本次减资完成后，南华资本仍为公司全资子公司，股权结构保持不变。该事项符合公司整体发展战略， 有助于提升资本使用效率。公司将依法履行相关审批程序并及时披露进展。（编辑 胡群） 经济观察网 8月8日，南华期货（603093）股份有限公司发布公告称，为进一步优化资本结构和资源配 置，公司拟对全资子公司浙江南华资本管理有限公司（以下简称"南华资本"）进行减资，注册资本由7 亿元人民币减少至6亿元人民币。 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The BDTI crude oil freight rate index rebounded rapidly in the week of August 4 - 7, 2025, with a 9.33% week - on - week increase and a 7.7% year - on - year increase. The increase was more significant compared to the previous period, and it turned from a year - on - year decline to an increase [2]. - As of August 1, the crude oil shipping volume showed a pattern of "two increases and two decreases" among major countries. The shipping volumes of the US and Saudi Arabia increased by 20.37% and 28.73% respectively, while those of Russia and the UAE decreased by 4.83% and 4.27% respectively [2][12]. - As of August 6, the traffic volume of crude oil vessels in the Red Sea and Aden Gulf regions increased, which increased the demand for oil tankers and was significantly positive for the BDTI freight rate index [2]. 3. Summary by Section BDTI Crude Oil Freight Rate Index Trend - As of August 7, 2025, the BDTI crude oil freight rate index closed at 1007 points, with a 9.33% week - on - week increase and a 7.7% year - on - year increase. From a seasonal perspective, the freight rate increased significantly in that week [2][3]. Oil Tanker Shipping Distance - In the 29th week of 2025 (as of July 25), except for the Suez - max tankers whose shipping distance decreased by 23.26% week - on - week, the shipping distances of VLCC and Aframax tankers increased by 3.49% and 22.81% respectively week - on - week. Only the Aframax tankers had a significantly longer shipping distance compared to the same period last year [5]. - From August 2 - 6, 2025, the total traffic volume of oil tankers in the Red Sea increased. The average daily traffic volume was 791 vessels, 12 more than the previous week. Among them, the number of crude oil tankers decreased by 10, while the number of product tankers increased by 25. In the Red Sea, the number of VLCCs increased by 3, Suez - max tankers decreased by 20, and Aframax tankers increased by 28. - In the Aden Gulf, the traffic volume of oil tankers increased significantly, reaching 143 vessels, 25 more than the previous week. The number of crude oil tankers increased by 2, and product tankers increased by 22. Among the crude oil tankers, the number of VLCCs increased by 2, Suez - max tankers increased by 1, and Aframax tankers increased by 9 [7]. Oil Tanker Capacity - As of August 1, 2025, 9423 oil tankers were scrapped, 2 more than the previous week and 83 more than the same period last year; the number of effective vessels was 18307, 15 more than the previous week and 449 more than the same period last year; the number of vessel deliveries was 196, unchanged from the previous week and 75 more than the same period last year; the number of vessel orders was 1356, 3 less than the previous week and 148 more than the same period last year; the number of vessels under construction was 212, 8 less than the previous week and 73 more than the same period last year [9]. - As of August 2, except for the Suez - max tankers whose port capacity increased by 141 vessels week - on - week, the port capacities of other tanker types decreased. The number of VLCCs at ports decreased by 223 to 2193, and the number of Aframax tankers decreased by 615 to 2656 [9]. Crude Oil Shipping Data Tracking - As of August 1, 2025, the crude oil shipping volumes of the US and Saudi Arabia increased week - on - week, while those of Russia and the UAE decreased. The US crude oil weekly shipping volume increased by 20.37%, Russia's decreased by 4.83%, Saudi Arabia's increased by 28.73%, and the UAE's decreased by 4.27% [12]. - In terms of shipping tanker types: - For the US, except for a 1.82% decrease in the demand for VLCCs, the demands for Aframax and Suez - max tankers increased by 77.26% and 17.69% respectively [12]. - For Russia, the demand for Aframax tankers decreased by 12.78%, while the demand for Suez - max tankers increased by 0.05% [12]. - For Saudi Arabia, the demands for VLCCs and Aframax tankers increased by 25.6% and 54.23% respectively, and the demand for Suez - max tankers increased by 50% [12]. - For the UAE, the demands for VLCCs and Aframax tankers decreased by 16.46% and 52.25% respectively, while the demand for Suez - max tankers increased by 129.79% [12][13]. - Seasonal analysis: - For the US, the demand for Suez - max tankers was the strongest, higher than the four - year average [15]. - For Russia, the demand for Suez - max tankers was extremely strong, while the demand for Aframax tankers was lower than in previous years [18]. - For Saudi Arabia, the demands for all three types of tankers increased, with the most significant increase in the demand for Aframax tankers [20]. - For the UAE, the demand for Suez - max tankers was the strongest [25]. - The total shipping volume of other countries such as Kuwait, Iraq, Iran, Algeria, and Nigeria increased significantly, mainly due to a significant increase in Nigeria's shipping volume [28]. Crude Oil Arrivals - In the week, the crude oil arrivals in China, India, and the Netherlands all increased week - on - week. From a seasonal perspective, India's increase in crude oil arrivals was the smallest [28].

