Group 1 - Codelco has significantly raised its annual premium for copper supply, leading to an increase in copper prices, with futures approaching $10,900 per ton, up 0.4% on Tuesday [1] - Codelco proposed a premium of $335 per ton for certain buyers for the 2026 annual contract, which is calculated above the London Metal Exchange price, and $350 per ton for some Chinese buyers [1] - Concerns about a surge in shipments to the U.S. potentially causing supply shortages in other regions are highlighted [1] Group 2 - Copper prices have retreated 3% since reaching a historical high of $11,200 per ton on October 29 due to global supply tightness, with weak consumption leading to short-term price declines [1] - Global visible copper inventory has increased to 780,000 tons, reflecting a year-on-year increase of 240,000 tons, indicating that high copper prices are suppressing some consumption [1] - The outlook for electricity consumption remains positive, with a growing global copper supply-demand gap expected to support higher copper prices over time [1] Group 3 - The copper-related stocks are projected to have a price-to-earnings ratio (PE) of 15-16 times at an $80,000 copper price in 2025 and 12-13 times at an $85,000 copper price in 2026 [2] - It is recommended to actively engage in copper-related investments when the volatility of Shanghai copper decreases to low levels [2] Group 4 - Relevant Hong Kong-listed copper mining companies include Luoyang Molybdenum (03993), Zijin Mining (02899), Minmetals Resources (01208), Jiangxi Copper (00358), and China Nonferrous Mining (01258) [3]