国投期货：企业微信截图（17557518658419）

Report Summary 1) Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2) Report's Core View The report presents the average prices, price changes, and spot premiums/discounts of various non - ferrous metals on August 21, 2025, including copper, aluminum, lead, zinc, tin, nickel, silicon, and lithium [1]. 3) Summary by Metals Copper - SMM 1 electrolytic copper average price is 78,800, up 30; SMM flat - water copper premium is 120, down 35 [1]. Aluminum - SMM A00 aluminum average price is 20,680, up 160; SMM A00 aluminum premium is 20, up 20. Alumina (Shanxi) average price is 3,220, unchanged; Australian alumina FOB average price is 372 dollars, unchanged [1]. Lead - SMM 1 lead ingot average price is 16,675, up 75; SMM 1 lead ingot premium to the current - month futures at 10:15 is - 100, down 5. Recycled refined lead average price is 16,675, up 50; the price difference between refined and scrap lead is 0, up 25 [1]. Zinc - SMM 0 zinc ingot average price is 22,230, up 60; SMM 0 zinc ingot premium to the current - month futures at 10:15 is - 40, down 5 [1]. Tin - SMM 1 tin average price is 266,800, down 700; SMM 1 tin premium to the current - month futures at 10:15 is 250, up 610. 40% tin concentrate (Yunnan) average price is 254,800, down 700; the ratio of 40% tin concentrate (Yunnan) to SMM 1 tin is 95.50% [1]. Nickel - 1 imported nickel average price is 120,250, up 200; 1 imported nickel premium to the Shanghai nickel contract is 400, up 50. 1 Jinchuan nickel average price is 122,350, up 250; 1 Jinchuan nickel premium to the Shanghai nickel contract is 2,500, up 100 [1]. Silicon - Oxygen - passing 553 (Xinjiang) average price plus 800 (with a regional discount of 200 and quality impurity removal) is 9,500, unchanged; 553 silicon spot premium to the current - month futures at 10:15 is 940, down 300. 421 silicon (Kunming) average price is 9,850, polycrystalline silicon dense material average price is 0, granular silicon average price is 0, and N - type polycrystalline silicon material average price is 49 [1]. Lithium - Battery - grade lithium carbonate average price is 85,200, down 500; battery - grade lithium carbonate premium to the current - month futures at 10:15 is 2,660, down 1,980. Industrial - grade lithium carbonate average price is 82,900; the price difference between battery - grade and industrial - grade lithium carbonate is 2,300, unchanged [1]. Analysts - Xiao Jing, Chief Analyst, studies copper and tin, with从业资格证号 F3047773 and investment consulting number Z0014087 [1]. - Liu Dongbo, Senior Analyst, studies aluminum, alumina, and gold, with从业资格证号 F3062795 and investment consulting number Z0015311 [1]. - Wu Jiang, Senior Analyst, studies nickel and stainless steel, silver, and lithium carbonate, with从业资格证号 F3085524 and investment consulting number Z0016394 [1]. - Sun Fangfang, Intermediate Analyst, studies lead and zinc, with从业资格证号 F03111330 and investment consulting number Z0018905 [1]. - Zhang Xiurui, Intermediate Analyst, studies industrial silicon, with从业资格证号 F03099436 and investment consulting number Z0021022 [1].