1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The copper price continued to fluctuate in the first week after the Spring Festival, with a small increase driven by the external market [2]. - Tariff policy disturbances have temporarily subsided, but the rapid escalation of the US - Iran conflict has boosted market risk - aversion sentiment, yet it has not significantly affected the copper price [2]. - There is a certain divergence in the supply side. Copper concentrates are continuously in short supply upstream, but domestic refined copper production hit a new high in January and is expected to rise again in March, and both domestic and foreign markets have high inventories [2]. - The demand side is on the eve of the transition between the off - season and the peak season. Downstream enterprises are gradually resuming work, but the pace is slow, and the spot is under pressure with continuous discounts. The core contradiction in the market is that downstream demand has not fully recovered [2]. - The market is waiting for the actual performance of peak - season demand to break the deadlock. In the short term, the copper price is expected to remain volatile to gradually digest inventory pressure, and the substantial start of peak - season demand will be the key driving variable for the next stage [2]. 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - After the Spring Festival, the copper price continued to fluctuate and had a small increase in the first week, driven by the external market [2]. - Macroscopically, tariff policy disturbances paused, and the US - Iran conflict escalated, increasing market risk - aversion sentiment without a significant impact on the copper price [2]. 3.2 Supply Situation - Upstream copper concentrates are in short supply, and the domestic copper concentrate TC remains at a low level [2]. - In January, domestic refined copper production reached a new high, and it is expected to rise again in March [2]. - Both domestic and foreign markets have high - inventory levels [2]. 3.3 Demand Situation - The demand side is at the transition between the off - season and the peak season. Downstream enterprises are resuming work after the festival, but the pace is slow [2]. - The abundant spot supply cannot be fully absorbed by the demand, resulting in continuous spot discounts [2]. - Some enterprises will not fully resume production until after the Lantern Festival [2]. 3.4 Key Concerns - The report suggests paying attention to the latest US economic data, geopolitical changes, and post - festival demand recovery [3]. 3.5 Weekly Changes in Fundamental Data | Indicator | Unit | This Week | Last Week | Change Amount | Change Rate | | --- | --- | --- | --- | --- | --- | | Electrolytic copper price (≥99.95%): Shanghai | Yuan/ton | 101970 | 100275 | 1695 | 1.69% | | Electrolytic copper premium/discount (≥99.95%): Shanghai | Yuan/ton | - 250 | - 5 | - 245 | - 4900.00% | | Clean copper concentrate forward spot comprehensive index (TC) | US dollars/dry ton | - 51.06 | - 51.17 | 0.11 | 0.21% | | Oxygen - free copper rod price | Yuan/ton | 103090 | 101270 | 1820 | 1.80% | | LME copper inventory | Tons | 253700 | 241825 | 11875 | 4.91% | | SHFE copper inventory | Tons | 391529 | 272475 | 119054 | 43.69% | | COMEX copper inventory | Short tons | 601541 | 600436 | 1105 | 0.18% | [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - During the Spring Festival holiday, the domestic copper market was closed, while the overseas copper market saw slight increases, with LME copper rising 0.33% and COMEX copper rising 1.29% [1]. - Market sentiment is affected by multiple factors, including geopolitical risks from the repeated Iran - US negotiations, the US plan to impose a 15% general tariff on the world after the Supreme Court's ruling, and the uncertainty of the Fed's policy path, which intensify the market's wait - and - see attitude [1]. - On the supply side, the long - term narrative of tight mine supply provides bottom support, and domestic refined copper production in December increased 11.9% year - on - year, with overall stable supply [1]. - On the demand side, post - holiday spot demand