Group 1: Report Industry Investment Rating - No industry investment rating is provided in the report Group 2: Core Viewpoints - The decline in copper prices during the week was mainly due to the adjustment of the US copper tariff policy. The US will impose a 50% import tariff on copper tubes, copper fittings, and other semi - finished copper products from this Friday, and expand it to a large number of copper - using finished products such as cables and electrical components. However, the tariff does not cover raw materials. [2] - The price of SHFE copper is still closely linked to LME copper. The weakness in downstream demand is expected to become apparent this week. [2] - The price of SHFE copper is expected to decline slightly, with a weekly price range of 77,700 - 78,500 yuan per ton. [2] Group 3: Summary by Related Catalogs 1. Copper Futures Market - **Price and Volume Data**: The latest price of SHFE copper main contract was 78,400 yuan/ton, with a weekly decline of 0.76%. The international copper was at 69,530 yuan/ton, down 0.73%. LME copper 3 - month was at 9,633, down 1.66%, and COMEX copper was at 444.3, down 23.45%. [4] 2. Copper Spot Market - **Spot Price and Premium**: The spot prices of various copper products in Shanghai, Guangdong, and other places all declined. For example, the price of Shanghai Non - ferrous 1 copper was 78,330 yuan/ton, down 1.41%. The premiums of different regions showed different degrees of change, with the Shanghai Non - ferrous premium rising by 40% to 175 yuan/ton. [7] 3. Copper Advanced Data - **Advanced Indicators**: The copper import loss narrowed to - 249.88 yuan/ton, with a week - on - week change of - 48.21%. The copper - to - aluminum ratio decreased to 3.8095, down 0.45%. The refined - scrap copper price difference dropped to 805.43 yuan/ton, down 4.2%. [8] 4. Copper Inventory - **Inventory Changes**: SHFE copper inventory decreased to 72,543 tons, down 1.2%. LME copper inventory increased to 141,750 tons, up 10.33%. COMEX copper inventory rose to 259,681 tons, up 4.44%. [13] 5. Copper Mid - stream Production - **Monthly Output**: In June 2025, the monthly output of refined copper was 1.302 million tons, with a year - on - year increase of 14.2%. The monthly output of copper products was 2.214 million tons, with a year - on - year increase of 6.8%. [17] 6. Copper Mid - stream Capacity Utilization - **Capacity Utilization Rates**: In June 2025, the capacity utilization rate of refined copper rods was 62.32%, that of scrap copper rods was 32.01%, that of copper strips was 68.73%, that of copper bars was 51.52%, and that of copper tubes was 72.25%. [20] 7. Copper Element Imports - **Monthly Import Data**: In June 2025, the import of copper concentrates was 2.34969 million tons, up 2% year - on - year; the import of anode copper was 68,548 tons, up 2% year - on - year; the import of cathode copper was 300,506 tons, up 5% year - on - year; the import of scrap copper was 183,244 tons, up 8% year - on - year; and the import of copper products was 460,000 tons, up 6.5% year - on - year. [24]