1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report Copper - Overnight, both domestic and international copper prices fluctuated weakly and closed slightly lower, with the spot import of refined copper in China remaining at a loss. The geopolitical situation in the Middle East has escalated, and the US dollar has been boosted by risk - aversion sentiment, suppressing copper prices. There is a risk of a second - round correction due to continuous inventory accumulation. However, when the financial market has priced in risks and inventory accumulation ends, the market may enter a stage of rising risk appetite. The strategy is to maintain a layout at low prices [1]. Aluminum - The price of alumina futures AO2605 closed at 2790 yuan/ton, and the position increased. The price of Shanghai aluminum AL2604 closed at 24435 yuan/ton, with a decline of 2.88%. The price of aluminum alloy AD2604 also declined. The price of alumina spot rebounded, and the aluminum ingot spot discount narrowed. The suspension of production in the Middle East has increased supply concerns, and domestic inventory is expected to continue to accumulate. The price of alumina is expected to be weakly stable [1][2]. Nickel - LME nickel and Shanghai nickel prices both declined. The LME inventory remained unchanged, and the SHFE warehouse receipts decreased. The nickel ore price and nickel - iron price are rising, providing cost support. The production of stainless steel and ternary precursors is increasing, and there is a demand for rigid restocking. It is advisable to pay attention to the opportunity of light - position trial long near the cost line and monitor the inventory of primary nickel [3][4]. 3. Summary According to the Directory Research Views - **Copper**: Overnight, copper prices fluctuated weakly. The geopolitical situation in the Middle East has escalated, and the US dollar has risen, suppressing copper prices. The inventory has increased, and there is a risk of a second - round correction. However, there may be an opportunity when the market sentiment improves [1]. - **Aluminum**: The prices of alumina, aluminum, and aluminum alloy futures all showed a weak trend. The price of alumina spot rebounded, and the aluminum ingot spot discount narrowed. The suspension of production in the Middle East has increased supply concerns, and domestic inventory is expected to continue to accumulate [1][2]. - **Nickel**: Nickel prices declined. The LME inventory remained unchanged, and the SHFE warehouse receipts decreased. The nickel ore and nickel - iron prices are rising, providing cost support. The production of stainless steel and ternary precursors is increasing, and there is demand for restocking [3][4]. Daily Data Monitoring - **Copper**: The price of flat - water copper decreased, and the price of scrap copper increased. The inventory of LME remained unchanged, the SHFE warehouse receipts increased, and the social inventory increased [5]. - **Lead**: The average price of 1 lead increased, and the price of lead concentrate also increased. The inventory of LME remained unchanged, and the SHFE inventory increased [5]. - **Aluminum**: The prices of aluminum in Wuxi and Nanhai increased, and the spot premium increased. The inventory of LME remained unchanged, the SHFE warehouse receipts increased, and the social inventory increased [6]. - **Nickel**: The price of Jinchuan nickel decreased, and the price of imported nickel decreased. The LME inventory remained unchanged, the SHFE warehouse receipts decreased, and the social inventory increased [6]. - **Zinc**: The main settlement price increased, and the spot price increased. The inventory of LME remained unchanged, the SHFE inventory increased, and the social inventory increased [8]. - **Tin**: The main settlement price increased, and the spot price decreased. The inventory of LME remained unchanged, and the SHFE inventory increased [8]. Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [10][11][12][14]. - **SHFE Near - Far Month Spread**: Charts display the historical trends of the spread between the first - and second - month contracts for copper, aluminum, nickel, zinc, lead, and tin from 2021 - 2026 [16][17][18][21][23][24]. - **LME Inventory**: Charts present the historical trends of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [25][26][27][28][29][30]. - **SHFE Inventory**: Charts show the historical trends of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [31][32][33][34][35][36]. - **Social Inventory**: Charts display the historical trends of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2026 [37][38][39][40][41][42]. - **Smelting Profit**: Charts show the historical trends of copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless steel 304 smelting profit margin from 2019 - 2026 [44][45][46][47][48][49]. Team Introduction - The research team consists of Zhan Dapeng, Wang Heng, and Zhu Xi. They have rich experience in the non - ferrous metal industry, have won many awards, and have in - depth research in different fields of non - ferrous metals [52][53].

