光大期货能化商品日报 光大期货能化商品日报（2025 年 5 月 20 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周一油价先跌后反弹，其中 WTI 6 月合约收盘上涨 0.2 美元至 | | | | 62.69 美元/桶，涨幅 0.32%。布伦特 7 月合约收盘上涨 0.13 美元 | | | | 至 65.54 美元/桶，涨幅 0.2%。SC2507 以 465.4 元/桶收盘，上涨 | | | | 4 元/桶，涨幅 0.87%。特朗普周一与俄罗斯总统普京通话后表示， | | | | 俄乌将"立即"开始就结束冲突进行谈判。克里姆林宫表示，两 | | | | 人并没有讨论俄方与乌克兰停火的潜在时间表。伊朗计划在 | | | | Kharg Island 出口码头增加了 200 万桶的原油储存能力，自 5 月 17 | | | 原油 | 日起生效。美伊核谈判的不确定性加剧市场波动。G7 于 2022 年 | 震荡 | | | 12 月达成价上限机制，禁止油轮运输交易价格高于每桶 60 美元 | | | | 的俄罗斯原油，并禁止相关实体为俄石油运输提供保 ...

Report Overview - The report is titled "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" dated May 19, 2025, focusing on iron ore futures contracts, basis, and variety spreads [1] Futures Contracts - For I05, the closing price is 793.5 yuan/ton, down 8.0 yuan from the previous day; I09 is 728.0 yuan/ton, down 8.5 yuan; I01 is 691.5 yuan/ton, down 6.5 yuan [3] - The I05 - I09 spread is 65.5 yuan/ton, up 0.5 yuan; I09 - I01 is 36.5 yuan/ton, down 2.0 yuan; I01 - I05 is -102.0 yuan/ton, up 1.5 yuan [3] Basis Data - Various iron ore varieties show price changes. For example, the price of Carajás fines (Carol) is 858 yuan/ton, down 7.0 yuan, with a basis of 86 yuan, up 1 yuan [6] - Other varieties like BRBF, Newman fines, and PB fines also have corresponding price and basis changes [6] Charts - There are multiple charts showing the basis of different iron ore types such as Brazilian fines, Australian medium - grade fines, etc., from August 2024 to April 2025 [8][9][10] Variety Spreads Data - PB block - PB fines spread is 148.0 yuan/ton, up 2.0 yuan; PB fines - mixed fines is 85.0 yuan/ton, down 5.0 yuan [13] - There are also spreads between other varieties like Newman block - Newman fines, Carajás fines - Newman fines, etc., with corresponding changes [13] Charts - Multiple charts illustrate different variety spreads, including block - fines spreads, high - medium grade fines spreads, etc [15][18][20] Exchange Rules Adjustment - The Dalian Commodity Exchange has adjusted the deliverable brands and related rules for iron ore futures contracts. New deliverable brands are added, and brand premiums and discounts are adjusted [11] - The adjusted rules apply to I2312 and subsequent contracts, and the exchange will handle standard warehouse receipt registration according to the new rules starting from the first trading day after the last delivery day of the I2311 contract [12] Research Team - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich experience and relevant qualifications in the industry [25]

