Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - Copper prices may be on the stronger side, and zinc prices may fluctuate within a range [2] - For copper, night - time prices closed higher. Concentrate supply remains tight, and smelting profits are at the break - even point, but smelting output continues to grow. The Indonesian mine accident is likely to turn the global copper supply - demand into a deficit, supporting copper prices in the long run [2] - For zinc, night - time prices closed higher. 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, and it may fluctuate within a range [2] Group 3: Summary by Related Catalogs Copper - Market situation: Night - time copper prices closed higher. Concentrate supply is tight, smelting profits are at the break - even point, and smelting output has high growth. Grid investment has positive growth, power source investment slows down, automobile production and sales have positive growth, home appliance production scheduling has negative growth, and the real estate market is weak [2] - Future outlook: The Indonesian mine accident is likely to lead to a global copper supply - demand deficit, supporting copper prices in the long term. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2] - Market data: The previous domestic futures closing price was 85,650 yuan/ton, the domestic basis was 25 yuan/ton, the previous LME 3 - month closing price was 10,698 US dollars/ton, the LME spot premium was - 35.33 US dollars/ton, the LME inventory was 136,050 tons, and the daily change was 325 tons [2] Zinc - Market situation: Night - time zinc prices closed higher. Zinc concentrate processing fees have declined, concentrate supply is temporarily tight, and smelting output continues to grow. Galvanized sheet inventory is at a high level, infrastructure investment growth slows down, automobile production and sales have positive growth, home appliance output has negative growth, and the real estate market is weak [2] - Future outlook: The overall supply - demand difference of zinc is not obvious, and it may fluctuate within a range. Attention should be paid to changes in the US dollar, smelting output, and downstream demand [2] - Market data: The previous domestic futures closing price was 22,310 yuan/ton, the domestic basis was 75 yuan/ton, the previous LME 3 - month closing price was 2,991 US dollars/ton, the LME spot premium was 129.76 US dollars/ton, the LME inventory was 39,975 tons, and the daily change was 1,000 tons [2] Other Metals - Aluminum: The previous domestic futures closing price was 21,420 yuan/ton, the domestic basis was - 40 yuan/ton, the previous LME 3 - month closing price was 2,790 US dollars/ton, the LME spot premium was - 35.81 US dollars/ton, the LME inventory was 550,200 tons, and the daily change was - 2,175 tons [2] - Nickel: The previous domestic futures closing price was 114,840 yuan/ton, the domestic basis was - 2,590 yuan/ton, the previous LME 3 - month closing price was 14,645 US dollars/ton, the LME spot premium was - 199.86 US dollars/ton, the LME inventory was 257,694 tons, and the daily change was 5,604 tons [2] - Lead: The previous domestic futures closing price was 17,210 yuan/ton, the domestic basis was - 150 yuan/ton, the previous LME 3 - month closing price was 2,027 US dollars/ton, the LME spot premium was - 28.21 US dollars/ton, the LME inventory was 266,125 tons, and the daily change was 43,650 tons [2] - Tin: The previous domestic futures closing price was 288,890 yuan/ton, the domestic basis was 1,800 yuan/ton, the previous LME 3 - month closing price was 36,860 US dollars/ton, the LME spot premium was - 5.01 US dollars/ton, the LME inventory was 3,055 tons, and the daily change was - 10 tons [2]

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Copper prices may be on the stronger side. The copper concentrate supply remains tight, and smelting profits are on the verge of profit and loss. However, smelting output continues to grow at a high rate. The Indonesian mine accident is likely to lead to a global copper supply - demand gap, providing long - term support for copper prices [2]. - Zinc prices may fluctuate within a range. The zinc concentrate processing fee has declined, and the concentrate supply is temporarily tight, but the smelting output continues to increase. The overall supply - demand difference of zinc is not obvious [2]. 3. Summary According to Related Catalogs 3.1 Copper - **Market Situation**: Night - session copper prices closed lower. The concentrate supply is tight, and smelting profits are at the break - even point, yet smelting output keeps growing. Grid investment has positive growth, power source investment slows down, automobile production and sales have positive growth, home appliance production scheduling has negative growth, and the real estate market is weak [2]. - **Outlook**: The Indonesian mine accident is likely to turn the global copper supply - demand into a gap, supporting copper prices in the long run. It is necessary to pay attention to the changes in the US dollar, copper smelting output, and downstream demand. The strategy direction is that copper may be on the stronger side [2]. 