1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report Copper - Overnight LME copper weakened with a 0.71% decline to $9481/ton, SHFE copper主力 dropped 0.41% to 77770 yuan/ton, and domestic spot imports remained in a loss [1]. - Macroeconomic factors such as poor US Treasury auctions and warnings from the ECB have suppressed risk appetite [1]. - LME copper inventory decreased by 1925 tons to 168825 tons, Comex copper inventory increased by 1271 tons to 156965 tons, and SHFE copper warehouse receipts decreased by 4520 tons to 41218 tons [1]. - High copper prices and premiums are constraining downstream procurement. Despite the sharp decline in the US dollar last night, the market's suppressed preference failed to drive up copper prices further [1]. - The market is concerned about a large long - position in copper, and the copper structure is unfavorable for short - positions. The continuous outflow of SHFE warehouse receipts indicates that some investors are conducting positive spread expansion trades, which helps maintain the current copper price. It is still regarded as oscillating with a slight upward trend [1]. Aluminum - Alumina trended slightly upwards, with AO2509 closing at 3243 yuan/ton, a 1.85% increase, and open interest increasing by 27721 lots to 385,000 lots. Shanghai aluminum trended slightly downwards, with AL2507 closing at 20135 yuan/ton, a 0.17% decrease, and open interest decreasing by 944 lots to 199,000 lots [1]. - The SMM alumina price rebounded slightly to 3077 yuan/ton, and the aluminum ingot spot premium widened to 70 yuan/ton [1]. - The news of Guinea's withdrawal of mining rights continues to ferment, and domestic alumina supply continues to cut production and conduct maintenance. Demand is generally rigid and shows marginal improvement. With fundamental support and ample speculation space in the news, there is still upward momentum [2]. - The low - expected ingot casting and outward shipment of Yunnan electrolytic aluminum, and the short - term effect of tariff adjustment on export rush continue. Aluminum ingot inventory continues to decline at a low level. With cost support weakening and seasonal off - season pressure, and limited boost from upstream alumina under the interweaving of long and short factors, it may continue to oscillate [2]. Nickel - Overnight LME nickel rose 0.64% to $15630/ton, and Shanghai nickel rose 0.32% to 123760 yuan/ton. LME inventory decreased by 312 tons to 201786 tons, and domestic SHFE warehouse receipts decreased by 128 tons to 23014 tons [2]. - In the stainless - steel industry chain, the weekly transaction price of nickel - iron raw materials remained stable at around 940 yuan/nickel point, with a slight recovery to 955 yuan/nickel point last Friday. The cost support for stainless steel has shifted downwards compared to the previous period. Although there has been some production cut on the supply side, the social inventory level has not shown a significant de - stocking state. The previous price increase was affected by macro - factors and nickel - ore policy disturbances, but actual demand is difficult to sustain, so it will maintain an oscillating state in the short term [2]. - In the new - energy industry chain, raw materials are expected to increase in supply, the supply and demand of nickel sulfate are both weak, and the weekly production of ternary batteries at the cell end has weakened. The production of primary nickel decreased slightly, and inventory increased slightly last week [2]. - Overall, the firm nickel - ore price supports the nickel price, but nickel - iron is trading at extremely low prices. It will maintain the current range - bound oscillation in the short term. Attention should be paid to the primary nickel inventory and the progress of the Philippine government's ore - ban policy in June [2]. 3. Summary by Relevant Catalogs Research Views - The report provides daily reviews of copper, aluminum, and nickel, including price changes, inventory levels, and market trends, and analyzes the influencing factors and future trends of each metal [1][2]. Daily Data Monitoring - **Copper**: Compares prices, inventory, and other data on May 21, 2025, and May 20, 2025, including the price of flat - copper, scrap copper, downstream products, and changes in inventory at different locations [3]. - **Aluminum**: Compares prices, raw material prices, downstream processing fees, and inventory data on May 21, 2025, and May 20, 2025 [4]. - **Nickel**: Compares prices of nickel products, inventory, and import - export data on May 21, 2025, and May 20, 2025 [4]. - **Zinc**: Compares prices, processing fees, inventory, and import - export data on May 21, 2025, and May 20, 2025 [5]. - **Tin**: Compares prices, inventory, and import - export data on May 21, 2025, and May 20, 2025 [5]. Chart Analysis - **Spot Premium**: Presents charts of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [6][7][9][12]. - **SHFE Near - Far Month Spread**: Presents charts of the spread between the first - and second - month contracts for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [15][18][19]. - **LME Inventory**: Presents charts of LME inventory for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [22][24][25]. - **SHFE Inventory**: Presents charts of SHFE inventory for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [27][29][31]. - **Social Inventory**: Presents charts of social inventory for copper, aluminum, nickel, zinc, stainless steel, and 300 - series steel from 2019 - 2025 [34][36][38]. - **Smelting Profit**: Presents charts of copper concentrate index, copper smelting processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit margin from 2019 - 2025 [41][43][45]. Non - ferrous Metals Team Introduction - Zhan Dapeng, a master of science, is the director of non - ferrous research at Everbright Futures Research Institute, a senior researcher in precious metals, a medium - level gold investment analyst, an excellent metal analyst of the Shanghai Futures Exchange, and the best industrial product futures analyst of Futures Daily and Securities Times. The team he leads has won many awards [48]. - Wang Heng, a master of finance from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on aluminum and silicon research [48]. - Zhu Xi, a master of science from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on lithium and nickel research [49].