【华宝期货】有色金属周报 华宝期货 2026.3.2 以上内容谨代表个人观点，投资者据此做出的任何投资决策与华宝期货有限公司和作者无关，据此入市交易，风险自负！投资有风险，入市需谨慎！ 目录 01 有色周度行情回顾 02 本周有色行情预判 03 品种数据（铝、锌、锡、碳酸锂） 以上内容谨代表个人观点，投资者据此做出的任何投资决策与华宝期货有限公司和作者无关，据此入市交易，风险自负！投资有风险，入市需谨慎！ 周度行情回顾 | 品种 | | | 期货主力合约收盘价格 | | | | 現货价格 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2026.2.27 | 2026. 2. 13 | 周变动 | 周张跌幅 | | | 2026.2.27 2026.2.13 | 周变动 | | | 铜 | CU2604 | 103920 | 100380 | 3540 | 3. 53% | 中国:平均价:铜:上海物贸 | 102140 | 100365 | 1775 | 1.77% | | 铝 | AL2604 ...

交易视角看伊朗，多资产怎么走？ 证券研究报告/固收事件点评报告 2026 年 03 月 01 日 分析师：吕品 执业证书编号：S0740525060003 Email：lvpin@zts.com.cn 分析师：游勇 执业证书编号：S0740524070004 Email：youyong@zts.com.cn 1、《信贷回落，存款活化至非银》 2026-02-14 2、《信用债类 ETF 持续净流出》 2026-02-09 3、《债券 ETF 净值修复，资金流出》 2026-01-26 情理之中、意料之外的打击，怎么理解美国的诉求？ 说是情理之中，因为酝酿已久，一触即发。美军年初以来不断向伊朗增兵，到 2 月底， 已经达到近 23 年的最大规模。而 2 月 27 日，中美大使馆同时发出撤离提醒，也于是 预示冲突升级的可能。 相关报告 意料之外的时机点，则是伊朗刚在美伊谈判中松口，表达妥协意愿，但战争却在 2 月 28 日爆发，由以色列打头阵，美国随后参与打击。 结合特朗普战后发布演讲视频，美国明面上的诉求：（1）不限期地终止核计划；（2） 停止对地区代理人的支持；（3）停止发展远程弹道武器。以色列公开宣称要"斩 ...

【韩企把黄金奖励改成现金 】#现货黄金白银再度失守重要关口# 美国四处挑起地缘危机，导致市场剧 烈波动。国际金银价格在屡创新高后开始巨幅震荡，30日双双大幅下跌，伦敦现货黄金与纽约黄金期货 价格日内跌幅一度均超过5%。金价剧烈波动难挡全球消费者购金热情。英国《金融时报》1月29日报道 称，英国跟全球一样都陷入了大举买入贵金属的狂热中。在阿联酋，消费者购金需求旺盛。在韩国，韩 国制药、生物科技等企业素有向资深员工发放黄金作为工龄奖励的传统，但受近两年国际金价飙升影 响，多家药企难以承担财务压力，改为向员工发放现金。 （央视网）#黄金白银急速跳水原因##白银迎 来暴跌# ...

