Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Views - Copper: Night - session copper prices closed higher, hitting a record high. Concentrate supply remains tight, smelting profit is at the break - even point, and smelting output, while declining month - on - month, continues to grow overall. Power investment is stable, auto production and sales are growing, home appliance output is negative, and the real estate market is weak. Supply disruptions in mines have led to a global copper supply - demand gap. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2]. - Zinc: Night - session zinc prices closed higher. Zinc concentrate processing fees have declined, concentrate supply is temporarily tight, and smelting output continues to grow. Galvanized sheet inventories are generally high, infrastructure investment growth has slowed, auto production and sales are growing, home appliance output is negative, and the real estate market is weak. The overall difference in zinc supply - demand is not obvious. Attention should be paid to changes in the US dollar, smelting output, and downstream demand [2]. 3. Summary by Related Contents Metal Price and Market Data - **Copper**: The previous domestic futures closing price was 89,150 yuan/ton, the domestic basis was 90 yuan/ton, the previous LME 3 - month futures closing price was 11,449 dollars/ton, the LME spot premium (CASH - 3M) was 88.38 dollars/ton, LME inventory was 161,800 tons, and the daily change was 2,375 tons [2]. - **Aluminum**: The previous domestic futures closing price was 21,900 yuan/ton, the domestic basis was - 70 yuan/ton, the previous LME 3 - month futures closing price was 2,897 dollars/ton, the LME spot premium (CASH - 3M) was - 30.98 dollars/ton, LME inventory was 535,900 tons, and the daily change was - 2,000 tons [2]. - **Zinc**: The previous domestic futures closing price was 22,720 yuan/ton, the domestic basis was 65 yuan/ton, the previous LME 3 - month futures closing price was 3,062 dollars/ton, the LME spot premium (CASH - 3M) was 186.85 dollars/ton, LME inventory was 52,375 tons, and the daily change was 350 tons [2]. - **Nickel**: The previous domestic futures closing price was 117,600 yuan/ton, the domestic basis was - 3,330 yuan/ton, the previous LME 3 - month futures closing price was 14,875 dollars/ton, the LME spot premium (CASH - 3M) was - 196.14 dollars/ton, LME inventory was 253,074 tons, and the daily change was - 1,290 tons [2]. - **Lead**: The previous domestic futures closing price was 17,195 yuan/ton, the domestic basis was - 65 yuan/ton, the previous LME 3 - month futures closing price was 1,999 dollars/ton, the LME spot premium (CASH - 3M) was - 43.64 dollars/ton, LME inventory was 256,950 tons, and the daily change was - 3,925 tons [2]. - **Tin**: The previous domestic futures closing price was 311,370 yuan/ton, the domestic basis was - 7,390 yuan/ton, the previous LME 3 - month futures closing price was 40,750 dollars/ton, the LME spot premium (CASH - 3M) was 133.00 dollars/ton, LME inventory was 3,145 tons, and the daily change was - 15 tons [2].

Report Summary - **Report Title**: 20251203 Shenwan Futures Non-ferrous Metals Basis Daily Report [1] - **Analyst**: Li Ye [4] - **从业资格号**: F0285557 [4] - **交易咨询号**: Z0002369 [4] - **Email**: liye@sywgqh.com.cn [4] - **Phone**: 021 - 50586241 [4] Industry Investment Rating - No information provided Core Views - **Copper**: Night session copper prices closed lower. Concentrate supply remains tight, smelting profit is at the break - even point, and although smelting output decreased month - on - month, it still shows high growth overall. Power investment is stable, automobile production and sales have positive growth, home appliance production has negative growth, and the real estate market remains weak. Supply disruptions in the copper mine lead to a global supply - demand gap. Attention should be paid to changes in the US dollar, copper smelting output and downstream demand [2] - **Zinc**: Night session zinc prices closed lower. Zinc concentrate processing fees declined, concentrate supply is in a stage of tightness, and smelting output continues to grow. The inventory of galvanized sheets is generally at a high level. The cumulative growth rate of infrastructure investment is slowing down, automobile production and sales have positive growth, home appliance production has negative growth, and the real estate market remains weak. The overall supply - demand difference of zinc is not obvious. It is recommended to pay attention to changes in the US