Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The copper price may be on the stronger side. The zinc price will follow the trend of the copper price [2] Group 3: Summary by Related Catalogs Copper - Night-time copper prices closed lower. 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. Grid investment continues positive growth, while 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. The Indonesian mine accident is likely to lead to a global copper supply - demand gap, providing long - term support for copper prices. After the Sino - US trade confrontation, market sentiment has gradually stabilized. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2] - The previous day's domestic futures closing price was 85,650 yuan/ton, the domestic basis was 35 yuan/ton, the previous day's LME 3 - month closing price was 10,576 dollars/ton, the LME spot premium was 27.94 dollars/ton, the LME inventory was 138,800 tons, and the daily change was - 550 tons [2] Zinc - Night-time zinc prices closed lower. Short - term zinc concentrate processing fees have generally increased, smelting profits have turned positive, and smelting output is expected to continue to rise. The weekly inventory of galvanized sheets counted by the China Iron and Steel Association has increased. The cumulative growth rate of infrastructure investment has slowed down, automobile production and sales show positive growth, home appliance production scheduling shows negative growth, and the real estate market remains weak. Due to different inventory situations at home and abroad, the domestic zinc price may be weaker than the foreign one. The overall supply - demand difference of zinc is not obvious, but it will follow the copper price trend in the short term. Attention should be paid to changes in the US dollar, smelting output, and downstream demand [2] - The previous day's domestic futures closing price was 21,945 yuan/ton, the domestic basis was - 55 yuan/ton, the previous day's LME 3 - month closing price was 2,941 dollars/ton, the LME spot premium was 139.83 dollars/ton, the LME inventory was 38,600 tons, and the daily change was 1,125 tons [2] Other Metals - Aluminum: The previous day's domestic futures closing price was 20,855 yuan/ton, the domestic basis was 40 yuan/ton, the previous day's LME 3 - month closing price was 2,745 dollars/ton, the LME spot premium was 6.66 dollars/ton, the LME inventory was 503,950 tons, and the daily change was - 2,050 tons [2] - Nickel: The previous day's domestic futures closing price was 121,010 yuan/ton, the domestic basis was - 1,950 yuan/ton, the previous day's LME 3 - month closing price was 15,150 dollars/ton, the LME spot premium was - 211.22 dollars/ton, the LME inventory was 243,258 tons, and the daily change was 1,164 tons [2] - Lead: The previous day's domestic futures closing price was 17,200 yuan/ton, the domestic basis was - 210 yuan/ton, the previous day's LME 3 - month closing price was 1,986 dollars/ton, the LME spot premium was - 44.09 dollars/ton, the LME inventory was 246,550 tons, and the daily change was 9,550 tons [2] - Tin: The previous day's domestic futures closing price was 281,890 yuan/ton, the domestic basis was 2,090 yuan/ton, the previous day's LME 3 - month closing price was 35,380 dollars/ton, the LME spot premium was - 130.01 dollars/ton, the LME inventory was 2,385 tons, and the daily change was 0 tons [2]

作者具有期货交易咨询执业资格，保证报告所采用的数据均来自合规渠道，分析逻辑基于作者的职业理解，本报告清晰准确 地反映了作者的研究观点，力求独立、客观和公正，结论不受任何第三方的授意或影响，作者及利益相关方不曾因也将不会因本 报告中的具体推荐意见或观点而直接或间接获取任何形式的不当利益。 免责声明 20251014申万期货有色金属基差日报 | 摘要 | 铜： 可能偏强 | | | --- | --- | --- | | | 锌： 跟随铜价走势 | | | 品种 | 观点 | 策略方向 | | | 铜：夜盘铜价收涨1.64%。年初以来精矿供应延续紧张状态，冶炼利润处于盈 | | | | 亏边缘，但冶炼产量延续高增长。国家统计局数据显示，电网投资延续正增 | | | 铜 | 长，电源投资放缓；汽车产销正增长；家电排产负增长；地产持续疲弱。印 尼矿难大概率导致全球铜供求转向缺口，长期支撑铜价。中美贸易对峙后， | 可能偏强 | | | 市场情绪逐步企稳。关注美元、铜冶炼产量和下游需求等变化。 | | | | 锌：夜盘锌价收涨0.13%。短期锌精矿加工费总体回升，冶炼利润转正，冶炼 产量有望持续回升。中钢协统计的镀锌板 ...

