1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In March, copper prices were suppressed by both macro - negative factors and geopolitical conflicts. The US - Iran conflict pushed up oil prices and inflation expectations, reversed the Fed's interest - rate cut expectations, and strengthened the US dollar index, suppressing copper prices. The main contract of Shanghai copper hit a low of 91,500 yuan/ton. Although the price rebounded slightly in the second half of the month, the overall market sentiment remained weak [6][10][54]. - The current core logic of the market lies in the game between macro - negative factors and positive fundamentals. Geopolitical conflicts and high oil prices continue to suppress macro - sentiment, while the acceleration of domestic de - stocking provides a certain safety cushion for copper prices [6][54]. - Looking ahead to April, copper prices are expected to continue the weak - shock pattern. If the conflict is not effectively alleviated, it is difficult to be optimistic about copper prices. However, the fundamentals will limit the downside space of copper prices [6][54]. 3. Summary by Directory 3.1 Market Review - In March, the price of the main contract of Shanghai copper showed a high - level shock and decline. At the beginning of the month, it was supported by domestic macro - favorable policies and policy expectations, but then was suppressed by overseas geopolitical tensions, rising oil prices, and a stronger US dollar. In the second half of the month, the price dropped rapidly, breaking through the 100,000 - yuan mark and reaching around 91,500 yuan. The position also declined, and market attention decreased [10]. - In terms of price structure, the basis and monthly spread of domestic copper strengthened in March, mainly due to inventory de - stocking caused by downstream restocking [13]. 3.2 Macro Analysis 3.2.1 Decline in Overseas Fed Interest - Rate Cut Expectations - In the first quarter, the market's expected probability of the Fed's interest - rate cut in 2026 decreased rapidly. At the end of March, the expected probability of an interest - rate cut was less than 10%, and there were even expectations of a rate hike. The main reason was the tense US - Iran situation, rising oil prices, and increasing inflation expectations [17]. 3.2.2 Domestic Macro - easing and High - quality Industrial Development - In March, domestic macro - policies continued the easing tone. The "Two Sessions" set the economic growth target for 2026 at around 5%. Fiscal policies accelerated the issuance of special bonds, and monetary policies maintained reasonable liquidity [19]. - China plans to improve the copper resource reserve system, including expanding the national strategic reserve and exploring commercial reserves. The national power grid's 4 - trillion - yuan investment plan during the "15th Five - Year Plan" will provide long - term support for copper demand [20]. 3.3 Industry Analysis 3.3.1 Continuous Disturbances at the Mine End - In January 2026, global copper mine production increased by about 2.2% year - on - year. However, in March, there were production disturbances at the mine end. For example, the Garpenberg copper mine in Sweden was affected by earthquakes, and the Kennecott copper mine in the US had a safety accident and stopped production [21][24]. 3.3.2 Marginal Easing of the Domestic Mine End - As of March 20, the inventory of copper concentrates at seven major domestic ports was 312,900 tons, a significant decrease compared with the end of February and the same period last year. The spot processing fee (TC) was in the negative range, hitting a new low since September 2007 [25][26]. 3.3.3 Abundant Domestic Electrolytic Copper Supply - In January 2026, global refined copper production increased by about 1% year - on - year. China and the Democratic Republic of the Congo (DRC) had a combined output growth of about 5%. In February 2026, domestic electrolytic copper production was 1.1424 million tons. From January to February, the cumulative import of electrolytic copper decreased by 33.13% year - on - year [30][34][36]. 3.3.4 Seasonal De - stocking of Domestic Electrolytic Copper - As of March 20, 2026, the global exchange inventory was 1.3473 million tons, an increase compared with the previous month and the same period last year. Overseas inventory continued to rise, while domestic inventory was in the process of seasonal de - stocking [39][41]. 3.3.5 Downstream Terminals - In March, the downstream terminal consumption showed a moderate recovery but fell short of expectations. - Power grid: It is the largest consumption area, and the investment showed strong growth. However, due to high copper prices, the release of new orders was slow [49][50]. - New energy: The photovoltaic and wind power sectors showed a differentiated trend. The growth of photovoltaic installation slowed down, while the wind power sector maintained steady growth [51]. - Real estate: The real estate industry was still at the bottom. The three core indicators continued to decline, negatively affecting copper consumption. The home appliance industry was affected by the Spring Festival and policy factors, with mixed performance [52]. - Transportation: The automotive industry, especially new - energy vehicles, was an important support for consumption. Although the production and sales of new - energy vehicles decreased year - on - year, the penetration rate remained high, and exports were strong [53].