dollar, smelting output and downstream demand [2] Data Summary | Variety | Domestic Previous - Day Futures Closing Price (Yuan/ton) | Domestic Basis (Yuan/ton) | Previous - Day LME 3 - Month Futures Closing Price (US dollars/ton) | LME Spot Premium (CASH - 3M, US dollars/ton) | LME Inventory (tons) | LME Inventory Daily Change (tons) | | --- | --- | --- | --- | --- | --- | --- | | Copper | 88,870 | 65 | 11,145 | 69.18 | 159,425 | 0 | | Aluminum | 21,600 | - 60 | 2,864 | - 30.13 | 537,900 | - 1,150 | | Zinc | 22,385 | 85 | 3,056 | 250.98 | 52,025 | 275 | | Nickel | 116,730 | - 2,870 | 14,740 | - 194.81 | 254,364 | - 396 | | Lead | 17,055 | - 55 | 1,994 | - 42.45 | 260,875 | - 2,300 | | Tin | 304,060 | 7,330 | 38,840 | 92.00 | 3,160 | 0 | [2]

Group 1: Report Investment Rating - No information provided on the industry investment rating Group 2: Core Viewpoints - Copper prices may be on the stronger side, and zinc prices may fluctuate within a certain range [2] - For copper, night - time prices closed up 1.5%. Concentrate supply remains tight, and smelting profits are at the break - even point, but smelting output continues to grow strongly. Global copper supply - demand may turn into a deficit due to mine supply disruptions, which will support copper prices in the long - term [2] - For zinc, night - time prices closed up. Zinc concentrate processing fees have declined, and concentrate supply is temporarily tight, but smelting output continues to grow. The overall supply - demand difference of zinc is not obvious, so it may fluctuate within a certain range [2] Group 3: Summary by Related Catalog Copper - Market performance: Night - time copper prices closed up 1.5%, with a domestic previous - day futures closing price of 87,470 yuan/ton, a domestic basis of 65 yuan/ton, a previous - day LME 3 - month contract closing price of 11,176 dollars/ton, an LME spot premium of 44.69 dollars/ton, LME inventory of 157,175 tons, and a daily increase of 675 tons [2] - Supply - demand situation: Concentrate supply is tight, smelting profits are at the break - even point, but smelting output is growing. Grid investment is in positive growth, power supply investment is slowing down, automobile production and sales are growing, home appliance production scheduling is in negative growth, and the real estate market is weak. Mine supply disruptions lead to a potential supply - demand deficit [2] Zinc - Market performance: Night - time zinc prices closed up, with a domestic previous - day futures closing price of 22,385 yuan/ton, a domestic basis of 45 yuan/ton, a previous - day LME 3 - month contract closing price of 3,051 dollars/ton, an LME spot premium of 224.43 dollars/ton, LME inventory of 50,800 tons, and a daily increase of 875 tons [2] - Supply - demand situation: Zinc concentrate processing fees have declined, concentrate supply is temporarily tight, but smelting output is growing. Galvanized sheet inventory is at a high level. Infrastructure investment growth is slowing down, automobile production and sales are growing, home appliance production is in negative growth, and the real estate market is weak. Overall supply - demand difference is not obvious [2] Other Metals - Aluminum: Domestic previous - day futures closing price is 21,600 yuan/ton, domestic basis is - 60 yuan/ton, previous - day LME 3 - month contract closing price is 2,865 dollars/ton, LME spot premium is - 25.95 dollars/ton, LME inventory is 541,050 tons, and daily change is - 675 tons [2] - Nickel: Domestic previous - day futures closing price is 116,730 yuan/ton, domestic basis is - 3,110 yuan/ton, previous - day LME 3 - month contract closing price is 14,820 dollars/ton, LME spot premium is - 196.77 dollars/ton, LME inventory is 255,450 tons, and daily change is 930 tons [2] - Lead: Domestic previous - day futures closing price is 17,055 yuan/ton, domestic basis is - 65 yuan/ton, previous - day LME 3 - month contract closing price is 1,981 dollars/ton, LME spot premium is - 41.94 dollars/ton, LME inventory is 264,175 tons, and daily change is - 800 tons [2] - Tin: Domestic previous - day futures closing price is 304,060 yuan/ton, domestic basis is 1,110 yuan/ton, previous - day LME 3 - month contract closing price is 39,300 dollars/ton, LME spot premium is 123.00 dollars/ton, LME inventory is 3,125 tons, and daily change is 0 tons [2]

