Group 1: Report Industry Investment Rating - Copper investment rating: Cautiously bullish [6] - Arbitrage investment rating: On hold [6] - Option investment rating: short put @ 77,000 yuan/ton [6] Group 2: Core Viewpoints - This week, domestic long - term contract prices are still under negotiation, and the spot TC price remains low. Downstream refined copper rod enterprises report a continuous decline in orders, and future demand outlook is highly uncertain. However, due to complex geopolitical factors and continuous pressure on the Fed to cut interest rates, the quasi - precious metal attribute of copper may benefit. It is recommended to mainly conduct buy - hedging on dips in the range of 77,000 - 77,500 yuan/ton [6] Group 3: Summary by Related Catalogs 1. Market News and Important Data 1.1 Futures Quotes - On June 16, 2025, the opening price of the main Shanghai copper contract was 77,910 yuan/ton, and the closing price was 78,550 yuan/ton, a 0.69% increase from the previous trading day's close. The opening price of the night - session was 78,640 yuan/ton, and the closing price was 78,650 yuan/ton, a 0.45% increase from the afternoon close of the previous day [1] 1.2 Spot Situation - According to SMM, in the morning, the offer of iron peak copper with a premium of about 200 yuan/ton was quickly snapped up. Subsequently, the premium of market supplies was 230 - 280 yuan/ton. The supply of high - quality copper remained tight with a premium of 330 - 350 yuan/ton. The premium of BMK, BOR, etc. was 160 - 180 yuan/ton. Due to the contract change, most holders were reluctant to sell at low prices. Thousands of tons of Russian copper arrived over the weekend, with a premium of 100 - 120 yuan/ton for transactions. It is expected that today's spot premium will start above 200 yuan/ton [2] 1.3 Important Information Summary - **Macro and Geopolitical Aspects**: According to the Wall Street Journal, Iranian officials signaled their intention to end hostilities and resume nuclear - project negotiations. They are willing to return to the negotiation table as long as the US does not join the air strikes. The weekend's geopolitical conflicts did not affect the transportation in the Strait of Hormuz, the crude oil price did not rise further, and the Fed's attitude towards interest - rate cuts remained cautious, with the US dollar gradually stabilizing [3] - **Domestic Aspects**: In May, the added value of large - scale industries increased by 5.8% year - on - year and 0.61% month - on - month. From January to May, it increased by 6.3% year - on - year [3] 1.4 Mining End - The open - pit mining project of the Canon Copper Mine of Vientiane Mining, a subsidiary of Chifeng Jilong Gold Mining Co., Ltd., officially started. It is the first large - scale copper project restarted since 2021, marking Vientiane Mining's return to the "gold - copper parallel" era. After the project is put into production, it will become another important profit point [4] 1.5 Smelting and Import - According to Mysteel, the spot trading volume of electrolytic copper of 53 domestic trading enterprises was 2.18 million tons, a decrease of 0.30 million tons or 12% from the previous trading day. The trading volume decreased, the market quotes varied on the delivery day, and the downstream's purchasing sentiment was low, and the trading activities of trading enterprises also declined [4] 1.6 Consumption - According to Mysteel, the order volume of 31 domestic copper rod production enterprises was 1.08 million tons, a decrease of 1.36 million tons or 55.77% from the previous trading day. Among them, the order volume of refined copper rods was 0.81 million tons, a decrease of 1.39 million tons or 63.29%, and the order volume of recycled copper