Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The iron ore market is expected to be weak with the increase in Australian and Brazilian iron ore shipments and arrivals, the reversal of the decline in domestic port inventories, the continuous decline in blast furnace operating rates and daily hot metal production, and the weakening of iron ore demand. The I2509 contract is recommended to consider a strategy of short - selling on rebounds [10]. - Given the continued decline in hot metal production, the reversal of the decline in iron ore port inventories, and the potential increase in inventory pressure during the consumption off - season, it is suggested to buy put options [55]. 3. Summary by Directory 3.1. Weekly Highlights - **Price**: As of June 13, the closing price of the iron ore main contract was 703 (-4.5) yuan/ton, and the price of Mac fines at Qingdao Port was 760 (-10) yuan/dry ton [8]. - **Shipment**: From June 2 - 8, 2025, the total global iron ore shipments were 3510.4 tons, a week - on - week increase of 79.4 tons. The total shipments from Australia and Brazil were 2919.4 tons, a week - on - week increase of 50.6 tons [8]. - **Arrival**: From June 2 - 8, 2025, the total arrivals at 47 Chinese ports were 2673.9 tons, a week - on - week increase of 76.5 tons; at 45 ports, it was 2609.3 tons, a week - on - week increase of 72.8 tons; at the six northern ports, it was 1383.6 tons, a week - on - week decrease of 157.2 tons [8]. - **Demand**: The daily average hot metal production was 241.61 tons, a week - on - week decrease of 0.19 tons, and a year - on - year increase of 2.30 tons [8]. - **Inventory**: As of June 13, 2025, the inventory of imported iron ore at 47 ports was 14503.14 tons, a week - on - week increase of 102.83 tons. The inventory of 247 steel mills was 8798.68 tons, a week - on - week increase of 108.5 tons [7][8]. - **Profitability**: The profitability rate of steel mills was 58.44%, a decrease of 0.43 percentage points from last week and an increase of 8.66 percentage points from last year [7]. 3.2. Futures and Spot Market - **Futures Price**: The I2509 contract was weak this week, and its performance was weaker than that of the I2601 contract. On the 13th, the spread was 30.5 yuan/ton, a week - on - week decrease of 5.5 yuan/ton [16]. - **Warehouse Receipt and Net Position**: On June 13, the number of iron ore warehouse receipts at the Dalian Commodity Exchange was 2700, a week - on - week increase of 800. The net short position of the top 20 holders of the ore futures contract was 30252, an increase of 6809 from the previous week [23]. - **Spot Price**: On June 13, the price of 61% Australian Mac fines at Qingdao Port was 760 yuan/dry ton, a week - on - week decrease of 10 yuan/dry ton. This week, the spot price of iron ore was weaker than the futures price. On the 13th, the basis was 57 yuan/ton, a week - on - week decrease of 13 yuan/ton [29]. 3.3. Industry Situation - **Arrival Volume**: From June 2 - 8, 2025, the total arrivals at 47 Chinese ports increased [33]. - **Port Inventory**: This week, the total inventory of imported iron ore at 47 ports was 14503.14 tons, a week - on - week increase of 102.83 tons. The total inventory of imported iron ore in steel mills was 8798.68 tons, a week - on - week increase of 108.50 tons [36]. - **Inventory Availability**: As of June 12, the average inventory availability days of imported iron ore for large and medium - sized domestic steel mills was 21 days, a week - on - week increase of 2 days [39]. - **Import Volume and Capacity Utilization**: In May, China imported 9813.1 tons of iron ore and concentrates, a decrease of 500.7 tons from the previous month, a month - on - month decrease of 4.9%. From January - May, the cumulative import was 48640.9 tons, a year - on - year decrease of 5.2%. As of June 13, the capacity utilization rate of 266 mines was 61.32%, a week - on - week increase of 0.03% [42]. - **Domestic Production**: In April 2025, China's iron ore production was 8469.6 tons, a year - on - year decrease of 4.9%. From January - April, the cumulative production was 32859.6 tons, a year - on - year decrease of 12.2%. The iron concentrate production of 433 iron mines was 2301.5 tons, a month - on - month decrease of 57.2 tons, a decrease of 2.4% [46]. 3.4. Downstream Situation - **Crude Steel Production**: In April, China's crude steel production was 8602 tons, the same as the previous year. From January - April, the cumulative production was 34535 tons, a year - on - year increase of 0.4% [49]. - **Steel Export and Import**: In May 2025, China exported 1057.8 tons of steel, an increase of 11.6 tons from the previous month, a month - on - month increase of 1.1%. From January - May, the cumulative export was 4846.9 tons, a year - on - year increase of 8.9%. In May, China imported 48.1 tons of steel, a decrease of 4.1 tons from the previous month, a month - on - month decrease of 7.9%. From January - May, the cumulative import was 255.3 tons, a year - on - year decrease of 16.1% [49]. - **Blast Furnace Operating Rate and Hot Metal Production**: On June 13, the blast furnace operating rate of 247 steel mills was 83.41%, a decrease of 0.15 percentage points from last week and an increase of 1.36 percentage points from last year. The daily average hot metal production was 241.61 tons, a week - on - week decrease of 0.19 tons and a year - on - year increase of 2.30 tons [52]. 3.5. Options Market - Given the continued decline in hot metal production and the reversal of the decline in iron ore port inventories, it is recommended to buy put options [55].

