2026 年 1 月 4 日 行业研究 2025 年 12 月电线电缆企业开工率创近 6 年同期新低 ——铜行业周报（20251229-20260102） 要点 本周小结：短期铜价震荡， 2026 年供需偏紧仍支持铜价上行。截至 2025 年 12 月 31 日，SHFE 铜收盘价 98240 元/吨，环比 12 月 26 日+2.23%；截至 2026 年 1 月 2 日，LME 铜收盘价 12461 美元/吨，环比 12 月 24 日+3.36%。（1） 宏观：美国铜关税预期仍导致全球铜库存持续流向美国，COMEX 铜库存持续新 高。（2）供需：国家发改委 12 月 26 日强调对铜冶炼等产业强化管理和优化布 局，中国铜冶炼产能增长或受限。12 月线缆企业开工率创近 6 年新低，铜价大 涨对需求有压制；但展望 2026 年，供需依然偏紧，继续看好铜价上行。 库存：国内铜社库环比+23%，LME 铜库存环比-7%。（1）港口铜精矿库存： 截至2025年12月31日，国内主流港口铜精矿库存64.6 万吨，环比上周-16.7%。 （2）全球电解铜库存：截至 2025 年 12 月 31 日，全球三大交易所库存合 ...

2025 年 12 月 14 日 行业研究 美国 COMEX 交易所电解铜库存续创历史新高 ——铜行业周报（20251208-20251212） 要点 本周小结：宏观情绪改善，看好铜价继续上行。截至 2025 年 12 月 12 日，SHFE 铜收盘价 94080 元/吨，环比 12 月 5 日+1.40%；LME 铜收盘价 11553 美元/ 吨，环比 12 月 5 日-0.96%。（1）宏观：美联储 12 月如期降息；国内中央经济 工作会议强调明年政策"坚持稳中求进、提质增效"，提出优化"两新"（大规 模设备更新和消费品以旧换新）政策，整体利好铜消费。（2）供需：线缆企业 开工率在铜价大涨后本周略有回落，但 Q4 电网旺季效应仍存；2025Q4 空调排 产同比下降，但环比改善；供需仍将维持偏紧格局，继续看好铜价上行。 库存：国内铜社库环比+2.6%，LME 铜库存环比+0.8%。（1）港口铜精矿库存： 截至 2025 年 12 月 12 日，国内主流港口铜精矿库存 76.4 万吨，环比上周+1.8%。 （2）全球电解铜库存：截至 2025 年 12 月 8 日，全球三大交易所库存合计 69.0 万吨，环比 ...

铜周报 铜行业周报 2025/11/28 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - Copper prices are expected to mainly show a high - level oscillation trend. There are limited arbitrage opportunities for Shanghai copper, and it is recommended to mainly wait and see for option contracts [6][48]. 3. Summary by Directory 3.1 Market Review - Last week, the price of the main contract CU2601 of Shanghai copper futures mainly showed an oscillating market, ranging from around 85,450 yuan/ton to a maximum of about 86,850 yuan/ton [8]. - Last week, the price of LME copper futures showed an oscillating trend, with the contract price running around 10,660 - 10,848 US dollars/ton [11]. 3.2 Macroeconomic Aspect - The minutes of the Fed's October monetary policy meeting showed that due to the moderate economic expansion and the gradual cooling of the labor market without a sharp deterioration, Fed officials had obvious differences on whether to further cut interest rates in December. There were also differences in opinions on the impact of tariffs on inflation. Some officials thought that without considering the impact of tariffs, the current inflation level was close to the Fed's target value, while more officials believed that the overall inflation level had been continuously higher than the target value and there were few signs that it could fall back to the 2% target level in a timely and sustainable manner [5][14][47]. - CME's "FedWatch" showed that the probability of the Fed cutting interest rates by 25 basis points in December was 29.8%, and the probability of keeping interest rates unchanged was 70.2%. By January next year, the probability of a cumulative 25 - basis - point interest rate cut was 49.5%, the probability of keeping interest rates unchanged was 36.0%, and the probability of a cumulative 50 - basis - point interest rate cut was 14.5% [5][15][47]. 3.3 Spot Analysis - As of November 21, 2025, the average price of Shanghai Wumaotong was 85,870 yuan/ton, and the average price of 1 electrolytic copper in the Yangtze River Non - ferrous Metal Market was 85,960 yuan/ton, a decrease of 610 yuan/ton from the previous trading day. The spot prices in Shanghai, Guangdong, Chongqing, and Tianjin were 86,490 yuan/ton, 86,460 yuan/ton, 86,600 yuan/ton, and 86,570 yuan/ton respectively [18]. - As of November 21, 2025, the premium and discount of electrolytic copper remained around a rise of 60 yuan/ton, a rise of 10 yuan/ton from the previous trading day [18]. 3.4 Supply and Demand Situation - As of November 20, 2025, the rough smelting fee of Chinese copper smelters was - 41.82 US dollars/kiloton, and the refining fee was - 4.37 US cents/pound. As of October 2025, the monthly refined copper output was 1.204 million tons, a decrease of 62,000 tons from the previous month and a year - on - year increase of 8.9% [24]. - As of October 2025, the monthly output of copper products was 2.004 million tons, a year - on - year decrease of 3.3% [30]. 3.5 Inventory Situation - As of November 21, 2025, the cathode copper inventory of the Shanghai Futures Exchange was 110,603 tons, an increase of 1,196 tons from the previous week. As of November 19, 2025, the LME copper inventory was 157,875 tons, an increase of 17,375 tons from the previous trading day, and the proportion of cancelled warrants was 6%. As of November 20, 2025, the COMEX copper inventory was 398,513 tons, an increase of 6,835 tons from the previous trading day [34]. - As of November 20, 2025, the inventory in Shanghai Free Trade Zone was 112,200 tons, the inventory in Guangdong was 17,200 tons, and the inventory in Wuxi was 45,600 tons. The inventory in Shanghai Free Trade Zone increased by 1,000 tons from the previous week [34].

