沪铜产业日报 2025/8/27 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪铜(日,元/吨) | 79,190.00 | 0.00 LME3个月铜(日,美元/吨) | 9,789.50 | -47.50↓ | | | 主力合约隔月价差(日,元/吨) | 0.00 | -10.00↓ 主力合约持仓量:沪铜(日,手) | 174,997.00 | -491.00↓ | | | 期货前20名持仓:沪铜(日,手) | -12,244.00 | -1967.00↓ LME铜:库存(日,吨) | 155,000.00 | -975.00↓ | | | 上期所库存:阴极铜(周,吨) | 81,698.00 | -4663.00↓ LME铜:注销仓单(日,吨) | 13,250.00 | +1500.00↑ | | | 上期所仓单:阴极铜(日,吨) | 21,287.00 | -2856.00↓ | | | | | SMM1#铜现货(日,元/吨) | 79,545.00 ...

本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建议， 客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明 出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 沪铜产业日报 2025/8/26 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:沪铜(日,元/吨) | 79,190.00 | -500.00↓ LME3个月铜(日,美元/吨) | 9,802.50 | +6.00↑ | | 期货市场 | 主力合约隔月价差(日,元/吨) | 10.00 | 0.00 主力合约持仓量:沪铜(日,手) | 175,488.00 | +64228.00↑ | | | 期货前20名持仓:沪铜(日,手) | -1,913.00 | +170 ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 陈思嘉 期货从业资格号F03118799 期货投资咨询从业证书号Z0022803 免责声明 沪铜产业日报 2025/8/25 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建议， 客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明 出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪铜(日,元/吨) | 79,690.00 | +1000.00↑ LME3个月铜(日,美元/吨) | 9,809.00 | +12.50↑ | | | 主力合约隔月价差(日,元/吨) | 10.00 | -10.00↓ ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The main contract of Shanghai copper fluctuated weakly, with a decrease in open interest, a premium in the spot market, and a strengthening basis. The fundamentals of the mining end show an increase in overseas mine supply, and the TC spot index has significantly rebounded due to traders' shipments. On the supply side, due to the increase in copper ore supply and the relatively firm operation of the spot, smelters are more enthusiastic about production, and domestic supply has increased. On the demand side, the impact of the consumption off - season has weakened, and there is a slight improvement in consumption during the transition from the off - season to the peak season. Downstream inquiries have become more active, with some advance stocking demand emerging, and demand expectations are warming. Overall, the fundamentals of Shanghai copper may be in a situation of both supply and demand increasing, with inventories remaining at a medium - low level, and industry expectations are improving. In the options market, the call - put ratio of at - the - money options is 1.13, a decrease of 0.1029 compared to the previous period. The options market sentiment is bullish, and the implied volatility has slightly increased. The operation suggestion is to conduct light - position oscillating trading, paying attention to controlling the rhythm and trading risks [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper is 78,540 yuan/ton, a decrease of 100 yuan; the price of LME 3 - month copper is 9,692.50 dollars/ton, a decrease of 28 dollars. The spread between the main contract and the next - month contract is 20 yuan/ton, with no change. The open interest of the main contract of Shanghai copper is 128,034 lots, a decrease of 7,831 lots. The net position of the top 20 futures holders of Shanghai copper is - 506 lots, a decrease of 5,699 lots. The LME copper inventory is 156,350 tons, an increase of 1,200 tons; the LME copper cancelled warrants are 10,750 tons, a decrease of 500 tons. The inventory of cathode copper in the Shanghai Futures Exchange is 86,361 tons, an increase of 4,428 tons; the warehouse receipts of cathode copper in the Shanghai Futures Exchange are 25,157 tons, a decrease of 2,856 tons [2]. 3.2 Spot Market - The price of SMM 1 copper spot is 78,800 yuan/ton, an increase of 30 yuan; the price of 1 copper spot in the Yangtze River Non - Ferrous Metals Market is 78,775 yuan/ton, an increase of 30 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 57 dollars/ton, with no change; the average premium of Yangshan copper is 52.50 dollars/ton, with no change. The basis of the CU main contract is 260 yuan/ton, an increase of 130 yuan; the LME copper cash - to - 3 - month spread is - 90.75 dollars/ton, an increase of 6.10 dollars [2]. 