Report Overview - Report Name: Nanhua Futures Copper Risk Management Daily Report - Date: June 26, 2025 - Research Team: Nanhua Non - ferrous Metals Research Team [1] 1. Copper Price and Volatility - Latest copper price: 78,810 yuan/ton, with a monthly price range forecast of 73,000 - 80,000 yuan/ton. The current volatility is 8.58%, and the current volatility historical percentile is 6.7% [2] 2. Copper Risk Management Suggestions Inventory Management - For high finished - product inventory and fear of price decline: - Strategy: Short 75% of the Shanghai Copper main futures contract at around 82,000 yuan/ton, and sell 25% of call options (CU2508C80000) when volatility is relatively stable [2] Raw Material Management - For low raw - material inventory and fear of price increase: - Strategy: Long 75% of the Shanghai Copper main futures contract at around 75,000 yuan/ton [2] 3. Important News and Factors - Fundamental situation: Stable [3] 利多因素 - Sino - US tariff policy easing, lower inventory levels, and the US dollar index hovering at a low level [4] 利空因素 - Tariff policy reversals, reduced global demand due to tariff policies, and the Fed maintaining high interest rates [5][6] 4. Copper Futures and Spot Data Futures Data (Daily) | Variety | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Shanghai Copper Main | yuan/ton | 78,810 | 0 | 0% | | Shanghai Copper Continuous 1 | yuan/ton | 78,680 | 200 | 0.25% | | Shanghai Copper Continuous 3 | yuan/ton | 78,270 | 0 | 0% | | LME Copper 3M | US dollars/ton | 9,664 | - 30.5 | - 0.31% | | Shanghai - London Ratio | Ratio | 7.9 | - 0.06 | - 0.75% | [6] Spot Data (Daily) | Variety | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Shanghai Non - ferrous 1 Copper | yuan/ton | 78,580 | 165 | 0.21% | | Shanghai Wumaotrade | yuan/ton | 78,560 | 140 | 0.18% | | Guangdong Nanchu | yuan/ton | 78,590 | 160 | 0.2% | | Yangtze Non - ferrous | yuan/ton | 78,740 | 160 | 0.2% | | Shanghai Non - ferrous Premium/Discount | yuan/ton | 30 | - 10 | - 25% | | Shanghai Wumaotrade Premium/Discount | yuan/ton | - 20 | - 40 | - 200% | | Guangdong Nanchu Premium/Discount | yuan/ton | 25 | - 5 | - 16.67% | | Yangtze Non - ferrous Premium/Discount | yuan/ton | 70 | - 15 | - 17.65% | [7] 5. Copper Scrap - Refined Spread Tax - included - Current scrap - refined spread: 1,099.57 yuan/ton, daily change 80 yuan, daily change rate 7.85% - Reasonable scrap - refined spread: 1,484.4 yuan/ton, daily change 0.8 yuan, daily change rate 0.05% - Price advantage: - 384.83 yuan/ton, daily change 79.2 yuan, daily change rate - 17.07% Tax - excluded - Current scrap - refined spread: 5,740 yuan/ton, daily change 80 yuan, daily change rate 1.41% - Reasonable scrap - refined spread: 6,143.74 yuan/ton, daily change 5.56 yuan, daily change rate 0.09% - Price advantage: - 403.74 yuan/ton, daily change 74.44 yuan, daily change rate - 15.57% [9] 6. Copper Warehouse Receipts and Inventory SHFE Copper Warehouse Receipts (Daily) | Variety | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Total SHFE Copper Warehouse Receipts | tons | 21,470 | - 955 | - 4.26% | | Total International Copper Warehouse Receipts | tons | 1,903 | 0 | 0% | | Shanghai SHFE Copper Warehouse Receipts | tons | 14,033 | - 904 | - 6.05% | | Total Bonded SHFE Copper Warehouse Receipts | tons | 0 | 0 | - 100% | | Total Tax - paid SHFE Copper Warehouse Receipts | tons | 21,470 | - 955 | - 4.26% | [12] LME Copper Inventory (Daily) | Variety | Unit | Latest Price | Change | Change Rate | | --- | --- | --- | --- | --- | | Total LME Copper Inventory | tons | 93,475 | - 1,200 | - 1.27% | | European LME Copper Inventory | tons | 36,525 | - 825 | - 2.21% | | Asian LME Copper