Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The high price of copper suppresses demand, but the market is supported by macro - hedging sentiment, the expected interest - rate cut cycle, and the peak season of "Golden September and Silver October". The supply is expected to be tight, but the high price leads to poor inventory depletion [1] Group 3: Summary by Relevant Catalogs 1. Market Analysis - Today, Shanghai copper opened low, rose, reached a high, and then fell. Codelco plans to sell copper to European customers at a record - high premium of $345 per ton next year, a 39% increase from this year. Aurubis will also charge a record - high premium of $315 per ton for refined copper to European customers. International copper mines are frequently disrupted, and smelters have multiple overhauls, increasing the expectation of tight supply. In September 2025, China imported 25.87 million tons of copper concentrates and ores, a 6.2% year - on - year increase and a 6.23% month - on - month decrease. In October, 6 smelters had overhauls, involving a rough smelting capacity of 1.4 million tons, and the impact of overhauls increased by 47,300 tons compared to September. Although it is the peak season, the high copper price after the holiday has weakened the downstream's willingness to purchase. The policy of trading in old cars for new ones is expected to drive the sales of over 12 million new cars and nearly 1.7 trillion yuan in new - car sales by the end of this year [1] 2. Futures and Spot Market Conditions - Futures: Shanghai copper opened low, rose, reached a high, and then fell. Spot: The spot premium in East China was 55 yuan/ton, and in South China was 130 yuan/ton. On October 15, 2025, the LME official price was $10,528 per ton, and the spot premium was - $33 per ton [4] 3. Supply Side - As of the latest data on October 15, the spot rough smelting fee (TC) was - $40.8 per dry ton, and the spot refining fee (RC) was - 4.08 cents per pound [7] 4. Fundamental Tracking - Inventory: SHFE copper inventory was 42,800 tons, a decrease of 1,557 tons from the previous period. As of October 16, the copper inventory in the Shanghai Free Trade Zone was 100,000 tons, an increase of 1,300 tons from the previous period. LME copper inventory was 137,200 tons, a decrease of 900 tons from the previous period. COMEX copper inventory was 344,700 short tons, an increase of 1,417 short tons from the previous period [10]