3.2 Zinc - **Market Situation**: Night - session zinc prices closed lower. The zinc concentrate processing fee has dropped, and the concentrate supply is temporarily tight, but the smelting output continues to rise. The galvanized sheet inventory is generally high. 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 is weak [2]. - **Outlook**: The overall supply - demand difference of zinc is not obvious, and it may fluctuate within a range. It is recommended to pay attention to the changes in the US dollar, smelting output, and downstream demand [2]. 3.3 Market Data | 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/Discount (US dollars/ton) | LME Inventory (tons) | LME Inventory Daily Change (tons) | | --- | --- | --- | --- | --- | --- | --- | | Copper | 86,330 | 20 | 10,767 | - 32.62 | 135,725 | - 450 | | Aluminum | 21,585 | - 20 | 2,806 | - 38.42 | 552,375 | - 825 | | Zinc | 22,455 | 25 | 2,990 | 104.97 | 38,975 | 1,175 | | Nickel | 116,650 | - 3,200 | 14,675 | - 203.57 | 252,090 | 120 | | Lead | 17,270 | - 190 | 2,039 | - 16.88 | 222,475 | - 1,500 | | Tin | 290,300 | 2,640 | 36,900 | - 75.00 | 3,065 | 10 | [2]

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Views - Copper prices may be on the strong side. The concentrate supply remains tight, and smelting profits are at the break - even point, yet smelting output continues to grow rapidly. An Indonesian mine accident is likely to lead to a global copper supply - demand gap, providing long - term support for copper prices [2]. - Zinc prices may fluctuate within a range. Zinc concentrate processing fees have declined, and the concentrate supply is temporarily tight, but smelting output continues to increase. Due to different inventory situations at home and abroad, domestic zinc prices may be weaker than foreign ones, and overall, the supply - demand difference is not obvious [2]. 3. Summary by Related Catalogs Copper - Weekend night - session copper prices closed lower. The concentrate supply is tight, and smelting profits are at the break - even point, but smelting output has high growth. Grid investment has positive growth, power source investment slows down, automobile production and sales have positive growth, home appliance production scheduling has negative growth, and the real estate market is weak. An Indonesian mine accident is likely to turn the global copper supply - demand into a gap, supporting copper prices in the long run. Suggest paying attention to changes in the US dollar, copper smelting output, and downstream demand [2]. Zinc - Weekend night - session zinc prices closed higher. Zinc concentrate processing fees have declined, and the concentrate supply is temporarily tight, but smelting output continues to grow. Galvanized sheet inventory is generally high. Infrastructure investment cumulative growth rate slows down, automobile production and sales have positive growth, home appliance production scheduling has negative growth, and the real estate market is weak. Due to different inventory situations at home and abroad, domestic zinc prices may be weaker than foreign ones, and overall, it may fluctuate within a range. Suggest paying attention to changes in the US dollar, smelting output, and downstream demand [2]. Market Data | Variety | Domestic Previous - Day Futures Closing Price (CNY/ton) | Domestic Basis (CNY/ton) | Previous - Day LME 3 - Month Closing Price (USD/ton) | LME Spot Premium/Discount (USD/ton) | LME Inventory (tons) | LME Inventory Daily Change (tons) | | --- | --- | --- | --- | --- | --- | --- | | Copper | 86,820 | 25 | 10,846 | 3.88 | 136,175 | - 75 | | Aluminum | 21,750 | - 20 | 2,859 | - 28.05 | 553,200 | 9,125 | | Zinc | 22,370 | 15 | 3,015 | 175.85 | 37,800 | 1,925 | | Nickel | 117,240 | - 2,330 | 14,880 | - 194.13 | 251,970 | - 144 | | Lead | 17,445 | - 190 | 2,066 | - 23.09 | 223,975 | - 1,250 | | Tin | 292,000 | 5,330 | 36,860 | - 87.50 | 3,055 | 0 | [2]

1. Report Industry Investment Ratings - Copper: Likely to be strong [2] - Zinc: Likely to fluctuate within a range [2] 2. Core Viewpoints of the Report - Copper: The copper price closed lower at night. The 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, while power source investment slows down. Automobile production and sales show positive growth, household appliance production scheduling shows negative growth, and the real estate market remains weak. The Indonesian mine accident is likely to lead to a global copper supply - demand gap, providing long - term support for the copper price. