有色金属数据日报-20251106

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating in the report. 2. Core Viewpoints - The macro - environment has mixed impacts on the non - ferrous metals sector. The US economic data shows signs of weakness, but the market risk appetite has recovered to some extent. The short - term price trends of different non - ferrous metals vary, with some facing downward pressure and others showing a tendency to fluctuate strongly or at a high level [1]. 3. Summary by Related Catalogs 3.1 Futures and Spot Prices - LME (USD/ton): The prices of lead, zinc, nickel, tin, and copper all decreased, with lead down 2.5%, zinc down 0.25%, nickel down 0.2%, tin down 0.7%, and copper down 1.43% in spot prices. The 15:00 futures prices also mostly decreased, such as lead down 1.92%, zinc down 1.47%, etc. [1] - SHFE (CNY/ton): The prices of zinc, aluminum, lead, and tin all decreased, with zinc down 0.49%, aluminum down 0.88%, lead down 0.93%, and tin down 1.44% in spot prices. The futures prices also showed different degrees of decline [1]. 3.2 Inventory Indicators - LME (tons): The copper inventory increased by 0.06%, zinc inventory increased by 0.52%, nickel inventory increased by 0.15%, and tin inventory increased by 2.8%. [1] - SHFE (tons): The copper inventory increased by 10.83%, zinc inventory decreased by 5.27%, aluminum inventory decreased by 3.89%, lead inventory increased by 1.87%, and tin inventory increased by 2.65% [1]. 3.3 Ascending and Descending Premium Indicators - LME (USD/ton): The copper premium decreased by 4.75, zinc premium increased by 8.07, aluminum premium decreased by 2.52, and nickel premium decreased by 2.17 [1]. - SHFE (CNY/ton): The copper premium increased by 25, zinc premium decreased by 30, and lead premium decreased by 10 [1]. 3.4 Price Ratio and Spread Indicators - Price Ratio: The copper, aluminum, and tin price ratios decreased, while the zinc and nickel price ratios increased. For example, the copper price ratio decreased by 0.32%, and the zinc price ratio increased by 1.46% [1]. - Spread: The copper spread decreased by 20, zinc spread decreased by 10, aluminum spread increased by 20, and tin spread increased by 90 [1]. 3.5 Operation Strategies - Copper: Although the market risk appetite has recovered, the copper price is under downward pressure due to factors such as the digestion of positive sentiment and the rise of the US dollar index, but the downward space is expected to be limited [1]. - Aluminum: The industrial - side driving force is limited, but the macro - environment still provides support, and the short - term price is expected to fluctuate strongly [1]. - Zinc: The external market still has the risk of a short squeeze. The short - term price is expected to fluctuate at a high level, and the internal - external price ratio is expected to remain low in the short term [1]. - Nickel: The short - term nickel price may fluctuate at the bottom. It is recommended to operate within a range in the short term, and pay attention to the macro - environment and the situation of Indonesian ore in the fourth quarter [1].