Report Industry Investment Rating - Not provided Core Viewpoints - The current decline in cotton prices is conducive to the outflow of high-premium warehouse receipts, but the expectation of tight supply and demand of cotton at the end of the domestic year remains unchanged, which may still strongly support cotton prices. In the short term, cotton prices may remain volatile. Attention should be paid to the implementation of domestic import quota policies, the speed of cotton destocking during the off-season, and the adjustment of the China-US trade agreement [4]. Summary by Relevant Catalogs Cotton Price Forecast and Risk Management Strategies - The predicted monthly price range of cotton is 13,600 - 14,400, with a current 20 - day rolling volatility of 0.0638 and a 3 - year historical percentile of 0.0713 [3]. - For inventory management with high inventory and concerns about price drops, strategies include short - selling Zhengzhou cotton futures (CF2509) at 50% hedging ratio in the range of 14,200 - 14,400 to lock in profits and offset production costs, and selling call options (CF509C14400) at 75% hedging ratio in the range of 180 - 220 to collect premiums and lock in the spot selling price if prices rise [3]. - For procurement management with low regular inventory and hopes to purchase based on orders, strategies include buying Zhengzhou cotton futures (CF2509) at 50% hedging ratio in the range of 13,600 - 13,700 to lock in procurement costs, and selling put options (CF509P13600) at 75% hedging ratio in the range of 100 - 150 to collect premiums and lock in the spot purchase price if prices fall [3]. Market Analysis Bullish Factors - Due to high tariffs, this year's cotton imports have significantly decreased, and reserve cotton has not been sold. The destocking speed of Xinjiang cotton is fast. As of July 15, the total industrial and commercial cotton inventory in the country was 3.4245 million tons, and the end - of - year supply is expected to be in a tight - balance state [5]. - Post - pricing by textile mills supports cotton prices [5]. Bearish Factors - Under the squeeze of spinning profits, the overall operating load of inland textile enterprises has further decreased, although Xinjiang textile enterprises' operation remains stable. There is still some pressure on downstream finished - product inventory despite a slight destocking recently [8]. - Xinjiang's new cotton is in the full - bloom and boll - setting stage, with a fast growth progress and good overall growth. There is an optimistic expectation for the new - year's output [8]. Market Data - Cotton and cotton yarn futures prices: Cotton 01 closed at 13,835, down 15 (-0.11%); Cotton 05 at 13,785, down 20 (-0.14%); Cotton 09 at 13,670, down 20 (-0.15%); Cotton yarn 01 at 19,765, down 25 (-0.13%); Cotton yarn 05 at 20,035, down 100% (unusual data); Cotton yarn 09 at 19,900, unchanged [7][9]. - Cotton and cotton yarn price spreads: Cotton basis was 1,521, up 33; Cotton 01 - 05 spread was 50, up 5; Cotton 05 - 09 spread was 115, unchanged; Cotton 09 - 01 spread was - 165, down 5; Cotton - yarn spread was 6,050, up 15; Domestic - foreign cotton spread was 1,698, down 50; Domestic - foreign yarn spread was - 586, down 20 [10]. - Domestic and foreign cotton price indices: CCI 3128B was 15,191, up 13 (0.09%); CCI 2227B was 13,325, up 8 (0.06%); CCI 2129B was 15,475, up 10 (0.06%); FCI Index S was 13,696, up 84 (0.62%); FCI Index M was 13,480, up 59 (0.44%); FCI Index L was 13,180, up 59 (0.45%) [11].