Inventory | tons | 58,150 | - 375 | - 0.64% | | North American LME Copper Inventory | tons | 0 | 0 | - 100% | | Total LME Copper Registered Warehouse Receipts | tons | 56,250 | 1,725 | 3.16% | | Total LME Copper Cancelled Warehouse Receipts | tons | 37,225 | - 2,925 | - 7.29% | [14] COMEX Copper Inventory (Weekly) | Variety | Unit | Latest Price | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Total COMEX Copper Inventory | tons | 204,316 | 6,955 | 3.52% | | Total COMEX Copper Registered Warehouse Receipts | tons | 98,357 | - 11,008 | - 0.89% | | Total COMEX Copper Cancelled Warehouse Receipts | tons | 105,959 | 1,865 | 1.79% | [16] 7. Copper Import Profit and Processing | Variety | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Copper Import Profit/Loss | yuan/ton | - 2,522.29 | - 1,315.91 | 109.08% | | Copper Concentrate TC | US dollars/ton | - 43.8 | 0 | 0% | [17]

Report Overview - Report Title: Nanhua Futures Copper Risk Management Daily Report - Date: June 25, 2025 - Research Team: Nanhua Non - ferrous Metals Research Team [1] Industry Investment Rating - Not mentioned in the report Core Viewpoints - The copper market has both positive and negative factors. Positive factors include the easing of Sino - US tariff policies, lower inventory levels, and the weakening of the US dollar index. Negative factors are the uncertainty of tariff policies, reduced global demand due to tariffs, and the Fed maintaining high - interest rates [4][5][6] Detailed Summaries by Category Copper Price and Volatility - The latest copper price is 78,640 yuan/ton, with a monthly price range forecast of 73,000 - 80,000 yuan/ton. The current volatility is 8.56%, and the historical percentile is 6.6% [2] Copper Risk Management Suggestions Inventory Management - For high finished - product inventory and fear of price decline, the strategy is to short 75% of the Shanghai Copper main futures contract at around 82,000 yuan/ton and sell 25% of the CU2508C80000 call options when volatility is relatively stable [2] Raw Material Management - For low raw - material inventory and fear of price increase, the strategy is to long 75% of the Shanghai Copper main futures contract at around 75,000 yuan/ton [2] Copper Market Data Futures Data - The latest price of the Shanghai Copper main contract is 78,640 yuan/ton, with no daily change. The Shanghai Copper continuous - one contract rose 400 yuan/ton (0.51%), and the Shanghai Copper continuous - three contract had no change. The LME copper 3M contract was at 9,664 US dollars/ton, down 30.5 US dollars (-0.31%), and the Shanghai - London ratio was 7.96, down 0.1 (-1.24%) [6] Spot Data - Shanghai Non - ferrous 1 copper was at 78,415 yuan/ton, up 90 yuan (0.11%); Shanghai Wumaotong was at 78,420 yuan/ton, up 80 yuan (0.1%); Guangdong Nanchu was at 78,430 yuan/ton, up 100 yuan (0.13%); Yangtze Non - ferrous was at 78,580 yuan/ton, up 100 yuan (0.13%). The spot premiums of major markets all declined [7] Refined - Scrap Copper Spread - The current refined - scrap copper spread (tax - included) was 1,019.57 yuan/ton, up 100 yuan (10.87%); the reasonable spread was 1,483.6 yuan/ton, up 1 yuan (0.07%). The price advantage was - 464.03 yuan/ton, down 99 yuan (-17.58%) [9] Warehouse Receipts and Inventory - Shanghai Copper warehouse receipts totaled 22,425 tons, down 3,103 tons (-12.16%); LME copper inventory totaled 94,675 tons, down 1,200 tons (-1.25%); COMEX copper inventory totaled 203,335 tons, up 7,289 tons (3.72%) [12][14][16] Import Profit and Processing Fees - The copper import profit was - 2,522.29 yuan/ton, down 1,315.91 yuan (109.08%); the copper concentrate TC was - 43.8 US dollars/ton, with no change [17]