有色震荡偏强

Report Industry Investment Rating - Not provided in the content Core Viewpoints - 沪铜: Last night, Shanghai copper hit bottom and rebounded, and today it oscillated upward to regain losses, with little change in open interest. The decline in copper price last night was mainly affected by the sharp drop in gold price, but the overall trend was resilient. The downstream industry remained in a strong wait - and - see atmosphere, and the spot premium continued to weaken. Attention should be paid to the long - short game at the 85,000 mark [6]. - 沪铝: Today, Shanghai aluminum oscillated strongly, and the open interest continued to rise. In the short term, as the copper price stabilizes, the non - ferrous sector operates strongly. The downstream industry makes rigid purchases, and there is no momentum to reduce the low - level inventory. Technically, the aluminum price faces pressure at the 21,000 mark [7]. - 沪镍: Today, the nickel price hit bottom and rebounded in the morning and oscillated strongly during the day. In the short term, as the copper price stabilizes, the non - ferrous sector operates strongly. The nickel price is at a low level since September, and short - covering willingness is strong. The industrial pressure remains, and the nickel price has weak rebound momentum. Continuous attention should be paid to the low - level technical support [8]. Summary by Directory 1. Industry Dynamics - Copper: Citi is bullish on copper and aluminum in the medium term. The copper price will reach $12,000 per ton in the next 6 - 12 months, and the aluminum price will reach $3,500 per ton by 2027 [10]. - Nickel: On October 22, the price of SMM1 electrolytic nickel was 120,700 - 123,500 yuan per ton, with an average price of 122,100 yuan per ton, a decrease of 400 yuan per ton compared with the previous trading day. The mainstream spot premium quotation range of Jinchuan 1 electrolytic nickel was 2,400 - 2,600 yuan per ton, with an average premium of 2,500 yuan per ton, an increase of 50 yuan per ton compared with the previous trading day. The spot premium and discount quotation range of domestic mainstream brand electrowon nickel was - 100 - 200 yuan per ton [11]. 2. Related Charts - Copper: The report includes charts such as copper basis, domestic visible inventory of electrolytic copper, LME copper cancelled warrant ratio, overseas copper exchange inventory, and SHFE warrant inventory [12][13][14]. - Aluminum: The report includes charts such as aluminum basis, domestic social inventory of electrolytic aluminum, alumina inventory, aluminum monthly spread, overseas exchange inventory of electrolytic aluminum, and aluminum rod inventory [23][25][27]. - Nickel: The report includes charts such as nickel basis, LME nickel cancelled warrant ratio, LME nickel trend, SHFE inventory, and nickel ore port inventory [36][38][39].