3.3 Upstream Situation - The monthly import volume of copper ore and concentrates is 2.5601 million tons, an increase of 210,500 tons. The TC of domestic copper smelters is - 37.68 dollars/thousand tons, an increase of 0.38 dollars. The price of copper concentrates in Jiangxi is 69,080 yuan/metal ton, an increase of 20 yuan; the price of copper concentrates in Yunnan is 69,780 yuan/metal ton, an increase of 20 yuan. The processing fee for crude copper in the south is 900 yuan/ton, with no change; the processing fee for crude copper in the north is 750 yuan/ton, with no change. The monthly output of refined copper is 1.27 million tons, a decrease of 32,000 tons. The monthly import volume of unwrought copper and copper products is 480,000 tons, an increase of 20,000 tons [2]. 3.4 Industry Situation - The weekly social inventory of copper is 418,200 tons, an increase of 43,000 tons. The price of 1 bright copper wire scrap in Shanghai is 55,140 yuan/ton, a decrease of 300 yuan; the price of 2 copper scrap (94 - 96%) in Shanghai is 67,800 yuan/ton, a decrease of 150 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 640 yuan/ton, with no change [2]. 3.5 Downstream and Application - The monthly output of copper products is 2.1694 million tons, a decrease of 45,100 tons. The cumulative value of completed investment in power grid infrastructure construction is 291.066 billion yuan, an increase of 87.08 billion yuan. The cumulative value of completed investment in real estate development is 5,357.977 billion yuan, an increase of 692.221 billion yuan. The monthly output of integrated circuits is 4,689,220,700 pieces, an increase of 183,435,300 pieces [2]. 3.6 Options Situation - The 20 - day historical volatility of Shanghai copper is 6.89%, a decrease of 0.19%; the 40 - day historical volatility of Shanghai copper is 9.52%, with no change. The implied volatility of at - the - money options is 9.2%, an increase of 0.0051. The call - put ratio of at - the - money options is 1.13, a decrease of 0.1029 [2]. 3.7 Industry News - The Fed's July meeting minutes showed that many participants believed that the current interest rate was not far from the neutral level, and most officials thought it appropriate to keep the interest rate unchanged. China's new LPR remained unchanged for three consecutive months. The Fed's July meeting minutes also showed that almost all policymakers supported not cutting interest rates in July, and there were differences among officials regarding inflation, employment risks, and the impact of tariffs on inflation. President Xi Jinping emphasized the importance of maintaining political stability, social stability, ethnic unity, and religious harmony in Tibet and promoting major projects such as the Yarlung Zangbo River hydropower project and the Sichuan - Tibet Railway [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The main contract of Shanghai copper fluctuated weakly, with a decrease in trading volume and an increase in spot premium and basis. The supply at the mine end increased, and the TC spot index rebounded significantly. The supply in the domestic market increased due to the rise in copper ore supply and the relatively strong spot market. The impact of the consumption off - season weakened, and the demand improved slightly during the transition from the off - season to the peak season. Overall, the fundamentals of Shanghai copper may be in a situation of both supply and demand growth, with inventory at a medium - low level and positive industry expectations. In the options market, the sentiment is bullish, and the implied volatility decreased slightly. Technically, the 60 - minute MACD shows a convergence of the green column below the 0 - axis. It is recommended to conduct short - term long trades at low levels with a light position, while paying attention to controlling the rhythm and trading risks [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper was 78,640 yuan/ton, a decrease of 250 yuan; the price of LME 3 - month copper was 9,699.50 dollars/ton, an increase of 7.50 dollars. The spread between the main contract and the next - month contract was 20 yuan/ton, an increase of 10 yuan. The trading volume of the main contract of Shanghai copper was 135,865 lots, a decrease of 4,502 lots. The positions of the top 20 futures holders of Shanghai copper were 5,193 lots, an increase of 686 lots. The LME copper inventory was 155,150 tons, a decrease of 450 tons; the Shanghai Futures Exchange inventory of cathode copper was 86,361 tons, an increase of 4,428 tons; the LME copper cancelled warrants were 11,250 tons, a decrease of 125 tons; the Shanghai Futures Exchange warrants of cathode copper were 25,223 tons, a decrease of 2,856 tons [2]. 