有色日内回升

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - 沪铜: Today, the main contract of Shanghai copper futures rebounded with increasing positions, and the price rose back to the 92,000 yuan mark. The weakening US dollar index in the afternoon and the warming domestic macro - atmosphere were positive for non - ferrous metals. However, rising copper prices have suppressed downstream consumption. With the upcoming December Fed meeting resolution, short - term long - short competition has intensified. Attention should be paid to the support of the 5 - day moving average [6]. - 沪铝: The main contract of Shanghai aluminum futures also rebounded with increasing positions, reaching the 22,000 yuan mark. The weakening US dollar and improved domestic macro - environment were favorable. Rising aluminum prices led to increased downstream waiting - and - seeing sentiment, and the spot discount remained weak. Technically, attention should be paid to the pressure at the 22,000 yuan mark [7]. - 沪镍: The main contract of Shanghai nickel futures rebounded with decreasing positions, rising to the 117,000 yuan mark. It followed the general rebound of non - ferrous metals. High - level and slow de - stocking of port nickel ore inventory and rising inventory of electrolytic nickel on the Shanghai Futures Exchange put pressure on prices, while a firm spot premium provided support. With low short - term capital attention, it is expected to follow the overall non - ferrous metal sector [8]. 3. Summary by Related Catalogs 3.1 Industry Dynamics - Copper: The installation of centralized energy storage systems in North America is accelerating. Samsung SDI's US subsidiary will supply LFP batteries for an energy infrastructure company, with a contract worth over 2 trillion won. The energy storage sector has driven copper demand growth, and SMM expects global copper consumption in energy storage to increase by over 50% in 2025 compared to the previous year [10]. - Nickel: On December 10, the price of SMM1 electrolytic nickel was 116,400 - 121,900 yuan/ton, with an average price of 119,150 yuan/ton, a decrease of 1,200 yuan/ton from the previous trading day. The average spot premium of Jinchuan 1 electrolytic nickel was 5,050 yuan/ton, an increase of 150 yuan/ton from the previous day. The spot premium and discount range of domestic mainstream brand electrowon nickel was - 100 - 400 yuan/ton [11]. 3.2 Related Charts - Copper: Charts include copper basis, copper monthly spread, domestic visible inventory of electrolytic copper, overseas copper exchange inventory, LME copper cancelled warrant ratio, and Shanghai Futures Exchange warrant inventory [12][13][19]. - Aluminum: Charts cover aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum, Shanghai - London ratio, and aluminum bar inventory [25][27][29]. - Nickel: Charts involve nickel basis, nickel monthly spread, Shanghai Futures Exchange inventory, LME nickel trend, and nickel ore port inventory [37][43][47].