Core Insights - The current spot price for 1 electrolytic copper in Shanghai is reported at 86,795.00 CNY/ton, showing a discount of 45.0 CNY/ton compared to the futures main price of 86,840.00 CNY/ton [1] - The futures market closed with the main contract for copper at 86,840.00 CNY/ton, reflecting a slight increase of 0.16%, with a trading volume of 76,287 lots [2] Industry Overview - A survey of 61 domestic refined copper rod production enterprises indicates a total capacity of 15.84 million tons, with an expected production of 756,000 tons in October 2025, representing a month-on-month decrease of 10.99% [3] - A survey of 74 sample enterprises in the recycled copper rod sector shows a total capacity of 8.19 million tons, with an anticipated production of 167,700 tons in October 2025, reflecting a month-on-month decline of 1.81% [3] - The increase in copper prices in October has notably suppressed downstream demand, leading to a significant decline in refined copper rod production [3] Market Analysis - According to a report from Guangzhou Futures, the nearing end of the U.S. government shutdown has reduced macroeconomic risks, but uncertainties in economic data continue to create speculation regarding potential interest rate cuts in December [4] - The copper market is experiencing a transmission of raw material shortages to the smelting sector due to mining accidents, with current prices showing bottom support; however, a breakthrough above previous highs requires additional positive drivers and substantial capital inflow [4] - The market is expected to trend within a range, indicating a potential for fluctuations rather than a clear upward trajectory [4]

Group 1: Report Industry Investment Rating - Copper investment rating: Neutral; Arbitrage: Suspended; Option: short put [7] Group 2: Core Views of the Report - This week, copper prices remained in a relatively volatile pattern, supported by mine - end interference factors. However, the demand side is lackluster, and copper prices are expected to remain volatile between 85,000 yuan/ton and 89,000 yuan/ton. Physical enterprises can arrange buy or sell hedging according to this range [7] Group 3: Summary by Relevant Catalogs Market News and Important Data Futures Quotes - On November 11, 2025, the main contract of Shanghai copper opened at 86,790 yuan/ton and closed at 86,630 yuan/ton, a 0.17% change from the previous trading day's close. The night - session main contract opened at 86,590 yuan/ton and closed at 86,770 yuan/ton, a 0.16% increase from the afternoon close [1] Spot Situation - According to SMM, on the previous day, the spot price of SMM 1 electrolytic copper was 86,610 - 86,920 yuan/ton, with an average premium of 55 yuan/ton, the same as the previous day. After the morning copper futures hit 87,000 yuan/ton and then fell, the market's purchase sentiment cooled. The premium of flat - water copper gradually narrowed, and some brands were traded at a small discount. Shanghai's inventory is continuously decreasing, and the quotes of holders tend to be stable [2] Important Information Summary - The U.S. Senate voted to pass the "Continuing Appropriations and Extension Act", taking a key step to end the government "shutdown". The bill will provide funds to the federal government until January 30 next year. The U.S. House of Representatives plans to vote on the temporary appropriation bill passed by the Senate on Wednesday. In the employment market, the U.S. "small non - farm" warned again: from the four - week period ending October 25, the U.S. private sector reduced an average of 11,250 jobs every two weeks, with a total reduction of 45,000 jobs in the month [3] Supply - Side Information Mine End - On November 11, Canadian multi - metal developer BMC Minerals submitted a prospectus to the Australian Securities and Investments Commission, planning to raise 100 million Australian dollars through an initial public offering (IPO) to list on the Australian Securities Exchange (ASX) in December. The funds will be used for the exploration, approval, and optimization research of the KZK project in Canada's Yukon Territory, which covers an area of 372 square kilometers with a total mineral resource of 27.9 million tons [4] Smelting and Import - As of the end of October this year, the cumulative import of copper concentrate powder at Wulate Customs exceeded 10 million tons, reaching 10.0656 million tons, with a value