Policy Overview - The new growth stabilization plan for key industries is set to be released, focusing on structural optimization and elimination of outdated capacity[1] - The previous plan (2023-2024) successfully achieved industrial added value growth targets across most key industries, with specific targets set for various sectors[3] Industry Performance - The power equipment sector aimed for an average annual growth rate of approximately 9%, while the non-ferrous metals sector had targets of 5.5% for both 2023 and 2024[3] - The automotive industry exceeded its 2023 target of 5% growth, achieving a 13% increase, while the non-ferrous metals sector grew by 7.5% in 2023 and 8.9% in 2024[3] Growth Targets and Achievements - Seven out of ten key industries met or exceeded their industrial added value growth targets, with the light industry achieving a growth rate of 3.4%, slightly below the target of 4%[3] - The construction materials sector fell short of its targets, with a decline of 0.5% in 2023 and 1.4% in 2024, against a target of 3.5% and 4% respectively[3] Future Expectations - The new growth stabilization plan is expected to be effective until 2026, likely maintaining industrial added value targets similar to the previous plan[4] - The upcoming policies may emphasize supply-side governance, balancing production efficiency with capacity optimization[7] Risks and Considerations - Potential risks include slower-than-expected economic recovery and uncertainties in external markets, which could impact the effectiveness of the growth stabilization policies[6] - The balance between production limits and sustainable profitability remains a critical concern, particularly in high-emission industries like steel[7]

Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Core View of the Report - The meeting of the Political Bureau of the CPC Central Committee on July 30 pointed out the need to deepen reforms, promote the development of new - quality productivity through scientific and technological innovation, and optimize market competition order. It also mentioned governing disorderly competition among enterprises and promoting capacity governance in key industries. The market sentiment may cool down due to the Politburo's stance on anti - involution and "low - price" expressions. In the short term, although downstream stocking is significant, downstream production scheduling has not increased, and the actual consumption of inventory is limited. There is a possibility of capital re - entry, and prices are expected to be mainly in a weak oscillation. Industrial players can consider hedging on price rallies [3]. Summary by Related Catalogs Lithium Compound Prices - SMM battery - grade lithium carbonate has an average price of 72,000 yuan/ton, down 950 yuan [1]. - SMM industrial - grade lithium carbonate has an average price of 69,900 yuan/ton, down 950 yuan [1]. - The price difference between battery - grade and industrial - grade lithium carbonate is 2,100 yuan/ton, with no change [2]. Lithium Compound Futures - The closing price of lithium carbonate 2508 is 68,000 yuan/ton, down 4.87% [1]. - The closing price of lithium carbonate 2509 is 68,280 yuan/ton, down 4.66% [1]. - The closing price of lithium carbonate 2510 is 68,440 yuan/ton, down 4.01% [1]. - The closing price of lithium carbonate 2511 is 68,600 yuan/ton, down 3.98% [1]. - The closing price of lithium carbonate 2512 is 69,120 yuan/ton, down 3.46% [1]. Lithium Ore Prices - The price of lithium spodumene concentrate (CIF China) is 766 yuan, down 10 yuan [1]. - The price of lithium mica (Li20: 1.5% - 2.0%) is 1,120 yuan, down 20 yuan [2]. - The price of lithium mica (Li20: 2.0% - 2.5%) is 1,750 yuan, down 25 yuan [2]. - The price of phospho - lithium - aluminum stone (Li20: 6% - 7%) is 5,325 yuan, down 350 yuan [2]. - The price of phospho - lithium - aluminum stone (Li20: 7% - 8%) is 6,250 yuan, down 375 yuan [2]. Cathode Material Prices - The average price of lithium iron phosphate (power type) is 32,885 yuan, down 305 yuan [2]. - The average price of ternary material 811 (polycrystalline/power type) is 145,130 yuan, up 90 yuan [2]. - The average price of ternary material 523 (single - crystal/power type) is 116,895 yuan, down 100 yuan [2]. - The average price of ternary material 613 (single - crystal/power type) is 122,455 yuan, up 80 yuan [2]. Price Spreads - The price difference between battery - grade lithium carbonate and the main contract is 3,720 yuan, an increase of 1,370 yuan [2]. - The price difference between the near - month and the first - continuous contract is - 280 yuan, an increase of 60 yuan [2]. - The price difference between the near - month and the second - continuous contract is - 440 yuan, a decrease of 60 yuan [2]. Inventory - The total inventory (weekly, tons) is 141,726 tons, down 1,444 tons [2]. - The inventory of smelters (weekly, tons) is 51,958 tons, down 3,427 tons [2]. - The inventory of downstream enterprises (weekly, tons) is 45,888 tons, up 3,073 tons [2]. - The inventory of other sectors (weekly, tons) is 43,880 tons, down 1,090 tons [2]. - The registered warehouse receipts (daily, tons) is 5,545 tons, down 6,731 tons [2]. Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 68,893 yuan, and the profit is 7,621 yuan [3]. - The cash cost of purchasing lithium mica concentrate externally is not clearly stated, and the profit is - 7,136 yuan [3].

