20251128申万期货有色金属基差日报-20251128
Shen Yin Wan Guo Qi Huo·2025-11-28 01:37

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report [1][2] 2. Core Viewpoints - Copper prices may be on the stronger side, while zinc prices may fluctuate within a range [2] 3. Summary by Relevant Catalogs Copper - Night - time copper prices closed higher. Concentrate supply remains tight, and smelting profits are at the break - even point, but smelting output continues to grow strongly. Grid investment shows positive growth, power source investment slows down, automobile production and sales are growing, home appliance production is negative, and the real estate market is weak. The Indonesian mine accident may lead to a global copper supply - demand gap, supporting copper prices in the long term. Suggestions include monitoring changes in the US dollar, copper smelting output, and downstream demand [2] Zinc - Night - time zinc prices closed lower. Zinc concentrate processing fees have declined, and concentrate supply is temporarily tight, but smelting output continues to grow. Galvanized sheet inventories are generally high. Infrastructure investment growth has slowed, automobile production and sales are growing, home appliance production is negative, and the real estate market is weak. Overall, zinc supply - demand differences are not significant, and prices may fluctuate within a range [2] Market Data | Metal | Domestic Previous Date Futures Closing Price (yuan/ton) | Domestic Basis (yuan/ton) | Previous LME 3 - Month Closing Price (USD/ton) | LME Spot Premium (USD/ton) | LME Inventory (tons) | LME Inventory Daily Change (tons) | | --- | --- | --- | --- | --- | --- | --- | | Copper | 86,930 | 60 | 10,930 | 16.56 | 156,500 | - 75 | | Aluminum | 21,470 | - 60 | 2,832 | - 28.45 | 541,725 | - 2,000 | | Zinc | 22,380 | 45 | 3,022 | 165.44 | 49,925 | 1,925 | | Nickel | 116,710 | - 2,980 | 14,840 | - 197.06 | 254,520 | 1,038 | | Lead | 16,945 | - 60 | 1,984 | - 38.94 | 264,975 | 400 | | Tin | 301,460 | - 4,590 | 37,925 | 126.15 | 3,125 | 40 | [2]