Report Industry Investment Ratings No specific industry investment ratings are provided in the content. Core Views - The report provides trend outlooks for various commodities, such as gold with rising rate - cut expectations, silver in a downward - oscillating trend, and copper supported by high risk sentiment [2]. - It also presents detailed fundamental data and market news for each commodity to assist investors in making decisions. Summary of Each Commodity Precious Metals - **Gold**: Rate - cut expectations are rising. The prices of domestic and international gold contracts show different trends, and the central bank has been increasing its gold holdings for 13 consecutive months [2][6][9]. - **Silver**: It is in an oscillating decline. There are changes in the prices and trading volumes of domestic and international silver contracts, and the ETF holdings have decreased [2][6]. - **Platinum**: It continues to oscillate. The prices of different platinum contracts and related spreads have changed [26]. - **Palladium**: It fluctuates in a narrow range. The prices of different palladium contracts and related spreads have changed [26]. Base Metals - **Copper**: High risk sentiment supports the price. There are changes in the prices, trading volumes, and inventories of copper contracts, and some copper - related companies have production and export news [2][10][12]. - **Zinc**: Attention should be paid to the supply - side disturbances. The prices and trading volumes of zinc contracts have changed, and there is relevant news about the market [13][14]. - **Lead**: The decrease in inventory supports the price. The prices and trading volumes of lead contracts have changed, and there is relevant macro - economic news [16][17]. - **Tin**: There are new supply disturbances. The prices and trading volumes of tin contracts have changed, and there is relevant macro - economic news [19][21]. - **Aluminum**: The center of gravity moves up. The prices, trading volumes, and inventories of aluminum, alumina, and casting aluminum alloy contracts have changed, and there is relevant news about the market [23][25]. - **Nickel**: The structural surplus has changed, but the game contradictions remain unchanged. There are changes in the prices, trading volumes, and related industrial chain data of nickel and stainless steel contracts, and there are relevant news about the industry [30][33]. Energy and Chemicals - **Carbonate Lithium**: It oscillates weakly, and attention should be paid to the development of the Nigerian mine - shutdown event. The prices, trading volumes, and related industrial chain data of carbonate lithium contracts have changed, and there is relevant news about the industry [35][36]. - **Industrial Silicon**: Attention should be paid to the development of the Xinjiang environmental - protection event. The prices, trading volumes, and related data of industrial silicon and polysilicon contracts have changed, and there is relevant news about the industry [38][39][41]. - **Polysilicon**: It is a core target for anti - involution, and the idea of buying at low price is recommended. The prices, trading volumes, and related data of polysilicon contracts have changed, and there is relevant news about the industry [39][41]. - **Iron Ore**: The downstream demand space is limited, and the valuation is high. The prices, trading volumes, and related data of iron ore contracts have changed, and there is relevant news about the industry [42]. - **Rebar and Hot - Rolled Coil**: The market has a long - short game and wide - range oscillation. The prices, trading volumes, and related data of rebar and hot - rolled coil contracts have changed, and there is relevant news about the industry [46][47]. - **Silicon Ferrosilicon and Manganese Silicon**: Silicon ferrosilicon is affected by the factory - restart sentiment and has wide - range oscillation, while manganese silicon has a long - short sentiment game and wide - range oscillation. The prices, trading volumes, and related data of silicon ferrosilicon and manganese silicon contracts have changed, and there is relevant news about the industry [50][51][52]. - **Coke and Coking Coal**: They have wide - range oscillation. The prices, trading volumes, and related data of coke and coking coal contracts have changed, and there is relevant news about the industry [54][55]. - **Log**: It oscillates at a low level. There is relevant news about the industry [56][59]. - **Para - Xylene**: It is in a high - level oscillating market supported by cost. The prices, trading volumes, and related data of para - xylene, PTA, and MEG contracts have changed, and there is relevant news about the industry [61][63][65]. - **PTA**: It is in a unilateral high - level oscillating market. The prices, trading volumes, and related data of PTA contracts have changed, and there is relevant news about the industry [61][63][66]. - **MEG**: The price hits a new low, and the trend is weak. The prices, trading volumes, and related data of MEG contracts have changed, and there is relevant news about the industry [61][63][66]. - **Rubber**: It oscillates. The prices, trading volumes, and related data of rubber contracts have changed, and there is relevant news about the industry [67][68][70]. - **Synthetic Rubber**: It oscillates downward. The prices, trading volumes, and related data of synthetic rubber contracts have changed, and there is relevant news about the industry [71][72][73]. - **Asphalt**: The oil price rebounds, and it oscillates in a narrow range. The prices, trading volumes, and related data of asphalt contracts have changed, and there is relevant news about the industry [74][82][83]. - **LLDPE**: The basis weakens, and the upstream selling pressure continues to be released. The prices, trading volumes, and related data of LLDPE contracts have changed, and there is relevant news about the industry [84][85]. - **PP**: The medium - term trend still has pressure. The prices, trading volumes, and related data of PP contracts have changed, and there is relevant news about the industry [86][87][88]. - **Caustic Soda**: The trend still has pressure. The prices, trading volumes, and related data of caustic soda contracts have changed, and there is relevant news about the industry [90][91][92]. - **Pulp**: It oscillates. The prices, trading volumes, and related data of pulp contracts have changed, and there is relevant news about the industry [94][96][98]. - **Glass**: The price of the original sheet is stable. The prices, trading volumes, and related data of glass contracts have changed, and there is relevant news about the industry [99][100]. - **Methanol**: It runs under pressure. The prices, trading volumes, and related data of methanol contracts have changed, and there is relevant news about the industry [102][103][105]. - **Urea**: It oscillates downward. The prices, trading volumes, and related data of urea contracts have changed, and there is relevant news about the industry [107][108][110]. - **Styrene**: It oscillates in the short term. The prices, trading volumes, and related data of styrene contracts have changed, and there is relevant news about the industry [111][112]. - **Soda Ash**: The spot market has little change. The prices, trading volumes, and related data of soda ash contracts have changed, and there is relevant news about the industry [114]. - **LPG**: The short - term demand is strong, but the medium - and long - term is still under pressure. The prices, trading volumes, and related data of LPG and propylene contracts have changed, and there is relevant news about the industry [116][120][121]. - **Propylene**: There is an expected increase in supply, and the upward driving force is limited. The prices, trading volumes, and related data of propylene contracts have changed, and there is relevant news about the industry [116][120][121]. - **PVC**: It oscillates at a low level. The prices, trading volumes, and related data of PVC contracts have changed, and there is relevant news about the industry [124][125][126]. - **Fuel Oil**: It oscillates in a narrow range and may temporarily get rid of the weak trend. The prices, trading volumes, and related data of fuel oil and low - sulfur fuel oil contracts have changed, and there is relevant news about the industry [127]. - **Low - Sulfur Fuel Oil**: It rebounds at night, and the spread between high - and low - sulfur in the overseas spot market continues to narrow. The prices, trading volumes, and related data of low - sulfur fuel oil contracts have changed, and there is relevant news about the industry [127]. Agricultural Products - **Container Shipping Index (European Line)**: It is in an oscillating market. The prices, trading volumes, and related data of container shipping index contracts have changed, and there is relevant news about the industry [129][138][139]. - **Short - Fiber and Bottle Chip**: They have medium - term pressure, and it is recommended to reduce the processing margin when the price is high. The prices, trading volumes, and related data of short - fiber and bottle - chip contracts have changed, and there is relevant news about the industry [140][141]. - **Offset Printing Paper**: It is recommended to wait and see. The prices, trading volumes, and related data of offset printing paper contracts have changed, and there is relevant news about the industry [143][144][146]. - **Pure Benzene**: It oscillates in the short term. The prices, trading volumes, and related data of pure benzene contracts have changed, and there is relevant news about the industry [148][149]. - **Palm Oil**: Wait for the confirmation of the inflection point and conduct range trading temporarily. The prices, trading volumes, and related data of palm oil, soybean oil, and rapeseed oil contracts have changed, and there is relevant news about the industry [151][152][158]. - **Soybean Oil**: Driven by US soybeans is insufficient, and it oscillates. The prices, trading volumes, and related data of soybean oil contracts have changed, and there is relevant news about the industry [151][152][158]. - **Soybean Meal**: US soybeans close down, and Dalian soybean meal may follow a weak oscillation. The prices, trading