Company Performance - The company announced a significant decrease in net profit for the fiscal year 2025, expected to be between 52 million to 71 million yuan, representing a year-on-year decline of 44.22% to 59.15% [2] - The decline in performance is attributed to the incomplete scale effect of new project investments, rising depreciation costs, and intensified industry competition [2] Financial Situation - On February 6, 2026, the company's stock price increased by 2.09% to 10.77 yuan per share, but there was a net outflow of 2.9825 million yuan in principal funds [3] - Year-to-date, the stock price has decreased by 2.89%, with a 5-day decline of 5.11% [3] - The capital flow indicates a divergence in short-term market sentiment, potentially related to sector rotation or individual stock valuation adjustments [3] Industry Policy Context - The company's main business involves materials such as copper strips and aluminum foils, with a focus on solid-state batteries and new energy vehicles [4] - The lithium battery materials industry is moving towards high-end and low-carbon development, with policy drivers like the EU's "New Battery Law" potentially impacting supply chain standards [4] - Although the company’s subsidiary products can be applied to lithium battery collectors, it has explicitly stated that it does not engage in the composite collector field [4] - The progress of new project launches and the commercialization of technologies, such as solid-state battery materials, are areas to watch [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In January 2026, the global copper market hit a new high but with significant fluctuations. The rise was mainly driven by market sentiment and capital inflow, and the price increase was also affected by the changes in the US dollar index and the nomination of a new Fed chair. The domestic copper market showed a pattern of strong supply and weak demand, with increased inventory and alleviated structural contradictions [5][8]. - Looking ahead to 2026, the global copper market is expected to shift from a tight - balance to a supply - shortage situation, with a projected shortage of 150,000 tons of refined copper. The supply of copper concentrates will remain tight, while the demand from the power grid, new energy, and AI sectors is expected to grow [48][89]. - The long - term upward trend of copper prices is clear. Financially, the US dollar index is likely to decline in the long - term, and copper is expected to be an important asset allocation for macro funds. Fundamentally, although the short - term supply is abundant, the long - term supply of copper concentrates is tight, and demand is expected to increase [118]. 3. Summary by Directory 3.1 Copper Market Review in January - The global copper market in January 2026 hit a new high with significant fluctuations. London copper briefly broke through the $14,000 mark but then fell back. The monthly gains of LME copper and SHFE copper were both around 5%, with the outer market slightly stronger than the inner market. Market sentiment and capital inflow were more important factors than fundamentals. The rise in gold and silver prices led to capital overflow into the copper market, and the high gold - copper ratio provided upward momentum for copper valuation [5][8]. - Macroeconomically, the Fed kept interest rates unchanged in January, and the US dollar index fell to a nearly 4 - year low, boosting the prices of gold, silver, and copper. However, Trump's nomination of a new Fed chair at the end of the month caused a shock in global assets, and the US dollar index rebounded strongly, dragging down copper prices [8]. - Domestically, China's manufacturing PMI in December 2025 rose back to the expansion range but fell below 50 in January 2026. Liquidity was further relaxed, inflation recovered moderately, and market risk appetite increased [8]. - Fundamentally, domestic electrolytic copper production reached a new monthly high, while demand entered the off - season. The global copper market showed a pattern of strong supply and weak demand, with increasing inventory and alleviated structural contradictions [8]. 