Report Industry Investment Rating No relevant content found. Core Viewpoints - Policy might correct the over - interpretation of anti - involution previously. During the summer heat, demand will weaken further and inventory is expected to rise. The market focus will shift to the peak - season consumption in August - September. For steel products, short - term short positions can be held, and those not yet in the market can enter short - term short positions after price rebounds. For iron ore, short - term short selling on price rebounds is recommended, with timely stop - profit and stop - loss, and conservative investors should stay on the sidelines [3][6]. Summary by Directory 1. Steel Products (Ribbed Bars and Hot - Rolled Coils) - **Policy and Market News**: Politburo meeting removed "low - price" from "low - price disorderly competition", changed "promote the orderly exit of backward production capacity" to "promote the governance of key industry production capacity", and emphasized optimizing market competition order. The July manufacturing PMI data in China was below expectations, and rapid price increases pressured terminal demand [3]. - **Supply and Demand**: This week, ribbed bar production and apparent demand decreased from an increasing trend, factory inventory decreased for the third consecutive week, and social inventory increased for the third consecutive week. The total inventory of five major steel products rose, and apparent demand declined. Seasonally, demand will weaken in summer heat, and inventory is expected to rise [3]. - **Technical Analysis**: Futures prices decreased with reduced positions, and long - position liquidation drove price drops [3]. - **Operation Suggestion**: Hold short - term short positions. Those not in the market can enter short - term short positions after price rebounds [3]. - **Data**: - **Prices**: Ribbed bar futures and spot prices, hot - rolled coil futures and spot prices all decreased. For example, the ribbed bar futures price decreased by 3.32% compared to the previous day and 2.70% compared to last week [3]. - **Production**: Ribbed bar production was 211.06 million tons, a 0.42% decrease from last week; hot - rolled coil production was 322.79 million tons, a 1.67% increase from last week [3]. - **Inventory**: Five - major - product social inventory increased by 1.65%, ribbed bar social inventory increased by 2.99%, and ribbed bar factory inventory decreased by 2.12% [3]. 2. Iron Ore - **Supply and Demand**: Steel mills' profitability is fair, but iron - water production has large downward pressure in the off - season. Even in the peak season, the room for growth is limited. Global iron - ore shipments are high and rising seasonally, and future arrivals are expected to remain high. Port inventory is slowly decreasing, but trade - mine inventory is high [6]. - **Market News**: After the Sino - US trade talks and Politburo meeting, positive factors were exhausted, and prices face large correction pressure [6]. - **Technical Analysis**: Futures prices stabilized in the short term, the oscillation range narrowed, and prices are expected to follow the trend of ribbed bars [6]. - **Operation Suggestion**: Short - term short selling on price rebounds, with timely stop - profit and stop - loss, and conservative investors should stay on the sidelines [6]. - **Data**: - **Prices**: Iron - ore spot and futures prices decreased. For example, the DCE iron - ore futures price decreased by 1.27% compared to the previous day and 3.95% compared to last week [7]. - **Supply**: Australian iron - ore shipments increased by 16.64% week - on - week, while Brazilian shipments decreased by 12.19% [7]. - **Inventory**: Port inventory increased by 0.04%, and trade - mine inventory decreased by 0.11% [7]. 3. Industry Information - **Steel Industry PMI**: In July 2025, the steel industry PMI was 50.5%, up 4.6 percentage points month - on - month, ending two consecutive months of decline and returning to the expansion range. In August, steel demand may continue a weak recovery, steel - mill production may rise slightly, and raw material and steel prices will oscillate [10]. - **Coking Coal and Coke**: The coking - coal long - term agreement price increased in July. Some coking - coal mines' production is restricted, and coking - plant profitability varies by region. The average national ton - coke profit is - 45 yuan/ton [11][12]. - **Other Products**: National float - glass inventory decreased for six consecutive weeks, and soda - ash factory inventory decreased for three consecutive weeks but remains at a high historical level [12].