volumes, and related data of soybean meal and soybean contracts have changed, and there is relevant news about the industry [160][161][163]. - **Soybean**: The market oscillates. The prices, trading volumes, and related data of soybean contracts have changed, and there is relevant news about the industry [160][161][163]. - **Corn**: Pay attention to the spot market. The prices, trading volumes, and related data of corn contracts have changed, and there is relevant news about the industry [164][165][167]. - **Sugar**: It runs weakly. The prices, trading volumes, and related data of sugar contracts have changed, and there is relevant news about the industry [168][169][171]. - **Cotton**: The upward trend slows down, and attention should be paid to downstream demand. The prices, trading volumes, and related data of cotton contracts have changed, and there is relevant news about the industry [173][174][176]. - **Egg**: The spot market oscillates. The prices, trading volumes, and related data of egg contracts have changed, and there is relevant news about the industry [177]. - **Live Pig**: The weakness continues, and the basis logic returns. The prices, trading volumes, and related data of live - pig contracts have changed, and there is relevant news about the industry [179][180][181]. - **Peanut**: Pay attention to the purchase of oil mills. The prices, trading volumes, and related data of peanut contracts have changed, and there is relevant news about the industry [183][184][187].

铜周报：交割风险提高，铜价再创新高 研究员： 王伟 期货从业证号：F03143400 投资咨询资格证号：Z0022141 目录 第一章 综合分析及交易策略 2 第二章 内外盘价格走势 4 第三章 铜基本面分析及周度数据跟踪 5 GALAXY FUTURES 1 综合分析及操作策略 n 宏观面 日本央行行长强烈暗示12月加息，希望将利率提高至0.75，日本股债双杀，但日本十年期国债拍卖成为周二市场企稳的关键。特朗普暗示美联储主席人选为哈塞特，同时，美 国11月adp就业数据减少3.2万人，在此加强了劳动力市场进一步疲软的叙事，12月降息基本确认。 n 铜矿 n 废铜 n 精铜 11月SMM中国电解铜产量环比增加1.15万吨，环比增幅百分之1.05，同比增幅百分之9.75。一到11月累计，产量同比增加128.94万吨，增幅为百分之11.76。Smm预计12 月电解铜环比上升6.57万吨。 从终端来看，国内需求边际走弱，房地产继续拖累市场，光伏、空调排产出现大幅下滑，后期市场主要支撑来源于两网订单、汽车、储能电池，下游对高价接受度不足，价格 突破9万/吨以后，下游消费明显减弱，但临近年底，部分贸易商需完成年度任务或 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the outlook for the non-ferrous metals industry in 2026, predicting a vibrant year with strong performance expected, likely not inferior to 2025. The macroeconomic environment is favorable, with the US economy projected to experience GDP growth and continued liquidity easing, including potential interest rate cuts and expansive fiscal policies. The global manufacturing PMI has rebounded above 50, indicating a positive trend in manufacturing [2][4] Key Insights and Arguments - **Macroeconomic Conditions**: The US is expected to implement two to three interest rate cuts in 2026, with high deficits and loose fiscal policies likely to persist in the short term. This environment is beneficial for most commodities, especially those without severe supply-side excesses [4] - **China's Economic Outlook**: China's export pressures are expected to ease, with a gradual convergence in the real estate market's downward trend. Domestic liquidity is anticipated to align with global trends, creating a favorable environment for commodities, particularly those with supply-side constraints [5] - **Gold Market**: The marginal pricing of gold is changing, with central banks increasing their gold reserves, currently at about 20% of total reserves, which is below the historical median. Gold prices are expected to maintain a stable or upward trend, potentially exceeding $4,800 in 2026 [7] - **Aluminum Market**: Global electrolytic aluminum production is projected to increase by approximately 1.2 million tons in 2026, with demand growth outpacing supply growth. This is expected to lead to further price increases due to low inventory levels [8][9] - **Copper Market**: The global copper supply is expected to increase by about 600,000 tons in 2026, with demand growth projected at 2.7%. Copper prices are anticipated to exceed $12,000, with potential to reach $13,000, driven by low inventory and strong demand [10][11] Additional Important Content - **Steel Industry Dynamics**: The construction sector's demand for steel has decreased, but export demand remains strong. Overall steel demand is expected to be neutral, with a potential slight decline or increase depending on market conditions. The iron ore price is projected to average above $90 per ton, with a slow downward trend [12] - **Investment Strategies**: For the steel sector, it is recommended to focus on leading companies with low valuations and good profitability, while the aluminum sector is seen as undervalued but with high dividend yields. Both sectors are considered worthy of investment [14] - **Concerns about Substitute Materials**: The potential for substitutes like aluminum replacing copper is deemed overstated, as technological advancements and industry standards make such transitions difficult. The market is showing increased interest in non-ferrous metals, indicating a positive outlook for related stocks [13] This summary encapsulates the key points discussed in the conference call, providing insights into the non-ferrous metals industry and its future outlook.

