Report Industry Investment Rating - Copper: Possibly bullish [2] - Zinc: Possibly fluctuating weakly in a wide range [2] Core View of the Report - Copper prices closed 0.7% lower overnight. Concentrate supply has been tight since the beginning of the year, and smelting profits are on the verge of profit and loss, but smelting output has continued to grow at a high rate. Grid investment has continued positive growth, power supply investment has slowed down, automobile production and sales have shown positive growth, home appliance production scheduling has shown negative growth, and the real estate market has remained weak. The Indonesian mine accident will probably lead to a global copper supply - demand gap, providing long - term support for copper prices [2]. - Zinc prices closed 1.25% lower overnight. Zinc concentrate processing fees have generally rebounded, smelting profits have turned positive, and smelting output is expected to continue to rise. Galvanized sheet inventory increased on a weekly basis. The cumulative growth rate of infrastructure investment has slowed down, automobile production and sales have shown positive growth, home appliance production scheduling has shown negative growth, and the real estate market has remained weak. Short - term supply - demand differences may tilt towards oversupply, and zinc prices may fluctuate weakly in a range [2]. Summary by Related Catalog Copper - Overnight copper price dropped 0.7%. Since the beginning of the year, concentrate supply has been tight, but smelting output has grown rapidly. Grid investment grows positively, power supply investment slows, auto production and sales grow, home appliance production declines, and real estate is weak. The Indonesian mine accident may cause a global copper supply - demand gap, supporting copper prices in the long run. The strategy direction is possibly bullish [2]. Zinc - Overnight zinc price dropped 1.25%. Zinc concentrate processing fees rise, smelting profits turn positive, and output is expected to increase. Galvanized sheet inventory rises weekly. Infrastructure investment growth slows, auto production and sales grow, home appliance production declines, and real estate is weak. Short - term supply - demand may turn to oversupply, and zinc prices may fluctuate weakly. The strategy direction is possibly fluctuating weakly in a wide range [2]. Market Data - Copper: Domestic previous - day futures closing price is 82,470 yuan/ton, domestic basis is - 10 yuan/ton, previous - day LME 3 - month closing price is 10,205 dollars/ton, LME spot premium is - 33.91 dollars/ton, LME inventory is 144,425 tons, and daily change is - 350 tons [2]. - Aluminum: Domestic previous - day futures closing price is 20,755 yuan/ton, domestic basis is - 10 yuan/ton, previous - day LME 3 - month closing price is 2,649 dollars/ton, LME spot premium is - 3.80 dollars/ton, LME inventory is 515,925 tons, and daily change is - 1,225 tons [2]. - Zinc: Domestic previous - day futures closing price is 21,950 yuan/ton, domestic basis is - 95 yuan/ton, previous - day LME 3 - month closing price is 2,887 dollars/ton, LME spot premium is 39.18 dollars/ton, LME inventory is 43,800 tons, and daily change is - 600 tons [2]. - Nickel: Domestic previous - day futures closing price is 121,100 yuan/ton, domestic basis is - 1,180 yuan/ton, previous - day LME 3 - month closing price is 15,155 dollars/ton, LME spot premium is - 178.77 dollars/ton, LME inventory is 230,586 tons, and daily change is 0 tons [2]. - Lead: Domestic previous - day futures closing price is 17,070 yuan/ton, domestic basis is - 130 yuan/ton, previous - day LME 3 - month closing price is 2,002 dollars/ton, LME spot premium is - 39.07 dollars/ton, LME inventory is 219,550 tons, and daily change is - 175 tons [2]. - Tin: Domestic previous - day futures closing price is 273,600 yuan/ton, domestic basis is - 840 yuan/ton, previous - day LME 3 - month closing price is 34,415 dollars/ton, LME spot premium is - 48.22 dollars/ton, LME inventory is 2,740 tons, and daily change is 45 tons [2].