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2]. - Zinc: The zinc price closed higher at night. The processing fee for zinc concentrates has generally increased, smelting profits have turned positive, and smelting output is expected to continue to rise. The weekly inventory of galvanized sheets has increased. The cumulative growth rate of infrastructure investment is slowing down, automobile production and sales show positive growth, household appliance production scheduling shows negative growth, and the real estate market remains weak. Due to the different inventory situations at home and abroad, the domestic zinc price may be weaker than the foreign one. Overall, the supply - demand difference of zinc is not obvious, and it may fluctuate within a range. Attention should be paid to changes in the US dollar, smelting output, and downstream demand [2]. 3. Summary by Relevant Catalog Copper - Market situation: Night - time copper price closed lower. Concentrate supply is tight, smelting profits are at the break - even point, but smelting output is growing. Grid investment is growing, power source investment is slowing, automobile production and sales are positive, household appliance production scheduling is negative, and real estate is weak. The Indonesian mine accident may cause a global copper supply - demand gap [2]. - Price trend: Likely to be strong [2]. - Suggestion: Monitor changes in the US dollar, copper smelting output, and downstream demand [2]. Zinc - Market situation: Night - time zinc price closed higher. Zinc concentrate processing fees have increased, smelting profits are positive, and smelting output is expected to rise. Galvanized sheet inventory has increased weekly. Infrastructure investment growth is slowing, automobile production and sales are positive, household appliance production scheduling is negative, and real estate is weak. Domestic and foreign inventory situations differ [2]. - Price trend: Likely to fluctuate within a range [2]. - Suggestion: Monitor changes in the US dollar, smelting output, and downstream demand [2]. Market Data | 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/Discount (US dollars/ton) | LME Inventory (tons) | LME Inventory Daily Change (tons) | | --- | --- | --- | --- | --- | --- | --- | | Copper | 87,910 | - 90 | 10,930 | - 19.66 | 135,350 | 775 | | Aluminum | 21,230 | - 10 | 2,870 | - 0.99 | 462,750 | - 2,900 | | Zinc | 22,325 | - 75 | 3,045 | 132.96 | 35,200 | - 50 | | Nickel | 120,660 | - 1,710 | 15,250 | - 203.99 | 251,706 | 270 | | Lead | 17,360 | - 210 | 2,022 | - 35.12 | 224,875 | - 4,800 | | Tin | 283,040 | 1,500 | 35,720 | 10.02 | 2,830 | 130 | [2]

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Views - Copper prices may be on the strong side, and zinc prices may fluctuate within a range [2]. 3. Summary by Related Catalogs Copper - Night - time copper prices rose 0.47%, and the Fed cut interest rates by 25 basis points as expected. Concentrate supply remains tight, and smelting profits are 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 are growing, home appliance production schedules are in negative growth, and the real estate market remains weak. The Indonesian mine accident is likely to turn the global copper supply - demand situation into a deficit, supporting copper prices in the long term. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2]. Zinc - Night - time zinc prices rose 0.11%, and the Fed cut interest rates by 25 basis points as expected. Zinc concentrate processing fees have generally increased, smelting profits have turned positive, and smelting output is expected to continue to rise. Galvanized sheet inventories increased weekly. Infrastructure investment growth has slowed down, automobile production and sales are growing, home appliance production schedules are in negative growth, and the real estate market remains weak. Due to different inventory situations at home and abroad, domestic zinc prices may be weaker than foreign ones. Overall, zinc supply - demand differences are 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]. Market Data - **Domestic Futures and Basis**: Copper's previous closing price was 88,680 yuan/ton with a basis of - 65 yuan/ton; aluminum was 21,270 yuan/ton with a basis of - 30 yuan/ton; zinc was 22,380 yuan/ton with a basis of - 85 yuan/ton; nickel was 121,250 yuan/ton with a basis of - 1,520 yuan/ton; lead was 17,370 yuan/ton with a basis of - 210 yuan/ton; tin was 286,170 yuan/ton with a basis of - 470 yuan/ton [2]. - **LME Data**: For copper, the previous LME 3 - month closing price was 11,090 dollars/ton, the LME spot premium was - 19.66 dollars/ton, and the inventory was 134,575 tons with a daily change of - 1,400 tons; for aluminum, it was 2,870 dollars/ton, - 0.99 dollars/ton, 465,650 tons, and - 3,625 tons respectively; for zinc, 3,070 dollars/ton, 132.96 dollars/ton, 35,250 tons, and - 1,800 tons; for nickel, 15,405 dollars/ton, - 203.99 dollars/ton, 251,436 tons, and 198 tons; for lead, 2,019 dollars/ton, - 35.12 dollars/ton, 229,675 tons, and - 2,700 tons; for tin, 36,105 dollars/ton, 10.02 dollars/ton, 2,700 tons, and - 25 tons [2].