Group 1: Investment Ratings - There is no specific report industry investment rating provided in the content [2] Group 2: Core Views - Copper may be on the stronger side, while zinc will follow the trend of copper prices [2] - For copper, the morning trading of US copper prices rebounded significantly. Affected by the escalation of Sino - US trade confrontation, copper prices dropped 3.29% during the weekend night session. Concentrate supply has been tight since the beginning of the year, and smelting profits are on the verge of profit and loss, but smelting output has continued to grow at a high rate. Grid investment has continued positive growth, power source investment has slowed down, automobile production and sales have shown positive growth, home appliance production scheduling has shown negative growth, and the real estate market has remained weak. The Indonesian mine accident is likely to lead to a global copper supply - demand gap, providing long - term support for copper prices. The impact of the escalation of Sino - US trade confrontation may be less than that in April, and market sentiment will gradually stabilize [2] - For zinc, affected by the decline in copper prices, zinc prices dropped 0.72% during the weekend night session. Short - term zinc concentrate processing fees have generally increased, smelting profits have turned positive, and smelting output is expected to continue to rise. Galvanized sheet inventory has increased on a weekly basis. Infrastructure investment cumulative growth rate has slowed down, automobile production and sales have shown positive growth, home appliance production scheduling has shown negative growth, and the real estate market has remained weak. Due to different inventory situations at home and abroad, domestic zinc prices may be weaker than foreign ones. The overall difference in zinc supply and demand is not obvious, but it will follow the trend of copper prices in the short term [2] Group 3: Summary of Relevant Data Copper - Domestic previous - day futures closing price: 85,900 yuan/ton; domestic basis: 15 yuan/ton; previous - day LME 3 - month closing price: 10,374 dollars/ton; LME spot premium/discount: - 31.19 dollars/ton; LME inventory: 139,475 tons; LME inventory daily change: 275 tons [2] Aluminum - Domestic previous - day futures closing price: 20,980 yuan/ton; domestic basis: - 60 yuan/ton; previous - day LME 3 - month closing price: 2,746 dollars/ton; LME spot premium/discount: 12.06 dollars/ton; LME inventory: 508,600 tons; LME inventory daily change: 2,200 tons [2] Zinc - Domestic previous - day futures closing price: 22,220 yuan/ton; domestic basis: - 55 yuan/ton; previous - day LME 3 - month closing price: 2,985 dollars/ton; LME spot premium/discount: 100.45 dollars/ton; LME inventory: 38,250 tons; LME inventory daily change: 0 tons [2] Nickel - Domestic previous - day futures closing price: 121,980 yuan/ton; domestic basis: - 390 yuan/ton; previous - day LME 3 - month closing price: 15,215 dollars/ton; LME spot premium/discount: - 193.95 dollars/ton; LME inventory: 236,892 tons; LME inventory daily change: 4,260 tons [2] Lead - Domestic previous - day futures closing price: 17,100 yuan/ton; domestic basis: - 195 yuan/ton; previous - day LME 3 - month closing price: 2,015 dollars/ton; LME spot premium/discount: - 38.22 dollars/ton; LME inventory: 237,450 tons; LME inventory daily change: 1,375 tons [2] Tin - Domestic previous - day futures closing price: 286,540 yuan/ton; domestic basis: - 2,930 yuan/ton; previous - day LME 3 - month closing price: 35,350 dollars/ton; LME spot premium/discount: - 61.99 dollars/ton; LME inventory: 2,390 tons; LME inventory daily change: - 115 tons [2]