Report Title - Nonferrous Metals Weekly - Copper [1] Report Core View - Sino-US economic and trade negotiation easing and expected tight supply of copper mines support copper prices. The expectation of future interest rate cuts and the end of balance sheet reduction by the Fed, the preliminary agreement reached in Sino-US economic and trade negotiations, and production disruptions in multiple overseas copper mines may lead to a cautiously bullish trend in Shanghai copper prices. It is recommended that investors mainly lay out long positions when prices decline, and pay attention to support and pressure levels for different copper contracts [2][3]. Group 1: Spread and Inventory Situation - The basis of Shanghai copper is negative and at a relatively low level, while the monthly spread is positive and basically within a reasonable range. Due to high copper prices suppressing downstream demand and leading to mainly rigid - demand purchases, but considering the Fed's future interest rate cut and end of balance sheet reduction expectations, continuous tight global copper concentrate supply, and more maintenance capacity of domestic copper smelters in October, investors are advised to pay attention to short - term, light - position, low - buying arbitrage opportunities for the basis of Shanghai copper [9]. - The (0 - 3) contract spread of LME copper is negative and basically within a reasonable range, and the (3 - 15) contract spread is positive and at a relatively high level. The ratio of Shanghai - LME copper prices is at the 50% quantile of the past five years. Due to the continuous accumulation of overseas electrolytic copper inventory, but with an increase in the expected number of future interest rate cuts by the Fed and continuous tight global copper concentrate supply, investors are advised to temporarily wait and see for arbitrage opportunities in the (0 - 3) and (3 - 15) contract spreads of LME copper [10]. - The spread between near - and far - month contracts of COMEX copper is negative and basically within a reasonable range; the spread between LME copper and Shanghai copper, and between COMEX copper and Shanghai copper is positive and basically within a reasonable range, while the spread between COMEX copper and LME copper is negative and basically within a reasonable range. This is because the inventory of COMEX copper is at a high level and still accumulating, and future South American electrolytic copper may still be transported to the US [12]. - The closing prices of near - and far - month contracts of Shanghai copper show a Back structure, while those of COMEX copper show a Contango structure [14]. - The closure of the import window may limit the import volume of domestic electrolytic copper, resulting in a decrease in the inventory of electrolytic copper in China's bonded areas compared with last week, an increase in China's social inventory of electrolytic copper, and a decrease in the inventory of electrolytic copper in the London Metal Exchange [19]. - The ratio of non - commercial long to short positions in COMEX copper decreased month - on - month. Both non - commercial long and short positions increased, as did commercial long and short positions [22]. Group 2: Mid - upstream Supply Situation - The inventory of copper concentrates at Chinese ports decreased compared with last week. The large - scale wet ore spill accident at Freeport's Grasberg copper mine in Indonesia on September 8 may reduce the copper and gold production in 2026 by about 35% compared with pre - accident estimates, which may lead to a month - on - month decrease in the production (import) of domestic copper concentrates in October. The Chinese copper concentrate import index is negative and decreased compared with last week, and the port copper concentrate out - port (in - port, inventory) volume in the world (China) increased (decreased, decreased) compared with last week [27][29]. - The positive spread between refined and scrap copper in China may boost the economy of scrap copper. Due to restrictions on the export of high - quality scrap copper in Europe, uncertainties in Sino - US tariff