is expected to gradually improve as downstream processing enterprises resume work, but the actual demand recovery intensity needs time to be verified [1]. - Domestic social inventories increased significantly before the holiday, and LME copper inventories also rose sharply after the holiday, with continuous accumulation in COMEX copper inventories, increasing the pressure of visible inventories [1]. - In the short term, copper prices are expected to maintain a volatile pattern, and the substantial recovery of post - holiday peak - season demand will be the key driving variable in the next stage, with attention needed on domestic inventory destocking rhythm and downstream resumption of work [1]. 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - During the Spring Festival, domestic copper market was closed, and overseas copper prices rose slightly (LME copper +0.33%, COMEX copper +1.29%). Market sentiment is affected by geopolitical risks, US tariff policy, and Fed policy uncertainty. Supply is stable with long - term mine supply tightness, and December refined copper production increased 11.9% year - on - year. Post - holiday demand is expected to improve, but actual recovery needs verification. Visible inventories have increased, and short - term copper prices are expected to be volatile, with post - holiday demand recovery as a key factor [1]. 3.2 Factors to Watch - US tariff policy changes and post - holiday demand recovery are important factors. Weekly data shows that the price of electrolytic copper in Shanghai increased 0.65% (from 99,625 to 100,275 yuan/ton), the electrolytic copper premium in Shanghai decreased 120% (from 25 to - 5 yuan/ton), the clean copper concentrate forward spot comprehensive index (TC) decreased 0.08% (- 0.04 to - 51.17 dollars/dry ton), the oxygen - free copper rod price increased 0.03% (from 101,240 to 101,270 yuan/ton), LME copper inventories increased 31.95% (from 183,275 to 241,825 tons), SHFE copper inventories increased 9.47% (from 248,911 to 272,475 tons), and COMEX copper inventories increased 1.93% (from 589,081 to 600,436 short tons) [1][2]. 3.3 This Week's Fundamental Data Weekly Changes - No detailed content provided other than the title [3] 3.4 Futures Market Review - Figures of the Shanghai copper market trend, London copper market trend, and the Shanghai - London ratio (without excluding exchange rate) are provided, but no specific analysis content [4][5][7] 3.5 Supply Situation Analysis - Figures related to copper concentrate forward spot prices, rough copper spot processing average prices, copper concentrate port inventories, domestic electrolytic copper production, electrolytic copper and scrap copper price change trends, and main market refined - scrap price differences are presented, but no specific analysis [11][13] 3.6 Demand Situation Analysis - Figures of 1 electrolytic copper premium in Shanghai, copper product prices, copper product capacity utilization rates, refined copper rod trading volumes, Yangshan copper bonded premiums, and electrolytic copper warehouse receipt bill of lading premiums are provided, but no specific analysis [14][15][17] 3.7 Inventory Situation Analysis - Figures of electrolytic copper spot inventories and inventories of three major futures exchanges are presented, but no specific analysis [22][23]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View - The copper prices of both domestic and foreign markets achieved a historic breakthrough in the intense game between "strong expectation" and "weak reality". The LME copper price reached a high point at the beginning of the week, and the main contract of Shanghai copper hit a record high of 98,800 yuan/ton during Friday's trading session. The "strong expectation" completely overwhelmed the "weak reality" this week. While the futures price reached a new high, the spot market sent a clear signal of weakness. The long - term bullish logic remains unchanged, but be vigilant against the short - term risk of high - level correction [2]. 