Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The live hog market maintains a pattern of near - term weakness and long - term strength. The market is under pressure in the short term, with the September contract expected to be weak, while the macro sentiment provides strong support for the long - term. The spread structure has switched to a reverse spread, and investors should pay attention to stop - loss and take - profit [1][5]. 3. Summary by Directory 3.1 Fundamental Tracking - **Prices**: Henan spot price is 14,130 yuan/ton (down 300 yuan/ton year - on - year), Sichuan spot price is 13,600 yuan/ton (down 100 yuan/ton year - on - year), and Guangdong spot price is 15,540 yuan/ton (down 400 yuan/ton year - on - year). For futures, the price of Live Hog 2509 is 13,940 yuan/ton (down 115 yuan/ton year - on - year), Live Hog 2511 is 13,905 yuan/ton (up 55 yuan/ton year - on - year), and Live Hog 2601 is 14,185 yuan/ton (up 5 yuan/ton year - on - year) [3]. - **Trading Volume and Open Interest**: The trading volume of Live Hog 2509 is 23,128 lots (down 8,228 lots from the previous day), with an open interest of 38,250 lots (down 2,721 lots from the previous day); Live Hog 2511 has a trading volume of 18,703 lots (down 5,958 lots from the previous day) and an open interest of 52,319 lots (up 1,115 lots from the previous day); Live Hog 2601 has a trading volume of 11,229 lots (down 2,530 lots from the previous day) and an open interest of 40,508 lots (up 113 lots from the previous day) [3]. - **Spreads**: The basis of Live Hog 2509 is 190 yuan/ton (down 185 yuan/ton year - on - year), Live Hog 2511 is 225 yuan/ton (down 355 yuan/ton year - on - year), and Live Hog 2601 is - 55 yuan/ton (down 305 yuan/ton year - on - year). The spread between Live Hog 9 - 11 is 35 yuan/ton (down 170 yuan/ton year - on - year), and the spread between Live Hog 11 - 1 is - 280 yuan/ton (up 50 yuan/ton year - on - year) [3]. 3.2 Trend Intensity - The trend intensity is - 1, indicating a relatively bearish view. The range of trend intensity is an integer within the [- 2,2] interval, where - 2 represents the most bearish and 2 represents the most bullish [4]. 3.3 Market Logic - The market expected price increases from late July to early August, but the group's volume - reduction and price - pulling efforts were less than expected. Retailers and second - fattening groups are panicked. The group's planned slaughter volume in August is increasing, while demand growth is limited, putting pressure on the market. The September contract is approaching the delivery month, and the futures price is significantly higher than the warehouse - receipt cost, increasing the industry's willingness to deliver. It is expected to be weak. The macro sentiment strongly supports the long - term, resulting in a pattern of weak reality and strong expectation. The spread structure has switched to a reverse spread. The short - term support level for the LH2509 contract is 13,500 yuan/ton, and the pressure level is 15,000 yuan/ton [5].

Report Industry Investment Ratings No relevant content provided. Core Views - For copper, the inventory drawdown slope may continue to slow down, and attention should be paid to the consumption inflection point. The upward momentum of the monthly spread requires substantial shortages or a decline in the absolute price. [1] - For aluminum, the supply-demand gap remains in May, and the inventory is expected to decline gently from May to July. The aluminum price may rebound with the inventory drawdown. The monthly spread long position can be held if the absolute price drops. [2] - For zinc, the price fluctuated widely this week. The inventory accumulation acceleration inflection point is expected to occur at the end of May or early June. It is recommended to short at high prices and continue to hold the long position in the domestic and foreign price spread. [5] - For nickel, the short-term fundamental situation is average, but supported by tariff and mine disturbances, opportunities for the contraction of the nickel-stainless steel price ratio can continue to be monitored. [6] - For stainless steel, the short-term is a mix of long and short factors, and the reverse spread position can be rolled over and continued to be held. [8] - For lead, the price is expected to fluctuate between 16,800 and 17,000 next week, and the supply is expected to decrease