伦敦金属交易所（LME）公布数据显示，上周伦铜库存整体有所回落，最新库存水平为135,725吨，位 于逾三个月相对低位。 上海期货交易所最新公布数据显示，11月14日当周，沪铜库存继续下滑，周度库存减少4.89%至109,407 吨。国际铜库存增加2199吨至16,583吨。 注：一般来说，国内外交易所库存不断下降将对期价形成支撑，反之，则对期价有所利空。 以下为2025年11月以来三大交易所铜库存数据：（单位：吨） 上周，纽铜库存继续累积，最新库存水平为381,296吨，增至2003年3月以来新高。 | 日期 | COMEX | LME | SHFE | | --- | --- | --- | --- | | 2025/11/14 | 381, 296 | 135, 725 | 109, 407 | | 2025/11/13 | 379, 439 | 136, 175 | | | 2025/11/12 | 378, 303 | 136, 250 | | | 2025/11/11 | 376, 631 | 136, 250 | | | 2025/11/10 | 372, 304 | 136, 275 | | ...

10月23日，伦敦金属交易所（LME）：铜注册仓单126150吨。注销仓单10775吨，增加1500吨。铜库存 136925吨，增加75吨。 品种 开盘价 最高价 最低价 收盘价 LME铜 10658.5 10876.0 10647.5 10817.0 1.49% 【铜市场消息速递】 10月23日，上期所铜期货仓单36048吨，环比上个交易日减少505吨。 10月23日，电解铜现货沪伦比值为8.0，进口盈亏：-890.28元/吨，上一交易日进口盈亏：-611.57元/吨。 北京时间10月24日，伦敦金属交易所(LME)铜期货价格高位偏弱震荡，今日开盘报10832美元/吨，现报 10811美元/吨，跌幅0.06%，盘中最高触及10865美元/吨，最低下探10796美元/吨。 LME铜期货行情回顾： 10月23日伦敦金属交易所(LME)铜期货行情 ...

伦敦金属交易所（LME）公布数据显示，上周伦铜库存有所回落，最新库存水平为137,225吨，降至两个半月新 低。 上海期货交易所最新公布数据显示，10月17日当周，沪铜库存小幅累积，周度库存增加0.5%至110,240吨，刷新五 个半月最高位。国际铜库存增加5358吨至17,031吨。 上周，纽铜库存继续增加，最新库存水平为345,581吨，增至2003年5月上旬以来新高。 注：一般来说，国内外交易所库存不断下降将对期价形成支撑，反之，则对期价有所利空。 2023年以来三大交易所铜库存对比 以下为2025年10月以来三大交易所铜库存数据：（单位：吨） | 日期 | COMEX | LME | SHFE | | --- | --- | --- | --- | | 2025/10/17 | 345, 581 | 137, 225 | 110, 240 | | 2025/10/16 | 344, 652 | 137, 450 | | | 2025/10/15 | 343, 235 | 138, 350 | | | 2025/10/14 | 342, 280 | 138, 800 | | | 2025/10/13 | ...

Group 1 - LME copper futures prices are experiencing high volatility, opening at $9908 per ton and currently at $9922.5 per ton, with an increase of 0.17% [1] - The highest price during the trading session reached $9928 per ton, while the lowest dipped to $9895 per ton [1] - On August 29, LME copper futures had an opening price of $9833.0, a highest price of $9924.5, a lowest price of $9832.0, and a closing price of $9906.0, reflecting a change of 0.64% [1] Group 2 - As of August 29, the Shanghai Futures Exchange reported copper warehouse receipts of 21,412 tons, an increase of 180 tons compared to the previous trading day [1] - LME registered copper warehouse receipts stood at 145,850 tons, with canceled receipts at 13,050 tons, a decrease of 50 tons; total copper inventory increased by 950 tons to 158,900 tons [1] - The electrolytic copper spot price ratio between Shanghai and London was 8.07, with an import profit and loss of 272.08 yuan per ton, down from 330.65 yuan per ton on the previous trading day [1]

Group 1 - LME copper futures prices experienced wide fluctuations, opening at $9,769 per ton and currently trading at $9,794.5 per ton, reflecting a 0.21% increase [1] - The highest price during the trading session reached $9,796.5 per ton, while the lowest dipped to $9,769 per ton [1] Group 2 - On August 27, LME copper futures opened at $9,853.0, peaked at $9,859.0, and closed at $9,776.0, marking a decrease of 0.66% [2] - The electrolytic copper spot price ratio between Shanghai and London was reported at 8.09, with an import profit and loss of 162.17 yuan per ton, up from 157.56 yuan per ton the previous trading day [2] - As of August 27, the Shanghai Futures Exchange reported copper futures warehouse receipts at 21,287 tons, a decrease of 1,630 tons from the previous trading day [2] - LME registered copper warehouse receipts totaled 142,850 tons, with canceled receipts increasing by 1,500 tons to 13,250 tons, and total copper inventory rising by 1,100 tons to 156,100 tons [2]

Core Viewpoint - The London Metal Exchange (LME) copper futures prices continue to rise, with a current price of $9,683 per ton, reflecting a 0.13% increase from the opening price [1] LME Copper Futures Market Review - On August 7, LME copper opened at $9,665 per ton, reached a high of $9,738 per ton, and closed at $9,676 per ton, showing a slight decrease of 0.05% [1] Copper Market News - As of August 7, the electrolytic copper spot price ratio between Shanghai and London was 8.1, with an import loss of -166.65 yuan per ton, compared to -141.8 yuan per ton on the previous trading day [1] - The Shanghai Futures Exchange reported a copper futures warehouse receipt of 20,145 tons on August 7, a decrease of 201 tons from the previous trading day [1] - LME registered copper warehouse receipts totaled 144,875 tons with 11,125 tons canceled, an increase of 200 tons; total copper inventory stood at 156,000 tons, down by 125 tons [1]

