1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Copper prices may be on the strong side, while zinc prices 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 rapidly. The power grid investment shows positive growth, power source investment slows down, automobile production and sales are increasing, home appliance production scheduling is in negative growth, and the real - estate market remains weak. The Indonesian mine accident may lead to a global copper supply - demand gap, providing long - term support for copper prices [2] - For zinc, the short - term zinc concentrate processing fee has generally increased, smelting profits have turned positive, and smelting output is expected to continue to rise. The inventory of galvanized sheets has increased on a weekly basis. Infrastructure investment growth has slowed down, automobile production and sales are increasing, 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, and overall, zinc prices may fluctuate within a range [2] 3. Summary by Related Content Copper - Night - session copper prices closed lower. The concentrate supply is tight, and smelting profits are at the break - even point, but smelting output continues to grow. The Indonesian mine accident may cause a global copper supply - demand gap, long - term supporting copper prices. Suggest to pay attention to changes in the US dollar, copper smelting output, and downstream demand [2] - The previous domestic futures closing price was 85,380 yuan/ton, the domestic basis was 15 yuan/ton, the previous LME 3 - month closing price was 10,597 dollars/ton, the LME spot premium was - 30.22 dollars/ton, the LME inventory was 137,175 tons, and the daily change was - 50 tons [2] Zinc - Night - session zinc prices closed higher. LME low inventory has led to a significant spot premium. 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, zinc prices may fluctuate within a range. Suggest to pay attention to changes in the US dollar, smelting output, and downstream demand [2] - The previous domestic futures closing price was 21,855 yuan/ton, the domestic basis was - 85 yuan/ton, the previous LME 3 - month closing price was 2,994 dollars/ton, the LME spot premium was 299.34 dollars/ton, the LME inventory was 37,325 tons, and the daily change was - 700 tons [2] Other Metals - Aluminum: The previous domestic futures closing price was 20,890 yuan/ton, the domestic basis was 0 yuan/ton, the previous LME 3 - month closing price was 2,781 dollars/ton, the LME spot premium was 1.36 dollars/ton, the LME inventory was 487,125 tons, and the daily change was - 4,100 tons [2] - Nickel: The previous domestic futures closing price was 120,710 yuan/ton, the domestic basis was - 1,680 yuan/ton, the previous LME 3 - month closing price was 15,210 dollars/ton, the LME spot premium was - 206.29 dollars/ton, the LME inventory was 250,476 tons, and the daily change was - 54 tons [2] - Lead: The previous domestic futures closing price was 17,060 yuan/ton, the domestic basis was - 195 yuan/ton, the previous LME 3 - month closing price was 1,993 dollars/ton, the LME spot premium was - 39.69 dollars/ton, the LME inventory was 247,300 tons, and the daily change was - 3,100 tons [2] - Tin: The previous domestic futures closing price was 279,340 yuan/ton, the domestic basis was - 350 yuan/ton, the previous LME 3 - month closing price was 35,475 dollars/ton, the LME spot premium was - 56.00 dollars/ton, the LME inventory was 2,735 tons, and the daily change was 0 tons [2]

