美国关税政策放松，有色反弹

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - Copper: On April 9, China intensified counter - measures, and Trump announced a 90 - day delay of tariff measures on non - counter - retaliatory countries, leading to a general rise in global assets. The marginal impact of tariff policy on the market decreased, and the relaxation of tariffs spurred a bullish counter - attack. LME copper rose last night, reaching around $9,000, and SHFE copper increased with higher positions, standing above 75,000 yuan. Short - term market sentiment improved, and the futures price is expected to continue rising [4]. - Aluminum: Today, the aluminum price opened higher and fluctuated narrowly around 19,800 yuan, with a continuous decline in positions. The relaxation of US tariff measures last night catalyzed a bullish counter - attack. In the industrial aspect, the supply and demand of electrolytic aluminum are both strong, with no prominent contradictions at present. Electrolytic aluminum plants maintain high profits and high capacity utilization. Domestic demand is expected to be good due to new policies, but overseas terminal exports may decline due to tariffs. Overall demand expectations have decreased compared to the previous period. Short - term attention should be paid to the pressure at the 20,000 - yuan level [5]. - Nickel: Today, the nickel price opened higher and fluctuated upwards, with little change in positions. The relaxation of US tariff measures last night spurred a bullish counter - attack. In the industrial aspect, the nickel ore market is strong, supporting the nickel price, and the downstream stainless steel market is also strong. Previously, under the influence of macro factors, the nickel price broke below the bottom since November 2023. With the short - term improvement in macro sentiment, the futures price may have an oversold rebound [6]. 3. Summary by Related Catalogs 3.1 Industry Dynamics - Copper: On April 10, Mysteel reported that Anglo American's Chilean company called on Chile to speed up the approval process to expand copper mining and address future copper supply shortages. Although the president promised to shorten the approval time, the reform is still under review in Congress [8]. - Nickel: On April 10, for the refined nickel Shanghai market's mainstream reference contract, the SHFE nickel 2505 contract, the mainstream premium of Jinchuan electrolytic nickel was +3,250 yuan/ton, with a price of 123,830 yuan/ton; Russian nickel's mainstream premium was +300 yuan/ton, with a price of 120,880 yuan/ton; Norwegian nickel's mainstream premium was +2,900 yuan/ton, with a price of 123,480 yuan/ton; and nickel beans' mainstream premium was - 900 yuan/ton, with a price of 119,680 yuan/ton [9]. 3.2 Related Charts - Copper: Charts include copper basis, copper monthly spread, domestic visible inventory of electrolytic copper (social inventory + bonded area inventory), overseas copper exchange inventory, LME copper canceled warrant ratio, and SHFE warrant inventory [10][12][13]. - Aluminum: Charts cover aluminum spread, domestic social inventory of electrolytic aluminum, alumina trend, overseas exchange inventory of electrolytic aluminum (LME + COMEX), and alumina inventory [22][24][26]. - Nickel: Charts consist of nickel basis, LME nickel inventory and canceled warrant ratio, LME nickel trend, nickel monthly spread, SHFE inventory, and nickel ore port inventory [34][35][37].