negotiations, and a positive spread between domestic electrolytic copper and bright and aged scrap copper, the production (import) of domestic scrap copper in October may increase (decrease) month - on - month, and the supply - demand is expected to be tight [30][32]. - The 1st smelting furnace of Jiangxi Keli Copper Industry's 150,000 - ton anode plate project was ignited on August 11. The weekly processing fees for crude copper in northern (southern) China decreased month - on - month, and the rough - smelting maintenance capacity of domestic smelters in October may increase month - on - month, which may lead to a month - on - month decrease in the production (import) of domestic crude copper in October [33]. - The weekly capacity utilization rate of China's scrap - produced anode plates decreased compared with last week, and the processing fees for anode plates also decreased [35][37]. - The production (import) of China's electrolytic copper in October may decrease month - on - month. Although some new domestic projects are under construction, domestic production may decrease in October. Overseas, due to maintenance and project construction progress, the import volume may also decrease [38][40]. Group 3: Downstream Demand Situation - The capacity utilization rate of domestic refined (recycled) copper rods decreased (increased) compared with last week. The daily processing fees for refined copper rods for power and enameled wire in East China decreased, leading to a decrease (increase) in the capacity utilization rate of refined (recycled) copper rods. The raw material (finished product) inventory of refined copper rod enterprises decreased (increased), and that of recycled copper rod enterprises also decreased (increased). The capacity utilization rate (production, import, export) of domestic copper product enterprises in October decreased (decreased, decreased, decreased) month - on - month [44][46]. - The capacity utilization rate of China's copper wire and cable increased compared with last week, and the raw material (finished product) inventory decreased. The capacity utilization rate of copper wire and cable in October may increase month - on - month due to stable orders in the automotive wiring harness and expected release of construction and power grid orders [57][64]. - The order volume and capacity utilization rate of China's copper enameled wire increased compared with last week, and the raw material (finished product) inventory days decreased. The capacity utilization rate of copper enameled wire in October may increase month - on - month because of stable orders in new energy and transformers, and a warming expectation in the home appliance demand, although high copper prices suppress new orders [61][64]. - The weekly processing fees for China's brass plate and strip decreased, and the capacity utilization rate (production) of copper plate and strip samples decreased (decreased) compared with last week. The raw material (finished product) inventory days decreased (increased). However, the capacity utilization rate of copper plate and strip in October may increase month - on - month due to good demand in new energy vehicles, power, and high - end electronics despite weak demand in home appliances and photovoltaics [66][74]. - The processing fees for China's lithium - ion (HTE) copper foil remained flat (increased) compared with last week. The capacity utilization rate of copper foil in October may increase month - on - month because of a significant increase in the demand for HVLP ultra - low profile copper foil in the AI field, saturating the orders of many copper foil enterprises [68][74]. - The capacity utilization rate of China's copper tube samples increased compared with last week, and the raw material (finished product) inventory days decreased. However, the capacity utilization rate of copper tubes in October may decrease month - on - month due to the slow recovery of demand in the refrigeration industry and weak demand in the real estate and infrastructure sectors [76][83]. - The capacity utilization rate of China's brass rod samples increased compared with last week, and the raw material (finished product) inventory days decreased. However, the capacity utilization rate of brass rods in October may decrease month - on - month due to the slow recovery of demand in the refrigeration industry and weak demand in the real estate and infrastructure sectors [78][83].