3.2 Spot Market - The price of SMM 1 copper was 79,100 yuan/ton, a decrease of 180 yuan; the price of Yangtze River Non - ferrous Market 1 copper was 79,105 yuan/ton, a decrease of 195 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper was 52 dollars/ton, unchanged; the average premium of Yangshan copper was 48.50 dollars/ton, an increase of 4 dollars. The basis of the CU main contract was 460 yuan/ton, an increase of 70 yuan; the LME copper spread (0 - 3) was - 96.85 dollars/ton, a decrease of 0.10 dollars [2]. 3.3 Upstream Situation - The import volume of copper ore and concentrates was 256.01 million tons, an increase of 21.05 million tons. The rough smelting fee (TC) of domestic copper smelters was - 37.68 dollars/thousand tons, an increase of 0.38 dollars. The price of copper concentrates in Jiangxi was 69,430 yuan/metal ton, a decrease of 210 yuan; in Yunnan, it was 70,130 yuan/metal ton, a decrease of 210 yuan. The processing fee of blister copper in the south was 900 yuan/ton, unchanged; in the north, it was 750 yuan/ton, unchanged [2]. 3.4 Industry Situation - The output of refined copper was 127 million tons, a decrease of 3.20 million tons. The import volume of unforged copper and copper products was 480,000 tons, an increase of 20,000 tons. The social inventory of copper was 41.82 million tons, an increase of 0.43 million tons. The price of 1 bright copper wire in Shanghai was 55,640 yuan/ton, an increase of 100 yuan; the price of 2 copper (94 - 96%) in Shanghai was 68,150 yuan/ton, an increase of 100 yuan. The ex - factory price of sulfuric acid (98%) of Jiangxi Copper was 640 yuan/ton, unchanged [2]. 3.5 Downstream and Application - The output of copper products was 216.94 million tons, a decrease of 4.51 million tons. The cumulative completed investment in power grid infrastructure was 291.066 billion yuan, an increase of 87.08 billion yuan. The cumulative completed investment in real estate development was 5,357.977 billion yuan, an increase of 692.221 billion yuan. The monthly output of integrated circuits was 4,689,220,700 pieces, an increase of 1,834,353 pieces [2]. 3.6 Options Situation - The 20 - day historical volatility of Shanghai copper was 7.08%, an increase of 0.05%; the 40 - day historical volatility was 9.52%, an increase of 0.02%. The implied volatility of the at - the - money option in the current month was 8.69%, a decrease of 0.0023; the call - put ratio of at - the - money options was 1.24, a decrease of 0.0447 [2]. 3.7 Industry News - From January to July, the tax revenue of the equipment manufacturing and modern service industries performed well. The tax revenue of the railway, ship, aerospace equipment, computer and communication equipment, and electrical machinery and equipment manufacturing industries increased by 33%, 10.1%, and 8% respectively. The tax revenue of the scientific research and technology service industry increased by 12.7%, and that of the culture, sports and entertainment industry increased by 4.1%. A national teleconference on promoting the replacement of consumer goods with new ones was held in Beijing, emphasizing the need to optimize policies and implement consumption - promoting policies to cultivate new growth points in the consumer market. S&P affirmed the "AA+/A - 1+" sovereign rating of the United States with a stable outlook. Heilongjiang adjusted the subsidy policy for the replacement of consumer goods. Starting from August 23, subsidies for automobile replacement are divided into three levels, with an additional 0.2 million yuan for new energy vehicles. In July, the national general public budget revenue was 202.73 billion yuan, a year - on - year increase of 2.6%, the highest increase this year. The tax revenue was 180.18 billion yuan, an increase of 5%. In the first seven months of this year, the national general public budget revenue was 1,358.39 billion yuan, a year - on - year increase of 0.1%, with the cumulative increase turning positive for the first time; the expenditure was 1,607.37 billion yuan, a year - on - year increase of 3.4% [2].

