Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - Copper prices may experience short - term range - bound fluctuations due to a mix of factors such as tight concentrate supply, high smelting output growth, and varying downstream demand [2]. - Zinc prices may have short - term wide - range and weak - side fluctuations as short - term supply - demand may tilt towards surplus [2]. 3. Summary by Related Catalog Copper - Market situation: Night - session copper prices closed lower. Concentrate supply remains tight, squeezing smelting profits, but smelting output continues to grow rapidly. The power industry has positive growth, PV rush - 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 sector is weak [2]. - Strategy: Copper prices may fluctuate within a range. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2]. Zinc - Market situation: Night - session zinc prices closed lower. 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, automobile production and sales are growing, home appliance output growth is slowing, and the real estate sector is weak [2]. - Strategy: Short - term supply - demand differences may tilt towards surplus, and zinc prices may have weak - side fluctuations within a range. Attention should be paid 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 (US dollars/ton) | LME Spot Premium/Discount (US dollars/ton) | LME Inventory (tons) | LME Inventory Daily Change (tons) | | --- | --- | --- | --- | --- | --- | --- | | Copper | 79,180 | 140 | 9,756 | - 88.68 | 155,000 | - 975 | | Aluminum | 20,825 | - 40 | 2,604 | 5.15 | 478,075 | - 650 | | Zinc | 22,305 | - 75 | 2,764 | - 6.85 | 65,525 | - 2,550 | | Nickel | 121,550 | - 2,050 | 15,131 | - 184.70 | 209,148 | - 600 | | Lead | 16,865 | - 155 | 1,985 | - 41.11 | 271,550 | - 1,500 | | Tin | 271,320 | - 3,370 | 34,510 | 167.00 | 1,780 | - 5 | [2]

Report Summary 1. Report Industry Investment Rating - No investment rating information provided in the report. 2. Report's Core View - Copper prices may fluctuate within a short - term range. Multiple factors are intertwined, with low concentrate processing fees testing smelting output, and domestic downstream demand generally stable and positive but with mixed sector performances. Attention should be paid to factors such as US tariff progress, the US dollar, copper smelting, and home appliance production [2]. - Zinc prices may experience wide - range short - term fluctuations. Concentrate processing fees are rising, and the supply of concentrates has improved significantly this year, with potential recovery in smelting supply. Similar to copper, it's necessary to monitor US tariff progress, the US dollar, zinc smelting, and home appliance production [2]. 3. Summary by Relevant Information Metal Price and Market Analysis - **Copper**: Night - session copper prices closed higher. Domestic downstream demand is generally stable and positive, with the power industry showing positive growth, automobile production and sales increasing, home appliance output growth slowing, and the real estate sector remaining weak. The price may fluctuate within a range [2]. - **Zinc**: Night - session zinc prices closed higher. Concentrate processing fees have been rising recently, and domestic automobile production and sales are increasing, infrastructure is growing steadily, home appliance output growth is slowing, and the real estate sector is weak. This year, concentrate supply has improved significantly, and smelting supply may recover, leading to potential wide - range short - term price fluctuations [2]. Metal Market Data | Metal | Domestic Previous - Day Futures Closing Price (Yuan/ton) | Domestic Basis (Yuan/ton) | Previous - Day LME 3 - Month Closing Price (USD/ton) | LME Spot Premium (CASH - 3M, USD/ton) | LME Inventory (tons) | LME Inventory Daily Change (tons) | | --- | --- | --- | --- | --- | --- | --- | | Copper | 78,540 | 115 | 9,725 | - 81.01 | 156,350 | 1,200 | | Aluminum | 20,620 | 30 | 2,593 | - 0.47 | 479,525 | 0 | | Zinc | 22,260 | - 65 | 2,767 | - 7.54 | 71,250 | - 950 | | Nickel | 119,700 | - 1,380 | 14,929 | - 186.96 | 209,346 | 18 | | Lead | 16,745 | - 155 | 1,970 | - 38.38 | 281,100 | - 1,850 | | Tin | 266,480 | 2,100 | 33,475 | - 2.00 | 1,715 | 85 | [2]