Investment Rating - The report maintains an "Accumulate" rating for the copper industry [6]. Core Viewpoints - The report expresses optimism for copper prices to rise in the future due to tightening supply and improving demand [4]. - Trade conflicts are currently suppressing copper prices, but a rebound is expected as downstream demand recovers [1][4]. Summary by Sections Inventory - Domestic copper social inventory increased by 6.7% week-on-week, while LME copper inventory decreased by 1.5% [2]. - As of October 17, 2025, domestic port copper concentrate inventory stood at 681,000 tons, up 3.1% from the previous week [2]. - Global electrolytic copper inventory across the three major exchanges reached 589,000 tons, a 4.9% increase from September 30 [2]. Supply - The price difference between refined copper and scrap copper decreased by 840 yuan/ton this week [2]. - In July 2025, China's copper concentrate production was 138,000 tons, down 6.3% month-on-month and 1.6% year-on-year [2]. - Global copper concentrate production in July 2025 was 2.012 million tons, up 7.2% year-on-year and 4.7% month-on-month [2]. Smelting - The current TC (treatment charge) is -40.8 USD/ton, unchanged from the previous week [3]. - In September 2025, China's electrolytic copper production was 1.121 million tons, down 4.3% month-on-month but up 11.6% year-on-year [3]. - In August, electrolytic copper imports increased by 6% year-on-year, while exports rose by 19% [3]. Demand - The cable industry's operating rate increased by 3.4 percentage points week-on-week [3]. - The cable sector accounts for approximately 31% of domestic copper demand, with the operating rate for cable enterprises at 61.91% as of October 16, 2025 [3]. - Air conditioning accounts for about 13% of domestic copper demand, with production expected to improve in the fourth quarter [3]. Futures - As of October 17, 2025, the active contract position for SHFE copper increased by 6.8% week-on-week, reaching 216,000 lots [4]. - The report notes that the current position is at the 64th percentile since 1995 [4]. Investment Recommendations - The report recommends stocks such as Zijin Mining, Western Mining, Luoyang Molybdenum, and Jincheng Mining, while keeping an eye on Tongling Nonferrous Metals [4].

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals industry [6]. Core Viewpoints - The report expresses optimism for copper prices to rise in the future due to tightening supply and improving demand [4]. - The report highlights that the recent trade conflicts have temporarily suppressed copper prices, but a recovery is expected as downstream demand rebounds in Q4 [1][4]. Supply and Demand Summary - **Supply**: In September 2025, China's electrolytic copper production decreased by 4.3% month-on-month to 1.121 million tons, while year-on-year it increased by 11.6% [3][68]. - **Demand**: The cable industry's operating rate fell by 6.9 percentage points to 58.53% [3][76]. The report notes that air conditioning production is expected to decline year-on-year by 18%, 15%, and 9% for October, November, and December respectively [3][96]. - **Inventory**: Domestic copper social inventory increased by 18.7% compared to September 29, 2025, while LME copper inventory decreased by 0.1% [2][24]. Price and Futures Summary - **Copper Prices**: As of October 10, 2025, SHFE copper closed at 85,910 RMB/ton, up 3.37% from September 30, while LME copper closed at 10,374 USD/ton, down 3.05% from October 3 [1][17]. - **Futures**: The active SHFE copper contract's open interest decreased by 5.6% week-on-week, with a total of 216,000 contracts [4][35]. Investment Recommendations - The report recommends investing in companies such as Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Western Mining, while keeping an eye on Tongling Nonferrous Metals [4].

