 24,560 tons, an increase of 126 tons [2] - The average price of SMM 1 electrolytic copper was 79,180, a decrease of 255 compared to the previous day. The Shanghai copper basis difference was 120, a decrease of 365 [2] - The LME 3 - month copper futures closing price (electronic trading) was 9,760, a decrease of 17 compared to the previous day. The total inventory of registered and cancelled warrants was 0, a decrease of 155,800 [2] - The closing price of the active contract of COMEX copper futures was 4.489, a decrease of 0.01 compared to the previous day. The total inventory weight was 267,195, an increase of 400 [2] Zambia Copper Production - Zambia is the second - largest copper producer in Africa. In 2025, the first - quarter copper production was about 224,000 tons. The copper production in the first six months was 439,644 tons. Assuming no revision in the first - quarter production, the second - quarter production was about 215,644 tons, a month - on - month decrease of about 4% [2] - Four producers, Sino Metals Leach, First Quantum Minerals, Mimbula, and Sino Xinyuan, affected the second - quarter production. Sino Metals Leach was forced to close due to tailings dam failure and acid leakage [2] - Zambia produced about 820,000 tons of copper last year. The first - half production increased by about 18% year - on - year. To reach the 1 - million - ton target this year, the second - half production needs to increase by about 27% [2] Industry Projects - Jiangxi Heli Environmental Protection Technology Co., Ltd. (formerly Jiangxi Jinhui Copper Industry Co., Ltd.) plans to invest 1.9766065 billion yuan in the industrial park of Qianshan County, Jiangxi to relocate and upgrade the existing project, building an annual 200,000 - ton recycled electrolytic copper project [3] - On August 14, 2025, the environmental impact assessment of Jiangxi Hefan Environmental Protection Technology Co., Ltd.'s annual 200,000 - ton recycled electrolytic copper project was publicly announced for acceptance, with a publicity period from August 14 to August 27 [5] - Jiangxi Linghao New Material Technology Co., Ltd. plans to build a project in De'an County for annual processing of 500,000 tons of steelmaking furnace charge and 200,000 tons of copper - aluminum recycling, with a total investment of 200 million yuan and environmental protection investment of 1.31 million yuan [3] Copper Product Industry - The daily processing fee of refined copper rods for power and enameled wires in East China increased compared to last week, leading to an increase (decrease) in the capacity utilization rate of China's refined copper rods (recycled copper rods). The raw material (finished product) inventory of refined copper rod enterprises decreased (increased) compared to last week [4] - The capacity utilization rate of copper product industries may change. For example, the capacity utilization rate of copper foil in some fields may increase, while that of copper wires and cables, copper enameled wires, and copper tubes may decrease [4] Investment Strategy - It is recommended that investors wait and see. Pay attention to the support and pressure levels of Shanghai copper, London copper, and US copper [4]