Group 1 - The price index for recycled brass rods (Guixi) on August 21 is 52,728 CNY/ton, an increase of 65 CNY/ton, representing a 0.12% rise [1] - The current market prices for electrolytic copper are as follows: Shanghai Huatuo at 78,800 CNY/ton, Guangdong Nanshu at 78,670 CNY/ton, and Shanghai YS at 78,745 CNY/ton [2] - The closing price for the main copper futures contract on August 21 is 78,540 CNY/ton, with a slight decrease of 0.05% [2] Group 2 - The electrolytic copper spot market's Shanghai-London ratio is 8.11, with an import profit/loss of 234.81 CNY/ton, down from 354.75 CNY/ton the previous trading day [3] - As of August 21, LME copper registered warehouse receipts total 145,000 tons, with canceled receipts at 11,350 tons, an increase of 600 tons, while copper inventory remains unchanged at 156,350 tons [3] Group 3 - CICC's research report indicates that the collapse of a Chilean mine will prevent it from contributing additional output for several years, compounded by the lack of recovery at the Panama copper mine and U.S. actions against illegal mining in the Democratic Republic of Congo, tightening supply constraints [4] - The current market is experiencing a traditional off-peak consumption season, with decent performance in power grid investment orders, while real estate demand remains weak [4] - Downstream purchasing behavior is characterized by a "buy on the rise, not on the fall" mentality, leading to a mixed market sentiment in the Shanghai copper market [4]

Core Viewpoint - The Federal Reserve's policy remains undecided, leading to uncertainty in the copper market as the traditional peak season "Golden September and Silver October" approaches [1] Group 1 - The upcoming peak season is expected to influence copper prices, which are currently experiencing high volatility [1] - Market participants are closely monitoring whether the current price fluctuations will stabilize or break out of the existing range [1]