Group 1: Investment Ratings - No investment ratings are provided in the report [1][2] Group 2: Core Views - Copper prices are likely to be strong 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 continues to grow positively, while power source investment slows down. Automobile production and sales are growing positively, home appliance production scheduling is declining, and the real estate market remains weak. The Indonesian mining accident is likely to lead to a global copper supply - demand gap, which will support copper prices in the long term [2] - Zinc prices rose at night. 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 increased weekly. Infrastructure investment growth has slowed down, automobile production and sales are growing positively, home appliance production scheduling is declining, 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. Zinc supply - demand differences are not obvious overall, but it will follow copper prices in the short term [2] Group 3: Summary by Variety Copper - Market performance: Night - time copper prices closed higher. The domestic previous - day futures closing price was 85,380 yuan/ton, the LME 3 - month closing price was 10,713 dollars/ton, the LME spot - to - 3 - month spread was - 23.35 dollars/ton, and LME inventory was 137,225 tons with a daily decrease of 225 tons [2] - Supply and demand: Concentrate supply is tight, smelting output is growing, grid investment is positive, power source investment is slowing, auto production and sales are positive, home appliance production is negative, and real estate is weak. The Indonesian mining accident may cause a supply - demand gap [2] - Outlook: Likely to be strong. Pay attention to changes in the US dollar, copper smelting output, and downstream demand [2] Zinc - Market performance: Night - time zinc prices closed higher. The domestic previous - day futures closing price was 21,855 yuan/ton, the LME 3 - month closing price was 2,976 dollars/ton, the LME spot - to - 3 - month spread was 230.29 dollars/ton, and LME inventory was 38,025 tons with a daily decrease of 275 tons [2] - Supply and demand: Short - term processing fees are rising, smelting output is expected to increase, galvanized sheet inventory is increasing, infrastructure investment growth is slowing, auto production and sales are positive, home appliance production is negative, and real estate is weak [2] - Outlook: Follow copper price trends. Pay attention to changes in the US dollar, smelting output, and downstream demand [2] Other Metals - Aluminum: The domestic previous - day futures closing price was 20,890 yuan/ton, the LME 3 - month closing price was 2,767 dollars/ton, the LME spot - to - 3 - month spread was 5.20 dollars/ton, and LME inventory was 491,225 tons with a daily decrease of 4,100 tons [2] - Nickel: The domestic previous - day futures closing price was 120,710 yuan/ton, the LME 3 - month closing price was 15,230 dollars/ton, the LME spot - to - 3 - month spread was - 204.88 dollars/ton, and LME inventory was 250,530 tons with a daily increase of 186 tons [2] - Lead: The domestic previous - day futures closing price was 17,060 yuan/ton, the LME 3 - month closing price was 1,994 dollars/ton, the LME spot - to - 3 - month spread was - 41.78 dollars/ton, and LME inventory was 250,400 tons with a daily decrease of 1,600 tons [2] - Tin: The domestic previous - day futures closing price was 279,340 yuan/ton, the LME 3 - month closing price was 35,300 dollars/ton, the LME spot - to - 3 - month spread was - 112.00 dollars/ton, and LME inventory was 2,735 tons with a daily increase of 160 tons [2]

Group 1: Report's Overall Information - Report Name: 20251020 Shenwan Futures Non - ferrous Metals Basis Daily Report [1] Group 2: Industry Investment Ratings - No industry investment ratings are provided in the report. Group 3: Core Views - Copper may be on the strong side as weekend night - session copper prices rose. The concentrate supply remains tight, and smelting profits are at the break - even point, yet smelting output continues to grow. The power grid investment has positive growth, while power source investment slows down. Automobile production and sales are increasing, home appliance production scheduling is in negative growth, and the real estate market is weak. An Indonesian mine accident is likely to turn the global copper supply - demand into a deficit, supporting copper prices in the long - term. Market sentiment has gradually stabilized after the China - US trade confrontation. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2]. - Zinc will follow the copper price trend. Weekend night - session zinc prices rose. 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 weekly. Infrastructure investment cumulative growth has slowed down, automobile production and sales are increasing, home appliance production scheduling is in 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. The overall difference in zinc supply - demand 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]. Group 4: Summary by Related Catalogs Copper - Price: The previous domestic futures closing price was 84,390 yuan/ton, and the basis was 45 yuan/ton. The previous LME 3 - month closing price was 10,607 dollars/ton, and the LME spot premium was - 16.83 dollars/ton. LME inventory was 137,450 tons, with a daily decrease of 900 tons [2]. Zinc - Price: The previous domestic futures closing price was 21,815 yuan/ton, and the basis was - 65 yuan/ton. The previous LME 3 - month closing price was 2,943 dollars/ton, and the LME spot premium was 136.85 dollars/ton. LME inventory was 38,300 tons, with a daily decrease of 50 tons [2]. Other Metals - Aluminum: The previous domestic futures closing price was 20,885 yuan/ton, and the basis was - 20 yuan/ton. The previous LME 3 - month closing price was 2,779 dollars/ton, and the LME spot premium was 12.88 dollars/ton. LME inventory was 495,325 tons, with a daily decrease of 3,650 tons [2]. - Nickel: The previous domestic futures closing price was 121,160 yuan/ton, and the basis was - 1,260 yuan/ton. The previous LME 3 - month closing price was 15,110 dollars/ton, and the LME spot premium was - 202.14 dollars/ton. LME inventory was 250,344 tons, with a daily increase of 3,588 tons [2]. - Lead: The previous domestic futures closing price was 17,075 yuan/ton, and the basis was - 215 yuan/ton. The previous LME 3 - month closing price was 1,972 dollars/ton, and the LME spot premium was - 41.85 dollars/ton. LME inventory was 252,000 tons, with a daily decrease of 2,775 tons [2]. - Tin: The previous domestic futures closing price was 280,750 yuan/ton, and the basis was 510 yuan/ton. The previous LME 3 - month closing price was 35,030 dollars/ton, and the LME spot premium was - 142.00 dollars/ton. LME inventory was 2,575 tons, with no daily change [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 strong side. The tight concentrate supply, high smelting output, positive growth in power grid investment and automobile production and sales, negative growth in home appliance production scheduling, and the Indonesian mine accident that may lead to a global copper supply - demand gap all support copper prices in the long - term. Market sentiment has gradually stabilized after the Sino - US trade confrontation [2]. - Zinc prices will follow copper prices. Although the short - term zinc concentrate processing fee has 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. Overall, the supply - demand difference of zinc is not obvious [2]. 3. Summary by Related Content Copper - Night - session copper prices closed higher. The concentrate supply remains tight, and smelting profits are at the break - even point, 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 are growing positively, home appliance production scheduling has negative growth, and the real estate market remains weak. The Indonesian mine accident may lead to a global copper supply - demand gap, which will support copper prices in the long - term. Market sentiment has stabilized after the Sino - US trade confrontation. It is recommended to pay attention to changes in the US dollar, copper smelting output, and downstream demand [2]. Zinc - Night - session zinc prices closed higher. The short - term zinc concentrate processing fee has generally increased, smelting profits have turned positive, and smelting output is expected to continue to rise. The galvanized sheet inventory has increased weekly. Infrastructure investment cumulative growth rate has slowed down, automobile production and sales are growing positively, home appliance production scheduling has 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. Zinc supply - demand difference is not obvious overall, but it will follow copper prices in the short - term. It is recommended to pay attention to 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 (USD/ton)** | **LME Spot Premium (CASH - 3M, USD/ton)** | **LME Inventory (ton)** | **LME Inventory Daily Change (ton)** | | --- | --- | --- | --- | --- | --- | --- | | Copper | 85,050 | 35 | 10,620 | - 11.16 | 138,350 | - 450 | | Aluminum | 20,975 | 0 | 2,796 | 17.52 | 498,975 | - 4,975 | | Zinc | 21,940 | - 55 | 2,968 | 137.20 | 38,350 | - 250 | | Nickel | 121,270 | - 1,580 | 15,230 | - 205.73 | 246,756 | 3,498 | | Lead | 17,100 | - 210 | 1,972 | - 44.99 | 254,775 | 8,225 | | Tin | 281,350 | 650 | 35,725 | - 129.00 | 2,575 | 190 | [2]

