Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **沪铜**: In the afternoon of the day, the macro - atmosphere warmed up, and the copper price increased with rising positions. The main contract price broke through the high on Monday and approached the 89,000 mark. LME copper also broke through the high in May 2024 during the session. The warming of both domestic and foreign macro - environments, combined with the expected supply contraction, led to the continuous increase in copper price with rising positions [4]. - **沪铝**: In the afternoon, the macro - atmosphere warmed up, and the aluminum price increased with rising positions. As the macro - environment improved and the copper price rose strongly, the aluminum price followed. At the industrial level, the inventory of downstream aluminum rods decreased, while the inventory reduction of intermediate electrolytic aluminum slowed down due to the high aluminum price. Technically, attention should be paid to the pressure at the previous high [5]. - **沪镍**: In the afternoon, the position of Shanghai nickel decreased while the price rebounded, especially at the end of the session. Previously, when the macro - environment improved and non - ferrous metals prices rose, nickel rebounded with a decreasing position but lacked strength. With the improvement of the macro - environment today, the nickel price rebounded again with a decreasing position. Technically, attention should be paid to the pressure at the high on Monday [6]. 3. Summary by Directory 3.1 Industry Dynamics - **Copper**: The Trump administration in the United States on Friday overturned an air - pollution regulation of the previous administration, which imposed stricter restrictions on the emissions of copper smelters. The copper rule finalized in May 2024 required smelters to control pollutants such as lead, arsenic, mercury, benzene, and dioxins according to the latest US federal air standards. The US announcement provided a two - year exemption for affected fixed sources, aiming to promote US mineral security by reducing the regulatory burden on domestic copper producers [8]. - **Nickel**: On October 29, the price of SMM1 electrolytic nickel was 120,400 - 123,400 yuan/ton, with an average price of 121,900 yuan/ton, a decrease of 250 yuan/ton compared to the previous trading day. The mainstream spot premium quotation range of Jinchuan 1 electrolytic nickel was 2,300 - 2,500 yuan/ton, with an average premium of 2,400 yuan/ton, an increase of 100 yuan/ton compared to the previous trading day. The spot premium and discount quotation range of domestic mainstream brand electrowinning nickel was - 300 - 100 yuan/ton [9]. 3.2 Relevant Charts - **Copper**: The report presents multiple charts related to copper, including domestic visible inventory (social inventory + bonded area inventory), LME copper cancelled warrant ratio, overseas copper exchange inventory, SHFE warrant inventory, copper monthly spread, etc. These charts show the inventory and price spread trends of copper from different aspects [10][11][12]. - **Aluminum**: The charts for aluminum include the aluminum basis, electrolytic aluminum domestic social inventory, alumina inventory, aluminum monthly spread, electrolytic aluminum overseas exchange inventory (LME + COMEX), and aluminum rod inventory, which reflect the market situation of aluminum [20][22][24]. - **Nickel**: The nickel - related charts cover the nickel basis, LME inventory, LME nickel price trend, SHFE inventory, nickel ore port inventory, and nickel monthly spread, providing information on the nickel market [32][34][36].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - **Copper**: The copper price increased with rising positions, and the main contract price exceeded 80,700. The macro - environment improved due to the cease - fire between Israel and Iran and the rising expectation of the Fed's interest rate cut, along with a weakening US dollar. The inventory of electrolytic copper decreased by 0.84 million tons compared to last week. The combination of macro and industrial factors is expected to keep the copper price strong [5]. - **Aluminum**: The aluminum price fluctuated upwards, and the position increased. The main contract price exceeded 20,600. The global macro - environment was favorable, but the downstream purchasing intention declined after the price increase, and the destocking of social inventory slowed down. The high profit of electrolytic aluminum plants led to large hedging pressure on the market. Attention should be paid to the technical pressure as the price approached the mid - June high [6]. - **Nickel**: The Shanghai nickel price fluctuated narrowly above 120,000 and rose in the afternoon with the non - ferrous sector. The global macro - environment improved, and the nickel price rebounded from the bottom. The upstream nickel mines in the Philippines and Indonesia remained strong, the downstream stainless steel was weak, and nickel sulfate was stable. After the price rebounded and exceeded 120,000, attention should be paid to the support of the 5 - day moving average [7]. 