6 October 2025 | 3:57PM SGT Commodities Research BASE METALS ANALYST Copper: Critical and Supply Constrained: $10,000 Is the New Price Floor as a national security priority, due to its critical role in AI, defense and energy security. However, we also forecast accelerated copper to aluminium substitution in cyclical sectors, which slows copper demand growth and keeps the market in small surplus. This substitution contributes to copper pricing into a higher range, rather than an open-ended rally. Daan Struyv ...

智利《biobiochile》网站9月25日报道，近期国际铜价持续走强，纽约商品交易所铜期货价格突破每磅 4.9美元。此轮价格上涨并非短期波动，而是由实质性供需关系变化所驱动的趋势性行情。其直接诱因 来自重大供应中断，全球第二大铜矿印尼Grasberg Block矿区自9月8日起因泥石流事故全面停产，造成 人员伤亡并严重影响多个作业层面，致全球铜供应骤然紧张，其他矿区相继宣布不可抗力状态，使得市 场对短期供应担忧加剧。加之结构性需求增长，高盛集团最新研究报告下调全球铜供应预期，并预警 2025-2026年将出现供需缺口。分析师指出，本轮铜价上涨具有坚实基本面支撑，电动汽车普及、可再 生能源基础设施扩建及全球数字化进程等共同构成铜需求的长期动力。智利、秘鲁等主要铜出口国将从 中受益。 （原标题：受印尼铜矿事故影响，铜价强势突破4.9美元） ...

J P M O R G A N Asia Pacific Equity Research 08 September 2025 Dominic O'Kane (44-20) 7742-6729 dominic.j.okane@jpmorgan.com J.P. Morgan Securities plc Patrick Jones Copper Dashboard Demand remains strong, but global inventories rising; LME price up 13% YTD Key takeaways: (1) Global copper production was up a strong 7.4% YTD in May with DRC / Chile continuing to show strength (Peru had a weak May); global copper inventories are up ~160kt from ~440kt in late June to ~600kt currently (near 2023/24 levels). (2 ...

Global | Metals & Mining Equity Research July 20, 2025 Examining Copper Production Trends: 2Q25, Part I We track copper production from miners that report quarterly volumes. These companies account for ~70% of global mined copper supply. Based on reports from the few companies in our database that have reported 2Q volumes so far, total production for 2Q25 increased 5.0% sequentially following the normal seasonality issues of 1Q, and also increased by a substantial 10.3% y/y due to notable production increas ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha 29 June 2025 | 7:20PM BRT Global Metals & Mining: Takeaways from GS Global Copper Week 2025 +55(11)3371-4580 | marcio.farid@gs.com Goldman Sachs do Brasil CTVM S.A. Matt Greene +44(20)7051-0489 | matt.greene@gs.com Goldman Sachs International Mike Harris +1(713)654-8481 | mike.harris@gs.com Goldman Sachs & Co. LLC Emerson Vieira +55(11)3372-0256 | emerson.vieira@gs.com Goldman Sachs do Brasil CTVM S.A. Henrique Marques +55(11)3371-0778 | henrique.marques@gs.com Goldman Sachs ...

Global | Metals & Mining Examining Copper Production Trends: 1Q25, Part III We track copper production from miners that report quarterly volumes. These companies account for ~70% of global mined copper supply. Based on reports from the companies in our database that have reported 1Q volumes so far, total production for 1Q25 fell (as expected) 11.1% sequentially due to seasonal factors, but was flat y/y as production declines at Glencore, Freeport, and Anglo were offset by production increases at Anto, BHP, ...