申万期货有色金属基差日报-20251203

Report Summary - Report Title: 20251203 Shenwan Futures Non-ferrous Metals Basis Daily Report [1] - Analyst: Li Ye [4] - 从业资格号: F0285557 [4] - 交易咨询号: Z0002369 [4] - Email: liye@sywgqh.com.cn [4] - Phone: 021 - 50586241 [4] Industry Investment Rating - No information provided Core Views - Copper: Night session copper prices closed lower. Concentrate supply remains tight, smelting profit is at the break - even point, and although smelting output decreased month - on - month, it still shows high growth overall. Power investment is stable, automobile production and sales have positive growth, home appliance production has negative growth, and the real estate market remains weak. Supply disruptions in the copper mine lead to a global supply - demand gap. Attention should be paid to changes in the US dollar, copper smelting output and downstream demand [2] - Zinc: Night session zinc prices closed lower. Zinc concentrate processing fees declined, concentrate supply is in a stage of tightness, and smelting output continues to grow. The inventory of galvanized sheets is generally at a high level. The cumulative growth rate of infrastructure investment is slowing down, automobile production and sales have positive growth, home appliance production has negative growth, and the real estate market remains weak. The overall supply - demand difference of zinc is not obvious. It is recommended to pay attention to changes in the US dollar, smelting output and downstream demand [2] Data Summary | Variety | Domestic Previous - Day Futures Closing Price (Yuan/ton) | Domestic Basis (Yuan/ton) | Previous - Day LME 3 - Month Futures Closing Price (US dollars/ton) | LME Spot Premium (CASH - 3M, US dollars/ton) | LME Inventory (tons) | LME Inventory Daily Change (tons) | | --- | --- | --- | --- | --- | --- | --- | | Copper | 88,870 | 65 | 11,145 | 69.18 | 159,425 | 0 | | Aluminum | 21,600 | - 60 | 2,864 | - 30.13 | 537,900 | - 1,150 | | Zinc | 22,385 | 85 | 3,056 | 250.98 | 52,025 | 275 | | Nickel | 116,730 | - 2,870 | 14,740 | - 194.81 | 254,364 | - 396 | | Lead | 17,055 | - 55 | 1,994 | - 42.45 | 260,875 | - 2,300 | | Tin | 304,060 | 7,330 | 38,840 | 92.00 | 3,160 | 0 | [2]