Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Overseas copper mine supply disturbances continue, the supply - demand balance remains fragile. Although there is a situation of "peak season not prosperous" on the demand side, it is not overly pessimistic. With the restart of the Fed's interest - rate cut cycle, the background of monetary easing combined with tight supply - demand fundamentals is expected to keep copper prices in a strong and volatile state. Under this supply disturbance, copper prices are expected to hit the previous high, with the range between 84,000 yuan/ton and 85,000 yuan/ton [3] Group 3: Summary Based on Related Content Copper Futures Market Performance - On the night of September 25, 2025, copper futures rose sharply. The main contract, Shanghai Copper 2511, opened at 81,000 yuan/ton and closed at 82,610 yuan/ton, with a night - session increase of 3.28%. The trading volume was about 218,000 lots, with a daily increase of about 45,000 lots [3] Impact of the Accident on Production - The accident at the Grasberg mine in Indonesia was caused by a mudslide, which led to the suspension of mining. The accident occurred in the "PB1C" area of the five production blocks of GBC, but damaged key infrastructure in other production areas. The GBC ore body accounted for 50% of PTFI's proven reserves at the end of 2024, and in 2024, the daily output of copper concentrate in the GBC mining area accounted for 64% of the overall output of the Grasberg mine. In Q3 2025, copper sales are expected to decline by 4% and gold by 6% compared with the July forecast. In Q4 2025, the original forecast for copper sales was 445 million pounds (about 202,000 tons). In 2026, the overall copper production may be reduced by 35% compared with the pre - accident forecast, with an estimated reduction of about 270,000 tons [3] Mine Restart Schedule - In Q4 2025, the Big Gossan and Deep MLZ mining areas among the three producing areas of the Grasberg mine may resume production. In H1 2026, the GBC mining area plans to resume production in stages (starting with the PB2 and PB3 blocks). In H2 2026, the PB1S block will resume production. In 2027, the PB1C block and the remaining areas will resume production, aiming to restore pre - accident production capacity. The entire resumption process will last about 1.5 - 2 years [3]

北京时间9月15日，伦敦金属交易所(LME)铜期货价格延续涨势，今日开盘报10072.5美元/吨，现报每吨 10095美元/吨，涨幅0.30%，盘中最高触及10097.5美元/吨，最低下探10051.5美元/吨。 更新时间： LME铜期货行情回顾： 9月12日伦敦金属交易所(LME)铜期货行情 9月12日，根据调研国内31家铜杆生产企业（含精铜杆、再生铜杆企业，涉及年产能601万吨）和6家贸 易商反馈，当日铜杆订单量为1.87万吨，较上一交易日增加0.74万吨，环比增幅65.03%。 品种 开盘价 最高价 最低价 收盘价 LME铜 10070.0 10126.0 10053.0 10064.5 0.07% 【铜市场消息速递】 9月12日，上期所铜期货仓单25560吨，环比上个交易日增加5532吨。 9月12日，伦敦金属交易所（LME）：铜注册仓单133225吨；注销仓单20725吨，减少125吨；铜库存 153950吨，减少225吨。 ...