2025 年 8 月 1 日 螺纹钢：市场情绪降温，偏弱震荡 热轧卷板：市场情绪降温，偏弱震荡 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 金园园（联系人） 期货从业资格号：F03134630 jinyuanyuan2@gtht.com 【基本面跟踪】 螺纹钢、热轧卷板基本面数据 | | | （元/吨） 昨日收盘价 | 涨跌 （元/吨） | 涨跌幅 （%） | | --- | --- | --- | --- | --- | | | RB2510 | 3,205 | -140 | -4.19 | | 期 货 | HC2510 | 3,390 | -125 | -3.56 | | | | 昨日成交 （手） | 昨日持仓 （手） | 持仓变动 （手） | | | RB2510 | 2,730,966 | 1,816,026 | -213,107 | | | HC2510 | 1,070,244 （元/吨） 昨日价格 | 1,433,936 （元/吨） 前日价格 | -139,278 （元/吨） 涨跌 | | | 上海 | 3370 | 3440 | -70 | | | 杭州 螺 ...

1. Report Industry Investment Rating - The report gives a bullish rating for both coke and coking coal [1] 2. Core Viewpoints of the Report - The Politburo meeting emphasized capacity governance in key industries and the regulation of disorderly competition. Some long - position funds took early profit due to previous under - performing policies and over - hyped expectations. The Sino - US trade talks extended the tariff suspension period by 90 days. The market trend on Thursday and Friday after important events will affect the subsequent strength. Although the market dipped after the Politburo meeting announcement on Wednesday, it rebounded. The market continued to decline on Thursday, with coking coal hitting the daily limit down, and it's still uncertain whether it has stabilized. After the major uncertainty is removed, the market will trade based on the long - term logic [4] - For coking coal, mine production declined, downstream restocking enthusiasm was high, and spot transaction rates were at a high level. Mine inventories were continuously transferred to downstream, and steel mills' restocking speeded up slightly this week. For coke, after the third and fourth rounds of price increases were quickly implemented, the fifth round was postponed, but the expectation of further price increases remained. High blast furnace profits supported coke demand [4] - Considering the coking coal's recent trends and positions, short - term funds that entered the market after the 23rd are likely to be stopped out. The current position has dropped significantly, and the price has almost returned to the level before the 23rd. The coking coal's trend in recent days is crucial for determining the future price direction. After the market sentiment is released, the profit distribution logic in the industrial chain will be traded. After coking coal hit the daily limit down on Thursday, the black - commodity sector rebounded at night, indicating a warming sentiment. The short - term market will fluctuate widely. It is recommended to hold long positions in J09 and JM09 lightly, shift positions to the January contract as long - positions dominate the shift, and decide whether to increase positions after the outcome of the long - short battle is clear [4][5] 3. Summaries According to Relevant Catalogs Coking Coal Supply and Demand - Supply decreased slightly while demand increased. The operating rate of 523 mines was 86.9% (+0.83), and that of 110 coal - washing plants was 61.51% (-0.8). The production rate of 230 independent coking enterprises was 73.61% (+0.71) [2] Inventory - Upstream inventory decreased while downstream inventory increased. The clean coal inventory of 523 mines was 278.44 million tons (-60.63), and that of coal - washing plants was 175.61 million