20260323申万期货有色金属基差日报-20260323

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - Copper: The copper price closed 1.61% lower overnight. Concentrate supply 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 overall. Power investment is stable, while automobile production and sales, as well as home appliance production schedules, show negative growth, and the real estate market remains weak. The copper price may continue to be weak 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 closed 0.33% lower overnight. Zinc concentrate processing fees have declined, and concentrate supply is temporarily tight, but smelting output continues to grow. The inventory of galvanized sheets is generally at a high level. Infrastructure investment growth has slowed, automobile production and sales are growing positively, home appliance production schedules are in negative growth, and the real estate market remains 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 peak - season demand [2]. 3. Summary by Related Catalog Metal Price and Market Data - Copper: The previous domestic futures closing price was 94,780 yuan/ton, with a basis of - 65 yuan/ton. The previous LME 3 - month closing price was 11,835 dollars/ton, and the LME spot premium (CASH - 3M) was - 91.00 dollars/ton. LME inventory was 335,425 tons, with a daily increase of 1,325 tons [2]. - Aluminum: The previous domestic futures closing price was 23,960 yuan/ton, with a basis of - 160 yuan/ton. The previous LME 3 - month closing price was 3,192 dollars/ton, and the LME spot premium (CASH - 3M) was 37.83 dollars/ton. LME inventory was 432,725 tons, with a daily decrease of 3,900 tons [2]. - Zinc: The previous domestic futures closing price was 22,930 yuan/ton, with a basis of - 65 yuan/ton. The previous LME 3 - month closing price was 3,056 dollars/ton, and the LME spot premium (CASH - 3M) was - 27.42 dollars/ton. LME inventory was 117,850 tons, with a daily decrease of 175 tons [2]. - Nickel: The previous domestic futures closing price was 132,750 yuan/ton, with a basis of - 4,730 yuan/ton. The previous LME 3 - month closing price was 16,885 dollars/ton, and the LME spot premium (CASH - 3M) was - 182.99 dollars/ton. LME inventory was 283,770 tons, with a daily decrease of 180 tons [2]. - Lead: The previous domestic futures closing price was 16,255 yuan/ton, with a basis of - 190 yuan/ton. The previous LME 3 - month closing price was 1,889 dollars/ton, and the LME spot premium (CASH - 3M) was - 38.62 dollars/ton. LME inventory was 284,250 tons, with a daily decrease of 125 tons [2]. - Tin: The previous domestic futures closing price was 342,480 yuan/ton, with a basis of - 130 yuan/ton. The previous LME 3 - month closing price was 42,840 dollars/ton, and the LME spot premium (CASH - 3M) was - 227.00 dollars/ton. LME inventory was 8,955 tons, with a daily decrease of 10 tons [2].