in May. [9][10] - For tin, the short-term is recommended to wait and see, and the medium- and long-term should focus on shorting opportunities. [12] - For industrial silicon, the short-term shows a pattern of double reduction in supply and demand, and the medium- and long-term price is expected to fluctuate at the bottom. [14] - For lithium carbonate, the short-term downstream demand enters a small peak season, but the price is expected to fluctuate weakly in the medium and long term. [16] Summary by Metal Copper - **Market Data**: From May 16 to May 22, the Shanghai copper spot premium decreased by 140, the waste refined copper spread decreased by 263, and the SHFE inventory decreased by 9,464. [1] - **Market Situation**: The domestic inventory showed an inflection point this week, with high selling pressure. The demand shows strong reality and weak expectations, and the inventory drawdown slope may slow down. [1] Aluminum - **Market Data**: From May 16 to May 22, the Shanghai aluminum ingot price increased by 50, the domestic alumina price increased by 52, and the SHFE social inventory remained unchanged. [1] - **Market Situation**: The supply increased slightly in 1 - 3 months, and the demand decline in May was not obvious. The inventory is expected to decline gently from May to July, and the aluminum price may rebound. [2] Zinc - **Market Data**: From May 16 to May 22, the Shanghai zinc ingot price decreased by 110, the domestic social inventory remained unchanged, and the LME inventory decreased by 1,650. [5] - **Market Situation**: The price fluctuated widely this week. The supply side had a slight decrease in smelting maintenance in May, and the demand side had general domestic demand and a slight recovery in overseas demand. The inventory accumulation acceleration inflection point is expected to occur at the end of May or early June. [5] Nickel - **Market Data**: From May 16 to May 22, the Shanghai nickel spot price decreased by 100, the spot import return decreased by 489.12, and the LME inventory decreased by 876. [6] - **Market Situation**: The pure nickel production remained at a high level, the demand was weak, and the overseas nickel beans had a slight inventory drawdown. The short-term fundamental situation is average, but supported by tariff and mine disturbances. [6] Stainless Steel - **Market Data**: From May 16 to May 22, the price of 304 cold-rolled coil remained unchanged, and the price of waste stainless steel increased by 50. [6] - **Market Situation**: The production may decrease passively in May, the demand is mainly rigid, and the inventory in Xijiao and Foshan increased slightly. The short-term is a mix of long and short factors. [6][8] Lead - **Market Data**: From May 16 to May 22, the spot premium decreased by 5, the LME inventory increased by 13,700, and the LME cancelled warrants decreased by 4,125. [8] - **Market Situation**: The price fluctuated upward this week. The supply side had tight raw materials and concentrated capacity release in the middle reaches, and the demand side had weak overall demand. The price is expected to fluctuate between 16,800 and 17,000 next week. [9][10] Tin - **Market Data**: From May 16 to May 22, the spot import return increased by 2,110.12, the spot export return decreased by 1,586.48, and the LME inventory decreased by 5. [12] - **Market Situation**: The price fluctuated narrowly this week. The supply side had mine supply disturbances, and the demand side had limited elasticity. The short-term is recommended to wait and see, and the medium- and long-term should focus on shorting opportunities. [12] Industrial Silicon - **Market Data**: From May 16 to May 22, the 553 East China basis decreased by 65, and the warehouse receipt quantity decreased by 355. [14] - **Market Situation**: The northern large factories maintained production cuts this week, and the downstream demand continued to weaken. The short-term shows a pattern of double reduction in supply and demand, and the medium- and long-term price is expected to fluctuate at the bottom. [14] Lithium Carbonate - **Market Data**: From May 16 to May 22, the SMM electric carbon price remained unchanged, the SMM industrial carbon price remained unchanged, and the warehouse receipt quantity decreased by 530. [16] - **Market Situation**: The price fluctuated downward this week. The overall production increased, and the