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Last week, copper prices fluctuated mainly due to the potential for further escalation of the Middle East situation, limited shipping in the Strait of Hormuz, high international crude oil prices weighing on risk - related assets, and the Fed's cautious and hawkish stance. Fundamentally, some overseas interrupted mines tend to restart, but the element shortage pattern remains, global inventories are falling from high levels, domestic terminal consumption is slowly recovering, and the near - month B - structure of the futures market has returned to par [1][6]. - The direction and duration of the US - Iran conflict are uncertain, and the Fed's hawkish signals are suppressing global risk preferences. Macro - sentiment repair will take time. Fundamentally, although there is an expectation of looser concentrate supply, the reality is still tight, global refined copper production capacity expansion is extremely limited, terminal consumption is gradually recovering, and visible inventories are falling. In a tight - balanced fundamental state, copper prices are expected to continue to rise after adjustment, and geopolitical risks should be monitored [1][8]. 3. Summary by Directory 3.1 Market Data - LME copper rose from $11,834.50/ton to $12,141.00/ton, a 2.59% increase; COMEX copper rose from 530.2 cents/pound to 546.15 cents/pound, a 3.01% increase; SHFE copper rose from 94,740 yuan/ton to 95,930 yuan/ton, a 1.26% increase; international copper rose from 83,810 yuan/ton to 84,840 yuan/ton, a 1.23% increase. The Shanghai - London ratio decreased from 8.01 to 7.90. The LME spot premium/discount increased from -$91.00/ton to -$70.86/ton, a - 22.13% change, and the Shanghai spot premium/discount decreased from - 45 yuan/ton to - 95 yuan/ton [2]. - As of March 30, the total inventory of LME, COMEX, SHFE, and Shanghai Bonded Area was 1.371886 million tons, a 3.41% decrease from 1.420257 million tons on March 23. LME copper inventory increased by 18,000 tons, SHFE inventory decreased by 52,000 tons, and Shanghai Bonded Area inventory decreased by 14,000 tons [5][6]. 3.2 Market Analysis and Outlook - **Macro - aspect**: The US is preparing for a ground operation in Iran, and the US - Iran conflict's direction is unclear, which has not calmed global capital market concerns. The Fed is cautious and hawkish, and risk - related assets are under pressure. The ECB is evaluating the impact of the Middle East situation on inflation and is ready to adjust policies if necessary. In China, industrial enterprise profits from January to February increased by 15.2% year - on - year, with high - tech manufacturing leading the growth [6][7]. - **Supply - demand aspect**: The Grasberg copper mine in Indonesia is expected to restart in 2 - 3 weeks, with this year's output expected to be similar to last year. The复产 time of Kamoa is unknown, and Panama is unlikely to resume production in the first half of the year. Global refined copper production capacity growth is extremely limited. In terms of demand, domestic cable orders are gradually recovering, new - energy vehicle production is entering the peak season, the decline in white - goods production is narrowing, and AI data center construction is accelerating. Terminal consumption is slowly recovering, and domestic inventories are falling from high levels [8]. 3.3 Industry News - Rio Tinto plans to mine the Resolution copper mine in Arizona in the mid - 2030s, but may export some copper concentrates due to US smelting challenges. The company has obtained the land - use right for the mine and has started a $500 - million drilling project. Its Kennecott copper mine in the US has suspended partial operations due to a worker's death [9]. - Coeur Mining has raised its 2026 production outlook after acquiring New Gold. It is expected to produce 680,000 - 815,000 ounces of gold, 18.68 - 21.93 million ounces of silver, and 50 - 65 million pounds of copper in 2026 [10]. - Barrick Mining will slow down the development of the Reko Diq deposit in Pakistan and extend the project review period due to security concerns in the Middle East. The project was originally planned to start production in 2028 [11][12].

Report Industry Investment Ratings There is no information about the report industry investment ratings in the provided content. Core Views of the Report - The profit of industrial enterprises above designated size in the first two months increased by 15.2% year - on - year, with improvements in volume, price, and profit margin. Enterprises started to replenish inventory, showing signs of recovery in the Chinese enterprise sector. However, due to the turbulent world political situation in March, the rhythm of industrial enterprise profits remains to be observed [22][23]. - The short - term cost support for steel prices is difficult to decline significantly, and terminal demand is neutral. Steel prices are expected to remain in a volatile pattern in the short term, and the impact of the Middle East situation on steel exports needs to be noted [2][31]. - The production of sugar in Thailand in the 25/26 season is better than expected, and the international sugar trade flow is expected to face greater pressure of oversupply in the second and third quarters of 2026. Zhengzhou sugar is expected to be strongly volatile in the short term [36][37]. - The Middle East situation is still tense, which suppresses the prices of some assets such as copper and US stocks, while increasing the risk premium of oil prices [4][6][74]. Summary by Directory 1. Financial News and Reviews 1.1 Macro Strategy (Gold) - Iran's Revolutionary Guard said the Strait of Hormuz has been closed, and any passage through this channel will face "severe measures" [11]. - The Senate hearing of Fed Chairman nominee Wash will be held as early as the week of April 13. The short - term gold price is expected to be volatile, and silver is expected to be weaker than gold [12][13]. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The US military is preparing for a ground operation in Iran. The market is worried about the escalation of the US military's ground operation, the risk appetite is low, and the US dollar index remains high [3][14][16]. 