Core Viewpoint - The report from CITIC Securities highlights the increasing investment value of strategic mineral resources due to heightened global macroeconomic and geopolitical uncertainties, emphasizing the clear long-term allocation logic for copper, aluminum, and gold based on current supply-demand dynamics, policy directions, and industry trends [1] Group 1: Copper - Supply-side constraints are intensifying, with global copper supply disruptions occurring frequently, such as Codelco's significant price increase for long-term contracts and accidents at major mines tightening supply [2] - Structural growth in demand is driven by the green economy and AI infrastructure, with increasing copper demand from solar, wind, and electric vehicle sectors, supported by traditional demand resilience from aging infrastructure [2] - Positive macro and policy factors include rising probabilities of interest rate cuts by the Federal Reserve, a weaker dollar alleviating pressure on copper prices, and domestic policies promoting industry upgrades and limiting new capacity [2] Group 2: Aluminum - Supply constraints are reinforced by a domestic production cap of 45 million tons per year and risks from overseas production, such as potential reductions in French and Icelandic aluminum plants due to high energy costs [2] - Demand is driven by explosive growth in the new energy sector, with increased aluminum usage in electric vehicles and photovoltaic applications, alongside resilient traditional demand from grid investments [2] - Policy and liquidity factors are favorable, with government plans targeting a 30% clean energy usage by 2027 and an increase in recycled aluminum production, alongside enhanced financial attributes for aluminum prices due to expected interest rate cuts [2] Group 3: Gold - The financial attributes of gold are strengthening, with over 80% probability of interest rate cuts by the Federal Reserve and a decline in the dollar index, enhancing gold's appeal as a hedge against risks and inflation [3] - Positive policy and funding conditions include new tax policies favoring investment-grade gold products and ongoing purchases by the central bank, which has increased its gold reserves to 7.409 million ounces [3] - The demand for gold is bolstered by its scarcity and the ongoing geopolitical tensions, which elevate risk-averse sentiments among investors [3]

Group 1 - The core viewpoint is that global copper supply shortages and regional imbalances in refined copper supply are expected to drive copper prices higher, with a recommendation to focus on leading domestic copper mining companies [1] - The global copper mine production forecast for 2025 has been continuously revised down from an initial expectation of over 700,000 tons to nearly no increase, with only about 500,000 tons expected for 2026 [1][3] - The LME copper registered warehouse receipts decreased by 32.3% year-on-year to 105,275 tons, while canceled warehouse receipts surged by 802.78% year-on-year to 56,875 tons, indicating a significant increase in demand [1] Group 2 - The expectation of increased tariffs on U.S. copper imports has led to regional supply imbalances, with U.S. copper prices significantly higher than other regions, causing a "siphoning effect" that may lead to shortages in non-U.S. areas by 2026 [2] - Codelco has raised its refined copper supply premiums for 2026 significantly, with prices to China up by 275% to $335-350 per ton, reflecting tight supply expectations [2] - The ongoing supply tightness at the mining level is expected to exacerbate the competition for copper concentrate between domestic and overseas smelting capacities, potentially leading to a significant drop in processing fees [3] Group 3 - The tightening supply of copper ore is expected to continue, with a projected increase in the global copper deficit by 2026, as domestic smelting companies may reduce production to improve their negotiating position [3] - The competition for scrap copper has intensified, but high costs and policy uncertainties have led to a significant drop in China's imports of scrap copper from the U.S. by 62% year-on-year [4] - The macroeconomic outlook is improving, with expectations of marginal liquidity easing and increased demand from energy transition and AI infrastructure projects, which could provide additional copper demand [5][6]

