有色金属日报-20250521

Report Industry Investment Rating - No relevant information provided Core View of the Report - The copper market shows a mixed situation with positive macro - factors but weakening fundamentals, and the Shanghai copper may maintain a volatile pattern recently [1] - For aluminum, with the uncertain impact of the Guinea issue and the approaching off - season, it is recommended to wait and see [2] - Nickel is expected to have limited downside due to cost support but may show a weakening trend in the medium - to - long - term due to supply surplus [3][5] - Tin prices are expected to have increased volatility, and it is necessary to focus on supply resumption and downstream demand [6] Summary by Related Catalogs Basic Metals Copper - As of May 20, the Shanghai copper main 06 contract fell 0.26% to 77,540 yuan/ton. Macro factors are positive, but the demand has shown signs of weakening, and the inventory is accumulating at a low level [1] Aluminum - As of May 20, the Shanghai aluminum main 07 contract fell 0.45% to 20,075 yuan/ton. The Guinea issue affects the alumina price, and the downstream demand may weaken with the approaching off - season [2] Nickel - As of May 20, the Shanghai nickel main 06 contract fell 0.83% to 122,870 yuan/ton. The nickel market has a complex situation with cost support but supply surplus in the medium - to - long - term [3][5] Tin - As of May 20, the Shanghai tin main 06 contract rose 0.29% to 264,760 yuan/ton. The tin market has a tight raw material supply, and the price is affected by supply resumption and downstream demand [6] Spot Transaction Summary Copper - Spot copper prices rose, but the downstream acceptance of high - priced copper was limited, and the actual procurement was mainly based on rigid demand [7] Aluminum - The spot aluminum market showed a weak transaction, with the holder reluctant to sell at a low price and the downstream having a low procurement willingness [8] Alumina - The alumina spot market was active, with the price rising and the trading volume increasing [9] Zinc - The spot zinc market had a weak transaction, and the downstream entered the traditional off - season with low procurement willingness [10] Lead - The lead spot market had a general trading atmosphere, and the downstream replenished inventory according to rigid demand [11][12] Nickel - The nickel spot market had an improved transaction compared with the previous day, with the demand for rigid procurement increasing at low prices [13] Tin - The tin spot market had a slow sales situation, with some merchants having a strong wait - and - see attitude [14] Warehouse Receipt and Inventory Report - SHFE copper futures warehouse receipts decreased by 16,175 tons to 45,738 tons; LME copper inventory decreased by 3,575 tons to 170,750 tons [16] - SHFE aluminum futures warehouse receipts decreased by 1,351 tons to 61,146 tons; LME aluminum inventory decreased by 2,525 tons to 390,925 tons [16] - SHFE zinc futures warehouse receipts decreased by 175 tons to 1,526 tons; LME zinc inventory decreased by 4,075 tons to 156,725 tons [16] - SHFE lead futures warehouse receipts decreased by 5,067 tons to 44,980 tons; LME lead inventory decreased by 600 tons to 245,750 tons [16] - SHFE nickel futures warehouse receipts decreased by 329 tons to 23,142 tons; LME nickel inventory increased by 90 tons to 202,098 tons [16] - SHFE tin futures warehouse receipts decreased by 94 tons to 8,025 tons; LME tin inventory decreased by 85 tons to 2,655 tons [16]