Report Title - The report is titled "Shanghai Copper Daily Review 20251104: Stronger US Dollar Index Suppresses Copper Prices" [1] Report Industry Investment Rating - No industry investment rating is provided in the report Core View - The report indicates that although China and the US have reached a one - year economic and trade agreement and there are production disruptions in multiple overseas copper mines, the hawkish shift in the Fed's interest - rate cut expectations, a stronger US dollar index, and tighter liquidity may lead to an adjustment in Shanghai copper prices [2] Summary by Relevant Catalog 1. Shanghai Copper Futures Data - On November 3, 2025, the closing price of the active Shanghai copper futures contract was 87,300, with a volume of 150,597 lots, an open interest of 248,762 lots, and an inventory of 40,066 tons. The Shanghai copper basis was - 460, and the SMW 1 electrolytic copper - semi average price was 86,840 [2] 2. London Copper Data - On October 31, 2025, the LME 3 - month copper futures closing price (electronic trading) was 10,891.5, and the total inventory of registered and cancelled warrants was 133,600. The LME copper futures 0 - 3 - month contract spread was - 14.44, and the 3 - 15 - month contract spread was 97.5 [2] 3. COMEX Copper Data - On November 3, 2025, the closing price of the active COMEX copper futures contract was 5.051, and the total inventory was 358,486 [2] 4. Supply - Demand Logic - Supply side: There are production disruptions in multiple domestic and foreign copper mines, making China's copper concentrate import index continuously negative, leading to a tight domestic copper concentrate supply - demand expectation. The supply of scrap copper has increased, the processing fees for domestic crude copper or anode plates have risen, and the maintenance capacity of copper smelters in November has decreased month - on - month [2] - Demand side: The capacity utilization rates of refined copper rods, copper wires and cables, copper enameled wires, and copper bars have decreased compared to last week, while the capacity utilization rates of recycled copper rods, copper strips, and copper tubes have increased. The decline in copper prices has stimulated the downstream purchasing sentiment [2] - Inventory side: The social inventory of Chinese electrolytic copper has increased compared to last week, the inventory of LME electrolytic copper has decreased, and the COMEX copper inventory has increased [2] 5. Trading Strategy - Short - term investors can lightly short the main contract on rallies. Pay attention to the support level around 83,000 - 86,000 and the resistance level around 92,000 - 96,000 for Shanghai copper, the support level around 10,200 - 10,500 and the resistance level around 11,500 - 12,000 for London copper, and the support level around 4.5 - 4.8 and the resistance level around 5.5 - 6.0 for US copper [2]

Report Industry Investment Rating - No industry investment rating information is provided in the report. Core View - The price of Shanghai copper may be weak first and then strong due to the uncertainty of whether China and the US will impose additional tariffs, the expectation of future interest rate cuts and the halt of balance - sheet reduction by the Federal Reserve, and production disruptions in multiple overseas copper mines [1] Summary by Relevant Catalogs 1. Shanghai Copper Futures Active Contract - On October 15, 2025, the closing price was 85,800, up 1,390 from the previous day; the trading volume was 125,819 lots, down 85,165 from the previous day; the open interest was 175,899 lots, down 11,667 from the previous day; the inventory was 44,531 tons, up 8,236 from the previous day; the Shanghai copper basis was - 565, down 2,145 from the previous day [1] 2. Shanghai Copper Basis or Spot Premium and Discount - SMM 1 electrolytic copper - semi - average price on October 15, 2025 was 85,235, down 755 from the previous day; SMM flat - water copper opening premium and discount - average price was 70, up 50 from the previous day; SMM premium copper opening premium and discount - average price was 130, up 30 from the previous day; SMM wet - process copper opening premium and discount - average price was 0, up 45 from the previous day; SMM Guixi copper opening premium and discount - average price was 150, up 20 from the previous day; EQ copper opening premium and discount: average price was - 90, up 15 from the previous day; SMM RMB Yangshan copper premium - average price was 369.43, up 