Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core View of the Report The report aims to objectively reflect the research views of futures companies and securities companies on various commodity varieties, track hot - spot varieties, analyze market investment sentiment, and summarize investment driving logics. It is based on the publicly - released research reports of institutions in the current week, and the closing price data is from last Friday, with the weekly change calculated as the change in the closing price from the previous Friday [2]. 3. Summary by Relevant Catalogs 3.1行情数据 - **Commodities**: From June 23 to June 27, 2025, commodities such as coke, copper, and iron ore had price increases, with coke rising 2.67%, copper rising 2.47%, and iron ore rising 1.92%. Commodities like corn, gold, and palm oil had price decreases, with corn falling 1.04%, gold falling 1.56%, and palm oil falling 1.87%. Crude oil had a significant drop of 12.02% [3]. - **A - shares**: During the same period, the CSI 500 rose 3.98%, the SSE 50 rose 1.27%, and the CSI 300 rose 1.95% [3]. - **Overseas Stocks**: The Nikkei 225 rose 4.55%, the Nasdaq Index rose 4.25%, and the S&P 500 rose 3.44% [3]. - **Bonds**: The 5 - year Chinese Treasury bond rose 0.64%, the 10 - year Chinese Treasury bond rose 0.30%, and the 2 - year Chinese Treasury bond rose 0.19% [3]. - **Foreign Exchange**: The euro - US dollar exchange rate rose 1.69%, the US dollar index fell 1.52%, and the US dollar central parity rate fell 0.09% [3]. 3.2大宗商品观点汇总 3.2.1宏观金融板块 - **Stock Index Futures**: Among 8 institutions' views, 2 were bullish, 1 was bearish, and 5 were for a sideways market. Bullish factors included rising Fed rate - cut expectations, a low risk - premium rate of the CSI 300, increased issuance of equity - oriented public funds, and sufficient bottom - supporting funds. Bearish factors included short - term difficulty in improving corporate fundamentals, the central bank's change in monetary policy stance, and over - heated market sentiment [4]. - **Treasury Bond Futures**: Among 7 institutions' views, 3 were bullish, 1 was bearish, and 3 were for a sideways market. Bullish factors included net liquidity injection by the central bank, weak credit and inflation data, and strong demand for bond allocation. Bearish factors included the central bank's change in monetary policy stance, the stock - bond seesaw effect, and rising long - term interest rates [4]. 3.2.2能源板块 - **Crude Oil**: Among 9 institutions' views, 3 were bullish, 2 were bearish, and 4 were for a sideways market. Bullish factors included falling US and Cushing crude oil inventories, reduced Russian exports, and geopolitical tensions. Bearish factors included the decline in geopolitical premiums, expected OPEC production increases, and weak terminal demand [5]. - **Eggs**: Among 8 institutions' views, 2 were bullish, 2 were bearish, and 4 were for a sideways market. Bullish factors included postponed peak - season stocking, approaching stocking season, potential egg - price increases, and reduced supply due to heat. Bearish factors included limited decline in laying - hen inventory, high chick - replenishment volume, high new - production capacity, and postponed downstream stocking [5]. 3.2.3有色板块 - **Copper**: Among 7 institutions' views, 5 were bullish, 0 were bearish, and 2 were for a sideways market. Bullish factors included rising Fed rate - cut expectations, improved risk appetite, and falling global visible inventories. Bearish factors included the substitution effect of recycled copper, weakening downstream procurement, and weakening terminal demand [6]. - **Methanol**: Among 7 institutions' views, 0 were bullish, 1 was bearish, and 6 were for a sideways market. Bullish factors included limited port - available goods, expected low port inventories, and increased downstream demand. Bearish factors included expected increases in Iranian imports, port inventory accumulation, potential MTO device maintenance, and a loosening supply - demand pattern [6]. 3.2.4贵金属 - **Gold**: Among 7 institutions' views, 4 were bullish, 1 was bearish, and 2 were for a sideways market. Bullish factors included rising Fed rate - cut expectations, a downward trend in real interest rates, and the strengthening of gold's safe - haven property. Bearish factors included reduced safe - haven demand, capital flowing to risky assets, and technical - level sell - offs [7]. 