inventory accumulation speed slowed down. The short-term downstream demand enters a small peak season, but the price is expected to fluctuate weakly in the medium and long term. [16]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For copper, the inventory drawdown slope may continue to slow down, and attention should be paid to the consumption inflection point. For the monthly spread, the subsequent upward momentum requires substantial shortages or a decline in absolute prices [1]. - For aluminum, with the positive progress in Sino - US trade negotiations and the alleviation of global trade tensions, the aluminum price rebounds with inventory drawdown. The monthly spread long - short arbitrage can be held if the absolute price drops [2]. - For zinc, attention should be paid to the inflection point from inventory drawdown to accumulation. It is recommended to short at high prices, and the domestic - foreign long - short arbitrage can be continued [5]. - For nickel, opportunities for the contraction of the nickel - stainless steel price ratio can continue to be monitored [6]. - For stainless steel, in the short term, with long and short factors intertwined, the reverse arbitrage can be rolled over and held [7]. - For lead, it is expected to oscillate in the range of 16,800 - 17,000 next week, and the supply is expected to decrease in May [8]. - For tin, it is recommended to wait and see in the short term and pay attention to short - selling opportunities in the medium - long term [9]. - For industrial silicon, in the medium - long term, the price trend is expected to be mainly bottom - oscillating, anchored to the cash - flow cost of leading large enterprises [11]. - For lithium carbonate, in the medium - long cycle, if the operating rate of leading mining - smelting integrated enterprises does not significantly decline, the price will still oscillate weakly [13]. 3. Summary by Metals Copper - **Market Data**: From May 15 - 21, the spot premium decreased by 125, the waste - refined copper price difference decreased by 221, and the LME inventory decreased by 1,925 [1]. - **Supply and Demand**: Domestic inventory showed an inflection point this week. The smelting plants were eager to sell under high monthly spreads, and downstream orders slowed down. The demand has strong current reality but weak future expectations [1]. Aluminum - **Market Data**: From May 15 - 21, the Shanghai aluminum ingot price increased by 100, and the domestic alumina price increased by 42 [1]. - **Supply and Demand**: Supply increased slightly, and the demand in May did not decline significantly. The inventory is expected to be drawn down gently from May to July [2]. Zinc - **Market Data**: From May 15 - 21, the Shanghai zinc ingot price increased by 150, and the LME inventory decreased by 1,150 [5]. - **Supply and Demand**: The domestic TC remained unchanged this week, and the import TC increased slightly. The demand at home has general elasticity, and overseas demand has slightly recovered. The inventory accumulation inflection point is expected to appear at the end of May or early June [5]. Nickel - **Market Data**: From May 15 - 21, the沪镍现货 price decreased by 150, and the LME inventory decreased by 312 [6]. - **Supply and Demand**: The pure nickel production remained at a high level, and the overall demand was weak. The overseas nickel beans inventory decreased slightly, and the domestic inventory remained stable [6]. Stainless Steel - **Market Data**: From May 15 - 21, the prices of 304 cold - rolled, 304 hot - rolled, 201 cold - rolled, 430 cold - rolled, and scrap stainless steel remained unchanged [6]. - **Supply and Demand**: The production increased seasonally in April, and steel mills may cut production passively in May. The demand is mainly for rigid needs [7]. Lead - **Market Data**: From May 15 - 21, the lead spot premium increased by 10, and the LME inventory decreased by 36,375 [8]. - **Supply and Demand**: The supply side has tight raw materials, and the demand side has limited overall demand. The price is expected to oscillate between 16,800 - 17,000 next week [8]. Tin - **Market Data**: From May 15 - 21, the spot import gain increased by 5,126.89, and the LME inventory increased by 15 [9]. - **Supply and Demand**: The supply side has some alleviation of long - term ore shortages, but there are still domestic supply disturbances. The demand