1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The fundamentals of copper are still tight with resilient demand. The inventory of the Shanghai Futures Exchange is decreasing due to the improvement in peak - season demand and increased demand before the double festivals. The copper market is expected to show a strong - side oscillatory trend [1] 3. Summary by Relevant Catalogs Strategy Analysis - The Shanghai copper futures opened higher and moved higher, showing a strong - side oscillation during the day. The leaders of China and the US had a phone call, and Trump said the call was "very productive", with plans for a meeting during the APEC and a visit to China early next year. After the Fed's interest - rate cut, the US dollar index has shifted upward. As of September 19, the spot TC was - 40.64 dollars per dry ton and RC was - 4.05 cents per pound, remaining weakly stable. Many smelters had maintenance in September, and small and medium - sized smelters are under profit pressure. The supply of refined copper will remain tight. The SMM China electrolytic copper output in August was 1.1715 million tons, a 0.24% decrease from the previous month and a 15.59% increase year - on - year. Affected by policies, the supply of scrap copper in September will significantly decline, and the electrolytic copper output in September is expected to drop sharply. The downstream demand has marginally improved, but the overall purchasing sentiment is cautious [1] Periodic and Spot Market Conditions - Futures: The Shanghai copper futures opened higher and moved higher, with a strong - side oscillation during the day, and the closing price was 80,160 yuan per ton. Spot: The spot premium in East China was 60 yuan per ton, and in South China was 70 yuan per ton. On September 19, 2025, the LME official price was 9,982 dollars per ton, and the spot premium was - 78 dollars per ton [3] Supply Side - As of September 19, the latest data showed that the spot TC was - 40.64 dollars per dry ton, and the spot RC was - 4.05 cents per pound [6] Fundamental Tracking - Inventory: The SHFE copper inventory was 29,900 tons, a decrease of 1,945 tons from the previous period. As of September 18, the copper inventory in the Shanghai Free Trade Zone was 76,400 tons, remaining the same as the previous period. The LME copper inventory was 147,700 tons, a decrease of 900 tons from the previous period. The COMEX copper inventory was 315,200 short tons, an increase of 2,364 short tons from the previous period [10]

Report Overview - Report Title: Copper Futures Daily Report - Date: July 23, 2025 - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [4] 1. Investment Rating - No investment rating information provided in the report. 2. Core View - The current fundamentals of copper are supportive, with significant growth in Chinese copper demand and favorable domestic and international macro - environments. Short - term, copper prices are expected to continue rising [11]. 3. Summary by Sections 3.1 Market Review and Operation Suggestions - Shanghai copper closed with a doji star, and the total open interest decreased by 1,386 lots. The sentiment for going long on industrial products was high during the day, but copper prices were relatively flat, with weak capital entry willingness. The futures market maintained a structure where the near - month contracts were in contango and the far - month contracts were in back. The spot premium continued to rise to 240, and the LME 0 - 3 contango widened to $67/ton. The short - term spot market showed a pattern of strong domestic and weak overseas. In June 2025, China's copper product output was 2.214 million tons, a year - on - year increase of 6.8%, hitting a multi - year high for the same period [11]. 3.2 Industry News - In June, the export volume of refined copper rods (>6mm) continued to reach a new high, with stable growth in the Southeast Asian market. The total export volume of refined copper rods with a maximum cross - section >6mm was 9,827.53 tons, a month - on - month increase of 8.4% and a year - on - year increase of 50.36%. The export volume of refined copper rods with a maximum cross - section >6mm through feed - processing trade in June 2025 was 7,183.14 tons, a month - on - month increase of 36.22% and a year - on - year increase of 33.75 times [12]. - Russia's Norilsk Nickel (Nornickel) currently expects its copper production this year to be between 343,000 - 355,000 tons, lower than the previous estimate of 353,000 - 373,000 tons. The company's nickel production in the second quarter was 45,000 tons, a year - on - year increase of 9%, and palladium production was 658,000 ounces, a year - on - year decrease of 11% [12]. - Anglo Asian Mining plc announced that its Demirli copper mine in the Karabakh Economic Region of Azerbaijan has started trial production, and the output is expected to increase by the end of this year. The company expects its copper concentrate output in 2025 to be 4,000 tons, and after 2026, the annual output of the Demirli copper mine will increase to 15,000 tons. The mining life of the mine depends on further geopolitical developments and the mineral resource model [12].

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating. 2. Core Viewpoint of the Report - The fundamentals of copper are currently strong, providing support for its price [2]. 3. Summary According to Relevant Catalogs 3.1 Copper Fundamental Data - **Futures Prices**: The closing price of the SHFE copper main contract was 77,440 with a daily increase of 0.04%, and the night - session closing price was 77,470 with a night - session increase of 0.04%. The LME copper 3M electronic trading price was 9,360, down 1.00% [2]. - **Trading Volume and Open Interest**: The trading volume of the SHFE copper main contract was 110,001, a decrease of 1,571 from the previous day, and the open interest was 165,933, a decrease of 203. The trading volume of the LME copper 3M electronic trading was 5,574, an increase of 357, and the open interest was 286,000, an increase of 1,748 [2]. - **Futures Inventory**: The SHFE copper inventory was 41,588, a decrease of 1,376, and the LME copper inventory was 203,450, an increase of 25. The LME copper注销仓单 ratio was 37.97%, an increase of 0.59% [2]. - **Price Spreads**: The LME copper cash - to - 3M spread decreased by 4.02 to 2.41. The bonded - zone warehouse - receipt premium increased by 2 to 90, and the bonded - zone bill - of - lading premium increased by 7 to 110. The Shanghai 1 bright copper price increased by 100 to 72,000. The spot - to - near - month futures spread increased by 5 to 180, and the near - month to next - near - month futures spread increased by 20 to 210 [2]. 3.2 Macro and Industry News - **Macro News**: The Political Bureau of the CPC Central Committee meeting proposed to coordinate domestic economic work and international economic and trade struggles and timely introduce incremental reserve policies according to the situation. Trump said 200 agreements were negotiated, the US - Japan agreement was "very close", and it was unlikely that tariffs would be suspended for another 90 days [2]. - **Industry News**: From January to March this year, Kazakhstan's refined copper production increased by 2.9% year - on - year to 123,789 tons. In March, the production was 42,119 tons, higher than 39,001 tons in February. In March 2025, China's scrap copper imports were 189,722.465 tons, a month - on - month decrease of 1.87% and a year - on - year decrease of 13.01%. Peru's Antamina Mining Company shut down its mine due to a safety accident. From January to March 2025, the non - ferrous metal smelting and rolling processing industry achieved an operating income of 21356.5 billion yuan, a year - on - year increase of 19.5%; the operating cost was 20156.1 billion yuan, a year - on - year increase of 19.7%; and the total profit was 657.7 billion yuan, a year - on - year increase of 33.6% [2][4]. 3.3 Trend Intensity - The trend intensity of copper is 0, indicating a neutral outlook, with the trend intensity ranging from - 2 (most bearish) to 2 (most bullish) [4].