1. Index Trends - On May 15th, the Shanghai Composite Index dropped by 0.68% to close at 3380.82 points, with a trading volume of 461.292 billion yuan; the Shenzhen Component Index fell by 1.62% to 10186.45 points, with a trading volume of 691.102 billion yuan [1]. - The CSI 1000 Index decreased by 1.68%, with a trading volume of 224.908 billion yuan. It opened at 6146.0, closed at 6057.04, reached a high of 6146.0, and a low of 6055.84 [1]. - The CSI 500 Index declined by 1.45%, with a trading volume of 165.137 billion yuan. It opened at 5786.78, closed at 5715.3, had a high of 5786.78, and a low of 5715.29 [1]. - The SSE 50 Index dropped by 0.49%, with a trading volume of 69.236 billion yuan. It opened at 2748.54, closed at 2740.3, reached a high of 2758.08, and a low of 2735.9 [1]. - The SSE 50 Index dropped by 0.49%, with a trading volume of 69.236 billion yuan. It opened at 2748.54, closed at 2740.3, reached a high of 2758.08, and a low of 2735.9 [1]. 2. Impact of Sector Movements on Indexes - The CSI 1000 Index fell 103.33 points from the previous close, with sectors such as Power Equipment, Computer, and Electronics significantly dragging down the index [2]. - The CSI 500 Index declined 83.82 points from the previous close, with sectors like Computer and Electronics having a notable negative impact [2]. - The SSE 50 Index decreased 13.48 points from the previous close. The Pharmaceutical and Biological sector pulled the index up, while Non - Ferrous Metals, Electronics, and Non - Banking Finance sectors dragged it down [2]. 3. Basis and Annualized Opening Costs of Stock Index Futures - For IM contracts, IM00 had an average daily basis of - 6.51, IM01 of - 126.26, IM02 of - 323.74, and IM03 of - 467.93 [10]. - For IC contracts, IC00 had an average daily basis of - 5.11, IC01 of - 109.87, IC02 of - 274.72, and IC03 of - 386.77 [10]. - For IF contracts, IF00 had an average daily basis of - 3.23, IF01 of - 39.55, IF02 of - 104.42, and IF03 of - 142.08 [10]. - For IH contracts, IH00 had an average daily basis of - 0.91, IH01 of - 18.58, IH02 of - 50.77, and IH03 of - 53.28 [10]. 4. Point Differences in Stock Index Futures Rollover and Annualized Costs - The report provides 15 - minute average data on the point differences in IM, IC, IF, and IH futures rollover and their corresponding annualized costs [19][20][22].

光大期货煤化工商品日报 光大期货煤化工商品日报（2025 年 5 月 16 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周四尿素期货价格宽幅震荡，盘中波幅略有提升。主力09合约收盘价1892元/吨， 涨幅0.85%。现货市场高位回落，主流地区价格回落10～20元/吨，山东地区市场价 | | | | 格1950元/吨，日环比跌10元/吨。基本面来看，昨日尿素日产量20.32万吨，日环比 | | | | 涨0.1万吨。需求持续推进，昨日主流地区产销率多数在50%～80%区间，整体产销 | | | 尿素 | 率62%，日环比明显提升。在出口细则明朗之前产业心态仍较为谨慎，厂家也有意 | 高位震荡 | | | 控制接单，但在需求跟进环境中企业延续去库状态，支撑市场心态。出口细则尘埃 | | | | 落定后尿素市场也仍有分 ，短期消息面和国内需求的博弈继续维持，期货盘面仍 | | | | 将高位盘整且波幅提升。关注出口动态、市场情绪变化。 | | | | 周四纯碱期货价格宽幅波动，09 合约收盘价 1330 元/吨，微幅上涨 0.83%，夜盘走势 略有回落。现货 ...

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 5 月 1 6 日 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | I05 | 801.5 | 795.5 | 6.0 | I05-I09 | 65.0 | 58.5 | 6.5 | | I09 | 736.5 | 737.0 | -0.5 | I09-I01 | 38.5 | 37.5 | 1.0 | | I01 | 698.0 | 699.5 | -1.5 | I01-I05 | -103.5 | -96.0 | -7.5 | 图表1：09-01合约价差（单位：元/吨） 图表2：05-09合约价差（单位：元/吨） p 4 -50 0 50 100 150 200 09 10 10 10 11 11 12 12 01 01 02 02 03 ...

