有色金属月度策略：Metal Futures Daily Strategy-20251104

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The overall trend of the non - ferrous metals sector is still oscillating upwards, but the upward rhythm is affected by manufacturing data fluctuations and the uncertainty of interest - rate cut expectations [11]. - For copper, short - term factors such as China's manufacturing PMI decline are negative, but in the medium - to - long - term, the improvement of the US manufacturing PMI, the supply pressure on the raw material side, and the seasonal increase in domestic demand are expected to drive up the copper price [3][12]. - Zinc shows a fluctuating rebound, with the mine end being strong and the downstream acceptance slightly improving [4][12]. - The aluminum industry chain is generally in an oscillating state. Aluminum shows an oscillatingly strong trend, alumina oscillates and consolidates, and cast aluminum alloy is also oscillatingly strong [13]. - Tin is expected to be oscillatingly strong due to supply constraints and a slight improvement in demand [13][14]. - Lead is in an oscillating consolidation state, with supply gradually recovering and demand weakening [14]. - Nickel and stainless steel are in an oscillating state. Nickel has high inventory pressure, and stainless steel is in a weak supply - demand situation [8][14]. 3. Summary According to Relevant Catalogs 3.1 First Part: Non - Ferrous Metals Operation Logic and Investment Suggestions - Macro Logic: The non - ferrous metals sector is still in an oscillating upward trend, but the upward rhythm is affected by manufacturing data and interest - rate cut uncertainties. After the October Fed decision, there are different views on interest - rate cuts among Fed officials. China's manufacturing PMI in October shows fluctuations [11]. - Investment Suggestions for Each Metal - Copper: Oscillating upward. Suggested to buy on dips, with a support range of 84000 - 85000 yuan/ton and a pressure range of 89000 - 90000 yuan/ton [12]. - Zinc: Fluctuating rebound. Suggested to be bullish on dips, with a support range of 21800 - 22000 and a pressure range of 22800 - 23000 [4][12]. - Aluminum Industry Chain: Aluminum is bullish, alumina is short - term bearish and long - term bullish, and cast aluminum alloy is bullish. Different support and pressure ranges are provided for each [13]. - Tin: Oscillatingly strong. Suggested to take a bullish approach, with a support range of 260000 - 270000 and a pressure range of 290000 - 300000 [13]. - Lead: Oscillating consolidation. Suggested to use an option double - selling strategy, with a support range of 17300 - 17500 and a pressure range of 17800 - 18000 [14]. - Nickel: Range - bound. Suggested to be slightly bullish on dips, with a support range of 118000 - 120000 and a pressure range of 125000 - 128000 [14]. - Stainless Steel: Oscillating. Suggested to be bullish on dips, with a support range of 12500 - 12600 and a pressure range of 13000 - 13200 [14]. 3.2 Second Part: Non - Ferrous Metals Market Review - The closing prices and price changes of various non - ferrous metals futures are presented, such as copper closing at 87300 with a 0.33% increase, and zinc closing at 22565 with a 0.94% increase [15]. 3.3 Third Part: Non - Ferrous Metals Position Analysis - A chart of the latest position analysis of the non - ferrous metals sector is provided, but no specific content is described [16]. 3.4 Fourth Part: Non - Ferrous Metals Spot Market - The spot prices and price changes of various non - ferrous metals are given, for example, the Yangtze River Non - Ferrous copper spot price is 87080 yuan/ton with a - 0.68% change [19]. 3.5 Fifth Part: Non - Ferrous Metals Industry Chain - Multiple charts related to the non - ferrous metals industry chain are provided, including inventory changes, processing fees, and price trends of copper, zinc, aluminum, alumina, tin, lead, nickel, and stainless steel [20][23][25][32][40][45][51]. 3.6 Sixth Part: Non - Ferrous Metals Arbitrage - Multiple charts related to non - ferrous metals arbitrage are provided, such as the copper Shanghai - London ratio change and the LME zinc spot premium [55][57]. 3.7 Seventh Part: Non - Ferrous Metals Options - Multiple charts related to non - ferrous metals options are provided, including historical volatility, implied volatility, and trading volume and open - interest changes of copper, zinc, and aluminum options [71][73][75].