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report [1][2] 2. Core Viewpoints - Copper prices may be on the stronger side, while zinc prices may fluctuate within a range [2] 3. Summary by Relevant Catalogs Copper - Night - time copper prices closed higher. Concentrate supply remains tight, and smelting profits are at the break - even point, but smelting output continues to grow strongly. Grid investment shows positive growth, power source investment slows down, automobile production and sales are growing, home appliance production is negative, and the real estate market is weak. The Indonesian mine accident may lead to a global copper supply - demand gap, supporting copper prices in the long term. Suggestions include monitoring changes in the US dollar, copper smelting output, and downstream demand [2] Zinc - Night - time zinc prices closed lower. Zinc concentrate processing fees have declined, and concentrate supply is temporarily tight, but smelting output continues to grow. Galvanized sheet inventories are generally high. Infrastructure investment growth has slowed, automobile production and sales are growing, home appliance production is negative, and the real estate market is weak. Overall, zinc supply - demand differences are not significant, and prices may fluctuate within a range [2] Market Data | Metal | Domestic Previous Date Futures Closing Price (yuan/ton) | Domestic Basis (yuan/ton) | Previous LME 3 - Month Closing Price (USD/ton) | LME Spot Premium (USD/ton) | LME Inventory (tons) | LME Inventory Daily Change (tons) | | --- | --- | --- | --- | --- | --- | --- | | Copper | 86,930 | 60 | 10,930 | 16.56 | 156,500 | - 75 | | Aluminum | 21,470 | - 60 | 2,832 | - 28.45 | 541,725 | - 2,000 | | Zinc | 22,380 | 45 | 3,022 | 165.44 | 49,925 | 1,925 | | Nickel | 116,710 | - 2,980 | 14,840 | - 197.06 | 254,520 | 1,038 | | Lead | 16,945 | - 60 | 1,984 | - 38.94 | 264,975 | 400 | | Tin | 301,460 | - 4,590 | 37,925 | 126.15 | 3,125 | 40 | [2]

1. Report's Industry Investment Rating - No information provided on the industry investment rating 2. Report's Core View - The copper price may be on the strong side, and the zinc price may fluctuate within a range [2] - For copper, the concentrate supply remains tight, and smelting profits are on the verge of profit and loss, but smelting output continues to grow at a high rate. The Indonesian mine accident may lead to a global copper supply - demand gap, providing long - term support for copper prices [2] - For zinc, the zinc concentrate processing fee has declined, and the concentrate supply is in a stage of tightness, but the smelting output continues to increase. The overall supply - demand difference of zinc is not obvious [2] 3. Summary According to Relevant Catalogs 3.1 Copper - **Market Situation**: Night - session copper prices closed higher. The concentrate supply remains tight, smelting profits are at the break - even point, but smelting output continues to grow. Grid investment shows positive growth, power source investment slows down, automobile production and sales grow positively, home appliance production scheduling shows negative growth, and the real estate market remains weak. The Indonesian mine accident may lead to a global copper supply - demand gap [2] - **Strategy Direction**: The copper price may be on the strong side. It is recommended to pay attention to changes in the US dollar, copper smelting output, and downstream demand [2] - **Market Data**: The previous domestic futures closing price was 86,560 yuan/ton, the domestic basis was 60 yuan/ton, the previous LME 3 - month closing price was 10,953 dollars/ton, the LME spot premium (CASH - 3M) was 8.83 dollars/ton, the LME inventory was 156,575 tons, and the daily change in LME inventory was 825 tons [2] 3.2 Zinc - **Market Situation**: Night - session zinc prices closed. The zinc concentrate processing fee has declined, the concentrate supply is in a stage of tightness, but the smelting output continues to grow. The galvanized sheet inventory is generally at a high level. The cumulative growth rate of infrastructure investment is slowing down, automobile production and sales are growing positively, home appliance production is showing negative growth, and the real estate market remains weak. The overall supply - demand difference of zinc is not obvious [2] - **Strategy Direction**: The zinc price may fluctuate within a range. It is recommended to pay attention to changes in the US dollar, smelting output, and downstream demand [2] - **Market Data**: The previous domestic futures closing price was 22,360 yuan/ton, the domestic basis was 55 yuan/ton, the previous LME 3 - month closing price was 3,055 dollars/ton, the LME spot premium (CASH - 3M) was 163.36 