1.3 Macro Strategy (US Stock Index Futures) - Iran said the Strait of Hormuz has been closed, and the Houthi armed forces attacked important Israeli military targets. The short - term US stock market is expected to continue to be weak and volatile, and it is recommended to wait and see [4][18][21]. 1.4 Macro Strategy (Stock Index Futures) - The profit of industrial enterprises above designated size in the first two months increased by 15.2% year - on - year. The Middle East situation has deteriorated, and the stock index is still under pressure [22][23][24]. 1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted a 7 - day reverse repurchase operation of 146.2 billion yuan. It is recommended to pay close attention to the war situation and take a wait - and - see approach [25][26]. 2. Commodity News and Reviews 2.1 Black Metal (Coking Coal/Coke) - The coking coal price in the Changzhi market is running steadily and strongly. The overall supply - demand pattern of coking coal is relatively loose, and the downstream's ability to accept prices is limited. It is necessary to focus on changes in the demand side [27][28]. 2.2 Black Metal (Rebar/Hot - Rolled Coil) - The steel industry had a loss of 2.47 billion yuan from January to February. The short - term steel price is expected to be in a volatile pattern, and it is recommended to hold a light position and wait and see [2][29][32]. 2.3 Agricultural Products (Sugar) - The production of sugar in Thailand in the 25/26 season is better than expected, and the international sugar trade flow is expected to be in surplus in the second and third quarters of 2026. Zhengzhou sugar is expected to be strongly volatile in the short term [36][37]. 2.4 Agricultural Products (Cotton) - Brazil's cotton exports in February were 270,500 tons. The US cotton planting area in 2026 is expected to decrease. The short - term external cotton is expected to be strongly volatile, and Zhengzhou cotton is expected to be volatile in the short term and may adjust downward from April to May [38][42][43]. 2.5 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - The US has finalized the biofuel blending quotas for 2026 - 2027. Palm oil prices are strongly supported, and soybean oil is expected to gradually get out of the undervalued range and be in a volatile and strengthening pattern next week [45][46][47]. 2.6 Agricultural Products (Corn) - The US corn export sales in the week ending March 19 were in line with expectations. Corn prices are expected to remain in a high - level volatile pattern, and it is recommended to pay attention to the opportunity of selling call options [48][49][50]. 2.7 Agricultural Products (Soybean Meal) - The domestic oil mill's soybean crushing volume decreased last week. The market is waiting for the USDA's planting intention report and quarterly inventory report. It is recommended to view soybean meal from a volatile perspective for the time being [51][52]. 2.8 Non - Ferrous Metals (Copper) - Luoyang Molybdenum produced 741,100 tons of copper in 2025, reaching a new high. The copper price is expected to be in a wide - range volatile pattern in the short term, and it is recommended to wait and see in the short term and pay attention to the domestic positive arbitrage layout [53][55][56]. 2.9 Non - Ferrous Metals (Lithium Carbonate) - EnergyX started a lithium production facility in Texas. The lithium ore supply is tight, and the demand for power is not pessimistic. It is recommended to pay attention to the opportunity of buying on dips [57][58][59]. 2.10 Non - Ferrous Metals (Lead) - The Middle East situation has led to a shortage of sulfuric acid in the Chilean mining industry. The lead price is expected to continue to grind at the bottom in the short term, and it is recommended to wait and see [60][61][63]. 2.11 Non - Ferrous Metals (Zinc) - The zinc price rebounded last week. The overseas zinc ore supply is tightened, and the domestic zinc smelting profit has declined. It is recommended to wait and see in the short term and take profit on long positions at high prices [65][66]. 2.12 Non - Ferrous Metals (Platinum) - The prices of platinum and palladium were in a low - level volatile pattern last week. It is recommended to wait and see for platinum and palladium, pay attention to the evolution of the geopolitical situation, and take profit on the long platinum - palladium ratio strategy at high prices [67][68][69]. 2.13 Non - Ferrous Metals (Tin) - The domestic and overseas tin inventories decreased last week. The supply of tin ore is tight in the short term, and the demand is weak. The tin price is expected to be in a wide - range volatile pattern, and it is necessary to pay attention to the supply of major producing areas and the realization of demand growth [71][72][73]. 2.14 Energy and Chemicals (Crude Oil) - The Middle East conflict has entered the fourth week, and the oil price risk premium remains high. The short - term oil price is affected by the uncertainty of the Middle East situation [74][75]. 2.15 Energy and Chemicals (Liquefied Petroleum Gas) - The LPG price was in a volatile and weak pattern last week. It is expected to be in a strongly volatile pattern next week, and it is necessary to be cautious before the geopolitical situation is clear [76]. 2.16 Energy and Chemicals (Carbon Emissions) - The CEA price is in a narrow - range volatile pattern, and enterprises with demand can consider buying on dips [77][78]. 2.17 Energy and Chemicals (Styrene) - The price of pure benzene futures rose due to the tense Middle East situation. Pure benzene and styrene are expected to reduce inventory in April and May and continue to run strongly [79][80]. 2.18 Shipping Index (Container Freight Rate) - The container throughput of major ports in China increased in the first two months of 2026. The spot container freight rate has loosened, and the far - month contract is supported by oil prices and is easy to rise and difficult to fall in the short term. It is recommended to maintain a volatile thinking and pay attention to the US - Iran situation [81][82].