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - **Copper**: Overnight copper prices at home and abroad oscillated and declined. Macroeconomic risks and fundamental pressures coexist. There is a risk of a second correction in copper prices, but when the financial market has priced in risks and the inventory accumulation ends, the market may enter a stage of rising risk preference. A strategy of buying on dips is recommended [1]. - **Aluminum**: Overnight, alumina, Shanghai aluminum, and aluminum alloy all trended stronger. The reduction in production by large - scale alumina plants in the north and the seasonal consumption of raw material inventories by electrolytic aluminum plants have led to a slight reduction in alumina inventory, and spot prices have stopped falling and rebounded. However, the accumulation of futures warehouse receipts and the resumption of some maintenance capacities after the holiday will still suppress the upside. It is expected that the inventory will continue to decline slightly, and the alumina price will run weakly and stably. The conflict between the United States and Iran has led to concerns about supply in the Middle East, and it is expected that aluminum ingots will continue to accumulate inventory, with the peak likely to occur in mid - to - late March [1][2]. - **Nickel**: Overnight, LME nickel and Shanghai nickel both declined. The cost is the core support, and there are still opportunities to go long lightly near the cost line. Attention should be paid to the inventory of primary nickel. If the subsequent explicit inventory can be significantly reduced, it may have a positive feedback on the price. Overseas macro risks need to be vigilant [3]. 3. Summary by Directory 3.1 Research Views - **Copper**: Macroeconomic factors such as the expansion of the US - Iran conflict and the rebound of the US dollar have put pressure on copper prices. LME inventory remained unchanged at 257,675 tons, and SHFE copper warehouse receipts increased by 4,624 tons to 300,505 tons. The short - term outlook is bearish, but there are potential opportunities in the long - term [1]. - **Aluminum**: Alumina, Shanghai aluminum, and aluminum alloy all showed a strong trend. The reduction in production by large - scale alumina plants and the consumption of raw material inventories by electrolytic aluminum plants led to a slight reduction in inventory. However, factors such as the accumulation of futures warehouse receipts and the resumption of some maintenance capacities will suppress the upside [1][2]. - **Nickel**: LME nickel and Shanghai nickel declined. LME inventory decreased by 378 tons to 287,976 tons, and SHFE warehouse receipts decreased by 72 tons to 53,649 tons. The cost support is relatively strong, and attention should be paid to inventory changes [3]. 3.2 Daily Data Monitoring - **Copper**: The price of flat - water copper decreased by 510 yuan/ton, and the price of 1 bright scrap copper in Guangdong decreased by 500 yuan/ton. LME inventory remained unchanged, SHFE warehouse receipts increased by 4,624 tons, and social inventory increased by 23,000 tons [1][4]. - **Lead**: The average price of 1 lead decreased by 20 yuan/ton. LME inventory remained unchanged, and SHFE warehouse receipts decreased by 41 tons [4]. - **Aluminum**: The Wuxi and Nanhai quotes increased by 340 yuan/ton and 310 yuan/ton respectively. LME inventory remained unchanged, SHFE warehouse receipts increased by 21,365 tons, and social inventory of electrolytic aluminum increased by 72,000 tons [5]. - **Nickel**: The price of Jinchuan nickel decreased by 1,600 yuan/ton. LME inventory remained unchanged, SHFE nickel warehouse receipts decreased by 72 tons, and social inventory increased by 2,036 tons [5]. - **Zinc**: The main settlement price increased by 0.1%. LME inventory remained unchanged, and social inventory increased by 31,500 tons [7]. - **Tin**: The main settlement price decreased by 5.7%. LME inventory remained unchanged, and SHFE inventory increased by 12,253 tons [7]. 3.3 Chart Analysis - **Spot Premium and Discount**: Charts show the spot premium and discount trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [9][10][11][12][13]. - **SHFE Near - Far Month Spread**: Charts display the near - far month spread trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [15][16][17][18][19][21][22]. - **LME Inventory**: Charts present the LME inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [23][24][25][26][27][28]. - **SHFE Inventory**: Charts show the SHFE inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [29][30][31][32][33][34]. - **Social Inventory**: Charts display the social inventory trends of copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2026 [35][36][37][38][39][40]. - **Smelting Profit**: Charts show the trends of copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless steel 304 smelting profit margin from 2019 - 2026 [42][43][44][45][46][47]. 3.4 Team Introduction - **Zhan Dapeng**: He is the director of non - ferrous research at Everbright Futures Research Institute, a senior researcher in precious metals, and a gold intermediate investment analyst. He has over a decade of experience in commodity research and has won many awards [49]. - **Wang Heng**: He is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on aluminum and silicon. He has won relevant awards and provides in - depth research and services [49]. - **Zhu Xi**: She is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on lithium and nickel. She has won relevant awards and provides professional services to new energy enterprises [50].