Report Summary Investment Rating - No investment rating for the industry is provided in the report. Core Views - Copper prices may experience short - term range - bound fluctuations due to the combination of low concentrate processing fees testing smelting output, stable - to - positive downstream demand in some sectors like power and automotive, and weak real estate. Attention should be paid to US tariff progress, and changes in the US dollar, copper smelting, and home appliance production [2]. - Zinc prices may have short - term wide - range fluctuations. With the continuous recovery of concentrate processing fees and improved concentrate supply this year, smelting supply may resume. Domestic automotive and infrastructure sectors show positive or stable growth, while home appliance output growth slows and real estate remains weak. Monitor US tariff progress, and changes in the US dollar, zinc smelting, and home appliance production [2]. Summary by Category Price Performance - Copper had a night - session price increase, with a domestic previous - day futures closing price of 78,640 yuan/ton, a LME 3 - month closing price of 9,721 dollars/ton, and a LME spot - to - 3 - month spread of - 90.75 dollars/ton. LME copper inventory decreased by 450 tons to 155,150 tons [2]. - Aluminum's domestic previous - day futures closing price was 20,570 yuan/ton, LME 3 - month closing price was 2,577 dollars/ton, and LME spot - to - 3 - month spread was - 2.28 dollars/ton. LME aluminum inventory remained unchanged at 479,525 tons [2]. - Zinc's night - session price rose. Its domestic previous - day futures closing price was 22,285 yuan/ton, LME 3 - month closing price was 2,786 dollars/ton, and LME spot - to - 3 - month spread was - 9.33 dollars/ton. LME zinc inventory decreased by 3,650 tons to 72,200 tons [2]. - Nickel's domestic previous - day futures closing price was 119,930 yuan/ton, LME 3 - month closing price was 15,008 dollars/ton, and LME spot - to - 3 - month spread was - 195.01 dollars/ton. LME nickel inventory decreased by 1,086 tons to 209,328 tons [2]. - Lead's domestic previous - day futures closing price was 16,725 yuan/ton, LME 3 - month closing price was 1,982 dollars/ton, and LME spot - to - 3 - month spread was - 39.48 dollars/ton. LME lead inventory increased by 22,475 tons to 282,950 tons [2]. - Tin's domestic previous - day futures closing price was 267,840 yuan/ton, LME 3 - month closing price was 33,775 dollars/ton, and LME spot - to - 3 - month spread was 32.00 dollars/ton. LME tin inventory decreased by 25 tons to 1,630 tons [2]. Market Conditions - For copper, domestic downstream demand is generally stable and positive, with the power industry maintaining positive growth, automotive production and sales growing, home appliance output growth slowing, and real estate remaining weak [2]. - For zinc, domestic automotive production and sales are growing, infrastructure is growing steadily, home appliance output growth is slowing, and real estate is weak. Concentrate supply has improved significantly this year, and smelting supply may recover [2].

Report Summary 1. Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - Copper prices may experience short - term range - bound fluctuations. Multiple factors are at play, with low concentrate processing fees testing smelting output, while downstream demand shows a mixed picture. Attention should be paid to US tariff progress, the US dollar, copper smelting, and household appliance production [2]. - Zinc prices may have short - term wide - range fluctuations. Concentrate processing fees are rising, and this year's concentrate supply has improved significantly. Domestic demand is also a mix of positive and negative factors, and the same external factors need to be monitored [2]. 3. Summary by Related Catalogs Copper - Night - session copper prices closed lower. Current concentrate processing fees are generally at a low level, challenging smelting output. Domestic downstream demand is generally stable and positive, with power and automobile industries growing, household appliance output growth slowing, and the real estate sector remaining weak. Copper prices may fluctuate within a range [2]. - The previous domestic futures closing price was 78,950 yuan/ton, with a domestic basis of 170 yuan/ton. The previous LME 3 - month closing price was 9,733 dollars/ton, and the LME spot premium (CASH - 3M) was - 96.75 dollars/ton. LME inventory was 155,800 tons, with a daily change of - 50 tons [2]. Zinc - Night - session zinc prices closed lower. Concentrate processing fees have been rising recently. Domestic automobile production and sales are growing, infrastructure is growing steadily, household appliance output growth is slowing, and the real estate sector is weak. This year's concentrate supply has improved significantly, and smelting supply may recover. Zinc prices may have wide - range short - term fluctuations [2]. - The previous domestic futures closing price was 22,340 yuan/ton, with a domestic basis of - 65 yuan/ton. The previous LME 3 - month closing price was 2,777 dollars/ton, and the LME spot premium (CASH - 3M) was - 8.65 dollars/ton. LME inventory was 76,325 tons, with a daily change of - 1,125 tons [2]. Other Metals - Aluminum: The previous domestic futures closing price was 20,600 yuan/ton, with a domestic basis of - 20 yuan/ton. The previous LME 3 - month closing price was 2,589 dollars/ton, and the LME spot premium (CASH - 3M) was - 0.05 dollars/ton. LME inventory was 479,550 tons, with a daily change of - 125 tons [2]. - Nickel: The previous domestic futures closing price was 120,340 yuan/ton, with a domestic basis of - 1,270 yuan/ton. The previous LME 3 - month closing price was 15,151 dollars/ton, and the LME spot premium (CASH - 3M) was - 194.65 dollars/ton. LME inventory was 211,662 tons, with a daily change of 522 tons [2]. - Lead: The previous domestic futures closing price was 16,775 yuan/ton, with a domestic basis of - 155 yuan/ton. The previous LME 3 - month closing price was 1,971 dollars/ton, and the LME spot premium (CASH - 3M) was - 44.00 dollars/ton. LME inventory was 261,100 tons, with a daily change of - 575 tons [2]. - Tin: The previous domestic futures closing price was 267,020 yuan/ton, with a domestic basis of - 420 yuan/ton. The previous LME 3 - month closing price was 33,702 dollars/ton, and the LME spot premium (CASH - 3M) was 89.00 dollars/ton. LME inventory was 1,655 tons, with a daily change of - 175 tons [2].

Report Summary 1) Report Industry Investment Rating - No information provided 2) Core Viewpoints of the Report - Copper prices may fluctuate within a range in the short term due to the low concentrate processing fees testing smelting output and mixed domestic downstream demand factors such as stable growth in the power industry, positive growth in automobile production and sales, slowing growth in home appliance output, and weak real - estate. Attention should be paid to factors like US tariff progress, the US dollar, copper smelting, and home appliance output [2]. - Zinc prices may experience wide - range fluctuations in the short term. The concentrate processing fees have been rising, and the domestic supply of concentrates has improved significantly this year with potential recovery in smelting supply. Domestic downstream demand shows positive growth in automobile production and sales and stable growth in infrastructure, but slowing growth in home appliance output and weak real - estate. Attention should be paid to factors like US tariff progress, the US dollar, zinc smelting, and home appliance output [2]. 3) Summary by Related Catalog Copper - Weekend night - session copper prices rose slightly. The current low concentrate processing fees are testing smelting output. Domestic downstream demand is generally stable and positive, with the power industry showing positive growth, automobile production and sales growing, home appliance output growth slowing, and real - estate remaining weak. Copper prices may fluctuate within a range [2]. - The previous domestic futures closing price was 79,170 yuan/ton, the domestic basis was 170 yuan/ton, the previous LME 3 - month closing price was 9,760 dollars/ton, the LME spot premium (CASH - 3M) was - 93.75 dollars/ton, the LME inventory was 155,850 tons, and the daily change was - 25 tons [2]. Zinc - Weekend night - session zinc prices closed lower. The concentrate processing fees have been rising recently. Domestic automobile production and sales are growing, infrastructure is growing steadily, home appliance output growth is slowing, and real - estate is weak. This year, the concentrate supply has improved significantly, and smelting supply may recover. Zinc prices may have wide - range fluctuations [2]. - The previous domestic futures closing price was 22,595 yuan/ton, the domestic basis was - 65 yuan/ton, the previous LME 3 - month closing price was 2,797 dollars/ton, the LME spot premium (CASH - 3M) was - 5.22 dollars/ton, the LME inventory was 77,450 tons, and the daily change was - 1,025 tons [2]. Other Metals - Aluminum: The previous domestic futures closing price was 20,755 yuan/ton, the domestic basis was 0 yuan/ton, the previous LME 3 - month closing price was 2,603 dollars/ton, the LME spot premium (CASH - 3M) was 1.79 dollars/ton, the LME inventory was 479,675 tons, and the daily change was 1,050 tons [2]. - Nickel: The previous domestic futures closing price was 122,360 yuan/ton, the domestic basis was - 1,870 yuan/ton, the previous LME 3 - month closing price was 15,195 dollars/ton, the LME spot premium (CASH - 3M) was - 207.88 dollars/ton, the LME inventory was 211,140 tons, and the daily change was 42 tons [2]. - Lead: The previous domestic futures closing price was 16,900 yuan/ton, the domestic basis was - 155 yuan/ton, the previous LME 3 - month closing price was 1,981 dollars/ton, the LME spot premium (CASH - 3M) was - 43.24 dollars/ton, the LME inventory was 261,675 tons, and the daily change was - 550 tons [2]. - Tin: The previous domestic futures closing price was 269,660 yuan/ton, the domestic basis was 3,480 yuan/ton, the previous LME 3 - month closing price was 33,610 dollars/ton, the LME spot premium (CASH - 3M) was 63.00 dollars/ton, the LME inventory was 1,830 tons, and the daily change was 50 tons [2].