of 133.873 billion yuan. In the first 10 months, the import volume was 1.215 million tons, with a value of 25.44 billion yuan, a year - on - year increase of 56.2% and 106.9% respectively [5] Consumption and Inventory Information Consumption - In October 2025, the domestic copper strip production was 189,100 tons, a 3.62% month - on - month decrease. The comprehensive capacity utilization rate was 63.84%. According to the production plan, the domestic copper strip production in November is expected to be 194,600 tons, a 2.91% month - on - month increase [6] Inventory and Warehouse Receipts - LME warehouse receipts changed by 375 tons to 136,250 tons compared with the previous trading day. SHFE warehouse receipts changed by - 825 tons to 42,964 tons. On November 10, the domestic electrolytic copper spot inventory was 195,900 tons, a decrease of 74,000 tons compared with the previous week [6] Copper Price and Basis Data - It includes data on copper price, premium and discount, inventory, warehouse receipts, and arbitrage indicators from different time points (today, yesterday, last week, one month ago) [24][25][26]

1. Report Industry Investment Rating No relevant content provided in the report. 2. Core Views of the Report - **Precious Metals**: In the medium - to long - term, central bank gold purchases and growing investment demand will push up the price of precious metals, but in the short - term (November), there is no strong driving force, and the market is in an adjustment phase [3]. - **Copper**: The spot market's purchasing sentiment is high, and the average price of 1 electrolytic copper is 86,535 yuan/ton with an expanding premium. However, when the price breaks through 86,000 yuan/ton, downstream counter - offer willingness increases. Whether the copper price can break through the trading - intensive area remains to be seen [12]. - **Aluminum**: Funds are the core factor affecting aluminum prices. There is a contradiction between funds and the industry. For alumina, it is on an over - supply path despite some price increases due to environmental restrictions [33]. - **Zinc**: In November, the TC dropped significantly due to intense competition for mines and limited domestic mine increments. There is a possibility of inventory reduction, and low inventory supports the price. There is some upward driving force in November, and export and macro factors need to be monitored [58]. - **Nickel**: Weak demand in the off - season suppresses the upward space. The Philippines' nickel mine production and shipment are affected by the rainy season and typhoons, and the price may remain strong in the short - term. Nickel iron prices are falling, and stainless - steel demand needs attention [74]. - **Tin**: Supply is weaker than demand due to limited resumption in Wabang and reduced concentrate imports. The Shanghai tin price will maintain a high - level shock, with a predicted support at around 276,000 yuan. There is a risk of price decline due to potential inventory accumulation [89]. - **Lithium Carbonate**: The supply increment is stable, and demand is strong in November. The market sentiment is positive. Technically, it is easy to rise and difficult to fall, maintaining a shock - upward trend [104]. - **Silicon**: The supply - demand pattern of industrial silicon and the polysilicon industry chain is weak, and both are expected to have wide - range fluctuations. Attention should be paid to market sentiment and policies [116]. 3. Summary by Relevant Catalogs Precious Metals - **Price Outlook**: Medium - to long - term upward trend, short - term adjustment in November [3]. - **Price Data**: SHFE gold and silver futures prices, COMEX gold and silver prices, and their ratios are presented in the report [4]. - **Spread Data**: SHFE and SGX gold and silver futures - spot spreads are shown [5][7]. - **Inventory Data**: SHFE and COMEX gold and silver inventories are provided [11]. Copper - **Spot Market**: High purchasing sentiment, average 1 electrolytic copper price at 86,535 yuan/ton, and expanding premium [12]. - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai and London copper futures are given. For example, the latest price of Shanghai copper's main contract is 86,630 yuan/ton, with a daily increase of 0.17% [13]. - **Spot Data**: The latest prices, daily changes, and daily change rates of various domestic copper spot prices and premiums are presented [19][21]. - **Import