Group 1 - Recent copper prices have been fluctuating at high levels, with domestic copper prices ranging between 78,000-80,000 CNY/ton and London copper prices between 9,600-9,900 USD/ton, indicating a stable market with both upper and lower limits [4] - The Federal Reserve Chairman's dovish remarks at the Jackson Hole meeting have increased expectations for a rate cut in September, with the probability now at 85.2% [7][8] - The U.S. labor market shows signs of risk, with a slowdown in job growth and a potential increase in unemployment rates due to reduced immigration affecting labor supply [7][8] Group 2 - On the supply side, tight copper raw material supply and the approaching traditional peak season are positive factors, while the implementation of U.S. copper tariffs is expected to increase supply outside the U.S. [12] - Global copper production from major mining companies saw a slight year-on-year increase of 0.9%, with some companies reducing their production guidance for the year [12][15] - The recent policy changes regarding recycled copper may lead to increased costs for recycling companies, potentially reducing their output and increasing refined copper consumption [15] Group 3 - Downstream demand for copper is expected to remain resilient despite weak real estate data and declining production in the home appliance sector, with a slight increase in refined copper consumption anticipated in August [16] - The U.S. copper tariffs have led to a significant increase in domestic copper inventories, and the expected drop in imports post-tariff implementation may increase supply pressure in the market [19] - Overall, if global trade conditions do not worsen, copper prices are expected to stabilize and trend upwards due to macroeconomic and supply-demand support [22]

Group A: Macroeconomic Factors - The core factors influencing copper pricing are expected to shift back to macroeconomic and fundamental aspects in the second half of 2025, as the uncertainty surrounding tariff policies may not be as pronounced as in the first half [1] - The U.S. economy is currently experiencing a "weak but not declining" phase, with GDP growth rates of -0.5% and 3% in Q1 and Q2 2025 respectively, indicating a weakening growth momentum [2] - The Federal Reserve's interest rate decisions are closely tied to inflation and employment reports, with current inflation pressures not sufficient to prevent potential rate cuts [3] Group B: Supply Constraints - Global copper mine production from January to May 2025 reached 9.524 million tons, a year-on-year increase of 3.27%, but the growth rate is expected to be below 2.5% for the year due to potential production disruptions [4] - The continuous decline in spot Treatment Charges (TC) has led to a negative TC environment, yet overall smelting output remains resilient due to locked long-term TC contracts and by-product revenues [5] - The balance between mining and smelting capacities needs to improve through sustained mining capacity release and smelting capacity optimization [6] Group C: Demand Resilience - Global refined copper consumption increased by 3.6% year-on-year from January to May 2025, with China's consumption growing robustly at 12.18%, offsetting declines in the EU, U.S., and Japan [8] - Strong demand in China is primarily driven by investments in the power grid and renewable energy sectors, with total investment in the power grid exceeding 825 billion yuan in 2025 [9] - Despite the resilience in demand, challenges may arise in the second half of 2025 due to high base effects from 2024 and potential weakening in appliance and photovoltaic sectors [9] Group D: Inventory Trends - Current global visible copper inventory stands at approximately 600,000 tons, with a reduction of about 200,000 tons from March to June 2025, and a potential for further reduction in the upcoming peak seasons [10] - Concerns about high COMEX copper inventory levels exist, but a decrease in copper material imports due to tariffs may stimulate domestic processing demand, helping to alleviate excess inventory [10] Group E: Overall Market Outlook - The overall fundamental situation for copper appears favorable, with LME copper prices expected to fluctuate between $9,400 and $10,000 per ton [15] - Supply constraints and resilient demand provide a solid support for prices, while risks include inflation pressures limiting the Fed's rate-cutting ability and excess COMEX inventory suppressing price increases [15]