rods was 0.27 million tons, an increase of 0.03 million tons or 14.24% [5] 1.7 Inventory and Warehouse Receipts - LME warehouse receipts decreased by 7,150 tons to 107,325 tons. SHFE warehouse receipts increased by 10,782 tons to 47,051 tons. On June 16, the domestic spot inventory of electrolytic copper was 14.77 million tons, an increase of 0.29 million tons from the previous week [5] 2. Strategy - **Copper**: It is recommended to conduct buy - hedging on dips in the range of 77,000 - 77,500 yuan/ton [6] - **Arbitrage**: On hold [6] - **Option**: short put @ 77,000 yuan/ton [6]

1. Report Industry Investment Rating - Copper is rated as "High-level consolidation, bearish in the future" [1] - The recommended strategy is to "Wait and see for now, and short later" [2][3] 2. Core View of the Report - The market is trading the weakening of the US economy, with signs of economic decline emerging. Although the copper fundamentals currently have some support, they are showing signs of weakening. The market's trading logic has changed again, and concerns about overseas miners suppressing long-term processing fees are relatively strong, reinforcing the long position's bet on copper shortage. In the short term, the downside space for copper prices may be limited, and they are expected to remain at a high level. However, due to weakening demand and lack of macro confidence, it is difficult for copper prices to continue rising [2] 3. Summary by Relevant Catalogs Macro and Industry News - The open-pit mining project of the Canon Copper Mine of WANXIANG MINING CO., LTD., a subsidiary of Chifeng Jilong Gold Mining Co., Ltd., has officially started. This is the first large-scale copper mine project restarted since the suspension of copper mining in 2021, marking that WANXIANG MINING has entered the era of "simultaneous development of gold and copper" again. After the project is put into production, it will become another important profit growth point for WANXIANG MINING [2] Variety Logic Macro Perspective - The US CPI data is lower than market expectations, and the market starts to trade the weakening of the US economy. In terms of non-farm employment, although it is higher than the Bloomberg consensus forecast, the short-term employment diffusion index has declined, indicating that although the employment market is still strong at present, there is a high risk of decline in the future. At the same time, the revised US GDP still shows negative growth, and overall, the economic weakening has begun to emerge [2] Fundamentals - **Supply Side**: The import copper concentrate processing fee of smelters is -$43.91 per dry ton, and the spot processing fee has stabilized but is still in a deep inversion state. Overseas miners are seeking to negotiate with Chinese smelters to lower the long-term processing fee, and smelters are under great pressure. Attention should be paid to whether there will be production cut actions in the future [2] - **Demand Side**: The production of copper rods, copper tubes, etc. has reached the high level of the same period in previous years, but the downstream is gradually entering the off-season [2] Strategy Recommendation - Temporarily wait and see, and short copper later [2][3]

今天在提价刺激下，稀土股集体走强，截至下午收盘，奔朗新材涨超11%，广晟有色涨停。 公司历史可追溯至2010年，当时袁荣成立金浔股份，并开始从事有色金属业务。2016年其首家境外附属公司荣兴投资 在赞比亚注册成立。2017年公司在新三板挂牌并随后入选新三板创新层挂牌公司之一，同时在赞比亚的铜精矿浮选厂 投产。 金浔股份起初从事有色金属贸易，积累行业经验后，分别在2017年、2023年开始在赞比亚及刚果（金）开展铜的本地 化加工及冶炼业务，并逐步发展成当前集矿物加工、冶炼及有色金属贸易为一体的业务模式。 1 80后云南昆明创业赴港IPO，上市前多次派息 近期，稀土出口问题引发关注。有美国媒体称，在伦敦最新一轮中美高层贸易谈判结束后，中国同意暂时恢复对美国 汽车制造商及其他产业的稀土出口许可，但仅限六个月有效。近日，中国商务部称已依法批准一定数量的稀土相关物 项出口许可合规申请。 金浔股份总部在云南省昆明市高新区，作为省会城市，昆明是云南省上市公司最多的城市。如果金浔股份能顺利在港 股上市，那么昆明又将增加一家上市公司。 稀土在电子、新能源、新材料等高新技术领域有着不可替代的作用。稀土、铜、锌、铝等矿产资源的开发 ...