tons (-15.93). The inventory of 247 steel mills was 799.51 million tons (+8.41), and that of 230 coking enterprises was 841.21 million tons (+51.02). The port inventory was 292.34 million tons (-29.16) [2] Spot Price and Spread - The spot price of Mongolian 5 coking coal was 1150 yuan/ton (-0), and the active contract price was 1045.5 yuan/ton (-71.5). The basis was +124.5 yuan/ton (+71.5), and the 9 - 1 month spread was -89.5 yuan/ton (+26) [1] Coke Supply and Demand - Demand remained high, and supply increased slightly. The production rate of 230 independent coking enterprises was 73.61% (+0.71). The capacity utilization rate of 247 steel mills was 90.81% (-0.08), and the daily average pig iron output was 242.23 million tons (-0.21) [3] Inventory - Upstream inventory decreased while downstream inventory increased. The inventory of 230 coking enterprises was 50.12 million tons (-5.43), that of 247 steel mills was 639.98 million tons (+0.99), and the port inventory was 198.13 million tons (-0.98) [3] Spot Price, Spread and Profit - The price of quasi - first - grade coke at Tianjin Port was 1420 yuan/ton (+0). Some regions initiated the fifth round of price increases, and the active contract price was 1601 yuan/ton (-75.5). The basis was -74 yuan/ton (+75.5), and the 9 - 1 month spread was -53.5 yuan/ton (+10) [3]

Core Viewpoint - The Chinese government is committed to combating "involution" in various key industries, aiming to optimize market competition and improve production capacity utilization, with expectations for a rebound in the Producer Price Index (PPI) in the second half of the year [3][6]. Group 1: Policy Initiatives - The Central Political Bureau meeting on July 30 emphasized the need for capacity governance in key industries, including steel, coal, building materials, and chemicals, to address disordered competition [3][4]. - The government has been actively promoting policies to resolve structural contradictions in key industries, focusing on both supply and demand sides to foster healthy industrial development [4][5]. - The Ministry of Industry and Information Technology (MIIT) has initiated measures against "involution" in the automotive sector, highlighting the need for fair competition and the elimination of disorderly price wars [5][6]. Group 2: Industry Responses - Major industries, including photovoltaic glass and steel, are responding to the "involution" policies by reducing production and adjusting pricing strategies to stabilize the market [6][7]. - The China Cement Association has issued guidelines to enhance industry structure and improve capacity utilization, aiming for a return to reasonable pricing [6][7]. - Various industry associations, including those in construction and paper, have launched initiatives to promote high-quality development and combat "involution" [6][7]. Group 3: Economic Outlook - The PPI is expected to gradually recover in the second half of the year, driven by price increases in key commodities such as rebar, coking coal, and thermal coal, as a result of ongoing "involution" policies [7][8]. - Analysts predict that the prices of rebar, coking coal, and thermal coal could rise to 3900 yuan/ton, 1200 yuan/ton, and 700 yuan/ton respectively by the end of the year, contributing to a sequential increase in PPI [7][8].