Report Industry Investment Rating - Copper: Possibly bullish [2] - Zinc: Possibly fluctuating weakly in a wide range [2] Core View of the Report - Copper prices closed 0.7% lower overnight. Concentrate supply has been tight since the beginning of the year, and smelting profits are on the verge of profit and loss, but smelting output has continued to grow at a high rate. Grid investment has continued positive growth, power supply investment has slowed down, automobile production and sales have shown positive growth, home appliance production scheduling has shown negative growth, and the real estate market has remained weak. The Indonesian mine accident will probably lead to a global copper supply - demand gap, providing long - term support for copper prices [2]. - Zinc prices closed 1.25% lower overnight. 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 on a weekly basis. The cumulative growth rate of infrastructure investment has slowed down, automobile production and sales have shown positive growth, home appliance production scheduling has shown negative growth, and the real estate market has remained weak. Short - term supply - demand differences may tilt towards oversupply, and zinc prices may fluctuate weakly in a range [2]. Summary by Related Catalog Copper - Overnight copper price dropped 0.7%. Since the beginning of the year, concentrate supply has been tight, but smelting output has grown rapidly. Grid investment grows positively, power supply investment slows, auto production and sales grow, home appliance production declines, and real estate is weak. The Indonesian mine accident may cause a global copper supply - demand gap, supporting copper prices in the long run. The strategy direction is possibly bullish [2]. Zinc - Overnight zinc price dropped 1.25%. Zinc concentrate processing fees rise, smelting profits turn positive, and output is expected to increase. Galvanized sheet inventory rises weekly. Infrastructure investment growth slows, auto production and sales grow, home appliance production declines, and real estate is weak. Short - term supply - demand may turn to oversupply, and zinc prices may fluctuate weakly. The strategy direction is possibly fluctuating weakly in a wide range [2]. Market Data - Copper: Domestic previous - day futures closing price is 82,470 yuan/ton, domestic basis is - 10 yuan/ton, previous - day LME 3 - month closing price is 10,205 dollars/ton, LME spot premium is - 33.91 dollars/ton, LME inventory is 144,425 tons, and daily change is - 350 tons [2]. - Aluminum: Domestic previous - day futures closing price is 20,755 yuan/ton, domestic basis is - 10 yuan/ton, previous - day LME 3 - month closing price is 2,649 dollars/ton, LME spot premium is - 3.80 dollars/ton, LME inventory is 515,925 tons, and daily change is - 1,225 tons [2]. - Zinc: Domestic previous - day futures closing price is 21,950 yuan/ton, domestic basis is - 95 yuan/ton, previous - day LME 3 - month closing price is 2,887 dollars/ton, LME spot premium is 39.18 dollars/ton, LME inventory is 43,800 tons, and daily change is - 600 tons [2]. - Nickel: Domestic previous - day futures closing price is 121,100 yuan/ton, domestic basis is - 1,180 yuan/ton, previous - day LME 3 - month closing price is 15,155 dollars/ton, LME spot premium is - 178.77 dollars/ton, LME inventory is 230,586 tons, and daily change is 0 tons [2]. - Lead: Domestic previous - day futures closing price is 17,070 yuan/ton, domestic basis is - 130 yuan/ton, previous - day LME 3 - month closing price is 2,002 dollars/ton, LME spot premium is - 39.07 dollars/ton, LME inventory is 219,550 tons, and daily change is - 175 tons [2]. - Tin: Domestic previous - day futures closing price is 273,600 yuan/ton, domestic basis is - 840 yuan/ton, previous - day LME 3 - month closing price is 34,415 dollars/ton, LME spot premium is - 48.22 dollars/ton, LME inventory is 2,740 tons, and daily change is 45 tons [2].