Group 1 - The market environment is currently unfavorable for buying risk assets, especially with a high valuation in US stocks and a significant number of bullish investors compared to bearish ones [1] - Despite recent market volatility, Wall Street strategists believe the foundation for continued market growth remains solid, citing historical resilience of risk assets during geopolitical crises [1][2] - The S&P 500 index experienced a significant drop of 2.1%, marking its largest single-day decline in October, with the VIX index surpassing the 20 mark, indicating increased market volatility [3] Group 2 - Corporate earnings are expected to support bullish sentiment, with projections of approximately 9% growth in S&P 500 earnings for Q4 of the previous year and double-digit growth anticipated in 2026 [2] - Approximately 70% of S&P 500 constituents are trading above their 200-day moving average, and the Russell 2000 index has reached a historical high, indicating strong market performance [2] - 73% of companies reporting earnings in the first week of the earnings season exceeded analyst expectations, which is above the historical average of 68% [3] Group 3 - The potential for President Trump to backtrack on aggressive policies could lead to market stabilization, as seen in previous instances where threats of tariffs were retracted shortly after being announced [4] - Analysts maintain a bullish stance on the stock market while acknowledging the potential for increased volatility due to aggressive government policies [5] - Strong macroeconomic fundamentals, improving earnings growth, and a trend towards easing trade tensions are cited as reasons to remain optimistic about the market outlook [5]

Core Viewpoint - International car manufacturers that exited the Russian market two years ago are now facing significant challenges in potentially returning, with substantial investments at stake and geopolitical instability persisting [5][7]. Group 1: International Car Manufacturers' Exit - Many international car manufacturers, including Hyundai, voluntarily exited the Russian market in response to Western sanctions, selling their assets at symbolic prices while retaining buyback rights [5][10]. - The urgency of the situation has left companies like Hyundai grappling with the dilemma of either investing heavily to restore operations or losing significant investments made in local facilities [7][11]. - Mazda has opted not to exercise its buyback rights after selling its stake in a Russian joint venture, indicating that the decision to abandon the investment was relatively straightforward due to the lower production capacity of its facility compared to others [12][13]. Group 2: Buyback Rights and Future Decisions - Several international car manufacturers, including Renault, Ford, Nissan, and Mercedes-Benz, have retained buyback rights for their Russian assets, with expiration dates ranging from 2027 to 2029 [15][16]. - The geopolitical crisis has caught these companies off guard, as they initially viewed their exit as temporary, expecting to return once stability was restored [17][18]. - Renault's attempt to exercise its buyback rights was met with a demand for a substantial compensation of 112.5 billion rubles (approximately 9.7 billion RMB), highlighting the financial implications of re-entering the market [21][22]. Group 3: Rise of Chinese Car Manufacturers - The exit of major international brands has created a vacuum in the Russian automotive market, which has been seized by Chinese car manufacturers, leading to a significant increase in their market share from 9% in 2022 to 49% in 2023, and projected to reach 62% in 2024 [24][27]. - Chinese automotive exports to Russia are expected to grow significantly, with projected figures of 16.3 million units in 2022, 55.3 million in 2023, and 128 million in 2024 [28]. - By 2024, Chinese brands are anticipated to dominate the top sales rankings in Russia, with several brands like Haval, Chery, Geely, and Changan leading the market [29][30]. Group 4: Challenges Ahead for Chinese Manufacturers - Despite the initial success, Chinese car manufacturers face increasing challenges in Russia, including new tax regulations and negative media portrayals that could impact their market position [34][36]. - The Russian government has implemented higher taxes on imported vehicles, which could significantly reduce profit margins for Chinese manufacturers [37][38]. - Concerns regarding the reliability and quality of Chinese vehicles have been raised in Russian media, potentially affecting consumer perceptions and sales [39][40]. Group 5: Future Outlook - The future of the automotive market in Russia remains uncertain, with two potential trends emerging: international manufacturers may either reclaim their assets and re-enter the market, or they may abandon their investments, leaving Chinese brands to navigate a challenging environment [45][46]. - The complexity of the situation necessitates careful consideration from all manufacturers looking to establish a foothold in the Russian market, as they must prepare for various potential outcomes [42][46].

