Group 1: Report General Information - Report Name: Copper Futures Daily Report [1] - Date: December 30, 2025 [2] - Research Team: Non - ferrous Metals Research Team [4] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3] Group 2: Market Review and Operation Suggestions - Market Trend: Copper prices rose and then fell. SHFE copper reached over 100,000 yuan. Afternoon dives in silver, platinum, and palladium dragged copper prices back. Spot prices rose 3000 to 100,740 yuan, and the spot discount narrowed 10 to 330 yuan. Social inventories increased 2.12 to 21.48 tons over last Thursday. Spot import losses were 1648 yuan, and the export window was close to opening [9] - Operation Suggestion: The fundamental outlook is positive in the medium - term but weighed down by the short - term spot market. Copper prices are mainly driven by macro sentiment with expected increased volatility. With the New Year's Day holiday approaching, it is recommended to control positions before the holiday [9] Group 3: Industry News - Norfolk Metals: After approval at the 2025 November annual general meeting, the company issued and completed the placement of 760,209 fully - paid ordinary shares to Transcendence. As of Q4 2025, it had invested over 3 million Australian dollars in its Caremn copper project since June 2025 [9] - Goldman Sachs Forecast: Current copper prices reflect the expected US refined copper tariff (expected to be announced in mid - 2026 and implemented in 2027). The 2026 average price is forecasted at 11,400 US dollars/ton. In 2026, overseas inventories are expected to drop by 450,000 tons, but the US may release about 1.5 million tons of strategic stockpiles in the second half of 2026, pressuring prices down [9] - Aeris Resources: The company received official approval from the New South Wales Department of Planning, Housing and Infrastructure to develop its Constellation copper - gold project in the Cobar Basin. The project has proven and probable ore reserves of 2.3 million tons with a copper grade of 2.0%, gold grade of 0.6 g/ton, and silver grade of 3 g/ton. The total mineral resource is 7.6 million tons [9][10]

Group 1: Report Overview - Report Title: Copper Futures Daily Report [1] - Date: December 25, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Market Review and Operation Suggestions - Market Performance: Shanghai copper increased in volume and rose sharply at the end of the session. The 01 - 02 spread widened to 240. Spot copper rose 1220 to 94690, and the spot discount widened 95 to 310. The spot import loss widened to over 1700, the Shanghai - London ratio dropped to 7.82, and the LME0 - 3 back structure widened to 13, opening the export window [11]. - Market Outlook: Despite strong US economic growth data, the market's view of the US dollar remains unchanged due to expectations of Fed rate cuts next year. The US dollar index continues to decline, and the macro - positive factors will continue to drive copper prices up [11]. Group 3: Industry News - World Bank Forecast: In the short term, the possibility of a significant correction in metal prices is low. From 2026 to 2027, most base metal prices are expected to strengthen further due to moderate demand growth and a tightening supply pattern. The base metal price index is expected to rise nearly 2% cumulatively. Copper and tin prices are expected to reach new nominal US - dollar - denominated highs, and supply - side pressure in the aluminum, copper, and tin markets will be the core driving force for price increases [11]. - Company News: Jintian Co., Ltd. stated on the interactive platform that its air - conditioner inner - threaded aluminum tube products can meet customer needs and have achieved small - batch supply. Its electromagnetic aluminum flat wire and aluminum automotive 3D bent bars are in the certification and mass - supply stages [11]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Copper prices are expected to be weak in the short term due to spot demand and macro - factors but have limited downside in the medium term because of demand support [10]. 3. Summary by Directory 3.1行情回顾与操作建议 - Copper prices rose and then fell. Overnight, the strong Q3 report of NVIDIA lifted the US stock market, improving market sentiment. However, the Fed's October meeting minutes showed most policymakers opposed a December rate cut, causing the US dollar to strengthen and copper prices to face pressure [10]. - The spot price dropped by 320 to 86,435, and the spot premium fell by 5. The social inventory increased by 0.07 million tons this week. Despite the significant decline in copper prices, downstream purchasing sentiment was average [10]. - The spot import loss widened to around 500, the ratio decreased, and the LME0 - 3 contango narrowed slightly to 33. The domestic warehouse receipt and bill of lading premiums remained flat, and the demand for Yangshan copper was also weak [10]. - The spot market has not effectively reduced inventory, indicating continued high - price aversion among domestic downstream users. However, medium - term demand is still optimistic. Codelco raised its 2026 Korean long - term contract price to $330/ton, an increase of $85 from 2025 [10]. 3.2行业要闻 - Driven by AI, the demand for high - end PCBs has surged, bringing structural opportunities for copper - clad laminates (CCLs), a key substrate for PCBs. Some high - end CCL products are in short supply, and prices have risen. Manufacturers such as Kingboard Laminates have raised prices multiple times this year. The capacity utilization rates of Nanya New Materials and Huazheng New Materials are high, and they adjusted prices in October. Some industry manufacturers are still adjusting CCL prices in batches. The CCL product prices have not fully recovered to the 2021 level [11]. - As of H1 2025, there were 141 A - share non - ferrous metal companies, achieving an operating income of 1.82 trillion yuan, a year - on - year increase of 6.49%, and a net profit attributable to the parent company of 95.363 billion yuan, a year - on - year increase of over 36%. More than 90% of the companies were profitable in H1. As of late October 2025, the total market value of the non - ferrous metal sector was about 4.92 trillion yuan. The president of the China Non - Ferrous Metals Industry Association encouraged non - ferrous metal listed companies to invest in key metals and industries [11][12].

Report Industry Investment Rating - Not provided Core View of the Report - The copper market is affected by repeated tariff policies and market sentiment is weak. The copper price is under pressure due to cooling demand, but the smelting end is tight and the macro - environment is mixed, so the copper market is expected to fluctuate at a high level. Attention should be paid to whether the US economic data tonight will bring changes in the Fed's interest - rate cut expectations [1] Summary by Related Catalogs Strategy Analysis - The Shanghai copper opened high and closed slightly lower today. The US federal court stopped most of Trump's tariffs, but the US appellate court restored them. The market is numb to the repeated tariff policies. The US PCE price index will be announced tonight. The supply is expected to be tight. As of May 23, the TC/RC fees are still negative but the decline has slowed. The domestic refined copper production is at a high level and the supply tension has not been realized. The downstream demand is cooling and the copper price is under pressure, but the copper market is expected to fluctuate at a high level [1] Futures and Spot Market Conditions - Futures: Opened low, moved low, and fluctuated to close down. The closing price was 77,600. The long positions of the top 20 were 113,430 lots, a decrease of 1,275 lots; the short positions were 119,931 lots, an increase of 137 lots. Spot: The spot premium in East China was 165 yuan/ton, and in South China was 15 yuan/ton. On May 29, 2025, the LME official price was $9,602/ton, and the spot premium was $39.5/ton [4] Supply Side - As of May 23, the spot TC was -$44.30/ dry ton, and the spot RC was -4.44 cents/lb [6] Fundamental Tracking - SHFE copper inventory was 34,100 tons, an increase of 1,963 tons from the previous period. As of May 29, the Shanghai bonded - area copper inventory was 52,000 tons, a decrease of 1,900 tons from the previous period. LME copper inventory was 152,400 tons, a slight decrease of 2,000 tons from the previous period. COMEX copper inventory was 180,500 short tons, an increase of 27,900 short tons from the previous period [9]