Market Overview - During the National Day holiday, global financial markets faced multiple risk events, including the U.S. government shutdown entering its eighth day and political changes in Japan and France impacting the markets [1] - U.S. stock markets continued to rise, with major indices reaching record highs, supported by expectations of interest rate cuts [1] - The dollar index reached a two-month high, while the Japanese yen fell to its lowest level since mid-February [1][2] Commodity Market - LME copper prices hit a 16-month high due to supply concerns, reaching $10,815 per ton, influenced by operational disruptions in major mines [3] - COMEX gold prices surpassed $4,000 per ounce for the first time, driven by expectations of interest rate cuts and geopolitical uncertainties [6] - Oil prices fell to a four-month low, with concerns over oversupply and OPEC's decision to maintain a modest production increase of 137,000 barrels per day [7][17] Agricultural Commodities - CBOT soybean futures rebounded after hitting a seven-week low, supported by lower yield forecasts and expectations of improved demand [9][10] Central Bank Insights - The Federal Reserve noted increased risks in the employment market while remaining vigilant about inflation, with discussions on potential interest rate adjustments ongoing [11][12] - The New Zealand central bank unexpectedly cut rates by 50 basis points, indicating concerns over economic weakness [13]

Group 1 - Citi upgraded Freeport-McMoRan (FCX.US) from "Neutral" to "Buy" due to supply chain disruptions and favorable macroeconomic factors expected to drive copper prices to historical highs in the next 18 months [1] - Citi forecasts copper prices to reach $12,000 per ton by mid-2026, supported by unprecedented mine shutdowns, strong market demand, and macro trends such as U.S. interest rate cuts and a weaker dollar [1] - The recent market sell-off triggered by the Grasberg mine incident has led to Freeport-McMoRan being undervalued compared to peers, creating a "rare opportunity" for investors [1] Group 2 - Citi acknowledges that the recovery time for Grasberg's production may exceed official guidance, with a model predicting a nearly 50% reduction in output by 2026, although the ore body structure remains intact [1] - The market's concerns about risks have been overly reflected in the stock price discount, with estimates suggesting that even a two-year shutdown would only decrease the company's net asset value (NAV) by about 15% [1] - Freeport-McMoRan's U.S. operations have growth potential due to improved production efficiency and potential tariffs on refined copper imports, which could enhance company profitability [1] Group 3 - Citi maintains a "Sell" rating on Southern Copper (SCCO.US) due to overvaluation, while keeping "Buy" ratings on First Quantum and Ivanhoe Mines, and a "Neutral" rating on Teck Resources (TECK.US) [2] - Citi's basic forecast indicates that copper supply shortages will ease post-2026 with increased production from Grasberg, Kamoa-Kakula, and other major projects, yet remains optimistic about Freeport-McMoRan's performance [2] - The company's stock is expected to outperform the market as investor confidence in its recovery plan strengthens and its position as the largest publicly traded copper mining company solidifies [2]

智利《金融日报》9月29日报道，英美资源集团智利首席执行官伊达尔戈表示，尽 管智利政府将在大选结束后的半年内易主，但不会影响该公司与智利国家铜业公司签 署的"历史性"合作协议，该协议旨在增加智利洛斯布朗塞斯和安第纳两地铜矿开采，预 计每年可额外生产12万吨铜。伊强调，该项目已得到智不同党派支持，且引发外界广 泛关注，双方联手不仅将巩固智利作为世界最大铜生产国地位，且将满足全球对关键 矿产需求的快速增长。 （原标题：英美资源集团称智利大选将不会影响公司在智铜业发展） ...