Group 1 - The core viewpoint is that gold is expected to break its historical high soon, with a potential target of 4500 after surpassing 4380 [1] - Historical trends indicate that every time gold reaches a new high, it reshapes market perceptions, suggesting a continued upward trend for gold prices [1] - Recent significant increases in gold ETF holdings and geopolitical tensions are contributing factors to the bullish outlook on gold [1] Group 2 - The Federal Reserve's three interest rate cuts this year and the anticipated appointment of a new chair may lead to a more dovish monetary policy in 2026, further supporting gold prices [1] - A critical support zone for gold in the short term is identified between 4280 and 4265, with a focus on short-term trading opportunities [1] - Historical patterns show that gold typically experiences a price increase at the end of the year, supported by current favorable external factors [1]

Group 1 - The core viewpoint of the articles highlights the strong performance of gold prices, driven by the Federal Reserve's interest rate cuts and global uncertainties, leading to increased demand for safe-haven assets [1][2][3] - Gold prices reached $4325.79 per ounce, with a 0.55% increase, and are expected to face volatility in the short term, particularly if the US dollar continues to weaken [1] - The Federal Reserve's recent rate cut was not unanimous, with several officials expressing concerns about inflation and advocating for a tighter monetary policy, which has led to a rise in US Treasury yields [1] Group 2 - Geopolitical tensions, particularly the ongoing discussions between Ukraine and the US regarding a "peace plan," are contributing to the sustained demand for gold as a safe-haven asset [2] - Investors are closely monitoring upcoming economic data, especially the US non-farm payroll report, which could influence gold prices further [3] - Technical analysis indicates that gold is in a strong upward trend, with potential targets set between $4350 and $4400, contingent on the performance of the US dollar and Treasury yields [3]

Core Viewpoint - The price of gold is expected to rise to $4,500 soon, with current buying opportunities around the $4,200 mark and below $950 [1] Group 1: ETF Activity - Gold ETFs have significantly increased their holdings by 4.58 tons, marking a four-day consecutive increase since November 21 [1] - The accumulation began in the $4,050 range, indicating a bullish sentiment in the market [1] Group 2: Market Analysis - The key support level for gold is identified at $3,900, which has become a pivotal point for market sentiment [1] - Following a rise to $4,250, a subsequent drop to around $4,000 has been observed, indicating a higher low compared to previous levels [1] - The market has experienced a week of wide-ranging consolidation, leading to a bullish structure on an hourly basis [1] Group 3: Federal Reserve Influence - Anticipation of a Federal Reserve interest rate cut on December 8 is a major factor driving the bullish outlook for gold [1] - The expectation of increased dovish policies from the Federal Reserve, especially with the upcoming leadership change in 2026, supports the view of a more accommodative monetary policy [1] Group 4: Geopolitical Factors - Ongoing geopolitical tensions are seen as a catalyst for potential future crises, further enhancing gold's appeal as a safe-haven asset [1] - The intrinsic properties of gold as a commodity, a hedge against inflation, and a risk-off asset are expected to drive its price beyond current projections [1]

Group 1: Report Title and Date - Report Title: [HuaBao Futures] Non-ferrous Metals Weekly Report [1] - Report Date: December 1, 2025 [3] Group 2: Investment Ratings - No investment ratings provided in the report. Group 3: Core Views Aluminum - Logic: Last week, aluminum prices fluctuated strongly. The market believes that weak employment data will prompt the Fed to cut interest rates further, and the US government is releasing delayed economic data. In November, domestic electrolytic aluminum production increased year-on-year but decreased month-on-month. Downstream开工率 declined, and the aluminum water ratio decreased. In December, the operating capacity of electrolytic aluminum is expected to increase slightly month-on-month. The PMI of the aluminum processing industry in November showed significant differentiation. As of December 1, the electrolytic aluminum ingot inventory in the mainstream consumption areas in China remained flat compared with last Thursday and decreased by 17,000 tons compared with last Monday [13]. - View: There is obvious support from the macro - aspect, and