Key Points of the Report Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. Core Viewpoints of the Report - The Chinese capital market is in the initial stage of strategic allocation, with the 9 - month stock index in a high - level consolidation phase after continuous growth. The CSI 500 and CSI 1000 indices are more offensive, while the SSE 50 and SSE 300 are more defensive [2][12]. - For bonds, it is recommended to be bearish on long - term bonds and remain on the sidelines for short - term bonds, as the central bank's policy adjustment awaits central government deployment, and the equity market is strengthening [14]. - In the energy and chemical sector, the outlook for various products varies. For example, crude oil's future depends on OPEC's production increase; methanol is short - term bearish; rubber is expected to fluctuate within a range; and polyolefins may continue to oscillate in a low - level range [15][16][17][19]. - Regarding metals, copper is supported in the long - term due to potential supply shortages; zinc may fluctuate weakly in the short - term; and lithium carbonate may oscillate in the short - term with demand and inventory factors at play [21][22][23]. - In the agricultural product sector, protein meal may oscillate at a low level; some oils are showing signs of rebound; and cotton and sugar are expected to have complex short - term trends influenced by supply and demand [27][28][30][31]. - The shipping index of container shipping to Europe may be in a short - term oscillatory pattern, with the focus on shipping companies' price increases and capacity adjustment [32]. Summaries by Related Catalogs 1. Macroeconomic Situation - From January to August, the total profit of Chinese industrial enterprises above designated size was 4.69297 trillion yuan, a year - on - year increase of 0.9%. In August, the profit increased by 20.4% year - on - year, compared with a 1.5% decline in the previous month. The equipment manufacturing industry was a major driver, with 7 out of 8 sub - industries seeing profit growth [1]. - The US core PCE price index in August increased by 2.9% year - on - year and 0.2% month - on - month, in line with expectations. Real consumer spending increased by 0.4% for the third consecutive month, exceeding the expected 0.2% [1]. 2. Key Varieties Analysis Financial - **Stock Index**: The US three major indices rose, while the previous trading day's stock index declined. The oil and petrochemical sector led the gain, and the computer sector led the decline, with a market turnover of 2.17 trillion yuan. On September 25, the margin trading balance increased by 13.288 billion yuan to 2.427411 trillion yuan [2][12]. - **Treasury Bonds**: Treasury bonds rose slightly. The central bank continued to inject medium - term liquidity, but the cross - festival capital tightened. The profit of industrial enterprises above designated size in August increased significantly. The Fed restarted interest rate cuts, and the US GDP growth rate was revised up. It is recommended to be bearish on long - term bonds and remain on the sidelines for short - term bonds [13][14]. Energy and Chemical - **Crude Oil**: The SC night session rose 1.21%. Russia will impose a partial ban on diesel exports by the end of the year and extend the gasoline export ban. The global decline rate of oil and gas field production has accelerated. Attention should be paid to OPEC's production increase [3][15]. - **Methanol**: Methanol oscillated at night. The average operating load of domestic coal - to - olefin plants increased. Coastal methanol inventory decreased, but it is still at a historical high. Methanol is short - term bearish [16]. - **Rubber**: Natural rubber futures oscillated. Supply in some areas improved, and bonded area inventory decreased. The start - up rate of all - steel tires increased. It is expected to continue to oscillate within a range [17]. - **Polyolefins**: Polyolefins continued to rebound at night. The price generally fluctuated with the cost. It may continue to oscillate in a low - level range, with attention on demand and supply - side policies [18][19]. - **Glass and Soda Ash**: Glass futures declined. The short - term market supply and demand are slowly recovering, and attention is on the supply - side contraction. The inventory of glass and soda ash production enterprises decreased. The market has a positive expectation for the glass industry's supply change [4][20]. Metals - **Copper**: The copper price at night decreased by 0.7%. The concentrate supply has been tight, but the smelting output has been growing. The Indonesian mine accident may lead to a supply shortage, supporting the long - term price [21]. - **Zinc**: The zinc price at night decreased by 1.25%. The zinc concentrate processing fee increased, and the smelting output is expected to rise. The short - term supply may be in surplus, and the price may fluctuate weakly [22]. - **Lithium Carbonate**: Supply and demand both increased, and inventory decreased. The bullish logic has been weakened, and the price may oscillate in the short - term [23]. - **Double Cokes**: The double - coke futures were weak at night. The steel fundamentals put pressure on coking coal, and investors are advised to operate cautiously before the holiday [24]. - **Iron Ore**: Steel mills' demand for iron ore is supported. Global iron ore shipments decreased, and port inventory decreased rapidly. The price is expected to be strong and oscillate [25]. - **Steel**: The steel supply pressure is increasing, and the inventory is accumulating. The export of billets is strong. The market is in a situation of weak supply and demand, with hot - rolled coils stronger than rebar [26]. Agricultural Products - **Protein Meal**: The prices of soybean and rapeseed meal were weak at night. Argentina temporarily cancelled export taxes, but the exemption period has ended. The domestic market may oscillate at a low level [27]. - **Oils**: The price of soybean oil declined slightly at night, while rapeseed and palm oil were strong. After the digestion of the negative news of Argentina's tax cancellation, the oil price rebounded [28]. - **Sugar**: The international sugar market is in a stock - building stage, and the domestic market is supported by high sales - to - production ratio and low inventory, but also dragged by import pressure. Zhengzhou sugar may oscillate after a rebound [30]. - **Cotton**: The international cotton market has supply pressure, and the domestic market is affected by the new cotton harvest. The price may oscillate weakly in the short - term [31]. Shipping Index - **Container Shipping to Europe**: The EC oscillated and declined on Friday. The SCFI European line price decreased. Shipping companies are trying to raise prices, and the contract may shift to the 12 - month contract. It is expected to be in an oscillatory pattern in the short - term [32]. 3. News Summaries - **International News**: Ukrainian drones attacked Russian refineries, causing fuel shortages in some Russian regions. Russia will impose a partial ban on diesel exports and extend the gasoline export ban [3][6][15]. - **Domestic News**: The "Super Golden Week" of the Mid - Autumn Festival and National Day is approaching. The tourism market is booming, with changes in travel patterns and consumer preferences [7]. - **Industry News**: The Ministry of Agriculture and Rural Affairs requires supporting Xinjiang to improve grain production capacity, promote cotton seed breeding, and develop characteristic industries [8][9].