Group 1: Report Industry Investment Ratings - Copper: Likely to be strong [2] - Zinc: Likely to fluctuate weakly in a wide range [2] Group 2: Report Core Views - Copper prices may be supported in the long - term as the Indonesian mine accident is likely to turn the global copper supply - demand situation into a deficit. Zinc prices may fluctuate weakly in the short - term as the supply - demand difference may tilt towards surplus [2] Group 3: Summary by Variety Copper - Night - time copper prices closed 0.4% lower. The supply of concentrates has been tight since the beginning of the year, but smelting output has continued to grow at a high rate. The power industry and automobile production and sales are growing positively, while the growth rate of home appliance output is slowing down, and the real estate market is weak. The Indonesian mine accident may lead to a supply - demand deficit and support copper prices in the long run. Suggest to pay attention to changes in the US dollar, copper smelting output, and downstream demand [2] Zinc - Night - time zinc prices closed up 0.02%. Zinc concentrate processing fees have generally rebounded, smelting profits have turned positive, and smelting output is expected to continue to rise. Galvanized sheet inventory has increased weekly. Infrastructure investment and automobile production and sales are growing positively, while the growth rate of home appliance output is slowing down, and the real estate market is weak. The short - term supply - demand difference may tilt towards surplus, and zinc prices may fluctuate weakly in a range. Suggest to pay attention to changes in the US dollar, smelting output, and downstream demand [2] Market Data - Copper: Domestic previous - day closing price is 82,660 yuan/ton, domestic basis is 40 yuan/ton, LME 3 - month closing price is 10,276 dollars/ton, LME spot premium is - 31.55 dollars/ton, LME inventory is 144,775 tons, and daily change is - 200 tons [2] - Aluminum: Domestic previous - day closing price is 20,760 yuan/ton, domestic basis is - 10 yuan/ton, LME 3 - month closing price is 2,664 dollars/ton, LME spot premium is - 2.10 dollars/ton, LME inventory is 517,150 tons, and daily change is 3,300 tons [2] - Zinc: Domestic previous - day closing price is 22,030 yuan/ton, domestic basis is - 105 yuan/ton, LME 3 - month closing price is 2,923 dollars/ton, LME spot premium is 53.93 dollars/ton, LME inventory is 44,400 tons, and daily change is - 1,375 tons [2] - Nickel: Domestic previous - day closing price is 122,680 yuan/ton, domestic basis is - 2,110 yuan/ton, LME 3 - month closing price is 15,240 dollars/ton, LME spot premium is - 174.35 dollars/ton, LME inventory is 230,586 tons, and daily change is 132 tons [2] - Lead: Domestic previous - day closing price is 17,060 yuan/ton, domestic basis is - 120 yuan/ton, LME 3 - month closing price is 2,009 dollars/ton, LME spot premium is - 36.80 dollars/ton, LME inventory is 219,725 tons, and daily change is - 250 tons [2] - Tin: Domestic previous - day closing price is 273,710 yuan/ton, domestic basis is - 2,040 yuan/ton, LME 3 - month closing price is 34,390 dollars/ton, LME spot premium is - 50.00 dollars/ton, LME inventory is 2,695 tons, and daily change is 120 tons [2]

Group 1: Report Investment Ratings - No information provided on industry investment ratings Group 2: Core Views - Copper prices may experience short - term range - bound fluctuations. Night - time copper prices rose 0.06%. Although concentrate supply is tight and smelting profits are under pressure, smelting output continues to grow rapidly. Multiple factors are intertwined, and attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2] - Zinc prices may experience short - term wide - range weak fluctuations. Night - time zinc prices rose 0.41%. Zinc concentrate processing fees have generally recovered, and smelting profits have turned positive. Short - term supply - demand differences may tilt towards surplus [2] Group 3: Summary by Variety Copper - Night - time copper prices rose 0.06%. Concentrate supply is tight, but smelting output has high growth. The power industry has positive growth, photovoltaic installations increased year - on - year but future growth may slow. Automobile production and sales are growing, home appliance output growth is slowing, and the real estate market is weak. The price may have short - term range - bound fluctuations [2] Zinc - Night - time zinc prices rose 0.41%. Zinc concentrate processing fees have increased, smelting profits are positive, and smelting output is expected to rise. Galvanized sheet inventory increased weekly. Infrastructure