dollars/ton, the LME inventory was 48,000 tons, and the daily change in LME inventory was 575 tons [2] 3.3 Other Metals - **Aluminum**: The previous domestic futures closing price was 21,425 yuan/ton, the domestic basis was - 30 yuan/ton, the previous LME 3 - month closing price was 2,864 dollars/ton, the LME spot premium (CASH - 3M) was - 26.84 dollars/ton, the LME inventory was 543,725 tons, and the daily change in LME inventory was - 2,225 tons [2] - **Nickel**: The previous domestic futures closing price was 115,940 yuan/ton, the domestic basis was - 3,190 yuan/ton, the previous LME 3 - month closing price was 14,845 dollars/ton, the LME spot premium (CASH - 3M) was - 198.49 dollars/ton, the LME inventory was 253,482 tons, and the daily change in LME inventory was 0 tons [2] - **Lead**: The previous domestic futures closing price was 17,005 yuan/ton, the domestic basis was - 60 yuan/ton, the previous LME 3 - month closing price was 1,974 dollars/ton, the LME spot premium (CASH - 3M) was - 40.08 dollars/ton, the LME inventory was 264,575 tons, and the daily change in LME inventory was - 700 tons [2] - **Tin**: The previous domestic futures closing price was 294,640 yuan/ton, the domestic basis was - 330 yuan/ton, the previous LME 3 - month closing price was 38,090 dollars/ton, the LME spot premium (CASH - 3M) was 185.00 dollars/ton, the LME inventory was 3,085 tons, and the daily change in LME inventory was 0 tons [2]

Industry Investment Rating - The report does not provide an overall industry investment rating [2] Core Viewpoints - Copper prices may be on the stronger side, while zinc prices may fluctuate within a range [2] - The Indonesian mine accident is likely to turn the global copper supply - demand situation into a deficit, providing long - term support for copper prices [2] - The supply - demand difference of zinc is not obvious overall, and it may fluctuate within a range [2] Summary by Related Catalogs Copper - Night - time copper prices closed lower. Concentrate supply remains tight, and smelting profits are at the break - even point, but smelting output continues to grow at a high rate [2] - Grid investment shows positive growth, power source investment slows down, automobile production and sales show positive growth, home appliance production scheduling shows negative growth, and the real estate sector remains weak [2] - Domestic copper futures' previous day's closing price was 86,540 yuan/ton, the domestic basis was 50 yuan/ton, the previous day's LME 3 - month contract closing price was 10,833 dollars/ton, the LME spot premium (CASH - 3M) was 9.52 dollars/ton, LME inventory was 155,750 tons, and the daily change was 725 tons [2] Zinc - Night - time zinc prices closed lower. Zinc concentrate processing fees have declined, and concentrate supply is temporarily tight, but smelting output continues to grow [2] - Galvanized sheet inventory is generally at a high level. Infrastructural investment's cumulative growth rate is slowing down, automobile production and sales show positive growth, home appliance production shows negative growth, and the real estate sector remains weak [2] - Domestic zinc futures' previous day's closing price was 22,360 yuan/ton, the domestic basis was 35 yuan/ton, the previous day's LME 3 - month contract closing price was 3,000 dollars/ton, the LME spot premium (CASH - 3M) was 120.77 dollars/ton, LME inventory was 47,425 tons, and the daily change was 100 tons [2] Other Metals - Aluminum: The previous day's domestic futures closing price was 21,425 yuan/ton, the domestic basis was - 20 yuan/ton, the previous day's LME 3 - month contract closing price was 2,801 dollars/ton, the LME spot premium (CASH - 3M) was - 30.45 dollars/ton, LME inventory was 545,950 tons, and the daily change was - 2,050 tons [2] - Nickel: The previous day's domestic futures closing price was 115,940 yuan/ton, the domestic basis was - 4,080 yuan/ton, the previous day's LME 3 - month contract closing price was 14,920 dollars/ton, the LME spot premium (CASH - 3M) was - 190.51 dollars/ton, LME inventory was 253,482 tons, and the daily change was - 468 tons [2] - Lead: The previous day's domestic futures closing price was 17,005 yuan/ton, the domestic basis was - 50 yuan/ton, the previous day's LME 3 - month contract closing price was 1,982 dollars/ton, the LME spot premium (CASH - 3M) was - 35.57 dollars/ton, LME inventory was 265,275 tons, and the daily change was 2,425 tons [2] - Tin: The previous day's domestic futures closing price was 294,640 yuan/ton, the domestic basis was - 1,580 yuan/ton, the previous day's LME 3 - month contract closing price was 37,695 dollars/ton, the LME spot premium (CASH - 3M) was 135.00 dollars/ton, LME inventory was 3,085 tons, and the daily change was 0 tons [2]