交易提示 交易咨询：0571-85165192，85058093 2025 年 6 月 11 日星期三 交易提示 | | | | 看到，美方代表团主要成员包括美国财政部长贝森特、美国贸易代表格里 | | --- | --- | --- | --- | | | 中证 500 | 上行 | 尔和美国商务部长卢特尼克。贝森特负责宏观经济和金融问题，是特朗普 | | | | | 政府关税战略执行的关键人物。格里尔主要管辖范围就是关税，更像是美 | | | | | 方处理各类贸易谈判的"专业谈判官"。新加入的卢特尼克相对更聚焦于 | | | | | 产业层面，比如各行业的出口、进口、市场准入等问题。国新办举办新闻 | | | 中证 1000 | 上行 | 发布会，国家发改委等六部门介绍进一步保障和改善民生有关政策情况。 | | | | | 预计今年支持社会事业的中央预算内投资规模将比"十三五"末提高 30% | | | | | 以上；统筹用好中央预算内投资和超长期特别国债，支持高校持续改善办 | | | | | 学条件；积极推进低保等社会救助政策扩围增效，研究制定加快发展服务 | | | 2 年期国债 | 震荡 | 类 ...

近几个月CPI的走势说明，国内由市场引导的供求总量失衡态 势仍在发展中。这种现象会进一步弱化企业预期、打击企业信 心，进而使居民消费活动向更谨慎的态势发展，为此要高度重 视并尽快扭转此态势。 作者：田进 封图：图虫创意 6月9日，国家统计局公布的数据显示，2025年5月全国居民消费价格指数（CPI）同比下降0.1%， CPI同比增速已连续四个月出现负增长 。1—5月平 均，CPI比上年同期下降0.1%。 具体来看，5月蔬菜价格同比降幅由上月的-5.0%扩大到-8.3%，猪肉价格同比涨幅也出现回落。此外，受5月上旬国际原油价格走低影响，当月国内成 品油价格下调，能源价格同比下降6.1%，降幅比上月扩大1.3个百分点，影响CPI同比下降约0.47个百分点，是导致5月CPI同比下降的主要因素。 5月CPI数据发布当天，东方金诚宏观研究发展部发布的报告提出，剔除波动较大的食品和能源价格，更能反映基本物价水平的核心CPI同比持续处于 1.0%以下的低位，表明当前国内物价水平稳中偏弱，其中 消费需求不足是主要原因。 国务院发展研究中心宏观经济研究部研究员张立群表示，近几个月CPI的走势说明，国内由市场引导的供求总量失衡态 ...

「2025.06.06」 铁矿石市场周报 研究员：蔡跃辉 添加客服 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 关 注 我 们 获 取 更 多 资 讯 瑞达期货研究院 业务咨询 目录 目录 1、周度要点小结 2、期现市场 3、产业情况 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场 「周度要点小结1」 行情回顾 3 来源：瑞达期货研究院 1. 价格：截至6月6日收盘，铁矿主力合约期价为707.5（+5.5）元/吨，青岛港麦克粉776（-1）元/干吨。 2. 发运：本期澳巴发运总量环比+242.3万吨。2025年05月27日-06月02日Mysteel全球铁矿石发运总量3431.0万吨，环比增加 242.3万吨。澳洲巴西铁矿发运总量2868.8万吨，环比增加78.8万吨。澳洲发运总量1920.5万吨，环比减少92.7万吨，其中澳 洲发往中国的量1499.8万吨，环比减少281.4万吨。巴西发运量948.3万吨，环比增加171.5万吨。 3. 到港：本期47港到港量+253.3万吨。2025年05月26日-06月01日中国47港到港总量2597.4万吨，环比增加253.3万 ...