Report Summary 1. Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views - Copper prices may be on the stronger side as the concentrate supply remains tight, smelting profits are at the break - even point, and an Indonesian mine accident is likely to turn the global copper supply - demand into a deficit, providing long - term support for copper prices [2]. - Zinc prices may fluctuate within a range. Although zinc concentrate processing fees are rising and smelting profits are positive, with smelting output expected to increase, the overall supply - demand difference is not obvious. Also, due to different inventory situations at home and abroad, domestic zinc prices may be weaker than foreign ones [2]. 3. Summary by Related Catalogs Copper - Night - time copper prices rose by over 1%. The concentrate supply is tight, and smelting profits are at the break - even point, yet smelting output continues to grow rapidly. Grid investment shows positive growth, power source investment slows down, automobile production and sales are growing, home appliance production scheduling is in negative growth, and the real estate market remains weak. An Indonesian mine accident is likely to lead to a global copper supply - demand deficit [2]. Zinc - Night - time zinc prices rose by 0.45%. Zinc concentrate processing fees are rising, smelting profits are positive, and smelting output is expected to continue to increase. Galvanized sheet inventory increased weekly. Infrastructure investment growth slowed down, automobile production and sales are growing, home appliance production scheduling is in negative growth, and the real estate market remains weak. Due to different inventory situations at home and abroad, domestic zinc prices may be weaker than foreign ones [2]. Market Data - **Domestic Futures and Basis**: Copper's previous domestic futures closing price was 86,990 yuan/ton with a basis of - 60 yuan/ton; aluminum was 21,120 yuan/ton with a basis of - 40 yuan/ton; zinc was 22,275 yuan/ton with a basis of - 95 yuan/ton; nickel was 120,300 yuan/ton with a basis of - 1,490 yuan/ton; lead was 17,375 yuan/ton with a basis of - 205 yuan/ton; tin was 282,780 yuan/ton with a basis of - 1,930 yuan/ton [2]. - **LME Data**: For copper, the LME 3 - month closing price was 11,030 dollars/ton with a spot premium of - 19.54 dollars/ton and an inventory of 135,975 tons (a daily decrease of 375 tons); for aluminum, it was 2,894 dollars/ton with a spot premium of 2.61 dollars/ton and an inventory of 469,275 tons (a daily decrease of 3,850 tons); for zinc, it was 3,057 dollars/ton with a spot premium of 171.09 dollars/ton and an inventory of 37,050 tons (a daily decrease of 550 tons); for nickel, it was 15,245 dollars/ton with a spot premium of - 207.07 dollars/ton and an inventory of 251,238 tons (a daily increase of 384 tons); for lead, it was 2,025 dollars/ton with a spot premium of - 35.54 dollars/ton and an inventory of 232,375 tons (a daily decrease of 3,000 tons); for tin, it was 36,325 dollars/ton with a spot premium of 40.00 dollars/ton and an inventory of 2,725 tons (a daily decrease of 25 tons) [2].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - Copper prices may be on the stronger side. The concentrate supply remains tight, and smelting profits are at the break - even point, yet smelting output continues to grow rapidly. An Indonesian mine accident is likely to turn the global copper supply - demand into a deficit, providing long - term support for copper prices [2]. - Zinc prices may fluctuate within a range. Short - term zinc concentrate processing fees have generally increased, and smelting profits have turned positive, with smelting output expected to continue rising. Due to different inventory situations at home and abroad, domestic zinc prices may be weaker than foreign ones, and overall supply - demand differences are not significant [2]. 