3. Summary by Relevant Catalog Market Review and Outlook - Macroscopically, the loose expectation continues, and the continuous weakening of the US dollar provides support for copper prices. On the supply side, the strike at Chilean mines brings the risk of production cuts. The production disturbances at the mine end resonate with the joint production cut plan of CSPT at the smelting end, strengthening the narrative of supply shortage. On the demand side, the extremely high spot price has seriously suppressed actual consumption. Downstream procurement is extremely cautious, the discount of spot electrolytic copper continues to widen, and the increase in social inventory is significant. The sharp rise in copper prices this week is mainly driven by high market sentiment. Once the sentiment fades, copper prices may fluctuate sharply [2]. Attention Factors - Pay attention to the Sino - US PMI data for December, the minutes of the Federal Reserve meeting, and changes in downstream demand [3]. This Week's Fundamental Data Weekly Changes | Indicator | Unit | This Week's Latest | Last Week | Weekly Change | Weekly Change Rate | Frequency | | --- | --- | --- | --- | --- | --- | --- | | Electrolytic copper price (≥99.95%): Shanghai | yuan/ton | 97800 | 92315 | 5485 | 5.94% | Weekly | | Electrolytic copper premium/discount (≥99.95%): Shanghai | yuan/ton | - 350 | - 155 | - 195 | - 125.81% | Weekly | | SHFE: Electrolytic copper: Basis | yuan/ton | - 980 | - 940 | - 40 | - 4.26% | Weekly | | Oxygen - free copper rod price | yuan/ton | 98800 | 93410 | 5390 | 5.77% | Weekly | | LME copper inventory | tons | 157025 | 160400 | - 3375 | - 2.10% | Weekly | | SHFE copper inventory | tons | 111703 | 95805 | 15898 | 16.59% | Weekly | [3] 1. Futures Market Review - The content mainly includes the price trend charts of Shanghai copper, London copper, and the Shanghai - London ratio, with data sources from Boyi Master and Nanjing Securities Futures [5][6][8]. 2. Supply Situation Analysis - It involves charts such as the forward spot price of copper concentrate (measured by TC price), the average spot processing price of blister copper, copper concentrate port inventory, domestic electrolytic copper production, the price change trend of electrolytic copper and scrap copper, and the refined - scrap price difference in major markets. The data sources are from Steel Union Terminal and Nanjing Securities Futures [13][14][16]. 3. Demand Situation Analysis - The content contains charts such as the premium/discount of 1 electrolytic copper (≥99.95%) in Shanghai, copper product prices, copper product capacity utilization rate, refined copper rod trading volume, Yangshan copper bonded area premium, and electrolytic copper warehouse receipt bill of lading premium (pyrometallurgy). The data sources are from iFinD and Steel Union Terminal [21][22][27]. 4. Inventory Situation Analysis - It includes charts of electrolytic copper bonded area inventory and the inventory of three major futures exchanges, with data sources from Steel Union Terminal and Nanjing Securities Futures [31].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Copper prices are likely to maintain a volatile and weak pattern. Supply-side short-term disruptions are offset by the release of new smelting capacity. The off-season effect on the demand side suppresses the spot premium. The increase in photovoltaic installations offsets part of the decline in consumption, but the impact is limited. The strengthening of the US dollar at the macro level suppresses risk appetite, while the US-EU tariff agreement eases trade frictions and limits the downside space. Attention should be paid to the implementation of the US tariff policy on August 1 and inventory changes [6]. 3. Summary by Relevant Catalogs 3.1 Daily Market Summary 3.1.1 Copper Futures Market Data Change Analysis - **Main Contracts and Basis**: As of the week ending July 25, the price of the SHFE copper main contract dropped from 79,820 yuan/ton to 79,290 yuan/ton, a decline of about 0.66%. The LME copper price fell from $9,854.5/ton to $9,796/ton, continuing the high-level correction trend. The spot premium significantly narrowed. The premium of premium copper decreased from 180 yuan/ton to 165 yuan/ton, and the premium of flat copper decreased from 110 yuan/ton to 85 yuan/ton, indicating increased spot supply pressure. The LME copper 0 - 3 backwardation widened to -$53.68/ton [1]. - **Positions and Trading Volume**: The LME copper position increased to 270,400 lots, but the SHFE copper inventory increased to 128,500 tons, intensifying the long-short game. Near the end of the month in the Shanghai market, the sentiment of holders to sell for cash increased, while downstream purchases only maintained rigid demand, and market liquidity marginally weakened [2]. 