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Views - Copper prices may experience short - term range - bound fluctuations. The spot copper price closed lower at night. The overall processing fee for concentrate is currently at a low level, testing smelting output. Domestic downstream demand is generally stable and improving, with positive growth in the power and auto industries, a slowdown in home appliance output growth, and continued weakness in the real estate sector. Attention should be paid to the progress of US tariffs, as well as changes in the US dollar, copper smelting, and home appliance output [2]. - Zinc prices may experience short - term wide - range fluctuations. The spot zinc price closed higher at night. The processing fee for concentrate has been rising recently. The supply of concentrate has improved significantly this year, and smelting supply may recover. Domestic auto production and sales are growing positively, infrastructure is growing steadily, home appliance output growth is slowing, and the real estate sector remains weak. Attention should be paid to the progress of US tariffs, as well as changes in the US dollar, zinc smelting, and home appliance output [2]. 3. Summary by Related Catalog Futures Market Data - **Copper**: The domestic previous - day futures closing price was 78,100 yuan/ton, the domestic basis was 115 yuan/ton, the previous - day LME 3 - month closing price was 9,607 dollars/ton, the LME spot premium (CASH - 3M) was - 50.76 dollars/ton, the LME inventory was 136,850 tons, and the daily change was 9,225 tons [2]. - **Aluminum**: The domestic previous - day futures closing price was 20,675 yuan/ton, the domestic basis was - 20 yuan/ton, the previous - day LME 3 - month closing price was 2,563 dollars/ton, the LME spot premium (CASH - 3M) was - 2.64 dollars/ton, the LME inventory was 460,350 tons, and the daily change was 4,250 tons [2]. - **Zinc**: The domestic previous - day futures closing price was 22,635 yuan/ton, the domestic basis was 5 yuan/ton, the previous - day LME 3 - month closing price was 2,762 dollars/ton, the LME spot premium (CASH - 3M) was - 6.56 dollars/ton, the LME inventory was 109,050 tons, and the daily change was - 3,100 tons [2]. - **Nickel**: The domestic previous - day futures closing price was 121,520 yuan/ton, the domestic basis was - 1,470 yuan/ton, the previous - day LME 3 - month closing price was 14,950 dollars/ton, the LME spot premium (CASH - 3M) was - 200.20 dollars/ton, the LME inventory was 208,092 tons, and the daily change was 3,180 tons [2]. - **Lead**: The domestic previous - day futures closing price was 16,870 yuan/ton, the domestic basis was - 145 yuan/ton, the previous - day LME 3 - month closing price was 1,970 dollars/ton, the LME spot premium (CASH - 3M) was - 40.86 dollars/ton, the LME inventory was 276,375 tons, and the daily change was 6,025 tons [2]. - **Tin**: The domestic previous - day futures closing price was 267,570 yuan/ton, the domestic basis was 250 yuan/ton, the previous - day LME 3 - month closing price was 32,685 dollars/ton, the LME spot premium (CASH - 3M) was - 16.00 dollars/ton, the LME inventory was 1,945 tons, and the daily change was 90 tons [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Copper prices may fluctuate within a short - term range due to the low concentrate processing fees, low copper prices testing smelting output, and a mix of positive and negative factors such as stable