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Copper: Overnight LME copper rose 0.81% to $9,516/ton, SHFE copper rose 0.54% to 78,160 yuan/ton. With the Fed likely not to cut rates before September, China's April economic data showing mixed signals, and inventory changes, the market's risk appetite has recovered, and copper prices are expected to remain volatile and slightly stronger. There are also concerns about a potential squeeze on short positions [1]. - Aluminum: Alumina is expected to remain strong in the near - term due to news of Guinea's mining rights and domestic production cuts. Electrolytic aluminum shows a divergence between strong current conditions and future expectations, with a pattern of near - term strength and long - term weakness expected. Attention should be paid to Yunnan's power policies, inventory trends, and international trade frictions [1][2]. - Nickel: Nickel prices are expected to remain range - bound in the short term. Although nickel ore prices are firm, the cost support for stainless steel has weakened, and the demand in the new energy industry chain is also weak. Attention should be paid to the progress of the Philippine government's mining ban policy in June [2]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Copper**: Overnight LME copper rose 0.81% to $9,516/ton, SHFE copper rose 0.54% to 78,160 yuan/ton. The US is taking a more aggressive stance in trade negotiations, and the Fed may not cut rates before September. China's April consumption slightly exceeded expectations, but fixed - asset investment growth was low, and the real estate market showed signs of a decline. LME copper inventory decreased by 5,050 tons, Comex warehouse receipts increased by 650 tons, and domestic social inventory increased by 0.72 tons. As copper prices rise, downstream demand may slow. The market is also concerned about a potential squeeze on short positions, so copper prices are expected to remain volatile and slightly stronger [1]. - **Aluminum**: Alumina closed at 3,128 yuan/ton, up 1.23%, and positions increased. Shanghai aluminum closed at 20,040 yuan/ton, down 0.62%, and positions decreased. Spot alumina prices rebounded slightly, and the premium on aluminum ingots widened. The news of Guinea's mining rights and domestic production cuts may drive alumina prices higher in the near - term. Electrolytic aluminum shows a divergence between strong current conditions and future expectations, with low inventory currently but potential weakening demand and cost reduction in the future. The price is expected to show a pattern of near - term strength and long - term weakness [1][2]. - **Nickel**: Overnight LME nickel fell 0.67% to $15,500/ton, and SHFE nickel fell 0.31% to 123,520 yuan/ton. LME inventory increased by 6,786 tons, and domestic SHFE warehouse receipts decreased by 30 tons. The cost support for stainless steel has weakened, and the demand in the new energy industry chain is also weak. Nickel prices are expected to remain range - bound in the short term, and attention should be paid to the progress of the Philippine government's mining ban policy in June [2]. 3.2 Daily Data Monitoring - **Copper**: From May 16 to May 19, the price of flat - water copper decreased by 720 yuan/ton, and the premium decreased by 5 yuan/ton. LME inventory decreased by 5,050 tons, and Comex inventory increased by 999 tons. The import loss of the active contract increased by 570 yuan/ton [3]. - **Lead**: The average price of 1 lead decreased by 30 yuan/ton. LME inventory decreased by 2,500 tons, and Shanghai Futures Exchange (SHFE) inventory increased by 5,968 tons [3]. - **Aluminum**: The Wuxi and Nanhai quotes decreased slightly. The price difference between Nanhai and Wuxi widened by 20 yuan/ton. LME inventory decreased by 2,000 tons, and SHFE inventory decreased by 13,585 tons. The social inventory of alumina decreased by 0.5 tons [4]. - **Nickel**: The price of Jinchuan nickel decreased by 1,175 yuan/ton. LME inventory increased by 6,786 tons, and SHFE nickel warehouse receipts decreased by 30 tons. The price of nickel sulfate decreased by 300 yuan/ton [4]. - **Zinc**: The main contract settlement price decreased by 0.3%. LME inventory decreased by 3,400 tons, and SHFE inventory increased by 793 tons. The social inventory decreased by 0.15 tons [5]. - **Tin**: The main contract settlement price decreased by 0.6%. LME inventory increased by 5 tons, and SHFE inventory decreased by 302 tons [5]. 3.3 Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [7][8][9][10][11]. - **SHFE Near - Far Month Spread**: Charts display the historical trends of the spread between the first and second - month contracts for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [13][16][19]. - **LME Inventory**: Charts present the historical trends of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [21][23][25]. - **SHFE Inventory**: Charts show the historical trends of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [28][30][32]. - **Social Inventory**: Charts display the historical trends of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series stainless steel from 2019 - 2025 [35][37][39]. - **Smelting Profit**: Charts present the historical trends of copper concentrate index, rough copper processing fees, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless steel 304 smelting profit margin from 2019 - 2025 [42][44][46].