Report Industry Investment Ratings - Copper: ★☆☆, indicating a slight bullish bias but limited operability on the market [1] - Aluminum: ★★★, representing a clear bullish trend with appropriate investment opportunities [1] - Zinc: ☆☆☆, suggesting a short - term balance between long and short trends and poor operability, advising to wait and see [1] - Nickel and Stainless Steel: ★☆☆, with a slight bearish bias and limited operability [1] - Lithium Carbonate: ★★★, showing a clear bullish trend with appropriate investment opportunities [1] - Polysilicon: ☆☆☆, indicating a short - term balance and poor operability [1] - Industrial Silicon: ★★★, representing a clear bullish trend with appropriate investment opportunities [1] - Tin: ★☆☆, with a slight bearish bias and limited operability [1] Core Views - The market is affected by various factors such as government policies, economic data, and supply - demand relationships. Different metals show different trends and investment opportunities [1][2][3][4][5] Summary by Metal Copper - The Shanghai copper market rebounded this week, but both domestic and foreign copper prices faced resistance at 88,000 yuan and $11,000. The US government ended the shutdown, and the market focused on economic growth. Short - term short positions can be traded against 88,000 yuan, and the copper price is in a volatile state [1] Aluminum - The Shanghai aluminum price fell from a high. The short - term fundamentals are stable, and the inventory and spot performance are neutral. The downstream procurement weakened, and the fundamentals deteriorated. The price is under pressure near 17,800 yuan/ton. The consumption expectation may improve in the short term, but the support for high prices is insufficient. Alumina is in a state of oversupply and is weakly operating [2][3] Zinc - The Fed officials' hawkish remarks led to a decline in the zinc price. The LME zinc inventory increased slightly, and the SMM zinc social inventory decreased. The domestic smelter profit is under pressure, and some smelters have cut production. The support for the decline of Shanghai zinc is seen at the 20 - day moving average [2] Nickel and Stainless Steel - The decline of Shanghai nickel accelerated. The nickel industry chain is in an overall over - supply situation. The mainstream stainless steel mills cancelled the price limit and lowered the price. The market is sluggish, and the nickel price is weakly operating [4] Lithium Carbonate - The lithium carbonate price is in a high - level shock. The downstream battery orders increased, and the total inventory decreased. The ore price strengthened again. It is expected to be in a slightly strong shock in the short term [5] Industrial Silicon - The industrial silicon futures weakened slightly. The supply decreased during the dry season in the southwest, but the demand was dragged down. The short - term market is under pressure at a high level and continues to fluctuate [5] Polysilicon - The polysilicon futures rose slightly, and the trading volume decreased. The photovoltaic terminal demand is weak, and the supply - demand improvement is limited. The market is driven by policy expectations and continues to fluctuate in the short term [5] Tin - The Shanghai tin price gave back yesterday's gains. The market follows the sector sentiment, and the mid - long - term short positions can be held against 295,000 yuan [4]
有色金属日报-20251114
Guo Tou Qi Huo·2025-11-14 11:27