3. Summary by Related Catalogs 3.1 Industry Dynamics - **Copper**: On July 1st, Jinchuan Group Copper and Precious Metals Co., Ltd. successfully completed its first deep - processing transfer business of non - ferrous metal processing trade. On June 30th, the domestic spot inventory of electrolytic copper was 123,500 tons, a decrease of 0.84 million tons compared to the 23rd and 0.83 million tons compared to the 26th [9]. - **Aluminum**: In the first half of 2025, 74 domestic aluminum projects started or were put into production, including 49 projects such as Southwest Aluminum's 200,000 - ton recycled aluminum circular economy equipment project and 25 projects such as Lizhong Group's high - performance aluminum alloy new material project [10]. - **Nickel**: On July 1st, for the refined nickel in the Shanghai market, the mainstream reference contract was SHFE nickel 2508. The mainstream premium of Jinchuan electrolytic nickel was + 2,550 yuan/ton, with a price of 122,720 yuan/ton; Russian nickel was + 600 yuan/ton, with a price of 120,770 yuan/ton; Norwegian nickel was + 2,750 yuan/ton, with a price of 122,920 yuan/ton; and nickel beans were - 900 yuan/ton, with a price of 119,270 yuan/ton [11]. 3.2 Related Charts - **Copper**: The report presents charts on copper basis, monthly spread, domestic visible inventory, overseas exchange inventory, LME cancelled warrant ratio, and SHFE warrant inventory [12][14][15]. - **Aluminum**: Charts include aluminum basis, monthly spread, domestic social inventory, overseas exchange inventory, alumina price trend, and alumina inventory [26][28][30]. - **Nickel**: Charts cover nickel basis, monthly spread, LME inventory and cancelled warrant ratio, LME nickel trend, SHFE inventory, and nickel ore port inventory [36][39][40].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The short - term macro atmosphere has warmed up, driving up the prices of most non - ferrous metals. The copper price is expected to maintain a strong trend, with attention on the pressure at the 80,000 yuan mark. The aluminum price is expected to continue to stabilize and recover, and the monthly positive spread can be considered. The nickel price may run weakly [5][6][7] Group 3: Summary of Industry Dynamics Copper - Freeport - McMoRan Inc. believes that the copper tariffs threatened by former US President Trump may backfire and lead to a decline in copper demand. China's Sinomine Resource Group has suspended copper smelting operations at its Tsumeb plant in Namibia due to a shortage of copper concentrates caused by the rapid expansion of global smelting capacity [9] Aluminum - In May 2025, the electrolytic aluminum production index increased steadily, while the alumina production index decreased slightly. On June 10, the cast aluminum alloy futures were listed on the Shanghai Futures Exchange. In 2024, China's recycled copper, aluminum, lead, and zinc production reached 19.15 million tons, accounting for 24% of the production of ten non - ferrous metals, with recycled aluminum production exceeding 10 million tons and a carbon emission reduction contribution rate of over 85% [10] Nickel - On June 11, the mainstream reference contract for refined nickel in the Shanghai market was the SHFE nickel 2507 contract, with different prices for various types of nickel [11] Group 4: Summary of Related Charts Copper - The report provides charts of copper basis, monthly spread, domestic visible inventory, overseas exchange inventory, LME copper cancelled warrant ratio, and SHFE warrant inventory [12][14][15] Aluminum - The report includes charts of aluminum basis, domestic social inventory, overseas exchange inventory, alumina trend, and alumina inventory [23][25][27] Nickel - The report presents charts of nickel basis, monthly spread, SHFE inventory, LME nickel trend, and nickel ore port inventory [35][41][43]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views - **Copper**: Last night, copper prices soared, and today they oscillated