Group 1 - China's economy has shown a good start in the first quarter, with solid progress in high-quality development, but the foundation for sustained recovery needs further strengthening due to increasing external shocks [1] - The Central Political Bureau meeting emphasized the need to focus on "stabilizing employment, enterprises, markets, and expectations" as a response to current international and domestic situations [2][3] - The meeting highlighted the importance of macroeconomic policies as effective means to stabilize the economy, especially in the context of global economic downturn expectations [4] Group 2 - The focus on stabilizing employment includes promoting the transformation and upgrading of the manufacturing sector and developing the service industry to create more high-quality job opportunities [2] - The government aims to optimize the business environment to boost enterprise confidence and improve operational performance, particularly for those facing challenges due to international trade conflicts [2][4] - There is a call for a comprehensive approach to enhance domestic demand, with an emphasis on increasing the income of middle and low-income groups to drive consumption growth [7][8] Group 3 - The government plans to implement more proactive fiscal policies, including accelerating the issuance and use of local government special bonds to support growth [4] - Monetary policy will focus on maintaining ample liquidity and reducing financing costs for micro entities to support the real economy [4] - The need for a unified national market and the cultivation of new driving forces through reform and innovation is emphasized to adapt to new production capacities [5]

Group 1 - The Chinese government is focusing on modernizing the industrial system and strengthening agriculture to improve people's livelihoods and enhance social governance [3] - The government aims to promote ecological environment protection and cultural prosperity as part of its high-quality development strategy [3] Group 2 - The meeting between Wang Huning and the Mexican Speaker of the House emphasized the commitment to deepen practical cooperation and strengthen cultural exchanges between China and Mexico [4] - Both sides expressed a desire to enhance collaboration in trade, technology, education, and training [4] Group 3 - The Ministry of Housing and Urban-Rural Development announced plans to improve living conditions in urban areas, focusing on the renovation of old residential communities [5][6] - Financial support will be provided through tax incentives and increased funding for urban renewal projects [5][6] Group 4 - The National Development and Reform Commission reported that multiple macroeconomic policies have been effective in expanding domestic demand, with fixed asset investment projects totaling 573.7 billion yuan approved in the first four months of the year [7][8] - The sales of automobiles, home appliances, and digital products reached approximately 830 billion yuan as of May 5 [8] Group 5 - The National Food and Strategic Reserves Administration announced that summer grain procurement is set to reach around 200 billion jin, with preparations already in place for the peak season [9] - The railway sector reported a total cargo shipment of 1.299 billion tons from January to April, reflecting a year-on-year growth of 3.6% [10]

肖耿认为，理解关税战不能只看贸易顺差/逆差，这些贸易不平衡是中美两国不同发展模式呈现的结果。 他解释称，美国实行的是强美元、强宏观经济刺激政策、高资本市场回报率的"强势经济金融政策"，其低储蓄及过度消费，特别是军费支出，最终导致长期 贸易赤字（逆差），同时美元作为世界储备货币帮助了美国政府的过度借贷；中国直到2024年9月，实行的是弱人民币、弱宏观经济刺激政策、低资本市场 回报率的"弱势(或过度谨慎)宏观经济金融政策"，实际上维持了中国的高储蓄、低消费，最终反应出来就是长期贸易盈余（顺差）。 肖耿进一步表示，特朗普政府此前的"离谱关税"，本质是希望通过对外收取关税、对内降低税收来应对美国国内的经济结构性矛盾，对美国而言是有其必要 性的。"不是因为中国不好，而是因为中国做得太好了，我们国家的生产能力在不断上升，这是美国不希望看到的，因为他（美国）想要保持最领先（的地 位）。"他说。 经济观察报记者 张锐 中美经贸高层会谈日前在瑞士日内瓦举行，双方在关税政策方面取得实质性进展。 5月15日，香港中文大学（深圳）公共政策学院副院长肖耿接受经济观察报记者采访表示，关税战背后是中美多维度竞争与再平衡，这些竞争与再平衡不 ...