3.2 Global Macro and Copper Market - China's inflation is expected to recover moderately in 2026. The manufacturing PMI in December 2025 rose back to the expansion range but fell below 50 in January 2026. The consumer price index and core CPI increased, and the PPI showed signs of recovery. The domestic economy is expected to continue the transformation trend of 2025, and copper will benefit from the strong demand in new energy, power grid investment, and AI data center construction [11][13]. - China's copper demand is likely to reach its peak and the growth rate will gradually slow down in the long - term, while the US copper demand has great growth potential due to the reshoring of manufacturing and the expansion of AI capital expenditure. The US is entering a new inventory replenishment cycle, which is positive for copper prices in the medium - term. Although Nvidia's downward revision of the copper demand forecast in data centers caused short - term negative sentiment, the impact on the overall supply - demand balance is limited [18]. - The US dollar index has weakened, which has boosted the prices of gold and silver. The Fed's interest rate decision and Trump's nomination of a new Fed chair have affected the US dollar index. In the long - term, the US dollar is likely to enter a downward cycle [20]. 3.3 Copper Supply Situation Analysis - **Mine End**: The global copper mine faces the problems of slow growth and decreasing grade. The annual compound growth rate of global copper mine production has declined from about 5% during 2015 - 2016 to about 2% in recent years. Major mining companies such as Southern Copper and Glencore have lowered their future production forecasts. The global copper concentrate supply shortage is difficult to alleviate in the short - term, and the supply gap is expected to widen in 2026 and may not be alleviated until 2028 [23][25][27]. - **Domestic Smelting End**: In 2025, China's electrolytic copper production reached a new high, mainly due to the release of new capacity, the high price of by - products such as sulfuric acid, and the substitution of scrap copper. In January 2026, domestic electrolytic copper production increased slightly, but it is expected to decline in February. In 2026, domestic electrolytic copper production is expected to be about 13 million tons, a year - on - year decrease of 3.2%, and global electrolytic copper production is expected to decrease by 4% [31][33]. - **Copper Concentrate Processing Fees**: The long - term processing fee (TC/RC) of copper concentrates in 2026 has been set at $0/ton and $0 cents/lb, indicating a tight supply situation. The competition for global copper concentrates will become more intense, and the import copper concentrate index (TC) in China is expected to continue to decline [36]. - **Scrap Copper and Anode**: In 2025, China's recycled copper raw material imports and domestic recycling volume increased. The proportion of recycled copper raw materials flowing to the smelting end continued to rise. In January 2026, the spread between refined and scrap copper widened, and the supply of scrap anodes increased, boosting electrolytic copper production [37][39]. - **Electrolytic Copper Import and Export**: In 2025, China's electrolytic copper import volume decreased, and the export volume increased, achieving a tight supply - demand balance. In 2026, the adjustment trend of the import - export structure is expected to continue, and the net import volume may continue to decline [40][42]. 3.4 Copper Demand Situation Analysis - **Domestic Copper Products Production**: In 2025, China's copper products production reached a new high. In January 2026, production was in the seasonal off - season. In 2026, China's copper products production is expected to maintain double - digit growth, and global total demand is expected to increase by 4 - 5% year - on - year [45][48]. - **Refined Copper Rod**: In 2026, the production of refined copper rods is expected to increase significantly, mainly due to the strengthening of domestic power grid investment. The "14th Five - Year Plan" period will see a significant increase in power grid investment, and 2026 is expected to achieve double - digit growth [49][51]. - **Copper Tube**: In 2025, the output of copper tubes increased slightly. In 2026, the output is expected to decline slightly due to the limited effect of consumption - stimulating policies and the high - base effect of exports [52][54]. - **Copper Bar**: In 2025, the production of copper bars decreased, and in 2026, it is expected to continue to decline, becoming a drag on copper consumption due to factors such as the real estate downturn, high copper prices, and policy uncertainties [55][57]. - **Copper Plate and Strip**: In 2025, the production of copper plate and strip was lower than the average in recent years, and it is expected to continue to decline in 2026 due to the impact of the real estate cycle [58][60]. - **Copper Foil**: In 2025, the output of copper foil increased significantly, and in 2026, it is expected to maintain high - speed growth due to the development of the new energy vehicle and energy storage industries [61][67]. - **Power Grid Investment**: In 2025, power grid