美元反弹，铜价走弱

Report Industry Investment Rating - No relevant information was provided in the report. Core Viewpoints of the Report - Copper: The copper price showed a downward trend today, with the trading volume slightly decreasing. On the macro - level, the rebound of the US dollar index and the cooling of the domestic macro - atmosphere were negative factors for the copper price. On the industrial side, as the peak season approached in China, the social inventory of electrolytic copper decreased, which supported the copper price. Attention should be paid to the technical support at the 79,000 yuan mark [5]. - Aluminum: The aluminum price fluctuated within a narrow range today, with the trading volume slightly increasing. On the macro - level, the domestic macro - atmosphere cooled, leading to a weak performance of the non - ferrous metal sector. On the industrial side, the continuous accumulation of electrolytic aluminum inventory was negative for the aluminum price. However, as the industrial peak season approached, industrial support might continue to strengthen. It was expected that the aluminum price would fluctuate [6]. - Nickel: The nickel price fluctuated within a narrow range above 120,000 yuan today, with the trading volume slightly increasing. The cooling of the domestic atmosphere had little impact on nickel. On the industrial side, the trading of nickel ore was fair, and the ore price remained stable. The continuous increase in domestic nickel ore port inventory and refined nickel inventory suppressed the nickel price. Technically, attention should be paid to the technical support at the 120,000 yuan mark [7]. Summary by Relevant Catalogs 1. Industry Dynamics - Copper: On August 26, some copper cable enterprises reported that after the copper price soared above 79,500 yuan/ton yesterday and remained at a high level, the order - receiving capacity of terminal downstream significantly weakened, the industry's consumption side showed a weak trend, and the overall order - receiving rhythm slowed down. On August 25, the spot inventory of electrolytic copper in the domestic market was 120,000 tons, a decrease of 24,200 tons compared with the 18th and a decrease of 9,700 tons compared with the 21st [9]. - Aluminum: According to SMM statistics, on August 26, the daily social inventory of recycled aluminum alloy ingots in Foshan, Ningbo, and Wuxi totaled 32,373 tons, an increase of 405 tons compared with the previous trading day and an increase of 914 tons compared with last Tuesday (August 19). On August 25, the domestic spot inventory of electrolytic aluminum was 603,000 tons, an increase of 23,000 tons compared with the 18th and an increase of 24,000 tons compared with the 21st [10]. - Nickel: Today, the price of SMM1 electrolytic nickel was in the range of 120,000 - 122,900 yuan/ton, with an average price of 121,450 yuan/ton, an increase of 200 yuan/ton compared with the previous trading day. The mainstream spot premium quotation range of Jinchuan No. 1 nickel was 2,500 - 2,700 yuan/ton, with an average premium of 2,600 yuan/ton, a decrease of 50 yuan/ton compared with the previous trading day. The spot premium and discount quotation range of domestic mainstream brand electrowon nickel was - 100 - 300 yuan/ton [11]. 2. Relevant Charts - Copper: The report provided charts including copper basis, copper monthly spread, domestic visible inventory of electrolytic copper (social inventory + bonded area inventory), overseas copper exchange inventory, LME copper cancelled warrant ratio, and SHFE warrant inventory [12][14][15]. - Aluminum: The report provided charts such as aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum (LME + COMEX), alumina inventory, and aluminum rod inventory [25][27][29]. - Nickel: The report provided charts including nickel basis, nickel monthly spread, SHFE inventory, LME nickel trend, nickel ore port inventory, and LME nickel cancelled warrant ratio [37][41][45].