Group 1: Gaza Conflict Developments - Hamas has submitted a response to Trump's "20-point plan" and expressed willingness to negotiate through mediators for its implementation [1] - Hamas agrees to transfer governance of Gaza to an independent Palestinian authority and will participate in discussions regarding the future of Gaza and Palestinian rights [1] - Trump believes Hamas is ready for lasting peace based on their recent statement and calls for an immediate halt to Israeli bombings to ensure the safe rescue of hostages [1] Group 2: U.S. Government Funding Issues - The U.S. Senate voted against a temporary funding bill proposed by Democrats, resulting in a continued government shutdown [3] - The Republican proposal for a temporary funding bill also failed to pass, leading to potential operational disruptions in government agencies [3] - The U.S. Department of Energy indicated that it has enough funding to operate for only about eight more days before entering emergency shutdown procedures [3] Group 3: Copper Market Insights - LME copper prices have reached a new high of over $10,500 per ton, driven by supply disruptions and changes in macroeconomic policies [5] - The Grasberg copper mine in Indonesia experienced a significant accident, tightening market supply expectations and prompting analysts to revise global copper supply forecasts [5][6] - High copper prices are supported by a combination of reduced global supply, U.S. import behavior, and strong domestic demand in sectors like electric power and new energy vehicles [8] Group 4: Market Dynamics and Future Outlook - Analysts predict that copper prices may continue to rise due to ongoing supply tightness, but caution that high prices could lead to reduced demand from industries [7][8] - The domestic copper processing industry is facing challenges with high costs leading to potential production cuts, while demand remains robust in the "golden September and silver October" season [7][8] - Despite the bullish outlook, concerns about global trade tensions and cautious inventory management among end-users may temper expectations for sustained price increases [8]

Core Viewpoint - The news highlights a significant rise in copper-related stocks due to the production halt at the Grasberg copper mine in Indonesia, which may lead to increased copper prices and exacerbate raw material shortages for smelting plants [1] Group 1: Stock Performance - Hudbay Minerals saw an increase of over 8% [1] - Ero Copper rose by more than 6% [1] - Freeport-McMoRan gained over 5% [1] - Southern Copper and Taseko Mines both increased by more than 4% [1] Group 2: Market Analysis - The Grasberg copper mine, the second-largest globally, has halted production due to an accident, which could lead to a long-term disruption [1] - ING analysts suggest that the prolonged interruption at Grasberg may further elevate copper prices and worsen the existing raw material shortages faced by smelting plants [1] Group 3: Future Projections - Goldman Sachs' latest report indicates that the surge in AI demand and escalating geopolitical tensions have made aging power grids a "vulnerable link" in energy security for Western countries [1] - The need for power grid upgrades is expected to drive copper prices to $10,750 per ton by 2027 [1]

Group 1: Market Activity - On September 29, 25 stocks had sealed orders exceeding 1 billion yuan, with the highest being Shanzi Gaoke at 4.57 billion yuan [2] - The top three stocks by sealed order funds were Shanzi Gaoke, Boqian New Materials, and Tianji Shares, with sealed order amounts of 4.57 billion yuan, 4.27 billion yuan, and 4.27 billion yuan respectively [2] - Seven stocks on the Dragon and Tiger List had net purchases exceeding 1 billion yuan, with Lingyi Zhi Zao leading at 8.21 billion yuan [7] Group 2: Company Developments - Shanzi Gaoke reported a revenue of 1.732 billion yuan for the first half of the year, a year-on-year decrease of 17.3%, but achieved a net profit of 219 million yuan, turning from loss to profit [2] - Shanzi Gaoke is in discussions regarding a potential restructuring with the parent company of Nezha Automobile, Hongqi New Energy, and has expressed interest as an investor [3] Group 3: Industry Trends - The solid-state battery sector saw a surge in stock prices, with companies like Wanrun New Energy and Tianji Shares participating in this trend [4] - Wanrun New Energy is focusing on high-energy density cathode materials and has applied for multiple patents related to solid-state battery materials [4] - The copper sector is also active, with companies like Xingye Yinxin and Shengda Resources expanding their mining operations [5] Group 4: Emerging Technologies - In the brain-computer interface sector, Yingqu Technology is collaborating with various institutions to develop products related to brainwave monitoring and rehabilitation [6] - Qisheng Technology is focusing on sleep health and has established partnerships for research on Alzheimer's disease and sleep analysis [6]

