国投期货：企业微信截图：17536859732408.png（27024287）

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the document. 2. Core View - The document presents the average prices, price changes, and spot premium/discount data of various non - ferrous metals and related products on July 28, 2025 [1]. 3. Summary by Metal Copper - The average price of SMM 1 electrolytic copper is 79,075, with a decrease of 375. The SMM flat - water copper premium/discount is 65, down 20 [1]. Aluminum - The average price of SMM A00 aluminum is 20,660, a decrease of 120. The SMM A00 aluminum premium/discount is 0, down 10. The average price of alumina in Shanxi is 3,240 with no change, and the FOB average price of Australian alumina is 380 dollars with no change [1]. Lead - The average price of SMM 1 lead ingot is 16,775, an increase of 25. The SMM 1 lead ingot premium/discount to the current - month futures at 10:15 is - 135 with no change. The average price of recycled refined lead is 16,750 with no change, and the refined - scrap price difference is 25, up 25 [1]. Zinc - The average price of SMM 0 zinc ingot is 22,650, a decrease of 120. The SMM 0 zinc ingot premium/discount to the current - month futures at 10:15 is 0, up 20 [1]. Tin - The average price of SMM 1 tin is 268,800, a decrease of 2,300. The SMM 1 tin premium/discount to the current - month futures at 10:15 is 410, up 510. The average price of 40% tin concentrate in Yunnan is 256,800, a decrease of 2,300, and the ratio of 40% tin concentrate in Yunnan to SMM 1 tin is 95.54% [1]. Nickel - The average price of 1 imported nickel is 122,500, a decrease of 1,550. The average premium/discount of 1 imported nickel to the SHFE nickel contract is 400 with no change. The average price of 1 Jinchuan nickel is 124,250, a decrease of 1,400, and the average premium/discount of 1 Jinchuan nickel to the SHFE nickel contract is 2,150, up 150 [1]. Silicon - The average price of oxygen - passing 553 silicon in Xinjiang is 10,350, a decrease of 150. The 553 silicon spot premium/discount to the current - month futures at 10:15 is 1,440, up 640. The average price of 421 silicon in Kunming is 10,200. The average price of polysilicon dense material is 0, the average price of granular silicon is 0, and the average price of N - type polysilicon material is 46.5 [1]. Lithium - The average price of battery - grade lithium carbonate is 73,900, an increase of 1,000. The battery - grade lithium carbonate premium/discount to the current - month futures at 10:15 is 2,280, up 8,780. The average price of industrial - grade lithium carbonate is 71,700, and the difference between battery - grade and industrial - grade lithium carbonate is 2,200 with no change [1].