Report Overview - Report Title: Polypropylene Risk Management Daily Report - Report Date: August 7, 2025 - Analysts: Dai Yifan, Gu Hengye [1] Industry Investment Rating - Not provided Core Viewpoints - The recent supply-demand pattern of PP has shown limited overall changes. The supply side faces pressure from new device commissioning and the recovery of PDH profits, while the demand side remains weak, and the supply-demand imbalance cannot be fundamentally alleviated in the short term, keeping PP in a weak pattern. However, recently, due to more disturbances from macro sentiment and coking coal prices, PP has generally shown a volatile pattern [3] Summary by Directory Polypropylene Price Range Forecast - The monthly price range forecast for polypropylene is 7000 - 7200. The current 20 - day rolling volatility is 8.48%, and the historical percentile of the current volatility over 3 years is 6.7% [2] Polypropylene Hedging Strategy - **Inventory Management**: For high product inventory and concerns about price drops, shorting PP2509 futures with a 25% hedging ratio in the 7150 - 7200 range can lock in profits. Selling the PP2509C7300 call option with a 50% hedging ratio in the 10 - 50 range can collect premiums to reduce costs [2] - **Procurement Management**: For low regular procurement inventory and the need to purchase based on orders, buying PP2509 futures with a 50% hedging ratio in the 7000 - 7050 range can lock in procurement costs. Selling the PP2509P7000 put option with a 75% hedging ratio in the 10 - 50 range can collect premiums to reduce procurement costs and lock in the spot purchase price if the price drops [2] Core Contradictions - Supply - side pressure comes from new device commissioning and PDH profit recovery. Multiple devices were commissioned in the middle of the year, and two Daxie devices are expected to be commissioned in early August, increasing supply. The recovery of PDH production profits has led to the return of device operation, further intensifying supply - side pressure. Demand is weak, and there is no strong driver for demand growth [3] Bullish Factors - The "anti - involution" policy has driven up coking coal prices, providing cost support for polyolefins. Inventory is at a neutral level [4] Bearish Factors - Two Daxie devices are expected to be commissioned in early August, and multiple devices have been commissioned from June to August, significantly increasing PP production capacity. PDH profits have recovered, and marginal devices are gradually returning. Exports are seasonally weak, and the export window is currently closed [5] Polypropylene Daily Report Table - **Futures Prices and Spreads**: On August 7, 2025, the polypropylene main - contract basis was - 15 yuan/ton, with a daily change of 3 yuan/ton and a weekly change of - 7 yuan/ton. There are also detailed price and spread data for different contracts and time spreads [6][8][9] - **Spot Prices and Regional Spreads**: Spot prices in North China, East China, and South China are provided, along with regional spread data [8][9] - **Non - standard and Standard Product Spreads**: Spreads between various non - standard and standard polypropylene products are given [8][9] - **Upstream Prices and Processing Profits**: Prices of Brent crude oil, US propane, northwest coal, and East China methanol, as well as processing profits for different production methods, are presented [8][9]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - In the short - term, the asphalt supply increases due to the resumption of some refineries in Shandong, while the demand is suppressed by typhoon weather in South and East China, rainfall in North China, and the persistent shortage of funds. The overall fundamentals are weakening, and the absolute price fluctuates due to the cost of crude oil. The monthly spread, basis, and crack spread have all weakened to some extent [2]. - In the medium - to long - term, as autumn approaches, the construction conditions in the north and south will improve, and the construction will enter the peak season. The debt resolution progress of local governments in 2025 will speed up, and the funds will be alleviated. The peak season is still worth looking forward to [2]. 