继上半年汽车、光伏、钢铁、水泥等行业纷纷高举起"反内卷"大旗后，这一政策指向仍将成为下半年的 重点。 7月30日，中共中央政治局召开会议，分析研究当前经济形势，部署下半年经济工作。会议明确，要纵 深推进全国统一大市场建设，推动市场竞争秩序持续优化。依法依规治理企业无序竞争，推进重点行业 产能治理，规范地方招商引资行为。坚持"两个毫不动摇"，激发各类经营主体活力。 部委层面，5月下旬，发改委新闻发布会上，发言人李超明确提到，针对内卷式竞争问题症结，发改委 因业施策、对症下药、标本兼治，化解重点产业结构性矛盾，促进产业健康发展和升级。5月底至6月 初，在中汽协发布"维护公平竞争秩序，促进行业健康发展"倡议书后，工信部随即发声，指出车企无 序"价格战"是"内卷式"竞争的典型表现，将加大整治力度，配合相关部门开展反不正当竞争执法。随 后，一汽、东风等17家重点车企作出的"支付账期不超过60天"承诺，工信部亦在7月初开通重点车企账 期问题反映窗口。7月3日，工信部召集14家光伏企业及行业协会负责人座谈，明确提出依法整治光伏行 业无序竞争，推动企业提升产品品质，促进落后产能有序退出。7月24日，国家发改委、国家市场监管 ...

Market Overview - The important indices mostly declined in the recent trading days from July 25 to July 31, with the Shanghai Composite Index down by 0.90% and the ChiNext Index down by 0.73% [4] - The trading volume continued to increase, with a total of 9.11 trillion yuan and an average daily trading volume of 1.82 trillion yuan, which is an increase of 479.50 billion yuan compared to the previous five trading days [10] Policy and Economic Context - The Federal Reserve maintained the federal funds rate target range at 4.25% to 4.50%, aligning with market expectations. The statements regarding employment and inflation remained consistent with previous meetings, indicating a cautious approach towards inflation risks [26] - The political bureau meeting emphasized the need to consolidate the positive momentum in the capital market, and the China Securities Regulatory Commission (CSRC) identified stabilizing the market as a primary task [27] Investment Strategy - The market is currently undergoing a consolidation phase, but there are mid-term upward opportunities due to policy support aimed at enhancing the attractiveness of the capital market and increasing capital inflows [27] - Investment opportunities are identified in the following sectors: 1. TMT (Technology, Media, and Telecommunications), biopharmaceuticals, and national defense industries, driven by AI and overseas expansion [27] 2. Financial sector opportunities in line with the goal of stabilizing the capital market [27] 3. Reallocation opportunities in power equipment and certain resource sectors due to capacity governance [27] Industry Performance - In the recent trading period, the majority of industries saw declines, with notable gains in the communication, biopharmaceutical, and electronics sectors, while coal, non-ferrous metals, and construction decoration sectors experienced significant declines [21][24]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The alumina market is in a stage of sufficient supply and stable demand, with long - term supply potentially converging due to policy influence. It is recommended to conduct light - position oscillating trades [2]. - The Shanghai aluminum market has relatively stable supply and weak demand in the short - term, with good long - term consumption expectations and a slight accumulation of industrial inventory. It is advisable to engage in light - position oscillating trades [2]. - The cast aluminum market is in a situation of weak supply and demand, with accumulated industrial inventory and pressure on quotes. It is recommended to conduct light - position short - selling trades at high prices [2]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the Shanghai aluminum main contract is 20,510 yuan/ton, down 115 yuan; the closing price of the alumina futures main contract is 3,222 yuan/ton, down 104 yuan [2]. - The LME aluminum three - month quotation is 2,606 US dollars/ton, down 25 US dollars; the LME aluminum inventory is 456,100 tons, up 1,825 tons [2]. - The Shanghai - London ratio is 7.87, up 0.03 [2]. 3.2 Spot Market - The price of Shanghai Non - ferrous A00 aluminum is 20,580 yuan/ton, down 90 yuan; the alumina spot price in Shanghai Non - ferrous is 3,230 yuan/ton, unchanged [2]. - The basis of electrolytic aluminum is 70 yuan/ton, up 25 yuan; the basis of alumina is 8 yuan/ton, up 104 yuan [2]. 3.3 Upstream Situation - The alumina production is 774.93 million tons, up 26.13 million tons; the demand for alumina (electrolytic aluminum part) is 696.19 million tons, down 23.83 million tons [2]. - China's import of aluminum scrap and waste is 155,616.27 tons, down 4,084.65 tons; the export is 64.33 tons, down 8.11 tons [2]. 