Group 1: Market Activity - On September 29, 25 stocks had closing limit orders exceeding 1 billion yuan, with Shanzi Gaoke leading at 4.57 billion yuan [2] - The top three stocks by closing limit order funds were Shanzi Gaoke, Boqian New Materials, and Tianji Shares, with amounts of 4.57 billion yuan, 4.27 billion yuan, and 4.27 billion yuan respectively [2] - Seven stocks on the Dragon and Tiger list had net purchases exceeding 1 billion yuan, with Lingyi Zhizao at 8.21 billion yuan and Shanzi Gaoke at 3.39 billion yuan [8] Group 2: Company Performance - Shanzi Gaoke reported a revenue of 1.732 billion yuan in the first half of the year, a year-on-year decrease of 17.3%, but achieved a net profit of 219 million yuan, turning from loss to profit [2] - Shanzi Gaoke is involved in a potential restructuring with the parent company of Nezha Automobile, with intentions to participate as an investor [3] Group 3: Industry Trends - The solid-state battery sector saw a surge in stock prices, with companies like Wanrun New Energy and Tianji Shares participating in this trend [4] - Wanrun New Energy has applied for multiple patents related to high energy density cathode materials, which are relevant for solid-state battery requirements [4] - The copper sector also experienced price increases, with companies like Xingye Yinxin and Shengda Resources expanding their mining operations [5][6] Group 4: Emerging Technologies - In the brain-computer interface sector, Yingqu Technology is collaborating with various institutions to develop products related to brainwave monitoring and rehabilitation [7] - Qisheng Technology is focusing on sleep health and has established partnerships for research on Alzheimer's disease and sleep analysis [7]

Report Industry Investment Rating No information provided. Core View of the Report Copper prices will remain high in the near future due to the Indonesian copper mine accident, with increased volatility. However, approaching the National Day holiday, it is recommended to reduce positions in single-sided Shanghai copper positions. The expected release of new production capacity will suppress long-term prices, but short-term restocking at the smelting end will support spot prices. On the demand side, high prices and the National Day holiday will lead to a decline in production, making the "Golden September and Silver October" peak season less prominent. Macroscopically, the issuance of policies to stabilize growth in the non-ferrous industry by eight domestic departments may boost market confidence, but high copper prices will intensify the wait-and-see sentiment among downstream enterprises [6]. Summary by Relevant Catalogs 1. Daily Market Summary (1) Copper Futures Market Data Change Analysis - **Main Contract and Basis**: From September 22 to September 26, the SHFE main contract price rose slightly from 79,990 yuan/ton to 82,490 yuan/ton and then declined slightly, while the LME copper price dropped from $10,320/ton to $10,205/ton, indicating pressure on the external market. In terms of spot premiums and discounts, the premium of premium copper shrank significantly from 95 yuan/ton to 40 yuan/ton, and the discounts of flat copper and wet-process copper widened to -40 yuan/ton and -105 yuan/ton respectively, reflecting the weakening of the spot market. The LME (0 - 3) discount also widened to -$33.91/ton, and the basis weakened overall [1]. - **Position and Trading Volume**: The LME copper position increased from 295,609 lots on September 22 to 297,660 lots on September 26, an increase of 0.69%. The SHFE inventory decreased slightly by 25 tons to 144,400 tons, while the COMEX inventory increased by 1,228 short tons to 322,284 short tons [2]. (2) Industry Chain Supply - Demand and Inventory Change Analysis - **Supply Side**: Argentina approved a $2.7 billion Los Azules copper mine project, and Ningbo Jintian Copper's 100,000 - ton A - grade copper registered production capacity was implemented, strengthening the medium - and long - term supply increase expectation. However, short - term smelting disturbances were limited, and the raw material inventory of domestic refined copper rod enterprises increased by 2.21% month - on - month [3]. - **Demand Side**: Terminal demand in industries such as electricity, construction, and automobiles was weak. Copper cable enterprises slowed down downstream pick - up due to copper prices reaching 83,000 yuan/ton, and their finished product inventory increased by 10.66% month - on - month. The operating rate of enameled machines decreased by 0.2 percentage points to 77.73% month - on - month, and the pre - holiday inventory of brass rod enterprises was significantly lower than that of the same period last year. In addition, approaching the National Day holiday, the operating rate of refined copper rod enterprises was expected to decrease by 9.74 percentage points to 64.04% month - on - month [4]. - **Inventory Side**: The LME inventory decreased continuously, reaching 26,557 tons on September 26, a decrease of 3.99% compared to the previous week. However, the SHFE inventory remained at a high level of 144,000 tons, and the COMEX inventory continued to accumulate, resulting in a differentiated pressure on global visible inventories. The finished product inventory of domestic refined copper rod enterprises rose to 78,900 tons [5]. 