side has limited elasticity, and the downstream lacks consumption power [9]. Industrial Silicon - **Market Data**: From May 15 - 21, the 553 East China basis decreased by 55, and the warehouse receipt quantity decreased by 596 [11]. - **Supply and Demand**: In the short term, there is a pattern of double - reduction in supply and demand. In the medium - long term, the price is expected to oscillate at the bottom [11]. Lithium Carbonate - **Market Data**: From May 15 - 21, the SMM electric carbon price decreased by 200, and the warehouse receipt quantity decreased by 152 [13]. - **Supply and Demand**: The overall production increased this week, and the inventory accumulation speed slowed down. In the medium - long term, the price may oscillate weakly [13].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The sentiment in the pig industry is weak, and there may be a phased inventory reduction. The current situation shows that the price spreads between fat pigs in the north and south are inverted, the sale of group piglets has decreased, and the recent pressure of fat pig sales initially confirms inventory accumulation. The official number of piglets confirms the inventory, and the market expectation has weakened. There is a possibility of phased weight reduction due to trade circulation issues, and the positive spread structure may switch. The January contract is affected by liquidity, and although it is a peak - season contract before the Spring Festival, the increase in positions is limited, causing the far - month spread to deviate from the seasonal reasonable spread at present. Wait for the opportunity of liquidity shift, and continuously layout the 11 - 1 reverse spread in the medium - and long - term, paying attention to stop - profit and stop - loss. The short - term support level for the LH2509 contract is 13,000 yuan/ton, and the pressure level is 15,000 yuan/ton [3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price**: The Henan spot price is 14,600 yuan/ton, down 150 yuan/ton year - on - year; the Sichuan spot price is 14,250 yuan/ton, unchanged year - on - year; the Guangdong spot price is 15,290 yuan/ton, up 150 yuan/ton year - on - year. The futures prices of pig2507, pig2509, and pig2511 are 13,285 yuan/ton, 13,650 yuan/ton, and 13,335 yuan/ton respectively, down 70 yuan/ton, 40 yuan/ton, and 25 yuan/ton year - on - year [1] - **Trading Volume and Open Interest**: The trading volume of pig2507 is 5,518 lots, an increase of 92 lots from the previous day, and the open interest is 27,386 lots, an increase of 356 lots from the previous day; the trading volume of pig2509 is 15,772 lots, an increase of 1,459 lots from the previous day, and the open interest is 78,562 lots, a decrease of 118 lots from the previous day; the trading volume of pig2511 is 2,948 lots, a decrease of 228 lots from the previous day, and the open interest is 32,576 lots, an increase of 397 lots from the previous day [1] - **Price Spread**: The basis of pig2507, pig2509, and pig2511 are 1,315 yuan/ton, 950 yuan/ton, and 1,265 yuan/ton respectively, down 80 yuan/ton, 110 yuan/ton, and 125 yuan/ton year - on - year. The 7 - 9 spread of pigs is - 365 yuan/ton, down 30 yuan/ton year - on - year, and the 9 - 11 spread is 315 yuan/ton, down 15 yuan/ton year - on - year [1] 3.2 Trend Intensity - The trend intensity is 0, indicating a neutral market sentiment. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish), with classifications including weak, weak - biased, neutral, strong - biased, and strong [2] 3.3 Market Logic - The current situation shows that the price spreads between fat pigs in the north and south are inverted, the sale of group piglets has decreased, and the recent pressure of fat pig sales initially confirms inventory accumulation. The official number of piglets confirms the inventory, and the market expectation has weakened. There is a possibility of phased weight reduction due to trade circulation issues, and the positive spread structure may switch. The January contract is affected by liquidity, and although it is a peak - season contract before the Spring Festival, the increase in positions is limited, causing the far - month spread to deviate from the seasonal reasonable spread at present. Wait for the opportunity of liquidity shift, and continuously layout the 11 - 1 reverse spread in the medium - and long - term, paying