Group 1: Securities Industry Overview - As of September 2025, the total assets, net assets, and net capital of the securities industry are projected to reach 14.51 trillion yuan, 3.27 trillion yuan, and 2.39 trillion yuan respectively, showing significant growth compared to 2021 [2] - The cumulative operating income of the entire industry is expected to exceed 2 trillion yuan, with cumulative net profit surpassing 800 billion yuan [2] - The asset management business scale of the securities industry is anticipated to exceed 9 trillion yuan, and the scale of financial products sold is expected to exceed 4 trillion yuan, reflecting a growth of over 50% since the end of 2021 [2] Group 2: Fund Management Regulations - The draft guidelines for performance assessment of fund management companies have been released, emphasizing performance evaluation and linking various indicators to profitability [3] - Regulatory requirements mandate that senior executives and fund managers increase their investment in their own funds, with at least 30% of their annual performance compensation tied to the purchase of their company's funds [3] - Fund managers' performance compensation will be closely linked to fund performance, with significant reductions in compensation for those whose products underperform benchmarks by over 10 percentage points and have negative profit margins [3] Group 3: Market Trends and Projections - The Chinese cultivated diamond market is expected to exceed 100 billion yuan by 2030, with China currently holding about 63% of the global production capacity [4] - The global first panoramic drone, Yingling A1, recorded over 200 million yuan in sales on its first day, topping sales charts across multiple platforms [5] - OpenAI plans to respond to Google's Gemini 3 with the upcoming release of GPT-5.2, which is now expected to launch on December 9, ahead of its original schedule [6] Group 4: Commodities and Economic Indicators - Citic Securities indicates that the copper price is expected to gradually rise to 12,000 USD/ton by 2028, driven by a weak dollar and strategic importance in global supply chains [7] - The Ministry of Transport and the Ministry of Culture and Tourism have introduced measures to enhance cruise transportation and tourism services [8] - The Ministry of Industry and Information Technology plans to establish a standardization committee for quantum information, focusing on key areas such as quantum computing and communication [10] Group 5: Investment Opportunities - The silver market has seen significant growth, with silver prices reaching historical highs, making it an attractive investment for retail investors [10] - There has been a notable increase in state-owned enterprise mergers and acquisitions, with 265 events reported from January to November, reflecting a 14.22% year-on-year growth [11] - Recent inflation data in the U.S. supports the likelihood of the Federal Reserve lowering interest rates, which could positively impact the stock market [12]

Market Overview - The A-share market experienced a slight rebound last week, with major indices showing a small increase in trading volume, and the 每经品牌100 index rising by 1.10% [1][2] - As of December 5, the Shanghai Composite Index rose by 0.37%, the Shenzhen Component Index by 1.26%, and the ChiNext Index by 1.86%, while the Sci-Tech 50 Index fell by 0.08% [2] - Notable stocks such as Jiangxi Copper, China National Heavy Duty Truck Group, and BOE Technology Group saw weekly gains exceeding 10% [2] Policy Impact - The upcoming important policy window is expected to influence market trends, with regulatory adjustments aimed at increasing insurance capital market participation [2] - The China Securities Regulatory Commission (CSRC) has proposed measures to enhance the inclusivity and adaptability of capital market systems [2] Stock Performance - Jiangxi Copper's stock surged by 15.74% due to rising copper prices, while BOE Technology and TCL Electronics benefited from the anticipation of the 2026 FIFA World Cup, with gains of 10.36% and 8.51% respectively [3] - The market is expected to see increased demand for IT and TV products driven by the World Cup and a shift in consumer purchasing patterns [3] BOE Technology's Strategic Initiatives - BOE Technology held a media event focusing on its advancements in display technology and future