and Processing**: Copper import profit is - 585.37 yuan/ton, and copper concentrate TC is - 42 dollars/ton [24]. - **Scrap - to - Refined Spread**: The current refined - scrap spread (tax - included) is 3,393.51 yuan/ton, with a daily increase of 13.58% [28]. - **Warehouse Receipts and Inventory**: Shanghai copper's total warehouse receipts are 42,964 tons, a decrease of 1.88% [29]. Aluminum - **Aluminum**: Funds drive the price, but there is a contradiction with the industry. Domestic supply is stable, and demand is weak [33]. - **Alumina**: Some price increases due to environmental restrictions, but overall in an over - supply situation [33]. - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai and London aluminum futures, alumina futures, and aluminum alloy futures are provided [35]. - **Spread Data**: Various spreads between different contracts of aluminum and alumina are presented [37][39]. - **Spot Data**: The latest prices, daily changes, and daily change rates of domestic and international aluminum spot prices and premiums are given [43]. - **Inventory Data**: Shanghai and London aluminum warehouse receipts and inventories, as well as alumina warehouse receipts, are reported [52]. Zinc - **Market Outlook**: TC dropped in November, and there is a possibility of inventory reduction. Low inventory supports the price, and there is upward driving force [58]. - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai and London zinc futures are provided [59]. - **Spot Data**: The latest prices, daily changes, and daily change rates of domestic and international zinc spot prices and premiums are presented [67]. - **Inventory Data**: Shanghai and London zinc warehouse receipts and inventories are reported [71]. Nickel - **Market Situation**: Weak demand in the off - season, affected by macro factors. Nickel mine prices may be strong, and nickel iron and stainless - steel demand need attention [74]. - **Price and Volume Data**: The latest prices, trading volumes, open interests, and warehouse receipt numbers of Shanghai and London nickel futures, as well as stainless - steel futures, are given [75]. Tin - **Market Outlook**: Supply is weaker than demand, and the price will maintain a high - level shock. There is a risk of price decline due to potential inventory accumulation [89]. - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai and London tin futures are provided [90]. - **Spot Data**: The latest prices, daily changes, and daily change rates of various tin spot products are presented [95]. - **Inventory Data**: Shanghai tin's warehouse receipts and London tin's inventory are reported [99]. Lithium Carbonate - **Market Outlook**: Supply is stable, demand is strong, and it is in a shock - upward trend [104]. - **Price Data**: The latest prices, daily changes, and weekly changes of lithium carbonate futures contracts are given [105]. - **Spot Data**: The latest prices, daily changes, and weekly changes of various lithium - related spot products, as well as their price differences, are presented [110]. - **Inventory Data**: The latest numbers, daily and weekly changes of Guangzhou Futures Exchange's lithium carbonate warehouse receipts and various social inventories are reported [114]. Silicon - **Market Outlook**: The supply - demand pattern of industrial silicon and the polysilicon industry chain is weak, with wide - range fluctuations expected [116]. - **Price Data**: The latest prices, daily changes, and daily change rates of industrial silicon spot and futures are provided [116]. - **Industry Chain Price**: The prices of polysilicon, silicon wafers, battery cells, components, and other products in the silicon industry chain are presented [123][124][125]. - **Production and Inventory**: The weekly production, inventory, and cost data of industrial silicon in Xinjiang and Yunnan, as well as the polysilicon inventory, are reported [130][134][143].

新能源及有色金属日报 | 2025-11-05 市场普跌铜价同样呈现回落 关注价跌后下游反应情况 市场要闻与重要数据 期货行情： 2025-11-04，沪铜主力合约开于 87430元/吨，收于 85740元/吨，较前一交易日收盘-1.79%，昨日夜盘沪铜主力合 约开于 85000元/吨，收于 85690 元/吨，较昨日午后收盘下跌0.06%。 现货情况： 据 SMM 讯，昨日国内现货1#电解铜报价区间为86290至86890元/吨。现货市场对当月合约呈贴水70到升水70元/ 吨，均价与前一交易日相比微涨5元/吨。日间沪铜价格自86800元/吨持续下行至86400元/吨附近，当月合约进口亏 损已缩窄至约800元/吨。市场交投方面，下游普遍预期铜价仍有回落空间，采购意愿偏保守，上海地区整体买兴一 般。早间平水铜以贴水报价迅速成交，随后交投转淡；好铜供应依旧偏紧，但预计后半周到货后将缓和与平水铜 价差。非注册品牌虽被压价，成交仍有所回暖。展望后市，若铜价进一步跌破86000元/吨，或一定程度刺激采购， 但市场看空心态仍存。随着近远月价差收窄，预计持货商可能下调升水以促成交。 美国国会参议院再次未能通过联邦政府临时拨 ...

