20260310申万期货有色金属基差日报-20260310

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Copper: The copper price rose 0.97% overnight. The concentrate supply remains tight, and smelting profits are on the verge of profit and loss. Although smelting output decreased month - on - month, it still shows high growth overall. Power investment is stable, automobile production and sales are growing positively, home appliance production scheduling is negative, and the real estate market is continuously weak. The copper price may fluctuate within a range in the short term. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand during the peak season [2]. - Zinc: The zinc price rose 0.02% overnight. Zinc concentrate processing fees have declined, and the concentrate supply is in a stage of tightness. Smelting output continues to grow. The inventory of galvanized sheets is generally at a high level. 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 continuously weak. The zinc price may follow the overall trend of non - ferrous metals. Attention should be paid to changes in the US dollar, smelting output, and downstream demand during the peak season [2]. 3. Summary by Relevant Catalog Metal Price and Market Data - Copper: The previous domestic futures closing price was 99,880 yuan/ton, the domestic basis was - 55 yuan/ton, the previous LME 3 - month closing price was 12,919 dollars/ton, the LME spot premium/discount (CASH - 3M) was - 67.22 dollars/ton, the LME inventory was 284,325 tons, and the daily change in LME inventory was 2,125 tons [2]. - Aluminum: The previous domestic futures closing price was 25,000 yuan/ton, the domestic basis was - 190 yuan/ton, the previous LME 3 - month closing price was 3,388 dollars/ton, the LME spot premium/discount (CASH - 3M) was 22.47 dollars/ton, the LME inventory was 456,875 tons, and the daily change in LME inventory was - 2,250 tons [2]. - Zinc: The previous domestic futures closing price was 24,310 yuan/ton, the domestic basis was - 105 yuan/ton, the previous LME 3 - month closing price was 3,326 dollars/ton, the LME spot premium/discount (CASH - 3M) was - 25.77 dollars/ton, the LME inventory was 94,975 tons, and the daily change in LME inventory was - 25 tons [2]. - Nickel: The previous domestic futures closing price was 135,430 yuan/ton, the domestic basis was - 5,180 yuan/ton, the previous LME 3 - month closing price was 17,430 dollars/ton, the LME spot premium/discount (CASH - 3M) was - 197.48 dollars/ton, the LME inventory was 287,550 tons, and the daily change in LME inventory was 0 tons [2]. - Lead: The previous domestic futures closing price was 16,640 yuan/ton, the domestic basis was - 180 yuan/ton, the previous LME 3 - month closing price was 1,931 dollars/ton, the LME spot premium/discount (CASH - 3M) was - 42.91 dollars/ton, the LME inventory was 285,900 tons, and the daily change in LME inventory was 0 tons [2]. - Tin: The previous domestic futures closing price was 382,160 yuan/ton, the domestic basis was - 1,890 yuan/ton, the previous LME 3 - month closing price was 50,095 dollars/ton, the LME spot premium/discount (CASH - 3M) was - 120.00 dollars/ton, the LME inventory was 7,775 tons, and the daily change in LME inventory was 0 tons [2].