Report Industry Investment Ratings No relevant content provided. Core Views Copper - The Fed's expected 2 rate cuts in 2025 may benefit copper prices. In the second half of the year, copper demand may weaken marginally, but supply concerns due to mine disruptions support the price. Short - term prices may rise due to mine - end disturbances, and the medium - to - long - term supply - demand contradiction provides a bottom support. The price center may gradually rise, with the main contract focusing on the 81000 - 81500 support [1]. Aluminum - Alumina is in a "high supply, high inventory, weak demand" situation. The short - term price is expected to be under pressure, with the main contract oscillating between 2850 - 3150 yuan/ton. Aluminum prices are expected to be high - level volatile after a pullback, with the main contract in the 20600 - 21000 yuan/ton range [4]. Aluminum Alloy - The price of ADC12 is expected to remain high - level volatile, with the main contract in the 20200 - 20600 yuan/ton range. Cost and pre - holiday stocking support the price, while weak demand recovery and inventory accumulation are constraints [6]. Zinc - The supply - loosening logic has spread from zinc mines to zinc ingots. Zinc prices will continue to be under pressure. The short - term price may rise due to macro factors, but the supply - side situation limits the upward space. The main contract is expected to be in the 21200 - 22200 range [10]. Tin - If the supply from Myanmar recovers smoothly, tin prices are expected to weaken; otherwise, they may continue the high - level volatile trend, with the operating range at 265000 - 285000 [13]. Nickel - The nickel price is expected to be range - bound, with the main contract in the 120000 - 125000 range. Cost provides support, but medium - term supply is expected to be loose [15]. Stainless Steel - The stainless - steel price is expected to be in short - term shock adjustment, with the main contract in the 12600 - 13200 range. Cost provides support, but the peak - season demand is not met as expected [17]. Lithium Carbonate - The lithium - carbonate price is expected to be shock - sorted in the short term, with the main price center in the 70000 - 75000 range. Supply is in a tight balance, and demand in the peak season provides support [19]. Summary by Directory Copper Price and Basis - SMM 1 electrolytic copper was at 82485 yuan/ton, down 0.02% from the previous day; SMM Guangdong 1 electrolytic copper was at 82490 yuan/ton, up 0.13% [1]. Fundamental Data - In August, electrolytic copper production was 117.15 million tons, down 0.24% month - on - month; imports were 26.43 million tons, down 10.99% month - on - month [1]. Aluminum Price and Spread - SMM A00 aluminum was at 20770 yuan/ton, up 0.44% from the previous day; the import profit and loss was - 1484 yuan/ton, up 17.1 yuan/ton [4]. Fundamental Data - In August, alumina production was 773.82 million tons, up 1.15% month - on - month; electrolytic aluminum production was 373.26 million tons, up 0.30% month - on - month [4]. Aluminum Alloy Price and Spread - SMM ADC12 was at 20900 yuan/ton, up 0.24% from the previous day; the month - to - month spread of 2511 - 2512 was - 55 yuan/ton, down 35 yuan/ton [6]. Fundamental Data - In August, regenerated aluminum alloy ingot production was 61.50 million tons, down 1.60% month - on - month; primary aluminum alloy ingot production was 27.10 million tons, up 1.88% month - on - month [6]. Zinc Price and Spread - SMM 0 zinc ingot was at 21950 yuan/ton, up 0.37% from the previous day; the import profit and loss was - 3556 yuan/ton, up 7.35 yuan/ton [10]. Fundamental Data - In August, refined zinc production was 62.62 million tons, up 3.88% month - on - month; imports were 2.57 million tons, up 43.30% month - on - month [10]. Tin Spot Price and Basis - SMM 1 tin was at 273700 yuan/ton, up 0.85% from the previous day; the LME 0 - 3 spread was - 105 dollars/ton, down 7 dollars/ton [13]. Fundamental Data - In July, tin ore imports were 10278 tons, down 13.71% month - on - month; SMM refined tin production was 15940 tons, up 15.42% month - on - month [13]. Nickel Price and Basis - SMM 1 electrolytic nickel was at 122450 yuan/ton, down 1.29% from the previous day; the LME 0 - 3 spread was - 187 dollars/ton, down 13 