20260331申万期货有色金属基差日报-20260331
Shen Yin Wan Guo Qi Huo·2026-03-31 06:43
- Report's Investment Rating for the Industry - No relevant information provided 2. Core Views of the Report - Copper prices closed 0.43% lower 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 auto production and sales, home appliance production schedules are in negative growth, and the real estate market is persistently weak. Copper prices may fluctuate in a wide range in the short term [2]. - Zinc prices closed 0.47% higher overnight. Zinc concentrate processing fees have declined, and the concentrate supply is temporarily tight. Smelting output continues to grow. Galvanized sheet inventories are generally at a high level. Infrastructure investment growth has slowed, auto production and sales are in positive growth, home appliance production schedules are in negative growth, and the real estate market is persistently weak. Zinc prices may follow the overall trend of non - ferrous metals [2]. 3. Summary of Related Catalogs 3.1 Domestic Market Basis Data | Variety | Domestic Previous Futures Closing Price (yuan/ton) | Domestic Basis (yuan/ton) | | --- | --- | --- | | Copper | 95,700 | -65 | | Aluminum | 24,640 | -100 | | Zinc | 23,480 | -95 | | Nickel | 136,540 | -1,770 | | Lead | 16,465 | -70 | | Tin | 369,790 | -4,030 | [2] 3.2 LME Spot Premium/Discount Data | Variety | Previous LME 3 - month Closing Price (USD/ton) | LME Spot Premium/Discount (CASH - 3M, USD/ton) | | --- | --- | --- | | Copper | 12,195 | -82.55 | | Aluminum | 3,445 | 47.21 | | Zinc | 3,182 | -0.68 | | Nickel | 17,325 | -201.58 | | Lead | 1,912 | -31.20 | | Tin | 46,160 | -165.00 | [2] 3.3 LME Inventory Data | Variety | LME Inventory (tons) | LME Inventory Daily Change (tons) | | --- | --- | --- | | Copper | 360,250 | 425 | | Aluminum | 420,875 | -2,200 | | Zinc | 115,375 | -275 | | Nickel | 281,574 | -666 | | Lead | 283,075 | -25 | | Tin | 8,720 | 0 | [2]