investment has a small positive growth rate, automobile production and sales are growing, home appliance output growth is slowing, and the real estate market is weak. The price may have short - term wide - range weak fluctuations [2] Other Metals - Aluminum: Domestic previous day's futures closing price was 20,685 yuan/ton, the domestic basis was - 20 yuan/ton, the previous day's LME 3 - month closing price was 2,646 dollars/ton, the LME spot premium was 0.24 dollars/ton, LME inventory was 513,900 tons with no daily change [2] - Nickel: Domestic previous day's futures closing price was 120,730 yuan/ton, the domestic basis was - 990 yuan/ton, the previous day's LME 3 - month closing price was 15,340 dollars/ton, the LME spot premium was - 173.35 dollars/ton, LME inventory was 228,900 tons with an increase of 456 tons [2] - Lead: Domestic previous day's futures closing price was 17,040 yuan/ton, the domestic basis was - 120 yuan/ton, the previous day's LME 3 - month closing price was 1,999 dollars/ton, the LME spot premium was - 42.13 dollars/ton, LME inventory was 221,675 tons with an increase of 1,375 tons [2] - Tin: Domestic previous day's futures closing price was 269,880 yuan/ton, the domestic basis was 2,000 yuan/ton, the previous day's LME 3 - month closing price was 34,270 dollars/ton, the LME spot premium was - 98.00 dollars/ton, LME inventory was 2,580 tons with an increase of 75 tons [2]

Group 1: Report Summary - The report provides a daily update on the basis of non - ferrous metals futures, including copper, zinc, etc., and offers short - term price trend views and strategies [2] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Views - Copper may have short - term range - bound fluctuations. The night - session copper price rose 3.31%. The Grasberg mine accident in Indonesia led to a reduced supply expectation. The concentrate supply has been tight since the beginning of the year, and the smelting profit is on the verge of profit and loss, but the smelting output has continued to grow. The power industry has positive growth, the PV rush - installation has increased sharply year - on - year, and the future growth rate may slow down. The auto production and sales are growing, the home appliance output growth rate is slowing down, and the real estate is weak. The Indonesian mine accident is likely to turn the global copper supply - demand into a deficit, which will support the copper price in the long term [2] - Zinc may have short - term wide - range weak - side fluctuations. The night - session zinc price rose 0.62%. The zinc concentrate processing fee has generally recovered, the smelting profit has turned positive, and the smelting output is expected to continue to rise. The galvanized sheet inventory has increased weekly. The infrastructure investment cumulative growth rate has a small positive growth, the auto production and sales are growing, the home appliance output growth rate is slowing down, and the real estate is weak. The short - term supply - demand difference may tilt towards surplus, and the zinc price may fluctuate weakly within a range [2] Group 4: Market Data Summary Copper - Domestic previous - day futures closing price: 79,970 yuan/ton, domestic basis: 25 yuan/ton, previous - day LME 3 - month closing price: 10,320 dollars/ton, LME spot premium: - 31.37 dollars/ton, LME inventory: 144,975 tons, LME inventory daily change: - 400 tons [2] Aluminum - Domestic previous - day futures closing price: 20,705 yuan/ton, domestic basis: 0 yuan/ton, previous - day LME 3 - month closing price: 2,655 dollars/ton, LME spot premium: - 5.44 dollars/ton, LME inventory: 513,850 tons, LME inventory daily change: - 50 tons [2] Zinc - Domestic previous - day futures closing price: 21,845 yuan/ton, domestic basis: - 105 yuan/ton, previous - day LME 3 - month closing price: 2,923 dollars/ton, LME spot premium: 59.64 dollars/ton, LME inventory: 45,775 tons, LME inventory daily change: - 1,050 tons [2] Nickel - Domestic previous - day futures closing price: 121,250 yuan/ton, domestic basis: - 1,250 yuan/ton, previous - day LME 3 - month closing price: 15,435 dollars/ton, LME spot premium: - 178.85 dollars/ton, LME inventory: 230,454 tons, LME inventory daily change: 1,554 tons [2] Lead - Domestic previous - day futures closing price: 17,030 yuan/ton, domestic basis: - 115 yuan/ton, previous - day LME 3 - month closing price: 2,003 dollars/ton, LME spot premium: - 40.08 dollars/ton, LME inventory: 219,975 tons, LME inventory daily change: - 1,700 tons [2] Tin - Domestic previous - day futures closing price: 271,650 yuan/ton, domestic basis: - 960 yuan/ton, previous - day LME 3 - month closing price: 34,315 dollars/ton, LME spot premium: - 105.00 dollars/ton, LME inventory: 2,575 tons, LME inventory daily change: - 5 tons [2]