Group 1 - The combination of "anti-involution" and overseas expansion logic may provide investment clues, particularly in industries like rare earths, cobalt, phosphate fertilizers, and refrigerants, which have seen profit contributions surge due to export controls or quotas [1] - China's manufacturing value-added share globally has surpassed 30%, but profit margins are declining, indicating a shift from market share competition to profit realization [1] - Short-term investment focus should remain on innovative pharmaceuticals, resources, communications, military industry, and gaming sectors, while avoiding excessive high-cut low trades [1] Group 2 - The A-share market is experiencing a new stable state, with increased investor participation and a clear trend of reallocating household wealth towards financial assets [2] - Key sectors to watch include the upstream non-ferrous metals industry, midstream steel, machinery, and power equipment, as well as non-bank financials and agriculture [2] Group 3 - The current slow bull market is characterized by structural prosperity, limited short-term capital influx due to uncertainties, and a clear direction for bullish sentiment [3] - Recommended sectors for investment include dividend stocks, liquid cooling servers, AI, innovative pharmaceuticals, humanoid robots, personal care, electronics, non-bank financials, non-ferrous metals, and military industry [3] Group 4 - The market is undergoing a "healthy bull" phase, supported by national strategic direction and active capital inflow, with a steady upward trend in indices and declining volatility [4] - Focus areas include brokerage firms, AI expansion, military industry, and "anti-involution" themes [4] Group 5 - Current market concerns do not pose significant downside risks, with expectations for improved supply-demand dynamics in 2026 [5] - The market is anticipated to experience a fourth-quarter rally in 2025, characterized by a mix of momentum-driven sectors and broad-based rotation [5] Group 6 - Key sectors to focus on include brokers, insurance, military, and rare earths, with ongoing momentum in pharmaceuticals and overseas computing assets [6] Group 7 - The A-share market is currently in the second phase of a bull market, driven by risk preference recovery and valuation rebalancing [7] - Key sectors for mid-term investment include AI, pharmaceuticals, non-bank financials, semiconductors, non-ferrous metals, military industry, and internet [7] Group 8 - The technology and small-cap styles are expected to continue dominating the market, with increasing participation from retail investors and private funds [8] Group 9 - The A-share market has ample space and opportunities, supported by strong economic resilience and significant excess savings among residents [9] - Investment focus should be on new technologies and growth directions, as well as sectors benefiting from liquidity easing [9] Group 10 - The outlook for the market's upward potential remains cautiously optimistic, emphasizing the need for a transition from liquidity-driven growth to fundamental-driven growth [10] - Structural rotation among sectors is crucial, with a focus on undervalued assets [10] Group 11 - The current market environment presents opportunities for cyclical assets as profit expectations improve, particularly in upstream resources and capital goods [11][12] - Key sectors include industrial metals, engineering machinery, and consumer staples, with a focus on growth-oriented large-cap stocks [12]

根据国家统计局数据显示：2025年6月中国铜材产量为221万吨，同比增长6.8%；2025年上半年中国铜 材累计产量为1176.5万吨，累计增长3.7%。 上市企业：云南铜业（000878）,博威合金（601137）,白银有色（601212）,金田股份（601609）,众源新 材（603527） 相关报告：智研咨询发布的《2025-2031年中国铜材行业市场调查研究及投资策略研究报告》 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪铜(日,元/吨) | 79,380.00 | +360.00↑ LME3个月铜(日,美元/吨) | 9,845.50 | +5.00↑ | | | 主力合约隔月价差(日,元/吨) | 0.00 | +60.00↑ 主力合约持仓量:沪铜(日,手) | 158,877.00 | +2833.00↑ | | | 期货前20名持仓:沪铜(日,手) | 4,902.00 | +5608.00↑ LME铜:库存(日,吨) | 155,000.00 | -700.00↓ | | | 上期所库存:阴极铜(周,吨) | 81,933.00 | +9390.00↑ LME铜:注销仓单(日,吨) | 11,600.00 | -375.00↓ | | | 上期所仓单:阴极铜(日,吨) | 22,800.00 | -2856.00↓ | | | | | SMM1#铜现货(日,元/吨) | 79,475.00 | +325.00↑ 长江有色市 ...

