铜铝日内上行

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - Copper: Today, Shanghai copper (SHFE Copper) oscillated upward, with the main contract price breaking through the 86,000 RMB mark, and the trading volume remained stable. The domestic macro - environment improved, leading to an upward trend in the non - ferrous sector and the stock index. The social inventory of electrolytic copper was 202,600 tons, a decrease of 3,400 tons from Monday. Technically, attention should be paid to the support at the 86,000 RMB mark [5]. - Aluminum: Shanghai aluminum (SHFE Aluminum) increased in volume and price, breaking through Monday's high. The domestic macro - environment improved, leading to an upward trend in the non - ferrous sector and the stock index. The strong performance of aluminum prices was partly due to the "anti - involution" expectation. At the industrial level, the inventory of downstream aluminum rods and mid - stream electrolytic aluminum decreased. Technically, attention should be paid to the support of the 5 - day moving average [6]. - Nickel: Shanghai nickel (SHFE Nickel) oscillated and rebounded, with the main contract price approaching the 120,000 RMB mark at the end of the session. The domestic macro - environment improved, leading to an upward trend in the non - ferrous sector and the stock index. The rebound of SHFE Nickel was weak due to significant industrial pressure. Technically, continuous attention should be paid to the long - short game at the 120,000 RMB mark [7]. 3. Industry Dynamics - Copper: On November 6th, the social inventory of electrolytic copper was 202,600 tons, a decrease of 3,400 tons from Monday [9]. - Nickel: On November 6th, the price of SMM1 electrolytic nickel was in the range of 118,900 - 122,100 RMB/ton, with an average price of 120,500 RMB/ton, a decrease of 450 RMB/ton from the previous trading day. The mainstream spot premium of Jinchuan 1 electrolytic nickel was in the range of 2,700 - 3,000 RMB/ton, with an average premium of 2,850 RMB/ton, an increase of 50 RMB/ton from the previous trading day. The spot premium of domestic mainstream brand electrowon nickel was in the range of - 150 - 300 RMB/ton [10]. 4. Related Charts - Copper: The report includes charts of copper basis, electrolytic copper domestic visible inventory (social inventory + bonded area inventory), LME copper cancelled warrant ratio, overseas copper exchange inventory, and SHFE warrant inventory [11][12][13]. - Aluminum: The report includes charts of aluminum basis, aluminum monthly spread, electrolytic aluminum domestic social inventory, electrolytic aluminum overseas exchange inventory (LME + COMEX), alumina inventory, and aluminum rod inventory [24][30][26]. - Nickel: The report includes charts of nickel basis, LME nickel cancelled warrant ratio, LME nickel trend, SHFE inventory, and nickel ore port inventory [37][39][40].