dollars/ton [15]. Fundamental Data - China's refined nickel production in August was 32200 tons, up 1.26% month - on - month; imports were 17536 tons, down 8.46% month - on - month [15]. Stainless Steel Price and Basis - 304/2B (Wuxi Hongwang 2.0 coil) was at 13100 yuan/ton, down 0.38% from the previous day; the period - spot spread was 13270 yuan/ton, up 12790 yuan/ton [17]. Fundamental Data - China's 300 - series stainless - steel crude - steel production (43 companies) in August was 171.33 million tons, down 3.83% month - on - month; imports were 11.72 million tons, up 60.48% month - on - month [17]. Lithium Carbonate Price and Spread - SMM battery - grade lithium carbonate was at 73600 yuan/ton, down 0.20% from the previous day; the 2510 - 2511 spread was - 200 yuan/ton, up 100 yuan/ton [19]. Fundamental Data - In August, lithium carbonate production was 85240 tons, up 4.55% month - on - month; demand was 104023 tons, up 8.25% month - on - month [19].

Group 1 - Freeport-McMoRan announced force majeure on its supply contract for the Grasberg mine in Indonesia, impacting copper supply [1] - The Federal Reserve's interest rate cut cycle has begun, leading to increased market liquidity and opening up upward space for copper prices [1] - As of the latest report, the Shanghai copper main contract is priced at 82,320.00 CNY/ton, with a rise of 2.91%, while the international copper main contract is at 73,060.00 CNY/ton, up 3.03% [3] Group 2 - Guangfa Futures indicates that the long-term supply-demand imbalance provides bottom support for copper prices, with a gradual upward shift in price levels [1] - Short-term price increases are driven by disruptions at the mining end, with attention on potential shifts in macro market sentiment towards recovery trading and marginal changes in demand [1]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report Copper - Short - term drivers are weak, and the main contract of Shanghai copper fluctuated in a narrow range. Macroscopically, if the subsequent inflation and employment data strengthen the interest - rate cut expectation, copper prices are expected to benefit. Fundamentally, it remains in a state of "weak reality + stable expectation". In the long - term, the supply - demand contradiction provides bottom support, and the center of copper prices will gradually rise. The short - term is at least in a shock state, with the main reference range of 79,000 - 81,000 yuan/ton [1]. Aluminum - Alumina futures prices fluctuated widely at the bottom. The market is in a fundamental pattern of "high supply, high inventory, and weak demand", and this pattern is difficult to reverse fundamentally in the short term. It is expected that the short - term main contract will oscillate in the range of 2,850 - 3,150 yuan/ton. For electrolytic aluminum, it is expected that the aluminum price will remain oscillating in the short term, with the main contract reference range of 20,600 - 21,000 yuan/ton [3]. Aluminum Alloy - The casting aluminum alloy futures price fluctuated with the aluminum price. The overall supply shortage pattern has not changed fundamentally. It is expected that the short - term spot price will remain firm, the inventory accumulation rate will slow down, and the price difference between aluminum alloy and aluminum is expected to further converge. The short - term main contract reference operating range is 20,200 - 20,600 yuan/ton [5]. Zinc - Since September, Shanghai zinc has been relatively weak in the non - ferrous metal sector due to the expectation of loose supply. In the short term, the price may be driven by the macro - environment to rise, but the upside space is difficult to open under the expectation of loose supply. It is expected to mainly oscillate, with the main reference range of 21,500 - 22,500 yuan/ton [7]. Tin - The supply of tin ore remains tight, and the demand is weak. Tin prices continue to oscillate at a high level, with the operating range of 265,000 - 285,000 yuan/ton. Follow - up attention should be paid to the import situation of Burmese tin ore [11]. Nickel - The Shanghai nickel market was weak. Macroscopically, there was no more - than - expected positive news after the Fed's interest - rate cut. There is no obvious supply - demand contradiction in the short term, but