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - For financial futures and options, the overall market is affected by overseas and domestic factors. The stock index futures are expected to continue adjusting in the short - term and move in a range in the medium - term, while the bond futures are expected to be strong in the medium - term [1][2]. - For commodity futures and options, different varieties in the metal and new energy materials sector have different trends. Copper is expected to move in a range, while industrial silicon, polycrystalline silicon, and lithium carbonate are expected to be weak [4][6][8][11]. 3. Summary by Related Catalogs Financial Futures and Options Stock Index Futures - **Varieties**: IF, IH, IC, IM [1] - **Intraday View**: Continued adjustment [1] - **Medium - term View**: Range - bound, with the Shanghai and Shenzhen 300 Index operating in the range of [3800, 3950] [1] - **Reference Strategy**: Hold the sold MO2506 - P - 5800 out - of - the - money put option, and short - sell IM2506 on rallies [1] - **Core Logic**: Overseas, the initial Sino - US trade agreement and the Middle East conflict have mixed impacts; domestically, the fundamental data is weak, and the market lacks a continuous upward main line [1] Bond Futures - **Varieties**: TS, TF, T, TL [2] - **Intraday View**: Short - term bonds fluctuate narrowly, and long - term bonds are strong [2] - **Medium - term View**: Strong [2] - **Reference Strategy**: Hold long positions in T2509 or TL2509 [2] - **Core Logic**: Overseas, the Middle East conflict boosts the domestic bond market; in terms of funds, the central bank's operation is beneficial to long - term bonds; fundamentally, the financial data and price levels support the loose expectation [3] Commodity Futures and Options Metal and New Energy Materials Sector - Copper - **Intraday View**: 78000 - 79100 [4] - **Medium - term View**: 60000 - 90000 [4] - **Reference Strategy**: Adopt a shock - operation strategy [4] - **Core Logic**: Macroscopically, the Israel - Iran conflict affects the market; in terms of supply, the production plan of a copper mine is reduced, while Yunnan Copper's production increases; in terms of demand, the wire and cable and copper rod industries have different trends; in terms of inventory, LME and SHFE have different inventory changes. The Sino - US tariff negotiation results are crucial for the future copper price [4][5] Metal and New Energy Materials Sector - Industrial Silicon - **Intraday View**: Weak operation in the range of 7300 - 7400 [6] - **Medium - term View**: Under pressure in the range of 7000 - 8500 [6] - **Reference Strategy**: Sell SI2507 - C - 9000 and short - sell futures [6] - **Core Logic**: Both supply and demand have decreased, and the inventory is at a high level [6][7] Metal and New Energy Materials Sector - Polycrystalline Silicon - **Intraday View**: Weak operation in the range of 33000 - 34000 [8] - **Medium - term View**: Low - level operation in the range of 30000 - 40000 [8] - **Reference Strategy**: Hold the sold PS2507 - C - 45000 [8] - **Core Logic**: Both supply and demand have decreased, and the inventory is at a high level [8][9][10] Metal and New Energy Materials Sector - Lithium Carbonate - **Intraday View**: Weak operation in the range of 62000 - 65000 [11] - **Medium - term View**: The cost support weakens, and the price steadily declines in the range of 59000 - 65000 [11] - **Reference Strategy**: Hold the sold LC2507 - C - 83000 [11] - **Core Logic**: The spot price is low, the supply pressure is large, and the total inventory is at a high level [11]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示：本次股东大会会议召开期间没有增加或变更 提案。 云南铜业股份有限公司（以下简称公司或本公司）《关 于召开 2025 年第二次临时股东大会的通知》于 2025 年 5 月 29 日在《证券时报》《中国证券报》《上海证券报》《证 券日报》及巨潮资讯网（http://www.cninfo.com.cn）进行了 公告（公告编号：2025-046 号）。 本次股东大会没有出现否决提案的情形；亦没有涉及变 更以往股东大会已通过的决议。 一、会议召开情况 证券代码：000878 证券简称：云南铜业 公告编号：2025-047 云南铜业股份有限公司 （一）召开时间 现场会议召开时间为：2025 年 6 月 13 日下午 14:30 分 网络投票时间为：2025 年 6 月 13 日。通过深圳证券交 易所交易系统进行网络投票的具体时间为：2025 年 6 月 13 日上午 9:15－9:25，9:30－11:30，下午 13:00－15:00；通过 深圳证券交易所互联网投票系统投票的具体时间为：2025 年 （二）现场会 ...