Group 1: Report's Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - On May 15, polysilicon fluctuated weakly, with the main contract 2506 closing at 37,920 yuan/ton, a daily decline of 0.68%, and the position decreasing by 6,707 lots to 37,985 lots. The spot price of SMM polysilicon N-type silicon material was 38,750 yuan/ton, and the spot premium over the main contract narrowed to 830 yuan/ton. Industrial silicon fluctuated strongly, with the main contract 2506 closing at 8,410 yuan/ton, a daily increase of 0.36%, and the position decreasing by 22,511 lots to 12,400 lots. The spot reference price of Baichuan industrial silicon was 9,552 yuan/ton, remaining stable from the previous trading day. The price of the lowest deliverable 553 grade dropped to 8,300 yuan/ton, and the spot discount widened to 150 yuan/ton [2]. - There are rumors in the market that six major crystalline silicon companies will jointly acquire production capacity and cut production, but the implementation still needs to be verified. The industry will hold another meeting regarding self - restricted production and price support for polysilicon, and the release schedule of planned new production capacity may be postponed [2]. - As the delivery period approaches, the ratio of virtual to real warehouse receipts for polysilicon is too high, providing short - term space for bulls. The fundamentals of industrial silicon have not improved, and the futures price has not been driven by crystalline silicon, continuing to be weak. It is necessary to track the meeting results and the movement of warehouse receipts and be vigilant against abnormal risks before the delivery month [2]. Group 3: Summary by Catalog 1. Daily Data Monitoring - **Futures Settlement Price**: The futures settlement prices of both industrial silicon and polysilicon's main and near - month contracts remained unchanged at 8,450 yuan/ton and 37,920 yuan/ton respectively on May 15 and 16 [4]. - **Spot Price**: The spot prices of various grades of industrial silicon, polysilicon, organic silicon, silicon wafers, and battery cells are provided, with most data for May 16 marked as unavailable. The current lowest deliverable price of industrial silicon is 8,300 yuan/ton, and that of polysilicon is 38,750 yuan/ton. The spot discount of industrial silicon widened to 150 yuan/ton, and the spot premium of polysilicon narrowed to 830 yuan/ton [4]. - **Inventory**: For industrial silicon, the Guangzhou Futures Exchange inventory decreased by 10,820 tons to 336,690 tons, and the factory inventory decreased by 3,800 tons to 250,000 tons, with the total social inventory decreasing by 3,800 tons to 417,000 tons. For polysilicon, the Guangzhou Futures Exchange inventory increased by 30,000 tons to 60,000 tons, and the factory inventory increased by 0.3 million tons to 28.72 million tons, with the total social inventory increasing by 0.3 million tons to 28.7 million tons [4]. 2. Chart Analysis 2.1 Industrial Silicon and Cost - side Prices - Charts show the prices of different grades of industrial silicon, grade price differences, regional price differences, electricity prices, silica prices, and refined coal prices [5][6][7][8][9][10]. 2.2 Downstream Product Prices - Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [12][15][17]. 2.3 Inventory - Charts present the inventory of industrial silicon futures, factory warehouses, weekly industry inventory, weekly inventory changes, DMC weekly inventory, and polysilicon weekly inventory [20][21][23]. 2.4 Cost and Profit - Charts show the average cost and profit levels in main production areas, weekly cost - profit of industrial silicon, profit of the aluminum alloy processing industry, cost - profit of DMC, and cost - profit of polysilicon [26][28][34]. Group 4: Team Introduction - The non - ferrous metals research team of Everbright Futures includes Zhan Dapeng, a science master, currently the director of non - ferrous research at Everbright Futures Research Institute, a senior precious metals researcher, a gold intermediate investment analyst, an excellent metals analyst of the Shanghai Futures Exchange, and the best industrial futures analyst of Futures Daily and Securities Times. The team has won the awards of the 15th and 16th Best Metal Industry Futures Research Teams of Futures Daily and Securities Times and the title of Excellent Non - ferrous Metals Industry Team of the Shanghai Futures Exchange in 2016 [36]. - Wang Heng, a master of finance from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching aluminum and silicon [36]. - Zhu Xi, a master of science from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching lithium and nickel [37].

软商品日报 光大期货软商品日报（2025 年 5 月 16 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 棉花 | 周四，ICE 美棉上涨 0.02%，报收 65.49 美分/磅，CF509 上涨 0.19%，报收 13415 | 震荡 | | | 元/吨，主力合约持仓环比增加 266 手至 57.28 万手，新疆地区棉花到厂价为 14469 | | | | 元/吨，较前一日上涨 40 元/吨，中国棉花价格指数 3128B 级为 14524 元/吨，较前 | | | | 一日上涨 40 元/吨。国际市场方面，近期扰动仍更多在于宏观层面，关注美元指数 | | | | 变动及政府官员发言，或对美棉有较大影响。基本面的影响有限，目前看 USDA 预 | | | | 计 2025/26 年度全球棉花供需宽松格局或有一定扭转，但我们认为 USDA 低估 | | | | 2025/26 年度全球棉花产量，持续关注后续估产情况。国内市场方面，近期郑棉期 | | | | 价进入进的震荡区间，重心环比上移。中美关税谈判效果略超市场预期，纺服产品 | | | | 开始恢复发运， ...