industry outlook, emphasizing its commitment to innovation and quality [4] - The company is diversifying into perovskite solar technology, which is seen as a key growth area, with the establishment of Hefei BOE Energy Technology Co., Ltd. dedicated to this field [5][6] - BOE's long-standing expertise in glass processing and manufacturing is expected to accelerate the development and production of perovskite solar cells [6] Future Outlook - Analysts suggest that if future policies exceed expectations, the market may experience a significant rebound [3] - The upcoming peak demand period before the 2026 Spring Festival and the World Cup is anticipated to drive substantial sales in consumer electronics, particularly large-screen TVs [3]

Group 1 - Copper prices have recently reached record highs, with LME copper closing at $11,665.0 per ton on December 5, up 32.84% from $8,781.5 per ton at the end of last year [1] - The increase in copper prices is driven by tight supply and growing demand, with concerns over supply shortages due to a 10% reduction in mining capacity signals from China's copper raw material negotiation group [1] - External factors such as the Federal Reserve's interest rate cuts and the strategic importance of copper in global supply chains are also supporting the price increase [1] Group 2 - Short-term outlook indicates that low inventory levels and high cancellation of warehouse receipts will support continued price increases, while medium-term factors include the recovery of demand and production resumption in regions like Chile [2] - Long-term demand for copper is expected to remain strong due to the growth in renewable energy and artificial intelligence computing needs, maintaining a tight supply-demand balance [2] - Companies like Zijin Mining Group have reported significant revenue growth, with a 10.33% increase in revenue to 254.2 billion yuan and a 55.45% increase in net profit to 37.864 billion yuan in the first three quarters of 2025 [2][3] Group 3 - Zijin Mining has positioned itself among the top global copper producers through strategic acquisitions and resource integration, with a key project expected to enhance copper supply capacity by the end of 2025 [3] - Downstream companies are facing cost pressures due to rising copper prices, with some reporting declines in revenue and net profit as a result of increased raw material costs [3] - Companies are implementing measures such as technological upgrades and pricing mechanisms linked to copper prices to mitigate the impact of raw material price fluctuations [3]

Group 1 - The global copper market is experiencing unprecedented price surges, with LME and SHFE copper futures prices hitting historical records, and the domestic copper price surpassing 93,000 yuan/ton, reflecting a weekly increase of 6.12% [1] - Concerns over global copper supply availability are driving the price increase, with LME Asian warehouse cancellations reaching 50,700 tons, the highest in over a decade, tightening already low global inventories [1] - LME inventory has fallen below the critical threshold of 100,000 tons, while domestic social inventory is at historically low levels, leading to heightened market sensitivity to supply disruptions [1] Group 2 - Cross-market arbitrage trading is a significant factor in driving up copper prices, as funds are moving copper from LME to US warehouses, increasing supply pressure in non-US regions, particularly Asia [3] - Major institutions are raising their copper price forecasts, with Citigroup projecting prices to reach $15,000/ton in an optimistic scenario, while domestic brokerages like CITIC Securities expect LME copper prices to exceed $12,000/ton [3][4] - Analysts attribute the strong price increase to multiple factors, including insufficient mining capital expenditure leading to limited new projects, declining ore grades, and rising extraction costs, alongside robust demand from energy transition and emerging technologies [4]