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - The September trend of the stock index was more volatile compared to July and August, entering a high - level consolidation phase after continuous growth. Due to some funds' hedging needs at high levels after a long - term uptrend, there was a divergence in long - and short - term forces, leading to significant fluctuations in the stock index. However, in the medium - to long - term, China's capital market is just at the beginning of the strategic allocation period. The CSI 500 and CSI 1000 indices, which are mainly composed of technology growth stocks, are more aggressive with larger fluctuations and potentially higher returns. The SSE 50 and CSI 300 indices, which are dominated by dividend blue - chip stocks, are more defensive with smaller fluctuations but relatively weaker price elasticity [2]. 3. Summaries by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (for different delivery months) decreased compared to the previous two days, with declines ranging from - 0.87% to - 1.16%. Trading volumes were 35095.00, 3254.00, 71448.00, and 11288.00 respectively, and the changes in open interest were - 2835.00, 367.00, - 3631.00, and - 350.00 [1]. - **IH Contracts**: The closing prices also declined, with decreases from - 0.43% to - 0.48%. Trading volumes were 15109.00, 966.00, 29241.00, and 2910.00 respectively, and the changes in open interest were 819.00, 301.00, 341.00, and - 420.00 [1]. - **IC Contracts**: The prices dropped by - 1.44% to - 1.48%. Trading volumes were 35918.00, 3743.00, 82089.00, and 14285.00 respectively, and the changes in open interest were - 1087.00, 841.00, 3028.00, and 583.00 [1]. - **IM Contracts**: The prices decreased by - 1.33% to - 1.47%. Trading volumes were 56703.00, 5684.00, 155277.00, and 25326.00 respectively, and the changes in open interest were 623.00, 1021.00, 8777.00, and 1116.00 [1]. - **Inter - month Spreads**: The current inter - month spreads of IF, IH, IC, and IM contracts showed different changes compared to the previous values [1]. 3.2 Stock Index Spot Market - **Index Performance**: The CSI 300, SSE 50, CSI 500, and CSI 1000 indices all declined, with decreases of - 0.95%, - 0.40%, - 1.37%, and - 1.45% respectively. The trading volumes and total trading amounts also changed [1]. - **Industry Performance**: Different industries had different trends. Energy, main consumption, pharmaceutical and healthcare, etc. showed certain percentage changes in prices [1]. 3.3 Futures - Spot Basis - The futures - spot basis of IF contracts (for different delivery months) compared to the CSI 300 index had different values on the previous day and the previous two days [1]. 3.4 Other Domestic and Overseas Indices - **Domestic Indices**: The Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index all declined, with decreases of - 0.65%, - 1.76%, - 1.85%, and - 2.60% respectively [1]. - **Overseas Indices**: The Hang Seng Index declined by - 1.35%, while the Nikkei 225, S&P 500, and DAX Index increased by 0.27%, 0.59%, and 0.87% respectively [1]. 3.5 Macro Information - The National Development and Reform Commission will implement practical measures to stimulate private investment. The National Bureau of Statistics reported that the labor - age population still has scale advantages and demographic dividends. During the National Day and Mid - Autumn Festival holidays, small - passenger cars can pass toll - free on national highways, and the expected cross - regional passenger flow is 23.6 billion person - times, a 3.2% increase from last year. The 2025 Conference on Accelerating the Construction of a Transportation Power emphasized multiple transportation construction tasks. South Korea will implement a visa - free policy for Chinese group tourists from September 29 to next June 30, and the number of Chinese tourists to South Korea is expected to exceed 5 million this year [2]. 3.6 Industry Information - Eight departments issued a work plan for the non - ferrous metals industry, aiming for an average annual growth of about 5% in added value and 1.5% in the output of ten non - ferrous metals from 2025 - 2026. From January to August, the national transportation fixed - asset investment was 2.26 trillion yuan. The State Administration for Market Regulation issued regulations on food safety responsibilities of catering service chain enterprises. As of September 27, more than 470 policies to stabilize the real - estate market were introduced in about 200 cities (counties) [2].