and declined with a continuous increase in open interest. Since last Friday, copper prices have been rising with increasing positions, driven by the short - term improvement in the macro - atmosphere. At the industrial level, consumption has entered the off - season, social inventory destocking has slowed down, and the basis and monthly spread have continued to narrow. Technically, the short - term futures price faces some pressure at the May high point. One can continuously monitor the long - short game at this position [5]. - **Aluminum**: Today, aluminum prices oscillated weakly, with the main futures price breaking below the 20,000 yuan mark and the open interest rising slightly. Recently, the macro - atmosphere has improved. At the industrial level, upstream electrolytic aluminum plants have high profits, resulting in significant hedging pressure on the market, which exerts pressure on aluminum prices. Downstream demand is good, electrolytic aluminum social inventory is continuously destocking, and the monthly spread is oscillating strongly. The casting aluminum alloy was listed today, and short - term arbitrage funds may intervene, putting pressure on aluminum prices. The good macro - atmosphere combined with the strong industrial reality may cause the futures price to oscillate and stabilize. One can focus on the positive monthly spread arbitrage [6]. - **Nickel**: Today, nickel prices oscillated, with the main futures price narrowly oscillating around 121,500 yuan, and the open interest rising slightly. The improved macro - atmosphere is beneficial to nickel prices. At the industrial level, the upstream ore end is tight, downstream demand is weak, domestic nickel inventory is destocking from a high level, and overseas inventory is continuously rising. Technically, after nickel prices broke below the 122,000 yuan mark, the futures price may run weakly [7]. Group 3: Industry Dynamics Copper - On June 10, Mysteel reported that Sinomine Resource Group stated that due to the rapid expansion of global smelting capacity leading to a shortage of copper concentrates, its Tsumeb plant in Namibia has suspended copper smelting operations. The smelter can process 240,000 tons of copper concentrates annually and previously processed metals from countries such as Chile, Peru, and Bulgaria. In recent years, the rapid expansion of global copper smelting capacity has exceeded the metal's production. The demand for copper has been boosted by its application in renewable energy technologies including electric vehicles. Sinomine Resource Group plans to upgrade the smelter and explore adding germanium and zinc smelting production lines [9]. Aluminum - On June 10, the casting aluminum alloy futures were listed on the Shanghai Futures Exchange. The nearest - month contract AD2511 opened at 19,400 yuan/ton, up 1,035 yuan from the listing benchmark price of 18,365 yuan/ton. In 2024, China's recycled copper, aluminum, lead, and zinc production reached 1.915 million tons, accounting for 24% of the output of ten non - ferrous metals and reducing carbon dioxide emissions by 170 million tons. Among them, the recycled aluminum output exceeded 1 million tons, with a carbon emission reduction contribution rate of over 85%. On June 9, the Shanghai Futures Exchange announced the listing benchmark prices for casting aluminum alloy futures contracts [10]. Nickel - On June 10, for the refined nickel Shanghai market's mainstream reference contract, the main premium of Jinchuan electrolytic nickel was +2,400 yuan/ton, with a price of 123,970 yuan/ton; the main premium of Russian nickel was +700 yuan/ton, with a price of 122,270 yuan/ton; the main premium of Norwegian nickel was +2,750 yuan/ton, with a price of 124,320 yuan/ton; and the main premium of nickel beans was - 900 yuan/ton, with a price of 120,670 yuan/ton [11]. Group 4: Related Charts Copper - Charts include copper basis, copper monthly spread, domestic visible inventory of electrolytic copper (social inventory + bonded area inventory), overseas copper exchange inventory, LME copper cancelled warrant ratio, and SHFE warehouse receipt inventory [12][14][15]. Aluminum - Charts include aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum (LME + COMEX), alumina trend, and alumina inventory [25][27][29]. Nickel - Charts include nickel basis, LME inventory, LME nickel trend, SHFE inventory, and nickel ore port inventory [38][40][42].