Report Industry Investment Rating - Not provided Core Viewpoints - The Shanghai copper main contract fluctuates strongly, with increasing positions, spot premium, and strengthening basis. The copper concentrate TC fee has improved but remains in the negative range, and the domestic port inventory has slightly increased. The tight supply of copper ore still supports the copper price. The smelters are currently actively producing due to new production capacity and high by - product sulfuric acid prices, but the production growth rate may slow down due to raw material supply. The downstream consumption demand may slow down due to the off - season and US tariffs, and the inventory remains at a medium - low level. The option market sentiment is bullish, and the implied volatility slightly decreases. Technically, the 60 - minute MACD shows that the double lines are above the 0 - axis, and the red column expands and then slightly converges. It is recommended to trade long at low positions with a light position, paying attention to the rhythm and trading risks [2]. Summary by Relevant Catalogs Futures Market - The closing price of the Shanghai copper futures main contract is 79,020 yuan/ton, up 530 yuan; the LME 3 - month copper price is 9,747.50 dollars/ton, down 14.50 dollars. The main contract's inter - month spread is - 30 yuan/ton, down 50 yuan; the position of the Shanghai copper main contract is 160,884 hands, up 3,992 hands. The top 20 futures positions of Shanghai copper are - 706 hands, up 2,829 hands. The LME copper inventory is 155,850 tons, down 150 tons; the Shanghai Futures Exchange's cathode copper inventory is 81,933 tons, up 9,390 tons; the LME copper cancelled warrants are 11,075 tons, down 50 tons; the Shanghai Futures Exchange's cathode copper warrants are 23,275 tons, down 2,856 tons [2]. Spot Market - The SMM 1 copper spot price is 79,150 yuan/ton, up 620 yuan; the Yangtze River Non - ferrous Market 1 copper spot price is 79,085 yuan/ton, up 565 yuan. The Shanghai electrolytic copper CIF (bill of lading) price is 58 dollars/ton, unchanged; the Yangshan copper average premium is 45.50 dollars/ton, down 2 dollars. The CU main contract basis is 130 yuan/ton, up 90 yuan; the LME copper premium (0 - 3) is - 69.55 dollars/ton, down 3.92 dollars [2]. Upstream Situation - The import volume of copper ore and concentrates is 234.97 million tons, down 4.58 million tons; the copper smelter's rough smelting fee (TC) is - 38.06 dollars/kiloton, up 4.03 dollars. The copper concentrate price in Jiangxi is 68,850 yuan/metal ton, up 40 yuan; the copper concentrate price in Yunnan is 69,550 yuan/metal ton, up 40 yuan. The southern processing fee for blister copper is 900 yuan/ton, unchanged; the northern processing fee for blister copper is 750 yuan/ton, unchanged [2]. Industry Situation - The refined copper output is 1.302 billion tons, up 480 million tons; the import volume of unwrought copper and copper products is 480,000 tons, up 20,000 tons. The social inventory of copper is 41.82 million tons, up 0.43 million tons; the price of 1 bright copper wire in Shanghai is 0 yuan/ton, down 54,990 yuan; the ex - factory price of 98% sulfuric acid of Jiangxi Copper is 640 yuan/ton, unchanged; the price of 2 copper (94 - 96%) in Shanghai is 67,900 yuan/ton, up 400 yuan [2]. Downstream and Application - The copper product output is 2.2145 billion tons, up 1.185 billion tons; the cumulative completed investment in power grid infrastructure is 291.1 billion yuan, up 87.114 billion yuan; the cumulative completed investment in real estate development is 4,665.756 billion yuan, up 1,042.372 billion yuan; the monthly output of integrated circuits is 4,505,785,400 pieces, up 270,785,400 pieces [2]. Option Situation - The 20 - day historical volatility of Shanghai copper is 9.37%, up 0.30%; the 40 - day