attention to stop - profit and stop - loss. The short - term support level for the LH2509 contract is 13,000 yuan/ton, and the pressure level is 15,000 yuan/ton [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The current sentiment in the pig market is weak, with a phase of inventory reduction. The north - south fat pig price spread is inverted, group sales of piglets have decreased, and there is evidence of inventory accumulation from the recent pressure of fat pig sales. The official piglet numbers confirm the inventory, leading to a weakening of expectations. There is a possibility of a phase of weight reduction due to trade circulation issues, and the positive spread structure may switch. The January contract is affected by liquidity, and the far - month spread currently deviates from the seasonal reasonable spread. Long - term, it is advisable to continuously layout the 11 - 1 reverse spread, paying attention to stop - profit and stop - loss. The short - term support level for the LH2509 contract is 13,000 yuan/ton, and the pressure level is 15,000 yuan/ton [4]. 3. Summary by Relevant Catalogs Pig Fundamental Data - **Spot Prices**: The Henan spot price is 14,750 yuan/ton with a year - on - year decrease of 50 yuan/ton; the Sichuan spot price is 14,250 yuan/ton with no year - on - year change; the Guangdong spot price is 15,140 yuan/ton with a year - on - year increase of 150 yuan/ton [2]. - **Futures Prices**: The prices of pig futures contracts 2507, 2509, and 2511 are 13,355 yuan/ton (up 55 yuan/ton year - on - year), 13,690 yuan/ton (up 5 yuan/ton year - on - year), and 13,360 yuan/ton (down 20 yuan/ton year - on - year) respectively [2]. - **Trading Volume and Open Interest**: For the pig 2507 contract, the trading volume is 5,426 lots (down 1,545 lots from the previous day), and the open interest is 27,030 lots (down 704 lots from the previous day); for the 2509 contract, the trading volume is 14,313 lots (down 7,885 lots from the previous day), and the open interest is 78,680 lots (down 663 lots from the previous day); for the 2511 contract, the trading volume is 3,176 lots (down 1,047 lots from the previous day), and the open interest is 32,179 lots (up 315 lots from the previous day) [2]. - **Spreads**: The basis of pig 2507, 2509, and 2511 contracts are 1,395 yuan/ton (down 105 yuan/ton year - on - year), 1,060 yuan/ton (down 55 yuan/ton year - on - year), and 1,390 yuan/ton (down 30 yuan/ton year - on - year) respectively. The 7 - 9 spread is - 335 yuan/ton (up 50 yuan/ton year - on - year), and the 9 - 11 spread is 330 yuan/ton (up 25 yuan/ton year - on - year) [2]. Trend Intensity The trend intensity is 0, with the range of values in the [-2, 2] interval for integers. The strength levels are classified as weak,偏弱, neutral, 偏强, and strong, where -2 represents the most bearish view and 2 represents the most bullish view [3].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - For copper, the inventory destocking slope may continue to slow down, and attention should be paid to the consumption inflection point. The upward momentum of the monthly spread requires substantial shortages or a decline in absolute prices. [1] - For aluminum, the supply increases slightly, and the demand in May is not expected to decline significantly. There is still a supply - demand gap. The inventory is expected to be depleted gently from May to July. The aluminum price may rebound with destocking. The long - spread arbitrage can be held if the absolute price drops. [1] - For zinc, the zinc price fluctuates widely this week. Pay attention to the inflection point from destocking to stockpiling, and it is recommended to short at high prices. The long - spread arbitrage at home and abroad can be held. [3] - For nickel, the supply of pure nickel remains at a high level, the demand is weak, and the overseas nickel beans are slightly destocked. The opportunity to shrink the nickel - stainless steel price ratio can be continuously monitored. [4] - For stainless steel, the fundamentals remain weak, but there is macro - positive support. The short - spread arbitrage can be rolled over and held. [5] - For lead, the lead price fluctuates and rises this week. It is expected to fluctuate between 16,800 - 17,000 next week, and the supply is expected to decrease in May. [7] - For tin, the tin price fluctuates narrowly this week. In the short