2. Industry Chain Price Monitoring | Data Index | September 26, 2025 | September 25, 2025 | September 22, 2025 | Change | Change Rate | Unit | | --- | --- | --- | --- | --- | --- | --- | | SMM: 1 Copper | 82,660 | 82,520 | 80,140 | 140 | 0.17% | yuan/ton | | Premium Copper (Spot Premium/Discount) | 40 | 80 | 95 | -40 | -50.00% | yuan/ton | | Flat Copper (Spot Premium/Discount) | -40 | -10 | 15 | -30 | -300.00% | yuan/ton | | Wet - Process Copper (Spot Premium/Discount) | -105 | -60 | -35 | -45 | -75.00% | yuan/ton | | LME (0 - 3) | -34 | -32 | -31 | -2 | -7.48% | dollars/ton | | SHFE Price | 82,490 | 82,540 | 79,990 | -50 | -0.06% | yuan/ton | | LME Price | 10,205 | 10,276 | 10,320 | -71 | -0.69% | dollars/ton | | LME Inventory | 26,557 | 27,662 | 27,419 | -1,105 | -3.99% | tons | | SHFE Inventory | 144,400 | 144,425 | 144,775 | -25 | -0.02% | tons | | COMEX Inventory | 322,284 | 321,056 | 318,229 | 1,228 | 0.38% | short tons | [9] 3. Industry Dynamics and Interpretations - On September 26, Argentina approved a $2.7 billion Los Azules copper mine project invested by Canadian mining company McEwen Copper, and McEwen Copper enjoys the tax exemption plan of the large - scale investment incentive system (RIGI) [10]. - It is expected that the operating rate of domestic main refined copper rod enterprises will drop to 64.04% next week (September 26 - October 2), a month - on - month decrease of 9.74 percentage points and a year - on - year decrease of 11.14 percentage points. The main reasons are that high copper prices suppress downstream inventory demand and enterprises' pre - stocked inventory has not been significantly digested. In addition, the National Day holiday in the next week will lead to centralized production holidays of many enterprises [10]. - From September 19 to September 25, domestic main refined copper rod enterprises mainly focused on production and inventory, so the raw material inventory increased by 2.21% month - on - month, reaching 32,400 tons, and the finished product inventory increased by 10.66% month - on - month, reaching 78,900 tons [10]. - From September 19 to September 25, the operating rate of domestic main refined copper rod enterprises rose to 73.78%, a month - on - month increase of 3.28 percentage points, 0.09 percentage points lower than expected, and a year - on - year decrease of 11.14 percentage points [10]. - The Shanghai Futures Exchange approved the registration of "Jintian Copper" brand A - grade copper produced by Ningbo Jintian Copper (Group) Co., Ltd., with a registered production capacity of 100,000 tons, and it can be used for the performance settlement of the cathode copper futures contract [11]. 4. Industry Chain Data Charts The report provides multiple data charts, including China PMI, US PMI, US employment situation, the correlation between the US dollar index and LME copper price, the correlation between US interest rates and LME copper price, TC processing fees, CFTC copper position, LME copper net long position analysis, Shanghai copper warehouse receipt volume, LME copper inventory change, COMEX copper inventory change, and SMM social inventory [12][16][18].

Report Title - Copper Weekly Report: Resurgence of Disturbances at the Mine End, Copper Prices Prone to Rise and Hard to Fall [1] Report Date - September 29, 2025 [1] Report Industry Investment Rating - Not provided Core Viewpoint of the Report - The accident at the Grasberg mine in Indonesia has deepened the short - term expectation of copper mine tightness, and the copper price has broken through and risen sharply. The long - term central price of copper will continue to rise. Although the impact of the accident has been digested in the short term and the price has fallen due to profit - taking, the impact on copper supply, demand, and price is likely to be long - term. Copper prices are likely to rise easily and fall hard, and may continue to fluctuate at a high level in the short term [7] Summary by Directory 1. Main Viewpoints and Strategies - **Supply Side**: The Freeport Indonesia mine has suspended production due to a mudslide accident, and the copper production and sales of the Grasberg mine in Q4 2025 are expected to decline significantly. As of September 26, the spot rough smelting fee for copper concentrate was - $40.35/ton, remaining at a historical low. The domestic copper concentrate port inventory was 478,000 tons, a week - on - week decrease of 18.01%, still at a low level over the years. In August, China's electrolytic copper production was 1.1715 million tons, a month - on - month decrease of 0.24% and a year - on - year increase of 15.59%. The growth rate of domestic refined copper production remained stable. In September, smelters entered the peak of shutdown and maintenance, and combined with the impact of policies on anode copper supply, electrolytic copper production is expected to decrease [5][31] - **Demand Side**: Pre - holiday stocking has slightly increased the operating rate. As of September 26, the weekly operating rate of major domestic refined copper rod enterprises rose to 73.78%, a week - on - week increase of 3.28 percentage points and