Report Industry Investment Rating - Not provided Core View of the Report - The domestic copper smelter's maintenance capacity in August may decrease month-on-month, and the domestic electrolytic copper social inventory has decreased month-on-month. The US port inflation rebound reduces the Fed's expected number of interest rate cuts, but the decrease in scrap copper anode plates and domestic electrolytic copper social inventory may cause the Shanghai copper price to fluctuate. It is recommended that investors wait and see. Pay attention to the support and pressure levels of Shanghai copper, London copper, and US copper [1][4] Summary by Relevant Catalogs Copper Market Data - On August 15, 2025, the closing price of the active contract of Shanghai copper futures was 79,060 yuan, up 110 yuan from the previous day; the trading volume was 50,116 lots, down 1,618 lots; the open interest was 152,557 lots, up 216 lots; the inventory was 24,560 tons, up 126 tons. The average price of SMM 1 electrolytic copper was 79,180 yuan, down 255 yuan [2] - The LME 3 - month copper futures closing price (electronic disk) on August 15, 2025, was 9,760 US dollars, down 17 US dollars from the previous day; the total inventory of registered and cancelled warrants was 0 tons, down 155,800 tons [2] - The closing price of the active contract of COMEX copper futures on August 15, 2025, was 4.489 US dollars, down 0.01 US dollars from the previous day; the total inventory weight was 267,195 tons, up 400 tons [2] Zambia Copper Production - Zambia, the second - largest copper producer in Africa, had a copper production of about 439,644 tons in the first six months of 2025. Assuming no revision in the first - quarter production of about 224,000 tons, the second - quarter production was about 215,644 tons, a quarter - on - quarter decrease of about 4%. Four producers had problems in the second quarter. To reach the 1 - million - ton target set by the government this year, the production in the second half of the year needs to increase by about 27% [2] Industry News - Jiangxi Heli Environmental Protection Technology Co., Ltd. plans to invest 197.66065 million yuan to relocate and upgrade its existing project to build an annual 200,000 - ton recycled electrolytic copper project in Jiangxi Qianshan County Industrial Park [3] - Jiangxi Linghao New Material Technology Co., Ltd. plans to build an annual 500,000 - ton steelmaking furnace charge and 200,000 - ton copper - aluminum recycling project in De'an County, with a total investment of 200 million yuan and environmental protection investment of 1.31 million yuan [3] - On August 14, 2025, the environmental impact assessment of Jiangxi Hefan Environmental Protection Technology Co., Ltd.'s annual 200,000 - ton recycled electrolytic copper project was accepted for public notice, with a public notice period from August 14 to August 27, 2025 [5] Copper Product Industry Analysis - The daily processing fee of refined copper rods for power and enameled wires in East China has increased compared with last week, affecting the capacity utilization rate of copper products. The capacity utilization rate of different copper products may change in August. For example, the capacity utilization rate of electrolytic copper rods, copper foils, and brass rods may increase, while that of recycled copper rods, copper wires and cables, copper enameled wires, and copper tubes may decrease [4]