2025年09月29日申万期货品种策略日报-国债 | | | | | 申银万国期货研究所 唐广华（从业资格号：F3010997；交易咨询号：Z0011162） tanggh@sywgqh.com.cn 021-50586292 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | TS2512 | TS2603 | TF2512 | TF2603 | T2512 | T2603 | TL2512 | TL2603 | | | 昨日收盘价 | 102.342 | 102.256 | 105.540 | 105.415 | 107.680 | 107.335 | 114.19 | 113.84 | | | 前日收盘价 | 102.314 | 102.228 | 105.525 | 105.390 | 107.610 | 107.245 | 114.11 | 113.77 | | | 涨跌 | 0.028 | 0.028 | 0.015 | 0.025 | 0.070 | 0.090 | 0.080 | 0.0 ...

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoint - The polyolefin market continued to rebound overnight. In the medium - term, the market focuses on actual demand fulfillment and pre - holiday terminal stocking. Attention should also be paid to potential policy changes in the overall supply side in the fourth quarter in China. Due to the cost - driven nature, polyolefins may continue to oscillate in a low - level range [2][3]. 3. Summary Based on Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 7159, 7197, and 7225 respectively, with price drops of - 10, - 12, and - 6, and declines of - 0.14%, - 0.17%, and - 0.08% compared to two days ago. Trading volumes were 195523, 9491, and 39, and open interests were 554591, 46752, and 172, with changes of - 7269, 245, and 3 respectively. The current spreads for January - May, May - September, and September - January were - 38, - 28, and 66 [2]. - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6893, 6936, and 6908 respectively, with price drops of - 5, - 5, and - 6, and declines of - 0.07%, - 0.07%, and - 0.09% compared to two days ago. Trading volumes were 229349, 14353, and 521, and open interests were 609770, 78694, and 2230, with changes of - 18267, 1335, and 351 respectively. The current spreads for January - May, May - September, and September - January were - 43, 28, and 15 [2]. Raw Materials and Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder, and plastic film were 2358 yuan/ton, 6475 yuan/ton, 586 dollars/ton, 5600 yuan/ton, 6730 yuan/ton, and 8800 yuan/ton respectively. The prices of methanol futures and PP recycled materials remained unchanged, while Shandong propylene decreased by 10 yuan/ton, South China propane decreased by 3 dollars/ton, North China powder decreased by 10 yuan/ton, and plastic film remained unchanged [2]. - **Spot Market**: For LL, the current prices in East China, North China, and South China markets were 7150 - 7600 yuan/ton, 7100 - 7400 yuan/ton, and 7250 - 7700 yuan/ton respectively. For PP, the current prices in East China, North China, and South China markets were 6700 - 6800 yuan/ton, 6650 - 6750 yuan/ton, and 6650 - 6850 yuan/ton respectively [2]. Consumption Information - On Friday (September 26), the settlement price of WTI crude oil futures for November 2025 on the New York Mercantile Exchange was $65.72 per barrel, up $0.74 or 1.14% from the previous trading day, with a trading range of $64.66 - $66.42. The settlement price of Brent crude oil futures for November 2025 on the London Intercontinental Exchange was $70.13 per barrel, up $0.71 or 1.02% from the previous trading day, with a trading range of $69.11 - $70.76 [2].