the overseas supply is expected to tighten fundamentally. However, with the arrival of the short - term off - season, the downstream demand weakens and the pressure of inventory accumulation increases. It is expected that the price will remain high and fluctuate in the short term. Subsequently, attention should be paid to the inventory - consumption trend and the high - level pressure [13]. Zinc - Logic: Last week, zinc prices remained high. The processing fees of zinc concentrates decreased compared with early November. The galvanizing开工率 decreased slightly last week. The zinc ingot inventory decreased slightly, and the export window of zinc ingots was still open recently [14]. - View: In the short term, the price maintains a pattern of strong overseas and weak domestic, but the medium - and long - term supply increase still exerts upward pressure. Attention should be paid to the transmission from the mine end to the smelting end, and be vigilant against macro - risk events and the LME inventory trend [14]. Tin - Logic: Last week, the price of Shanghai tin rose significantly. Due to the slow ore output in Myanmar and the tense situation in the Democratic Republic of the Congo, the price of Shanghai tin exceeded 300,000. In October, the import volume of tin ore and concentrates decreased year - on - year. Yunnan and Jiangxi are still in a state of raw material shortage with low开工率. The downstream semiconductor consumption is acceptable, but the traditional automotive and home appliance sectors have cooled down [15]. - View: Due to the sudden situation at the mine end, the price of tin is strongly sorted [15]. Group 4: Weekly Market Review Futures and Spot Prices | Variety | Futures Contract | Closing Price on Dec 1, 2025 | Closing Price on Nov 24, 2025 | Weekly Change | Weekly Increase/Decrease | Spot Price on Dec 1, 2025 | Spot Price on Nov 24, 2025 | Weekly Change | Weekly Increase/Decrease | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Copper | CU2601 | 89,280 | 86,080 | 3,200 | 3.72% | 89,150 | 86,215 | 2,935 | 3.40% | | Aluminum | AL2601 | 21,865 | 21,380 | 485 | 2.27% | 21,730 | 21,330 | 400 | 1.88% | | Zinc | ZN2601 | 22,590 | 22,390 | 200 | 0.89% | 22,206 | 22,212 | - 6 | - 0.03% | | Tin | SN2601 | 306,580 | 292,860 | 13,720 | 4.68% | 311,500 | 293,750 | 17,750 | 6.04% | | Nickel | NI2601 | 117,850 | 115,530 | 2,320 | 2.01% | 120,340 | 118,290 | 2,050 | 1.73% | [9] Group 5: Variety Data - Aluminum Bauxite - Price: The price of domestic high - grade bauxite in Henan remained unchanged week - on - week on November 28, up 5 year - on - year; the price of domestic low - grade bauxite in Henan remained unchanged week - on - week, up 20 year - on - year; the average price index of imported bauxite was 72.2 US dollars/ton on November 28, down 0.26 week - on - week and 20.24 year - on - year [20]. - Arrival and Departure Volume: The arrival volume at ports on November 28 was 5.1392 million tons, up 3.0815 million tons week - on - week and 1.4105 million tons year - on - year; the departure volume at ports was 4.5221 million tons, down 262,300 tons week - on - week and 134,000 tons year - on - year [23]. Alumina - Price and Cost - Profit: The domestic price in Henan remained unchanged week - on - week on November 28, down 2,855 year - on - year; the full cost was 2,899.3 yuan/ton, down 5.5 week - on - week and 342.6 year - on - year; the profit in Shanxi was - 100.23 yuan/ton, unchanged week - on - week and down 2,881.99 year - on - year [26]. Electrolytic Aluminum - Total Cost: The total cost on November 28 was 16,078.1 yuan/ton, down 2.64 week - on - week and 5,109.33 year - on - year [30]. - Regional Price Difference: The price difference between Foshan and SMM A00 aluminum was - 90 yuan/ton on November 28, up 30 week - on - week and down 30 year - on - year [30]. - Operating Rate: The operating rate of aluminum cables on November 27 was 63, up 0.6 week - on - week and down 8.8 year - on - year; the operating rate of aluminum foil was 70.4, unchanged week - on - week and down 4.6 year - on - year; the operating rate of aluminum strips was 66.4, unchanged week - on - week and down 5.6 year - on - year; the operating rate of aluminum profiles was 52.5, up 0.4 week - on - week and up 1.7 year - on - year; the operating rate of primary aluminum alloy was 60.2, up 0.4 week - on - week and up 5.2 year - on - year; the operating rate of recycled aluminum alloy was 61.5, up 0.9 week - on - week and up 5.6 year - on - year [32][33]. - Inventory: The bonded - area inventory in Shanghai on November 27 was 39,500 tons, down 1,600 week - on - week and down 1,400 year - on - year; the total bonded - area