20251124申万期货有色金属基差日报-20251124

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Copper may be on the stronger side, with weekend night - session copper prices closing higher. The concentrate supply remains tight, and smelting profits are at the break - even point, but smelting output continues to grow. Grid investment shows positive growth, power source investment slows down, auto production and sales grow positively, home appliance production scheduling shows negative growth, and the real estate sector remains weak. An Indonesian mine accident is likely to lead to a global copper supply - demand gap, providing long - term support for copper prices [2]. - Zinc may fluctuate within a range, with weekend night - session zinc prices closing lower. Zinc concentrate processing fees are falling, and the concentrate supply is temporarily tight, but smelting output continues to grow. Galvanized sheet inventories are generally at a high level. Infrastructure investment growth slows down, auto production and sales grow positively, home appliance production shows negative growth, and the real estate sector remains weak. The overall difference in zinc supply and demand is not obvious [2]. Group 3: Summary According to the Table - Copper: The previous domestic futures closing price was 85,650 yuan/ton, the domestic basis was 60 yuan/ton, the previous LME 3 - month closing price was 10,778 dollars/ton, the LME spot premium was 1.06 dollars/ton, the LME inventory was 157,925 tons, and the daily change was 50 tons [2]. - Aluminum: The previous domestic futures closing price was 21,495 yuan/ton, the domestic basis was - 10 yuan/ton, the previous LME 3 - month closing price was 2,808 dollars/ton, the LME spot premium was - 30.87 dollars/ton, the LME inventory was 544,075 tons, and the daily change was - 2,000 tons [2]. - Zinc: The previous domestic futures closing price was 22,380 yuan/ton, the domestic basis was 5 yuan/ton, the previous LME 3 - month closing price was 2,992 dollars/ton, the LME spot premium was 135.09 dollars/ton, the LME inventory was 46,075 tons, and the daily change was 1,000 tons [2]. - Nickel: The previous domestic futures closing price was 115,250 yuan/ton, the domestic basis was - 3,020 yuan/ton, the previous LME 3 - month closing price was 14,620 dollars/ton, the LME spot premium was - 184.81 dollars/ton, the LME inventory was 254,172 tons, and the daily change was - 1,674 tons [2]. - Lead: The previous domestic futures closing price was 17,200 yuan/ton, the domestic basis was - 145 yuan/ton, the previous LME 3 - month closing price was 1,989 dollars/ton, the LME spot premium was - 22.41 dollars/ton, the LME inventory was 264,650 tons, and the daily change was 175 tons [2]. - Tin: The previous domestic futures closing price was 292,030 yuan/ton, the domestic basis was 2,750 yuan/ton, the previous LME 3 - month closing price was 36,970 dollars/ton, the LME spot premium was 95.67 dollars/ton, the LME inventory was 3,065 tons, and the daily change was - 50 tons [2].