Group 1: Report Overview - Report Name: Nanhua Futures Copper Risk Management Daily Report [1] - Date: August 14, 2025 [1] - Research Team: Nanhua Non - ferrous Metals Research Team [1] Group 2: Copper Price and Volatility - Latest Copper Price: 79,380 yuan/ton; Monthly price range forecast: 73,000 - 80,000 yuan/ton [2] - Current Volatility: 11.64%; Current volatility historical percentile: 22.6% [2] Group 3: Copper Risk Management Suggestions Inventory Management - Situation: High finished - product inventory, worried about price decline; Spot exposure: Long - Strategy 1: Short Shanghai Copper Main Future Contracts; Hedging tool: Shanghai Copper Main Future Contracts; Selling ratio: 75%; Suggested entry range: Around 82,000 [2] - Strategy 2: Sell call options; Hedging tool: CU2510C82000; Selling ratio: 25%; Suggested entry condition: When volatility is relatively stable [2] Raw Material Management - Situation: Low raw - material inventory, worried about price increase; Spot exposure: Short - Strategy: Long Shanghai Copper Main Future Contracts; Hedging tool: Shanghai Copper Main Future Contracts; Buying ratio: 75%; Suggested entry range: Around 77,000 [2] Group 4: Core View - US inflation data is conducive to Fed rate - cuts, lowering the US dollar index and boosting the valuation of the non - ferrous metals sector - Downstream terminals are hesitant about the negative demand feedback in August caused by US tariffs, believing that current prices have basically fulfilled previous expectations - The previous support level of 77,000 yuan/ton for copper can be raised to 78,000 yuan/ton - The copper term structure has changed from B to C, indicating relatively solid support for this round of price increase [3] Group 5: Factors Affecting Copper Price Bullish Factors - The US and other countries reached an agreement on tariff policies [4] - Increased rate - cut expectations lead to a decline in the US dollar index, pushing up the valuation of non - ferrous metals [4] - The lower support level is raised [4] Bearish Factors - Tariff policies may change repeatedly [5] - Global demand may decrease due to tariff policies [6] - US copper tariff policy adjustments lead to extremely high COMEX inventories [6] Group 6: Copper Futures and Spot Data Futures Data - Shanghai Copper Main: Latest price 79,380 yuan/ton, daily change 0, daily change rate 0% - Shanghai Copper Continuous 1: Latest price 79,380 yuan/ton, daily change 360, daily change rate 0.46% - Shanghai Copper Continuous 3: Latest price 79,400 yuan/ton, daily change 0, daily change rate 0% - LME Copper 3M: Latest price 9,777 US dollars/ton, daily change - 63, daily change rate - 0.64% - Shanghai - London Ratio: Latest ratio 8.18, daily change 0.03, daily change rate 0.37% [5] Spot Data - Shanghai Non - ferrous 1 Copper: Latest price 79,475 yuan/ton, daily change 325, daily change rate 0.41% - Shanghai Wumaohui: Latest price 79,415 yuan/ton, daily change 295, daily change rate 0.37% - Guangdong Southern Reserve: Latest price 79,270 yuan/ton, daily change 320, daily change rate 0.41% - Yangtze River Non - ferrous: Latest price 79,510 yuan/ton, daily change 320, daily change rate 0.4% [7] Group 7: Copper Scrap - to - Refined Spread Data - Current scrap - to - refined spread (tax - included): 1,064.89 yuan/ton, daily change - 10, daily change rate - 0.93% - Reasonable scrap - to - refined spread (tax - included): 1,491.5 yuan/ton, daily change - 0.1, daily change rate - 0.01% - Price advantage (tax - included): - 426.61 yuan/ton, daily change - 9.9, daily change rate 2.38% - Current scrap - to - refined spread (tax - excluded): 5,750 yuan/ton, daily change - 10, daily change rate - 0.17% - Reasonable scrap - to - refined spread (tax - excluded): 6,193.01 yuan/ton, daily change - 0.69, daily change rate - 0.01% - Price advantage (tax - excluded): - 443.01 yuan/ton, daily change - 9.31, daily change rate 2.15% [9] Group 8: Copper Warehouse Receipt and Inventory Data Warehouse Receipt Data - Shanghai Copper Warehouse Receipt (Total): 22,800 tons, daily change - 3,496 tons, daily change rate - 13.29% - International Copper Warehouse Receipt (Total): 7,422 tons, daily change 5,869 tons, daily change rate 377.91% [13] Inventory Data - LME Copper Inventory (Total): 155,875 tons, change 875 tons, change rate 0.56% - COMEX Copper Inventory (Total): 266,795 tons, weekly change 3,691 tons, weekly change rate 1.4% [15][18] Group 9: Copper Import and Processing Data - Copper Import Profit and Loss: - 75.33 yuan/ton, daily change 24.95, daily change rate - 24.88% - Copper Concentrate TC: - 38 US dollars/ton, daily change 0, daily change rate 0% [19]