3.4 Industry Situation - The electrolytic aluminum social inventory is 47.60 million tons, up 1.40 million tons; the electrolytic aluminum total production capacity is 4,520.70 million tons, up 0.50 million tons [2]. - The primary aluminum import is 192,314.50 tons, down 30,781 tons; the export is 19,570.72 tons, down 12,523.35 tons [2]. 3.5 Downstream and Application - The aluminum product production is 587.37 million tons, up 11.17 million tons; the export of unwrought aluminum and aluminum products is 49.00 million tons, down 6.00 million tons [2]. - The automobile production is 280.86 million vehicles, up 16.66 million vehicles [2]. 3.6 Option Situation - The call - put ratio of Shanghai aluminum options is 1.33, up 0.0469; the implied volatility of the Shanghai aluminum main contract at - the - money is 10.27%, up 0.0024 [2]. 3.7 Industry News - The China Non - ferrous Metals Industry Association will strictly control new capacities of copper smelting and alumina [2]. - The Fed maintained the federal funds rate unchanged, and Powell said it's too early to say whether to cut rates in September [2]. - The US Q2 real GDP annualized quarterly growth rate was 3%, exceeding expectations, and the core PCE price index rose 2.5% [2]. - The Political Bureau of the CPC Central Committee will hold the Fourth Plenary Session of the 20th CPC Central Committee in October and emphasized economic policies [2]. 3.8 Alumina View Summary - The alumina main contract oscillates downward, with reduced positions, spot premium, and strengthening basis. The supply is sufficient and demand is stable, and it's recommended to conduct light - position oscillating trades [2]. 3.9 Electrolytic Aluminum View Summary - The Shanghai aluminum main contract oscillates weakly, with reduced positions, spot premium, and strengthening basis. The supply is relatively stable, demand is weak in the short - term, and it's recommended to conduct light - position oscillating trades [2]. 3.10 Cast Aluminum View Summary - The cast aluminum main contract oscillates weakly, with reduced positions, spot premium, and weakening basis. The supply and demand are both weak, and it's recommended to conduct light - position short - selling trades at high prices [2].

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Report's Core View - The non - US copper market's inventory is low, and the domestic copper inventory is falling, supporting copper prices. However, the demand lacks upward drive, and the price is expected to have low volatility. For zinc, it has a pattern of increasing supply and weak demand, and the price is expected to be weak. The aluminum industry chain is bearish, and short - selling is recommended. Tin has a situation of weak supply and demand, and short - selling positions can be reduced. Lead's price fluctuates in a range, and medium - term bullishness can be considered. Nickel and stainless steel are in a weak situation, and short - selling on rallies is recommended [4][5][6][7][8][9] Group 3: Summary by Directory First Part: Non - ferrous Metals Operation Logic and Investment Suggestions - **Macro Logic**: The non - ferrous sector fluctuates with the domestic anti - involution profit - taking. The trade negotiation has reached many phased agreements, and the market focuses on the Fed's interest - rate decision and domestic policies. The non - ferrous market is in shock, and attention should be paid to the possible adverse impact of the trade situation and tariff increase [12][13] - **Investment Suggestions for Each Metal**: - **Copper**: The COMEX copper premium may decline. The non - US market's inventory is low, and the domestic inventory is falling, supporting the price. The demand lacks upward drive, and the price is expected to have low volatility. The upper pressure range is 80,000 - 82,000 yuan/ton, and the lower support range is 78,000 - 79,000 yuan/ton. It is recommended to buy on dips [4][14] - **Zinc**: The supply is increasing, the demand is weak, and the price is expected to be weak. The upper pressure range is 22,800 - 23,100 yuan/ton, and the lower support range is 21,600 - 21,800 yuan/ton. Short - selling on rallies is recommended [5][14] - **Aluminum Industry Chain**: The market sentiment is weak, and short - selling is recommended. The upper pressure