Core Viewpoint - Copper prices are experiencing a significant surge, leading to differing opinions among analysts regarding the potential for a market correction [1] Industry Summary - Analysts are divided on the outlook for copper prices, with some suggesting that a correction may be imminent while others remain optimistic about continued price increases [1]

Group 1 - A significant decline in Chinese copper demand has occurred following a sharp price increase, with copper prices on the London Metal Exchange surpassing $13,000 per ton, marking a nearly 50% rise over the past year [2][3] - Industrial users in China, which account for half of global copper demand, are reducing purchases due to the inability to pass on higher costs to factories, leading to increased inventories [4][5] - A survey indicated that around 60% of firms producing copper rod for electricity transmission have cut or halted production due to rising costs, reflecting a quiet market compared to previous years [5][6] Group 2 - The processing fees for refined copper into rod have dropped to zero, the lowest level for this time of year, indicating subdued market activity [6] - Operating rates among fabricators have remained at multi-year lows, even during peak demand seasons, highlighting the ongoing challenges in the market [6]

Core Viewpoint - The copper market is experiencing a significant surge, with prices reaching historical highs both in domestic and international markets [1] Group 1: Domestic Market Performance - On December 29, the average price of copper on the Shanghai Futures Exchange rose to 101,290 yuan per ton, marking a substantial increase of 3.31% from the previous trading day [1] - The spot market also showed remarkable performance, with a daily increase of 2,000 yuan per ton, closing at a record high of 87,500 yuan per ton [1] Group 2: International Market Performance - The three-month copper price on the London Metal Exchange (LME) surged dramatically, with a daily increase of 5.83%, leading the global base metal market and setting the largest single-day gain record for the year [1]