1. Report Industry Investment Rating - Copper: Neutral - Arbitrage: Suspended - Options: Sell put options [7] 2. Core View of the Report - Amidst significant macro - disturbances, copper prices maintain a volatile pattern. With the decline in oil prices, the market's pricing of interest rate hikes may be gradually corrected. Given the high US debt scale, interest rate hikes are difficult to implement. Enterprises with hedging needs are advised to buy hedges at low prices, with a hedging volume of about one month [1][7] 3. Summary by Relevant Catalogs Market News and Important Data Futures Quotes - On March 26, 2026, the main contract of Shanghai copper opened at 95,950 yuan/ton and closed at 95,350 yuan/ton, a - 0.25% decrease from the previous trading day's close. In the overnight session, it opened at 95,350 yuan/ton and closed at 95,150 yuan/ton, a 0.21% decrease from the afternoon close [1] Spot Situation - The Shanghai copper 2604 contract gapped lower and fell to 95,070 yuan/ton, closing at 95,160 yuan/ton. The monthly spread was between Contango 30 yuan/ton and Backwardation 10 yuan/ton, with an import loss of 90 - 40 yuan/ton. Shanghai's electrolytic copper sales sentiment was 2.74 and procurement sentiment was 2.57, showing a decline and an increase respectively. It is expected that today's spot discount will remain at the current level [2] Important Information Summary - Geopolitical: US President Trump postponed the strike on Iranian energy facilities by 10 days to 8 pm on April 6, 2026, Eastern Time. Economic data: The number of initial jobless claims in the US last week increased by 5,000 to 210,000, and the number of continued claims decreased by 32,000 to 1.819 million. The OECD expects the global economic growth rate to be 2.9% in 2026 and 3% in 2027, with the US economic growth slowing from 2% in 2026 to 1.7% in 2027 and an inflation rate of 4.2% in 2026 [3] Supply - Side Information Mining End - Jubilee Metals Group launched the second - phase drilling of the Molefe copper mine to define the extension of the eastern mineralization zone. Boliden's Garpenberg copper mine was affected by an earthquake, with an expected EBITDA impact of about 400 million Swedish kronor in Q1 2026, and the production scale was significantly reduced [4] Smelting and Import - Mitsubishi Materials will stop the copper concentrate processing business of its Onahama smelter and refinery by the end of March 2027 due to intensified overseas competition and a significant decline in TC/RCs [4] Consumption Information - In January 2026, China's copper foil imports were 7,133.71 tons, a 15.77% year - on - year increase and a 0.69% month - on - month decrease; in February, imports were 6,442.72 tons, a 9.55% year - on - year increase and a 9.69% month - on - month decrease. From January to February, the cumulative imports were 13,576.44 tons, a 12.73% year - on - year increase. In January, exports were 6,136.04 tons, a 94.70% year - on - year increase and a 13.33% month - on - month increase; in February, exports were 4,820.50 tons, a 59.68% year - on - year increase and a 21.44% month - on - month decrease. From January to February, the cumulative exports were 10,956.54 tons, a 77.57% year - on - year increase. After the significant decline in copper prices, downstream procurement意愿 increased, and some enterprises adjusted processing fees and margin ratios [5][6] Inventory and Warehouse Receipt Information - LME warehouse receipts decreased by 350 tons to 359,825 tons, SHFE warehouse receipts decreased by 5,670 tons to 246,441 tons. On March 26, the domestic electrolytic copper spot inventory was 427,400 tons, a decrease of 40,300 tons from the previous week [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The current situation between the US and Iran remains in the stage of "pressuring while negotiating", with the risk of escalation still not eliminated. All kinds of assets are expected to maintain high volatility in the short - term. The A - share market is in an oscillating stage, and the bond market is expected to oscillate. Precious metals, copper, and other commodities will be affected by the US - Iran situation and macro - factors, and most of them are expected to show an oscillating trend [2][3][4]. 3. Summary by Relevant Catalogs Macroeconomics - Overseas: Trump postponed the strike on Iranian energy facilities to April 6, and the US is still preparing more aggressive military options. The price of Brent crude oil has risen to $100, investors' concerns about rising oil prices and persistent inflation have intensified, the 10Y US Treasury bond yield has returned to 4.4%, the US dollar index has risen to 99.9, and risk assets have fallen under pressure [2]. - Domestic: The A - share market declined with reduced trading volume on Thursday. The bond market continued to be warm, but long - term interest rates were constrained. Pay attention to whether the Middle - East situation will actually escalate and subsequent turning points, as well as China's industrial enterprise profits from January to February [3]. Precious Metals - International precious metal futures prices fell again on Thursday. The decline was mainly affected by the deadlock in the US - Iran cease - fire negotiations, the strengthening of the US dollar index, and the large - scale reduction of gold reserves by the Turkish central bank. The US - Iran negotiation is likely to enter a long - term stalemate, and