Report Overview - The report is the Shenwan Futures Non - ferrous Metals Basis Daily Report dated September 19, 2025 [1] Industry Investment Rating - Not provided Core Views - Copper prices may experience short - term range - bound fluctuations due to a mix of bullish and bearish factors. Zinc prices may have short - term wide - range and weakly downward fluctuations as short - term supply - demand may tilt towards surplus [2] Summary by Variety Copper - Night - session copper prices rose 0.1%. Concentrate supply remains tight, squeezing smelting profits, but smelting output continues high growth. Power industry shows positive growth, PV rush - installation increased year - on - year but future growth may slow. Auto production and sales are growing, home appliance output growth is slowing, and the real estate sector is weak. Copper prices may range - bound, and factors like the US dollar, smelting output, and downstream demand should be monitored [2] Zinc - Night - session zinc prices rose 0.09%. Zinc concentrate processing fees have generally recovered, turning smelting profits positive, and smelting output is expected to continue rising. Galvanized sheet inventory increased weekly. Infrastructure investment cumulative growth is slightly positive, auto production and sales are growing, home appliance output growth is slowing, and the real estate sector is weak. Short - term supply - demand may lean towards surplus, and zinc prices may have range - bound and weakly downward fluctuations. Attention should be paid to the US dollar, smelting output, and downstream demand [2] Market Data Domestic Futures and Basis | Variety | Domestic Previous Futures Closing Price (yuan/ton) | Domestic Basis (yuan/ton) | | ---- | ---- | ---- | | Copper | 79,620 | 30 | | Aluminum | 20,775 | - 20 | | Zinc | 22,035 | - 65 | | Nickel | 120,940 | - 1,630 | | Lead | 17,145 | - 120 | | Tin | 269,100 | 3,060 | [2] LME Data | Variety | LME 3 - month Previous Closing Price (US dollars/ton) | LME Spot Premium (CASH - 3M, US dollars/ton) | LME Inventory (tons) | LME Inventory Daily Change (tons) | | ---- | ---- | ---- | ---- | ---- | | Copper | 9,946 | - 71.09 | 149,775 | - 1,175 | | Aluminum | 2,705 | 4.89 | 483,775 | 0 | | Zinc | 2,913 | 24.27 | 48,975 | 0 | | Nickel | 15,335 | - 177.83 | 228,468 | 2,034 | | Lead | 2,004 | - 44.05 | 225,350 | - 2,500 | | Tin | 33,750 | - 155.00 | 2,645 | 0 | [2]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Copper prices may fluctuate within a range in the short term due to the intersection of multiple factors such as tight concentrate supply, high smelting output growth, and mixed downstream demand [2] - Zinc prices may experience a wide - range and weakening fluctuation in the short term as the short - term supply - demand difference may tilt towards surplus [2] Group 3: Summary by Related Catalogs Copper - Night - time copper prices closed 0.84% lower. Concentrate supply remains tight, squeezing smelting profits, but smelting output continues to grow rapidly. Downstream demand shows mixed signals: power industry has positive growth, photovoltaic rush - installation increased year - on - year but future growth may slow, auto production and sales are growing, home appliance output growth is slowing, and the real estate sector is weak [2] - Domestic previous - day futures closing price was 80,560 yuan/ton, with a basis of 30 yuan/ton. The previous - day LME 3 - month closing price was 9,974 dollars/ton, and the LME spot premium was - 71.13 dollars/ton. LME inventory was 150,950 tons, with a daily decrease of 1,675 tons [2] Zinc - Night - time zinc prices closed 0.76% lower. Zinc concentrate processing fees have generally increased, turning smelting profits positive, and smelting output is expected to continue to rise. Galvanized sheet inventory increased weekly. Infrastructure investment has a small positive cumulative growth rate, auto production and sales are growing, home appliance output growth is slowing, and the real estate sector is weak [2] - Domestic previous - day futures closing price was 22,280 yuan/ton, with a basis of - 95 yuan/ton. The previous - day LME 3 - month closing price was 2,943 dollars/ton, and the LME spot premium was 24.36 dollars/ton. LME inventory was 48,975 tons, with a daily decrease of 1,175 tons [2] Other Metals - Aluminum: Domestic previous - day futures closing price was 20,910 yuan/ton, with a basis of - 50 yuan/ton. The previous - day LME 3 - month closing price was 2,690 