Group 1 - The article discusses the impact of tariffs on supply and demand dynamics between China and the US, highlighting that tariffs can lead to product surplus in exporting countries and shortages in importing countries, affecting price levels [1][2][3] - China's macroeconomic policy is shifting towards stimulating demand and stabilizing supply, contrasting with the US approach of incentivizing supply while constraining demand, as indicated by recent policy measures [2][3] - The article anticipates future policies in China that may optimize supply, including adjustments in real estate and key industries, to stabilize the supply-demand ratio and price levels [2][3] Group 2 - In the context of ongoing tariff negotiations and a stable Federal Reserve, global stock markets have shown mixed performance, with US indices experiencing slight declines while Asian markets, particularly Japan and China, have demonstrated resilience [4][5] - The article notes fluctuations in commodity prices, with gold prices rising amid geopolitical tensions, while oil prices have rebounded but face limitations due to OPEC+ production plans [5][6] - The performance of the Chinese stock market is highlighted, with significant gains in the ChiNext index and military-industrial sectors, reflecting a positive market sentiment following recent economic dialogues and policy adjustments [7][8] Group 3 - The article outlines the recent US-UK trade agreement, which maintains certain tariffs while reducing others, indicating a complex trade environment that may influence future negotiations with China [8][9] - The Federal Reserve's recent meeting maintained interest rates, with indications that any potential rate cuts may be delayed until July, reflecting a cautious approach to economic data [9][10] - The article presents high-frequency economic data showing a slowdown in GDP growth rates, with actual and nominal GDP growth at 4.89% and 3.71% respectively, indicating a deceleration compared to the previous quarter [10][11] Group 4 - The article discusses the ongoing trends in industrial production and consumer prices, noting a mixed performance in various sectors, with some experiencing slowdowns while others show signs of recovery [11][12] - It highlights the expected rise in CPI and PPI, with projections indicating a potential stabilization in consumer prices despite ongoing weaknesses in industrial prices [12][13] - The article emphasizes the importance of balancing monetary policy with supply-demand dynamics to achieve reasonable price recovery, suggesting a coordinated approach to economic policy [16][17] Group 5 - The article details the acceleration of fiscal measures, with central government bond issuance outpacing local government efforts, reflecting a proactive stance in economic management [17][18] - It notes the contributions of various industries to PPI declines, particularly traditional sectors like coal and steel, which have seen increased pressure on prices [18][19] - The article concludes with observations on the overall weakness in industrial prices, while consumer goods prices show stability, indicating a divergence in market trends [20][21]

Report Industry Investment Rating No relevant information provided. Core View Through macro - fundamental and technical analysis, the report predicts the market trends of various futures on May 9, 2025. It also presents the market performance of these futures on May 8, 2025, and provides an outlook for the market trends in May 2025 [2][3]. Summary by Directory 1. Macro News and Trading Tips - China and Russia signed a joint statement to deepen their comprehensive strategic partnership, with leaders witnessing the exchange of over 20 bilateral cooperation texts [8]. - China's Ministry of Commerce responded to Sino - US economic and trade talks, stating that the US should correct wrong practices and cancel unilateral tariffs [8]. - Multiple departments interpreted the Private Economy Promotion Law, with the National Development and Reform Commission accelerating the improvement of a long - term mechanism for private enterprises to participate in major national projects, and about 3 trillion yuan of high - quality projects to be launched in key areas this year [8]. - The cross - strait integration development demonstration area inter - ministerial and provincial working meeting was held in Fuzhou [8]. - The Hong Kong Monetary Authority maintained the benchmark interest rate at 4.75% [9]. - The UK and the US reached an agreement on tariff trade terms, with the US reducing tariffs on UK - made cars to 10% and on steel and aluminum to zero, and negotiations on a digital trade agreement to be launched [9]. - The EU announced a retaliatory list of 95 billion euros of US goods and sued the US at the WTO over its tariff policies [9]. - The Bank of England cut interest rates by 25 basis points to 4.25%, but there were internal differences [9]. - The US is to start legislative work on a large - scale tax cut plan next week [10]. - The US and Ukraine reached a rare - earth agreement [10]. - The Bank of Japan will continue to raise interest rates if the economy meets expectations [10]. - US initial jobless claims decreased by 13,000 to 228,000 last week, and continuing claims decreased by 28,000 to 1.879 million, both better than expected. However, the labor market may deteriorate under tariff threats [10]. - US labor productivity decreased by 0.8% annually in the first quarter, and unit labor costs jumped by 5.7% [10]. 