Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The macro - situation is favorable, but the fundamentals of non - ferrous metals are mixed. Copper may maintain a volatile pattern, aluminum requires observation, nickel is expected to oscillate weakly, and tin price volatility may increase [1][3][5][6] 3. Summary by Metal Copper - As of May 19, the closing price of SHFE copper main contract 06 dropped 0.63% to 77,820 yuan/ton. The macro trading sentiment has warmed up, but the fundamentals are weakening with demand showing signs of decline and inventory starting to accumulate at a low level. The spot premium may be under pressure, and it may maintain a volatile pattern [1] - In the spot market, domestic spot copper prices dropped significantly. The downstream's low purchasing willingness led to light trading during the day [7] - SHFE copper futures warehouse receipts decreased by 1,334 tons to 61,913 tons, and LME copper inventory decreased by 5,050 tons to 174,325 tons [16] Aluminum - As of May 19, the closing price of SHFE aluminum main contract 07 fell 0.20% to 20,110 yuan/ton. The revocation of mining licenses in Guinea has affected alumina prices. Alumina production capacity and inventory are changing, and electrolytic aluminum production capacity is increasing. The downstream开工率 may decline, and it is recommended to wait and see [2][4] - In the spot market, the aluminum market's trading was stable with most areas having a small premium, while the Guangdong market was at a discount. The alumina market's trading heat continued to rise [8] - SHFE aluminum futures warehouse receipts decreased by 323 tons to 62,497 tons, and LME aluminum inventory decreased by 2,000 tons to 393,450 tons [16] Nickel - As of May 19, the closing price of SHFE nickel main contract 06 dropped 0.67% to 123,850 yuan/ton. The macro situation has changed, and the supply - demand relationship in the nickel market is complex. The cost is firm, but there is a long - term supply surplus, so it is expected to oscillate weakly [5] - In the spot market, some merchants replenished their stocks at low prices at the beginning of the week, but overall trading activity needs further improvement [13] - SHFE nickel futures warehouse receipts decreased by 30 tons to 23,471 tons, and LME nickel inventory increased by 6,786 tons to 202,008 tons [16] Tin - As of May 19, the closing price of SHFE tin main contract 06 fell 0.22% to 264,860 yuan/ton. Tin production and import - export data have changed. The supply of tin ore is tight, but there are strong expectations of mine resumption. The price volatility may increase, and it is necessary to focus on supply and demand [6] - In the spot market, merchants replenished their stocks at low prices for essential needs [14] - SHFE tin futures warehouse receipts decreased by 64 tons to 8,119 tons, and LME tin inventory increased by 5 tons to 2,740 tons [16] Zinc - In the spot market, the price of zinc dropped. The market trading was lackluster, with loose supply leading to a decline in the premium and weak trading [9][10] - SHFE zinc futures warehouse receipts decreased by 474 tons to 1,701 tons, and LME zinc inventory decreased by 3,400 tons to 160,800 tons [16] Lead - In the spot market, the price of lead dropped. The downstream replenished stocks as needed, and the overall trading was average [11][12] - SHFE lead futures warehouse receipts increased by 126 tons to 50,047 tons, and LME lead inventory decreased by 2,500 tons to 246,350 tons [16]
有色金属日报-20250520
Chang Jiang Qi Huo·2025-05-20 02:10