1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The lifting of liquidity concerns has led to a warming of market sentiment, and the expectation of loose liquidity will open up an upward space for copper prices again. After the decline in copper prices, social inventories have decreased, but insufficient recovery in downstream demand restricts the short - term upward space for copper prices. The expectation of copper ore shortage still benefits copper prices in the medium - to - long term. In the long run, the narrative of copper ore shortage will return. Recently, market risk appetite has improved, but there are still uncertainties in the macro - aspect, and insufficient recovery in downstream demand will cause short - term copper prices to mainly fluctuate and adjust. After the macro - narrative stabilizes, the strategy is to buy on dips when copper prices are in a volatile state [11]. 3. Summary According to the Directory 3.1 Part 01: Weekly Review - **Supply - side Data**: From November 3 - 7, 2025, the spot TC of copper concentrate increased by 0.26% week - on - week to - 42.04 dollars/ton due to the shutdown of PT Amman smelter and the increase in short - term copper concentrate circulation. The refined - scrap copper price spread narrowed by 17.05% to 3315 yuan/ton as copper prices fell and scrap copper traders' willingness to sell decreased. The southern crude copper processing fee increased by 9.09% to 1200 yuan/ton as some enterprises switched to anode plate production. The operating rates of refined copper rods, recycled copper rods, and wire and cable all increased, with increases of 2.55%, 20.92%, and 4.36% respectively, due to the decline in copper prices stimulating downstream demand [8]. - **Inventory Data**: The global visible inventory increased by 5.23% to 75.97 million tons, mainly due to the increase in COMEX and LME inventories. The domestic electrolytic copper social inventory decreased by 2.10% to 19.59 million tons as downstream purchasing increased. The bonded area inventory decreased slightly by 0.34% to 8.82 million tons, with overall balanced supply and demand. The SHFE copper inventory increased by 344.36% to 124.42 million tons, and the LME copper inventory increased by 2.00% to 13.63 million tons due to previous exports [8]. - **Profit Data**: The spot and long - term comprehensive smelting profits decreased by 1.11% and 24.21% respectively, with the short - term loss intensifying. The import profit increased by 30.59% to - 540 yuan/ton [8]. - **Macro and Strategy**: The US government shutdown caused liquidity concerns, but the recent agreement to end the shutdown has lifted these concerns, warming market sentiment. Fundamentally, short - term copper price increases are restricted by insufficient downstream demand recovery, while long - term copper prices are supported by the expectation of copper ore shortage. The short - term strategy is for copper prices to fluctuate, and it is recommended to buy on dips [11]. 3.2 Part 02: Copper Industry Chain Analysis - **Price and Spread**: The report presents data on SMM1 electrolytic copper premiums and discounts, the spread between the current and three - month contracts of Shanghai copper, the price of sulfuric acid, and the closing price of the Shanghai copper main contract, as well as the Shanghai - London ratio and related spreads [13][16][19]. - **Cost and Profit**: It shows the comprehensive profit of electrolytic copper (including by - product sulfuric acid), spot and long - term, as well as the import and export profits of copper [20][21][23]. - **Supply**: It includes data on copper concentrate production in Chile and Peru, copper concentrate imports, electrolytic copper production, imports, and total supply [27][31]. - **Demand**: It covers the demand from various sectors such as copper rods, wire and cable, power grids, air conditioners, copper strips, automobiles, and real estate, including operating rates, inventory levels, and production and sales data [33][35][44][46][52][55]. - **Inventory**: Data on various copper inventories, including Chinese electrolytic copper social inventory, SHFE copper inventory warrants, COMEX and LME electrolytic copper inventories, and global refined copper inventory, are provided [60]. 3.3 Part 03: Capital Position - The CFTC non - commercial long - position ratio is 32% and shows a strengthening trend recently. The LME investment fund net long - position is 36768.23 lots, with a week - on - week decrease of 1814.84 lots [70].