precious metals will continue to adjust [4][5]. Copper - On Thursday, the main contract of Shanghai copper weakened in an oscillating manner. The US - Iran conflict is still uncertain, and the Fed governor's hawkish stance has put pressure on risk assets. The supply of copper mines is tightening, global inventories are falling from a high level, and domestic terminal consumption is slowly recovering. Copper prices are expected to oscillate in the short - term [6][7]. Aluminum - On Thursday, the main contract of Shanghai aluminum closed at 23,725 yuan/ton, down 0.52%. The difference in the US - Iran peace agreement is huge, and the expectation of electrolytic aluminum production cuts in the Middle - East has strengthened again. The overseas aluminum ingot spot is in short supply. The domestic aluminum inventory is approaching the inflection point, and the aluminum price is expected to oscillate in a range [8][9]. Alumina - On Thursday, the main contract of alumina futures closed at 2,931 yuan/ton, down 1.15%. Recently, the profit from delivery is high, and the spot is constantly being sent to the delivery warehouse. The supply of bauxite may be reduced, and the production cost of alumina may rise slightly. In the short - term, the fundamentals of alumina are favorable, and it is expected to oscillate at a high level, but it will be under pressure in the long - term [10]. Cast Aluminum - On Thursday, the main contract of cast aluminum alloy futures closed at 22,760 yuan/ton, down 0.5%. The profit of cast aluminum has narrowed, and the supply increase is limited. The consumption recovery is less than expected, and the overall supply - demand is in a stalemate. Cast aluminum is expected to oscillate in a range [11]. Zinc - On Thursday, the main contract of Shanghai zinc first declined and then rose during the day and oscillated strongly at night. The domestic consumption is moderately recovering, and the social inventory has fallen below 250,000 tons. The raw material supply is tightening, which restricts the upside space of processing fees. Zinc prices are expected to oscillate in the short - term [12]. Lead - On Thursday, the main contract of Shanghai lead oscillated weakly during the day and horizontally at night. The raw material supply is still tight, the downstream battery enterprises' procurement has improved, and the social inventory has continued to decline. However, the demand improvement is limited, and lead prices are expected to run in a low - level range [13]. Tin - On Thursday, the main contract of Shanghai tin oscillated weakly during the day and horizontally at night. The US - Iran situation is still tense, the fundamentals are stable, the supply of tin mines is slowly recovering, and the demand recovery is limited. Tin prices are expected to hover around 350,000 yuan in the short - term [14]. Nickel - On Thursday, the main contract of Shanghai nickel oscillated and declined. The Fed governor's hawkish stance has put pressure on risk assets. The Indonesian government plans to modify the nickel ore HPM benchmark pricing, and the cost side has strong support. Nickel prices are expected to oscillate strongly in the short - term with limited adjustment space [15][16]. Lithium Carbonate - On Thursday, the main contract of lithium carbonate closed at 157,200 yuan/ton, down 0.64%. The uncertainty of the US - Iran war situation is strong, and the lithium carbonate market lacks a clear direction. The export ban on lithium concentrate in Zimbabwe is difficult to relax in the short - term, which may cause a phased supply - demand mismatch. The lithium carbonate market is expected to oscillate at a high level [17]. Steel (Screw and Coil) - On Thursday, steel futures oscillated. The supply of five major steel products decreased slightly week - on - week, the total inventory decreased, and the apparent demand continued to rise. The terminal demand is recovering, and steel prices are expected to oscillate. Pay attention to the realization of demand [18]. Iron Ore - On Thursday, iron ore futures oscillated. The current steel mill production is normal, the overseas shipment and arrival volume have increased week - on - week, and the port inventory is expected to decline. Iron ore prices are expected to oscillate at a high level [19]. Coking Coal and Coke (Double - Coking) - On Thursday, double - coking futures oscillated and adjusted. The spot market sentiment is positive, the upstream coal mine production is stable with a slight increase, the coke production rhythm is accelerating, and the downstream demand is good. Double - coking prices are expected to oscillate at a high level [20][21]. Soybean and Rapeseed Meal - On Thursday, the soybean meal 05 contract rose 0.27%, and the rapeseed meal 05 contract fell 0.30%. The estimated new - season US soybean planting area is 85.55 million acres. The supply of South American soybeans is increasing, and the supply of soybean meal will be loose in mid - April. Soybean meal is expected to oscillate and decline in the short - term [22][23]. Palm Oil - On Thursday, the palm oil 05 contract rose 0.59%. The US - Iran conflict continues, which supports the oil price and the demand for palm oil in the bio - fuel industry. The production of Malaysian palm oil in the off - season has decreased month - on - month, which is conducive to inventory reduction. Palm oil is expected to oscillate and adjust in the short - term [24][25].