市场要闻与重要数据 期货行情： 新能源及有色金属日报 | 2025-11-04 2025-11-03，沪铜主力合约开于 87210元/吨，收于 87300元/吨，较前一交易日收盘0.33%，昨日夜盘沪铜主力合约 开于87430元/吨，收于86990 元/吨，较昨日午后收盘下跌0.36%。 铜价回落吸引下游逢低采购 价格暂陷震荡格局 现货情况： 新能源及有色金属日报 | 2025-11-04 据 SMM 讯，昨日SMM 1#电解铜现货报价贴水80至升水70元/吨，均价贴水5元，较前日跌5元，电铜价格 86660~87020元/吨。期铜早间冲高后回落，盘中低探86730元/吨，随后企稳反弹。跨月价差在C30至B10元/吨间变 动，进口亏损近千元。铜价回落吸引下游逢低采购，但到货增多亦使持货商积极出货，现货升水承压。平水铜成 交于贴水80至升水30元/吨，湿法铜资源偏紧。预计今日下游仍将压价采购，现货升水难有明显回升。 重要资讯汇总： 利率方面，美联储理事米兰再次公开呼吁进行更激进的降息，称美联储的政策过于紧缩，保持政策限制性的时间 越长，经济下行的风险就越大；米兰重申中性政策利率远低于当前水平，应该通过一系列50 ...

1. Report Industry Investment Ratings No relevant information provided. 2. Core Views of the Reports Copper - The preliminary consensus between China and the US boosts market optimism. In the long - term, supply - demand contradictions support the upward movement of the copper price bottom, but short - term rapid increases may suppress demand. The main contract price is expected to range between 87,000 - 89,000 yuan/ton. [1] Aluminum - The alumina price is expected to be under pressure in the short - term, with the main contract oscillating between 2,750 - 2,950 yuan/ton. The aluminum price is likely to maintain a high - level oscillation, with the main contract in the range of 20,800 - 21,400 yuan/ton. [3] Aluminum Alloy - Cost support and supply - demand balance drive the price up, but high inventory and policy uncertainties are constraints. The ADC12 price is expected to maintain a strong oscillation, with the main contract between 20,200 - 20,800 yuan/ton. [5] Zinc - Zinc prices are supported by macro - level interest - rate cut expectations and LME squeeze risks. However, the supply is relatively loose, and the price may oscillate without a clear inflection point in the supply logic. The main contract is expected to range from 21,800 - 22,800 yuan/ton. [9] Tin - Strong supply fundamentals support the tin price to oscillate strongly. Future trends depend on macro - level changes and the supply recovery in Myanmar. [11] Nickel - Macro - level sentiment weakens slightly, but cost support exists. With inventory accumulation, the price is expected to oscillate in the range of 118,000 - 126,000 yuan/ton. [13] Stainless Steel - The policy is stable, demand during the peak season is weak, and supply pressure may increase. The short - term price is expected to oscillate weakly, with the main contract between 12,500 - 13,000 yuan/ton. [14] Lithium Carbonate - The fundamentals have improved, with a supply - demand gap during the peak season. The short - term price is expected to be strong, with the main focus on whether it can break through 83,000 yuan/ton and 85,000 yuan/ton. [17] 3. Summaries According to Related Catalogs Copper Price and Basis - SMM 1 electrolytic copper price decreased by 0.35% to 87,905 yuan/ton. The refined - scrap price difference decreased by 9.22% to 3,975 yuan/ton. [1] Monthly Fundamental Data (September) - Electrolytic copper production decreased by 4.31% to 112.10 million tons, while imports increased by 26.50% to 33.43 million tons. [1] Weekly Fundamental Data - The import copper concentrate index decreased by 4.22% to - 42.70 dollars/ton, and domestic mainstream port copper concentrate inventory decreased by 0.38% to 67.81 million tons. [1] Daily Fundamental Data - LME inventory decreased by 1.03% to 13.46 million tons, and COMEX inventory decreased by 0.06% to 34.77 million short tons. [1] Aluminum Price and Spread - SMM A00 aluminum price remained unchanged at 21,160 yuan/ton. The alumina prices in Shandong, Guangxi, and Guizhou decreased. [3] Monthly Fundamental Data (September) - Alumina production decreased by 1.74% to 760.37 million tons, and electrolytic aluminum production decreased by 3.16% to 361.48 million tons. [3] Weekly Fundamental Data - The aluminum profile开工率 increased by 0.37% to 53.70%, and the aluminum foil开工率 decreased by 0.55% to 71.90%. [3] Daily Fundamental Data - LME inventory decreased by 0.77% to 46.6 million tons. [3] Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 prices remained unchanged. The refined - scrap price differences in various regions increased. [5] Monthly Fundamental Data (September) - The production of recycled aluminum alloy ingots