Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **Copper**: The Shanghai copper futures showed a moderately strong and volatile trend today, with a slight increase in open interest. Overseas interest - rate cut expectations are rising, and the US dollar index remains weak, which is favorable for copper prices. On the industrial side, Mysteel's electrolytic copper social inventory on Thursday was 133,300 tons, an increase of 12,000 tons from last week. SMM reported that downstream purchasing sentiment slightly improved on Friday due to downstream stocking demand. With a strong domestic and weak overseas macro - environment and an industrial off - season, copper prices are expected to fluctuate moderately strongly [3]. - **Aluminum**: The Shanghai aluminum futures showed a narrow - range volatile trend today, with a slight decrease in open interest. The domestic atmosphere has warmed up this week, and as aluminum has a strong domestic pricing power, its price has risen significantly. On the industrial side, it is the downstream off - season, and both electrolytic aluminum and aluminum rods are showing inventory accumulation. After the macro - environment pushes up the aluminum price, attention should be paid to the technical pressure at the previous high [4]. - **Nickel**: Nickel prices rebounded after hitting a low during the day and generally maintained a volatile trend, with little change in open interest. The domestic atmosphere has been good recently, leading to a stronger nickel price, and the willingness of previous short - sellers to close their positions is relatively strong. In the short term, the industrial impact is small, and continuous attention should be paid to domestic macro - trends. The futures price is expected to fluctuate moderately strongly, and attention should be paid to the pressure at the 122,000 mark [5]. 3. Summary by Sections 3.1 Industry Dynamics - **Copper**: On August 8th, SMM reported that the copper concentrate inventory at SMM's nine ports was 619,600 physical tons, an increase of 98,000 physical tons from the previous period. The main increase came from Qinzhou Port, where the copper concentrate inventory increased by 70,000 physical tons week - on - week [7]. - **Aluminum**: On August 8th, according to SMM statistics, the total daily social inventory of recycled aluminum alloy ingots in Foshan, Ningbo, and Wuxi was 31,091 tons, a decrease of 632 tons from the previous trading day and a decrease of 363 tons from last Friday (August 1st) [7]. - **Nickel**: On August 8th, the main reference contract for refined nickel in the Shanghai market was the SHFE nickel 2509 contract. The mainstream premium of Jinchuan electrolytic nickel was +2,200 yuan/ton, with a price of 123,090 yuan/ton; the mainstream premium of Russian nickel was +500 yuan/ton, with a price of 121,390 yuan/ton; the mainstream premium of Norwegian nickel was +3,300 yuan/ton, with a price of 124,190 yuan/ton; the mainstream premium of nickel beans was +2,550 yuan/ton, with a price of 123,440 yuan/ton [8]. 3.2 Related Charts - **Copper**: The report includes charts such as copper basis, domestic visible inventory of electrolytic copper (social inventory + bonded area inventory), LME copper cancelled warrant ratio, overseas copper exchange inventory, and SHFE warrant inventory [9][11][12]. - **Aluminum**: The report includes charts such as aluminum basis, domestic social inventory of electrolytic aluminum, alumina trend, aluminum monthly spread, overseas exchange inventory of electrolytic aluminum (LME + COMEX), and alumina inventory [22][24][26]. - **Nickel**: The report includes charts such as nickel basis, LME nickel cancelled warrant ratio, LME nickel trend, SHFE inventory, and nickel ore port inventory [34][37][38].

Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given content. Core Views - **沪铜**: The Shanghai copper futures showed a strong and volatile trend today with a continuous decline in open interest. The domestic macro - environment is favorable, while the overseas situation is poor. Recent US economic data has continuously fallen short of expectations, and there is a need to be cautious about overseas recession trading. On the industrial side, the upstream maintains high production, and with the downstream in the off - season, demand is marginally weakening, and electrolytic copper inventories tend to rise. Technically, attention should be paid to the technical support at the 78,000 level [5]. - **沪铝**: The Shanghai aluminum futures increased in open interest and rose today, with the main contract price breaking through the 20,600 mark. The domestic macro - environment has warmed up, and as aluminum has a strong domestic pricing ability, the price has risen significantly. In the industrial aspect, in the off - season, aluminum rods are showing a stockpiling trend, and electrolytic aluminum is also stockpiling. With the macro - environment warming up and the industry being bearish, the futures price is expected to run strongly [6]. - **沪镍**: The Shanghai nickel futures decreased in open interest and rose today, and the main contract price broke through the 121,000 mark. The domestic environment was favorable today, and the non - ferrous metal sector generally showed a strong trend. The open interest of nickel has been continuously decreasing, indicating a strong willingness of short - sellers to close their positions. Technically, attention should be paid to the technical support at the 120,000 level [7]. Summary by Related Catalogs 1. Industry Dynamics - **Copper**: On August 6, according to SMM, the PT Gresik smelter in Indonesia entered maintenance due to an oxygen supply equipment failure, with a maintenance period of about 2 - 4 weeks. The annual production of this smelter is about 300,000 tons, and the estimated impact on production is about 20,000 tons. On August 4, Sichuan Province recently issued the "Several Opinions on Deeply Promoting a New Round of Mineral Exploration Breakthrough Strategic Action to Promote High - quality Development of the Mining Industry" [9]. - **Aluminum**: According to SMM statistics, on August 6, the daily social inventory of recycled aluminum alloy ingots in Foshan, Ningbo, and Wuxi totaled 31,219 tons, a decrease of 63 tons from the previous trading day and a decrease of 8 tons from last Wednesday (July 30). On August 5, according to SMM statistics, in terms of the two - place inventory of domestic aluminum rods, the inventory of aluminum rods in Guangdong was 58,500 tons, and that in Wuxi was 34,000 tons, with a total of 92,500 tons, a month - on - month increase of 500 tons [9]. - **Nickel**: On August 6, the mainstream reference contract for refined nickel in the Shanghai market was the SHFE nickel 2509 contract. The mainstream premium of Jinchuan electrolytic nickel was + 2,300 yuan/ton, with a price of 123,450 yuan/ton; the mainstream premium of Russian nickel was + 500 yuan/ton, with a price of 121,650 yuan/ton; the mainstream premium of Norwegian nickel was + 3,300 yuan/ton, with a price of 124,450 yuan/ton; the mainstream premium of nickel beans was + 2,550 yuan/ton, with a price of 123,700 yuan/ton [10]. 2. Related Charts - **Copper**: Charts include copper basis, domestic visible inventory of electrolytic copper (social inventory + bonded area inventory), LME copper cancelled warrant ratio, overseas copper exchange inventory, SHFE warrant inventory, etc. [11][13][14] - **Aluminum**: Charts cover aluminum basis, domestic social inventory of electrolytic aluminum, alumina trend, aluminum month - spread, overseas exchange inventory of electrolytic aluminum (LME + COMEX), alumina inventory, etc. [24][26][28] - **Nickel**: Charts consist of nickel basis, LME nickel cancelled warrant ratio, SHFE inventory, LME nickel trend, nickel ore port inventory, etc. [37][40][41]