宝城期货有色日报-20250911

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Views - Copper Futures: The copper price oscillated above 80,000 today with an increase in open interest. Macroeconomically, the US August PPI data was much lower than market expectations, easing wholesale inflation pressure and increasing the Fed's interest - rate cut expectations, which is positive for copper prices. Industrially, the domestic industrial peak season is providing stronger support for futures prices. With a strong domestic and weak overseas macro situation and the industry entering the peak season, the futures price is expected to be bullish. Technically, the futures price increased in volume and open interest, breaking through the 80,000 mark with strong upward momentum [5]. - Aluminum Futures: The aluminum price increased significantly in volume and open interest today, with the main futures price breaking through 20,900 and approaching the late - July high. Macroeconomically, the increasing overseas interest - rate cut expectations pushed up the non - ferrous metal sector. Industrially, SMM reported a concentrated pick - up of goods in LME warehouses, leading to regional supply tightness, making the aluminum price stronger than the non - ferrous metal sector. Technically, it is approaching the high since July, and technical pressure should be monitored [6]. - Nickel Futures: The nickel price rebounded after hitting the bottom today, showing an overall oscillating trend. Macroeconomically, the increasing overseas interest - rate cut expectations pushed up the non - ferrous metal sector. Industrially, the domestic nickel ore port inventory and SHFE nickel inventory have been continuously rising, which is negative for nickel prices. With macro - level benefits and industrial weakness, the futures price is expected to oscillate [7]. 3. Summary by Related Catalogs 3.1 Industry Dynamics - Copper: On September 11, the domestic electrolytic copper spot inventory was 149,000 tons, an increase of 900 tons compared to September 4 and a decrease of 1,400 tons compared to September 8 [9]. - Nickel: On September 11, the SMM1 electrolytic nickel price was in the range of 120,200 - 122,700 yuan/ton, with an average price of 121,550 yuan/ton, a decrease of 100 yuan/ton compared to the previous trading day. The mainstream spot premium quotation range of Jinchuan 1 electrolytic nickel was 2,200 - 2,300 yuan/ton, with an average premium of 2,250 yuan/ton, an increase of 50 yuan/ton compared to the previous trading day. The domestic mainstream brand electrowon nickel spot premium and discount quotation range was - 200 - 200 yuan/ton [10]. 3.2 Related Charts - Copper: The report includes charts of copper basis, copper monthly spread, domestic visible inventory of electrolytic copper, overseas copper exchange inventory, LME copper注销仓单比例, and SHFE warehouse receipt inventory [11][15][13]. - Aluminum: The report includes charts of aluminum average premium and discount, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum, alumina inventory, and aluminum rod inventory [23][29][25]. - Nickel: The report includes charts of nickel basis, nickel monthly spread, SHFE inventory, LME inventory and注销仓单比例, LME nickel trend, and nickel ore port inventory [35][41][43].