3. Summary by Related Catalog Copper - Market performance: Copper prices closed slightly lower at night. - Supply and demand factors: Concentrate supply is tight, smelting profits are at the break - even point, but smelting output has high growth. Grid investment shows positive growth, power source investment slows down, automobile production and sales are growing, home appliance production scheduling is in negative growth, and the real estate sector remains weak. An Indonesian mine accident is likely to lead to a supply - demand deficit in the global copper market [2]. - Strategy: Pay attention to changes in the US dollar, copper smelting output, and downstream demand [2]. Zinc - Market performance: Zinc prices closed slightly higher at night. - Supply and demand factors: Short - term zinc concentrate processing fees have generally increased, smelting profits are positive, and smelting output is expected to rise. Galvanized sheet inventory increased weekly. Infrastructure investment growth has slowed down, automobile production and sales are growing, home appliance production scheduling is in negative growth, and the real estate sector remains weak. Domestic and foreign inventory situations are different, with domestic zinc prices potentially weaker than foreign ones [2]. - Strategy: Pay attention to changes in the US dollar, smelting output, and downstream demand [2]. Market Data - **Domestic Futures and Basis**: Copper's previous closing price was 88,390 yuan/ton with a basis of - 60 yuan/ton; aluminum's was 21,305 yuan/ton with a basis of - 60 yuan/ton; zinc's was 22,310 yuan/ton with a basis of - 105 yuan/ton; nickel's was 122,060 yuan/ton with a basis of - 1,540 yuan/ton; lead's was 17,525 yuan/ton with a basis of - 215 yuan/ton; tin's was 286,150 yuan/ton with a basis of - 1,540 yuan/ton [2]. - **LME Data**: Copper's LME 3 - month forward closing price is not provided, with a spot premium of - 23.84 dollars/ton and an inventory of 136,350 tons (a daily decrease of 575 tons); aluminum had a spot premium of 3.28 dollars/ton and an inventory of 473,125 tons (a daily decrease of 4,550 tons); zinc had a spot premium of 212.89 dollars/ton and an inventory of 37,600 tons (a daily increase of 2,900 tons); nickel had an LME 3 - month forward closing price of 15,335 dollars/ton, a spot premium of - 205.18 dollars/ton, and an inventory of 250,854 tons (no daily change); lead had an LME 3 - month forward closing price of 2,024 dollars/ton, a spot premium of - 33.80 dollars/ton, and an inventory of 235,375 tons (a daily decrease of 4,375 tons); tin had a spot premium of 100.00 dollars/ton and an inventory of 2,750 tons (a daily increase of 30 tons) [2].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - Copper prices may be on the strong side. The supply of copper concentrates remains tight, with smelting profits on the verge of profit and loss, but smelting output continues to grow at a high rate. The Indonesian mine accident is likely to lead to a global copper supply - demand gap, providing long - term support for copper prices [2]. - Zinc prices may fluctuate within a range. Short - term zinc concentrate processing fees have generally increased, smelting profits have turned positive, and smelting output is expected to continue to rise. Due to different inventory situations at home and abroad, domestic zinc prices may be weaker than foreign ones, and overall, the supply - demand difference for zinc is not obvious [2]. 3. Summary by Related Content Copper - Market performance: Night - session copper prices closed slightly lower. The previous domestic futures closing price was 87,700 yuan/ton, with a basis of - 20 yuan/ton; the previous LME 3 - month closing price was 10,947 dollars/ton, and the LME spot premium was - 25.97 dollars/ton. LME copper inventory was 136,925 tons, with a daily increase of 75 tons [2]. - Supply and demand factors: Concentrate supply is tight, smelting output is growing, power grid investment is growing positively, power source investment is slowing down, automobile production and sales are growing positively, home appliance production scheduling is negative, and the real estate market is weak. The Indonesian mine accident may lead to a supply - demand gap [2]. Zinc - Market performance: Night - session zinc prices closed lower. The previous domestic futures closing price was 22,315 yuan/ton, with a basis of - 85 yuan/ton; the previous LME 3 - month closing price was 3,020 dollars/ton, and the LME spot premium was 187.37 dollars/ton. LME zinc inventory was 34,700 tons, with a daily decrease of 600 tons [2]. - Supply and demand factors: Short - term zinc concentrate processing fees have increased, smelting profits are positive, smelting output