Group 1: Investment Ratings - There is no specific investment rating provided for the industry in the report. Group 2: Core Views - The price of copper may be on the strong side, while the price of zinc may fluctuate within a certain range [2]. - For copper, the concentrate supply remains tight, and smelting profits are on the verge of profit and loss, but smelting output continues to grow at a high rate. Power grid investment shows positive growth, power source investment slows down, automobile production and sales grow positively, home appliance production scheduling shows negative growth, and the real - estate market remains weak. The mine accident in Indonesia is likely to lead to a global copper supply - demand gap, which will support copper prices in the long term [2]. - For zinc, the processing fee of zinc concentrate has declined, and the concentrate supply is in a stage of tightness, but smelting output continues to grow. The inventory of galvanized sheets is generally at a high level. The cumulative growth rate of infrastructure investment is slowing down, automobile production and sales grow positively, home appliance production shows negative growth, and the real - estate market remains weak. The overall difference in zinc supply and demand is not obvious, and it may generally fluctuate within a range [2]. Group 3: Data Summaries Copper - Domestic previous - day futures closing price: 86,030 yuan/ton, domestic basis: 65 yuan/ton, previous - day LME 3 - month contract closing price: 10,782 dollars/ton, LME spot premium (CASH - 3M): 24.88 dollars/ton, LME inventory: 155,025 tons, LME inventory daily change: - 2,900 tons [2] Aluminum - Domestic previous - day futures closing price: 21,495 yuan/ton, domestic basis: - 10 yuan/ton, previous - day LME 3 - month contract closing price: 2,813 dollars/ton, LME spot premium (CASH - 3M): - 32.80 dollars/ton, LME inventory: 548,000 tons, LME inventory daily change: 3,925 tons [2] Zinc - Domestic previous - day futures closing price: 22,380 yuan/ton, domestic basis: 25 yuan/ton, previous - day LME 3 - month contract closing price: 3,003 dollars/ton, LME spot premium (CASH - 3M): 140.20 dollars/ton, LME inventory: 47,325 tons, LME inventory daily change: 1,250 tons [2] Nickel - Domestic previous - day futures closing price: 115,250 yuan/ton, domestic basis: - 3,700 yuan/ton, previous - day LME 3 - month contract closing price: 14,730 dollars/ton, LME spot premium (CASH - 3M): - 190.47 dollars/ton, LME inventory: 253,950 tons, LME inventory daily change: - 222 tons [2] Lead - Domestic previous - day futures closing price: 17,200 yuan/ton, domestic basis: - 115 yuan/ton, previous - day LME 3 - month contract closing price: 1,992 dollars/ton, LME spot premium (CASH - 3M): - 28.49 dollars/ton, LME inventory: 262,850 tons, LME inventory daily change: - 1,800 tons [2] Tin - Domestic previous - day futures closing price: 292,030 yuan/ton, domestic basis: 1,250 yuan/ton, previous - day LME 3 - month contract closing price: 37,425 dollars/ton, LME spot premium (CASH - 3M): 113.99 dollars/ton, LME inventory: 3,085 tons, LME inventory daily change: 20 tons [2]

Report Summary 1. Report Industry Investment Rating - No industry investment rating information provided [1][2] 2. Core Viewpoints - Copper prices may be on the stronger side, while zinc prices may fluctuate within a range [2] 3. Summary by Variety Copper - Night - time copper prices closed lower. Concentrate supply remains tight, and smelting profit is at the break - even point, but smelting output continues to grow rapidly. Grid investment shows positive growth, power source investment slows down, automobile production and sales grow positively, home appliance production is in negative growth, and the real estate sector remains weak. The Indonesian mine accident is likely to turn the global copper supply - demand situation into a deficit, providing long - term support for copper prices. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2] Zinc - Night - time zinc prices closed higher. Zinc concentrate processing fees have declined, and concentrate supply is temporarily tight, but smelting output continues to grow. Galvanized sheet inventory is generally at a high level. Infrastructure investment growth has slowed down, automobile production and sales are growing positively, home appliance output is in negative growth, and the real estate sector remains weak. The overall difference in zinc supply - demand is not obvious, and prices may fluctuate within a range. Attention should be paid to changes in the US dollar, smelting output, and downstream demand [2] 4. Market Data Domestic Futures - Copper's previous closing price was 86,080 yuan/ton with a basis of 50 yuan/ton; aluminum was 21,495 yuan/ton with a basis of - 10 yuan/ton; zinc was 22,380 yuan/ton with a basis of 55 yuan/ton; nickel was 115,250 yuan/ton with a basis of - 3,150 yuan/ton; lead was 17,200 yuan/ton with a basis of - 140 yuan/ton; tin was 292,030 yuan/ton with a basis of - 460 yuan/ton [2] LME Market - Copper's LME 3 - month closing price was 10,686 dollars/ton with a spot premium of - 33.13 dollars/ton and inventory of 157,875 tons (a daily increase of 17,375 tons); aluminum was 2,807 dollars/ton with a spot premium of - 32.88 dollars/ton and inventory of 546,075 tons (a daily decrease of 2,000 tons); zinc was 3,004 dollars/ton with a spot premium of 152.14 dollars/ton and inventory of 45,075 tons (a daily increase of 1,550 tons); nickel was 14,455 dollars/ton with a spot premium of - 197.66 dollars/ton and inventory of 255,846 tons (a daily decrease of 1,986 tons); lead was 2,005 dollars/ton with a spot premium of - 27.39 dollars/ton and inventory of 264,475 tons (a daily decrease of 325 tons); tin was 37,035 dollars/ton with a spot premium of 100 dollars/ton and inventory of 3,115 tons (a daily increase of 60 tons) [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Copper may be on the stronger side, with weekend night - session copper prices closing higher. The concentrate supply remains tight, and smelting profits are at the break - even point, but smelting output continues to grow. Grid investment shows positive growth, power source investment slows down, auto production and sales grow positively, home appliance production scheduling shows negative growth, and the real estate sector remains weak. An Indonesian mine accident is likely to lead to a global copper supply - demand gap, providing long - term support for copper prices [2]. - Zinc may fluctuate within a range, with weekend night - session zinc prices closing lower. Zinc concentrate processing fees are falling, and the concentrate supply is temporarily tight, but smelting output continues to grow. Galvanized sheet inventories are generally at a high level. Infrastructure investment growth slows down, auto production and sales grow positively, home appliance production shows negative growth, and the real estate sector remains weak. The overall difference in zinc supply and demand is not obvious [2]. Group 3: Summary According to the Table - **Copper**: The previous domestic futures closing price was 85,650 yuan/ton, the domestic basis was 60 yuan/ton, the previous LME 3 - month closing price was 10,778 dollars/ton, the LME spot premium was 1.06 dollars/ton, the LME inventory was 157,925 tons, and the daily change was 50 tons [2]. - **Aluminum**: The previous domestic futures closing price was 21,495 yuan/ton, the domestic basis was - 10 yuan/ton, the previous LME 3 - month closing price was 2,808 dollars/ton, the LME spot premium was - 30.87 dollars/ton, the LME inventory was 544,075 tons, and the daily change was - 2,000 tons [2]. - **Zinc**: The previous domestic futures closing price was 22,380 yuan/ton, the domestic basis was 5 yuan/ton, the previous LME 3 - month closing price was 2,992 dollars/ton, the LME spot premium was 135.09 dollars/ton, the LME inventory was 46,075 tons, and the daily change was 1,000 tons [2]. - **Nickel**: The previous domestic futures closing price was 115,250 yuan/ton, the domestic basis was - 3,020 yuan/ton, the previous LME 3 - month closing price was 14,620 dollars/ton, the LME spot premium was - 184.81 dollars/ton, the LME inventory was 254,172 tons, and the daily change was - 1,674 tons [2]. - **Lead**: The previous domestic futures closing price was 17,200 yuan/ton, the domestic basis was - 145 yuan/ton, the previous LME 3 - month closing price was 1,989 dollars/ton, the LME spot premium was - 22.41 dollars/ton, the LME inventory was 264,650 tons, and the daily change was 175 tons [2]. - **Tin**: The previous domestic futures closing price was 292,030 yuan/ton, the domestic basis was 2,750 yuan/ton, the previous LME 3 - month closing price was 36,970 dollars/ton, the LME spot premium was 95.67 dollars/ton, the LME inventory was 3,065 tons, and the daily change was - 50 tons [2].

