有色金属日报-20250611

Report Industry Investment Rating - Not provided Core Viewpoints - The copper price is expected to maintain a volatile pattern, with limited upside and downside space [1] - The aluminum price is expected to be weak in the short - term, and it is recommended to strengthen observation and pay attention to the progress of China - US dialogue [2] - The nickel price is expected to oscillate weakly in the medium - to - long term, with limited downside space due to firm costs [3][5] - The tin price is expected to oscillate, and it is recommended for interval trading, with attention paid to supply resumption and downstream demand recovery [6] Summaries by Related Catalogs Basic Metals Copper - As of June 10, the main 07 contract of Shanghai copper rose 0.27% to 78,880 yuan/ton. Tariffs and the China - US leaders' call brought positive expectations. The domestic refined copper output remained high, but supply disruptions and low TC supported the price. Social inventory was stable at a low level, consumption declined, and the upside space of the copper price was limited. However, due to low inventory and supply disruptions, the downside space was also limited [1] Aluminum - As of June 10, the main 07 contract of Shanghai aluminum fell 0.12% to 20,050 yuan/ton. Guinea's mine - end disruptions will affect the arrival volume of imported bauxite in July. Alumina's operating capacity increased, and inventory decreased. The operating capacity of electrolytic aluminum was flat. The downstream开工率 decreased, and the inventory continued to decline. The short - term aluminum price is expected to be weak [2] Nickel - As of June 10, the main 07 contract of Shanghai nickel fell 1.06% to 121,390 yuan/ton. The nickel ore market in Indonesia was tight, and the price was firm. Nickel - iron had a profit loss, and the demand for stainless steel was average. The refined nickel was in surplus, and the price of nickel sulfate was strong due to cost. The nickel price is expected to oscillate weakly [3][5] Tin - As of June 10, the main 07 contract of Shanghai tin rose 0.21% to 263,420 yuan/ton. In May, domestic refined tin production decreased, and imports and exports changed. The semiconductor industry was expected to recover, and the inventory decreased. The supply of tin ore improved, but the impact of tariffs on downstream consumption needed attention. The tin price is expected to oscillate [6] Spot Transaction Summary - Copper: Domestic spot copper prices rose, but high prices suppressed restocking, and transactions were light [7] - Aluminum: Spot aluminum transaction prices fell, and the market was weak, with few transactions [8] - Alumina: Spot prices were stable, trading activity declined, and transactions were restricted [9] - Zinc: Spot zinc prices fell, and transactions were light, with low procurement willingness [10] - Lead: Spot lead prices rose, and traders were more willing to hold up prices, with cautious restocking [11][12] - Nickel: Spot nickel prices fell, and transactions were mainly for rigid demand [13] - Tin: Spot tin prices rose, and high - price transactions were light [14] Warehouse Receipt and Inventory Report - SHFE: Copper, aluminum, nickel, and tin futures warehouse receipts decreased, while zinc and lead futures warehouse receipts increased [16] - LME: Copper, tin, lead, zinc, aluminum, and nickel inventories decreased [16]