investment reached a new high. In the "15th Five - Year Plan" period, power grid investment is expected to increase significantly, and in 2026, the investment of the State Grid and Southern Grid is expected to reach 70 billion yuan and 19 billion yuan respectively, with a year - on - year growth rate of over 7% [68][71]. - **Real Estate Investment**: In 2025, real estate investment continued to decline, and in 2026, it is expected to remain a drag on copper consumption [72][74]. - **Home Appliance Consumption**: In 2025, the policy of replacing old home appliances with new ones boosted consumption, but the growth rate slowed down in the second half of the year. In 2026, the policy will continue, which is expected to support home appliance consumption [75][77]. - **New Energy Vehicles and AI**: In 2025, the production of new energy vehicles increased significantly, and it is expected to maintain high - speed growth in the future. The copper demand in the new energy and AI fields is expected to increase rapidly, and the combined copper demand is expected to account for 22% by 2030 [78][80]. 3.5 Copper Inventory Change Analysis - In 2025, the total inventory of the three major global exchanges increased, but the inventory structure was contradictory. In 2026, the global copper market shifted to a pattern of strong supply and weak demand, and the total inventory increased, with the structural contradiction alleviating. The domestic social inventory has entered the inventory accumulation cycle [83][85]. 3.6 Global Copper Supply - Demand Balance - In 2025, the global refined copper market was in a state of supply surplus. In 2026, it is expected to shift to a supply - shortage situation, with a shortage of 150,000 tons [89]. 3.7 Copper Position Analysis - As of January 20, 2026, the total position of COMEX copper futures and options increased, but the net long position decreased. The long - position of LME copper investment funds decreased in January, indicating that the market's bullish sentiment has become more cautious [97]. 3.8 Arbitrage Analysis - In January, the Shanghai - London ratio of copper decreased, and it is expected to continue to decline in 2026. The copper - zinc ratio has been rising and is expected to continue to rise in 2026 [102]. 3.9 Copper Option Market - In January, the historical volatility and implied volatility of copper options rose to a nearly 3 - year high. The market showed signs of over - buying in the short - term, and it is suitable to sell options. The option strategy suggests constructing a short - position of slightly out - of - the - money put options to collect premiums. The PCR ratio shows that the option market's expectation of copper prices has turned bullish [107][109]. 3.10 Copper Market Outlook and Operation Suggestions - Technically, copper has broken through the long - term shock range and formed a 20 - year cup - and - handle pattern, which is a bullish signal [116]. - In January, the rise of copper prices was mainly due to the repair of valuation. In the long - term, the downward trend of the US dollar index is clear, and copper is expected to be an important asset allocation for macro funds. In the short - term, the supply is abundant, the demand is in the off - season, and the inventory is increasing. The operation suggestion is that downstream demanders can conduct long - term hedging operations, and the option strategy can consider selling slightly out - of - the - money put options or constructing a short - straddle strategy to short volatility. The short - term support range of the SHFE copper main contract is expected to be 98,000 - 99,000 yuan/ton, and the pressure range is expected to be 108,000 - 110,000 yuan/ton [118].

Report Summary Investment Rating - The investment rating for the copper industry is "Oscillating with an upward bias" [1] Core View - The copper price in the Shanghai Futures Exchange opened high and moved low, showing a relatively strong performance during the day. The SMM predicts an increase in electrolytic copper production in December. The copper foil sector maintains a high level of prosperity, while the production enthusiasm of copper strips and tubes is weak. The market sentiment was boosted by the zero long - term agreement price of mine - end processing fees last week, but the downstream's weak purchasing sentiment due to year - end capital chain tension and tax - related factors, along with the uncertainties of the Russia - Ukraine conflict and the Federal Reserve, have increased market risk - aversion sentiment. Therefore, the Shanghai copper market is expected to oscillate with an upward bias [1] Summary by Directory 1. Market Analysis - In