inventory was 60,500 tons, down 1,600 week - on - week and up 10,400 year - on - year; the social inventory on December 1 was 596,000 tons, down 17,000 week - on - week and up 43,000 year - on - year; the weekly outbound volume of aluminum ingots in the main consumption areas on November 24 was 139,400 tons, up 25,300 week - on - week and up 17,300 year - on - year; the SHFE inventory on November 28 was 115,277 tons, down 8,439 week - on - week and down 109,099 year - on - year; the LME inventory on November 27 was 539,050 tons, down 8,950 week - on - week and down 159,425 year - on - year [37][38]. - Spot and Basis: The basis for the current month on November 28 was - 150 yuan/ton, down 230 week - on - week and down 100 year - on - year; the basis for the main contract was - 160 yuan/ton, down 200 week - on - week and down 130 year - on - year; the basis for the third - consecutive contract was - 210 yuan/ton, down 205 week - on - week and down 115 year - on - year [44]. - Monthly Spread: The spread between the current month and the main contract on November 28 was - 10 yuan/ton, up 30 week - on - week and down 50 year - on - year; the spread between the current month and the third - consecutive contract was - 60 yuan/ton, up 25 week - on - week and down 20 year - on - year [45]. Group 6: Variety Data - Zinc Zinc Concentrate - Price and Processing Fees: The price of domestic zinc concentrate on November 28 was 18,490 yuan/metal ton, up 194 week - on - week and down 3,518 year - on - year; the domestic processing fee was 2,350 yuan/metal ton, down 250 week - on - week and up 850 year - on - year; the import processing fee was 61.25 US dollars/dry ton, down 11.8 week - on - week [54]. - Production Profit, Import Profit - Loss and Inventory: The enterprise production profit on November 28 was 5,490 yuan/metal ton, up 194 week - on - week and down 3,538 year - on - year; the import profit - loss was - 2,710.15 yuan/ton, down 859.58 week - on - week and down 2,543.97 year - on - year; the inventory of imported zinc concentrate in Lianyungang on November 28 was 150,000 physical tons, unchanged week - on - week and up 9 year - on - year [58]. Refined Zinc - Inventory: The social inventory of zinc ingots in SMM's seven regions on December 1 was 144,300 tons, down 6,700 week - on - week and up 44,400 year - on - year; the bonded - area inventory on November 27 was 3,600 tons, unchanged week - on - week and down 5,900 year - on - year; the SHFE refined zinc inventory on November 28 was 95,916 tons, down 4,431 week - on - week and up 42,933 year - on - year; the LME zinc inventory on November 27 was 51,750 tons, up 4,425 week - on - week and down 216,875 year - on - year [62]. Galvanizing - Production, Operating Rate and Inventory: The production on November 27 was 336,690 tons, up 5,300 week - on - week and down 61,375 year - on - year; the operating rate was 56.54, down 0.63 week - on - week and down 9.97 year - on - year; the raw - material inventory was 14,520 tons, down 330 week - on - week and up 2,480 year - on - year; the finished - product inventory was 366,200 tons, down 600 week - on - week and up 12,820 year - on - year [66]. Zinc Basis and Monthly Spread - Basis: The basis for the current month on November 28 was - 15 yuan/ton, down 60 week - on - week and down 990 year - on - year; the basis for the main contract was - 55 yuan/ton, down 100 week - on - week and down 1,450 year - on - year; the basis for the third - consecutive contract was - 105 yuan/ton, down 140 week - on - week and down 1,865 year - on - year [70]. - Monthly Spread: The spread between the current month and the main contract on November 28 was - 40 yuan/ton, down 40 week - on - week and down 460 year - on - year; the spread between the current month and the third - consecutive contract was - 90 yuan/ton, down 80 week - on - week and down 875 year - on - year [71]. Group 7: Variety Data - Tin Refined Tin - Production and Operating Rate: The combined production of Yunnan and Jiangxi provinces on November 28 was 0.336 million tons, up 0.002 week - on - week and up 0.0175 year - on - year; the combined operating rate of Yunnan and Jiangxi provinces was 69.34%, up 0.41 week - on - week and up 3.61 year - on - year [80]. Tin Ingot - Inventory: The total SHFE tin - ingot inventory on November 28 was 6,359 tons, up 130 week - on - week and down 880 year - on - year; the social inventory of tin ingots in different regions of China on November 28 was 7,825 tons, up 171 week - on - week and down 352 year - on - year [84]. Tin Concentrate - Processing Fees: The processing fee for 40% tin concentrate in Yunnan on November 28 was 12,000 yuan/ton, unchanged week - on - week and down 3,000 year - on - year; the processing fees for 60% tin concentrate in Guangxi, Hunan and Jiangxi were 8,000 yuan/ton, unchanged week - on - week and down 3,000 year - on - year [85]. - Import Profit - Loss: The import profit - loss level of tin ore on November 28 was 9,605.95 yuan/ton, down 4,095.68 week - on - week and down 2,350.24 year - on - year [88]. - Spot Price: The price of 40% tin concentrate in Yunnan on November 28 was 288,000 yuan/ton, up 8,700 week - on - week and up 63,400 year - on - year; the prices of 60% tin concentrate in Guangxi, Hunan and Jiangxi were 292,000 yuan/ton, up 8,700 week - on - week and up 63,400 year - on - year [94].