20260211申万期货有色金属基差日报-20260211

Report Industry Investment Rating - Not provided Core Viewpoints - Copper: The copper price rose 0.17% overnight. The concentrate supply remains tight, and smelting profits are on the verge of profit and loss. Although the smelting output decreased month-on-month, it continued to grow overall. Power investment is stable, automobile production and sales are growing positively, home appliance production scheduling is negative, and the real estate market is persistently weak. The copper price may enter an adjustment phase in the short term. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2]. - Zinc: The zinc price fell 0.08% overnight. The processing fee for zinc concentrates has declined, the concentrate supply is temporarily tight, and the smelting output continues to grow. The inventory of galvanized sheets is generally high. The cumulative growth rate of infrastructure investment is slowing down, automobile production and sales are growing positively, home appliance production scheduling is negative, and the real estate market is persistently weak. The zinc price may follow the overall trend of non-ferrous metals. It is recommended to pay attention to the US dollar, smelting output, and downstream demand [2]. Summary by Relevant Catalog Metal Price and Market Conditions - Copper: The previous domestic futures closing price was 101,150 yuan/ton, the domestic basis was -10 yuan/ton, the previous LME 3 - month closing price was 13,100 US dollars/ton, the LME spot premium was -76.10 US dollars/ton, the LME inventory was 184,300 tons, and the daily change was +1,025 tons [2]. - Aluminum: The previous domestic futures closing price was 23,435 yuan/ton, the domestic basis was -200 yuan/ton, the previous LME 3 - month closing price was 3,105 US dollars/ton, the LME spot premium was -34.34 US dollars/ton, the LME inventory was 488,975 tons, and the daily change was -2,000 tons [2]. - Zinc: The previous domestic futures closing price was 24,400 yuan/ton, the domestic basis was -35 yuan/ton, the previous LME 3 - month closing price was 3,398 US dollars/ton, the LME spot premium was -19.55 US dollars/ton, the LME inventory was 106,925 tons, and the daily change was -675 tons [2]. - Nickel: The previous domestic futures closing price was 133,090 yuan/ton, the domestic basis was -5,600 yuan/ton, the previous LME 3 - month closing price was 17,550 US dollars/ton, the LME spot premium was -212.22 US dollars/ton, the LME inventory was 285,072 tons, and the daily change was -210 tons [2]. - Lead: The previous domestic futures closing price was 16,640 yuan/ton, the domestic basis was -135 yuan/ton, the previous LME 3 - month closing price was 1,978 US dollars/ton, the LME spot premium was -50.95 US dollars/ton, the LME inventory was 232,750 tons, and the daily change was -100 tons [2]. - Tin: The previous domestic futures closing price was 381,260 yuan/ton, the domestic basis was 6,150 yuan/ton, the previous LME 3 - month closing price was 49,230 US dollars/ton, the LME spot premium was -159.00 US dollars/ton, the LME inventory was 7,030 tons, and the daily change was -55 tons [2].