晨间洞察：2026年6月26日

Morning Insight:June 26, 2026 Certification：Z0002332gaolinlin@gtht.com Yu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Copper:Macro Headwinds Ease While Physical Demand Provides SupportRecent macroeconomic pressures on copper prices have moderated. Althoughthe Federal Reserve's more hawkish-than-expected stance previouslystrengthened the US dollar and led markets to reassess rate-cut From a fundamental perspective, lower prices have stimulated downstreampurchasing activity. As recent price declines have improved profitmargins for manufacturers and end-users, buying interest has On the supply side, tightness in the copper concentrate market continues to intensify and is increasingly being transmitted to the smeltingsector, placing pressure on refined copper production. Overall, while Open Interest Source：iFind, GUOTAIJUNAN FUTURESResearch Source：iFind, GUOTAIJUNAN FUTURESResearch Source：iFind, GUOTAIJUNAN FUTURESResearch Source：iFind, GUOTAIJUNAN FUTURESResearch News Highlights: 1. The People's Bank of China (PBOC) on Thursday carried out a 500-billion-yuan (about 73.3 billion U.S. dollars) one-year medium-term The central bank said this MLF operation will be conducted through With a 300-billion-yuan MLF maturing this month, the move will see a net This will help meet financial institutions' demand for longer-term funds,support the smooth issuance of government bonds, and enable banks to ramp The PBOC also announced that it will add overnight reverse repooperations to its open market toolkit on June 29 and June 30, to better Guotai Junan Futures Co., Ltd. (hereinafter referred to as "the Company") is qualified to conduct investment consultingbusiness in the futures market, as approved by the China Securities Regulatory Commission (Approval No. [2011]1449). The views and information contained in this report are intended solely for the reference of the Company’s professionalinvestors. This report is not intended to target or violate any laws and regulations of any region, country, city, or other legaljurisdiction. Due to the difficulty in restricting access to this report, we apologize for any inconvenience this may cause. If you Analyst Statement The author(s) of this report hold a futures investment consulting qualification granted by the China Futures Association or possessesequivalent professional competence. The author(s) strive to ensure that the report is independent, objective, and fair. This report solely Disclaimer The information in this report is derived from publicly available sources, but the Company does not guarantee the accuracy,cohesiveness, or reliability of such information. The research, opinions, and forecasts contained in this report reflect theCompany'sjudgment as of the date of the report's release. The prices of the underlying futures analyzed in the report may fluctuate, and past The research services mentioned in this report may not be suitable for individual clients and do not constitute private consulting advice forclients. Clients should consider whether any opinions or suggestions in this report are appropriate when applied to their specific situation.Under no circumstances do the research or opinions expressed in this report constitute investment advice to any individual person. Under Copyright Statement The copyright of this report is solely owned by the Company. Without written permission, no institution or individual may reproduce, copy,publish, or quote this report in any form. If consent is obtained from the Company for citation or publication, it must be used within thepermitted scope, and the source must be indicated as "Guotai Junan Futures Research," along with a reminder of the risks associated Unless otherwise specified, all trademarks, service marks, and logos used in this report are owned by Guotai Junan Futures orare legallyauthorized for use. No individual or institution may use these trademarks, service marks, or logos without the writtenpermission of Guotai