Copper Futures Market Data Change Analysis - **Main Contract and Basis**: On September 25, the SHFE main contract price soared to 82,540 yuan/ton, a 3.19% increase from September 24, breaking through the 83,000 yuan/ton mark. The basis weakened overall, with the premium copper discount dropping from 95 yuan/ton on September 24 to 80 yuan/ton, the flat copper discount widening from 15 yuan/ton to -10 yuan/ton, and the wet copper discount deepening to -60 yuan/ton. The LME (0 - 3) discount was -31.37 US dollars/ton on September 24 [1]. - **Position and Trading Volume**: During the sharp rise in copper prices, the position volume significantly expanded, but the trading volume clearly contracted. Affected by the high copper prices, the downstream purchasing sentiment weakened, and the daily trading volume of refined copper rods declined, with the spot market trading light [1]. Industry Chain Supply, Demand, and Inventory Change Analysis - **Supply Side**: Supply disturbances intensified. On September 25, Indonesia's Grasberg copper mine declared force majeure, with an expected 35% production decline in 2026. Coupled with the closure of the Constancia concentrator in Peru by Canada's Hudbay Minerals on September 24, it triggered global supply concerns. The trading activity in the upstream copper concentrate market was low, and the SMM import index reported -40.8 US dollars/dry ton on September 19, showing a slight recovery. Maintenance of northern refineries led to limited supply, and overall supply was tight [1]. - **Demand Side**: Demand was significantly suppressed by high copper prices. On September 25, downstream enterprises in the northern market had almost no inventory - building demand. Poor consumption prompted processing enterprises to consider extending the National Day holiday. New orders in the power, construction, and other sectors were scarce, and pre - holiday inventory building was weak. Although energy storage projects and the copper high - speed connector concept were active, the short - term boost was limited [2]. - **Inventory Side**: Inventory decreased slightly. As of September 25, the SHFE inventory was 144,425 tons, a decrease of 350 tons from September 24; the LME inventory increased to 27,662 tons, an increase of 243 tons from the 24th; the SMM national inventory as of September 22 was 144,500 tons, a decrease of 4,400 tons compared to the previous period [2]. Price Trend Judgment It is expected that copper prices may remain at a high level in the short term. The current mine accidents in the copper market resonate with the macro - level. The direct stimulation of demand by macro - level positives and the supply gap caused by the cancellation of contracts due to mine accidents have shifted the future balance sheet towards a supply - demand imbalance, and this upward movement has also opened up an upward operating space on the market [3].

Market Overview - On September 25, A-share major indices showed mixed results, with the Shanghai Composite Index down 0.01% at 3853 points, while the Shenzhen Component Index rose 0.67% and the ChiNext Index increased by 1.58%, reaching a three-year high [1][2]. Gaming Sector - The gaming sector saw a significant rise, with 145 domestic online games approved in September, leading to a surge in stocks such as Kunlun Wanwei, which increased by over 7% [4][5]. - Notable performers included: - Kunlun Wanwei: +7.40% [5] - Ice Age Network: +6.92% [5] - Gigabit: +5.67% [5] Copper and Industrial Metals - The copper and industrial metals sector was active, with stocks like Naipu Mining hitting the daily limit up of 20%, and other companies such as Jingyi Co. and Luoyang Molybdenum also reaching their limits [6][7]. - The price of copper surged due to supply disruptions at Freeport's Grasberg mine, which accounts for about 3% of global copper supply [7]. Controlled Nuclear Fusion - The controlled nuclear fusion sector showed strong performance, with Ha Welding Huatong hitting the daily limit up of 20% [8][9]. - The China International Industrial Expo showcased the "China Circulation No. 4" fusion experimental device, aimed at verifying the reliability of large high-temperature superconducting magnets [9]. Wind Power Equipment - The wind power equipment sector saw significant gains, with Jixin Technology hitting the daily limit up [12][13]. - A report from Wood Mackenzie projected that global annual new wind power installations will exceed 170 GW over the next five years [13]. Precious Metals - The precious metals sector declined, with Shandong Gold leading the drop, falling over 4% [14][15]. - Gold prices retreated, with COMEX gold futures down 1.24% to $3768.5 per ounce [15]. Port and Shipping - The port and shipping sector experienced declines, with Nanjing Port and Ningbo Maritime both dropping over 6% [16][17]. Individual Stock Movements - Huadong Heavy Machinery saw a drop of 5.25%, with a market capitalization of 8.374 billion [18][19]. - Shareholders of Huadong Heavy Machinery announced plans to reduce their holdings, which may impact stock performance [22].