方正中期期货有色金属日度策略-20250821

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - The non - US market will see an inflow of global copper resources in the second half of the year, and the price center of Shanghai copper is expected to rise in the next stage [4]. - Zinc shows a pattern of increasing supply and weak demand, and it is advisable to consider shorting on rallies in the medium - term [5]. - Aluminum prices may be affected by the easing of the Russia - Ukraine relationship, and it is recommended to hold short positions cautiously [6]. - Tin has a pattern of weak supply and demand, and a high - selling and low - buying strategy can be adopted [7]. - Lead prices are weak, and a short - term long - at - low strategy can be considered [8]. - Nickel and stainless steel are in a situation of overall supply surplus, and shorting on rallies can be considered in the medium - term [9]. Group 3: Summary by Directory First Part: Non - ferrous Metals Operation Logic and Investment Suggestions - Macro Logic: The non - ferrous sector continues to fluctuate. The market is in a state of strong expectations but weak reality. China will implement a moderately loose monetary policy, and the geopolitical situation and US interest rate cut expectations are also influencing factors [12]. - Investment Suggestions: Different investment strategies are proposed for various non - ferrous metals such as copper, zinc, aluminum, tin, lead, nickel, and stainless steel, including price ranges, trading strategies, and recommended intensities [14][15][16]. Second Part: Non - ferrous Metals Market Review - The closing prices and price changes of various non - ferrous metals futures are presented, including copper, zinc, aluminum, etc. [17] Third Part: Non - ferrous Metals Position Analysis - The net long - short positions, changes in net long and short positions, and influencing factors of various non - ferrous metals are analyzed [19] Fourth Part: Non - ferrous Metals Spot Market - The spot prices and price changes of various non - ferrous metals are provided, such as copper, zinc, aluminum, etc. [20][22] Fifth Part: Non - ferrous Metals Industry Chain - For different non - ferrous metals, relevant industry chain data graphs are presented, including inventory changes, processing fees, and price relationships [24][28][31] Sixth Part: Non - ferrous Metals Arbitrage - For different non - ferrous metals, relevant arbitrage data graphs are presented, such as the ratio of domestic and foreign prices, basis, and spreads [60][62][65] Seventh Part: Non - ferrous Metals Options - For different non - ferrous metals, relevant option data graphs are presented, including historical volatility, implied volatility, and trading volume and open interest [78][80][83]