1. Report Industry Investment Rating - No information provided in the content 2. Core View of the Report - The easing of mutual tariffs between China and the US has led to expectations of pre - export rush, and there are disruptions in overseas copper mine production. However, the traditional off - season has weakened downstream demand, causing potential adjustments in Shanghai copper prices. It is recommended that investors take profits on previous long positions when prices rise. Attention should be paid to support and pressure levels for Shanghai copper, London copper, and US copper [3] 3. Summary by Relevant Catalogs 3.1 Market Data - **Shanghai Copper Futures**: On June 12, 2025, the closing price of the active contract was 78,610, a decrease of 680 from the previous day; trading volume was 85,090 lots, an increase of 20,954 lots; open interest was 203,273 lots, a decrease of 6,250 lots; inventory was 32,785 tons, a decrease of 588 tons. The SMM 1 electrolytic copper average price was 79,075, a decrease of 235 [2] - **Shanghai Copper Basis and Spreads**: The Shanghai copper basis was 465, an increase of 445; the Guangzhou electrolytic copper spot premium was 60, a decrease of 30; the North China electrolytic copper spot premium was - 150, an increase of 10; the East China electrolytic copper spot premium was - 20, a decrease of 5. The spread between the near - month and the first - continuous contract of Shanghai copper was 290, an increase of 210; the spread between the first - continuous and the second - continuous contract was 160, an increase of 70; the spread between the second - continuous and the first - continuous contract was 180, a decrease of 10 [2] - **London Copper**: The LME 3 - month copper futures closing price (electronic trading) on June 12, 2025, was 9,690.51, an increase of 43.5. The total inventory of registered and cancelled warrants was 0, a decrease of 116,850. The LME copper futures 0 - 3 - month contract spread was 85.51, an increase of 30.02; the 3 - 15 - month contract spread was 101.55, an increase of 10.35. The Shanghai - London copper price ratio was 8.1121, a decrease of 0.11 [2] - **COMEX Copper**: The closing price of the active copper futures contract on June 12, 2025, was 4.843, a decrease of 0.051. The total inventory was 193,954 tons, an increase of 3,019 tons [2] 3.2 Macroeconomic Situation - The number of new non - farm employment in the US in a certain month was 139,000, higher than expected but lower than the previous value. The annual average hourly wage rate was 3.8%, higher than expected and the previous value. The consumer - end inflation rate in the US in May was 2.4%, lower than expected but higher than the previous value. The Trump administration's tariff policy has not triggered a rebound in consumer - end inflation, increasing the probability of the Fed cutting interest rates in September or December [2] 3.3 Upstream Situation - Ivanhoe Mines' Kanoa - Kakula copper mine's 2025 copper production guidance decreased by 28% to 37 - 420,000 tons due to an earthquake. Multiple mines had production issues, including mechanical failures at Canadian Teds Resources' mines and higher export taxes for Indonesian Freeport. Some mines had planned expansions, such as the second - phase of Tongling Nonferrous' Miraado copper mine and J巨龙 Copper's second - phase expansion. The domestic copper concentrate production (import) volume may increase or decrease in June, and the domestic scrap copper production (import) volume may decrease. Some smelters had production disruptions, while others were expected to resume or start production, which may affect the domestic electrolytic copper production and import volume in June [2][3] 3.4 Downstream Situation - The capacity utilization rate of China's refined copper (recycled copper rod) decreased (increased) compared to the previous week. The raw material (finished product) inventory of refined copper and recycled copper rod enterprises decreased (increased). The production capacity utilization rate of China's copper wire and cable decreased, and the raw material (finished product) inventory decreased. The production capacity utilization rate of China's copper foil decreased, and the raw material (finished product) inventory days decreased. The production capacity utilization rate of China's brass rod increased, and the raw material (finished product) inventory days decreased. Due to the easing of mutual tariffs and the traditional off - season, the capacity utilization rate, production volume, import volume, and export volume of domestic steel enterprises may change in June [3]