Group 1: Report Industry Investment Rating - No information provided Group 2: Report Core View - In the context of negative year - on - year PPI in China, the month - on - month PPI of the non - ferrous metal smelting and rolling processing industry has significantly rebounded, and the year - on - year growth has remained positive. The operating income of the non - ferrous metal smelting and rolling processing industry from January to October increased by 14.2% year - on - year, and the total profit increased by 14.0% year - on - year, which strongly supports the copper price. It is expected that the Shanghai copper futures price will face resistance at 90,000 yuan this week, and the volatility may increase [1] Group 3: Summary by Relevant Catalog Market Quotes - The night - session closing price of the main Shanghai copper contract CU2601 was 90,960 yuan/ton, up 0.29% from the previous night - session closing price. The night - session closing price of the second - main Shanghai copper contract CU2602 was 90,980 yuan/ton, with a gain of 0.22%. As of 06:00 Beijing time, the closing price of the COMEX copper main contract HGZ25E was 5.2795 US dollars/pound (converted to yuan/ton), down 0.54% from the previous trading day. The LME copper main contract CA03ME closed at 8,227.7 US dollars/ton (converted to yuan/ton), with a decline of 0.13% [1] Important News - Ivanhoe Mines expects the annual output of the Kamoa - Kakula copper mine in the Democratic Republic of the Congo to be between 380,000 and 420,000 tons in 2026, and it will increase by about 30% in 2027, reaching between 500,000 and 540,000 tons [1] - Glencore has lowered its 2026 copper production forecast from 930,000 tons to a range of 810,000 - 870,000 tons, mainly due to operational setbacks at the Collahuasi copper mine in Chile [1] - On December 3, Vale (VALE.N) expects its copper production to be 350,000 tons in 2026, and its copper production in 2025 was about 380,000 tons [1] - On December 3, Vale's subsidiary Vale Base Metals has signed an agreement with Glencore to jointly evaluate a brownfield copper mining development project in adjacent mining areas in the Sudbury Basin, Canada [1] - On December 2, a CICC research report stated that the consumables for AI electroplated copper powder in PCB are in a prosperous cycle, which will drive the rapid growth of processing fee profits in the copper powder industry. Copper balls and copper powder are electroplating consumables, accounting for 6% and 13% of the PCB cost respectively [1] - On December 2, Ivanhoe Mines officially launched the smelter of the Kamoa - Kakula copper mine, the largest and most environmentally friendly in Africa, and will put the first batch of copper concentrates into the smelter before the end of the year to officially start the production of blister copper anode plates with a purity of 99.7% [1] Trading Strategy - No trading strategy is provided for now [1]