Report Overview - Report Name: Nanhua Futures Copper Risk Management Daily Report - Date: July 2, 2025 - Research Team: Nanhua Non - ferrous Metals Research Team [1] 1. Copper Price and Volatility - Latest copper price: 80,640 yuan/ton, with a monthly price range forecast of 73,000 - 80,000 yuan/ton. The current volatility is 9.54%, and the historical percentile of the current volatility is 11.2% [2] 2. Copper Risk Management Suggestions Inventory Management - For high - level finished product inventory and fear of price decline (long spot exposure), suggest selling 75% of the Shanghai Copper main futures contract at around 82,000 yuan/ton and selling 25% of the call option CU2508C82000 when volatility is relatively stable [2] Raw Material Management - For low - level raw material inventory and fear of price increase (short spot exposure), suggest buying 75% of the Shanghai Copper main futures contract at around 75,000 yuan/ton [2] 3. News and Factors Important News - The copper fundamentals remain stable [3] Bullish Factors - Sino - US tariff policy easing and a decrease in LME inventory levels [4] Bearish Factors - Tariff policy fluctuations, a decrease in global demand due to tariff policies, the Fed maintaining high interest rates, the US dollar index hovering at a low level, and an increasing expectation of Fed rate cuts [5][6][8] 4. Copper Futures and Spot Data Futures Data - Shanghai Copper main contract: 80,640 yuan/ton, no daily change (0%); Shanghai Copper consecutive first contract: 80,640 yuan/ton, up 770 yuan (0.96%); Shanghai Copper consecutive third contract: 80,100 yuan/ton, no daily change (0%); LME Copper 3M: 9,943 US dollars/ton, up 65 US dollars (0.66%); Shanghai - London ratio: 7.95, up 0.04 (0.51%) [7] Spot Data - Shanghai Non - ferrous 1 copper: 80,205 yuan/ton, up 215 yuan (0.27%); Shanghai Wumaotrade: 80,160 yuan/ton, up 225 yuan (0.28%); Guangdong Nanchu: 80,110 yuan/ton, up 220 yuan (0.28%); Yangtze Non - ferrous: 80,360 yuan/ton, up 270 yuan (0.34%) [9] 5. Copper Scrap - Refined Spread - Current refined - scrap spread (tax - included): 2,161.28 yuan/ton, up 30 yuan (1.41%); reasonable refined - scrap spread (tax - included): 1,501.4 yuan/ton, up 0.3 yuan (0.02%); price advantage (tax - included): 659.88 yuan/ton, up 29.7 yuan (4.71%) [11] 6. Copper Warehouse Receipts and Inventories Warehouse Receipts - Total Shanghai Copper warehouse receipts: 25,851 tons, up 505 tons (1.99%); total International Copper warehouse receipts: 2,503 tons, no change (0%) [14] Inventories - LME copper inventory: total 91,250 tons, up 625 tons (0.69%); COMEX copper inventory: total 211,209 tons, up 7,874 tons (3.87%) [16][18] 7. Copper Import and Processing - Copper import profit and loss: - 1,484.84 yuan/ton, down 623.83 yuan (- 29.58%); copper concentrate TC: - 43.57 US dollars/ton, no change (0%) [19]