Group 1: Report Summary - The report is a daily review of copper on August 11, 2025, focusing on the copper market, including price, inventory, and industry trends [1] Group 2: Market Data Shanghai Copper Futures - On August 8, 2025, the closing price of the active contract of Shanghai copper futures was 78,490, up 30 from the previous day; the trading volume was 42,906 lots, up 196; the open interest was 156,892 lots, down 709; the inventory was 21,272 tons, up 1,127 [2] - The basis of Shanghai copper was 40, unchanged from the previous day; the spot premium or discount in Guangzhou was -40, up 5; in North China was -120, unchanged; in East China was -5, up 10 [2] - The spread between the near - month and the first - continuous contract of Shanghai copper was -30, down 20; between the first - continuous and the second - continuous contract was 20, up 30; between the second - continuous and the first - continuous contract was 20, down 10 [2] London Copper - The closing price of the LME 3 - month copper futures (electronic trading) on August 8, 2025, was 9,768, up 97.5 from the previous day [2] - The total inventory of registered and cancelled warrants was 0, down 155,850 from the previous day [2] - The spread of the LME copper futures 0 - 3 months contract was -69.55, down 3.92; the 3 - 15 months contract was -141.49, down 1.49 [2] COMEX Copper - The closing price of the active contract of COMEX copper futures on August 8, 2025, was 4.485, up 0.07 from the previous day [2] - The total inventory was 264,140, up 1,036 from the previous day [2] Group 3: Industry News - Chile's Codelco received approval from the labor department to resume operations in the unaffected areas of its El Teniente copper mine [2] - The daily processing fee of refined copper rods for power and enameled wire in East China increased compared to last week, leading to a decline in the capacity utilization rate of China's refined copper rods (recycled copper rods) [2] - The capacity utilization rate of China's copper wire and cable increased, while the raw material and finished - product inventories decreased [2] - The order volume and capacity utilization rate of China's copper enameled wire decreased and increased respectively, and the raw material and finished - product inventory days decreased [2] - The capacity utilization rate and production of China's copper strip increased, and the raw material and finished - product inventory days decreased [2] - The capacity utilization rate of China's copper tubes increased, and the raw material and finished - product inventory days increased and decreased respectively [2] - The capacity utilization rate of China's brass rods increased, and the raw material and finished - product inventory days decreased [2] - Due to the easing of Sino - US tariffs and the traditional off - season, the capacity utilization rate, production, import volume, and export volume of domestic copper products enterprises in August may decline [2] Group 4: Investment Strategy - Due to the weakening US job market, rising expectations of Fed rate cuts, the weekly operation capacity of the domestic copper processing industry, and the weekly decline in domestic electrolytic copper social inventory, the price of Shanghai copper may rebound [2] - Investors are advised to lightly test long positions on the main contract on dips, with support and resistance levels at 77,000 - 78,000 and 80,000 - 81,000 for Shanghai copper, 9,300 - 9,500 and 10,000 - 10,200 for London copper, and 4.0 - 4.2 and 4.6 - 5.0 for US copper [2]