term, it is recommended to wait and see, and in the long - term, pay attention to short - selling opportunities. [8] - For industrial silicon, the short - term supply - demand double - reduction pattern is obvious, and the price is expected to oscillate at the bottom in the long - term. [9] - For lithium carbonate, the price oscillates and declines. In the short - term, the downstream demand enters a small peak season, but the price may still oscillate weakly in the long - term. [11] Summaries by Metals Copper - **Market Situation**: The domestic inventory shows an inflection point this week. The spot premium in North China remains weak, and the overall selling pressure is high. The demand has strong current reality but weak expectations. [1] - **Data Changes**: From May 13 - 19, the inventory decreased by 5,050 tons, and the LME C - 3M spread changed from 19.17 to 15.52. [1] Aluminum - **Market Situation**: The supply increases slightly, and the demand in May is not expected to decline significantly. The inventory is expected to be depleted gently from May to July. [1] - **Data Changes**: From May 13 - 19, the LME inventory decreased by 2,000 tons, and the LME C - 3M spread changed from 2.82 to 1.42. [1] Zinc - **Market Situation**: The zinc price fluctuates widely this week. The supply side has a slight decrease in smelting maintenance in May, and the demand side has general domestic demand elasticity and a slight recovery in European demand. [3] - **Data Changes**: From May 13 - 19, the LME inventory decreased by 3,400 tons, and the LME C - 3M spread changed from - 27 to - 32. [3] Nickel - **Market Situation**: The supply of pure nickel remains at a high level, the demand is weak, and the overseas nickel beans are slightly destocked. [4] - **Data Changes**: From May 13 - 19, the LME inventory increased by 6,786 tons, and the LME C - 3M spread changed from - 194 to - 202. [4] Stainless Steel - **Market Situation**: The supply may be reduced passively in May, the demand is mainly rigid, the cost of ferronickel is under pressure, and the inventory in Xifu area accumulates slightly. [5] - **Data Changes**: From May 13 - 19, the price of 201 cold - rolled coil decreased by 25. [5] Lead - **Market Situation**: The lead price fluctuates and rises this week. The supply side has tight raw materials, and the demand side has limited overall demand. [7] - **Data Changes**: From May 13 - 19, the LME inventory decreased by 6,825 tons, and the LME C - 3M spread changed from - 4 to - 18. [6] Tin - **Market Situation**: The tin price fluctuates narrowly this week. The supply side has some production cuts in China, and the demand side has limited elasticity. [8] - **Data Changes**: From May 13 - 19, the LME inventory increased by 5 tons, and the LME C - 3M spread changed from - 19 to - 56. [8] Industrial Silicon - **Market Situation**: The short - term supply - demand double - reduction pattern is obvious, and the price is at a low level. The social inventory begins to be depleted. [9] - **Data Changes**: From May 13 - 19, the 421 Yunnan basis decreased by 135, and the 421 Sichuan basis decreased by 85. [9] Lithium Carbonate - **Market Situation**: The price oscillates and declines. The production increases, the inventory accumulation slows down, and the downstream demand has mixed signals. [11] - **Data Changes**: From May 13 - 19, the SMM electric carbon price decreased by 800, and the SMM industrial carbon price decreased by 800. [11]

1. Report Industry Investment Rating - No investment rating information provided in the report 2. Core Viewpoints - The inventory decline slope of copper may continue to slow down, and attention should be paid to the consumption inflection point. For the month - spread, follow - up upward momentum requires substantial shortages or a decline in absolute prices [1] - With the easing of the global trade tension and the decline in inventory, the aluminum price is expected to rebound. The month - spread positive arbitrage can be held if the absolute price drops [2] - For zinc, pay attention to the turning point from inventory decline to accumulation, and it is recommended to short at high prices. The internal - external positive arbitrage can be continued [5] - For nickel, continue to pay attention to the opportunity of narrowing the nickel - stainless steel price ratio [6] - For stainless steel, short - term long and