domestic downstream demand, positive growth in the power and automotive industries, slowing growth in home appliance production, and weak real estate. Attention should be paid to US tariff progress, and changes in the US dollar, copper smelting, and home appliance production [2]. - Zinc prices may experience wide - range short - term fluctuations. With the continuous recovery of concentrate processing fees and the expected improvement in concentrate supply and possible recovery of smelting supply this year, combined with positive growth in domestic auto production and sales, stable growth in infrastructure, slowing growth in home appliance production, and weak real estate. Attention should be paid to US tariff progress, and changes in the US dollar, zinc smelting, and home appliance production [2]. 3. Summary by Related Catalogs Copper - Night - time copper prices closed higher. Current low concentrate processing fees and low copper prices test smelting output. Domestic downstream demand is generally stable and positive, with the power industry continuing positive growth, auto production and sales showing positive growth, home appliance output growth slowing, and real estate remaining weak. Copper prices may fluctuate within a range [2]. - Domestic previous - day futures closing price: 79,000 yuan/ton; domestic basis: 80 yuan/ton; previous - day LME 3 - month contract closing price: 9,763 dollars/ton; LME spot premium/discount: - 54.34 dollars/ton; LME inventory: 128,475 tons; LME inventory daily change: 3,700 tons [2]. Zinc - Night - time zinc prices closed higher. Recent concentrate processing fees have been continuously rising. Domestic auto production and sales are growing positively, infrastructure is growing steadily, home appliance output growth is slowing, and real estate is weak. The market expects a significant improvement in concentrate supply this year and a possible recovery in smelting supply. Zinc prices may have wide - range short - term fluctuations [2]. - Domestic previous - day futures closing price: 22,615 yuan/ton; domestic basis: - 15 yuan/ton; previous - day LME 3 - month contract closing price: 2,806 dollars/ton; LME spot premium/discount: - 1.95 dollars/ton; LME inventory: 115,775 tons; LME inventory daily change: - 1,125 tons [2]. Other Metals - Aluminum: Domestic previous - day futures closing price 20,645 yuan/ton, domestic basis - 10 yuan/ton, previous - day LME 3 - month contract closing price 2,631 dollars/ton, LME spot premium/discount - 0.58 dollars/ton, LME inventory 450,825 tons, LME inventory daily change 2,725 tons [2]. - Nickel: Domestic previous - day futures closing price 121,500 yuan/ton, domestic basis - 1,220 yuan/ton, previous - day LME 3 - month contract closing price 15,230 dollars/ton, LME spot premium/discount - 208.46 dollars/ton, LME inventory 203,922 tons, LME inventory daily change - 534 tons [2]. - Lead: Domestic previous - day futures closing price 16,880 yuan/ton, domestic basis - 160 yuan/ton, previous - day LME 3 - month contract closing price 2,018 dollars/ton, LME spot premium/discount - 27.31 dollars/ton, LME inventory 266,275 tons, LME inventory daily change - 3,050 tons [2]. - Tin: Domestic previous - day futures closing price 267,700 yuan/ton, domestic basis 3,730 yuan/ton, previous - day LME 3 - month contract closing price 33,670 dollars/ton, LME spot premium/discount - 20.00 dollars/ton, LME inventory 1,740 tons, LME inventory daily change 50 tons [2].

