有色板块上行

1. Report Industry Investment Rating No relevant content provided. 2. Core Views - Today, the copper price increased with rising positions, and the main contract price closed above the 86,000 mark. The market sentiment warmed up in the afternoon, with both commodities and stock indices rising. In the short term, the copper price broke through the 86,000 mark with increasing positions and has strong upward momentum. Attention should be paid to the pressure at the previous high [4]. - Today, Shanghai aluminum fluctuated strongly, and the open interest continued to rise. The market sentiment warmed up in the afternoon, with both commodities and stock indices rising. In the short term, the aluminum price broke through the 21,000 mark with increasing positions. Continuous attention should be paid to the pressure at the previous high [5]. - Today, the nickel price fluctuated and rose slightly at the end of the session, with the open interest rising accordingly. The market sentiment warmed up in the afternoon, with both commodities and stock indices rising. The nickel price is at a low level since September, but the industrial pressure remains, and the rebound of the nickel price is weak. Continuous attention should be paid to the low - level technical support [6]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - Copper: According to SMM, the current high copper price makes it difficult for end - customers to bear the cost pressure caused by the sharp rise in raw material prices. They prefer to consume their own inventories, resulting in a significant reduction in orders. This weak demand situation has been transmitted to the enameled wire sector, leading to insufficient orders in the industry recently and the continuous low operating rate of enterprises [8]. - Nickel: On October 23, the price of SMM1 electrolytic nickel was 120,800 - 123,500 yuan/ton, with an average price of 122,150 yuan/ton, a 50 - yuan increase from the previous trading day. The mainstream spot premium quotation range of Jinchuan 1 electrolytic nickel was 2,500 - 2,600 yuan/ton, with an average premium of 2,550 yuan/ton, a 50 - yuan increase from the previous trading day. The spot premium and discount quotation range of domestic mainstream brand electrowon nickel was - 100 - 200 yuan/ton [9]. 3.2 Relevant Charts - Copper: The report includes charts such as copper basis, electrolytic copper domestic visible inventory (social inventory + bonded area inventory), LME copper注销仓单比例, overseas copper exchange inventory, and SHFE warehouse receipt inventory [10][11][12]. - Aluminum: The report includes charts such as aluminum basis, aluminum monthly spread, electrolytic aluminum domestic social inventory, alumina inventory, electrolytic aluminum overseas exchange inventory (LME + COMEX), and aluminum rod inventory [23][25][27]. - Nickel: The report includes charts such as nickel basis, LME nickel inventory and注销仓单比例, LME nickel trend, SHFE inventory, and nickel ore port inventory [36][38][39].