Report Overview - Report Title: Copper Weekly Report - Date: December 5, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) 1. Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Copper prices are expected to fluctuate strongly in the short term, but there is a risk of a high - level correction. Supply shortages and macro - economic positives support prices, but high prices suppress actual demand. Attention should be paid to the battle at the 90,000 yuan/ton mark [4][5] - Fundamental factors include a significant outflow of copper inventory from LME Asian warehouses and US stockpiling needs, which exacerbate regional shortages and push up prices; the probability of the Fed cutting interest rates in December has risen to 87%, with a weaker US dollar and expectations of loose liquidity supporting the financial attributes of copper prices; domestic electrolytic copper social inventory has increased, downstream buyers show obvious high - price aversion, with weak restocking willingness and light spot transactions; refined copper processing fees fluctuate at a low level, and rising costs are expected to lead to a decline in the operating rates of copper rod and strip enterprises, dragging down demand [4] 3. Summary by Directory 3.1 Copper Futures Market Data (Weekly) - **Prices and Changes**: - The latest price of SHFE Copper Main Contract is 92,780 yuan/ton, with a weekly increase of 6.12% - The latest price of SHFE Copper Index - weighted is 92,725 yuan/ton, with a weekly increase of 6.12% - The latest price of International Copper is 83,390 yuan/ton, with a weekly increase of 5.87% - The latest price of LME Copper 3 - month is 11,434 US dollars/ton, with a weekly increase of 4.61% - The latest price of COMEX Copper is 536.2 US dollars, with a weekly increase of 3.86% [6] - **Positions and Changes**: - The position of SHFE Copper Main Contract is 236,494 lots, with a weekly increase of 18,237 lots - The position of SHFE Copper Index - weighted is 653,661 lots, with a weekly increase of 107,150 lots - The position of International Copper is 5,499 lots, with a weekly increase of 4,210 lots - The position of LME Copper 3 - month is 239,014 lots, with a weekly decrease of 38,282 lots - The position of COMEX Copper is 141,978 lots, with a weekly increase of 7,685 lots [6] - **Trading Volume**: - The trading volume of SHFE Copper Main Contract is 188,062 lots - The trading volume of SHFE Copper Index - weighted is 402,980 lots - The trading volume of International Copper is 11,403 lots - The trading volume of LME Copper 3 - month is 24,540 lots - The trading volume of COMEX Copper is 42,574 lots [6] 3.2 Copper Spot Market Data (Weekly) - **Spot Prices**: - The latest price of Shanghai Non - Ferrous 1 Copper is 91,585 yuan/ton, with a weekly increase of 4,185 yuan and a weekly increase rate of 4.79% - The latest price of Shanghai Wumaotrade is 91,400 yuan/ton, with a weekly increase of 4,040 yuan and a weekly increase rate of 4.62% - The latest price of Guangdong Southern Reserve is 91,370 yuan/ton, with a weekly increase of 3,980 yuan and a weekly increase rate of 4.55% - The latest price of Yangtze Non - Ferrous is 91,540 yuan/ton, with a weekly increase of 4,100 yuan and a weekly increase rate of 4.69% [10][11] - **Spot Premiums**: - Shanghai Non - Ferrous premium is 170 yuan/ton, with a weekly increase of 60 yuan and a weekly increase rate of 54.55% - Shanghai Wumaotrade premium is 110 yuan/ton, with a weekly increase of 45 yuan and a weekly increase rate of 69.23% - Guangdong Southern Reserve premium is 140 yuan/ton, with a weekly increase of 35 yuan and a weekly increase rate of 33.33% - Yangtze Non - Ferrous premium is 155 yuan/ton, with a weekly increase of 40 yuan and a weekly increase rate of 34.78% - LME Copper (spot/3 - month) premium is 50.44 US dollars/ton, with a weekly increase of 33.88 US dollars and a weekly increase rate of 204.59% - LME Copper (3 - month/15 - month) premium is 234.51 US dollars/ton, with a weekly increase of 68.26 US dollars and a weekly increase rate of 41.06% [11] 3.3 Copper Advanced Data (Weekly) - **Copper Import Profit and Loss**: The latest value is - 1,227.97 yuan/ton, with a weekly decrease of 367.03 yuan and a weekly decrease rate of 42.63% [12] - **Copper Concentrate TC**: The latest value is - 42.7 US dollars/ton, with a weekly decrease of 0.55 US dollars and a weekly decrease rate of 1.3% [12] - **Copper - Aluminum Ratio**: The latest value is 4.1251, with a weekly increase of 0.0734 and a weekly increase rate of 1.81% [12] - **Refined - Scrap Copper Price Difference**: The latest value is 5,510.64 yuan/ton, with a weekly increase of 1,966.81 yuan and a weekly increase rate of 55.5% [12] 3.4 Copper Inventory (Weekly) - **Warehouse Receipts and Inventories