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Aluminum: Macro sentiment provides strong support, with a persistent pattern of strong overseas and weak domestic markets and high prices. However, downstream demand weakens during the off - season, increasing the pressure of inventory accumulation. Later, attention should be paid to the development of geopolitical crises, the implementation of macro policies, supply expansion, and consumption release [14]. - Zinc: In the short term, prices follow the overall non - ferrous metals trend and remain at a high level. But in the long - term, supply expansion exerts upward pressure. Attention should be paid to the transmission from the mining end to the smelting end, and be vigilant about macro - risk events and LME inventory trends [16]. - Tin: Supply is tight, and tin prices are consolidating strongly. Later, attention should be paid to the resumption of production in Myanmar and the trade policies of various countries [17]. 3. Summary According to the Directory 01. Color Weekly Market Review - Copper: The closing price of the futures main contract on November 7, 2025, was 85,940 yuan, down 1070 yuan (- 1.23%) from October 31. The spot price was 85,995 yuan, down 1570 yuan (- 1.79%) [9]. - Aluminum: The closing price of the futures main contract on November 7, 2025, was 21,625 yuan, up 325 yuan (1.53%) from October 31. The spot price was 21,580 yuan, up 280 yuan (1.31%) [9]. - Zinc: The closing price of the futures main contract on November 7, 2025, was 22,720 yuan, up 365 yuan (1.63%) from October 31. The spot price was 22,768 yuan, up 248 yuan (1.10%) [9]. - Tin: The closing price of the futures main contract on November 7, 2025, was 283,510 yuan, down 400 yuan (- 0.14%) from October 31. The spot price was 283,750 yuan, down 500 yuan (- 0.18%) [9]. - Nickel: The closing price of the futures main contract on November 7, 2025, was 119,440 yuan, down 1150 yuan (- 0.95%) from October 31. The spot price was 121,290 yuan, down 980 yuan (- 0.80%) [9]. 02. This Week's Non - Ferrous Market Forecast Aluminum - Logic: Last week, aluminum prices fluctuated strongly. Macroeconomically, the US Treasury bond yield declined slightly with the government shutdown, and the non - farm payroll report was not released. Fundamentally, in October, China's bauxite production decreased by 2.25% month - on - month and 6.96% year - on - year. Although some mines can resume production, they need government approval. Some mines increase the proportion of imported high - temperature ore. The domestic downstream processing enterprise's starting rate decreased, and the inventory increased slightly [13]. Zinc - Logic: Last week, zinc prices remained at a high level. The average weekly TC of domestic SMM Zn50 decreased by 200 yuan/metal ton, and the SMM imported zinc concentrate index decreased by 4.17 dollars/dry ton. The galvanizing starting rate decreased by 2.4 percentage points. Downstream enterprises were cautious in purchasing due to high prices, and the inventory increased slightly [16]. Tin - Logic: In October, domestic tin ingot production increased to 16,090 tons. In September, domestic tin ore imports decreased by 15.13% month - on - month. Myanmar's resumption of production was slow, and Indonesia's export speed slowed down. Domestic production and starting rates increased, but processing fees remained low. Semiconductor consumption was good, while traditional sectors cooled down [17]. 