3.2.5黑色板块 - **Iron Ore**: Among 8 institutions' views, 2 were bullish, 2 were bearish, and 4 were for a sideways market. Bullish factors included increased molten - iron production, expected decline in overseas shipments, and improved macro sentiment. Bearish factors included rising port inventories, increased global shipments, weakening demand for five major steel products, and narrowing basis [7].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The Shanghai copper futures price fluctuated downward and returned to the previous trading range. The monthly spread on the futures market widened, and the tightness in the spot market remained unchanged. The domestic social inventory decreased by 0.47 thousand tons compared to Monday. With the reduction in domestic smelting production and imports, the domestic copper supply decreased. However, the current off - season for downstream demand and the strengthening of the spot - futures price spread suppressed demand. Under the short - term situation of weak supply and demand, the social inventory is expected to continue to decline slightly [6]. - The LME copper inventory dropped to 117 thousand tons, with a cancelled warrant ratio of 58.3%. The LME inventory is expected to continue to decline. The high back structure of LME0 - 3 will keep the domestic import window closed and the export window open. Both Shanghai and LME copper face the risk of low inventory [6]. - The Kamoa copper mine lowered its 2025 annual production guidance by 150 thousand tons. Given the current tight supply of copper ore, the reduction in large - mine production will make the global copper ore market more tense in the second half of the year, and the tightness at the raw material end is expected to be transmitted to the smelting end, leading to production cuts by smelters. Fundamentals are still favorable for copper prices [6]. - The US CPI in May was lower than expected, opening up the possibility of a Fed rate cut in September. However, the tense situation in the Middle East and the progress of Sino - US negotiations have increased market caution. In the short term, copper prices will continue to fluctuate under the influence of sentiment [6]. 3. Summary by Directory 3.1. Market Review and Operation Suggestions - The Shanghai copper market showed a downward trend, with the monthly spread widening. The domestic social inventory decreased, and the spot premium remained flat. The supply decreased due to smelting cuts and reduced imports, while demand was suppressed by the off - season and the strong spot - futures spread. The LME inventory is decreasing, and the high back structure affects import and export windows. The reduction in Kamoa copper mine's production guidance will tighten the copper ore market, and the fundamentals support copper prices, but market sentiment causes short - term fluctuations [6]. 3.2. Industry News - Cobalt Blue completed the feasibility study of its Halls Creek project in Western Australia, with a phased development plan for copper and zinc production. The Onedin deposit will be mined through open - pit methods and processed to produce copper, while zinc will be recovered as monohydrate zinc acid. The Sandiego deposit will be mined underground to produce copper and zinc concentrates. The project will use a photovoltaic solar grid with battery energy storage for power supply [9]. - Ivanhoe's Kakula mine in the Kamoa - Kakula copper complex in Congo resumed operations in its western area on June 7 after flood control measures, and the eastern area's mining is expected to start soon [9][10]. - On June 11, the government of Guixi City held a project promotion meeting, inspecting multiple copper - related projects such as the regeneration copper - based new material industrial park, copper production and recycling projects, and semiconductor and electronic material projects, and coordinating to solve project - related problems [10].

Core Viewpoint - The night trading of copper futures on the Shanghai exchange has turned upward due to the suspension of operations at a copper mine in the Democratic Republic of the Congo caused by a mine tremor, raising concerns about the global copper supply [1] Group 1: Market Impact - The suspension of operations at the Congolese copper mine could lead to a tightening of global copper supply, potentially affecting prices and availability in the market [1] Group 2: Price Movement - The upward movement in copper futures indicates a market reaction to supply disruptions, reflecting investor sentiment regarding future copper availability [1]