国投期货：企业微信截图（2702）

Report Summary 1) Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2) Core View of the Report The report presents the average prices and price changes of various non - ferrous metals and related products on August 26, 2025, including copper, aluminum, lead, zinc, tin, nickel, silicon, and lithium, as well as their spot - futures spreads and other relevant data [1]. 3) Summary by Related Categories Copper - SMM 1 electrolytic copper average price is 79,585, with a rise of 190; SMM flat - water copper premium/discount drops by 5 [1]. Aluminum - SMM A00 aluminum average price is 20,780, with no change; SMM A00 aluminum premium/discount drops by 20; Alumina (Shanxi) price drops by 10 to 3205, and the average FOB price of Australian alumina remains at 372 [1]. Lead - SMM 1 lead ingot average price is 16,800, rising by 50; SMM 1 lead ingot premium/discount to the current - month futures at 10:15 rises by 10 to - 105; The average price of recycled refined lead is 16,750, rising by 50, and the refined - scrap spread remains unchanged at 50 [1]. Zinc - SMM 0 zinc ingot average price is 22,280, dropping by 30; SMM 0 zinc ingot premium/discount to the current - month futures at 10:15 remains unchanged at - 40 [1]. Tin - SMM 1 tin average price is 270,000, rising by 300; SMM 1 tin premium/discount to the current - month futures at 10:15 rises by 40 to 0; The average price of 40% tin concentrate (Yunnan) is 258,000, rising by 300, and the ratio of 40% tin concentrate (Yunnan) to SMM 1 tin is 95.56% [1]. Nickel - The average price of 1 imported nickel is 120,550, rising by 200; 1 imported nickel premium/discount to the SHFE nickel contract remains unchanged at 400; The average price of 1 Jinchuan nickel is 122,750, rising by 150; 1 Jinchuan nickel premium/discount to the SHFE nickel contract drops by 50 to 2600 [1]. Silicon - The average price of 421 silicon (Kunming) is 9750, with no change; The average price of polysilicon dense material remains unchanged, and the average price of granular silicon is 0, while the average price of N - type polysilicon material is 49; The average price of oxygen - passing 553 (Xinjiang) with a regional discount and quality impurity removal is 9650, with no change, and its premium/discount to the current - month futures at 10:15 rises by 60 to 940 [1]. Lithium - The average price of battery - grade lithium carbonate is 81,700, dropping by 800; Its premium/discount to the current - month futures at 10:15 drops by 1240 to 1920; The average price of industrial - grade lithium carbonate is 79,400, and the battery - industrial carbon spread remains unchanged at 2300 [1].