3.1.2 Industry Chain Supply and Demand and Inventory Change Analysis - **Supply Side**: Short-term disturbance factors intensified. Newmont's Red Chris mine suspended operations due to an accident, and Glencore's Mount Isa mine will officially close next week, weakening the global copper mine supply elasticity. However, the commissioning of Jiangxi Copper's Zambia project supplemented the supply of the processing end. Overall, the smelting end maintained a high level, and the arrival of imported copper and domestic supply led to inventory accumulation in the Shanghai area [3]. - **Demand Side**: The off-season characteristics were obvious. The operating rate of copper cable enterprises decreased by 2.07% to 70.83% week-on-week and is expected to further drop to 70.30% next week, mainly because the rising copper price suppressed purchases, and the orders for photovoltaic and power projects seasonally declined. Although there was resilience in the photovoltaic field demand, the terminal delivery rhythm slowed down. The spot discount in North China remained at 140 yuan/ton, indicating weak regional consumption [4]. - **Inventory Side**: The contradiction in global visible inventories emerged. The LME inventory slightly decreased to 16,133 tons, but the SHFE inventory increased to 128,500 tons, and the COMEX inventory rose to 248,600 short tons. The pressure on domestic social inventories was particularly prominent [5]. 3.1.3 Market Summary - Copper prices may maintain a volatile and weak pattern. Attention should be paid to the implementation of the US tariff policy on August 1 and inventory changes [6]. 3.2 Industry Chain Price Monitoring - From July 22 to July 28, 2025, most copper-related prices showed a downward trend, and inventory changes varied. For example, the SMM 1 copper price decreased from 79,920 yuan/ton to 79,270 yuan/ton, a decrease of 0.46%. The LME copper price decreased from $9,855/ton to $9,763/ton, a decrease of 0.34%. The LME inventory increased by 10.53%, the SHFE inventory decreased by 0.84%, and the COMEX inventory increased by 0.88% [8]. 3.3 Industry Dynamics and Interpretations - On July 25, 2025, Jiangxi Copper's first overseas wholly-owned factory in Zambia was fully put into production, with an initial investment of $11 million, capable of producing 40,000 kilometers of wire and cable and 10,000 tons of oxygen-free copper rods per year [9]. - On July 25, 2025, the operating rate of copper cable enterprises was 70.83%, a week-on-week decrease of 2.07 percentage points, and is expected to further drop to 70.30% next week [9]. - On July 24, 2025, Newmont's Red Chris mine in Canada suspended operations due to a collapse accident, with an expected copper production of 20,000 metal tons in 2025 [9]. - On July 24, 2025, Glencore will close its Mount Isa copper mine in Australia next week, with an estimated layoff of about 500 people [10]. - On July 23, 2025, according to data from the National Energy Administration, the new photovoltaic installed capacity in June was 14.36 GW, and the cumulative installed capacity from January to June 2025 was 212.21 GW. The increase in photovoltaic installed capacity will drive up copper demand [10]. 3.4 Industry Chain Data Charts - The report provides multiple data charts, including China PMI, US PMI, US employment situation, dollar index and LME copper price correlation, US interest rate and LME copper price correlation, TC processing fees, CFTC copper positions, LME copper net long positions analysis, SHFE copper warehouse receipts, LME copper inventory changes, COMEX copper inventory changes, and SMM social inventories [11][13][17].

