Group 1: Investment Rating - No information provided Group 2: Core Views - The sentiment in the copper market remains low. The Shanghai copper futures opened lower and continued to decline during the day. Although the supply is tight, the copper futures are still prone to rising and difficult to fall. The terminal demand maintains strong growth, but the copper products sector is cautious overall. After the copper price correction, the downstream purchasing willingness has increased [1] Group 3: Summary by Directory Market Analysis - The copper smelters cannot obtain profits through long - term contracts, and in the spot market, it remains weak and stable. By - products such as sulfuric acid and gold are the main profit points. The refined - scrap copper price difference has weakened but is still abnormal. The substitution advantage of scrap copper is significant, but the downstream demand is weak, and scrap copper transactions are also blocked. In January 2026, the refined copper production is expected to decline, and the merger negotiation between Rio Tinto and Glencore may increase their control of the global copper resource supply to 15%, highlighting the tight supply expectation [1] Futures and Spot Market - Futures: Shanghai copper opened lower and declined during the day - Spot: The spot premium in East China is - 100 yuan/ton, and in South China is - 115 yuan/ton. On January 15, 2026, the LME official price is 13145 US dollars/ton, and the spot premium is + 60 US dollars/ton [4] Supply Side - As of January 15, the latest data shows that the spot rough smelting fee (TC) is - 46.2 US dollars/dry ton, and the spot refining fee (RC) is - 4.80 US cents/pound [6] Fundamental Tracking - Inventory - SHFE copper inventory is 160400 tons, a decrease of 2300 tons from the previous period. As of January 15, the copper inventory in Shanghai Free Trade Zone is 105600 tons, a decrease of 5400 tons from the previous period. LME copper inventory is 141100 tons, a decrease of 500 tons from the previous period. COMEX copper inventory is 538700 short tons, an increase of 5130 short tons from the previous period [9]