商 品 研 究 2025 年 10 月 28 日 铜：市场情绪偏多，支撑价格 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 【基本面跟踪】 铜基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪铜主力合约 | 88,370 | 0.74% | 88130 | -0.27% | | | 伦铜3M电子盘 | 11,001 | 0.49% | - | - | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | 沪铜指数 | 397,173 | 95,594 | 613,133 | 29,521 | | | 伦铜3M电子盘 | 24,511 | -1,154 | 321,000 | 1,413 | | | | 昨日期货库存 | 较前日变动 | 注销仓单比 | 较前日变动 | | | 沪铜 | 35,392 | 321 | - | - | | | 伦铜 | 135,975 | -375 | 7.34% | -0.25% | | ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The global copper inventory is increasing, and the price is fluctuating. The copper trend strength is 0, indicating a neutral outlook [1][3] Group 3: Summary According to Relevant Catalogs 1. Copper Fundamental Data - **Futures Prices**: The closing price of the Shanghai Copper main contract yesterday was 79,730, with a daily decline of 1.03%, and the night - session closing price was 79,720, with a decline of 0.01%. The closing price of the LME Copper 3M electronic disk yesterday was 9,852, with a decline of 1.00% [1] - **Trading Volume and Open Interest**: The trading volume of the Shanghai Copper main contract yesterday was 100,562, an increase of 17,176 compared to the previous day, and the open interest was 215,738, a decrease of 8,934. The trading volume of the LME Copper 3M electronic disk was 12,938, a decrease of 503, and the open interest was 285,000, an increase of 2,425 [1] - **Futures Inventory**: The Shanghai Copper inventory was 22,307, a decrease of 1,796 compared to the previous day. The LME Copper inventory was 95,275, an increase of 950, and the注销仓单 ratio was 35.63%, an increase of 1.81% [1] - **Spreads**: There were various changes in different spreads such as LME copper spreads, spot - to - futures spreads, and inter - contract spreads. For example, the LME copper premium for bonded warehouse receipts increased by 7.74, and the near - month contract to the consecutive - first contract spread increased by 40 [1] 2. Macro and Industry News - **Macro News**: Trump sent tariff letters to trading partners on Friday, with potential tariff rates ranging from 60% - 70% to 10% - 20%. EU negotiation representatives failed to make a breakthrough in the US - EU trade negotiations and will continue to talk over the weekend [1] - **Micro News**: The negotiation result of TC/RC between Antofagasta and Chinese smelters in mid - 2025 was set at 0.0 dollars/ton and 0.0 cents/pound, far exceeding market expectations. Over 33,000 metric tons of copper concentrate have been shipped from the closed Cobre Panama copper mine. Chile's copper production in May was 486,574 tons, a month - on - month increase of 4.9% and a year - on - year increase of 9.4%. The Chilean Congress passed a bill to speed up the approval process of investment projects. India announced multiple measures to increase copper production, including encouraging foreign companies to build smelters and refineries in India [1][3]