and lower support ranges are provided for aluminum, alumina, and cast aluminum alloy [6][15] - **Tin**: The supply and demand are both weak, and short - selling positions can be reduced. The upper pressure range is 270,000 - 290,000 yuan/ton, and the lower support range is 250,000 - 255,000 yuan/ton [7][15] - **Lead**: The price fluctuates in a range, and medium - term bullishness can be considered. The lower support range is 16,600 - 16,800 yuan/ton, and the upper pressure range is 17,200 - 17,400 yuan/ton [8][16] - **Nickel and Stainless Steel**: The supply is in excess, and the demand is weak. The upper pressure and lower support ranges are provided, and short - selling on rallies is recommended [9][16] Second Part: Non - ferrous Metals Market Review - **Futures Closing Situation**: The closing prices and price changes of copper, zinc, aluminum, alumina, tin, lead, nickel, stainless steel, and cast aluminum alloy are provided [17] Third Part: Non - ferrous Metals Position Analysis - The latest position analysis of the non - ferrous metal sector is presented, including the price change, net long - short strength comparison, net long - short position difference, changes in net long and short positions, and influencing factors of various varieties [19] Fourth Part: Non - ferrous Metals Spot Market - The spot prices and price changes of copper, zinc, aluminum, alumina, nickel, stainless steel, tin, lead, and cast aluminum alloy are provided [20][22] Fifth Part: Non - ferrous Metals Industry Chain - **Copper**: Graphs related to copper inventory, copper concentrate refining fees, and the relationship between the US dollar index and copper price are presented [26][27] - **Zinc**: Graphs related to zinc inventory, zinc concentrate processing fees, zinc spot market price, and galvanized sheet production seasonality are presented [29] - **Aluminum**: Graphs related to the relationship between aluminum inventory and price, LME aluminum inventory and price, and aluminum spot premium are presented [31][32] - **Alumina**: Graphs related to alumina spot price trend and alumina port inventory change are presented [37] - **Tin**: Graphs related to tin price and spot premium, tin inventory, and tin concentrate processing fees are presented [39][44] - **Lead**: Graphs related to lead concentrate processing fees, lead futures inventory, LME lead premium, and lead spot price are presented [47][48] - **Nickel**: Graphs related to nickel futures inventory, LME nickel inventory, refined nickel spot premium, and LME nickel premium are presented [51][53] - **Stainless Steel**: Graphs related to stainless steel futures inventory and stainless steel spot price are presented [57][58] Sixth Part: Non - ferrous Metals Arbitrage - **Copper**: Graphs related to the copper Shanghai - London ratio change and the premium between Shanghai copper and London copper are presented [59] - **Zinc**: Graphs related to the zinc Shanghai - London ratio change and LME zinc spot premium are presented [61] - **Aluminum and Alumina**: Graphs related to aluminum basis, aluminum Shanghai - London ratio, the difference between Shanghai aluminum contracts, and the difference between alumina contracts are presented [64][67] - **Tin**: Graphs related to tin basis, the difference between tin contracts, and the tin Shanghai - London ratio are presented [67][69] - **Lead**: Graphs related to the difference between Shanghai zinc and Shanghai lead, and the lead Shanghai - London ratio are presented [70] - **Nickel and Stainless Steel**: Graphs related to the nickel Shanghai - London ratio, the ratio of nickel to stainless steel, and the difference between nickel contracts are presented [73][74] Seventh Part: Non - ferrous Metals Options - **Copper**: Graphs related to copper option historical volatility, weighted implied volatility, trading volume, and the ratio of call to put positions are presented [76] - **Zinc**: Graphs related to zinc historical volatility, zinc option weighted implied volatility, trading volume, and the ratio of call to put positions are presented [78][79] - **Aluminum**: Graphs related to aluminum option trading volume, the ratio of call to put positions, historical volatility, and implied volatility are presented [81][83]