is expected to rise, galvanized sheet inventory has increased weekly, infrastructure investment growth has slowed down, automobile production and sales are growing positively, home appliance production scheduling is negative, and the real estate market is weak [2]. Other Metals - Aluminum: The previous domestic futures closing price was 21,205 yuan/ton, with a basis of - 40 yuan/ton; the previous LME 3 - month closing price was 2,857 dollars/ton, and the LME spot premium was 3.19 dollars/ton. LME aluminum inventory was 477,675 tons, with a daily decrease of 4,850 tons [2]. - Nickel: The previous domestic futures closing price was 121,860 yuan/ton, with a basis of - 1,390 yuan/ton; the previous LME 3 - month closing price was 15,325 dollars/ton, and the LME spot premium was - 194.12 dollars/ton. LME nickel inventory was 250,854 tons, with a daily decrease of 24 tons [2]. - Lead: The previous domestic futures closing price was 17,635 yuan/ton, with a basis of - 215 yuan/ton; the previous LME 3 - month closing price was 2,017 dollars/ton, and the LME spot premium was - 36.64 dollars/ton. LME lead inventory was 239,750 tons, with a daily decrease of 4,375 tons [2]. - Tin: The previous domestic futures closing price was 283,810 yuan/ton, with a basis of - 2,470 yuan/ton; the previous LME 3 - month closing price was 35,650 dollars/ton, and the LME spot premium was 143.00 dollars/ton. LME tin inventory was 2,720 tons, with a daily decrease of 25 tons [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Copper prices may be on the stronger side. 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 is likely to lead to a global copper supply - demand gap, providing long - term support for copper prices [2]. - Zinc prices may fluctuate within a range. Short - term zinc concentrate processing fees have generally increased, smelting profits have turned positive, and smelting output is expected to continue to rise. Due to different inventory situations at home and abroad, domestic zinc prices may be weaker than foreign ones, and overall, the supply - demand difference is not obvious [2]. 3. Summary by Related Aspects a. Copper - Market performance: Night - time copper prices closed higher. The previous day's domestic futures closing price was 86,030 yuan/ton, with a basis of - 10 yuan/ton; the previous day's LME 3 - month closing price was 10,817 dollars/ton, with a spot premium of - 11.55 dollars/ton, and LME inventory was 136,850 tons, a decrease of 300 tons [2]. - Supply and demand factors: Concentrate supply is tight, smelting output is growing, grid investment is growing positively, power source investment is slowing down, automobile production and sales are growing positively, home appliance production scheduling is in negative growth, and the real estate market is weak. The Indonesian mine accident may lead to a supply - demand gap [2]. b. Zinc - Market performance: Night - time zinc prices closed flat. The previous day's domestic futures closing price was 22,300 yuan/ton, with a basis of - 95 yuan/ton; the previous day's LME 3 - month closing price was 3,023 dollars/ton, with a spot premium of 225.89 dollars/ton, and LME inventory was 35,300 tons, a decrease of 1,975 tons [2]. - Supply and demand factors: Short - term zinc concentrate processing fees have increased, smelting profits are positive, and smelting output is expected to rise. Galvanized sheet inventory has increased weekly, infrastructure investment growth has slowed down, automobile production and sales are growing positively, home appliance production scheduling is in negative growth, and the real estate market is weak [2]. c. Other Metals - Aluminum: The previous day's domestic futures closing price was 21,135 yuan/ton, with a basis of - 30 yuan/ton; the previous day's LME 3 - month closing price was 2,865 dollars/ton, with a spot premium of 8.21 dollars/ton, and LME inventory was 482,525 tons, a decrease of 1,600 tons [2]. - Nickel: The previous day's domestic futures closing price was 121,150 yuan/ton, with a basis of - 1,530 yuan/ton; the previous day's LME 3 - month closing price was 15,335 dollars/ton, with a spot premium of - 190.56 dollars/ton, and LME inventory was 250,878 tons, an increase of 402 tons [2]. - Lead: The previous day's domestic futures closing price was 17,615 