20260213申万期货有色金属基差日报-20260213

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - Copper prices closed 2.25% lower overnight. Concentrate supply remains tight, smelting profit is on the verge of profit and loss. Although smelting output has declined month - on - month, it continues to grow overall. Power investment is stable, auto production and sales are growing, home appliance production scheduling is negative, and the real estate market is weak. Copper prices may enter an adjustment phase in the short term [2] - Zinc prices closed 0.87% lower overnight. Zinc concentrate processing fees have declined, concentrate supply is temporarily tight, and smelting output continues to grow. Galvanized sheet inventory is generally at a high level. Infrastructure investment growth has slowed down, auto production and sales are growing, home appliance production scheduling is negative, and the real estate market is weak. Zinc prices may follow the overall trend of non - ferrous metals [2] Group 3: Summary by Relevant Catalog Copper - Night - time price drop: 2.25% [2] - Supply situation: Concentrate supply is tight, smelting profit at the break - even point, smelting output growth continues [2] - Downstream demand: Power investment stable, auto production and sales growing, home appliance production scheduling negative, real estate weak [2] - Price trend: May enter an adjustment phase in the short term [2] - Domestic previous futures closing price: 101,970 yuan/ton, domestic basis: - 80 yuan/ton, previous LME3 - month closing price: 12,856 dollars/ton, LME spot premium/discount: - 94.71 dollars/ton, LME inventory: 192,100 tons, LME inventory daily change: 3,000 tons [2] Zinc - Night - time price drop: 0.87% [2] - Supply situation: Zinc concentrate processing fees decline, concentrate supply is temporarily tight, smelting output continues to grow [2] - Downstream demand: Galvanized sheet inventory high, infrastructure investment growth slows, auto production and sales growing, home appliance production scheduling negative, real estate weak [2] - Price trend: May follow the overall trend of non - ferrous metals [2] - Domestic previous futures closing price: 24,575 yuan/ton, domestic basis: - 25 yuan/ton, previous LME3 - month closing price: 3,382 dollars/ton, LME spot premium/discount: - 28.69 dollars/ton, LME inventory: 105,250 tons, LME inventory daily change: - 1,500 tons [2] Other Metals - Aluminum: Domestic previous futures closing price 23,530 yuan/ton, domestic basis - 160 yuan/ton, previous LME3 - month closing price 3,098 dollars/ton, LME spot premium/discount - 32.16 dollars/ton, LME inventory 485,750 tons, LME inventory daily change - 1,225 tons [2] - Nickel: Domestic previous futures closing price 139,810 yuan/ton, domestic basis - 5,230 yuan/ton, previous LME3 - month closing price 17,250 dollars/ton, LME spot premium/discount - 205.08 dollars/ton, LME inventory 285,750 tons, LME inventory daily change 0 tons [2] - Lead: Domestic previous futures closing price 16,690 yuan/ton, domestic basis - 130 yuan/ton, previous LME3 - month closing price 1,984 dollars/ton, LME spot premium/discount - 47.05 dollars/ton, LME inventory 232,950 tons, LME inventory daily change 200 tons [2] - Tin: Domestic previous futures closing price 392,000 yuan/ton, domestic basis 1,840 yuan/ton, previous LME3 - month closing price 47,800 dollars/ton, LME spot premium/discount - 194.00 dollars/ton, LME inventory 7,550 tons, LME inventory daily change 120 tons [2]