3. Other Key Points 3.1. Price and Volatility - The price range forecast for the asphalt main contract in August 2025 is 3400 - 3750 yuan/ton, with a current 20 - day rolling volatility of 22.30% and a 3 - year historical percentile of 8.95% [1]. 3.2. Risk Management Strategies - **Inventory Management**: For companies with high finished - product inventory, to prevent inventory losses, they can short 25% of the bu2509 asphalt futures at the price range of 3650 - 3750 yuan/ton according to their inventory [1]. - **Procurement Management**: For companies with low regular inventory and planning to purchase based on orders, to prevent the increase in procurement costs due to rising asphalt prices, they can buy 50% of the bu2509 asphalt futures at the price range of 3300 - 3400 yuan/ton to lock in procurement costs in advance [1]. 3.3. Market Data | Region | 2025 - 08 - 06 Price (yuan/ton) | 2025 - 08 - 05 Price (yuan/ton) | 2025 - 08 - 04 Price (yuan/ton) | 2025 - 07 - 30 Price (yuan/ton) | Daily Change (yuan/ton) | Weekly Change (yuan/ton) | | --- | --- | --- | --- | --- | --- | --- | | Shandong Spot | 3750 | 3770 | 3785 | 3785 | - 20 | - 35 | | Yangtze River Delta Spot | 3780 | 3780 | 3780 | 3780 | 0 | 0 | | North China Spot | 3660 | 3680 | 3700 | 3720 | - 20 | - 60 | | South China Spot | 3580 | 3580 | 3590 | 3580 | 0 | 0 | | Shandong Spot 09 Basis | 195 | 226 | 212 | 135 | - 31 | 60 | | Yangtze River Delta Spot 09 Basis | 225 | 236 | 207 | 130 | - 11 | 95 | | North China Spot 09 Basis | 105 | 136 | 127 | 70 | - 31 | 35 | | South China Spot 09 Basis | 25 | 36 | 17 | - 70 | - 11 | 95 | | Shandong Spot to Brent Crack (yuan/barrel) | 163.4285 | 166.8943 | 162.4854 | 131.7688 | - 3.4658 | 31.6597 | | Futures Main to Brent Crack (yuan/barrel) | 125.1318 | 127.7311 | 125.7482 | 108.3749 | - 2.5993 | 16.7569 | [5][8] 3.4. Market Influencing Factors - **Positive Factors**: The pressure on asphalt factory warehouses is small, and manufacturers have a basis for price support; there is a seasonal peak in demand; the operating rate is at a low level, and there is an expectation of catch - up construction in the south; the atmosphere of "anti - involution" sets off a strong expectation of capacity reduction [3][7]. - **Negative Factors**: The arrival of Venezuelan crude oil in China has increased recently; the short - term plum rain season in the south has dragged down demand; the destocking of social inventory has slowed down, and the basis has weakened; the consumption tax reform in Shandong may drive up the operating rate [7].

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - The report suggests appropriate layout of long positions as the market sentiment shows signs of warming up [1][3] Group 3: Summary by Related Catalogs 1. Market Review - Treasury bond futures opened slightly lower and then rose continuously, turning down and fluctuating lower in the afternoon, with the gains significantly narrowing at the end. The long - end was relatively weaker, the short - end contracts saw a catch - up rise, and the forward contracts continued to over - rise, narrowing the inter - period spread. The open market had 30.9 billion yuan in maturities and 13.85 billion yuan in new operations, resulting in a net withdrawal of 17.05 billion yuan. Liquidity remained abundant, with the overnight price in the inter - bank market stable at around 1.3% and GC001 at around 1.5%. The capital sentiment index showed that small and medium - sized institutions and non - banks were