1. Report Industry Investment Rating - Copper: Cautiously bullish [7] - Arbitrage: On hold [7] - Options: Sell put options [7] 2. Core View of the Report The report analyzes the copper market from multiple aspects including futures, spot, macro - geopolitics, mining, smelting, consumption, and inventory. Although the global equity and commodity markets declined due to potential Fed rate - hike concerns, with the fall of oil prices, the market's pricing of rate - hike may be corrected. And considering the high US debt scale, rate - hike is difficult to implement, so copper prices rebounded last night. Enterprises with hedging needs are advised to buy on dips for hedging, with a hedging volume of about one month [1][7]. 3. Summary by Relevant Catalogs 3.1 Market News and Important Data 3.1.1 Futures Quotes On March 24, 2026, the main Shanghai copper futures contract opened at 95,010 yuan/ton and closed at 94,030 yuan/ton, down 2.10% from the previous trading day's close. In the night session, it opened at 93,600 yuan/ton and closed at 93,480 yuan/ton, up 0.68% from the afternoon close [1]. 3.1.2 Spot Situation The Shanghai copper futures contract 2604 opened at 94,720 yuan/ton, fluctuated down to 93,880 yuan/ton and then stabilized, trading in the range of 93,770 - 94,270 yuan/ton and closing at 94,010 yuan/ton. The inter - month spread was between Contango 50 yuan/ton and Backwardation 10 yuan/ton, and the import profit was 70 - 200 yuan/ton. The sales and purchase sentiment in Shanghai electrolytic copper market both declined. The discount of flat - copper and good - copper widened, and the second - stage discount further decreased with improved trading volume. It is expected that the spot discount will remain weak [2]. 3.2 Important Information Summary 3.2.1 Macro and Geopolitical Aspects On May 20, major domestic banks adjusted RMB deposit interest rates. The current deposit rate was cut by 0.05 percentage points to 0.05%, and the listed rates of various term time deposits were cut by 0.15 - 0.25 percentage points [3]. 3.2.2 Mining End LCL Resources and Rio Tinto reached a joint - venture agreement on the Ono copper - gold project in Papua New Guinea. Rio Tinto can obtain an initial 51% stake by investing at least 8 million Australian dollars in exploration and paying up to 1.5 million Australian dollars in cash in stages, and can increase its stake to 80% through additional investment or resource definition. LCL will receive up to 48 million Australian dollars in exploration funds. Atalaya Mining warned that the geopolitical tension in the Middle East may push up mining costs in 2026, but it maintains its production and cost guidance [4]. 3.2.3 Smelting and Import In February 2026, China's scrap copper imports were 167,937.84 tons, down 27.72% month - on - month and 13.13% year - on - year. Japan and Thailand were the top two import sources [5]. 3.2.4 Consumption Since last week, terminal demand has shown the characteristics of "not weak in the peak season but increasing wait - and - see sentiment". The operating rate of copper cable enterprises increased by 3.93 percentage points to 70.52%, and orders in the power and new - energy vehicle sectors increased well. The enameled wire industry performed well with a significant increase in new orders. However, the wait - and - see sentiment of terminal enterprises has intensified after the copper price fell below the key psychological level. Next week, the operating rate of copper cable enterprises is expected to increase to 72.06%, and that of enameled wire may rise to 89.98% [5][6]. 3.2.5 Inventory and Warehouse Receipts LME warehouse receipts changed by 11,800 tons to 359,275 tons, SHFE warehouse receipts changed by - 11,405 tons to 262,710 tons. On March 23, the domestic electrolytic copper spot inventory was 46.77 million tons, down 5.54 million tons from the previous week [6].

Summary of Zijin Mining Conference Call Company Overview - **Company**: Zijin Mining - **Date**: March 23, 2026 Key Financial Performance - **2025 Net Profit**: CNY 51.8 billion, with overseas business contributing 58% [2][3] - **Revenue**: CNY 349.1 billion, a 15% year-on-year increase [3] - **EBITDA**: CNY 101.4 billion, total profit CNY 80.8 billion, net profit CNY 63.8 billion [3] - **Operating Cash Flow**: CNY 75.4 billion, up 54% [3] - **Total Assets**: CNY 512 billion, a 29% increase [3] - **Debt Ratio**: Decreased by 3.63 percentage points to 51.56% [3] - **Dividends**: CNY 16 billion, a 57% increase [2][3] Production and Cost Performance - **Gold Production**: 90 tons, up 23% [4] - **Copper Production**: 1.09 million tons, affected by production cuts at Kamoa Copper Mine [4] - **Zinc Production**: 360,000 tons, down 12% [4] - **Cost Increases**: Gold and copper unit costs rose by 16% and 17% respectively due to lower ore grades and increased transport distances [5][15] - **Copper C1 Cost**: Decreased by 24%, maintaining a low position in the industry [5] Strategic Projects and Future Plans - **Gold Projects**: Expansion of Akim, Rekod, and Rosbel mines, targeting increased annual production [6] - **Copper Projects**: Completion of the second phase of the Tibet Julong Copper Mine, aiming for 300,000-350,000 tons annual output [6] - **Lithium Production**: Targeting 270,000-320,000 tons by 2028, with a long-term price expectation of CNY 150,000 per ton [2][6][7] Long-term Strategic Goals - **Production Guidance**: Gold production to reach 105 tons by 2026 and 130-140 tons by 2028; copper to reach 1.2 million tons by 2026 and 1.5-1.6 million tons by 2028 [7] - **Resource Ranking**: Aim to be among the top three globally for copper and lithium production by 2028 [7] ESG and Sustainability Initiatives - **ESG Score**: Improved to 26, aligning with leading mining companies [8] - **Greenhouse Gas Emissions**: Intensity reduced by 36%, exceeding the initial target of 10% [8] - **Water Recycling Rate**: Achieved 90.52% [9] - **Investment in Sustainability**: CNY 1.767 billion in environmental protection [9] Management and Organizational Development - **Leadership Changes**: New management team focused on continuity and strategic alignment with founder's vision [9][10] - **Talent Development**: Emphasis on local hiring and training programs to enhance skills and meet operational needs [19] Risk Management and Challenges - **External Risks**: Geopolitical tensions, resource nationalism, and climate change impacting operations [14] - **Cost Control Measures**: Focus on technological innovation and efficient resource management to mitigate rising costs [15] Shareholder Value and Return Strategies - **Shareholder Returns**: CNY 16 billion in dividends and plans for share buybacks of CNY 1.5-2.5 billion in 2026 [16][17] - **Market Value Management**: Implementation of a comprehensive value management system to enhance shareholder returns [16] Future Investment and Acquisition Strategy - **Focus on Gold and Copper**: Core minerals for future acquisitions, with an emphasis on lithium due to its growth potential [18] - **Geographic Expansion**: Continued investment in China and surrounding regions, while cautiously exploring opportunities in South America and Africa [18] Conclusion Zijin Mining is positioned for significant growth in production and profitability, with a strong focus on sustainability and shareholder returns. The company is navigating external challenges while pursuing strategic expansions in key mineral sectors.