short factors are intertwined, and the reverse arbitrage can be rolled over and held [8] - Lead is expected to fluctuate in the range of 16,800 - 17,000 next week, and the supply in May is expected to decrease cyclically [10] - For tin, it is recommended to wait and see in the short term, and pay attention to short - selling opportunities in the medium - long term [12] - The price of industrial silicon is expected to fluctuate at the bottom, anchored to the cash - flow cost of leading large enterprises in the medium - long term [14] - The price of lithium carbonate is expected to fluctuate weakly in the medium - long term, and there may be short - term replenishment demand from downstream [16] 3. Summary by Metal Copper - **Market Data**: From May 12 - 16, the spot premium of Shanghai copper changed by 430, the waste - refined copper price difference increased by 150, and the inventory of the Shanghai Futures Exchange increased by 2,712. The LME inventory decreased by 5,275 [1] - **Supply and Demand**: Domestic inventory showed an inflection point this week. The smelters were eager to sell under the high monthly spread, and downstream orders slowed down. The demand has strong current reality but weak future expectations [1] Aluminum - **Market Data**: From May 12 - 16, the Shanghai aluminum ingot price decreased by 80, the domestic alumina price increased by 30, and the Shanghai aluminum social inventory decreased. The LME inventory decreased by 1,825 [1][2] - **Supply and Demand**: Supply increased slightly, and the import of aluminum ingots was large from January to March. The demand in May is expected to decline slightly, and there is still a supply - demand gap. The inventory is expected to decline gently from May to July [2] Zinc - **Market Data**: From May 12 - 16, the Shanghai zinc ingot price decreased by 130, the domestic social inventory remained unchanged, and the LME inventory decreased by 975 [5] - **Supply and Demand**: The domestic TC remained unchanged this week, and the imported TC increased slightly. The domestic demand has general elasticity, and the export can be maintained. Overseas demand in Europe has slightly recovered [5] Nickel - **Market Data**: From May 12 - 16, the price of 1.5% Philippine nickel ore remained unchanged, and the LME inventory decreased by 3,924 [6] - **Supply and Demand**: The production of pure nickel remained at a high level. The overall demand was weak, and the overseas nickel beans inventory decreased slightly [6] Stainless Steel - **Market Data**: From May 12 - 16, the price of 304 cold - rolled coil remained unchanged, and the price of waste stainless steel decreased by 50 [6] - **Supply and Demand**: The production increased seasonally in April, and steel mills may cut production passively in May. The demand is mainly for rigid needs [6][7] Lead - **Market Data**: From May 12 - 16, the spot premium decreased by 10, and the LME inventory decreased by 1,825 [8] - **Supply and Demand**: The supply of raw materials was tight, and the demand was weak. The overall consumption was in the off - season, and the price is expected to fluctuate in a certain range next week [7][8][9] Tin - **Market Data**: From May 12 - 16, the spot import profit decreased by 45.78, and the LME inventory decreased by 10 [12] - **Supply and Demand**: The African Alphamin mine has resumed production, and the supply of domestic raw materials is still disturbed. The demand for solder is limited, and the growth of terminal electronics and photovoltaics is expected to decline [12] Industrial Silicon - **Market Data**: From May 12 - 16, the 421 Yunnan basis increased by 165, and the number of warehouse receipts decreased by 49 [14] - **Supply and Demand**: Some factories have cut production, and the downstream demand for organic silicon and polysilicon is declining. The overall supply and demand have reached a tight balance, and the social inventory has started to decline [14] Lithium Carbonate - **Market Data**: From May 12 - 16, the SMM electric carbon price decreased by 300, and the number of warehouse receipts decreased by 40 [16] - **Supply and Demand**: The overall production has increased, and the inventory accumulation speed has slowed down. The downstream demand is in a small peak season, but the demand improvement is less than expected. The price is expected to fluctuate weakly in the medium - long term [16]