relatively tighter, but the pressure was not significant [1] 2. Intraday News - Starting from September 29, South Korea will implement a temporary visa - free policy for Chinese group tourists [2] - On August 5 local time, the US Defense Security Cooperation Agency announced that the US State Department approved the sale of a batch of M777 howitzers and related equipment to Ukraine, along with maintenance services and support for this weapon, with an estimated value of $104 million [2] 3. Market Sentiment Analysis - There was a rumor of large banks buying bonds in the morning, which led to a strong market. Even without the rumor and despite the significant narrowing of gains in the afternoon, the market sentiment showed signs of warming up. The bond market was relatively desensitized to the strong performance of the stock market and commodities, maintaining gains under strong risk. Funds had continuous net subscriptions, and the net subscription scale expanded today [3] 4. Data Overview - **Contract Prices and Changes**: On August 6, 2025, TS2509 was at 102.37 (up 0.018 from the previous day), TF2509 at 105.78 (up 0.025), T2509 at 108.565 (up 0.015), and TL2509 at 119.34 (down 0.04) [4] - **Contract Positions and Changes**: TS contract positions decreased by 1087 to 108,202 hands, TF contract positions decreased by 959 to 186,234 hands, T contract positions decreased by 1346 to 236,282 hands, and TL contract positions decreased by 704 to 153,142 hands [4] - **Base Spreads and Changes**: TS base spread (CTD) was 0.0136 (up 0.0213), TF base spread (CTD) was 0.0031 (up 0.002), T base spread (CTD) was 0.0147 (down 0.1037), and TL base spread (CTD) was 0.1287 (down 0.21) [4] - **Transaction Volumes and Changes**: TS main contract transactions decreased by 3357 to 27,216 hands, TF main contract transactions decreased by 5520 to 47,098 hands, T main contract transactions decreased by 5077 to 64,393 hands, and TL main contract transactions decreased by 21334 to 78,797 hands [4] - **Fund Rates and Changes**: DR001 was 1.3143% (down 0.0003), DR007 was 1.4445% (down 0.0073), and DR014 was 1.4753% (down 0.0179) [4] - **Fund Transaction Amounts**: DR001 transaction amount was 2692.65767 billion yuan, DR007 was 9.570987 billion yuan, and DR014 was 1.444292 billion yuan, with no change from the previous day [4]

新浪期货 根据交易所数据，截至8月06日收盘主力合约硅铁2509,涨跌+4.27%,成交量49.26万手，持仓数据显示前20席位呈现净 空，差额头寸为14237手。 硅铁期货全合约总计成交84.06万手，比上一日新增46.59万手。全合约前20席位多头持仓34.59万手，比上一日增加3.51万手。全合 约前20席位空头持仓37.34万手，比上一日增加2.81万手。 根据合并数据显示，多头前三席位为东证期货，总持仓47954、国泰君安，总持仓35971、中信期货，总持仓35556；空头前三席位 为东证期货，总持仓63148、中信期货，总持仓39248、国泰君安，总持仓32688； 主力合约前20席位中，多头增仓前三名分别是：海通期货、持仓3975、增仓2673，宏源期货、持仓3187、增仓1468，国泰君安、 持仓13340、增仓1396；多头减仓前三名分别是：广发期货、持仓2086、减仓-1021，中财期货、持仓2492、减仓-623，光大期 货、持仓1942、减仓-484； 主力合约前20席位中，空头增仓前三名分别是：宝城期货、持仓7286、增仓6385，山金期货、持仓5154、增仓5067，建信期货、 持 ...

2025年8月6日红枣主力合约2601持仓数据一览 | | 名次 会员名称 成交量(双边) | | 壇減 | 会员 | 持买单 | 壇減 | 会员 | 持卖单 | 增减 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | J | 国泰君安 | 23,179 | 4,943 | 国泰君安 | 6,036 | 161 | 国泰君安 | 13,159 | -1,416 | | 2 | 中信期货 | 21,913 | 1,785 | 广发期货 | 5,158 | 269 | 东证期货 | 6,551 | 221 | | 3 | 东证期货 | 13,301 | -2,391 | 方正中期 | 4,535 | 531 | 中粮期货 | 6,465 | ਦਾ | | 4 | 走闻期货 | 11,610 | 316 | 中信期货 | 4,183 | -440 | 大地期货 | 6,084 | 197 | | 5 | 王矿期货 | 7,351 | 3,945 | 东证期货 | 3,965 | 2 | 中信期货 | 5,995 | 251 | | 6 ...

南华贵金属日报: 降息预期回升 贵金属偏强 夏莹莹（投资咨询证号：Z0016569） 投资咨询业务资格:证监许可【2011】1290号 2025年8月6日 【行情回顾】 周二贵金属市场震荡回升，最终SHFE黄金2510主力合约782.5元/克，+0.26%；SHFE白银2510合约收 9075元/千克，+0.82%。近期美经济数据不佳以及政府对美联储施压等影响，美联储9月降息预期回升是价 格上涨主因。美国7月ISM非制造业PMI为50.1，低于预期51.5，和前值50.8。美国总统特朗普表示美联储主 席是政治性的，鲍威尔降息太晚；可能很快会宣布新的美联储主席。 【本周关注】 本周数据清淡。事件方面，周四03：10，2027年FOMC票委、旧金山联储主席戴利发表讲话 ；22：00， 2027年FOMC票委、亚特兰大联储主席博斯蒂克线上参加佛罗里达州首席财务官协会有关货币政策的炉边谈 话；周五22：20，2025年FOMC票委、圣路易联储主席穆萨莱姆发表讲话。 周四19：00，英国央行公布利 率决议、会议纪要和货币政策报告 。 【南华观点】 中长线或偏多，短线仍主要由多头掌握局面，伦敦金有望延续回升，支撑3340 ...