Core Viewpoint - The London Metal Exchange (LME) copper futures prices experienced fluctuations, opening at $9,625 per ton and currently trading at $9,661.5 per ton, reflecting a 0.28% increase [1] Group 1: LME Copper Futures Performance - On August 5, LME copper futures opened at $9,697.5, reached a high of $9,747.5, a low of $9,627.0, and closed at $9,633.0, marking a decrease of 0.77% [1] - The current trading session saw a peak of $9,663.5 and a low of $9,622.5 [1] Group 2: Copper Inventory and Warehouse Data - As of August 5, LME registered copper warrants totaled 141,850 tons, with 12,000 tons canceled, resulting in a net decrease of 75 tons; total copper inventory increased by 14,275 tons to 153,850 tons [1] - On the same day, the Shanghai Futures Exchange reported copper warrants at 18,767 tons, a decrease of 1,581 tons compared to the previous trading day [1] Group 3: Import and Market Conditions - The electrolytic copper spot price ratio between Shanghai and London was recorded at 8.1, with the import profit and loss standing at -262.02 yuan per ton, compared to -148.82 yuan per ton from the previous trading day [1]

Report Information - Report Name: Copper Futures Daily Report [1] - Date: August 6, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Investment Rating - Not provided Core View - The short - term market sentiment for buying copper is still strong. Although copper is in the inventory accumulation period, the support at 77,000 is expected to be strong. However, the short - term spot market's support for copper prices is weak due to inventory accumulation pressure at home and abroad [11]. Summary by Directory 1. Market Review and Operation Suggestions - The main contract of Shanghai copper fluctuated strongly, closing at 78,580, and continued to run below the trend line. Spot copper rose 195 to 78,615, and the premium dropped 50 to 130. It is expected that the premium will continue to decline tomorrow. The premium of imported copper continued to be weak, with a rising trend in offers but large differences between buyers and sellers, and few transactions in the market. LME copper inventory increased by 14,275 to 153,850 tons, and the 0 - 3C structure expanded to 52.73. The domestic spot market has limited acceptance of high - priced copper, and the inventory accumulation pressure at home and abroad weakens the support of the short - term spot market for copper prices [11]. 2. Industry News - Some domestic copper processing material export orders to the US are under pressure due to the US tariff increase on copper semi - finished products. A copper tube enterprise's goods arriving in the US on August 5 were additionally taxed 50%, and the comprehensive tariff for copper tube exports to the US reached 97%. High tariffs have led to a suspension of subsequent un - signed orders from US customers [12]. - Codelco must submit four reports regarding the El Teniente copper mine collapse incident [12]. - Baiyin Nonferrous has achieved cost - reduction and efficiency - improvement. As of the end of July, the electrolysis workshop of its copper business has produced 231,000 tons of cathode copper, with the A - grade copper grade rate reaching 96.31% [12].

Group 1 - The core point of the article highlights a significant increase in U.S. copper inventory, which has risen by 172% to 253,431 short tons, marking the highest level since 2004 [1] - In contrast, the inventory at the London Metal Exchange (LME) has decreased by approximately 50% [1]

Investment Rating - The report maintains a "Buy" rating for the copper industry, indicating a positive outlook for future price increases [6]. Core Viewpoints - The report expresses optimism regarding the improvement of macroeconomic expectations leading to an upward trend in copper prices. As of June 6, 2025, the closing price for SHFE copper was 78,930 RMB/ton, reflecting a 1.0% increase from May 30, while LME copper closed at 9,671 USD/ton, up 1.83% [1]. - The report highlights that while trade conflicts have eased, their negative impact on the economy has yet to manifest, which may continue to suppress copper price increases. Supply disruptions in copper mining are noted, alongside a weakening demand risk due to reduced export stocking effects and the domestic market entering a low-demand season [1][4]. Summary by Sections Inventory - Domestic copper social inventory increased by 7.3% week-on-week, while LME copper inventory decreased by 10.7% [2]. - As of June 6, 2025, domestic mainstream port copper concentrate inventory stood at 747,000 tons, down 6.1% from the previous week [2]. - Global electrolytic copper inventory totaled 435,000 tons as of June 2, 2025, a decrease of 0.4% [2]. Supply - The report notes that the TC spot price was -42.9 USD/ton as of June 6, 2025, indicating a slight increase of 0.6 USD/ton from the previous week, but remains at a low level historically [3]. - In March 2025, China's copper concentrate production was 157,000 tons, up 25.4% month-on-month and 6.9% year-on-year [2][3]. - The price difference between refined copper and scrap copper was 1,388 RMB/ton as of June 6, 2025, reflecting an increase of 435 RMB/ton from May 30 [2][3]. Demand - The cable industry's operating rate decreased by 2.6 percentage points week-on-week, with the operating rate for cable enterprises at 76.08% as of June 5, 2025 [3][4]. - The report indicates that the air conditioning sector, which accounts for approximately 13% of domestic copper demand, saw a 2% year-on-year increase in household air conditioner production in April, while refrigerator production decreased by 5% [3][4]. Futures - SHFE copper active contract positions increased by 18% week-on-week, while COMEX non-commercial net long positions rose by 6.7% [4]. - As of June 6, 2025, SHFE copper active contract positions were at 204,000 lots, reflecting a significant increase and indicating strong market interest [4]. Investment Recommendations - The report anticipates that copper prices will continue to rise in 2025 due to tightening supply and improving demand. It recommends stocks such as Jincheng Mining, Zijin Mining, Luoyang Molybdenum, and Western Mining, while suggesting to pay attention to Wanguo Resources [4][5].