黑色商品日报 黑色商品日报 | | 仍相对有限，一定程度上会拖累锰硅价格。成本端，港口锰矿价格仍在持续回升，钢联数据显示截止 5 月 | | | --- | --- | --- | | | 15 日，澳矿价格环比上调 1 元/吨度至 41.5 元/吨度，加蓬矿价格环比上调 0.2 元/吨度至 37.5 元/吨度， | | | | 南非半碳酸价格环比上调 0.3 元/吨度至 34 元/吨度，成本端有一定支撑。综合来看，近期在宏观情绪带 | | | | 动叠加市场消息刺激下锰硅期价重心有一定抬升，但能否持续还是要关注终端需求表现，短期关注主流钢 | | | | 招定价情况，预计短期区间震荡运行为主。 | | | | 硅铁：周四，硅铁期价窄幅震荡，主力合约报收 5660 元/吨，环比下跌 0.14%，主力合约持仓环比下降 5280 | | | | 手。72 号硅铁汇总价格约 5350-5500 元/吨， 内蒙古、宁夏地区较前一日持平，甘肃、青海地区较前一日 | | | | 下调 50 元/吨。昨日黑色板块整体走势稍有分化，硅铁期价重心小幅下移。主流钢招最终定价仍未公布， | | | | 河北某大型钢厂 5 月硅铁招 ...

1. Report Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints - Corn is expected to decline in a volatile manner. The spot market sentiment is divided, with the expectation of strong spot and weak futures. A short - selling strategy can be maintained for futures [2]. - Soybean meal is expected to move sideways. It is recommended to hold a long position in the 9 - 1 spread and maintain a long - only strategy for single - side trading [2]. - Oils are expected to be weak. It is advised to exit short - term long positions [2]. - Eggs are expected to move sideways. The Dragon Boat Festival demand will support egg prices in the short term, but the egg prices are likely to be weak later due to the Mei - yu season and increasing supply [2][3]. - Pigs are expected to move sideways. Pig prices will continue to consolidate at a low level [3]. 3. Summary by Sections 3.1 Research Viewpoints - **Corn**: On Thursday, the July corn contract decreased with reduced positions. The domestic average corn price is 2365 yuan/ton, up 6 yuan/ton. Northeast prices are stable, North China prices are generally stable, and the prices in the sales areas are rising. Technically, the futures price is in high - level volatility, and a short - selling strategy can be maintained [2]. - **Soybean Meal**: On Thursday, CBOT soybeans tumbled from a 10 - month high, and soybean oil hit the daily limit down. The U.S. biodiesel policy may be less than expected. The domestic protein meal is strong. It is recommended to hold a long position in the 9 - 1 spread and maintain a long - only strategy for single - side trading [2]. - **Oils**: On Thursday, BMD palm oil, Canadian rapeseed, and CBOT soybean oil declined. The domestic oil futures prices are falling, and the basis is expected to continue to decline. It is advised to exit short - term long positions [2]. - **Eggs**: On Thursday, the 2506 egg contract declined by 1.23%, and the 2509 contract rose by 0.13%. The spot price is slightly down. The Dragon Boat Festival demand will support prices in the short term, but the prices are likely to be weak later [2][3]. - **Pigs**: On Thursday, the main pig contract closed with a medium - sized阴线, and the September contract continued to move sideways. The Henan market price is down slightly, and pig prices will continue to consolidate at a low level [3]. 3.2 Market Information - In April 2025, the national industrial feed output was 27.53 million tons, up 4.2% month - on - month and 9.0% year - on - year. The proportion of corn in compound feed increased by 4.2 percentage points year - on - year, and the proportion of soybean meal decreased by 1.3 percentage points year - on - year [4]. - Malaysian palm oil exports from May 1 - 15 increased by 6.63% - 14.21% compared with the same period last month according to different institutions [4]. - On May 15, the "Agricultural Product Wholesale Price 200 Index" and the "Vegetable Basket" product wholesale price index declined. The average pork price remained the same, and the egg price increased by 1.5% [5]. - The expected biodiesel mandatory blending volume may be 46 - 48 billion gallons, far lower than the previous expectation of 55 - 57.5 billion gallons [2][5]. 3.3 Variety Spreads - **Contract Spreads**: The report presents charts of 9 - 1 spreads for corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [7][8][10][13]. - **Contract Basis**: The report presents charts of the basis for corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [15][19][22][27].

