宏观氛围回暖，有色普涨

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The short - term macro atmosphere has warmed up, driving up the prices of most non - ferrous metals. The copper price is expected to maintain a strong trend, with attention on the pressure at the 80,000 yuan mark. The aluminum price is expected to continue to stabilize and recover, and the monthly positive spread can be considered. The nickel price may run weakly [5][6][7] Group 3: Summary of Industry Dynamics Copper - Freeport - McMoRan Inc. believes that the copper tariffs threatened by former US President Trump may backfire and lead to a decline in copper demand. China's Sinomine Resource Group has suspended copper smelting operations at its Tsumeb plant in Namibia due to a shortage of copper concentrates caused by the rapid expansion of global smelting capacity [9] Aluminum - In May 2025, the electrolytic aluminum production index increased steadily, while the alumina production index decreased slightly. On June 10, the cast aluminum alloy futures were listed on the Shanghai Futures Exchange. In 2024, China's recycled copper, aluminum, lead, and zinc production reached 19.15 million tons, accounting for 24% of the production of ten non - ferrous metals, with recycled aluminum production exceeding 10 million tons and a carbon emission reduction contribution rate of over 85% [10] Nickel - On June 11, the mainstream reference contract for refined nickel in the Shanghai market was the SHFE nickel 2507 contract, with different prices for various types of nickel [11] Group 4: Summary of Related Charts Copper - The report provides charts of copper basis, monthly spread, domestic visible inventory, overseas exchange inventory, LME copper cancelled warrant ratio, and SHFE warrant inventory [12][14][15] Aluminum - The report includes charts of aluminum basis, domestic social inventory, overseas exchange inventory, alumina trend, and alumina inventory [23][25][27] Nickel - The report presents charts of nickel basis, monthly spread, SHFE inventory, LME nickel trend, and nickel ore port inventory [35][41][43]