Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The copper price's rise and fall on Wednesday were closely related to the US economy. The unusual simultaneous rise of copper, gold, the US dollar index, and crude oil at night, along with a significant decline in US stocks, and a sharp increase in long - term bond yields in Europe and the US, led to an over - rise. The copper price fell after the opening on Wednesday. Considering the relatively tight supply and the US economic pressure stimulating the Fed's interest - rate cut expectation, the copper price may remain strong in the short term [4]. Group 3: Summary by Directory Copper Price Volatility and Risk Management - The latest copper price is 79,770 yuan/ton, with a monthly price range forecast of 73,000 - 80,000 yuan/ton. The current volatility is 7.61%, and the historical percentile of the current volatility is 4.1% [3]. - For inventory management with high finished - product inventory and concern about price drops, it is recommended to sell 75% of the Shanghai copper main - contract futures at around 82,000 yuan/ton and sell 25% of the CU2511C82000 call options when volatility is relatively stable. For raw - material management with low raw - material inventory and concern about price increases, it is recommended to buy 75% of the Shanghai copper main - contract futures at around 78,000 yuan/ton [3]. Factors Affecting Copper Prices - **Liduo Factors**: The US reaching a tariff - policy agreement with other countries, an increase in interest - rate cut expectations leading to a decline in the US dollar index and boosting non - ferrous metal valuations, and a rise in the lower support level [5][7]. - **Lidkong Factors**: Fluctuations in tariff policies, a decrease in global demand due to tariff policies, and an extremely high COMEX inventory caused by the US copper tariff - policy adjustment [6][7]. Copper Futures and Spot Data - **Futures Data**: The latest price of the Shanghai copper main contract is 79,770 yuan/ton, with no daily change. The Shanghai copper continuous - one contract is 79,770 yuan/ton, down 340 yuan (- 0.42%); the Shanghai copper continuous - three contract is 79,680 yuan/ton, with no change; the LME copper 3M is 9,891.5 US dollars/ton, down 82.5 US dollars (- 0.83%). The Shanghai - London ratio is 8.14, down 0.02 (- 0.25%) [6][8]. - **Spot Data**: The latest prices of Shanghai Non - ferrous 1 copper, Shanghai Wumaomao, Guangdong Nanchu, and Yangtze Non - ferrous are 80,190 yuan/ton, 80,125 yuan/ton, 80,000 yuan/ton, and 80,230 yuan/ton respectively, all showing a decline. The spot premiums also decreased [9]. Copper Refined - Scrap Spread - The current refined - scrap spread (tax - included) is 1,585.74 yuan/ton, down 177.24 yuan (- 10.05%); the reasonable refined - scrap spread (tax - included) is 1,499.9 yuan/ton, down 3.9 yuan (- 0.26%); the price advantage (tax - included) is 85.84 yuan/ton, down 173.34 yuan (- 66.88%). Similar declines are seen in the non - tax - included data [13]. Copper Warehouse Receipts and Inventory - **Warehouse Receipts**: The total Shanghai copper warehouse receipts are 19,829 tons, up 358 tons (1.84%); the total international copper warehouse receipts are 5,322 tons, down 100 tons (- 1.84%) [15]. - **Inventory**: The total LME copper inventory is 158,375 tons, down 200 tons (- 0.13%); the total COMEX copper inventory is 302,744 tons, up 28,977 tons (10.58%) [17][18]. Copper Import Profit and Processing - The copper import profit is - 47.85 yuan/ton, up 5.33 yuan (- 10.02%); the copper concentrate TC is - 40.6 US dollars/ton, with no change [19].