Group 1: Investment Ratings - There is no information about the industry investment rating in the report. Group 2: Core Views - **Copper**: Overnight LME copper first declined and then rose, remaining roughly flat at $9,600/ton; SHFE copper futures gained 0.13% to CNY 78,490/ton. US inflation data was lower than expected, and the Fed's flexible attitude towards inflation was seen as a signal for interest rate cuts. Domestically, attention should be paid to the performance of the financial market. LME copper inventories decreased by 925 tons, while COMEX inventories increased by 1,381 tons. SMM's Thursday statistics showed that the national mainstream copper inventories increased by 0.89 million tons to 13.20 million tons, ending the continuous destocking trend. With copper prices rising and the expectation of the peak season turning to the off - season, downstream procurement was cautious, and terminal demand orders might gradually slow down. Although the macro - expectation continued to improve, the domestic copper downstream demand showed some weakness. The upward movement of copper prices might be hindered. However, the better - than - expected progress in Sino - US trade negotiations was expected to continue to boost risk appetite, and copper prices were expected to be briefly boosted, with the upward range still seen at CNY 78,000 - 80,000/ton. When copper prices approached the upper limit of the range, it might bring selling hedging opportunities for the mid - and upstream [1]. - **Aluminum**: Alumina trended strongly with oscillations. Overnight, AO2509 closed at CNY 2,985/ton, up 0.17%, and the open interest increased by 13,002 lots to 338,000 lots. Shanghai aluminum trended weakly with oscillations. Overnight, AL2506 closed at CNY 20,220/ton, down 0.07%, and the open interest increased by 1,633 lots to 203,000 lots. The SMM alumina price rebounded slightly to CNY 2,936/ton. The spot premium of aluminum ingots widened to CNY 60/ton. There were new maintenance activities in Shanxi and Guangxi's alumina. The main contract shifted to the 09 contract, and the market was trading the expectation of ore production restrictions during the rainy season in Guinea. Aluminum ingot arrivals were low, and downstream restocking occurred after price cuts, so aluminum ingots continued to be destocked slightly. The alleviation of the Sino - US tariff situation improved the macro - sentiment. However, the decline in photovoltaic subsidies and the weakening of new export orders, along with the pressure of cost reduction, meant that the short - term strong and long - term weak pattern of aluminum prices continued. Attention should be paid to the inventory - consumption situation and subsequent tariff negotiation dynamics [2]. - **Nickel**: Overnight, LME nickel rose 0.03% to $15,805/ton, and Shanghai nickel rose 0.16% to CNY 125,230/ton. LME nickel inventories increased by 714 tons, while domestic SHFE nickel warrants decreased by 205 tons. The LME 0 - 3 month spread remained negative, and the import nickel premium decreased by CNY 50/ton. Nickel ore prices were still strong, with premiums rising in both the Philippines and Indonesia. In the stainless - steel sector, there was a slight reduction in the supply of the 300 - series, and the weekly inventory decreased slightly. In the new - energy sector, the supply of raw materials recovered, the MHP price declined, and the spot profit of nickel sulfate slightly improved, but the demand for ternary precursors in May decreased slightly month - on - month. Domestically, primary nickel inventories decreased slightly on a weekly basis, and overseas destocking was obvious. The production in May was expected to decrease slightly. In the short term, the macro - sentiment improved, and the Philippine nickel - ore event attracted market attention again, so nickel ore was relatively strong, and it was not advisable to be overly bearish. However, the nickel - iron transaction price continued to decline, and if domestic primary nickel inventories continued to accumulate, the pressure on nickel prices would gradually become prominent, and the overall trend was still oscillatory [3]. Group 3: Summary by Directory 1. Research Views - **Copper**: The macro - situation in the US showed lower - than - expected inflation data, which was regarded as a signal for interest rate cuts. Domestically, the financial market performance was a focus. Inventory changes were mixed, and downstream demand was cautious. The upward movement of copper prices might face resistance, but short - term boosts were possible due to trade negotiation progress [1]. - **Aluminum**: Alumina prices were strong, while Shanghai aluminum was weak. There were new maintenance activities, and the market was trading the Guinea ore - restriction expectation. Aluminum ingots were destocked slightly. The short - term strong and long - term weak pattern continued due to various factors [2]. - **Nickel**: Nickel prices rose slightly overnight. Inventory changes were different in different regions. Nickel ore was strong, but nickel - iron prices declined. The new - energy sector had mixed signals. The overall trend was oscillatory in the short term [3]. 