03. Variety Data Aluminum - Bauxite: - Price: The price of domestic high - grade bauxite in Henan remained unchanged at 660 yuan/ton week - on - week; the price of domestic low - grade bauxite in Henan remained unchanged at 590 yuan/ton week - on - week; the average price index of imported bauxite was 72.8 dollars/ton, down 0.35 dollars week - on - week [22]. - Arrival and departure volume: The arrival volume at ports was 3.1232 million tons, down 649,600 tons week - on - week; the departure volume was 3.991 million tons, down 742,400 tons week - on - week [23]. - Alumina: The domestic price in Henan remained unchanged at 2865 yuan/ton week - on - week; the full cost was 2905 yuan/ton, down 15.4 yuan week - on - week; the profit in Shanxi was - 94.41 yuan/ton, up 25.73 yuan week - on - week [28]. - Electrolytic aluminum: - Total cost: 16,113.5 yuan/ton, up 70.44 yuan week - on - week [33]. - Regional spread: The spread between Foshan and SMM A00 aluminum was - 120 yuan/ton, up 20 yuan week - on - week [33]. - Downstream processing: The starting rates of aluminum cables, foils, strips, profiles, primary aluminum alloys, and recycled aluminum alloys showed different degrees of change, with some decreasing and some increasing or remaining unchanged [36][37]. - Inventory: The bonded - area inventory in Shanghai was 46,500 tons, down 2800 tons week - on - week; the total bonded - area inventory was 65,500 tons, down 2800 tons week - on - week; the social inventory was 627,000 tons, unchanged week - on - week; the weekly outbound volume of aluminum ingots in major consumption areas was 112,300 tons, down 18,400 tons week - on - week; the SHFE inventory was 113,335 tons, down 239 tons week - on - week; the LME inventory was 549,225 tons, down 8825 tons week - on - week [42][43]. - Spot: The basis of SMM A00 aluminum for the current month was - 10 yuan/ton, up 5 yuan week - on - week; for the main contract, it was - 85 yuan/ton, down 65 yuan week - on - week; for the third - consecutive contract, it was - 90 yuan/ton, down 50 yuan week - on - week [48]. - Inter - monthly spread of Shanghai Aluminum: The spread between the current month and the main contract was - 75 yuan/ton, down 70 yuan week - on - week; between the current month and the third - consecutive contract, it was - 80 yuan/ton, down 55 yuan week - on - week [49]. Zinc - Zinc concentrate: - Price and processing fee: The price of domestic zinc concentrate was 18,206 yuan/metal ton, up 688 yuan week - on - week; the domestic processing fee was 2850 yuan/metal ton, down 400 yuan week - on - week; the imported processing fee was 98.37 dollars/dry ton, down 4.17 dollars week - on - week [58]. - Production profit, import profit and loss, and inventory: The enterprise production profit was 5206 yuan/metal ton, up 688 yuan week - on - week; the import profit and loss was - 2305.84 yuan/ton, down 47.67 yuan week - on - week; the inventory of imported zinc concentrate in Lianyungang was 160,000 physical tons, up 30,000 tons week - on - week [61]. - Refined zinc inventory: The SMM seven - region social inventory of zinc ingots was 159,600 tons, down 2100 tons week - on - week; the bonded - area inventory was 3800 tons, down 400 tons week - on - week; the SHFE refined zinc inventory was 100,208 tons, down 3208 tons week - on - week; the LME zinc inventory was 34,900 tons, down 400 tons week - on - week [64]. - Galvanizing: The production was 318,270 tons, down 24,350 tons week - on - week; the starting rate was 55.13%, down 2.41 percentage points week - on - week; the raw material inventory was 13,080 tons, up 420 tons week - on - week; the finished - product inventory was 359,000 tons, down 8000 tons week - on - week [68]. - Zinc basis: The basis of SMM 0 zinc ingot for the current month was - 20 yuan/ton, up 50 yuan week - on - week; for the main contract, it was - 80 yuan/ton, down 5 yuan week - on - week; for the third - consecutive contract, it was - 120 yuan/ton, up 110 yuan week - on - week [72]. - Inter - monthly spread of Shanghai Zinc: The spread between the current month and the main contract was - 60 yuan/ton, down 55 yuan week - on - week; between the current month and the third - consecutive contract, it was - 110 yuan/ton, down 60 yuan week - on - week [73]. Tin - Refined tin: - Production and starting rate: The combined production of Yunnan and Jiangxi provinces was 3350 tons, up 20 tons week - on - week; the combined starting rate was 69.13%, up 0.41 percentage points week - on - week [83]. - Tin ingot inventory: The total SHFE tin ingot inventory was 5992 tons, up 73 tons week - on - week; the social inventory in Chinese regions was 7033 tons, up 349 tons week - on - week [86]. - Tin concentrate processing fee: The processing fees in Yunnan (40%), Guangxi (60%), Hunan (60%), and Jiangxi (60%) remained unchanged week - on - week [89]. - Tin ore import profit and loss: The import profit and loss level was 11,635.53 yuan/ton, down 2907.46 yuan week - on - week [90]. - Spot average price: The average prices of 40% tin concentrate in Yunnan and 60% tin concentrate in Guangxi, Hunan, and Jiangxi decreased by 700 yuan/ton week - on - week [96].