a year - on - year decrease of 11.14 percentage points. This week, enterprises mainly stocked up before the holiday, driving the overall operating rate to recover. In terms of actual consumption, although the copper price dropped slightly at the beginning of the week, downstream buyers mostly adopted a wait - and - see attitude. The sudden surge in copper price at the end of the week further suppressed the downstream's willingness to pick up goods, and the main orders were still existing orders [5][35] - **Inventory**: Domestic inventory has changed from an increase to a decrease. As of September 26, the copper inventory on the Shanghai Futures Exchange was 98,761 tons, a week - on - week decrease of 6.65%. As of September 25, the domestic social copper inventory was 140,100 tons, a week - on - week decrease of 5.91%. As the National Day holiday approached, downstream inventory replenishment increased, leading to a decline in inventory. As of September 26, the LME copper inventory was 144,400 tons, a week - on - week decrease of 2.20%, and the LME copper continued to reduce inventory. The COMEX copper inventory was 32,230 short tons, a week - on - week increase of 1.74%, with a slight increase in inventory [6][43] - **Strategy Suggestion**: The Grasberg mine in Indonesia will take until 2027 to resume pre - accident production levels, and the 2026 output may be about 35% (about 270,000 tons) lower than previously estimated. The accident has deepened the short - term expectation of copper mine tightness, and the copper price has broken through and risen sharply. The long - term central price of copper will continue to rise. In the domestic market, affected by high copper prices, market consumption has weakened, and some downstream buyers' sentiment of pricing and taking goods has become more cautious. The pre - holiday stocking situation was lower than expected. As the end of the month and the National Day holiday approached, some holders showed a willingness to sell at low prices to recover funds before the holiday, resulting in an expansion of the spot discount. Currently, domestic smelters are in a high - maintenance period, the market arrivals are average, and the inventory has decreased slightly, but there are still imports of copper, and the supply - side pressure is not obvious. China's economic data in August showed a weakening trend month - on - month, and the consumption side in Q4 faces greater pressure. It is expected that China may introduce economic support policies in Q4. Overall, the impact of the Grasberg shutdown in Indonesia has been digested in the short term, and the price has fallen due to profit - taking, but the impact on copper supply, demand, and price may be long - term. Copper prices are likely to rise easily and fall hard and may continue to fluctuate at a high level in the short term [7] 2. Macro and Industry News - **Macro Data Overview**: In September, the LPR quotation remained unchanged, with the 5 - year LPR at 3.5% and the 1 - year LPR at 3%. The central bank stated that it would implement a moderately loose monetary policy. The US September Markit manufacturing and services PMI declined. The eurozone September manufacturing PMI unexpectedly fell into the contraction range, while the services and composite PMI expanded. The US Q2 GDP growth rate was revised up to 3.8%, a two - year high, but inflation pressure was more stubborn. The US August core PCE price index increased by 0.2% month - on - month, in line with expectations [15] - **Industry News Overview**: The El Teniente copper mine in Chile is recovering slowly after the accident, and the annual copper production will be lower than expected. China's August scrap copper imports decreased by 5.64% month - on - month. After the accident at the Grasberg copper mine, Freeport's metal production will face significant losses. The ICSG reported a global copper market surplus of 101,000 tons from January to July. The Antamina copper mine in Peru expects its 2026 copper production to increase to 450,000 tons [17] 3. Spot - Futures Market and Positioning - **Premium and Discount**: The high copper price has weakened downstream stocking sentiment. Near the holiday, the downstream stocking pace was slow, and spot transactions remained around flat water. After the sharp rise in copper price, Shanghai copper spot transactions were weak, with transactions around a small discount. The LME copper 0 - 3 discount narrowed slightly, the New York - London copper spread increased slightly, and the refined - scrap copper spread widened [20] - **Domestic and Foreign Positions**: As of September 26, the Shanghai copper futures position was 229,050 lots, a week - on - week increase of 32.38%. The average daily trading volume of Shanghai copper this week was 137,568.8 lots, a week - on - week increase of 87.48%. Both the position and trading volume of Shanghai copper increased significantly. As of September 19, the net long position of LME copper investment companies and credit institutions was 12,188.6 lots, a week - on - week decrease of 36.00%. As of September 23, the net long position of COMEX copper asset management institutions was 