Report Industry Investment Ratings No relevant information provided. Core Views Copper - In the short - term, the continuous improvement of interest - rate cut expectations boosts copper prices, but the long - term impact is limited. The "stagflation - like" environment restricts the space for interest - rate cuts. The fundamentals are in a state of "weak reality + stable expectations". In the future, copper pricing will return to macro trading, and the price will at least maintain a volatile trend. The main contract is expected to be in the range of 79,500 - 82,000 yuan/ton [1]. Aluminum - The alumina market shows a pattern of "high supply, high inventory, and weak demand", and the short - term price is expected to fluctuate between 2,900 - 3,200 yuan/ton. For aluminum, the short - term macro boost to the price is weakening, and the price is expected to fluctuate around the peak - season expectations and actual consumption, with the main contract in the range of 20,600 - 21,400 yuan/ton [3]. Aluminum Alloy - The price of cast aluminum alloy futures followed the upward trend of aluminum prices last week. With the arrival of the peak season, the spot price is expected to remain firm, and the price difference between aluminum alloy and aluminum is expected to further narrow. The main contract is expected to operate in the range of 20,200 - 21,000 yuan/ton [5]. Zinc - The supply of zinc ore is gradually being transmitted to the smelting end, and the supply is expected to be loose. The demand in the peak season is fair, with a differentiation between domestic and foreign markets. The upward space of Shanghai zinc is limited, and the short - term price may fluctuate, with the main contract in the range of 21,800 - 22,800 yuan/ton [8]. Tin - The supply of tin ore remains tight, and the demand is weak. With the strengthening of the market's expectation of the Fed's interest - rate cut, the tin price is expected to remain in a high - level volatile state, with the operating range of 265,000 - 285,000 yuan/ton [11]. Nickel - The short - term supply - demand contradiction of nickel is not obvious, but the medium - term supply is expected to be loose, which restricts the upward space of the price. The short - term price is expected to adjust within a range, with the main contract in the range of 118,000 - 124,000 yuan/ton [13]. Stainless Steel - The cost of stainless steel is supported by raw materials, but the peak - season demand has not been effectively realized. The short - term price is expected to fluctuate within a range, with the main contract in the range of 12,600 - 13,400 yuan/ton [15]. Lithium Carbonate - The supply path of lithium carbonate is becoming clearer, and the upward trading expectation is weakening. However, strong demand provides support for the price. The short - term price is expected to fluctuate and consolidate, with the price center in the range of 70,000 - 74,000 yuan/ton [18]. Summary by Relevant Catalogs Copper - **Price and Basis**: SMM 1 electrolytic copper price rose to 80,755 yuan/ton, with a daily increase of 0.72%. The refined - scrap price difference increased by 6.84% [1]. - **Monthly Spread**: The 2509 - 2510 spread increased by 270 yuan/ton [1]. - **Fundamental Data**: In August, the electrolytic copper production was 117.15 million tons, a month - on - month decrease of 0.24%. The domestic social inventory increased by 2.63% week - on - week [1]. Aluminum - **Price and Spread**: SMM A00 aluminum price rose to 21,020 yuan/ton, with a daily increase of 0.77%. The import loss was 1,374 yuan/ton [3]. - **Monthly Spread**: The 2509 - 2510 spread increased by 5 yuan/ton [3]. - **Fundamental Data**: In August, the alumina production was 773.82 million tons, a month - on - month increase of 1.15%. The electrolytic aluminum production was 373.26 million tons, a month - on - month increase of 0.30% [3]. Aluminum Alloy - **Price and Spread**: SMM East China ADC12 price rose to 21,050 yuan/ton, with an increase of 0.48%. The scrap - refined price difference of Foshan crushed primary aluminum increased by 6.98% [5]. - **Monthly Spread**: The 2511 - 2512 spread was - 45 yuan/ton [5]. - **Fundamental Data**: In August, the production of recycled aluminum alloy ingots was 61.50 million tons, a month - on - month decrease of 1.60% [5]. Zinc - **Price and Basis**: SMM 0 zinc ingot price rose to 22,230 yuan/ton, with a daily increase of 0.23%. The import loss was 2,805 yuan/ton [8]. - **Monthly Spread**: The 2509 - 2510 spread increased by 10 yuan/ton [8]. - **Fundamental Data**: In August, the refined zinc production was 62.62 million tons, a month - on - month increase of 3.88%. The domestic zinc ingot social inventory increased by 3.56% week - on - week [8]. Tin - **Spot Price and Basis**: SMM 1 tin price rose to 271,100 yuan/ton, with a daily increase of 0.37%. The LME 0 - 3 spread decreased by 55.74% [11]. - **Monthly Spread**: The 2509 - 2510 spread increased by 90 yuan/ton [11]. - **Fundamental Data**: In July, the tin ore import was 10,278 tons, a month - on - month decrease of 13.71%. The SHFE inventory increased by 2.74% [11]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel price rose to 122,850 yuan/ton, with a daily increase of 1.15%. The futures import loss was 1,248 yuan/ton [13]. - **Monthly Spread**: The 2510 - 2511 spread was - 180 yuan/ton [13]. - **Supply and Inventory**: China's refined nickel production in August was 32,200 tons, a month - on - month increase of 1.26%. The SHFE inventory increased by 2.07% week - on - week [13]. Stainless Steel - **Price and Basis**: The price of 304/2B (Yuantong Hongwang 2.0 coil) was 13,150 yuan/ton, with no change. The spot - futures price difference increased by 11.11% [15]. - **Monthly Spread**: The 2510 - 2511 spread was - 90 yuan/ton [15]. - **Fundamental Data**: The production of 300 - series stainless steel crude steel in China (43 enterprises) in August was 171.33 million tons, a month - on - month decrease of 3.83%. The 300 - series social inventory decreased by 2.10% week - on - week [15]. Lithium Carbonate - **Price and Basis**: SMM battery - grade lithium carbonate average price decreased to 72,450 yuan/ton, with a decrease of 0.55%. The lithium spodumene concentrate CIF average price decreased by 0.24% [18]. - **Monthly Spread**: The 2509 - 2511 spread was 20 yuan/ton [18]. - **Fundamental Data**: In August, the lithium carbonate production was 85,240 tons, a month - on - month increase of 4.55%. The total inventory decreased by 3.75% [18].