Group 1: Report Investment Ratings - No information provided on industry investment ratings Group 2: Core Views - Copper prices may experience short - term range - bound fluctuations. Night - time copper prices rose 0.06%. Although concentrate supply is tight and smelting profits are under pressure, smelting output continues to grow rapidly. Multiple factors are intertwined, and attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2] - Zinc prices may experience short - term wide - range weak fluctuations. Night - time zinc prices rose 0.41%. Zinc concentrate processing fees have generally recovered, and smelting profits have turned positive. Short - term supply - demand differences may tilt towards surplus [2] Group 3: Summary by Variety Copper - Night - time copper prices rose 0.06%. Concentrate supply is tight, but smelting output has high growth. The power industry has positive growth, photovoltaic installations increased year - on - year but future growth may slow. Automobile production and sales are growing, home appliance output growth is slowing, and the real estate market is weak. The price may have short - term range - bound fluctuations [2] Zinc - Night - time zinc prices rose 0.41%. Zinc concentrate processing fees have increased, smelting profits are positive, and smelting output is expected to rise. Galvanized sheet inventory increased weekly. Infrastructure investment has a small positive growth rate, automobile production and sales are growing, home appliance output growth is slowing, and the real estate market is weak. The price may have short - term wide - range weak fluctuations [2] Other Metals - Aluminum: Domestic previous day's futures closing price was 20,685 yuan/ton, the domestic basis was - 20 yuan/ton, the previous day's LME 3 - month closing price was 2,646 dollars/ton, the LME spot premium was 0.24 dollars/ton, LME inventory was 513,900 tons with no daily change [2] - Nickel: Domestic previous day's futures closing price was 120,730 yuan/ton, the domestic basis was - 990 yuan/ton, the previous day's LME 3 - month closing price was 15,340 dollars/ton, the LME spot premium was - 173.35 dollars/ton, LME inventory was 228,900 tons with an increase of 456 tons [2] - Lead: Domestic previous day's futures closing price was 17,040 yuan/ton, the domestic basis was - 120 yuan/ton, the previous day's LME 3 - month closing price was 1,999 dollars/ton, the LME spot premium was - 42.13 dollars/ton, LME inventory was 221,675 tons with an increase of 1,375 tons [2] - Tin: Domestic previous day's futures closing price was 269,880 yuan/ton, the domestic basis was 2,000 yuan/ton, the previous day's LME 3 - month closing price was 34,270 dollars/ton, the LME spot premium was - 98.00 dollars/ton, LME inventory was 2,580 tons with an increase of 75 tons [2]
20250924申万期货有色金属基差日报-20250925
Shen Yin Wan Guo Qi Huo·2025-09-25 03:38