1. Report Industry Investment Rating - Copper: Neutral; Arbitrage: Suspended; Options: Sell put options [7] 2. Core View - Last week, domestic copper inventories increased due to high copper prices and spreads, leading to cautious downstream procurement. The TC of the mining end continued to decline to -$60/ton, intensifying raw material shortages. The refined copper import window opened, and bonded area inventories decreased. The price difference between scrap and refined copper narrowed, inhibiting its economic efficiency, but the demand for taxed raw materials increased. The operating rates of copper processing sectors generally rebounded, with a significant increase in orders for refined copper rods, and the prosperity of enameled wires and brass rods improved. Terminal power and new energy orders provided strong support, while the construction sector remained weak. As downstream enterprises resume work and copper prices fluctuate and decline, procurement enthusiasm may recover. At the current copper price, it is recommended to increase the hedging volume to about two months of actual usage [7] 3. Summary by Relevant Catalogs 3.1 Market News and Important Data 3.1.1 Futures Quotes - On March 18, 2026, the main contract of Shanghai copper opened at 99,120 yuan/ton and closed at 98,590 yuan/ton, a decrease of 0.75% from the previous trading day's closing. The night session opened at 98,000 yuan/ton and closed at 96,340 yuan/ton, a decrease of 2.30% from the afternoon closing [1] 3.1.2 Spot Situation - The SHFE copper 2604 contract fluctuated and closed at 98,660 yuan/ton. The contango and backwardation of the inter - month spread alternated, and imports remained profitable. Spot market trading improved slightly. Sellers tried to hold prices, but some sold off, reducing the premium. Downstream replenishment willingness was limited, and high inventories suppressed spot prices. The import window remained open, and the expectation of future supply inflows increased. It is expected that the spot discount pattern will continue tomorrow [2] 3.2 Important Information Summary 3.2.1 Geopolitical Aspect - The risk of attacks on Middle - East energy facilities has suddenly increased. Iran's largest natural gas field was attacked by the US and Israel. Iran announced it would strike US - related oil facilities and listed the energy facilities of Saudi Arabia, the UAE, and Qatar as legitimate targets. The Islamic Revolutionary Guard Corps of Iran launched a large - scale missile attack on US - related oil and energy facilities in the region. US President Trump said he did not want further attacks on Iranian energy facilities but might consider listing more Iranian energy facilities as targets depending on Iran's actions in the Strait of Hormuz [3] 3.2.2 Federal Reserve Aspect - The Federal Reserve kept the federal funds rate target range at 3.50% - 3.75%, remaining on hold for the second consecutive time, in line with market expectations. Fed Chairman Powell clearly denied that the US economy was in stagflation, emphasizing that the policy stance was appropriate, and rate cuts required continuous progress in inflation. He said that if there was no progress in inflation, rate cuts would not be made. Most people did not think rate hikes were the basic expectation, but the possibility of a rate hike in the next step was indeed mentioned [3] 3.3 Mining End - On March 17, BHP, the world's largest mining company, initiated the environmental permit application process for a new concentrator at its Escondida copper mine in Chile. The project, worth about $5 billion, aims to address the decline in ore grade and maintain mine production capacity. Escondida has faced a continuous decline in ore grade in recent years, with the ore grade dropping to 0.93% in Q4 2025. The expected investment range for the upgrade project is $4.4 - $5.9 billion, mainly for building a new concentrator to replace the old Los Colorados concentrator. As a core part of BHP's $10.8 - billion ten - year growth plan announced at the end of 2024, the new concentrator will maintain Escondida's existing processing capacity of 460,000 tons per day, ensuring copper production remains within the permitted level. BHP chose to submit an environmental impact statement (DIA), which has a faster approval process than a comprehensive environmental assessment. If approved, construction will start in early 2027, and the first production is expected between 2031 and 2032 [4] 3.4 Smelting and Import - On March 13, workers at Glencore's Townsville copper refinery in North Queensland, Australia, went on strike after nearly a year of negotiations failed to resolve disputes over wage increases and working conditions. Union members stopped work at the refinery for 4 hours and then resumed operations. The union secretary said that if Glencore was not willing to improve its offer, the strike would continue, but currently, the union did not plan further actions. Glencore reiterated its commitment to reaching an agreement with employees and said the union's actions might damage the constructive cooperation relationship. The refinery has an annual production capacity of up to 300,000 tons of 99.995% pure copper cathodes [5] 3.5 Consumption - In February 2026, China's exports of unwrought copper and copper products were 156,194 tons, a year - on - year increase of 92.1%; the cumulative exports from January to February were 343,624 tons, a year - on - year increase of 95.5%. In February, imports were 320,000 tons, a year - on - year decrease of 24.5%; the cumulative imports from January to February were 700,000 tons, a year - on - year decrease of 16.1%. Copper prices continued to decline, but downstream procurement did not improve substantially, with most buyers waiting and watching except for those with rigid demand. The futures spread narrowed to less than 100 yuan, and sellers were more willing to sell. Coupled with high inventories, the increasing supply - demand gap put pressure on premiums [6] 3.6 Inventory and Warehouse Receipts - LME warehouse receipts changed by 18,775 tons to 334,100 tons compared with the previous trading day. SHFE warehouse receipts changed by - 5,665 tons to 318,624 tons. On March 16, the domestic electrolytic copper spot inventory was 547,300 tons, a change of - 26,600 tons from the previous week [6]