品种观点 报告日期：2025 年 9 月 26 日 申银万国期货研究所 首席点评：公募基金规模首破 36 万亿 中基协发布数据显示，我国公募基金规模首次突破 36 万亿元大关，截至 8 月底 达到 36.25 万亿元，单月猛增 1.18 万亿元。股债跷跷板效应下，债券基金规模 小幅下降 285 亿元。商务部发布公告，决定将扁平地球管理公司等 3 家美国实体 列入出口管制管控名单，决定对墨西哥相关涉华限制措施启动贸易投资壁垒调查。 美国第二季度 GDP 增速上修至 3.8%，创近两年新高，PCE 物价指数 2.6%，显示 出通胀压力比之前评估的更为顽固。美国上周首申人数大幅回落至 21.8 万人， 为 7 月以来最低。市场对 10 月降息预期有所降温。美股三大指数三连跌，2 年 期美债收益率回升，黄金、原油价格上涨。 重点品种：股指、原油、玻璃 股指：美国三大指数下跌，上一交易日股指继续反弹，传媒板块领涨，纺织服饰 板块领跌，市场成交额 2.39 万亿元。资金方面，9 月 24 日融资余额增加 140.82 亿元至 24141.23 亿元。整体上而言 9 月走势相对 7 月和 8 月更为波折，我们认 为是进入了 ...

| | | | | 申银万国期货研究所 陆甲明 （从业编号F3079531 交易咨询号Z0015919） | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | lujm@sywgqh.com.cn 021-50583880 | | | | | | | | LL | | | PP | | | | 1月 | | 5月 | 9月 | 1月 | 5月 | 9月 | | | 前日收盘价 | 7169 | 7209 | 7231 | 6898 | 6941 | 6914 | | 期 | 前2日收盘价 | 7142 | 7182 | 7218 | 6877 | 6920 | 6910 | | 货 | 涨跌 | 27 | 27 | 13 | 21 | 21 | 4 | | 市 | 涨跌幅 | 0.38% | 0.38% | 0.18% | 0.31% | 0.30% | 0.06% | | 场 | 成交量 | 167193 | 10346 | 48 | 166035 | 9614 | 198 | | | 持仓量 | 561860 | 46507 ...

Group 1: Report Industry Investment Ratings - Copper: Likely to be strong [2] - Zinc: Likely to fluctuate weakly in a wide range [2] Group 2: Report Core Views - Copper prices may be supported in the long - term as the Indonesian mine accident is likely to turn the global copper supply - demand situation into a deficit. Zinc prices may fluctuate weakly in the short - term as the supply - demand difference may tilt towards surplus [2] Group 3: Summary by Variety Copper - Night - time copper prices closed 0.4% lower. The supply of concentrates has been tight since the beginning of the year, but smelting output has continued to grow at a high rate. The power industry and automobile production and sales are growing positively, while the growth rate of home appliance output is slowing down, and the real estate market is weak. The Indonesian mine accident may lead to a supply - demand deficit and support copper prices in the long run. Suggest to pay attention to changes in the US dollar, copper smelting output, and downstream demand [2] Zinc - Night - time zinc prices closed up 0.02%. Zinc concentrate processing fees have generally rebounded, smelting profits have turned positive, and smelting output is expected to continue to rise. Galvanized sheet inventory has increased weekly. Infrastructure investment and automobile production and sales are growing positively, while the growth rate of home appliance output is slowing down, and the real estate market is weak. The short - term supply - demand difference may tilt towards surplus, and zinc prices may fluctuate weakly in a range. Suggest to pay attention to changes in the US dollar, smelting output, and downstream demand [2] Market Data - Copper: Domestic previous - day closing price is 82,660 yuan/ton, domestic basis is 40 yuan/ton, LME 3 - month closing price is 10,276 dollars/ton, LME spot premium is - 31.55 dollars/ton, LME inventory is 144,775 tons, and daily change is - 200 tons [2] - Aluminum: Domestic previous - day closing price is 20,760 yuan/ton, domestic basis is - 10 yuan/ton, LME 3 - month closing price is 2,664 dollars/ton, LME spot premium is - 2.10 dollars/ton, LME inventory is 517,150 tons, and daily change is 3,300 tons [2] - Zinc: Domestic previous - day closing price is 22,030 yuan/ton, domestic basis is - 105 yuan/ton, LME 3 - month closing price is 2,923 dollars/ton, LME spot premium is 53.93 dollars/ton, LME inventory is 44,400 tons, and daily change is - 1,375 tons [2] - Nickel: Domestic previous - day closing price is 122,680 yuan/ton, domestic basis is - 2,110 yuan/ton, LME 3 - month closing price is 15,240 dollars/ton, LME spot premium is - 174.35 dollars/ton, LME inventory is 230,586 tons, and daily change is 132 tons [2] - Lead: Domestic previous - day closing price is 17,060 yuan/ton, domestic basis is - 120 yuan/ton, LME 3 - month closing price is 2,009 dollars/ton, LME spot premium is - 36.80 dollars/ton, LME inventory is 219,725 tons, and daily change is - 250 tons [2] - Tin: Domestic previous - day closing price is 273,710 yuan/ton, domestic basis is - 2,040 yuan/ton, LME 3 - month closing price is 34,390 dollars/ton, LME spot premium is - 50.00 dollars/ton, LME inventory is 2,695 tons, and daily change is 120 tons [2]

