有色日内企稳：有色金属

Report Overview - Report date: October 13, 2025 [3] - Report type: Daily report on non-ferrous metals [3] Industry Investment Rating - Not provided Core Views - Copper: Due to the expectation of Sino-US trade friction, copper prices dropped sharply in the night session last Friday, with Shanghai copper falling nearly 3,000 yuan/ton. The short-term negative impact was fully reflected in the night session on Friday. Before the domestic opening on Monday, LME copper prices rebounded from the bottom, and the pessimistic sentiment did not continue. Shanghai copper opened higher in the morning and oscillated around 85,000 yuan. It is expected that copper prices will continue to stabilize and rebound [4]. - Aluminum: Aluminum prices also dropped sharply in the night session last Friday due to the expectation of Sino-US trade friction, with Shanghai aluminum falling nearly 300 yuan/ton. The short-term negative impact was fully reflected in the night session on Friday. Before the domestic opening on Monday, LME aluminum prices rebounded from the bottom, and the pessimistic sentiment did not continue. Shanghai aluminum opened higher in the morning and maintained an oscillating trend, with the position volume decreasing. Technically, pay attention to the technical pressure at the 21,000 yuan mark [5]. - Nickel: Nickel prices followed the non-ferrous metal sector down in the night session last Friday, but the decline was not large. After a slight rebound in the morning, it maintained an oscillating trend during the day. The non-ferrous metal sector was under pressure due to the intensification of Sino-US trade friction, and nickel prices were less affected. However, the overall weakness of the non-ferrous metal sector also put pressure on nickel prices. The position volume of Shanghai nickel continued to rise during the day. Technically, pay attention to the support at the 121,000 yuan mark [6]. Summary by Directory 1. Industry Dynamics - Copper: On October 13, the social inventory of electrolytic copper was 181,000 tons, an increase of 13,100 tons from last Thursday and 24,300 tons from last Monday [8]. - Aluminum: On October 13, the social inventory of electrolytic aluminum was 642,000 tons, an increase of 8,000 tons from last Thursday and 55,000 tons from last Monday [9]. - Nickel: On October 13, the price of SMM1 electrolytic nickel was 121,000 - 123,900 yuan/ton, with an average price of 122,450 yuan/ton, a decrease of 1,400 yuan/ton from the previous trading day. The mainstream spot premium quotation range of Jinchuan 1 electrolytic nickel was 2,300 - 2,500 yuan/ton, with an average premium of 2,400 yuan/ton, an increase of 100 yuan/ton from the previous trading day. The spot premium and discount quotation range of domestic mainstream brand electrowon nickel was -150 - 200 yuan/ton [10]. 2. Related Charts - Copper: The report provides charts on copper basis, domestic visible inventory (social inventory + bonded area inventory), LME copper cancelled warrant ratio, overseas copper exchange inventory, Shanghai copper month spread, and Shanghai Futures Exchange warrant inventory [11][13][19][20]. - Aluminum: The report provides charts on aluminum basis, aluminum month spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum (LME + COMEX), alumina inventory, and aluminum rod inventory [23][25][27][29][31][33]. - Nickel: The report provides charts on nickel basis, LME nickel inventory and cancelled warrant ratio, LME nickel trend, Shanghai nickel month spread, Shanghai Futures Exchange inventory, and nickel ore port inventory [35][39][42][44].