有色震荡运行

Group 1: Report Overview - Report title: "2025 Year 9 Month 24 Day Non - Ferrous Metals Daily Report" [3] - Report industry: Non - ferrous metals [1] Group 2: Investment Ratings - No investment ratings are provided in the report Group 3: Core Views - Copper: Today, copper prices fluctuated around the 80,000 - yuan mark with a narrowing amplitude and little change in open interest. Domestically, the macro - environment is favorable, but copper prices are weak. Downstream pre - holiday restocking provides support. Technically, focus on the long - short game at the 80,000 - yuan mark [5] - Aluminum: Today, aluminum prices fluctuated upwards with a slight decline in open interest. The domestic macro - environment is good, and aluminum prices stabilized and rebounded. As prices fell, downstream restocking increased, and the accumulation of electrolytic aluminum social inventory slowed down. Technically, focus on the support of the 60 - day moving average [6] - Nickel: Today, Shanghai nickel maintained a fluctuating trend with little change in open interest. The domestic macro - environment is favorable, but the industry has an oversupply situation due to rising nickel ore and refined nickel inventories. It is expected to fluctuate. Technically, focus on the support at the 120,000 - yuan mark [7] Group 4: Industry Dynamics - Copper: The SMM Shanghai copper spot price stabilized at 80,000 yuan/ton. Downstream备货 sentiment was weak, and this year's National Day restocking was weaker than last year. It is expected that tomorrow's spot trading will continue around par [9] - Nickel: On September 24, the SMM1 electrolytic nickel price was 121,100 - 123,800 yuan/ton, with an average of 122,450 yuan/ton, up 500 yuan/ton from the previous trading day. The mainstream spot premium of Jinchuan 1 electrolytic nickel was 2,300 - 2,400 yuan/ton, with an average of 2,350 yuan/ton, unchanged from the previous day. The domestic mainstream brand electrowon nickel spot premium was - 100 - 200 yuan/ton [10] Group 5: Related Charts Copper - Copper basis: Chart shows the relationship between basis and spot price [11] - Electrolytic copper domestic visible inventory: Chart includes social inventory and bonded area inventory [13] - LME copper cancelled warrant ratio: Chart shows the relationship between LME copper inventory and cancelled warrant ratio [14] - Overseas copper exchange inventory: Chart shows the inventory of overseas copper exchanges [19] - SHFE warrant inventory: Chart shows the SHFE warrant inventory [20] Aluminum - Aluminum basis: Chart shows the relationship between aluminum basis and futures price [23] - Electrolytic aluminum domestic social inventory: Chart shows the domestic social inventory of electrolytic aluminum [25] - Alumina inventory: Chart shows the alumina inventory [27] - Aluminum monthly spread: Chart shows the aluminum monthly spread [29] - Electrolytic aluminum overseas exchange inventory: Chart shows the overseas exchange inventory of electrolytic aluminum (LME + COMEX) [31] - Aluminum rod inventory: Chart shows the aluminum rod inventory [33] Nickel - Nickel basis: Chart shows the relationship between nickel basis and spot price [35] - LME nickel cancelled warrant ratio: Chart shows the relationship between LME nickel inventory and cancelled warrant ratio [38] - LME nickel trend: Chart shows the LME nickel trend [39] - SHFE inventory: Chart shows the SHFE nickel inventory [42] - Nickel ore port inventory: Chart shows the nickel ore port inventory [44]