20250924-国泰期货-铜_缺乏驱动_价格震荡_3页_817kb

Copper: Lack of Drivers, Price Volatility

The report for September 24, 2025, focuses on copper fundamentals, indicating a neutral market with prices oscillating due to mixed indicators. Key data includes:

• Shanghai copper at ~79,900 with -0.30% daily change, LME copper unchanged.
• Inventory decreased by 2,166 tonnes for Shanghai and 400 for LME, with trend strength rated 0 for neutral.

Macro and industry news points to Fed's cautious rate stance and mixed manufacturing/PMI data, with China's copper imports up 11.14% YoY but down 8.17% MoM, reflecting supply-demand equilibrium.

Overall, no strong trends or drivers are identified, maintaining a balanced view.