0.12 from the previous day; SMM Yangshan copper premium (warehouse receipt) - average price was 45, unchanged from the previous day; SMM Yangshan copper premium (bill of lading) - average price was 52, unchanged from the previous day [1] 3. Spread (Near - month and Far - month) - On October 15, 2025, the spread between Shanghai copper near - month and Shanghai copper continuous - 1 was - 150, down 140 from the previous day; the spread between Shanghai copper continuous - 1 and Shanghai copper continuous - 2 was - 50, down 80 from the previous day; the spread between Shanghai copper continuous - 2 and Shanghai copper continuous - 1 was 60, down 30 from the previous day [1] 4. London Copper - On October 15, 2025, the closing price of LME 3 - month copper futures (electronic trading) was 10,576, down 22.5 from the previous day; the LME copper futures 0 - 3 - month contract spread was 27.94, down 26.93 from the previous day; the LME copper futures 3 - 15 - month contract spread was 171.49, up 18.49 from the previous day; the ratio of Shanghai - London copper prices was 8.1127, up 0.15 from the previous day [1] 5. COMEX Copper - On October 15, 2025, the closing price of the copper futures active contract was 4.972, down 0.16 from the previous day; the total inventory was 343,235, up 2,360 from the previous day [1] 6. Key Information and Investment Strategy - **Supply Side**: Multiple domestic and foreign copper mines have production disruptions, leading to a negative China copper concentrate import index and a tight domestic copper concentrate supply - demand expectation. The expected increase in scrap copper supply has led to a rise in domestic crude copper or anode plate processing fees. Copper smelters' maintenance capacity in October increased month - on - month [1] - **Demand Side**: The shipping enthusiasm of domestic electrolytic copper spot traders has weakened, resulting in low downstream purchasing sentiment [1] - **Inventory Side**: China's electrolytic copper social inventory increased compared with last week; LME electrolytic copper inventory decreased compared with last week; COMEX copper inventory increased compared with last week [1] 7. Trading Strategy - It is recommended to mainly lay out long positions after the price drops. Pay attention to the support level around 80,000 - 83,000 and the resistance level around 86,000 - 89,000 for Shanghai copper. For London copper, pay attention to the support level around 9,500 - 10,200 and the resistance level around 11,000 - 12,000. For US copper, pay attention to the support level around 4.0 - 4.5 and the resistance level around 5.5 - 6.0 [1]

Cryptocurrency Market - Ethereum's price dropped significantly, falling below the psychological threshold of $4000, with a daily decline of 6.25% to $3898, marking a seven-week low [1] - Bitcoin also experienced a decline, dropping 3.25% and falling below the $110,000 key support level [1] - Solana saw a 7.8% decrease, marking its sixth consecutive day of decline [1] - Institutional fund inflows into Ethereum have cooled, contributing to the price drop, as indicated by cryptocurrency analyst Rachael Lucas [3] Ethereum ETF Withdrawals - Investors have withdrawn nearly $300 million from U.S.-listed Ethereum ETFs since the beginning of the week, coinciding with a significant market downturn [4] - The total net inflow for Ethereum ETFs in September is only $11 million, a stark contrast to over $3.8 billion in inflows in August [4] Copper Market - Freeport McMoRan announced a production halt at its Grasberg mine in Indonesia due to a landslide, triggering a force majeure on supply contracts [8] - The Grasberg mine is the second-largest copper mine globally, with an expected production of 816,500 tons in 2024, accounting for approximately 3.5% of global output [8] - Following the incident, Freeport has lowered its production guidance, indicating it will not meet its original sales target of 445 million pounds (approximately 200,000 tons) for Q4 [9] - The copper market is facing a tightening supply situation, exacerbated by the Grasberg mine's production halt and other recent supply disruptions [10] Future Outlook for Copper - Analysts predict that the copper market may shift towards a tight balance in Q4 due to supply constraints from the Grasberg mine and other factors [11] - The potential for increased demand from sectors such as data centers and renewable energy could lead to a significant rise in copper prices if supply remains constrained [11]