有色金属数据日报-20251028

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints - The short - term prices of copper, aluminum, zinc, and nickel in the non - ferrous metals industry are expected to be affected by macro and industrial factors. Copper and aluminum prices may maintain a relatively strong trend due to positive macro - sentiment and limited industrial drivers. Zinc prices are expected to oscillate at a high level, and nickel prices may be mainly influenced by macro factors and oscillate strongly in the short term [1]. 3. Summary by Metals Copper - Price and Inventory: LME copper futures price is 10871.5 with a 0.09% change, and the spot price is 10807 with a 0.21% change. SHFE copper price is 88370 (futures) and 88400 (spot) with changes of 2.14% and 0.74% respectively. The LME copper inventory is 500000 tons, and the SHFE copper inventory is 135975 tons with a - 0.28% change [1]. - Market Analysis: Macro - factors such as the expected Fed rate cut and eased Sino - US trade friction are positive for copper prices. However, high copper prices suppress downstream demand, resulting in a slight increase in domestic copper inventories and a weak market [1]. Aluminum - Price and Inventory: LME aluminum futures price is 2842 with a - 0.3% change, and the spot price is 1979 with a - 0.51% change. SHFE aluminum price is 21200 (futures) and 21360 (spot) with changes of 0.33% and 0.64% respectively. The LME aluminum inventory is 1500000 tons, and the SHFE aluminum inventory is 469275 tons with a - 0.81% change [1]. - Market Analysis: Positive macro - sentiment and limited industrial drivers may lead to a relatively strong price trend. High aluminum prices boost sellers' enthusiasm but weaken downstream demand, resulting in a slight increase in domestic inventories and a weak market [1]. Zinc - Price and Inventory: LME zinc futures price is 3010.5 with a 0.19% change, and the spot price is 3227 with a - 0.2% change. SHFE zinc price is 22365 (futures) and 22290 (spot) with changes of 0.09% and 0.04% respectively. The LME zinc inventory is 1500000 tons, and the SHFE zinc inventory is 37050 tons with a - 1.46% change [1]. - Market Analysis: Positive macro - sentiment, a decrease in refined zinc production in September, and an increase in export expectations lead to an upward repair of the domestic zinc price. It is recommended to pay attention to LME zinc inventory and squeeze - out risks, and short - term zinc prices are expected to oscillate at a high level [1]. Nickel - Price and Inventory: LME nickel futures price is 15335 with a - 0.17% change, and the spot price is 15085 with a - 0.03% change. SHFE nickel price is 122400 (futures) and 123680 (spot) with changes of 0.46% and 0.2% respectively. The LME nickel inventory is 100000 tons, and the SHFE nickel inventory is 244830 tons with a 0.15% change [1]. - Market Analysis: The expectation of a Fed rate cut supports the non - ferrous metals sector. Short - term nickel prices may be mainly influenced by macro factors and oscillate strongly. In the long term, there is still pressure of primary nickel surplus [1]. Tin - Price and Inventory: LME tin futures price is 35710 with a 0.49% change, and the spot price is 35925 with a 0.04% change. SHFE tin price is 286720 (futures) and 283500 (spot) with changes of 0.57% and 0.85% respectively. The LME tin inventory is not clearly stated, and the SHFE tin inventory is 5766 tons with a 1.32% change [1].