November, SMM China's electrolytic copper production was 1.1031 million tons, with a month - on - month increase of 11,500 tons (1.05%) and a year - on - year increase of 9.75%. From January to November, the cumulative production increased by 1.2894 million tons, a growth rate of 11.76%. SMM expects the electrolytic copper production in December to increase by 65,700 tons month - on - month (5.96%) and 6.69% year - on - year. Copper product profits were squeezed this week, and the production enthusiasm of copper strips was weak, with capacity utilization declining. Copper tube enterprises were restricted by capital pressure and mostly chose to wait and see. Copper foil maintained a high level of prosperity due to the demand for energy - storage batteries and the pre - demand of new - energy vehicles [1] 2. Futures and Spot Market Conditions - Futures: The Shanghai copper futures opened high and moved low, showing a relatively strong performance during the day. - Spot: The spot premium in East China was - 190 yuan/ton, and in South China was - 125 yuan/ton. On December 22, 2025, the LME official price was $11,930/ton, and the spot premium was + $10/ton [4] 3. Supply Side - As of December 22, the spot smelting fee (TC) was - $43.98/dry ton, and the spot refining fee (RC) was - 4.58 cents/pound [8] 4. Fundamental Tracking - Inventory: SHFE copper inventory was 49,500 tons, an increase of 1,001 tons from the previous period. As of December 22, the copper inventory in the Shanghai Free Trade Zone was 98,800 tons, an increase of 100 tons from the previous period. LME copper inventory was 157,800 tons, a decrease of 3,875 tons from the previous period. COMEX copper inventory was 466,900 short tons, an increase of 2,640 short tons from the previous period [11]

Report Industry Investment Rating - The investment rating for the copper industry is "Oscillating with an upward bias" [1] Core View of the Report - Today, Shanghai copper opened high and moved low, remaining relatively strong during the day. After the significant increase in the previous period, the downstream acceptance was average, and currently, the market is mainly oscillating at a high level. The subsequent momentum depends on the Fed's interest rate cut and the release of macro - data [1] Summary by Relevant Catalogs Market Analysis - In November, SMM's electrolytic copper production in China was 1.1031 million tons, a month - on - month increase of 11,500 tons (1.05%) and a year - on - year increase of 9.75%. From January to November, the cumulative production increased by 1.2894 million tons, a growth rate of 11.76%. SMM expects the electrolytic copper production in December to increase by 65,700 tons month - on - month (5.96%) and 6.69% year - on - year. This week, as copper prices rose, the profit of copper products was squeezed. The production enthusiasm of copper strip was weak, and the capacity utilization rate declined. Copper tube enterprises were restricted by capital pressure, and most enterprises chose to wait and see, only maintaining the raw material procurement for rigid orders. Copper foil remained at a high - prosperity level due to the demand for energy - storage batteries and pre - demand from new - energy vehicles [1] Futures and Spot Market Conditions - Futures: Shanghai copper opened high and moved low, remaining relatively strong during the day. Spot: Today, the spot premium in East China was - 150 yuan/ton, and in South China, it was 55 yuan/ton. On December 17, 2025, the LME official price was $11,732/ton, and the spot premium was - $12/ton [4] Supply Side - As of the latest data on December 15, the spot rough smelting fee (TC) was - $43.33/dry ton, and the spot refining fee (RC) was - 4.41 cents/pound [8] Fundamental Tracking - Inventory: SHFE copper inventory was 44,700 tons, 227 tons less than the previous period. As of December 15, the copper inventory in Shanghai Free Trade Zone was 97,200 tons, 3,300 tons less than the previous period. LME copper inventory was 164,300 tons, 325 tons more than the previous period. COMEX copper inventory was 457,000 short tons, 2,348 short tons more than the previous period [11]

