Report Summary Industry Investment Rating No industry investment rating information is provided in the report. Core Viewpoints - Copper prices may fluctuate within a short - term range due to the combination of tight concentrate supply, high smelting output growth, and mixed downstream demand [2]. - Zinc prices may experience short - term wide - range weak fluctuations as the supply - demand balance may tilt towards surplus, with rising smelting output and mixed downstream demand [2]. Summary by Related Content Copper - The night - session copper price closed lower. Concentrate supply remains tight, squeezing smelting profits, but smelting output continues to grow rapidly. Power industry shows positive growth, PV installation has a sharp year - on - year increase but future growth may slow. Automobile production and sales are growing, home appliance output growth is slowing, and the real estate sector is weak [2]. - The domestic previous - day futures closing price is 79,770 yuan/ton, with a domestic basis of 220 yuan/ton. The previous - day LME 3 - month closing price is 9,884 dollars/ton, the LME spot premium is - 86.27 dollars/ton, and the LME inventory is 158,900 tons with a daily increase of 950 tons [2]. Zinc - The night - session zinc price closed higher. Zinc concentrate processing fees have generally increased, turning smelting profits positive, and smelting output is expected to continue rising. Galvanized sheet inventory increased weekly. Infrastructure investment has a small positive cumulative growth rate, automobile production and sales are growing, home appliance output growth is slowing, and the real estate sector is weak [2]. - The domestic previous - day futures closing price is 22,150 yuan/ton, with a domestic basis of - 85 yuan/ton. The previous - day LME 3 - month closing price is 2,833 dollars/ton, the LME spot premium is 14.98 dollars/ton, and the LME inventory is 56,500 tons with a daily decrease of 1,500 tons [2]. Other Metals - Aluminum: Domestic previous - day futures closing price is 20,660 yuan/ton, domestic basis is - 30 yuan/ton, previous - day LME 3 - month closing price is 2,620 dollars/ton, LME spot premium is 4.72 dollars/ton, LME inventory is 481,050 tons with a daily decrease of 100 tons [2]. - Nickel: Domestic previous - day futures closing price is 123,220 yuan/ton, domestic basis is - 2,140 yuan/ton, previous - day LME 3 - month closing price is 15,439 dollars/ton, LME spot premium is - 183.35 dollars/ton, LME inventory is 209,544 tons with a daily decrease of 132 tons [2]. - Lead: Domestic previous - day futures closing price is 16,810 yuan/ton, domestic basis is - 140 yuan/ton, previous - day LME 3 - month closing price is 2,004 dollars/ton, LME spot premium is - 42.47 dollars/ton, LME inventory is 261,050 tons with a daily decrease of 1,450 tons [2]. - Tin: Domestic previous - day futures closing price is 272,900 yuan/ton, domestic basis is 640 yuan/ton, previous - day LME 3 - month closing price is 35,060 dollars/ton, LME spot premium is 148.00 dollars/ton, LME inventory is 2,010 tons with a daily increase of 115 tons [2].
20250902申万期货有色金属基差日报-20250902
Shen Yin Wan Guo Qi Huo·2025-09-02 02:29