in China**: - SHFE Copper warehouse receipts total 30,936 tons, with a weekly decrease of 4,308 tons and a weekly decrease rate of - 12.22% - International Copper warehouse receipts total 4,929 tons, with a weekly decrease of 573 tons and a weekly decrease rate of - 10.41% - SHFE Copper inventory is 88,905 tons, with a weekly decrease of 9,025 tons and a weekly decrease rate of - 9.22% [18] - **LME Copper Inventory**: - LME Copper registered warehouse receipts are 98,500 tons, with a weekly decrease of 52,600 tons and a weekly decrease rate of - 34.81% - LME Copper cancelled warehouse receipts are 64,325 tons, with a weekly increase of 58,250 tons and a weekly increase rate of 958.85% - LME Copper inventory is 162,825 tons, with a weekly increase of 5,650 tons and a weekly increase rate of 3.59% [18][20] - **COMEX Copper Inventory**: - COMEX Copper registered warehouse receipts are 251,509 tons, with a weekly increase of 57,173 tons and a weekly increase rate of 29.42% - COMEX Copper unregistered warehouse receipts are 184,322 tons, with a weekly decrease of 39,008 tons and a weekly decrease rate of - 17.47% - COMEX Copper inventory is 435,831 tons, with a weekly increase of 18,165 tons and a weekly increase rate of 4.35% [20] - **Other Inventories**: - Copper mine port inventory is 67.4 million tons, with a weekly increase of 7.8 million tons and a weekly increase rate of 13.09% - Social inventory is 41.82 million tons, with a weekly increase of 0.43 million tons and a weekly increase rate of 1.04% [20] 3.5 Copper Mid - stream Production (Monthly) - **Refined Copper Production**: In October 2025, the monthly production was 1.204 million tons, a year - on - year increase of 8.9%. The cumulative production from January to October was 12.295 million tons, a year - on - year increase of 9.7% [23] - **Copper Products Production**: In October 2025, the monthly production was 2.004 million tons, a year - on - year decrease of 3.3%. The cumulative production from January to October was 20.124 million tons, a year - on - year increase of 5.9% [23] 3.6 Copper Mid - stream Capacity Utilization (Monthly) - **Copper Rod Capacity Utilization**: - The capacity utilization rate of refined copper rods in October 2025 was 56.2%, with a month - on - month decrease of 9.03% and a year - on - year decrease of 5.35% - The capacity utilization rate of scrap copper rods in October 2025 was 24.11%, with a month - on - month decrease of 1.26% and a year - on - year decrease of 1.69% [25] - **Copper Plate and Strip Capacity Utilization**: The capacity utilization rate of copper plates and strips in October 2025 was 63.84%, with a month - on - month decrease of 2.4% and a year - on - year decrease of 8.4% [25] - **Copper Bar Capacity Utilization**: The capacity utilization rate of copper bars in October 2025 was 50.13%, with a month - on - month decrease of 0.77% and a year - on - year increase of 0.1% [25] - **Copper Tube Capacity Utilization**: The capacity utilization rate of copper tubes in October 2025 was 52.57%, with a month - on - month decrease of 6.87% and a year - on - year decrease of 15.63% [25] 3.7 Copper Element Imports (Monthly) - **Copper Concentrate Imports**: In October 2025, the monthly import volume was 2.451487 million tons, a year - on - year increase of 6%. The cumulative import volume from January to October was 25.098307 million tons, a year - on - year increase of 8% [28] - **Anode Copper Imports**: In October 2025, the monthly import volume was 55,239 tons, a year - on - year decrease of 8%. The cumulative import volume from January to October was 633,067 tons, a year - on - year decrease of 15% [28] - **Cathode Copper Imports**: In October 2025, the monthly import volume was 279,944 tons, a year - on - year decrease of 22%. The cumulative import volume from January to October was 2,817,921 tons, a year - on - year decrease of 6% [28] - **Scrap Copper Imports**: In October 2025, the monthly import volume was 196,607 tons, a year - on - year increase of 7%. The cumulative import volume from January to October was 1,895,530 tons, a year - on - year increase of 2% [28] - **Copper Products Imports**: In October 2025, the monthly import volume was 440,000 tons, a year - on - year decrease of 13.5%. The cumulative import volume from January to October was 4,460,000 tons, a year - on - year decrease of 3.1% [28]