有色延续弱势

Report Overview - The report is a daily report on non-ferrous metals dated August 20, 2025, covering copper, aluminum, and nickel [3] Industry Investment Rating - No industry investment rating is provided in the report Core Views - Copper: Today, Shanghai copper maintained a volatile trend with a slight increase in open interest. The main contract price fluctuated above 78,500 yuan. Macroscopically, the continuous rebound of the overseas US dollar index is negative for copper prices. In the short term, the weakening domestic commodity atmosphere combined with the US dollar rebound may continue to put pressure on copper prices [5] - Aluminum: Today, Shanghai aluminum showed a relatively strong volatile trend with a continuous decline in open interest. Macroscopically, the domestic commodity atmosphere cooled. At the industrial level, the downstream is entering the peak season, and the inventory of aluminum rods has started to gradually decline. Technically, attention should be paid to the support at the 20,500 yuan mark [6] - Nickel: Today, Shanghai nickel showed a relatively weak volatile trend with a slight increase in open interest. The main contract price fell below the 120,000 yuan mark during the session and then stabilized and rebounded. Macroscopically, the long atmosphere in the domestic market cooled. At the industrial level, high inventories continue to put pressure on nickel prices. The resonance of macro and industrial negatives leads to the weak operation of nickel prices. Attention should be paid to the technical support at the 120,000 yuan mark [7] Industry Dynamics Copper - First Quantum Minerals has officially launched a $1.25 billion expansion project at its Kansanshi copper mine in Zambia, the largest copper investment project in the country in nearly a decade [9] Aluminum - According to customs data, in July 2025, the import volume of unforged aluminum alloy was 69,200 tons, a year-on-year decrease of 28.4% and a month-on-month decrease of 10.6%. From January to July 2025, the cumulative import volume was 611,500 tons, a year-on-year decrease of 13.9%. In July 2025, the export volume of unforged aluminum alloy was 24,900 tons, a year-on-year increase of 38.3% and a month-on-month decrease of 3.3%. From January to July 2025, the cumulative export volume was 145,200 tons, a year-on-year increase of 7.8% [9] Nickel - Today, the price of SMM1 electrolytic nickel was in the range of 119,400 - 122,400 yuan/ton, with an average price of 120,900 yuan/ton, a decrease of 750 yuan/ton compared to the previous trading day. The mainstream spot premium quotation range for Jinchuan No. 1 nickel was 2,300 - 2,500 yuan/ton, with an average premium of 2,400 yuan/ton, an increase of 50 yuan/ton compared to the previous trading day. The spot premium and discount quotation range for domestic mainstream brand electrowon nickel was -100 - 300 yuan/ton [10] Related Charts Copper - The report provides charts on copper basis, domestic visible inventory of electrolytic copper, overseas copper exchange inventory, LME copper cancelled warrant ratio, Shanghai Futures Exchange warrant inventory, and copper monthly spread [11][13][14] Aluminum - The report provides charts on aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum, alumina trend, and alumina inventory [23][25][27] Nickel - The report provides charts on nickel basis, nickel monthly spread, LME inventory, Shanghai Futures Exchange inventory, LME nickel trend, and nickel ore port inventory [35][37][39]