Report Information - Report Title: Copper Futures Daily Report [2] - Date: July 29, 2025 [3] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [4] 1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - Copper futures weakened, with Shanghai copper breaking below the trend - line due to the strengthening of the US dollar index and the increase in selling after the anti - involution sentiment faded. However, there is strong support below. The Shanghai copper main contract closed above 79,000 at the end of the session, and the near - month structure changed from contango to flat. It is expected that copper prices will face correction pressure, but there are still fundamental support factors, and the correction is a buying opportunity [12] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Copper futures weakened, Shanghai copper broke below the trend - line. The main reasons were the strengthening of the US dollar index and increased selling after the anti - involution sentiment faded. The Shanghai copper main contract closed above 79,000 at the end of the session, and the near - month structure changed from contango to flat. The spot price dropped by 375 to 79,075, and the premium dropped by 30 to 95. At the end of the month, holders had a strong selling sentiment, and social inventories increased by 0.61 to 120,300 tons over the weekend. The increase in domestic arrivals this week may add pressure on inventory accumulation. LME0 - 3 was - 53.68, and LME was still affected by the US tariff on copper on August 1. The COMEX - LME premium reached 2927 and did not widen during the session. Market caution increased before the expected deadline, and with the Fed's interest - rate meeting this week and the expiration of Trump's 90 - day suspension of reciprocal tariffs on August 1, market uncertainty increased. It is expected that copper prices will have correction pressure, but the fundamentals still provide support, and the correction is a buying opportunity [12] 3.2 Industry News - Trump revealed on Friday that more agreements are expected to be reached before the August 1 tariff deadline. European Commission President von der Leyen said she would meet with Trump in Scotland on Sunday to discuss trade matters. The easing of tariff sentiment is expected to support copper prices [13] - In July 2025, Jiangxi Copper Group's first overseas wholly - owned factory, Jiangxi Copper (Zambia) Optoelectronics Co., Ltd.'s wire and cable project, was officially fully put into production in the Jiangxi Industrial Park in Zambia. The first - phase project invested $11 million, focusing on the production of high - quality low - voltage wire and cable and oxygen - free copper rods, with a core production capacity of 40,000 kilometers of wire and cable and 10,000 tons of oxygen - free copper rods per year [13] - The president of the Japan Mining Industry Association (JMIA) said that Japanese copper smelters had a difficult mid - year negotiation with Antofagasta because they could not accept the extremely low conditions reached by Chinese smelters and Antofagasta. Japanese smelters are currently in mid - year negotiations to maintain a higher profit margin than their Chinese counterparts, but the negotiations are progressing very difficultly as Antofagasta proposed a processing fee lower than the 2025 annual level [13][14]

Group 1: Market Opportunities and Competitive Advantages - The carbon-ceramic brake technology is expected to see significant market growth driven by the electric vehicle sector, with the company holding competitive advantages in this field due to its high-strength, high-temperature resistance, corrosion resistance, lightweight, and long lifespan characteristics of carbon-ceramic brake discs [1] - The subsidiary Tian Niao High-tech is a leading domestic manufacturer of carbon fiber preforms, with substantial technical accumulation and advantages in the production of carbon brake preforms, which have already achieved mass sales [2] - The company has successfully developed carbon-ceramic brake preforms and is collaborating with domestic automotive manufacturers for bench testing, indicating a strong market potential [2] Group 2: Product Applications and Innovations - Jiangsu Tian Niao's carbon fiber products are widely used in strategic industries such as aerospace, defense, new energy, and semiconductors, with core products including special fiber preforms [2] - The subsidiary Xin Hai Gao Dao produces a variety of copper products that are extensively applied in electric vehicle wiring, photovoltaic systems, and 5G base station equipment, showcasing the company's diverse product applications [3] - The company has developed advanced technologies for recycling used lithium batteries and other materials, indicating a commitment to sustainability and innovation in the energy sector [3] Group 3: Technological Advancements - The subsidiary Ding Li Technology has developed tantalum carbide (TaC) and silicon carbide (SiC) coating technologies that enhance material properties essential for nuclear fusion applications, demonstrating the company's capability in advanced materials [3] - Ding Li Technology has also made significant progress in organic solid waste continuous pyrolysis technology, which is applicable in the recycling of various materials, including used lithium batteries and carbon fiber wind turbine blades [3] Group 4: Investor Relations and Engagement - The investor relations activities included on-site visits and discussions with key personnel, such as the CFO and board secretary, indicating a proactive approach to engaging with investors [1] - The company has maintained a detailed record of investor interactions, showcasing transparency and commitment to stakeholder communication [4]