有色日报：沪铝小幅增仓上行-20260302

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Views - Copper: Today, Shanghai copper mainly fluctuated during the session, with little change in overall positions. The weekend attack on Iran by the US and Israel drove up precious metals, but had a relatively limited impact on the non - ferrous sector. The marginal impact of external shocks on prices is gradually weakening, resulting in small intraday fluctuations in copper prices. At the industrial level, as copper prices fell after the previous rally and enterprises gradually resumed work after the holiday, the willingness of some downstream industries to replenish inventories increased. Technically, continuous attention should be paid to its performance around the 20 - day moving average [6]. - Aluminum: Today, aluminum prices showed strong intraday performance, rising continuously in the afternoon session, with a slight increase in open interest. From the market trend perspective, it mainly followed the sector sentiment. Today, Shanghai aluminum crossed the 20 - day moving average, and it is expected that Shanghai aluminum will continue to maintain a relatively strong trend in the future [7]. 3. Summary by Related Catalogs - Copper - Related Charts: The report presents charts on copper, including copper basis [10], copper monthly spread [18], SHFE warehouse receipts [11], LME inventory [16], COMEX inventory [13], and LME copper premium/discount [17] [9]. - Aluminum - Related Charts: The report shows charts on aluminum, such as aluminum basis [21], aluminum monthly spread [21], SHFE warehouse receipt daily report [26], LME inventory [23], Shanghai - London ratio [22], and LME aluminum premium/discount [27] [20].