Industry Investment Rating - Not provided Core Viewpoints - Copper prices may fluctuate within a range in the short term due to the low concentrate processing fees, low copper prices testing smelting output, and a mix of positive and negative factors in downstream demand [2]. - Zinc prices may experience wide - range fluctuations in the short term as the concentrate processing fees are rising, and the market expects an improvement in concentrate supply and a recovery in smelting supply [2]. Summary by Related Content Copper - Night - time copper prices closed lower. Low concentrate processing fees and low copper prices are challenging smelting output. Domestic downstream demand is generally stable and positive, with power industry showing positive growth, automobile production and sales increasing, home appliance output growth slowing, and the real estate sector remaining weak [2]. - The previous day's domestic futures closing price was 79,830 yuan/ton, the domestic basis was 105 yuan/ton, the previous day's LME 3 - month closing price was 9,855 dollars/ton, the LME spot premium was - 49.92 dollars/ton, LME inventory was 124,825 tons with a daily change of - 25 tons [2]. Zinc - Night - time zinc prices closed lower. Concentrate processing fees have been rising recently. Domestic automobile production and sales are increasing, infrastructure is growing steadily, home appliance output growth is slowing, and the real estate sector is weak. The market expects a significant improvement in concentrate supply this year and a possible recovery in smelting supply [2]. - The previous day's domestic futures closing price was 22,920 yuan/ton, the domestic basis was - 75 yuan/ton, the previous day's LME 3 - month closing price was 2,841 dollars/ton, the LME spot premium was - 0.71 dollars/ton, LME inventory was 115,325 tons with a daily change of - 1,275 tons [2]. Other Metals - **Aluminum**: The previous day's domestic futures closing price was 20,815 yuan/ton, the domestic basis was - 10 yuan/ton, the previous day's LME 3 - month closing price was 2,646 dollars/ton, the LME spot premium was 2.26 dollars/ton, LME inventory was 444,800 tons with a daily change of 6,350 tons [2]. - **Nickel**: The previous day's domestic futures closing price was 123,220 yuan/ton, the domestic basis was - 1,360 yuan/ton, the previous day's LME 3 - month closing price was 15,470 dollars/ton, the LME spot premium was - 202.01 dollars/ton, LME inventory was 205,872 tons with a daily change of - 2,220 tons [2]. - **Lead**: The previous day's domestic futures closing price was 16,810 yuan/ton, the domestic basis was - 170 yuan/ton, the previous day's LME 3 - month closing price was 2,023 dollars/ton, the LME spot premium was - 24.27 dollars/ton, LME inventory was 263,150 tons with a daily change of 650 tons [2]. - **Tin**: The previous day's domestic futures closing price was 268,540 yuan/ton, the domestic basis was 270 yuan/ton, the previous day's LME 3 - month closing price was 34,660 dollars/ton, the LME spot premium was 145.00 dollars/ton, LME inventory was 1,690 tons with a daily change of - 25 tons [2].

Report Overview - Report Title: 20250723 Shenwan Futures Non-ferrous Metals Basis Daily Report [1] - Analyst: Li Ye - Qualification Number: F0285557 - Transaction Advisory Number: Z0002369 - Email: liye@sywgqh.com.cn - Phone: 021 - 50586241 Industry Investment Rating - No industry investment rating is provided in the report. Core Views - Copper prices may fluctuate within a short - term range due to the low concentrate processing fees, low copper prices testing smelting output, and a mix of positive and negative factors in downstream demand [2]. - Zinc prices may experience wide - range fluctuations in the short term as concentrate processing fees are rising, and there are expectations of improved concentrate supply and potential recovery in smelting supply [2]. Summary by Relevant Content Copper - **Price Trend**: Night - time copper prices closed higher. Short - term price may fluctuate within a range [2]. - **Supply and Demand**: Low concentrate processing fees and low copper prices challenge smelting output. Downstream demand in the domestic market is generally stable and positive, with the power industry showing positive growth, auto production and sales increasing, home appliance output growth slowing, and the real estate sector remaining weak [2]. - **Market Data**: The previous domestic futures closing price was 79,670 yuan/ton, the domestic basis was 165 yuan/ton, the previous LME 3 - month contract closing price was 9,898 dollars/ton, the LME spot premium was - 68.24 dollars/ton, LME inventory was 122,075 tons with a daily decrease of 100 tons [2]. Zinc - **Price Trend**: Night - time zinc prices closed higher. Short - term price may have wide - range fluctuations [2]. - **Supply and Demand**: Concentrate processing fees are rising. Domestic auto production and sales are increasing, infrastructure is growing steadily, home appliance output growth is slowing, and the real estate sector is weak. The market expects significant improvement in concentrate supply this year and potential recovery in smelting supply [2]. - **Market Data**: The previous domestic futures closing price was 22,885 yuan/ton, the domestic basis was - 35 yuan/ton, the previous LME 3 - month contract closing price was 2,854 dollars/ton, the LME spot premium was - 4.23 dollars/ton, LME inventory was 118,225 tons with a daily decrease of 875 tons [2]. Other Metals - **Aluminum**: The previous domestic futures closing price was 20,870 yuan/ton, the domestic basis was 50 yuan/ton, the previous LME 3 - month contract closing price was 2,652 dollars/ton, the LME spot premium was 1.88 dollars/ton, LME inventory was 434,425 tons with a daily increase of 3,725 tons [2]. - **Nickel**: The previous domestic futures closing price was 122,550 yuan/ton, the domestic basis was - 570 yuan/ton, the previous LME 3 - month contract closing price was 15,530 dollars/ton, the LME spot premium was - 207.48 dollars/ton, LME inventory was 207,876 tons with a daily increase of 300 tons [2]. - **Lead**: The previous domestic futures closing price was 16,960 yuan/ton, the domestic basis was - 185 yuan/ton, the previous LME 3 - month contract closing price was 2,015 dollars/ton, the LME spot premium was - 25.40 dollars/ton, LME inventory was 264,925 tons with a daily decrease of 3,475 tons [2]. - **Tin**: The previous domestic futures closing price was 267,250 yuan/ton, the domestic basis was - 670 yuan/ton, the previous LME 3 - month contract closing price was 33,920 dollars/ton, the LME spot premium was 85.00 dollars/ton, LME inventory was 1,885 tons with a daily decrease of 50 tons [2].

Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - Copper prices may fluctuate within a short - term range due to the low concentrate processing fees and low copper prices testing smelting output, and the mixed factors of stable downstream demand in China (positive growth in power and auto industries, slowing growth in home appliance output, and weak real estate). Attention should be paid to US tariff progress, and changes in the US dollar, copper smelting, and home appliance output [2]. - Zinc prices may experience short - term wide - range fluctuations. With the continuous recovery of concentrate processing fees and the expected improvement in concentrate supply and possible recovery of smelting supply this year, along with mixed downstream demand (positive growth in auto and stable growth in infrastructure, slowing growth in home appliance output, and weak real estate). Attention should be paid to US tariff progress, and changes in the US dollar, zinc smelting, and home appliance output [2]. Group 3: Summary by Relevant Information Copper - Night - time copper prices closed flat. Domestic downstream demand is generally stable and positive, with the power industry showing positive growth, auto production and sales increasing, home appliance output growth slowing, and real estate remaining weak. Copper prices may fluctuate within a range [2]. - The previous domestic futures closing price was 79,700 yuan/ton, the domestic basis was 160 yuan/ton, the previous LME 3 - month closing price was 9,867 dollars/ton, the LME spot premium was - 66.96 dollars/ton, LME inventory was 122,175 tons, and the daily change was 25 tons [2]. Zinc - Night - time zinc prices closed lower. Domestic auto production and sales are growing positively, infrastructure is growing steadily, home appliance output growth is slowing, and real estate is weak. The market expects an obvious improvement in concentrate supply this year and a possible recovery in smelting supply. Zinc prices may have wide - range fluctuations [2]. - The previous domestic futures closing price was 22,885 yuan/ton, the domestic basis was - 45 yuan/ton, the previous LME 3 - month closing price was 2,845 dollars/ton, the LME spot premium was - 1.72 dollars/ton, LME inventory was 119,100 tons, and the daily change was - 2,375 tons [2]. Other Metals - **Aluminum**: The previous domestic futures closing price was 20,870 yuan/ton, the domestic basis was 90 yuan/ton, the previous LME 3 - month closing price was 2,641 dollars/ton, the LME spot premium was 2.18 dollars/ton, LME inventory was 430,700 tons, and the daily change was 3,500 tons [2]. - **Nickel**: The previous domestic futures closing price was 122,550 yuan/ton, the domestic basis was - 2,010 yuan/ton, the previous LME 3 - month closing price was 15,510 dollars/ton, the LME spot premium was - 205.69 dollars/ton, LME inventory was 207,576 tons, and the daily change was 294 tons [2]. - **Lead**: The previous domestic futures closing price was 16,960 yuan/ton, the domestic basis was - 185 yuan/ton, the previous LME 3 - month closing price was 2,015 dollars/ton, the LME spot premium was - 25.97 dollars/ton, LME inventory was 268,400 tons, and the daily change was - 2,550 tons [2]. - **Tin**: The previous domestic futures closing price was 267,250 yuan/ton, the domestic basis was - 1,670 yuan/ton, the previous LME 3 - month closing price was 33,675 dollars/ton, the LME spot premium was 53.00 dollars/ton, LME inventory was 1,935 tons, and the daily change was - 100 tons [2].