Group 1: Report Industry Investment Ratings - Copper: Likely to be strong [2] - Zinc: Likely to fluctuate within a range [2] Group 2: Core Views of the Report - Copper: Night trading saw a rise in copper prices. Concentrate supply remains tight, and smelting profits are on the verge of profit and loss, but smelting output continues to grow rapidly. Grid investment maintains positive growth, power source investment slows down, automobile production and sales show positive growth, home appliance production scheduling shows negative growth, and the real estate market remains weak. An Indonesian mine accident is likely to lead to a global copper supply - demand gap, providing long - term support for copper prices. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2] - Zinc: Night trading saw a decline in zinc prices. Zinc concentrate processing fees have declined, and concentrate supply is temporarily tight, but smelting output continues to grow. Galvanized sheet inventories are generally at a high level. The cumulative growth rate of infrastructure investment is slowing down, automobile production and sales show positive growth, home appliance production shows negative growth, and the real estate market remains weak. The overall difference in zinc supply and demand is not obvious, and it is likely to fluctuate within a range. Attention should be paid to changes in the US dollar, smelting output, and downstream demand [2] Group 3: Summary by Relevant Catalog Copper - Domestic previous - day futures closing price: 86,080 yuan/ton; domestic basis: 50 yuan/ton; previous - day LME 3 - month contract closing price: 10,803 dollars/ton; LME spot premium/discount: - 33.13 dollars/ton; LME inventory: 140,500 tons; LME inventory daily change: 4,450 tons [2] Aluminum - Domestic previous - day futures closing price: 21,525 yuan/ton; domestic basis: - 20 yuan/ton; previous - day LME 3 - month contract closing price: 2,815 dollars/ton; LME spot premium/discount: - 32.88 dollars/ton; LME inventory: 548,075 tons; LME inventory daily change: - 2,125 tons [2] Zinc - Domestic previous - day futures closing price: 22,420 yuan/ton; domestic basis: 75 yuan/ton; previous - day LME 3 - month contract closing price: 2,990 dollars/ton; LME spot premium/discount: 152.14 dollars/ton; LME inventory: 43,525 tons; LME inventory daily change: 3,550 tons [2] Nickel - Domestic previous - day futures closing price: 115,650 yuan/ton; domestic basis: - 3,120 yuan/ton; previous - day LME 3 - month contract closing price: 14,640 dollars/ton; LME spot premium/discount: - 197.66 dollars/ton; LME inventory: 257,832 tons; LME inventory daily change: 138 tons [2] Lead - Domestic previous - day futures closing price: 17,230 yuan/ton; domestic basis: - 140 yuan/ton; previous - day LME 3 - month contract closing price: 2,015 dollars/ton; LME spot premium/discount: - 27.39 dollars/ton; LME inventory: 264,800 tons; LME inventory daily change: - 1,325 tons [2] Tin - Domestic previous - day futures closing price: 293,370 yuan/ton; domestic basis: - 1,950 yuan/ton; previous - day LME 3 - month contract closing price: 36,945 dollars/ton; LME spot premium/discount: 100.00 dollars/ton; LME inventory: 3,055 tons; LME inventory daily change: 0 tons [2]