the inventory reduction rhythm has slowed down. It is expected that the market will oscillate within a range, with the main reference range of 119,000 - 124,000 yuan/ton [13]. Stainless Steel - The stainless - steel market oscillated in a narrow range. The downstream started to replenish goods moderately before the festival, but the market transaction was mainly based on rigid demand. The supply side has certain pressure, and the peak - season demand has not significantly increased. It is expected that the short - term market will adjust through oscillation, with the main operating range of 12,800 - 13,200 yuan/ton [15]. Lithium Carbonate - The lithium carbonate market mainly oscillated. The fundamentals remained in a tight balance. The supply was supplemented by the increase in imports, and the demand was steadily optimistic. It is expected that the short - term market will oscillate and organize, with the main price center of reference in the range of 70,000 - 75,000 yuan/ton [17]. Summaries According to Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper was priced at 80,010 yuan/ton, down 0.27% from the previous day. The SMM 1 electrolytic copper premium was 55 yuan/ton, down 5 yuan/ton from the previous day. The refined - scrap price difference was 1,799 yuan/ton, down 3.93% [1]. Fundamental Data - In August, the electrolytic copper production was 1.1715 million tons, down 0.24% month - on - month; the import volume was 264,300 tons, down 10.99% month - on - month [1]. Aluminum Price and Spread - SMM A00 aluminum was priced at 20,680 yuan/ton, down 0.34% from the previous day. The SMM A00 aluminum premium was - 10 yuan/ton, up 10 yuan/ton from the previous day [3]. Fundamental Data - In August, the alumina production was 7.7382 million tons, up 1.15% month - on - month; the electrolytic aluminum production was 3.7326 million tons, up 0.30% month - on - month [3]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 was priced at 20,850 yuan/ton, down 0.48% from the previous day. The price difference between scrap and refined aluminum in Foshan increased [5]. Fundamental Data - In August, the production of recycled aluminum alloy ingots was 615,000 tons, down 1.60% month - on - month; the production of primary aluminum alloy ingots was 271,000 tons, up 1.88% month - on - month [5]. Zinc Price and Spread - SMM 0 zinc ingot was priced at 21,880 yuan/ton, down 0.32% from the previous day. The import loss was - 3,145 yuan/ton, an improvement of 147.64 yuan/ton from the previous day [7]. Fundamental Data - In August, the refined zinc production was 626,200 tons, up 3.88% month - on - month; the import volume was 25,700 tons, up 43.30% month - on - month [7]. Tin Spot Price and Basis - SMM 1 tin was priced at 270,700 yuan/ton, down 0.48% from the previous day. The SMM 1 tin premium was 400 yuan/ton, unchanged from the previous day [11]. Fundamental Data - In July, the tin ore import volume was 10,278 tons, down 13.71% month - on - month; the SMM refined tin production was 15,940 tons, up 15.42% month - on - month [11]. Nickel Price and Basis - SMM 1 electrolytic nickel was priced at 121,950 yuan/ton, down 0.61% from the previous day. The 1 Jinchuan nickel premium was 2,350 yuan/ton, unchanged from the previous day [13]. Fundamental Data - China's refined nickel production in August was 32,200 tons, up 1.26% month - on - month; the import volume was 17,536 tons, down 8.46% month - on - month [13]. Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) was 13,100 yuan/ton, unchanged from the previous day. The futures - spot price difference was 380 yuan/ton, up 5.56% [15]. Fundamental Data - In August, the production of 300 - series stainless - steel crude steel in China was 1.7133 million tons, down 3.83% month - on - month; the import volume was 117,200 tons, up 60.48% month - on - month [15]. Lithium Carbonate Price and Basis - The average price of SMM battery - grade lithium carbonate was 73,850 yuan/ton, unchanged from the previous day. The price difference between battery - grade and industrial - grade lithium carbonate was 2,250 yuan/ton, unchanged [17]. Fundamental Data - In August, the lithium carbonate production was 85,240 tons, up 4.55% month - on - month; the demand was 104,023 tons, up 8.25% month - on - month [17].