43,389 lots, a week - on - week increase of 3.07% [24] 4. Fundamental Data - **Supply Side**: The Freeport Indonesia mine has suspended production due to a mudslide accident, and the copper production and sales of the Grasberg mine in Q4 2025 are expected to decline significantly. As of September 26, the copper concentrate spot rough smelting fee was - $40.35/ton, remaining at a historical low. The domestic copper concentrate port inventory was 478,000 tons, a week - on - week decrease of 18.01%, still at a low level over the years. In August, China's electrolytic copper production was 1.1715 million tons, a month - on - month decrease of 0.24% and a year - on - year increase of 15.59%. The growth rate of domestic refined copper production remained stable. In September, smelters entered the peak of shutdown and maintenance, and combined with the impact of policies on anode copper supply, electrolytic copper production is expected to decrease [31] - **Downstream Operating Rate**: As of September 26, the weekly operating rate of major domestic refined copper rod enterprises rose to 73.78%, a week - on - week increase of 3.28 percentage points and a year - on - year decrease of 11.14 percentage points. Last week, enterprises mainly stocked up before the holiday, driving the overall operating rate to recover. In terms of actual consumption, although the copper price dropped slightly at the beginning of the week, downstream buyers mostly adopted a wait - and - see attitude. The sudden surge in copper price at the end of the week further suppressed the downstream's willingness to pick up goods, and the main orders were still existing orders. In August, the operating rates of copper plates, strips, tubes, and foils were 65.87%, 65.70%, and 78.44% respectively. The increase in copper price has reduced the purchasing willingness of downstream manufacturing enterprises, and the growth of downstream orders was lower than expected. The operating rate of copper tubes decreased due to US tariffs, while the operating rate of copper foils increased due to strong downstream demand for lithium - ion copper foils [35] - **Import and Export**: As of September 26, the Shanghai - London ratio of electrolytic copper was 8.03, and the ratio remained stable this week. The negative value of copper spot import profit and loss widened slightly. In August, China's refined copper import volume was 263,000 tons, a year - on - year increase of 5.37%. The scrap copper import volume in August was 179,400 tons, a year - on - year increase of 5.93%. The imports of refined copper and scrap copper increased steadily. In August, China's imports of unwrought copper and copper products were 425,100 tons, a year - on - year increase of 1.22% [39] - **Inventory**: As of September 26, the copper inventory on the Shanghai Futures Exchange was 98,761 tons, a week - on - week decrease of 6.65%. As of September 25, the domestic social copper inventory was 140,100 tons, a week - on - week decrease of 5.91%. As the National Day holiday approached, downstream inventory replenishment increased, leading to a decline in inventory. As of September 26, the LME copper inventory was 144,400 tons, a week - on - week decrease of 2.20%, and the LME copper continued to reduce inventory. The COMEX copper inventory was 32,230 short tons, a week - on - week increase of 1.74%, with a slight increase in inventory [6][43]

Group 1: Copper Price Surge - The global copper price has significantly increased due to the suspension of production at Indonesia's Grasberg copper mine, with LME copper closing at $10,320 per ton on September 24, marking a 3.46% rise [4][5] - On September 25, the average price of 1 electrolytic copper in the Yangtze market reached 82,500 yuan per ton, up 3.06% from the previous day, an increase of 2,450 yuan [4][5] - The Grasberg mine, one of the largest copper mines globally, has a copper reserve of 13.99 million tons and has lowered its third-quarter sales guidance for copper and gold by 4% and 6%, respectively [5][6] Group 2: Market Reactions and Predictions - Analysts suggest that the impact of the Grasberg incident is primarily psychological for the market, with minimal direct effects on domestic copper concentrate supply [3][6] - The incident is expected to lead to a slight reduction in global metal supply, with estimates of a decrease of about 5,000 tons in 2025 and 22,000 tons in 2026, which is a small fraction of the expected consumption [6][7] - Despite the recent surge, some market participants believe that copper prices may correct downward as demand weakens after the initial excitement fades [7] Group 3: Company Performance and Outlook - Domestic copper companies, such as Luoyang Molybdenum and Zijin Mining, have shown strong stock performance, with Luoyang Molybdenum's stock price rising by 9.90% to 13.87 yuan [7][8] - Luoyang Molybdenum is projected to produce 650,200 tons of copper in 2024, a 55% increase year-on-year, positioning it among the top copper producers globally [8][9] - The company anticipates a stable market as U.S. import tariffs on copper products take effect, which may alleviate supply tensions outside the U.S. [9]