Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Copper: The copper price had a narrow - range consolidation during the night session and oscillated downward during the day, breaking below the 60 - day moving average. The decline was mainly due to the weakening overall sentiment in the commodity market. The impact of Trump's 50% tariff on specific imported copper products was limited as it didn't cover refined copper. Short - term attention should be paid to the overall atmosphere of the commodity market and the long - short game at the 78,000 mark [4]. - Aluminum: The aluminum price had a narrow - range consolidation during the night session and oscillated downward during the day, breaking below the 30 - day moving average. Affected by the weakening commodity market sentiment and a relatively loose supply - demand pattern, the aluminum price is expected to be weak in the short term [5]. - Nickel: The nickel price had a narrow - range consolidation during the night session and oscillated downward during the day, breaking below the 30 - day moving average. Due to the weakening commodity market sentiment, it is expected to oscillate weakly in the short term, and attention should be paid to its support at the 60 - day moving average [6]. Summary by Related Catalogs 1. Industry Dynamics - Copper: The Fed's July FOMC meeting kept the benchmark interest rate unchanged at 4.25% - 4.50%, the fifth consecutive hold. Trump signed an announcement to impose a 50% tariff on specific imported copper products, covering semi - finished and copper - intensive derivative products, while copper ores, concentrates, and copper scrap are not affected [8]. - Aluminum: As of July 31, the domestic port alumina inventory was 48,000 tons, a decrease of 10,000 tons from the previous week [9]. - Nickel: The price of SMM1 electrolytic nickel was 119,900 - 122,600 yuan/ton, with an average of 121,250 yuan/ton, down 1,800 yuan/ton from the previous trading day. The average premium of Jinchuan No.1 nickel was 2,200 yuan/ton, up 100 yuan/ton from the previous trading day. The spot premium of domestic mainstream brand electrowon nickel was in the range of - 200 - 300 yuan/ton [10]. 2. Related Charts - Copper: Charts include copper basis, electrolytic copper domestic visible inventory, overseas copper exchange inventory, LME copper cancelled warrant ratio, SHFE warrant inventory, and copper monthly spread [11][13][20]. - Aluminum: Charts include aluminum basis, electrolytic aluminum domestic social inventory, electrolytic aluminum overseas exchange inventory, alumina price trend, alumina inventory, and aluminum monthly spread [24][26][34]. - Nickel: Charts include nickel basis, LME nickel inventory and cancelled warrant ratio, LME nickel price trend, SHFE nickel inventory, nickel monthly spread, and nickel ore port inventory [36][39][45].
有色金属日报：有色金属震荡偏弱-20250731
Bao Cheng Qi Huo·2025-07-31 10:30