Report Investment Rating - The investment rating for the copper industry is "Oscillating with an upward bias" [1] Core Viewpoints - Macroeconomic data affects market sentiment, and the copper market fundamentals remain in a tight - balance. If there are disruptions in the mining end, copper prices may rise significantly. During the interest - rate cut cycle, attention should be paid to US economic data [1] Summary by Directory Market Analysis - The Shanghai copper futures opened lower and moved lower, then turned positive in the afternoon. In November, non - farm payrolls increased slightly, but the unemployment rate reached a four - year high. Traders expect two interest rate cuts next year. The November SMM China electrolytic copper production was 1.1031 million tons, a month - on - month increase of 11,500 tons (1.05%) and a year - on - year increase of 9.75%. From January to November, the cumulative production increased by 1.2894 million tons, a 11.76% increase. SMM expects the December electrolytic copper production to increase by 65,700 tons month - on - month (5.96%) and 6.69% year - on - year. Copper product profits are squeezed, and the production enthusiasm of copper plate and strip is weak. Copper tube enterprises are restricted by capital pressure and mostly choose to wait and see. Copper foil maintains a high - prosperity level due to the demand for energy - storage batteries and the pre - demand of new - energy vehicles [1] Futures and Spot Market - Futures: Shanghai copper opened lower and moved lower, then turned positive in the afternoon [1][4] - Spot: The spot premium in East China was - 150 yuan/ton, and in South China was 75 yuan/ton. On December 16, 2025, the LME official price was $11,635/ton, and the spot premium was + $1/ton [4] Supply Side - As of December 15, the spot rough smelting fee (TC) was - $43.33/dry ton, and the spot refining fee (RC) was - 4.41 cents/pound [8] Fundamental Tracking - Inventory - SHFE copper inventory was 44,900 tons, a decrease of 907 tons from the previous period. As of December 15, the copper inventory in the Shanghai Free Trade Zone was 97,200 tons, a decrease of 3,300 tons from the previous period. LME copper inventory was 166,900 tons, an increase of 725 tons from the previous period. COMEX copper inventory was 454,600 short tons, an increase of 1,821 short tons from the previous period [11]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Today, the price of Shanghai copper dropped from a high level, after a significant price increase last week, the scrap copper enterprises were cautious, leading to a wider spread between refined and scrap copper. After the clarification of Document 770, the production enthusiasm in relevant regions such as Anhui and Jiangxi may change, potentially increasing the supply of scrap copper. The copper processing profit was squeezed this week, and the production enthusiasm of copper plate and strip was weak, with the capacity utilization rate declining. The copper tube enterprises were restricted by capital pressure, and most enterprises chose to wait and see, only maintaining the raw material procurement for rigid orders. The copper foil remained at a high - prosperity level due to the demand for energy - storage batteries and the pre - demand for new energy vehicles. Fundamentally, the long - term contracts are still under negotiation, and the processing fees mostly ended in negative values. Before 2026, the pre - demand for new energy vehicles will increase the consumption demand for copper, providing support for copper prices and preventing a sharp decline. Future attention should be paid to the processing fee negotiation next year [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - In November, SMM's electrolytic copper production in China was 1.1031 million tons, a month - on - month increase of 11,500 tons, a month - on - month increase of 1.05%, and a year - on - year increase of 9.75%. The cumulative production from January to November increased by 1.2894 million tons year - on - year, an increase of 11.76%. SMM expects the electrolytic copper production in December to increase by 65,700 tons month - on - month, an increase of 5.96%, and a year - on - year increase of 6.69% [1] 3.2 Futures and Spot Market Conditions - Futures: Shanghai copper opened high and went high, but declined during the day. - Spot: Today, the spot premium in East China was - 115 yuan/ton, and the spot premium in South China was 90 yuan/ton. On December 15, 2025, the LME official price was $11,730 per ton, and the spot premium was + $44.5 per ton [4] 3.3 Supply Side - As of the latest data on December 15, the spot smelting fee (TC) was - $43.33 per dry ton, and the spot refining fee (RC) was - 4.41 cents per pound [7] 3.4 Fundamental Tracking - Inventory: SHFE copper inventory was 42,200 tons, an increase of 9,663 tons from the previous period. As of December 15, the copper inventory in Shanghai Free Trade Zone was 97,200 tons, a decrease of 3,300 tons from the previous period. LME copper inventory was 165,900 tons, an increase of 50 tons from the previous period. COMEX copper inventory was 452,800 short tons, an increase of 3,320 short tons from the previous period [10]

