20260324申万期货有色金属基差日报-20260324

Report Industry Investment Rating - Not provided Core Viewpoints - Copper prices rose 2.98% overnight. The 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, home appliance production schedules are in negative growth, and the real estate market is weak. Copper prices may remain weak in the short term [2]. - Zinc prices rose 1.21% overnight. Zinc concentrate processing fees have declined, and the concentrate supply is temporarily tight, but smelting output continues to grow. Galvanized sheet inventories are at a high level. Infrastructure investment growth has slowed, automobile production and sales are in positive growth, home appliance production schedules are in negative growth, and the real estate market is weak. Zinc prices may follow the overall trend of non - ferrous metals [2]. Summary by Related Catalogs Metal Price Movements - Copper: Night - time price increased by 2.98% [2]. - Zinc: Night - time price increased by 1.21% [2]. Metal Market Fundamentals - Copper: Concentrate supply is tight, smelting profits are at the break - even point, and smelting output has a high - growth trend. Power investment is stable, while automobile and home appliance sectors have negative growth, and the real estate market is weak [2]. - Zinc: Concentrate supply is temporarily tight, smelting output is growing. Galvanized sheet inventories are high, infrastructure investment growth is slowing, automobile production and sales are positive, home appliance production schedules are negative, and the real estate market is weak [2]. Market Data | Metal | Domestic Previous - day Futures Closing Price (Yuan/ton) | Domestic Basis (Yuan/ton) | Previous - day LME 3 - month Futures Closing Price (USD/ton) | LME Spot Premium/Discount (CASH - 3M, USD/ton) | LME Inventory (tons) | LME Inventory Daily Change (tons) | | --- | --- | --- | --- | --- | --- | --- | | Copper | 92,120 | - 60 | 12,221 | - 85.26 | 342,350 | 6,925 | | Aluminum | 23,960 | - 150 | 3,226 | 30.63 | 429,675 | - 3,050 | | Zinc | 22,930 | - 45 | 3,103 | - 20.79 | 117,675 | - 175 | | Nickel | 132,750 | - 4,300 | 17,200 | - 188.19 | 283,512 | - 258 | | Lead | 16,255 | - 90 | 1,899 | - 39.61 | 284,100 | - 150 | | Tin | 342,480 | - 12,630 | 44,500 | - 266.00 | 8,920 | - 35 | [2]