Report Industry Investment Ratings - Copper: ★★★, indicating a clearer long - term trend and a relatively appropriate investment opportunity currently [1] - Aluminum: ★★★ [1] - Alumina: ★★★ [1] - Cast Aluminum Alloy: ★★★ [1] - Zinc: ★★★ [1] - Nickel and Stainless Steel: ★★★ [1] - Tin: ★★★ [1] - Lithium Carbonate: ★★★ [1] - Industrial Silicon: ★★★ [1] - Polysilicon: ★★★ [1] Core Viewpoints - The report analyzes the market conditions of various non - ferrous metals including copper, aluminum, zinc, etc., and provides short - term trend judgments and investment suggestions for each metal [1][2][3] Summary by Metal Copper - The open interest of Shanghai copper futures fell below the MA20 moving average. The US ISM manufacturing PMI has been shrinking for eight consecutive months, and high copper prices in China are suppressing demand. The copper price is expected to continue to correct after short - term high - level fluctuations. Short - term long positions are advised to exit and wait [1] Aluminum, Alumina, and Aluminum Alloy - The price of Shanghai aluminum declined. The social inventory of aluminum ingots increased by 0.80 thousand tons at the beginning of the week. The aluminum market is mainly driven by macro - sentiment, with limited resonance in fundamentals. It is expected to fluctuate strongly in the short term. Cast aluminum alloy follows the aluminum price and has no independent market. Alumina has an oversupply situation, with limited rebound space [2] Zinc - The LME zinc inventory continued to decline, supporting the spot premium. The domestic zinc price was also supported by the decline in domestic and foreign TC. After the consumption peak season ended, the long - position funds took profits. The zinc price is expected to find support around 22,200 yuan/ton [3] Nickel and Stainless Steel - The price of Shanghai nickel fluctuated narrowly. The downstream demand was weak. The reduction in production by stainless - steel plants needs further observation. The price of pure nickel inventory decreased, while the inventory of nickel - iron and stainless steel increased. The price of Shanghai nickel is expected to move downward [6] Tin - The price of Shanghai tin fluctuated and closed lower. The domestic tin supply is in a real shortage. It is advisable to short on rallies or wait for a clear breakdown [7] Lithium Carbonate - The price of lithium carbonate fluctuated at a high level. The market supply and demand were strong. The total market inventory decreased. The price of Australian ore strengthened again. It is expected to fluctuate strongly in the short term [8] Industrial Silicon - The price of industrial silicon futures declined significantly, affected by the polysilicon market sentiment. The supply is shrinking, and the demand is also weakening. The short - term price will fluctuate, with limited upside space [9] Polysilicon - The price of polysilicon futures declined significantly. The inventory of polysilicon manufacturers continued to rise. The market is expected to enter a range - bound consolidation phase in the short term [10]
有色金属日报-20251105
Guo Tou Qi Huo·2025-11-05 02:02