Group 1 - The company held its 10th board meeting on June 13, 2025, with all 8 directors present, complying with relevant laws and regulations [1][2] - The board approved the nomination of Mr. Liu Zhihong as an independent director candidate, which will be submitted for shareholder approval [1][2] - The board also approved the appointment of Mr. Zhou Bing as the company's vice president, with unanimous support from all directors [2] Group 2 - Mr. Liu Zhihong, born in February 1962, holds a doctorate in non-ferrous metal metallurgy and has served as an independent director at China Ruilin Engineering Technology Co., Ltd [2] - Mr. Zhou Bing, born in February 1983, has a background in mining engineering and has held various positions within Jiangxi Copper, including roles at its subsidiaries [2]

Core Viewpoint - Major institutions have revised down their global economic growth forecasts for 2025, which impacts demand for commodities, particularly industrial products like oil and copper [3][10][12]. Group 1: Economic Forecasts - The International Monetary Fund (IMF) has lowered its 2025 global economic growth forecast to 2.8%, a decrease of 0.5 percentage points from January [10]. - The Organisation for Economic Co-operation and Development (OECD) has also adjusted its forecasts, predicting a growth rate of 2.9% for both 2025 and 2026, down by 0.2 and 0.1 percentage points respectively [11]. - The World Bank has reduced its 2025 growth forecast from 2.7% to 2.3%, indicating that nearly 70% of economies have seen their growth rates downgraded [12][13]. Group 2: Commodity Demand Analysis - The divergence in consumption growth rates for oil and copper is significant, with oil showing a consumption divergence of 0.8% compared to copper's 1.3% [24]. - Current forecasts suggest that copper consumption growth could range from 0.6% to 2.5% depending on the institution, indicating a substantial disagreement among forecasts [19][22]. - For oil, the consumption growth forecasts range from -0.6% to 1.2%, reflecting a similar level of uncertainty [23][27]. Group 3: Price and Trading Dynamics - Copper prices remain relatively high, while oil prices are at a low point, indicating a significant disparity in market conditions [4][26]. - The copper-to-oil ratio is currently around 146, which is historically high, suggesting that copper may be overvalued compared to oil [29]. - The market is currently experiencing low volatility, with traders awaiting a clearer direction for both commodities [28]. Group 4: Historical Context and Future Outlook - Historical instances of extreme copper-to-oil ratios have been linked to supply disruptions and significant demand changes, which are not currently present [39][40]. - The analysis suggests that the extreme copper-to-oil ratio may correct towards the 2020 average of 120, as current market conditions do not support sustained high ratios [43].

Report Date - The report is dated June 12, 2025 [1] Industry Investment Ratings - Not provided in the given content Core Views - The report provides daily views and strategies for various futures commodities, including metals, energy, agricultural products, etc., with different trends such as price fluctuations, range - bound trading, and upward or downward trends [2] Summary by Commodity Metals - **Copper**: Inventory reduction restricts price decline. The Shanghai copper main contract closed at 79,290 yuan with a daily increase of 0.52%, and the LME copper 3M electronic disk closed at 9,647 dollars with a decline of 0.80%. China's 1 - 5 month cumulative import of copper ore and concentrates increased by 7.4% year - on - year [5][7] - **Aluminum**: Need to pay attention to the progress of Sino - US negotiations. The Shanghai aluminum main contract closed at 20,250 yuan. Alumina is expected to run weakly, with the Shanghai alumina main contract closing at 2,895 yuan [8] - **Zinc**: Short - term oscillation, with attention to inventory. The Shanghai zinc main contract closed at 22,140 yuan with an increase of 1.35%. LME zinc inventory decreased by 1,975 tons [11] - **Lead**: Range - bound trading. The Shanghai lead main contract closed at 16,845 yuan with a decline of 0.21%. LME lead inventory decreased by 4,500 tons [14] - **Tin**: Stopped falling and rebounded. The Shanghai tin main contract closed at 265,530 yuan with an increase of 0.80%. The SMM 1 tin ingot price increased by 4,800 yuan compared to the previous day [18] - **Nickel**: