有色偏强运行：有色日报-20251110

Report Industry Investment Rating No relevant content provided. Core Views - The overall performance of non-ferrous metals was strong. The recent decline of the US dollar index was beneficial for non-ferrous metals [6][7][8]. - For Shanghai copper, the price strengthened in the morning and then fluctuated around 86,500 yuan. The downstream purchasing willingness recovered as the copper price dropped, and the social inventory of electrolytic copper decreased on Monday. Technically, attention should be paid to the pressure at the 87,000 yuan mark [7]. - For Shanghai aluminum, the price increased with rising positions, approaching the high of last week. The domestic pricing power for aluminum was relatively strong, so the increase was less than that of copper. The social inventory of electrolytic aluminum increased slightly on Monday. Technically, attention should be paid to the pressure at last week's high [8]. - For Shanghai nickel, the price fluctuated strongly with a slight increase in positions. Although the non-ferrous metal sector rose as a whole, nickel showed weakness, reflecting the weakness of its fundamentals. The weekly decline of nickel ore port inventory slowed down, and the weekly inventory of nickel futures continued to rise. Technically, attention should be paid to the pressure at the 120,000 yuan mark [9]. Summaries by Relevant Catalogs 1. Industry Dynamics - Copper: On November 10, the social inventory of Mysteel electrolytic copper was 198,300 tons, a decrease of 4,300 tons from last Thursday [11]. - Aluminum: On November 10, the social inventory of Mysteel electrolytic aluminum was 616,000 tons, an increase of 9,000 tons from last Thursday [12]. - Nickel: On November 10, the price of SMM1 electrolytic nickel was 119,200 - 123,200 yuan/ton, with an average price of 121,200 yuan/ton, a rise of 300 yuan/ton from the previous trading day. The average premium of Jinchuan 1 electrolytic nickel was 3,600 yuan/ton, a rise of 600 yuan/ton from the previous trading day. The spot premium of domestic mainstream brands of electrowon nickel was in the range of -100 - 400 yuan/ton, and the spot premium increased significantly on Monday [13]. 2. Relevant Charts - Copper: The report presented charts on domestic visible inventory of electrolytic copper, LME copper注销仓单比例, overseas copper exchange inventory, SHFE warehouse receipt inventory, and other aspects [14][15][16]. - Aluminum: The report included charts on aluminum basis, aluminum price difference, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum, alumina inventory, and aluminum rod inventory [38][28][29]. - Nickel: The report showed charts on nickel basis, LME nickel inventory and注销仓单比例, LME nickel trend, SHFE inventory, nickel ore port inventory, and nickel price difference [40][42][43].