Group 1: Report's Industry Investment Rating - There is no information provided regarding the industry investment rating in the given reports. Group 2: Report's Core View - The current market for Shanghai copper is in a downstream off - season, and the macro - market sentiment influences the price fluctuations. The Fed's upcoming interest - rate cut meeting has created uncertainty in the market's expectations for next year's rate cuts. After the rate cut is implemented, the market is expected to return to fundamental factors. Although the refined - scrap copper price difference is favorable, the lack of improvement in terminal consumption means this advantage is not obvious. With the continuous increase in copper prices, downstream demand is weak, and production is cautious. There are also factors such as smelter maintenance and changes in inventory levels affecting the market [1]. Group 3: Summary According to Relevant Catalogs 1. Market Analysis - On December 10, 2025, Shanghai copper opened lower and trended lower, with weak intraday fluctuations. In November, the operating rate of recycled copper rods was 23.84%, higher than the expected 27.68%, down 2.62% month - on - month and 12.46% year - on - year. Four smelters are expected to undergo maintenance in December, with an expected impact of 0.5 tons on production, which will be reflected in January's production data. December's production is expected to increase due to previous restarts. After the continuous rise in prices, downstream demand is insufficient. Copper tube enterprises are cautious due to rising copper prices, and their production increase is limited. The production of copper strips in Steel Union's sample enterprises is 1.49 tons, with a weekly capacity utilization rate of 65.65%. The production rhythm has slowed down, and enterprises are cautious. The operating rate of refined copper rod enterprises has declined, with poor overall sales and inventory accumulation [1]. 2. Futures and Spot Market Conditions - Futures: Shanghai copper opened lower and trended lower, with weak intraday fluctuations. Spot: On December 10, 2025, the spot premium in East China was 40 yuan/ton, and in South China it was 65 yuan/ton. On December 9, 2025, the LME official price was 11,545 US dollars/ton, and the spot premium was + 18.5 US dollars/ton [4]. 3. Supply - side Situation - As of December 8, 2025, the spot rough smelting fee (TC) was - 43.03 US dollars/dry ton, and the spot refining fee (RC) was - 4.38 US cents/pound [6]. 4. Fundamental Tracking (Inventory) - SHFE copper inventory was 2.89 tons, a decrease of 600 tons from the previous period. As of December 8, Shanghai Free - Trade Zone copper inventory was 9.99 tons, an increase of 0.50 tons from the previous period. LME copper inventory was 16.50 tons, an increase of 1,125 tons from the previous period. COMEX copper inventory was 44.30 short tons, an increase of 3,537 short tons from the previous period [9].

Core Insights - The copper market is expected to maintain a tight balance in supply and demand, with prices projected to rise, reaching historical highs by the end of 2025, driven by financial factors and market sentiment rather than actual demand shortages [2][4][15] - Global refined copper demand in 2024 is anticipated to be dominated by China, accounting for 58% of total consumption, while the U.S. will contribute 6% [2][24] - China's copper demand is expected to grow steadily in 2025, with significant increases in the production of copper rods and tubes, while copper foil shows exceptional performance [3][25] Supply and Demand Dynamics - From January to August 2025, the global copper supply and demand remained in a tight balance, with an average monthly surplus of 0.8 thousand tons, despite high prices suppressing demand [2][19] - The refined copper consumption in 2025 is projected to increase, primarily driven by China, Japan, and Germany, while demand from Mexico and Finland is expected to decline [20][24] - The supply side is characterized by a slow increase in C1 costs and ongoing shortages in the mining sector, with refined copper production growth lagging behind that of copper concentrate [3][19] Price Trends and Market Sentiment - The copper price is expected to experience fluctuations, with a projected average of $9,704 per ton in 2025, reflecting a year-on-year increase of 6% [4][12] - The price movements in 2025 are influenced by traditional commodity attributes, with financial attributes showing a negative correlation, particularly as the U.S. dollar fluctuates [4][13][15] - The anticipated tight supply and steady demand are expected to keep copper prices on an upward trajectory, potentially reaching $10,500 