2. Commodity Futures - related Information - Most domestic commodity futures closed higher at night on May 8, with energy and chemical products generally rising and black series falling across the board [11]. - International oil prices rose sharply on May 8, with US crude oil up 3.81% and Brent crude up 3.40% [11]. - International precious metal futures generally closed lower on May 8, with COMEX gold down 2.40% and COMEX silver down 0.57% [12]. - Most Chicago Board of Trade (CBOT) agricultural futures closed lower on May 8 [12]. - Most London base metals closed higher on May 8 [12]. - Kazakhstan has no plan to cut oil production in May, with its output expected to reach 2 million barrels per day [13]. - The US and Russia held talks on assisting Russia in resuming natural gas exports to Europe [13]. - On May 8, the on - shore RMB against the US dollar closed down 101 basis points, and the central parity rate was down 68 basis points [13]. - The US dollar index fell 0.73% on May 8, and most non - US currencies fell [14]. 3. Futures Market Analysis and Outlook 3.1 Stock Index Futures - On May 8, the main contracts of CSI 300, SSE 50, CSI 500, and CSI 1000 stock index futures all opened slightly lower, then fluctuated upwards. They are expected to be strongly volatile on May 9, and strongly and widely volatile in May 2025 [14][15][16][19][20]. 3.2 Treasury Bond Futures - On May 8, the main contract of the 10 - year treasury bond futures opened slightly higher, fluctuated upwards strongly, and is expected to be widely volatile on May 9. The 30 - year treasury bond futures also opened slightly higher, fluctuated upwards, and are expected to be widely volatile on May 9 [35][37]. 3.3 Gold Futures - On May 8, the main contract of gold futures opened slightly lower, fluctuated downwards, and is expected to be weakly volatile on May 9, and strongly and widely volatile in May 2025 [40][41]. 3.4 Silver Futures - On May 8, the main contract of silver futures opened slightly lower, fluctuated downwards weakly, and is expected to be strongly volatile on May 9, and strongly and widely volatile in May 2025 [47][48]. 3.5 Copper Futures - On May 8, the main contract of copper futures opened slightly lower, fluctuated downwards, and is expected to be strongly volatile on May 9, and widely volatile in May 2025 [53]. 3.6 Aluminum Futures - On May 8, the main contract of aluminum futures opened flat, fluctuated slightly upwards, and is expected to be strongly volatile on May 9, and weakly and widely volatile in May 2025 [58]. 3.7 Alumina Futures - On May 8, the main contract of alumina futures opened slightly higher, fluctuated upwards strongly, and is expected to be strongly volatile on May 9, and widely volatile in May 2025 [62]. 3.8 Zinc Futures - On May 8, the main contract of zinc futures opened slightly higher, fluctuated slightly downwards, and is expected to be strongly volatile on May 9, and weakly and widely volatile in May 2025 [67]. 3.9 Nickel Futures - On May 8, the main contract of nickel futures opened slightly lower, fluctuated downwards, and is expected to be strongly volatile on May 9, and weakly and widely volatile in May 2025 [71]. 3.10 Rebar Futures - On May 8, the main contract of rebar futures opened slightly higher, fluctuated downwards, and is expected to be weakly volatile on May 9, and weakly and widely volatile in May 2025 [75][76]. 3.11 Hot - Rolled Coil Futures - On May 8, the main contract of hot - rolled coil futures opened slightly higher, fluctuated downwards, and is expected to be weakly volatile on May 9 [79]. 3.12 Iron Ore Futures - On May 8, the main contract of iron ore futures opened slightly higher, fluctuated downwards weakly, and is expected to be widely volatile on May 9, and weakly and widely volatile in May 2025 [80][81]. 3.13 Coking Coal Futures - On May 8, the main contract of coking coal futures opened slightly lower, fluctuated downwards, and is expected to be weakly volatile on May 9 [84]. 3.14 Glass Futures - On May 8, the main contract of glass futures opened slightly lower, fluctuated downwards, and is expected to be weakly volatile on May 9 [86]. 3.15 Soda Ash Futures - On May 8, the main contract of soda ash futures opened slightly lower, fluctuated and sorted out, and is expected to be weakly volatile on May 9 [88]. 