2025年09月26日申万期货品种策略日报-国债 | | 1、央行公告称，9月25日以固定利率、数量招标方式开展了4835亿元7天期逆回购操作，操作利率1.40%，投标量4835 | | --- | --- | | | 亿元，中标量4835亿元。Wind数据显示，当日4870亿元逆回购到期，据此计算，单日净回笼35亿元。 | | | 2、央行中期流动性投放力度持续加码。9月25日，中国人民银行开展6000亿元1年期中期借贷便利（MLF）操作，当月 | | | 有3000亿元MLF到期，此次操作实现MLF净投放3000亿元，至此央行已连续7个月对MLF进行加量续作。9月下旬，市场面 | | | 临较大到期资金压力，25日央行及时开展MLF操作，有效缓解了资金集中到期带来的流动性压力。 3、商务部新闻发言人何亚东表示，9月24日，中方向世贸组织提交《中国关于世贸组织特殊和差别待遇问题的立场文 | | | 件》。当前，个别国家肆意加征关税，给多边贸易体制带来前所未有的冲击，广大发展中成员利益受到严重损害。中 | | | 国在世贸组织当前和未来谈判中不寻求新的特殊和差别待遇，有助于推动世贸组织改革，更好地落实全球发展 ...

Group 1: Report Investment Ratings - No information provided on industry investment ratings Group 2: Core Views - Copper prices may experience short - term range - bound fluctuations. Night - time copper prices rose 0.06%. Although concentrate supply is tight and smelting profits are under pressure, smelting output continues to grow rapidly. Multiple factors are intertwined, and attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2] - Zinc prices may experience short - term wide - range weak fluctuations. Night - time zinc prices rose 0.41%. Zinc concentrate processing fees have generally recovered, and smelting profits have turned positive. Short - term supply - demand differences may tilt towards surplus [2] Group 3: Summary by Variety Copper - Night - time copper prices rose 0.06%. Concentrate supply is tight, but smelting output has high growth. The power industry has positive growth, photovoltaic installations increased year - on - year but future growth may slow. Automobile production and sales are growing, home appliance output growth is slowing, and the real estate market is weak. The price may have short - term range - bound fluctuations [2] Zinc - Night - time zinc prices rose 0.41%. Zinc concentrate processing fees have increased, smelting profits are positive, and smelting output is expected to rise. Galvanized sheet inventory increased weekly. Infrastructure investment has a small positive growth rate, automobile production and sales are growing, home appliance output growth is slowing, and the real estate market is weak. The price may have short - term wide - range weak fluctuations [2] Other Metals - Aluminum: Domestic previous day's futures closing price was 20,685 yuan/ton, the domestic basis was - 20 yuan/ton, the previous day's LME 3 - month closing price was 2,646 dollars/ton, the LME spot premium was 0.24 dollars/ton, LME inventory was 513,900 tons with no daily change [2] - Nickel: Domestic previous day's futures closing price was 120,730 yuan/ton, the domestic basis was - 990 yuan/ton, the previous day's LME 3 - month closing price was 15,340 dollars/ton, the LME spot premium was - 173.35 dollars/ton, LME inventory was 228,900 tons with an increase of 456 tons [2] - Lead: Domestic previous day's futures closing price was 17,040 yuan/ton, the domestic basis was - 120 yuan/ton, the previous day's LME 3 - month closing price was 1,999 dollars/ton, the LME spot premium was - 42.13 dollars/ton, LME inventory was 221,675 tons with an increase of 1,375 tons [2] - Tin: Domestic previous day's futures closing price was 269,880 yuan/ton, the domestic basis was 2,000 yuan/ton, the previous day's LME 3 - month closing price was 34,270 dollars/ton, the LME spot premium was - 98.00 dollars/ton, LME inventory was 2,580 tons with an increase of 75 tons [2]