Report Summary 1. Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - The downstream terminals are hesitant about the negative demand feedback in August caused by US tariffs and believe the current price has mostly priced in previous expectations. The lower support for copper prices has been raised from 77,000 yuan per ton to 78,000 yuan per ton [3]. - The impact of the mine accident at Chile's El Teniente copper mine may exceed expectations, and Coldeco needs to allocate more resources to address copper supply issues. The increase in the US dollar index on Monday evening slightly suppressed the valuation of the non - ferrous metals sector [3]. 3. Summary by Relevant Catalogs Copper Price and Volatility - The latest copper price is 79,020 yuan, with a monthly price range forecast of 73,000 - 80,000 yuan. The current volatility is 11.64%, and the historical percentile of the current volatility is 22.6% [2]. Copper Risk Management Suggestions - **Inventory Management**: For high finished - product inventory and fear of price decline, sell 75% of the Shanghai copper main futures contract at around 82,000 yuan and sell 25% of the CU2510C82000 call option when the volatility is relatively stable [2]. - **Raw Material Management**: For low raw material inventory and fear of price increase, buy 75% of the Shanghai copper main futures contract at around 77,000 yuan [2]. Factors Affecting Copper Prices - **Likely Positive Factors**: Agreement on tariff policies between the US and other countries; decline of the US dollar index due to employment data; obvious lower support [4]. - **Likely Negative Factors**: Repeated tariff policies; reduced global demand due to tariff policies; extremely high COMEX inventory caused by US copper tariff policy adjustments [4][5]. Copper Futures and Spot Data - **Futures Data**: The latest price of Shanghai copper main is 79,020 yuan/ton (0% daily change), Shanghai copper continuous one is 79,020 yuan/ton (0.68% daily increase), Shanghai copper continuous three is 79,030 yuan/ton (0% daily change), LME copper 3M is 9,726.5 US dollars/ton (- 0.42% daily change), and the Shanghai - London ratio is 8.15 (0% daily change) [4]. - **Spot Data**: The latest prices of Shanghai Non - ferrous 1 copper, Shanghai Wumaohui, Guangdong Nanchu, and Yangtze Non - ferrous are 79,150 yuan/ton (0.79% daily increase), 79,130 yuan/ton (0.8% daily increase), 78,950 yuan/ton (0.73% daily increase), and 79,190 yuan/ton (0.7% daily increase) respectively [6]. Copper Scrap Price Difference - The current含税 refined - scrap price difference is 1,074.89 yuan/ton (37.1% daily increase), and the reasonable含税 refined - scrap price difference is 1,491.6 yuan/ton (0.41% daily increase) [8]. Copper Warehouse Receipts and Inventory - **SHFE Copper Warehouse Receipts**: The total Shanghai copper warehouse receipts are 23,275 tons (9.42% daily increase), and the total international copper warehouse receipts are 1,553 tons (0% daily change) [12]. - **LME Copper Inventory**: The total LME copper inventory is 155,700 tons (- 0.1% daily change), and the registered warehouse receipts are 143,725 tons (- 0.73% daily change) [14]. - **COMEX Copper Inventory**: The total COMEX copper inventory is 265,196 tons (1.54% weekly increase), and the registered warehouse receipts are 121,933 tons (- 1.91% weekly change) [15]. Copper Import Profit and Processing - The copper import profit and loss is - 100.28 yuan/ton (- 59.08% daily change), and the copper concentrate TC is - 38 US dollars/ton (0% daily change) [16].