Report Information - Report Title: Copper Futures Daily Report [1] - Date: March 18, 2026 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Core Viewpoint - Copper prices continued to oscillate weakly. Afternoon, due to an oil tanker being attacked near the Strait of Hormuz, oil prices rose, market risk - aversion sentiment increased, and the decline in copper prices widened. The main contract of Shanghai copper fell back below 100,000. In the short - term, copper prices will continue to oscillate [10]. Summary by Directory 1. Market Review and Operation Suggestions - Market situation: Copper prices were in a weak oscillation. After the afternoon incident, the decline of Shanghai copper widened, with the main contract back below 100,000. The 04 - 05 spread on the disk narrowed to 80, the spot changed to a discount of 100, and the spot trading was dull after the contract change. The refined - scrap spread widened to 689. The spot import window remained open, and the expectation of domestic imported supply was strong. The LME 0 - 3 contango structure was $102/ton, and LME inventories increased by 18,775 to 33,375 tons [10]. - Outlook: Both domestic and foreign markets face high inventory pressure, and the situation in Iran is unstable, so the upward momentum is weak. However, as the domestic downstream is in the peak season, after copper prices fall below 100,000, the sentiment of scrap copper holders to hold back sales and downstream replenishment is expected to increase [10]. 2. Industry News - Japan and the US are expected to reach an agreement on jointly developing rare earths, lithium, and copper at this week's summit [10]. - Botswana Minerals obtained 8 copper - focused exploration licenses covering about 7,000 square kilometers in northwest Botswana by the end of December 2025. The company is planning surveys and in talks with potential JV partners [10]. - Rio Tinto will start a $500 - million drilling activity in the Resolution copper mine in Arizona after obtaining control. The project is still in the licensing stage, and Rio Tinto and BHP have invested over $200 million without production so far [10][11]

Summary of the Conference Call for Cangge Mining Company Overview - **Company**: Cangge Mining - **Industry**: Mining (Potash, Lithium, Copper) Key Financial Highlights - **2025 Revenue**: CNY 35.77 billion, up 10.03% YoY - **Net Profit**: CNY 38.52 billion, up 49.32% YoY - **Operating Cash Flow**: CNY 21 billion, up 128.49% YoY - **Dividend Proposal**: CNY 39.22 billion, payout ratio of 102% [2][4][12] Business Segment Performance Potash Segment - **Revenue**: CNY 29.49 billion, up 33.42% YoY - **Gross Margin**: 64.64% - **Unit Cost**: CNY 961.62/ton, down 17.6% YoY - **Production Target for 2026**: 1 million tons [2][4][9] Lithium Segment - **Revenue**: CNY 5.93 billion - **Gross Margin**: 34.82% - **Production Target for 2026**: 16,500 tons, up 87% YoY - **Dami Salt Lake Project**: Expected to start production in Q3 2026, with a total lithium capacity target of 60,000 tons by 2028 [2][4][9][10]. Copper Segment (Julong Copper) - **Investment Income**: CNY 27.82 billion, up 44.34% YoY - **Profit Contribution**: 72.23% of net profit - **Production Target for 2026**: 310,000 tons, up 60% YoY [2][4][5][9]. Cost Management and Efficiency - **Debt Ratio**: 8.35% at the end of 2025 - **Cost Control Measures**: - Management fees down 16% - Procurement costs down 10.27% - Average sales cost of potash reduced by CNY 205/ton [3][6]. Project Updates Dami Salt Lake - **Current Status**: Construction phase, expected to start production in Q3 2026 [7][8]. Laos Potash Project - **Current Status**: Phase one of 1 million tons is being advanced, with a target of 1.25 million tons by 2028 [7][8]. Julong Copper Phase II - **Current Status**: Commissioned in January 2026, increasing annual copper production to 300,000-350,000 tons [8][14]. Future Production Plans - **2026 Production Goals**: - Potash: 1 million tons - Lithium: 16,500 tons - Copper: 310,000 tons - Industrial Salt: 1.5 million tons [9][10]. Strategic Development Goals - **2028 Targets**: - Potash: 1.25 million tons - Lithium: 120,000 tons - Continued collaboration with Zijin Mining for resource acquisitions [10][11]. Shareholder Returns and Sustainability - **Dividend Policy**: Cash dividends to be maintained, with a focus on sustainable returns based on financial health and project funding needs [12][13]. Market and Investor Relations - **Investor Engagement**: Increased communication with investors, including 142 calls and over 300 responses to inquiries in 2025 [22]. Risk Management - **Hedging Strategy**: Currently no plans for lithium hedging, but cautious evaluation of market conditions for future strategies [21]. Conclusion Cangge Mining is positioned for growth with strong financial performance, strategic project developments, and a commitment to shareholder returns. The focus on cost management and operational efficiency will support its ambitious production targets and expansion plans in the coming years.