dollars/ton, and the LME spot premium was 1.74 dollars/ton. LME inventory was 483,775 tons, with a daily decrease of 1,500 tons [2] - Nickel: Domestic previous - day futures closing price was 121,790 yuan/ton, with a basis of - 870 yuan/ton. The previous - day LME 3 - month closing price was 15,445 dollars/ton, and the LME spot premium was - 189.18 dollars/ton. LME inventory was 226,434 tons, with a daily increase of 1,950 tons [2] - Lead: Domestic previous - day futures closing price was 17,100 yuan/ton, with a basis of - 125 yuan/ton. The previous - day LME 3 - month closing price was 2,005 dollars/ton, and the LME spot premium was - 46.43 dollars/ton. LME inventory was 227,850 tons, with a daily increase of 2,225 tons [2] - Tin: Domestic previous - day futures closing price was 272,540 yuan/ton, with a basis of 1,320 yuan/ton. The previous - day LME 3 - month closing price was 34,390 dollars/ton, and the LME spot premium was - 167.02 dollars/ton. LME inventory was 2,645 tons, with no daily change [2]

Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the content. 2. Core Viewpoints - Copper prices may fluctuate within a short - term range due to the combination of factors such as tight concentrate supply, high smelting output growth, positive growth in the power and automotive industries, and weak real estate [2]. - Zinc prices may experience short - term wide - range and weak fluctuations as the supply - demand difference may tilt towards surplus, with factors like rising smelting output and weak real estate [2]. 3. Summary According to Related Content Copper - **Market Situation**: Night - session copper prices closed higher. Concentrate supply remains tight, squeezing smelting profits, but smelting output continues to grow rapidly. The power industry has positive growth, with a sharp year - on - year increase in PV installations (future growth may slow), automotive production and sales are growing, home appliance output growth is slowing, and the real estate sector is weak [2]. - **Price Outlook**: Copper prices may fluctuate within a range. Key factors to watch include the US dollar, copper smelting output, and downstream demand [2]. - **Market Data**: The previous domestic futures closing price was 81,000 yuan/ton, the domestic basis was 70 yuan/ton, the previous LME 3 - month closing price was 10,189 dollars/ton, LME spot premium was - 61.93 dollars/ton, LME inventory was 153,950 tons with a daily decrease of 225 tons [2]. Zinc - **Market Situation**: Night - session zinc prices closed higher. Zinc concentrate processing fees have generally increased, turning smelting profits positive, and smelting output is expected to continue rising. Galvanized sheet inventory increased weekly, infrastructure investment has a small positive cumulative growth rate, automotive production and sales are growing, home appliance output growth is slowing, and the real estate sector is weak [2]. - **Price Outlook**: Zinc prices may have short - term wide - range and weak fluctuations as the short - term supply - demand difference may tilt towards surplus. Key factors to watch include the US dollar, smelting output, and downstream demand [2]. - **Market Data**: The previous domestic futures closing price was 22,235 yuan/ton, the domestic basis was - 85 yuan/ton, the previous LME 3 - month closing price was 2,982 dollars/ton, LME spot premium was 26.76 dollars/ton, LME inventory was 50,525 tons with a daily decrease of 100 tons [2]. Other Metals - **Aluminum**: The previous domestic futures closing price was 20,925 yuan/ton, the domestic basis was - 50 yuan/ton, the previous LME 3 - month closing price was 2,705 dollars/ton, LME spot premium was 4.77 dollars/ton, LME inventory was 485,275 tons with no daily change [2]. - **Nickel**: The previous domestic futures closing price was 122,500 yuan/ton, the domestic basis was - 460 yuan/ton, the previous LME 3 - month closing price was 15,425 dollars/ton, LME spot premium was - 185.68 dollars/ton, LME inventory was 225,084 tons with a daily increase of 1,932 tons [2]. - **Lead**: The previous domestic futures closing price was 17,150 yuan/ton, the domestic basis was - 130 yuan/ton, the previous LME 3 - month closing price was 2,002 dollars/ton, LME spot premium was - 47.54 dollars/ton, LME inventory was 229,575 tons with a daily decrease of 3,050 tons [2]. - **Tin**: The previous domestic futures closing price was 275,090 yuan/ton, the domestic basis was - 630 yuan/ton, the previous LME 3 - month closing price was 34,680 dollars/ton, LME spot premium was - 132.00 dollars/ton, LME inventory was 2,620 tons with a daily increase of 235 tons [2].