per ton in 2026 [5][15] Investment Strategies - Investment opportunities are identified in upstream mining resources, particularly in companies with significant resource advantages, such as Zijin Mining and Luoyang Molybdenum [5] - Downstream processing companies with high barriers to entry are also recommended, including Hailiang Co., with a focus on those performing well in their respective sectors [5]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The copper price is expected to maintain a volatile pattern, with the price range likely between 85,000 yuan/ton and 89,000 yuan/ton. Physical enterprises can arrange buy or sell hedging based on this range. Arbitrage is on hold, and the option strategy is short put [7]. 3. Summary by Directory Market News and Important Data - **Futures Market**: On November 12, 2025, the main contract of Shanghai copper opened at 86,590 yuan/ton and closed at 86,840 yuan/ton, up 0.24% from the previous trading day's close. In the night session, it opened at 87,100 yuan/ton and closed at 87,410 yuan/ton, up 0.66% from the afternoon close [1]. - **Spot Market**: On the previous day, the spot price of SMM 1 electrolytic copper was 86,630 - 86,960 yuan/ton, with the spot at a premium of 55 yuan/ton to the current - month contract average price, unchanged from the previous day. The cross - month spread was in a Contango structure, and the import loss was about 800 yuan/ton. The procurement and sales sentiment in Shanghai improved slightly [2]. Important Information Summary - **US Politics**: The US House of Representatives will vote on a temporary appropriation bill on Wednesday evening. The 43 - day federal government shutdown crisis may end. The White House press secretary said the shutdown may reduce Q4 economic growth by two percentage points [3]. - **Federal Reserve**: White House National Economic Council Director Hassett said he would accept the nomination to replace Powell as Fed Chairman if nominated. He hopes for a larger - scale interest rate cut in the December policy meeting [3]. Mining End Japanese JX Advanced Metals, its partners, and Mitsubishi Materials plan to integrate Mitsubishi's copper concentrate procurement and copper product sales business into Pan Pacific Copper (PPC). The integration aims to reduce costs and streamline sales operations [4]. Smelting and Import JX, one of Japan's largest copper smelters with an annual capacity of 450,000 tons, may cut copper production by tens of thousands of tons in the 2025 fiscal year. Mitsubishi also warned of reducing copper concentrate processing scale. Japan, Spain, and South Korea expressed concerns about the sharp decline in copper concentrate processing and refining fees (TC/RC) [5]. Consumption A survey of 59 domestic copper strip producers (covering 94.03% of the 3.58 million - ton capacity) showed that the domestic copper strip production in October 2025 was 189,100 tons, a 3.62% month - on - month decrease. The expected production in November is 194,600 tons, a 2.91% month - on - month increase [5]. Inventory and Warehouse Receipts LME warehouse receipts decreased by 25 tons to 136,250 tons. SHFE warehouse receipts increased by 1,124 tons to 44,088 tons. On November 10, the domestic electrolytic copper spot inventory was 1.959 million tons, a decrease of 74,000 tons from the previous week [6]. Price and Basis Data The report provides data on copper prices, spot premiums, inventory, warehouse receipts, and other indicators from different time points (today, yesterday, last week, and one month ago) [23][24][25].

Group 1 - LME copper futures prices are experiencing high volatility, opening at $10,851 per ton and currently at $10,813 per ton, with an increase of 0.16% [1] - The highest price during the day reached $10,863.5 per ton, while the lowest dipped to $10,812 per ton [1] Group 2 - On November 10, LME copper futures opened at $10,727.5, peaked at $10,903.0, and closed at $10,874.5, reflecting a 1.68% increase [2] - The current spot price of electrolytic copper shows a ratio of 8.02, with an import loss of -585.37 yuan per ton, compared to -495.82 yuan per ton the previous trading day [2] - As of October 2025, the overall operating rate of copper strip and sheet enterprises is 64.97%, a decrease of 1.05 percentage points month-on-month and a significant drop of 7.76 percentage points year-on-year [2] - The operating rates for large, medium, and small enterprises are 71.14%, 57.72%, and 55.9% respectively [2] - On November 10, LME registered copper warrants totaled 124,550 tons, with canceled warrants at 11,725 tons, an increase of 450 tons [2] - Copper inventory stands at 136,275 tons, with an increase of 375 tons [2]