1. Report Industry Investment Rating No relevant content provided. 2. Report Core Views Copper - The short - term driving force is weak, and the main contract of Shanghai copper oscillated in a narrow range yesterday. The Fed's "preventive" interest rate cut may lead the US dollar to gradually bottom out, and the previous loose trading of copper may end. The copper market is in a state of "weak reality + stable expectation". The medium - and long - term supply - demand contradiction provides bottom support, and the center of copper price will gradually rise. The short - term is at least in a shock state, and the main contract reference range is 79000 - 81000 [1]. Aluminum - The alumina market is in a pattern of "high supply, high inventory, and weak demand", and it is difficult to fundamentally reverse this pattern in the short term. The short - term main contract is expected to oscillate in the range of 2900 - 3200 yuan/ton. The aluminum market has a certain double - festival stocking demand, but the inventory is still accumulating, and the de - stocking inflection point has not yet arrived. The short - term aluminum price is expected to oscillate, and the main contract reference range is 20600 - 21000 yuan/ton [3]. Aluminum Alloy - The supply of recycled aluminum is still tight, and the cost support is significant. The demand is in a mild recovery, and the pre - holiday stocking demand provides phased support for the spot price. The short - term spot price is expected to remain firm, and the inventory accumulation rate will slow down. The short - term main contract reference operating range is 20200 - 20600 yuan/ton [4]. Zinc - The supply of zinc is expected to be loose, and the short - term price may rise due to macro - driving, but the fundamentals provide limited elasticity for the continuous upward rush of Shanghai zinc. The upward continuous rebound requires the demand side to improve beyond expectations and the non - recession interest rate cut expectation to continue to improve. The downward breakthrough requires the TC to strengthen beyond expectations and the refined zinc to continue to accumulate inventory. The short - term main contract reference range is 21500 - 22500 [6]. Tin - The supply side is relatively strong, which supports the tin price. If the supply from Myanmar recovers smoothly, the idea of shorting on rallies is recommended; if the supply recovery is less than expected, the tin price is expected to continue to oscillate at a high level, with the operating range of 265000 - 285000 [8]. Nickel - The macro - atmosphere is weak, the mine - end disturbances increase but the actual impact is limited, and the cost still has support. There is no obvious short - term supply - demand contradiction, but the de - stocking rhythm has slowed down. The medium - term supply is still loose, which restricts the upward space of the price. The short - term main contract reference range is 120000 - 125000 [9]. Stainless Steel - The macro - expectation has been digested, and the trading has returned to the fundamentals. The raw material price is firm, and the cost support still exists, but the peak - season demand of the downstream has not been realized as expected. The short - term disk is mainly in shock adjustment, and the main contract reference range is 12800 - 13200 [12]. Lithium Carbonate - The macro - sentiment has been digested, and the news is calm. The fundamentals are in a tight balance. The short - term disk is expected to oscillate and sort out, and the main price center reference range is 70000 - 75000 [15]. 