Group 1: Report Investment Rating - No information provided on the industry investment rating Group 2: Core Viewpoints - Copper prices may be on the stronger side, and zinc prices may fluctuate within a certain range [2] - For copper, night - time prices closed up 1.5%. Concentrate supply remains tight, and smelting profits are at the break - even point, but smelting output continues to grow strongly. Global copper supply - demand may turn into a deficit due to mine supply disruptions, which will support copper prices in the long - term [2] - For zinc, night - time prices closed up. Zinc concentrate processing fees have declined, and concentrate supply is temporarily tight, but smelting output continues to grow. The overall supply - demand difference of zinc is not obvious, so it may fluctuate within a certain range [2] Group 3: Summary by Related Catalog Copper - Market performance: Night - time copper prices closed up 1.5%, with a domestic previous - day futures closing price of 87,470 yuan/ton, a domestic basis of 65 yuan/ton, a previous - day LME 3 - month contract closing price of 11,176 dollars/ton, an LME spot premium of 44.69 dollars/ton, LME inventory of 157,175 tons, and a daily increase of 675 tons [2] - Supply - demand situation: Concentrate supply is tight, smelting profits are at the break - even point, but smelting output is growing. Grid investment is in positive growth, power supply investment is slowing down, automobile production and sales are growing, home appliance production scheduling is in negative growth, and the real estate market is weak. Mine supply disruptions lead to a potential supply - demand deficit [2] Zinc - Market performance: Night - time zinc prices closed up, with a domestic previous - day futures closing price of 22,385 yuan/ton, a domestic basis of 45 yuan/ton, a previous - day LME 3 - month contract closing price of 3,051 dollars/ton, an LME spot premium of 224.43 dollars/ton, LME inventory of 50,800 tons, and a daily increase of 875 tons [2] - Supply - demand situation: Zinc concentrate processing fees have declined, concentrate supply is temporarily tight, but smelting output is growing. Galvanized sheet inventory is at a high level. Infrastructure investment growth is slowing down, automobile production and sales are growing, home appliance production is in negative growth, and the real estate market is weak. Overall supply - demand difference is not obvious [2] Other Metals - Aluminum: Domestic previous - day futures closing price is 21,600 yuan/ton, domestic basis is - 60 yuan/ton, previous - day LME 3 - month contract closing price is 2,865 dollars/ton, LME spot premium is - 25.95 dollars/ton, LME inventory is 541,050 tons, and daily change is - 675 tons [2] - Nickel: Domestic previous - day futures closing price is 116,730 yuan/ton, domestic basis is - 3,110 yuan/ton, previous - day LME 3 - month contract closing price is 14,820 dollars/ton, LME spot premium is - 196.77 dollars/ton, LME inventory is 255,450 tons, and daily change is 930 tons [2] - Lead: Domestic previous - day futures closing price is 17,055 yuan/ton, domestic basis is - 65 yuan/ton, previous - day LME 3 - month contract closing price is 1,981 dollars/ton, LME spot premium is - 41.94 dollars/ton, LME inventory is 264,175 tons, and daily change is - 800 tons [2] - Tin: Domestic previous - day futures closing price is 304,060 yuan/ton, domestic basis is 1,110 yuan/ton, previous - day LME 3 - month contract closing price is 39,300 dollars/ton, LME spot premium is 123.00 dollars/ton, LME inventory is 3,125 tons, and daily change is 0 tons [2]
20251201申万期货有色金属基差日报-20251201
Shen Yin Wan Guo Qi Huo·2025-12-01 03:11