yuan/ton, with a basis of - 205 yuan/ton; the previous day's LME 3 - month closing price was 2,012 dollars/ton, with a spot premium of - 36.83 dollars/ton, and LME inventory was 244,125 tons, a decrease of 3,175 tons [2]. - Tin: The previous day's domestic futures closing price was 281,230 yuan/ton, with a basis of 720 yuan/ton; the previous day's LME 3 - month closing price was 35,725 dollars/ton, with a spot premium of 100.00 dollars/ton, and LME inventory was 2,745 tons, an increase of 10 tons [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - Copper prices may be on the stronger side. The concentrate supply remains tight, and smelting profits are at the break - even point, yet smelting output continues to grow rapidly. The Indonesian mine accident is likely to turn the global copper supply - demand into a deficit, providing long - term support for copper prices [2]. - Zinc prices may fluctuate within a range. The short - term zinc concentrate processing fees have generally rebounded, and smelting profits have turned positive, with smelting output expected to continue to rise. Due to different inventory situations at home and abroad, domestic zinc prices may be weaker than foreign ones, and overall, the supply - demand difference is not obvious [2]. 3. Summary by Related Catalogs Copper - Market situation: Night - session copper prices fluctuated and consolidated. The concentrate supply is tight, and smelting profits are at the break - even point, but smelting output has high growth. Grid investment has positive growth, power supply investment slows down, automobile production and sales have positive growth, home appliance production scheduling has negative growth, and the real estate market is weak. The Indonesian mine accident may lead to a global copper supply - demand deficit [2]. - Price outlook: Copper prices may be on the stronger 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 85,380 yuan/ton, the domestic basis was 10 yuan/ton, the previous LME 3 - month closing price was 10,659 dollars/ton, the LME spot premium was - 6.36 dollars/ton, the LME inventory was 137,150 tons, and the daily change was - 25 tons [2]. Zinc - Market situation: Night - session zinc prices closed higher, and the low LME inventory led to an obvious spot premium. Short - term zinc concentrate processing fees have generally rebounded, smelting profits have turned positive, and smelting output is expected to continue to rise. Galvanized sheet inventory increased weekly. Infrastructure investment cumulative growth rate slowed down, automobile production and sales had positive growth, home appliance production scheduling had negative growth, and the real estate market was weak. Domestic and foreign inventory situations are different [2]. - Price outlook: Zinc prices may fluctuate within a range. Domestic zinc prices may be weaker than foreign ones. 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 21,985 yuan/ton, the domestic basis was - 95 yuan/ton, the previous LME 3 - month closing price was 3,020 dollars/ton, the LME spot premium was 338.74 dollars/ton, the LME inventory was 37,275 tons, and the daily change was - 50 tons [2]. Other Metals (Aluminum, Nickel, Lead, Tin) - Market data: - Aluminum: Previous domestic futures closing price was 21,015 yuan/ton, domestic basis was - 20 yuan/ton, previous LME 3 - month closing price was 2,806 dollars/ton, LME spot premium was 2.61 dollars/ton, LME inventory was 484,125 tons, and daily change was - 3,000 tons [2]. - Nickel: Previous domestic futures closing price was 121,120 yuan/ton, domestic basis was - 1,430 yuan/ton, previous LME 3 - month closing price was 15,140 dollars/ton, LME spot premium was - 202.16 dollars/ton, LME inventory was 250,476 tons, and daily change was 0 tons [2]. - Lead: Previous domestic futures closing price was 17,160 yuan/ton, domestic basis was - 195 yuan/ton, previous LME 3 - month closing price was 1,995 dollars/ton, LME spot premium was - 39.73 dollars/ton, LME inventory was 247,300 tons, and daily change was 0 tons [2]. - Tin: Previous domestic futures closing price was 281,680 yuan/ton, domestic basis was - 120 yuan/ton, previous LME 3 - month closing price was 35,400 dollars/ton, LME spot premium was 55.00 dollars/ton, LME inventory was 2,735 tons, and daily change was 0 tons [2].