3. Summary by Relevant Catalogs Copper - **Price and Basis**: SMM 1 electrolytic copper price is 80225 yuan/ton, up 0.29% from the previous day; the spot premium has decreased. The refined - scrap price difference has increased by 6.85% [1]. - **Monthly Spread**: The 2510 - 2511 spread is 30 yuan/ton, down 30 yuan/ton from the previous day [1]. - **Fundamental Data**: In August, the electrolytic copper production was 117.15 tons, down 0.24% month - on - month; the import volume was 26.43 tons, down 10.99% month - on - month. The domestic mainstream port copper concentrate inventory increased by 4.59% week - on - week [1]. Aluminum - **Price and Spread**: SMM A00 aluminum price is 20750 yuan/ton, down 0.29% from the previous day. The alumina prices in different regions have decreased to varying degrees [3]. - **Ratio and Profit/Loss**: The import loss is - 1784 yuan/ton, and the Shanghai - London ratio is 7.74 [3]. - **Monthly Spread**: The 2509 - 2510 spread is 5 yuan/ton, up 20 yuan/ton from the previous day [3]. - **Fundamental Data**: In August, the alumina production was 773.82 tons, up 1.15% month - on - month; the electrolytic aluminum production was 373.26 tons, up 0.30% month - on - month [3]. Aluminum Alloy - **Price and Spread**: SMM aluminum alloy ADC12 price is 20950 yuan/ton, unchanged from the previous day. The refined - scrap price differences in different regions have increased [4]. - **Monthly Spread**: The 2511 - 2512 spread is - 40 yuan/ton, down 10 yuan/ton from the previous day [4]. - **Fundamental Data**: In August, the recycled aluminum alloy ingot production was 61.50 tons, down 1.60% month - on - month; the primary aluminum alloy ingot production was 27.10 tons, up 1.88% month - on - month [4]. Zinc - **Price and Spread**: SMM 0 zinc ingot price is 21950 yuan/ton, down 0.18% from the previous day. The import loss is - 3292 yuan/ton [6]. - **Monthly Spread**: The 2510 - 2511 spread is - 10 yuan/ton, down 15 yuan/ton from the previous day [6]. - **Fundamental Data**: In August, the refined zinc production was 62.62 tons, up 3.88% month - on - month; the import volume was 2.57 tons, up 43.30% month - on - month [6]. Tin - **Spot Price and Basis**: SMM 1 tin price is 272000 yuan/ton, up 1.00% from the previous day. The import loss is - 12395.82 yuan/ton [8]. - **Monthly Spread**: The 2510 - 2511 spread is - 290 yuan/ton, up 50 yuan/ton from the previous day [8]. - **Fundamental Data (Monthly)**: In July, the tin ore import was 10278 tons, down 13.71% month - on - month; the SMM refined tin production was 15940 tons, up 15.42% month - on - month [8]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel price is 122700 yuan/ton, down 0.04% from the previous day. The LME 0 - 3 is - 177 dollars/ton [9]. - **Cost of Electric Deposited Nickel**: The cost of integrated MHP production of electric deposited nickel is 117171 yuan/ton, down 1.15% month - on - month [9]. - **Monthly Spread**: The 2511 - 2512 spread is - 170 yuan/ton, up 20 yuan/ton from the previous day [9]. - **Supply and Inventory**: China's refined nickel production was 32200 tons, up 1.26% month - on - month; the import volume was 17536 tons, down 8.46% month - on - month [9]. Stainless Steel - **Price and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 coil) is 13100 yuan/ton, unchanged from the previous day. The spot - futures spread is 360 yuan/ton, down 50 yuan/ton from the previous day [12]. - **Monthly Spread**: The 2511 - 2512 spread is - 30 yuan/ton, up 20 yuan/ton from the previous day [12]. - **Fundamental Data**: In August, the production of Chinese 300 - series stainless steel crude steel was 171.33 tons, down 3.83% month - on - month; the import volume was 11.72 tons, up 60.48% month - on - month [12]. Lithium Carbonate - **Price and Basis**: SMM battery - grade lithium carbonate average price is 73850 yuan/ton, up 0.48% from the previous day. The lithium spodumene concentrate CIF average price is 860 dollars/ton [15]. - **Monthly Spread**: The 2510 - 2511 spread is - 220 yuan/ton, down 20 yuan/ton from the previous day [15]. - **Fundamental Data**: In August, the lithium carbonate production was 85240 tons, up 4.55% month - on - month; the demand was 104023 tons, up 8.25% month - on - month. The total inventory decreased by 3.75% month - on - month [15].