有色日报：有色偏弱震荡-20251117

Group 1: Report Industry Investment Rating - Not mentioned in the content Group 2: Core Views - Copper: Today, Shanghai copper fluctuated around 86,500 yuan. Last Friday, affected by the hawkish stance of the Federal Reserve, copper prices declined under pressure. On the industrial level, as copper prices fell, downstream support increased. Technically, attention should be paid to the support at the 86,000 yuan mark [7]. - Aluminum: Today, Shanghai aluminum dived in the morning and then stabilized and rebounded, continuing the fluctuating trend throughout the day. The trading volume decreased, indicating a strong willingness of short - term bulls to close positions. Last Friday, affected by the hawkish stance of the Federal Reserve, copper prices declined under pressure. On the industrial level, as aluminum prices rose last week, the industry's willingness to take delivery was weak, and the spot discount continued to weaken. Additionally, aluminum prices are at a nearly two - year high and face strong technical pressure. Technically, continuous attention should be paid to the pressure at the 22,000 yuan mark [8]. - Nickel: Today, Shanghai nickel fluctuated weakly. After the decline last week, the downward trend of nickel prices slowed down on Monday. Last week, the non - ferrous sector corrected, and nickel prices showed a downward trend, breaking through the 120,000 yuan mark, followed by a significant decline with increasing positions. As nickel prices declined, the spot premium gradually strengthened, reflecting increased support from the industrial end. Technically, attention should be paid to the lows in June and April this year [9]. Group 3: Industry Dynamics - Copper: On November 17, SMM reported that a bridge at a copper mine in the southeast of the Democratic Republic of the Congo collapsed on Saturday, resulting in 49 deaths and 20 seriously injured people being sent to the hospital [11]. - Aluminum: On November 17, Mysteel's electrolytic aluminum social inventory was 637,000 tons, an increase of 23,000 tons compared to the 13th and 21,000 tons compared to the 10th [12]. - Nickel: On November 17, the price of SMM1 electrolytic nickel was between 116,500 - 120,900 yuan/ton, with an average price of 118,700 yuan/ton, a decrease of 900 yuan/ton compared to the previous trading day. The mainstream spot premium quotation range for Jinchuan 1 electrolytic nickel was 3,800 - 4,000 yuan/ton, with an average premium of 3,900 yuan/ton, remaining unchanged from the previous trading day. The spot premium and discount quotation range for domestic mainstream brand electrowon nickel was - 50 - 400 yuan/ton [13]. Group 4: Related Charts - Copper: The report includes charts such as copper basis, electrolytic copper domestic visible inventory (social inventory + bonded area inventory), LME copper注销仓单比例, overseas copper exchange inventory, and SHFE warehouse receipt inventory [14][15][16]. - Aluminum: The report includes charts such as aluminum basis, aluminum monthly spread, electrolytic aluminum domestic social inventory, electrolytic aluminum overseas exchange inventory (LME + COMEX), and aluminum rod inventory [27][29][34]. - Nickel: The report includes charts such as nickel basis, LME nickel inventory and注销仓单比例, SHFE inventory, and nickel ore port inventory [40][42][45].