Report Industry Investment Rating - Not provided in the content Core Views - The US non-farm payroll data fell short of expectations, strengthening market expectations for a September interest rate cut, causing the US dollar index to decline and supporting the rebound of copper prices [4]. - The Shanghai copper market has largely priced in previous negative factors, and as domestic terminal demand gradually emerges from the off-season, downstream inventory replenishment demand has been stimulated [4]. - After the US exemption of import tariffs on refined copper, global copper resources may shift to non-US markets in the second half of the year, leading to a recent continuous increase in inventories of LME copper and Shanghai copper [4]. - In July, the production of electrolytic copper reached a record high, and high production is expected to continue in August. Coupled with the rebound of import processing fees, supply pressure remains [4]. - Shanghai copper will maintain a volatile pattern, with a mix of bullish and bearish factors: the decline of the US dollar provides support, but the shift to a looser supply-demand balance and inventory accumulation limit the upside space [5]. Summary by Relevant Catalogs Copper Futures Market Data (Weekly) - The latest price of Shanghai copper futures main contract is 79,060 yuan/ton, with a weekly increase of 0.73%, a position of 152,557 lots, and a trading volume of 50,116 lots [6]. - The latest price of international copper is 70,180 yuan/ton, with a weekly increase of 0.76%, a position of 3,997 lots, and a trading volume of 2,534 lots [6]. - The latest price of LME copper for 3 months is 9,777 US dollars/ton, with a weekly increase of 1.1%, a position of 239,014 lots, and a trading volume of 14,623 lots [6]. - The latest price of COMEX copper is 449.75 US dollars, with a weekly increase of 1.89%, a position of 51,622 lots, and a trading volume of 24,634 lots [6]. Copper Spot Market Data (Weekly) - The latest price of Shanghai Nonferrous 1 copper is 79,180 yuan/ton, with a weekly increase of 650 yuan and a weekly increase rate of 0.83% [10]. - The latest price of Shanghai Wumaomao is 79,170 yuan/ton, with a weekly increase of 665 yuan and a weekly increase rate of 0.85% [10]. - The latest price of Guangdong Southern Reserve is 79,010 yuan/ton, with a weekly increase of 630 yuan and a weekly increase rate of 0.8% [10]. - The latest price of Yangtze River Nonferrous is 79,300 yuan/ton, with a weekly increase of 660 yuan and a weekly increase rate of 0.84% [12]. - The latest price of Shanghai Nonferrous premium/discount is 180 yuan/ton, with a weekly increase of 60 yuan and a weekly increase rate of 50% [12]. - The latest price of Shanghai Wumaomao premium/discount is 170 yuan/ton, with a weekly increase of 85 yuan and a weekly increase rate of 100% [12]. - The latest price of Guangdong Southern Reserve premium/discount is 180 yuan/ton, with a weekly increase of 95 yuan and a weekly increase rate of 111.76% [12]. - The latest price of Yangtze River Nonferrous premium/discount is 170 yuan/ton, with a weekly increase of 75 yuan and a weekly increase rate of 78.95% [12]. - The latest price of LME copper (spot/3 months) premium/discount is -88.75 US dollars/ton, with a weekly decrease of 23.12 US dollars and a weekly decrease rate of 35.23% [12]. - The latest price of LME copper (3 months/15 months) premium/discount is -149 US dollars/ton, with a weekly decrease of 9 US dollars and a weekly decrease rate of 6.43% [12]. Copper Advanced Data (Weekly) - The latest value of copper import profit and loss is 144.92 yuan/ton, with a weekly decrease of 389.96 yuan and a weekly decrease rate of -159.14% [13]. - The latest value of copper concentrate TC is -38 US dollars/ton, with a weekly decrease of 3 US dollars and a weekly decrease rate of -7.32% [13]. - The latest value of the copper-aluminum ratio is 3.8112, with a weekly increase of 0.03 and a weekly increase rate of 0.79% [13]. - The latest value of the refined-scrap copper price difference is 1,098.51 yuan/ton, with a weekly increase of 314.47 yuan and a weekly increase rate of 40.11% [13]. Copper Inventory (Weekly) - The latest value of Shanghai copper warehouse receipts (total) is 24,560 tons, with a weekly increase of 3,288 tons and a weekly increase rate of 15.46% [17]. - The latest value of international copper warehouse receipts (total) is 7,422 tons, with a weekly increase of 5,869 tons and a weekly increase rate of 377.91% [17]. - The latest value of Shanghai copper inventory is 86,361 tons, with a weekly increase of 4,428 tons and a weekly increase rate of 5.4% [17]. - The latest value of LME copper registered warehouse receipts is 144,800 tons, with a weekly decrease of 75 tons and a weekly decrease rate of -0.05% [17]. - The latest value of LME copper cancelled warehouse receipts is 11,050 tons, with a weekly decrease of 75 tons and a weekly decrease rate of -0.67% [17]. - The latest value of LME copper inventory is 155,850 tons, with a weekly decrease of 150 tons and a weekly decrease rate of -0.1% [19]. - The latest value of COMEX copper registered warehouse receipts is 124,862 tons, with a weekly increase of 1,269 tons and a weekly increase rate of 1.03% [19]. - The latest value of COMEX copper unregistered warehouse receipts is 141,942 tons, with a weekly increase of 2,239 tons and a weekly increase rate of 1.6% [19]. - The latest value of COMEX copper inventory is 266,804 tons, with a weekly increase of 3,508 tons and a weekly increase rate of 1.33% [19]. - The latest value of copper ore port inventory is 429,000 tons, with a weekly increase of 8,000 tons and a weekly increase rate of 1.9% [19]. - The latest value of social inventory is 418,200 tons, with a weekly increase of 4,300 tons and a weekly increase rate of 1.04% [19]. Copper Midstream Production (Monthly) - In June 2025, the monthly production of refined copper was 1.302 million tons, a year-on-year increase of 14.2%, and the cumulative production was 7.363 million tons, a year-on-year increase of 9.5% [21]. - In June 2025, the monthly production of copper products was 2.214 million tons, a year-on-year increase of 6.8%, and the cumulative production was 11.765 million tons, a year-on-year increase of 3.7% [21]. Copper Midstream Capacity Utilization (Monthly) - In July 2025, the total annual capacity of refined copper rod was 15.84 million tons, with a capacity utilization rate of 61.32%, a month-on-month decrease of 1 percentage point, and a year-on-year decrease of 0.85 percentage points [23]. - In July 2025, the total annual capacity of scrap copper rod was 8.19 million tons, with a capacity utilization rate of 26.73%, a month-on-month decrease of 5.28 percentage points, and a year-on-year decrease of 3.43 percentage points [23]. - In July 2025, the total annual capacity of copper plate and strip was 3.59 million tons, with a capacity utilization rate of 65.73%, a month-on-month decrease of 3 percentage points, and a year-on-year decrease of 5.66 percentage points [24]. - In July 2025, the total annual capacity of copper rods was 2.2865 million tons, with a capacity utilization rate of 50.45%, a month-on-month decrease of 1.07 percentage points, and a year-on-year decrease of 1.47 percentage points [24]. - In July 2025, the total annual capacity of copper tubes was 2.783 million tons, with a capacity utilization rate of 67.88%, a month-on-month decrease of 4.37 percentage points, and a year-on-year increase of 3.83 percentage points [24]. Copper Element Imports (Monthly) - In July 2025, the monthly import volume of copper concentrate was 2.560072 million tons, a year-on-year increase of 18%, and the cumulative import volume was 17.317529 million tons, a year-on-year increase of 8% [26]. - In June 2025, the monthly import volume of anode copper was 68,548 tons, a year-on-year increase of 2%, and the cumulative import volume was 382,709 tons, a year-on-year decrease of -17% [26]. - In June 2025, the monthly import volume of cathode copper was 300,506 tons, a year-on-year increase of 5%, and the cumulative import volume was 1,646,147 tons, a year-on-year decrease of -9% [26]. - In June 2025, the monthly import volume of scrap copper was 183,244 tons, a year-on-year increase of 8%, and the cumulative import volume was 1,145,405 tons, with no year-on-year change [26]. - In July 2025, the monthly import volume of copper products was 479,902.059 tons, a year-on-year increase of 6.5%, and the cumulative import volume was 3,112,510.767 tons, a year-on-year decrease of -2.6% [26].