永安期货有色早报-20250925

Group 1: Report Investment Rating - No information provided regarding the industry investment rating Group 2: Core Views - This week, copper prices fluctuated widely around 80,000 yuan. Before the interest - rate meeting, the market's profit - taking sentiment led to a decline in copper prices. The copper fundamentals remained resilient with increased downstream orders after the price drop. Consider mid - term long positions below 79,000 - 79,500 yuan or selling put options below 78,000 yuan [1] - Aluminum supply increased slightly, downstream开工 improved, and inventory was expected to decline in September. Hold long positions at low prices and pay attention to inter - month and domestic - foreign reverse arbitrage [1][2] - Zinc prices moved down in oscillation. Supply was affected by TC changes, and demand was seasonally weak domestically and faced some resistance overseas. Hold short positions and partially take profits on domestic - foreign positive arbitrage [6] - Nickel's supply remained high, demand was weak, and inventory increased. The short - term fundamentals were weak, but macro - policies and Indonesian policies had some impact [7] - Stainless steel's supply was expected to increase slightly, demand was mainly for rigid needs, and inventory decreased. The fundamentals were weak, and there was some price - supporting motivation from policies [7] - Lead prices rose due to macro factors. Supply was affected by various factors, demand improved slightly, and prices were expected to oscillate between 16,800 - 17,200 yuan next week [9] - Tin prices oscillated widely. Supply was expected to recover marginally, demand was mainly rigid, and short - term supply - demand was weak. Suggest short - term waiting and light - shorting above 275,000 yuan/ton [12] - Industrial silicon production in some regions was expected to adjust, with short - term tight balance and long - term price oscillation at the cycle bottom [15] - Lithium carbonate prices oscillated strongly. Raw - material suppliers were reluctant to sell, and demand was supported by pre - holiday stocking. The market was in an over - capacity stage with some supply disruptions [17] Group 3: Summary by Metal Copper - This week, the spot price of Shanghai copper, the spread between waste and refined copper, inventory, and import profitability showed various changes. The copper price was affected by market sentiment, fundamentals, and macro policies. Consider mid - term long positions below 79,000 - 79,500 yuan or selling put options below 78,000 yuan [1] Aluminum - Aluminum prices, inventory, and import profitability changed. Supply increased slightly, downstream开工 improved, and inventory was expected to decline in September. Hold long positions at low prices and pay attention to inter - month and domestic - foreign reverse arbitrage [1][2] Zinc - Zinc prices, inventory, and import profitability were in flux. Supply was affected by TC changes, and demand was seasonally weak domestically and faced some resistance overseas. Hold short positions and partially take profits on domestic - foreign positive arbitrage [6] Nickel - Nickel prices, import profitability, and inventory changed. Supply remained high, demand was weak, and inventory increased. The short - term fundamentals were weak, but macro - policies and Indonesian policies had some impact [7] Stainless Steel - Stainless steel prices were stable. Supply was expected to increase slightly, demand was mainly for rigid needs, and inventory decreased. The fundamentals were weak, and there was some price - supporting motivation from policies [7] Lead - Lead prices rose due to macro factors. Supply was affected by factors such as scrap battery supply and smelting profit, demand improved slightly, and prices were expected to oscillate between 16,800 - 17,200 yuan next week [9] Tin - Tin prices oscillated widely. Supply was expected to recover marginally, demand was mainly rigid, and short - term supply - demand was weak. Suggest short - term waiting and light - shorting above 275,000 yuan/ton [12] Industrial Silicon - Industrial silicon production in some regions was expected to adjust, with short - term tight balance due to production resumption in Southwest China and Hesheng, and long - term price oscillation at the cycle bottom due to over - capacity [15] Lithium Carbonate - Lithium carbonate prices oscillated strongly. Raw - material suppliers were reluctant to sell, and demand was supported by pre - holiday stocking. The market was in an over - capacity stage with some supply disruptions [17]