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20250721申万期货有色金属基差日报-20250721
Shen Yin Wan Guo Qi Huo·2025-07-21 04:15

Report Overview - The report is the "20250721 Shenwan Futures Non-ferrous Metals Basis Daily Report", focusing on the market conditions of copper and zinc, and also presenting domestic market basis data and LME spot premium/discount data [1][2] Industry Investment Rating - Not provided Core Viewpoints - Copper prices may fluctuate within a short - term range due to the low concentrate processing fees, low copper prices testing smelting output, and a mix of positive and negative factors in downstream demand [2] - Zinc prices may experience wide - range short - term fluctuations as the concentrate processing fees are rising, and the market expects an improvement in concentrate supply and a recovery in smelting supply [2] Summary by Related Catalogs Copper Market - Weekend night - session copper prices closed higher. Low concentrate processing fees and low copper prices are testing smelting output. Domestic downstream demand is generally stable and positive, with the power industry in positive growth, auto production and sales increasing, home appliance output growth slowing, and the real estate sector remaining weak [2] - Copper prices may fluctuate within a range. Attention should be paid to the progress of US tariffs, as well as changes in the US dollar, copper smelting, and home appliance output [2] Zinc Market - Weekend night - session zinc prices closed higher. The concentrate processing fees have been rising recently. Domestic auto production and sales are increasing, infrastructure is growing steadily, home appliance output growth is slowing, and the real estate sector is weak [2] - The market expects a significant improvement in concentrate supply this year and a possible recovery in smelting supply. Short - term zinc prices may fluctuate widely. Attention should be paid to the progress of US tariffs, as well as changes in the US dollar, zinc smelting, and home appliance output [2] Domestic Market Basis Data - Copper basis is 115 yuan/ton, aluminum basis is 120 yuan/ton, zinc basis is - 15 yuan/ton, nickel basis is - 1750 yuan/ton, lead basis is - 195 yuan/ton, and tin basis is 760 yuan/ton [2][3] LME Spot Premium/Discount Data - Copper LME spot premium/discount is - 53.76 dollars/ton, aluminum is - 0.78 dollars/ton, zinc is 4.75 dollars/ton, nickel is - 194.43 dollars/ton, lead is - 24.20 dollars/ton, and tin is 44.00 dollars/ton [2][5]