increased by 7.48% to 66.10 million tons, and the production of primary aluminum alloy ingots increased by 4.43% to 28.30 million tons. [5] Weekly Fundamental Data - The recycled aluminum alloy开工率 increased by 7.73% to 57.54%. [5] Daily Fundamental Data - The daily inventory of recycled aluminum alloy in Foshan decreased by 0.20% to 33,257 tons. [5] Zinc Price and Spread - SMM 0 zinc ingot price increased by 0.27% to 22,270 yuan/ton. The import loss increased to - 5,294 yuan/ton. [9] Monthly Fundamental Data (September) - Refined zinc production decreased by 4.17% to 60.01 million tons, and imports decreased by 11.61% to 2.27 million tons. [9] Weekly Fundamental Data - The galvanizing开工率 decreased by 0.57% to 57.48%. [9] Daily Fundamental Data - LME inventory decreased by 4.86% to 3.5 million tons. [9] Tin Price and Spread - SMM 1 tin price increased by 0.28% to 284,300 yuan/ton. The import loss decreased by 8.14% to - 14,746.45 yuan/ton. [11] Monthly Fundamental Data (September) - Tin ore imports decreased by 15.13% to 8,714 tons, and SMM refined tin production decreased by 31.71% to 10,510 tons. [11] Inventory Data - SHEF inventory increased by 1.32% to 5,766 tons, and social inventory decreased by 2.69% to 6,828 tons. [11] Nickel Price and Spread - The price of SMM 1 electrolytic nickel decreased by 0.734% to 122,150 yuan/ton. The import loss increased by 18.314% to - 898 yuan/ton. [13] Production and Inventory Data - China's refined nickel production increased by 1.26% to 32,200 tons, and SHFE inventory increased by 4.81% to 36,075 tons. [13] Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 roll) decreased by 0.38% to 12,950 yuan/ton. [14] Raw Material Prices - The price of 8 - 12% high - nickel pig iron decreased by 0.22% to 927 yuan/nickel point. [14] Monthly Fundamental Data - The production of 300 - series stainless steel crude steel in China increased by 0.38% to 182.17 million tons. [14] Weekly Fundamental Data - The 300 - series social inventory (Wuxi + Foshan) decreased by 1.37% to 49.49 million tons. [14] Lithium Carbonate Price and Spread - The SMM battery - grade lithium carbonate price increased by 2.55% to 78,500 yuan/ton. The lithium spodumene concentrate CIF average price decreased by 2.10% to 825 dollars/ton. [17] Monthly Fundamental Data (September) - Lithium carbonate production increased by 2.37% to 87,260 tons, and demand increased by 12.28% to 116,801 tons. [17] Inventory Data - The total lithium carbonate inventory decreased by 0.38% to 84,539 tons, and the downstream inventory increased by 15.29% to 60,998 tons. [17]

Core Insights - The current spot price for 1 electrolytic copper in Shanghai is quoted at 84,955.00 CNY/ton, which is at a discount of 465.0 CNY/ton compared to the futures main contract price of 85,420.00 CNY/ton [1] - The futures market saw the main copper contract close at 85,420.00 CNY/ton on October 22, with a slight decline of 0.13%, and a trading volume of 112,173 lots [2] - The London Metal Exchange (LME) reported a copper registered warehouse receipt of 127,575 tons, with a decrease in canceled receipts by 525 tons, leading to a total copper inventory of 136,850 tons, down by 300 tons [3] Market Analysis - According to a report from Jianxin Futures, the domestic copper market is experiencing inventory accumulation while overseas markets are seeing inventory depletion. Although domestic demand during the peak season is slightly below expectations, the fundamentals remain supportive due to reduced production from domestic smelters caused by raw material shortages and positive demand outlooks from the power grid and automotive sectors towards the end of the year [4]

9月26日再生57-3黄铜棒(贵溪)价格指数为54485元/吨，上涨107元/吨，涨幅0.2%。 （9月26日）全国铜价格一览表 | 规格 | 品牌/产 | 报价 | 报价类 | 交货 | 交易商 | | --- | --- | --- | --- | --- | --- | | | 地 | | 型 | 地 | | | 品名:1#电解铜 ;牌号:标准阴极铜Cu | 上海华 | 82485元/ | 市场价 | 上海 | 上海华通有色金属现货市 | | CATH-2 ; | 通 | 吨 | | | 场 | | 品名:1#电解铜 ;牌号:标准阴极铜Cu | 广东南 | 82580元/ | 市场价 | 上海 | 广东南储有色现货市场 | | CATH-2 ; | 储 | 吨 | | | | | 品名:1#电解铜 ;牌号:标准阴极铜Cu | 上海有 | 82510元/ | 市场价 | 上海 | 上海有色金属交易中心 | | CATH-2 ; | 色 | 吨 | | | | 【市场资讯】 自由港麦克莫兰公司周三宣布格拉斯伯格矿场遭遇不可抗力，预计第三季度铜、金综合销量将下滑。声 明称，这座全球最大金银铜矿之一或将于202 ...