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Copper**: Overnight, LME copper fluctuated weakly, and SHFE copper had a narrow - range fluctuation. US employment data led to a restart of the market's expectation of Fed rate cuts and increased concerns about a US recession, affecting the non - ferrous market sentiment. Although the peak season is approaching, high copper prices have made downstream buyers hesitant, resulting in weak procurement. LME copper inventory decreased by 550 tons to 155,275 tons, Comex copper inventory increased by 1,739 tons to 279,140 tons, SHFE copper warrants increased by 155 tons to 19,081 tons, and BC copper decreased by 502 tons to 4,418 tons [1]. - **Aluminum**: Alumina fluctuated weakly, while Shanghai aluminum and aluminum alloy fluctuated strongly. Alumina's excess pattern is difficult to reverse, and the import increase adds pressure. Electrolytic aluminum starts a macro - micro resonance mode. With the Fed's possible rate cut in September, the start - up of downstream industries in some areas is restricted by environmental protection, and the inventory inflection point of aluminum ingots is postponed. The end of tax rebates for recycled aluminum restricts supply, and aluminum alloy is relatively more resilient than electrolytic aluminum in the short term [1][2]. - **Nickel**: Overnight, LME nickel fell 0.49% to $15,105 per ton, and Shanghai nickel fell 0.45% to 120,400 yuan per ton. LME nickel inventory increased by 456 tons to 218,070 tons, and domestic SHFE warrants decreased by 173 tons to 22,599 tons. Nickel ore prices were stable. Stainless - steel inventory decreased slightly week - on - week, but supply increased. In the new - energy sector, demand in September weakened slightly month - on - month, but raw - material supply was relatively tight. With the marginal improvement of ferronickel and new - energy sectors, opportunities for buying on dips can be considered [2]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - **Copper**: On September 9, 2025, the price of flat - water copper was 79,840 yuan/ton, up 40 yuan from the previous day, and the flat - water copper premium was 40 yuan/ton, down 20 yuan. The price of 1 bright scrap copper in Guangdong remained unchanged at 73,500 yuan/ton. LME copper registered + cancelled inventory decreased by 550 tons to 155,275 tons, SHFE copper warrants increased by 155 tons to 19,081 tons, and the total inventory increased by 2,103 tons to 81,851 tons. COMEX copper inventory increased by 1,739 tons to 279,137 tons, and the domestic + bonded - area social inventory increased by 0.7 million tons to 21.4 million tons [3]. - **Lead**: On September 9, 2025, the average price of 1 lead in the Yangtze River was 16,860 yuan/ton, up 20 yuan from the previous day. The LME registered + cancelled inventory remained unchanged at 239,325 tons, and the SHFE warrants increased by 25 tons to 53,820 tons, with the weekly inventory increasing by 2,162 tons to 66,834 tons [3]. - **Aluminum**: On September 9, 2025, the Wuxi quotation was 20,740 yuan/ton, up 70 yuan from the previous day, and the Nanhai quotation was 20,730 yuan/ton, up 110 yuan. The price of Shandong alumina decreased by 30 yuan to 3,030 yuan/ton. LME aluminum registered + cancelled inventory remained unchanged at 485,275 tons, SHFE aluminum warrants decreased by 74 tons to 64,459 tons, and the total inventory decreased by 1,518 tons to 124,078 tons. The weekly social inventory of alumina increased by 2.1 million tons to 8.1 million tons [5]. - **Nickel**: On September 9, 2025, the price of Jinchuan nickel plates was 123,000 yuan/ton, down 600 yuan from the previous day. LME nickel registered + cancelled inventory increased by 456 tons to 218,070 tons, SHFE nickel warrants decreased by 173 tons to 22,599 tons, and the weekly nickel inventory increased by 547 tons to 26,986 tons. The weekly social inventory of nickel increased by 460 tons to 39,930 tons [5]. - **Zinc**: On September 9, 2025, the main - contract settlement price was 22,200 yuan/ton, down 0.2% from the previous day. The SMM 0 spot price was 22,190 yuan/ton, up 50 yuan. The weekly SHFE inventory increased by 793 tons to 6,268 tons, and the LME inventory remained unchanged at 51,025 tons. The weekly social inventory increased by 0.14 million tons to 13.99 million tons [6]. - **Tin**: On September 9, 2025, the main - contract settlement price was 269,790 yuan/ton, down 0.5% from the previous day. The SMM spot price was 270,400 yuan/ton, up 900 yuan. The weekly SHFE inventory increased by 207 tons to 7,773 tons, and the LME inventory remained unchanged at 2,355 tons [6]. 3.2 Chart Analysis - **Spot Premium**: The report provides copper, aluminum, nickel, zinc, lead, and tin spot premium charts from 2019 - 2025, showing the historical trends of spot premiums for these metals [8][10][11]. - **SHFE Near - Far Month Spread**: Charts show the near - far month spreads of copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025, reflecting the price differences between near - term and far - term contracts [15][20][23]. - **LME Inventory**: The report presents LME inventory charts of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025, showing the historical changes in LME inventories of these metals [24][26][28]. - **SHFE Inventory**: Charts display SHFE inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025, reflecting the historical changes in SHFE inventories [31][33][35]. - **Social Inventory**: The report includes social inventory charts of copper, aluminum, nickel, zinc, stainless steel, and 300 - series stainless steel from 2019 - 2025, showing the historical trends of social inventories [37][39][41]. - **Smelting Profit**: The report provides charts of copper concentrate index, rough - copper processing fee, aluminum smelting profit, ferronickel smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit margin from 2019 - 2025, reflecting the historical trends of smelting profits in the non - ferrous metal industry [44][46][48].