Report Basics - Report Title: Nanhua Futures Copper Risk Management Daily Report [1] - Date: August 6, 2025 [1] - Research Team: Nanhua Non - Ferrous Metals Research Team [1] Investment Rating - No investment rating for the industry is provided in the report Core Views - Copper prices were slightly stronger on Monday and Tuesday, mainly a correction of the previous decline. The price difference between LME copper and COMEX copper is basically stable, and it's hard to see LME copper price exceeding COMEX copper price in the short - term. However, there are still undercurrents in the spot market and inventory. The short - term oversold situation of COMEX copper may slightly boost the valuations of the other two copper markets. Investors should be vigilant about the negative impact of weak copper demand [3] Detailed Summaries Copper Price and Volatility - The latest copper price is 78,580 yuan/ton, with a monthly price range forecast of 73,000 - 80,000 yuan/ton. The current volatility is 11.64%, and the current volatility's historical percentile is 22.6% [2] Copper Risk Management Suggestions - **Inventory Management**: For high - level finished product inventory and fear of price decline, with a long spot exposure, it is recommended to sell 75% of the Shanghai copper main futures contract at around 82,000 yuan/ton and sell 25% of the CU2509C82000 call option when volatility is relatively stable [2] - **Raw Material Management**: For low - level raw material inventory and fear of price increase, with a short spot exposure, it is recommended to buy 75% of the Shanghai copper main futures contract at around 75,000 yuan/ton [2] Factors Affecting Copper Prices - **Likely Positive**: Agreement on tariff policies between the US and other countries, decline of the US dollar index due to employment data, and obvious lower support [4] - **Likely Negative**: Fluctuations in tariff policies, reduction of global demand due to tariff policies, and extremely high COMEX inventory caused by US copper tariff policy adjustments [4][5] Copper Futures and Spot Data - **Futures**: The latest price of Shanghai copper main contract is 78,580 yuan/ton with no daily change; Shanghai copper continuous - one contract is 78,580 yuan/ton, up 250 yuan (0.32%); Shanghai copper continuous - three contract is 78,560 yuan/ton with no daily change; LME copper 3M is 9,634.5 US dollars/ton, down 74 US dollars (- 0.76%); the Shanghai - London ratio is 8.15, down 0.01 (- 0.12%) [4] - **Spot**: The latest price of Shanghai Non - Ferrous 1 copper is 78,615 yuan/ton, up 195 yuan (0.25%); Shanghai Wumaotrade is 78,630 yuan/ton, up 285 yuan (0.36%); Guangdong Nanchu is 78,460 yuan/ton, up 290 yuan (0.37%); Yangtze Non - Ferrous is 78,790 yuan/ton, up 280 yuan (0.36%) [6] Copper Scrap - Refined Spread - The current refined - scrap spread (tax - included) is 834.04 yuan/ton, up 53.61 yuan (6.87%); the reasonable refined - scrap spread (tax - included) is 1,486 yuan/ton, up 1.6 yuan (0.11%); the price advantage (tax - included) is - 651.96 yuan/ton, up 52.01 yuan (- 7.39%) [8] Copper Warehouse Receipts and Inventory - **Shanghai Futures Exchange**: The total Shanghai copper warehouse receipts are 18,767 tons, down 1,581 tons (- 7.77%); the total international copper warehouse receipts are 1,553 tons with no change [12] - **LME**: The total LME copper inventory is 153,850 tons, up 14,275 tons (10.23%); the registered warehouse receipts are 141,850 tons, up 14,350 tons (11.25%); the cancelled warehouse receipts are 12,000 tons, down 75 tons (- 0.62%) [14] - **COMEX**: The total COMEX copper inventory is 262,190 tons, up 8,759 tons (3.46%); the registered warehouse receipts are 112,243 tons, up 2,790 tons (0%); the cancelled warehouse receipts are 149,947 tons, up 1,010 tons (0.68%) [16] Copper Import and Processing - The copper import profit and loss is - 262.02 yuan/ton, down 113.2 yuan (76.07%); the copper concentrate TC is - 42 US dollars/ton with no change [17]