市场氛围回暖，有色震荡上行

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Copper: The Shanghai copper futures showed an upward trend with a slight decline in open interest. The market sentiment improved due to the suspension of counter - measures against the US by Europe and the US, leading to an upward trend in the non - ferrous sector. On the industrial side, as copper prices rose, market consumption sentiment weakened, and with the addition of imports, the willingness of holders to sell increased. Technically, the main contract price had technical support at the July low [3]. - Aluminum: The Shanghai aluminum futures rebounded with an increase in open interest. The domestic market sentiment improved, and the non - ferrous sector generally rose. In the industrial aspect, it was the off - season for downstream industries, and both aluminum rods and electrolytic aluminum showed inventory accumulation. Technically, the main contract price had technical support at the 40 - day moving average [4]. - Nickel: The main contract price of nickel fluctuated narrowly below 121,000 yuan, and the open interest of Shanghai nickel continued to decline. The domestic market sentiment was good, and the non - ferrous sector generally rose. The industrial logic remained unchanged from the previous period, and the prices of ferronickel and nickel sulfate both increased. Technically, the main contract price had technical support at the 120,000 yuan mark [5]. Summary by Related Catalogs 1. Industry Dynamics - Copper: On August 5, affected by the US tariff increase on copper semi - finished products, some domestic copper processing exports to the US were under pressure. A copper tube enterprise's goods arriving in the US on August 5 were additionally taxed 50%, and the comprehensive tariff for copper tube exports to the US reached 97%. As a result, the US customers' subsequent un - signed orders were suspended. On August 4, the domestic spot inventory of electrolytic copper was 134,300 tons, an increase of 9,300 tons compared to the 28th and 13,000 tons compared to the 31st [7]. - Aluminum: On August 5, the total inventory of aluminum rods in Guangdong and Wuxi was 92,500 tons, a month - on - month increase of 500 tons. On August 4, the social inventory of electrolytic aluminum was 547,000 tons, an increase of 33,000 tons compared to the 28th and 22,000 tons compared to the 31st [7]. - Nickel: On August 5, for the refined nickel Shanghai market's mainstream reference contract, the price of Jinchuan electrolytic nickel was 123,290 yuan/ton with a premium of + 2250 yuan/ton; Russian nickel was 121,590 yuan/ton with a premium of + 550 yuan/ton; Norwegian nickel was 124,340 yuan/ton with a premium of + 3300 yuan/ton; and nickel beans were 123,590 yuan/ton with a premium of + 2550 yuan/ton [8]. 2. Related Charts - Copper: The report includes charts such as copper basis, domestic visible inventory of electrolytic copper, LME copper cancelled warrant ratio, overseas copper exchange inventory, and SHFE warrant inventory [9][11][12] - Aluminum: The report includes charts such as aluminum basis, domestic social inventory of electrolytic aluminum, alumina trend, and overseas exchange inventory of electrolytic aluminum [22][24][26] - Nickel: The report includes charts such as nickel basis, LME nickel inventory and cancelled warrant ratio, LME nickel trend, and SHFE inventory [35][38][39]