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]

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 strong side, and zinc prices will follow the trend of copper prices [2]. 3. Summary by Related Catalogs Copper - Night - time copper prices closed up 1.64%. Since the beginning of the year, the supply of concentrate has remained tight, 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 will probably 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]. Zinc - Night - time zinc prices closed up 0.13%. In the short term, the processing fees for zinc concentrates have generally increased, smelting profits have turned positive, and smelting output is expected to continue to rise. The inventory of galvanized sheets, as counted by the China Iron and Steel Association, has 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. Due to the 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 in the short term, it will follow the trend of copper prices. Attention should be paid to changes in the US dollar, smelting output, and downstream demand [2]. Market Data - Domestic previous - day futures closing prices: copper at 85,000 yuan/ton, aluminum at 20,865 yuan/ton, zinc at 22,205 yuan/ton, nickel at 121,150 yuan/ton, lead at 17,100 yuan/ton, and tin at 281,930 yuan/ton [2]. - Domestic basis: copper at 45 yuan/ton, aluminum at - 50 yuan/ton, zinc at - 55 yuan/ton, nickel at - 1,330 yuan/ton, lead at - 195 yuan/ton, and tin at 7,210 yuan/ton [2]. - Previous - day LME 3 - month closing prices: copper at 10,802 dollars/ton, aluminum at 2,757 dollars/ton, zinc at 3,012 dollars/ton, nickel at 15,180 dollars/ton, lead at 1,994 dollars/ton, and tin at 35,750 dollars/ton [2]. - LME spot premium/discount: copper at 226.78 dollars/ton, aluminum at 21.25 dollars/ton, zinc at 201.60 dollars/ton, nickel at - 202.77 dollars/ton, lead at - 45.35 dollars/ton, and tin at - 105.99 dollars/ton [2][3]. - LME inventory: copper at 139,400 tons, aluminum at 508,825 tons, zinc at 37,950 tons, nickel at 237,378 tons, lead at 237,000 tons, and tin at 2,410 tons [2]. - LME inventory daily change: copper at - 75 tons, aluminum at 225 tons, zinc at - 300 tons, nickel at 486 tons, lead at - 450 tons, and tin at 20 tons [2].

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]