20260225申万期货有色金属基差日报-20260225

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The copper price rose 0.34% overnight. The supply of concentrate remains tight, and smelting profits are on the verge of profit and loss. Although smelting output has declined month - on - month, it continues to grow at a high rate. Power investment is stable, automobile production and sales are growing positively, home appliance production is negative, and the real estate market is weak. The copper price may enter an adjustment phase in the short term [2]. - The zinc price fell 0.55% overnight. Zinc concentrate processing fees have declined, and the supply of concentrate is temporarily tight. 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 is negative, and the real estate market is weak. The zinc price may follow the overall trend of non - ferrous metals [2]. Group 3: Summary According to the Table Copper - Domestic previous - day futures closing price: 101,210 yuan/ton - Domestic basis: - 150 yuan/ton - Previous - day LME 3 - month futures closing price: 13,195 dollars/ton - LME spot premium/discount (CASH - 3M): - 85.04 dollars/ton - LME inventory: 241,825 tons - LME inventory daily change: 6,675 tons [2] Aluminum - Domestic previous - day futures closing price: 23,450 yuan/ton - Domestic basis: - 160 yuan/ton - Previous - day LME 3 - month futures closing price: 3,111 dollars/ton - LME spot premium/discount (CASH - 3M): - 23.62 dollars/ton - LME inventory: 473,550 tons - LME inventory daily change: - 2,000 tons [2] Zinc - Domestic previous - day futures closing price: 24,630 yuan/ton - Domestic basis: - 25 yuan/ton - Previous - day LME 3 - month futures closing price: 3,388 dollars/ton - LME spot premium/discount (CASH - 3M): - 31.25 dollars/ton - LME inventory: 101,550 tons - LME inventory daily change: - 25 tons [2] Nickel - Domestic previous - day futures closing price: 137,500 yuan/ton - Domestic basis: - 5,500 yuan/ton - Previous - day LME 3 - month futures closing price: 17,915 dollars/ton - LME spot premium/discount (CASH - 3M): - 201.05 dollars/ton - LME inventory: 287,706 tons - LME inventory daily change: 0 tons [2] Lead - Domestic previous - day futures closing price: 16,795 yuan/ton - Domestic basis: - 125 yuan/ton - Previous - day LME 3 - month futures closing price: 1,960 dollars/ton - LME spot premium/discount (CASH - 3M): - 46.44 dollars/ton - LME inventory: 286,325 tons - LME inventory daily change: - 800 tons [2] Tin - Domestic previous - day futures closing price: 384,450 yuan/ton - Domestic basis: 2,010 yuan/ton - Previous - day LME 3 - month futures closing price: 50,300 dollars/ton - LME spot premium/discount (CASH - 3M): - 43.00 dollars/ton - LME inventory: 7,675 tons - LME inventory daily change: 15 tons [2]