The reality support and weak expectation are in a game, and the nickel price oscillates. The Shanghai nickel main contract closed at 121,790 yuan. Stainless steel: Negative feedback leads to increased production cuts, and the steel price is range - bound. The stainless steel main contract closed at 12,600 yuan [22] Energy and Chemicals - **Carbonate Lithium**: Macroeconomic expectations are volatile, and the fundamentals remain weak. The 2507 contract of carbonate lithium closed at 61,680 yuan [28] - **Industrial Silicon**: The fundamentals are weak, and the upside space is limited. The Si2507 contract of industrial silicon closed at 7,560 yuan. Polysilicon: The spot is weak, and the disk has a downward drive. The PS2507 contract of polysilicon closed at 34,255 yuan [31] - **Iron Ore**: Expectations are volatile, and it oscillates within a range. The futures price closed at 707.0 yuan with an increase of 1.22% [34] - **Rebar and Hot - Rolled Coil**: Affected by macro - sentiment, they are in wide - range oscillations. The RB2510 contract of rebar closed at 2,991 yuan with an increase of 0.67%, and the HC2510 contract of hot - rolled coil closed at 3,108 yuan with an increase of 0.78% [37] - **Silicon Ferrosilicon and Manganese Silicon**: Silicon ferrosilicon is in wide - range oscillations due to production cuts in major producing areas. The silicon ferrosilicon 2507 contract closed at 5,298 yuan. Manganese silicon is weakly oscillating as overseas miners' quotes decline. The manganese silicon 2507 contract closed at 5,472 yuan [41] - **Coke and Coking Coal**: Coke is in wide - range oscillations. Coking coal is in wide - range oscillations as safety inspections become stricter. The JM2509 contract of coking coal closed at 783.5 yuan with a decline of 0.19%, and the J2509 contract of coke closed at 1,356 yuan with an increase of 0.52% [46] - **Steam Coal**: Demand is yet to be released, and it is in wide - range oscillations. The ZC2507 contract of steam coal had no trading on the previous day [51] - **Rubber**: Oscillating. The rubber main contract closed at 13,890 yuan during the day session [61] - **Synthetic Rubber**: Supported by strong crude oil, it is in short - term oscillations. The main contract of synthetic rubber (07 contract) closed at 11,225 yuan [65] Agricultural Products - **Palm Oil**: There are large differences in pressure from the origin, and it is grinding the bottom in oscillations. The palm oil is in a state of range - bound trading with a focus on the pressure from the origin [58] - **Soybean Oil**: The driving force is temporarily weak, and it is in range - bound trading. The soybean oil is currently in a range - bound state with limited driving factors [58] - **Soybean Meal**: Due to good weather and a decline in US soybeans, the Dalian soybean meal rose first and then fell. The soybean meal market was affected by the weather and US soybean prices [60] - **Soybean**: Due to the expectation of provincial reserve sales, the futures price declined. The soybean market was influenced by the expectation of provincial reserve sales [60] - **Corn**: Oscillating strongly. The corn market shows a relatively strong oscillating trend [62] - **Sugar**: Consolidating at a low level. The sugar market is in a low - level consolidation phase [64] - **Cotton**: Continuing to be affected by market sentiment. The cotton market is still under the influence of market sentiment [65] - **Egg**: The negative impact of the plum - rain season has been released, waiting for the confirmation of chicken culling. The egg market is waiting for the impact of chicken culling after the plum - rain season [67] - **Live Pig**: Still waiting for the confirmation of the spot market. The live pig market is awaiting the performance of the spot market [68] - **Peanut**: Pay attention to the spot market. The peanut market requires attention to the spot price [69]

智利国家铜业公司（Codelco）：4月铜产量同比增长，环比下降。 ...

一家来自云南的新三板企业准备去港交所上市，这家企业是云南金浔资源股份有限公司（以下简称金浔 股份）。 根据金浔股份港交所上市申请书，金浔股份主要生产阴极铜，截至2024年底，在中国阴极铜生产商中排 名第五，也是唯一一家在刚果（金）和赞比亚产量排名前五的中国公司。 《每日经济新闻》记者注意到，金浔股份拟赴港上市申报的报告期为2022~2023年。不过，2021年，公 司披露过一次关联方资金占用事项。这个关联方是金浔股份实控人袁荣的公司。 今年41岁的袁荣经历颇为传奇，他初中毕业就去县城车站做售票员，还被评为"优秀售票员"，然后又转 行做货车司机，再从货车司机进入有色铜金属产业链。 是一家新三板挂牌企业 金浔股份已向港交所提交上市申请，华泰国际担任独家保荐人。 《每日经济新闻》记者注意到，金浔股份主要生产阴极铜，截至2024年底，在中国阴极铜生产商中排名 第五，也是唯一一家在刚果（金）和赞比亚产量排名前五的中国公司。具体而言，公司于2024年在刚果 （金）及赞比亚分别生产约16000吨和5000吨阴极铜。 从铜的行业面来看，阴极铜是铜加工的核心原材料，经过加工制成铜棒、铜管、铜箔等，广泛应用于消 费电子、基础设施 ...