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **Copper**: The macro - atmosphere has warmed up, and capital attention has increased. Last week, copper prices fluctuated upwards, with the main contract price once reaching the 79,000 - yuan mark on Thursday. The rise is due to the easing of Sino - US relations and financial attribute - driven catch - up growth. However, after the holiday, the social inventory of electrolytic copper increased slightly, and the spread between July and August contracts continued to narrow, pressuring the futures price. In the short term, the warming macro - atmosphere will drive copper prices to fluctuate upwards. Looking ahead to June, there are signs of a recovery in the macro - level [3][60]. - **Aluminum**: The macro - atmosphere has warmed up, but capital attention has decreased. Last week, aluminum prices fluctuated around the 20,000 - yuan mark with a narrowing amplitude and a decline in open interest. Trump's statement on May 30 to raise steel and aluminum tariffs to 50% may increase market tariff expectations and is bearish for aluminum prices in the long - term globally. In the short - and medium - term, the continuous increase in bauxite port inventory at the industrial upstream, good downstream demand, continuous depletion of electrolytic aluminum social inventory, and low downstream initial inventory support aluminum prices. It is expected that the futures price will maintain a volatile trend [4][60]. 3. Summary by Directory 3.1 Macro Factors - On the evening of June 5, Chinese President Xi Jinping had a phone call with US President Trump. Trump expressed respect for President Xi, and both sides recognized the importance of Sino - US relations. The Geneva economic and trade talks were successful. - The Chinese Vice - Premier He Lifeng will visit the UK from June 8 - 13 and will hold the first meeting of the Sino - US economic and trade consultation mechanism with the US [8]. 3.2 Copper - **Volume and Price Trends**: Last week, copper prices fluctuated upwards, with the main contract price once reaching the 79,000 - yuan mark on Thursday. Various price - related charts such as copper futures price trends, copper's Shanghai - London ratio, and others are presented [3][10][11]. - **Declining Copper Ore Processing Fees**: Since January, copper ore processing fees have been continuously decreasing, indicating a tight copper ore supply and over - capacity in smelting. The domestic copper ore port inventory is similar to that of the same period last year, reflecting an expected tightness in the domestic ore end [24]. - **Slowing Electrolytic Copper De - stocking**: The de - stocking of electrolytic copper has slowed down, as shown by the trends of domestic electrolytic copper social inventory and overseas futures inventory [28][29]. - **Downstream Initial Demand**: The monthly capacity utilization rate of copper downstream industries is presented, including data on refined copper rods, copper tubes, copper bars, and copper strips [31][32]. 3.3 Aluminum - **Volume and Price Trends**: Last week, aluminum prices fluctuated around the 20,000 - yuan mark, with a narrowing amplitude and a decline in open interest. Multiple price - related charts such as aluminum price trends, aluminum's Shanghai - London ratio, and others are provided [4][33][34]. - **Upstream Industry Chain**: The port inventory of bauxite has been continuously increasing, and the price trend of alumina is also shown [45][46][49]. - **Seasonal De - stocking of Electrolytic Aluminum**: The overseas electrolytic aluminum inventory (LME + COMEX) and domestic electrolytic aluminum social inventory show a trend of change, indicating seasonal de - stocking [50][51]. - **Downstream Initial Demand**: The capacity utilization rate of aluminum rods and the processing fee and inventory of 6063 aluminum rods are presented [53][54][57]. 3.4 Conclusion - **Copper**: In the short term, the warming macro - atmosphere will drive copper prices to fluctuate upwards. In June, there are signs of a macro - level recovery. However, the industrial end is in the off - season, with poor consumption expectations and rising inventory, which will put pressure on copper prices [3][60]. - **Aluminum**: The futures price is expected to maintain a volatile trend. In the long - term, Trump's tariff increase statement is bearish for aluminum prices globally, but in the short - and medium - term, the increase in upstream bauxite inventory, good downstream demand, and low downstream inventory support aluminum prices. If the domestic macro - situation continues to improve, aluminum prices will show a stronger volatile trend [4][60].