有色金属周度报告-20251024

Group 1: Report Overview - The report is a weekly report on non-ferrous metals by New Era Futures Research, dated October 24, 2025 [1] Group 2: Metal Price Movements - Copper: The futures price of CU2512 rose from 84,390 to 87,720, a weekly increase of 3,330 or 3.95%. The spot price of 1 copper in Shanghai increased from 84,850 to 86,400, up 1,550 or 1.83% [2] - Aluminum: The futures price of AL2512 increased from 20,910 to 21,225, a weekly rise of 315 or 1.51%. The spot price of A00 aluminum in Shanghai went up from 20,940 to 21,110, an increase of 170 or 0.81% [2] - Zinc: The futures price of ZN2512 climbed from 21,830 to 22,355, a weekly gain of 525 or 2.40%. The spot price of 0 zinc in Shanghai increased from 21,880 to 22,200, up 320 or 1.46% [2] - Lead: The futures price of PB2512 rose from 17,090 to 17,595, a weekly increase of 505 or 2.95%. The spot price of 1 lead ingot rose from 16,900 to 17,300, up 400 or 2.37% [2] - Nickel: The futures price of NI2512 increased from 121,330 to 122,150, a weekly gain of 820 or 0.68%. The spot price of 1 electrolytic nickel went up from 122,350 to 122,900, an increase of 550 or 0.45% [2] - Alumina: The futures price of AO2601 increased slightly from 2,800 to 2,810, a weekly rise of 10 or 0.36%. The spot price of alumina in Foshan decreased from 2,990 to 2,950, a decline of 40 or -1.34% [2] - Industrial Silicon: The futures price of SI2601 rose from 8,800 to 8,920, a weekly increase of 120 or 1.36%. The spot price of 553 silicon decreased from 9,500 to 9,400, a decline of 100 or -1.05% [2] - Lithium Carbonate: The futures price of LC2601 increased from 75,780 to 79,520, a weekly gain of 3,740 or 4.94%. The spot price of battery - grade lithium carbonate (99.5%) rose from 73,850 to 75,400, up 1,550 or 2.10% [2] - Polysilicon: The futures price of PS2601 decreased from 54,850 to 52,305, a weekly decline of 2,545 or -4.64%. The spot price of N - type polysilicon material increased from 52,800 to 52,980, up 180 or 0.34% [2] Group 3: Metal Inventory Changes - Copper: As of October 24, SHFE copper inventory was 104,800 tons, a decrease of 5,400 tons or -4.90% from last week. LME copper inventory was 136,400 tons, a decrease of 800 tons or -0.58% from last week. As of October 23, COMEX copper inventory was 347,500 tons, an increase of 2,800 tons or +0.81% from last week [13][14] - Zinc: As of October 24, LME zinc inventory was 37,600 tons, a decrease of 400 tons or -1.13% from last week. SHFE zinc inventory was 65,800 tons, a decrease of 1,500 tons or -2.23% from last week [23] - Aluminum: As of October 24, LME aluminum inventory was 473,100 tons, a decrease of 18,100 tons from last week. SHFE aluminum inventory was 118,200 tons, a decrease of 3,900 tons from last week. COMEX aluminum inventory was 7,422 tons, an increase of 761 tons from last week [40][41] Group 4: Processing Fees and Indexes - Copper Concentrate: As of October 23, the spot TC of copper concentrate was -40.70 dollars/ton, remaining unchanged weekly, and the tight supply expectation at the mine end still exists [17] - Lithium Spodumene Concentrate: As of October 24, the latest quote was 881 dollars/ton, a weekly increase of 35 dollars/ton [20] - Zinc Concentrate: As of October 24, the main port TC of zinc concentrate was 105 dollars/ton, remaining the same as on October 17 [24] Group 5: Demand - Side Analysis - Automobile: In August, automobile production and sales reached 2.815 million and 2.857 million units respectively, with a month - on - month increase of 8.7% and 10.1%, and a year - on - year increase of 13% and 16.4%. From January to August, automobile production and sales were 21.051 million and 21.128 million units respectively, with a year - on - year increase of 12.7% and 12.6%. In August, new energy vehicle production and sales were 1.391 million and 1.395 million units respectively, with a year - on - year increase of 27.4% and 26.8%, and new energy vehicle sales accounted for 48.8% of total vehicle sales [44] - Real Estate: From January to August, the floor area under construction of real estate development enterprises was 6.431 billion square meters, a year - on - year decrease of 9.3%. The new construction area was 398 million square meters, a decrease of 19.5% [46] - Power Generation: As of the end of August, the cumulative installed power generation capacity nationwide was 3.69 billion kilowatts, a year - on - year increase of 18.0%. Among them, solar power installed capacity was 1.12 billion kilowatts, a year - on - year increase of 48.5%, and wind power installed capacity was 580 million kilowatts, a year - on - year increase of 22.1% [48] Group 6: Strategy Recommendations Alumina and Aluminum - Short - term: Alumina is expected to run weakly and oscillatingly; Shanghai aluminum is expected to run strongly and oscillatingly [51] - Long - term: Terminal demand remains resilient. Considering the US dollar interest - rate cut rhythm and positive macro sentiment, Shanghai aluminum is expected to run strongly and oscillatingly [51] Polysilicon - Short - term: For polysilicon, policy influence continues to ferment, with short - term high - level range oscillation. For industrial silicon, as the wet season in the southwest ends and electricity prices rise, manufacturers will arrange production cuts at the end of the month, and the production cost of industrial silicon may increase. Attention should be paid to policy expectation guidance [55] - Long - term: The industry's over - supply pattern has not been reversed. Attention should be paid to the policy implementation rhythm and actual demand follow - up [55]