有色商品日报-20251111

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Copper: Overnight, both domestic and international copper prices fluctuated upwards, with domestic refined copper imports remaining at a loss. The US Senate passing a temporary funding bill and China's measures to boost private investment have lifted market sentiment. LME copper inventories increased by 375 tons to 136,275 tons, Comex inventories rose by 2,662 tons to 337,752 tons, and domestic refined copper social inventories decreased by 0.38 million tons to 19.95 million tons. Copper prices may show short - term optimism, and attention should be paid to overseas financial markets and domestic inventories [1]. - Aluminum: Overnight, alumina, Shanghai aluminum, and aluminum alloy all trended strongly. Alumina factory profits are being compressed, with occasional production cuts in loss - making capacities. The market is in a state of internal - external differentiation, and electrolytic aluminum will continue to adjust at a high level in the short term. Attention should be paid to the long - position opportunities of AD after the narrowing of the price difference [1][3]. - Nickel: Overnight, LME nickel rose 0.53% to $15,100 per ton, while Shanghai nickel remained flat at 119,490 yuan per ton. Indonesia has suspended new nickel smelter licenses. The nickel - iron stainless - steel industry chain is sluggish, and the new energy industry chain has a slight increase in the discount coefficient. Nickel prices may still fluctuate, and inventory conditions should be monitored [3]. Group 3: Summary According to the Directory Research Views - Copper: Overnight price increase, influenced by US and Chinese policies. Changes in inventory and demand, and the impact of LME's new rules. Short - term optimism with attention to market and inventory [1]. - Aluminum: Overnight price increase, compressed alumina factory profits, internal - external differentiation, and short - term high - level adjustment [1][3]. - Nickel: Overnight price increase, Indonesia's new policy, weak raw material support in the industry chain, and potential price fluctuations [3]. Daily Data Monitoring - Copper: Price changes in various aspects such as market prices, scrap copper, and downstream products. Inventory changes in LME, COMEX, and social inventories [4]. - Lead: Price changes in lead products, inventory changes in LME and SHFE [4]. - Aluminum: Price changes in aluminum products, raw materials, and downstream processing fees. Inventory changes in LME, SHFE, and social inventories [5]. - Nickel: Price changes in nickel products, inventory changes in LME, SHFE, and social inventories [5]. - Zinc: Price changes in zinc products, TC, and inventory changes in LME, SHFE, and social inventories [7]. - Tin: Price changes in tin products, inventory changes in LME and SHFE [7]. Chart Analysis - 3.1 Spot Premium: Charts show the spot premium trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [9][10][11] - 3.2 SHFE Near - Far Month Spread: Charts show the near - far month spread trends of copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [14][17][19] - 3.3 LME Inventory: Charts show the LME inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [22][24][26] - 3.4 SHFE Inventory: Charts show the SHFE inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [29][31][33] - 3.5 Social Inventory: Charts show the social inventory trends of copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [35][37][39] - 3.6 Smelting Profit: Charts show the smelting profit trends of copper, aluminum, nickel - iron, zinc, and stainless steel 304 from 2019 - 2025 [41][43][45] Non - Core Content (Not Included in Main Summary) - Team Introduction: The report introduces the members of the non - ferrous metals team, including their educational backgrounds, positions, research directions, and professional achievements [48][49]