Group 1: Copper Price Movement - On September 25, the main copper contract in Shanghai surged approximately 3.5%, nearing 83,000 yuan/ton, marking the highest point since June 2024 [1] - The current price of domestic 1 electrolytic copper is reported at 82,390 yuan/ton, an increase of 2.98% from the previous period [2] Group 2: Supply Chain and Production Impact - The mudslide incident at Freeport Indonesia's Grasberg mine has led to a suspension of operations, with an estimated 800,000 tons of wet material affecting multiple operational layers [3] - The company anticipates a 4% year-on-year decline in copper sales and a 6% decline in gold sales for Q3, with a potential 35% reduction in projected production for FY2026 [3] - The incident is expected to tighten raw material supply, potentially impacting domestic refined copper output [4] Group 3: Market Dynamics and Future Outlook - Analysts indicate that the copper market has been constrained by rapid expansion in smelting capacity and ongoing disruptions in the copper concentrate market [3] - The domestic refined copper output is projected to reach 13.62 million tons by 2025, with nearly 3 million tons of new capacity expected from 2024 to 2026 [3] - The anticipated tightness in raw material supply may further support copper prices, with expectations for spot copper prices to remain in the range of 82,500 to 84,000 yuan/ton [5] Group 4: Consumer Behavior and Market Sentiment - The recent price surge has led to increased pressure on traders and copper processing companies, with some facing margin call challenges [6] - The upcoming National Day holiday may affect downstream operations and stocking demands, potentially leading to an increase in copper inventory levels [6]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View - Optimistic macro expectations, low inventories, and consumer recovery have led to an upward trend in copper prices. With the approaching likely Fed rate cut on September 18 and the expected 'Golden September and Silver October' consumption peak season in China, copper prices are expected to continue rising in the near - term [1][2][9]. 3. Summary by Directory 3.1 Futures and Spot Markets - On Tuesday, LME copper prices rose significantly. On September 3, 2025, Shanghai copper first rose and then fell. The main 2510 contract closed at 80,700 yuan/ton, up 450 yuan/ton or 0.56% from the previous trading day. - The average price of 1 electrolytic copper in the Shanghai Metals Market was 80,500 yuan/ton, up 360 yuan/ton from the previous trading day. It was at a premium of 90 - 300 yuan/ton to the SHFE 2509 contract. The supply of imported and domestic copper in the spot market has increased, but the high price has suppressed downstream purchasing sentiment [1]. 3.2 Macro and Fundamentals - The start time of LME's Asian trading on Wednesday was postponed by 90 minutes, and the reason is unknown. - The lack of confidence in the copper market was due to weak downstream consumption. However, with the approaching Fed rate cut on September 18 and the expected consumption peak season in China, copper prices started to rise. - China's manufacturing PMI in August was 49.4, up 0.1 from the previous month, indicating a continued recovery of the economy and providing some support for copper demand. - The recent rise in gold prices has also boosted copper prices [2]. 3.3 Market Outlook - Although the Shanghai copper main contract once broke through the 80,000 yuan/ton mark, the overall trend was a bit sluggish. After the price soared, long - position holders were more willing to reduce their positions, resulting in a long upper shadow on the K - line. - Given the low spot inventory and the expected consumption peak season, with the approaching Fed rate cut on September 18, copper prices may have formed an upward trend in the near - term [9].