2. Daily Data Monitoring - **Copper**: On May 15, 2025, compared with May 14, 2025, the price of flat - copper decreased by CNY 180/ton, and the premium increased by CNY 40/ton. The price of 1 bright scrap copper in Guangdong decreased by CNY 100/ton, and the refined - scrap spread decreased by CNY 63/ton. LME copper inventories decreased by 925 tons, while COMEX inventories increased by 1,382 tons. The total domestic + bonded area inventories increased by 0.3 million tons [5]. - **Lead**: The average price of 1 lead in the Yangtze River increased by CNY 60/ton. The prices of lead concentrates in different regions increased by CNY 50/ton. The LME lead inventories remained unchanged, while the SHFE lead inventories increased by 2,718 tons [5]. - **Aluminum**: On May 15, 2025, compared with May 14, 2025, the Wuxi and Nanhai aluminum prices increased, the Nanhai - Wuxi spread decreased, and the spot premium increased. The price of alumina FOB increased by $11/ton, and the price of Shandong alumina increased by CNY 20/ton. LME aluminum inventories decreased by 2,025 tons, and SHFE aluminum warrants increased by 1,397 tons [6]. - **Nickel**: The price of Jinchuan nickel increased by CNY 250/ton, and the spreads of Jinchuan nickel and 1 imported nickel against Wuxi increased by CNY 1,250/ton. The price of nickel ore remained stable. LME nickel inventories increased by 714 tons, and SHFE nickel warrants decreased by 205 tons [6]. - **Zinc**: The main - contract settlement price increased by 1.0%, and the LME S3 price remained unchanged. The SMM 0 and 1 spot prices increased by CNY 60/ton. The domestic and imported zinc premiums decreased by CNY 80/ton. The LME 0 - 3 premium decreased by $1.75/ton. The SHFE zinc inventories increased by 793 tons, and the social inventories increased by 0.08 million tons [7]. - **Tin**: The main - contract settlement price increased by 0.3%, and the LME S3 price decreased by 2.1%. The SMM spot price increased by CNY 1,100/ton. The prices of 60% and 40% tin concentrates decreased by CNY 700/ton. The SHFE tin inventories decreased by 190 tons [7]. 3. Chart Analysis - **3.1 Spot Premium**: There are charts showing the spot premiums of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [9][10][11]. - **3.2 SHFE Near - Far Month Spread**: There are charts showing the SHFE near - far month spreads of copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [14][16][18]. - **3.3 LME Inventories**: There are charts showing the LME inventories of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [20][22][24]. - **3.4 SHFE Inventories**: There are charts showing the SHFE inventories of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [27][29][31]. - **3.5 Social Inventories**: There are charts showing the social inventories of copper (including bonded areas), aluminum, nickel, zinc, stainless steel, and 300 - series stainless steel from 2019 - 2025 [33][35][37]. - **3.6 Smelting Profits**: There are charts showing the copper - concentrate index, rough - copper processing fees, aluminum smelting profits, nickel - iron smelting costs, zinc smelting profits, and stainless - steel 304 smelting profit margins from 2019 - 2025 [40][42][44]. 4. Non - ferrous Metals Team Introduction - **Zhan Dapeng**: A science master, currently the director of non - ferrous metal research at Everbright Futures Research Institute, a senior precious - metal researcher, a medium - level gold investment analyst, an excellent metal analyst of the Shanghai Futures Exchange, and the best industrial - products futures analyst of Futures Daily and Securities Times. With more than a decade of commodity - research experience, he has served many leading spot enterprises, published dozens of professional articles in public newspapers and magazines, and has been interviewed by multiple media. His team has won many awards [47]. - **Wang Heng**: A master of finance from the University of Adelaide, Australia, currently a non - ferrous metal researcher at Everbright Futures Research Institute, mainly focusing on aluminum and silicon. He has in - depth research on hedging accounting and disclosure, and provides high - quality services to listed companies [47]. - **Zhu Xi**: A master of science from the University of Warwick, UK, currently a non - ferrous metal researcher at Everbright Futures Research Institute, mainly focusing on lithium and nickel. He focuses on the integration of non - ferrous metals and new energy, and provides timely hot - spot and policy interpretations [48].