3.16 Crude Oil Futures - On May 8, the main contract of crude oil futures opened slightly lower, fluctuated downwards, and is expected to be strongly volatile on May 9, and weakly and widely volatile in May 2025 [90]. 3.17 Fuel Oil Futures - On May 8, the main contract of fuel oil futures opened slightly lower, fluctuated weakly, and is expected to be strongly volatile on May 9 [94][95]. 3.18 PTA Futures - On May 8, the main contract of PTA futures opened slightly lower, fluctuated upwards strongly, and is expected to be strongly volatile on May 9 [95]. 3.19 PVC Futures - On May 8, the main contract of PVC futures opened slightly lower, fluctuated downwards, and is expected to be weakly volatile on May 9 [98]. 3.20 Methanol Futures - On May 8, the main contract of methanol futures opened slightly lower, fluctuated downwards, and is expected to be strongly volatile on May 9 [100].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Copper: Overnight LME copper weakened with a 1.2% decline to $9,406/ton, and SHFE copper dropped 0.74% to CNY 77,450/ton. The Fed paused rate - cuts, boosting the dollar and suppressing non - ferrous metals. However, with an improving macro - outlook and strong copper demand since April leading to rapid inventory drawdown, there is no strong reason to be bearish on copper. Copper prices are expected to reach CNY 78,000 - 80,000/ton. Attention should be paid to downstream acceptance at high prices and inventory performance in late May [1]. - Aluminum: Alumina and沪铝 (SHFE aluminum) both trended weakly. Alumina may rebound slightly after the holiday driven by electrolytic aluminum, but will continue to be in an oversupply situation. Aluminum ingot de - stocking is slowing, and demand is weakening. It is recommended to short at high prices and consider bottom - fishing in stages [1][2]. - Nickel: Overnight LME nickel fell 0.38% to $15,630/ton, and SHFE nickel dropped 0.35% to CNY 123,640/ton. Stainless steel prices will oscillate with cost support at the bottom and demand constraints at the top. Short - term nickel ore is relatively strong, but if primary nickel inventory continues to accumulate, it will put pressure on nickel prices [2]. Summary by Directory Research Views - **Copper**: LME copper prices fell, and SHFE copper also declined. The Fed's pause in rate - cuts affected the market, but strong demand and inventory drawdown supported prices. The expected price range is CNY 78,000 - 80,000/ton [1]. - **Aluminum**: Alumina and SHFE aluminum prices were weak. Alumina is in an oversupply situation, and aluminum ingot demand is waning [1][2]. - **Nickel**: Nickel prices declined. Stainless steel prices will oscillate, and primary nickel inventory accumulation may pressure nickel prices [2]. Daily Data Monitoring - **Copper**: Market prices showed some changes, with inventory adjustments in different exchanges. For example, LME inventory decreased by 1,650 tons, and SHFE copper warehouse receipts dropped by 3,381 tons [1][3]. - **Lead**: Most prices remained stable, with minor changes in some indicators like lead ingot discounts [3]. - **Aluminum**: Prices of aluminum products changed, and inventory also adjusted. Alumina inventory increased by 43,000 tons on a weekly basis [3][4]. - **Nickel**: Nickel - related prices and inventory had some fluctuations, such as a decrease in SHFE nickel warehouse receipts by 416 tons [2][4]. - **Zinc**: Prices declined slightly, and inventory increased in some areas. For example, social inventory increased by 0.34 million tons on a weekly basis [5]. - **Tin**: The main settlement price increased by 0.6%, and inventory decreased in some cases [5]. Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin [7][8][9]. - **SHFE Near - Far Month Spread**: Charts display the historical trends of near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin [12][16][18]. - **LME Inventory**: Charts present the historical trends of LME inventory for copper, aluminum, nickel, zinc, lead, and tin [19][21][23]. - **SHFE Inventory**: Charts show the historical trends of SHFE inventory for copper, aluminum, nickel, zinc, lead, and tin [24][26][29]. - **Social Inventory**: Charts display the historical trends of social inventory for copper, aluminum, nickel, zinc, stainless steel, and 300 - series [30][32][35]. - **Smelting Profit**: Charts present the historical trends of copper concentrate index, rough copper processing fees, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless steel 304 smelting profit margin [37][39][42]. Non - Ferrous Metals Team Introduction - Zhan Dapeng: A senior researcher in non - ferrous metals and precious metals at Everbright Futures Research Institute, with over a decade of commodity research experience [44]. - Wang Heng: A non - ferrous metals researcher at Everbright Futures, mainly focusing on aluminum and silicon research [44]. - Zhu Xi: A non - ferrous metals researcher at Everbright Futures, mainly researching lithium and nickel [45].