historical volatility of Shanghai copper is 9.70%, down 0.01%. The implied volatility of the current - month at - the - money IV is 9.84%, down 0.0023%; the at - the - money option purchase - to - put ratio is 1.18, up 0.0095 [2]. Industry News - In July, the CPI increased by 0.4% month - on - month and was flat year - on - year, and the core CPI increased by 0.8% year - on - year. The PPI decreased by 0.2% month - on - month and 3.6% year - on - year. The WTO predicts that the global goods trade volume will increase by 0.9% in 2025. Fed Governor Bowman believes that core PCE inflation is approaching the 2% target and supports three interest rate cuts this year. US Treasury Secretary Bessent said that Trump's tariff policy aims to bring manufacturing back to the US and hopes the next Fed Chairman has "forward - looking thinking". The "Thousands of Counties and Towns" new energy vehicle consumption season started in Xiaogan, Hubei on August 9, with a maximum subsidy of over 22,000 yuan. In July, the production and retail of passenger cars increased by 12.1% and 6.3% year - on - year respectively, and the production and retail of new energy vehicles increased by 22.3% and 12% year - on - year respectively [2].

Report Industry Investment Rating - Not provided in the content Core View of the Report - The fundamentals of Shanghai copper may be in a stage where the supply growth rate is gradually decreasing and the demand is temporarily weak, but the outlook is positive. It is recommended to conduct short - term long positions at low prices with a light position, while paying attention to controlling the rhythm and trading risks [2] Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai copper was 78,460 yuan/ton, up 180 yuan; the price of LME 3 - month copper was 9,717 dollars/ton, up 41 dollars. The main contract's open interest of Shanghai copper decreased by 973 lots to 157,601 lots. LME copper inventory increased by 2,275 tons to 156,125 tons, while the Shanghai Futures Exchange's cathode copper inventory decreased by 880 tons to 72,543 tons [2] Spot Market - The price of SMM 1 copper spot was 78,500 yuan/ton, up 150 yuan; the price of Yangtze River Non - ferrous Market 1 copper spot was 78,475 yuan/ton, up 115 yuan. The CU main contract basis was 40 yuan/ton, down 30 yuan [2] Upstream Situation - The import volume of copper ore and concentrates was 234.97 million tons, down 4.58 million tons. The output of refined copper was 130.20 million tons, up 4.80 million tons. The price of copper concentrate in Jiangxi and Yunnan increased by 100 yuan/metal ton [2] Industry Situation - The social inventory of copper increased by 0.43 million tons to 41.82 million tons. The price of 1 bright copper wire in Shanghai decreased by 200 yuan/ton, and the price of 2 copper in Shanghai decreased by 250 yuan/ton [2] Downstream and Application - The output of copper products was 221.45 million tons, up 11.85 million tons. The cumulative completed investment in power grid infrastructure was 291.1 billion yuan, up 87.114 billion yuan. The cumulative completed investment in real estate development was 4,665.756 billion yuan, up 1,042.372 billion yuan [2] Option Situation - The 20 - day historical volatility of Shanghai copper was 9.10%, down 0.01%; the 40 - day historical volatility was 9.90%, down 0.21%. The implied volatility of the current - month at - the - money IV decreased by 0.0026%, and the call - put ratio of at - the - money options was 1.13, down 0.0606 [2] Industry News - Fed's Daly said policy may need adjustment in the coming months. Kashkari expected two rate cuts by the end of this year. In July, the central bank's net liquidity injection was 236.5 billion yuan. In August, the retail industry's prosperity index was 50.1%. In July, the retail sales of passenger cars increased by 7% year - on - year [2]