1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - **Copper**: The current global consumption of copper is strong, and there is significant rigid demand support. The report maintains a bullish outlook on copper prices in the medium - term, and in the short - to - medium term, the stabilization of copper prices depends on whether precious metals stabilize. Attention should be paid to the support levels of 97,000 and 99,000 for SHFE copper [1] - **Aluminum**: After the sharp correction of the aluminum market, wait for the supply - demand negative factors to materialize and then go long. If the Iranian situation deteriorates, it may cause aluminum prices to rise [1] - **Zinc**: The domestic fundamentals of zinc are average, but the market is optimistic about its allocation elasticity. Attention should be paid to reverse arbitrage opportunities [4] - **Nickel**: The short - term real - world fundamentals are weak. The short - term market is dominated by the overall sentiment in the non - ferrous metals sector, affected by the reduction of Indonesian nickel ore quotas [7] - **Stainless Steel**: The fundamentals remain weak, and the short - term market is dominated by the overall sentiment in the non - ferrous metals sector, with continuous disturbances from Indonesian quota news [11] - **Lead**: The supply - demand contradiction has been alleviated, and it is recommended to try short - selling at high prices in the short term [15] - **Tin**: In the short term, it is recommended to mainly observe. In the long - term, if there is a macro turning point, the price may fluctuate downward significantly in the second half of the year [17] - **Industrial Silicon**: In the short term, the price is expected to fluctuate with costs. In the long - term, the price is expected to oscillate at the cycle bottom [21] - **Lithium Carbonate**: In the short - term, the fundamentals are strong, and there is a large space for calendar - spread arbitrage in the positive direction if the intermediate inventory further decreases to a low level [23] 3. Summary by Metal Category Copper - **Market Data**: From February 9 to 13, 2026, the spot premium of SHFE copper changed from - 120 to - 110, the waste - refined copper spread decreased by 359, the SHFE copper inventory increased by 23,564 tons, and the LME copper inventory increased by 7,225 tons [1] - **Analysis**: The US's ability to siphon inventory is disappearing, causing concerns about inventory delivery to the LME. However, global copper consumption is strong, and there is rigid demand support. The industrial end still provides support [1] Aluminum - **Market Data**: From February 9 to 13, 2026, the Shanghai aluminum ingot price decreased by 190 yuan/ton, and the SHFE aluminum social inventory increased by 52,200 tons [1] - **Analysis**: The aluminum market corrected sharply, with weak demand. The supply side had unexpected increases, and it is advisable to go long after the supply - demand negative factors are realized. The deterioration of the Iranian situation may push up aluminum prices [1] Zinc - **Market Data**: From February 9 to 13, 2026, the Shanghai zinc ingot price decreased by 140 yuan/ton, the SHFE zinc exchange inventory increased by 16,336 tons, and the LME zinc inventory decreased by 1,275 tons [1][2][3] - **Analysis**: On the supply side, domestic and imported TC is accelerating downward. On the demand side, domestic demand is seasonally weak, and overseas demand is average. There is an expectation of inventory accumulation, and attention should be paid to reverse arbitrage opportunities [4] Nickel - **Market Data**: From February 9 to 13, 2026, the SHFE nickel spot price decreased by 5,250 yuan/ton, and the LME nickel inventory increased by 702 tons [7] - **Analysis**: The supply of pure nickel decreased slightly month - on - month, demand was weak, and the short - term fundamentals were weak. The market is affected by the reduction of Indonesian nickel ore quotas and overall non - ferrous sentiment [7] Stainless Steel - **Market Data**: From February 9 to 13, 2026, the prices of 304 cold - rolled coils, 304 hot - rolled coils, 201 cold - rolled coils, 430 cold - rolled coils, and scrap stainless steel remained unchanged [11] - **Analysis**: Steel mill production decreased slightly month - on - month, demand entered the off - season, and the fundamentals remained weak. The market is affected by Indonesian quota news and overall non - ferrous sentiment [11] Lead - **Market Data**: From February 9 to 13, 2026, the social inventory increased by 8,715 tons, and the LME lead inventory decreased by 250 tons [14][15] - **Analysis**: On the supply side, production decreased seasonally. On the demand side, battery production decreased, and inventory accumulated. The supply - demand contradiction was alleviated, and it is recommended to try short - selling at high prices in the short term [15] Tin - **Market Data**: From February 9 to 13, 2026, the tin spot import profit increased by 7,169.71, and the LME tin inventory decreased by 50 tons [16][17] - **Analysis**: The supply side has uncertainties, and the demand side has different views on restocking. In the short term, it is recommended to observe, and in the long - term, there may be a large downward fluctuation [17] Industrial Silicon - **Market Data**: From February 9 to 13, 2026, the warehouse receipt quantity increased by 456 [21] - **Analysis**: Production in the southwest region decreased, and a large factory in Xinjiang cut production. In the short term, supply and demand are close to balance, and in the long - term, the price is expected to oscillate at the cycle bottom [21] Lithium Carbonate - **Market Data**: From February 9 to 13, 2026, the SMM electric - grade lithium carbonate price increased by 1,250 yuan/ton, and the warehouse receipt quantity increased by 1,477 [23] - **Analysis**: In the short term, the fundamentals are strong, with upstream maintenance exceeding expectations and downstream maintenance falling short of expectations. There is a large space for calendar - spread arbitrage in the positive direction if the intermediate inventory further decreases [23]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Copper prices have significantly increased recently, driven by the expected US refined copper tariff leading to inventory transfer and investment fund inflows. The future performance of copper prices will depend on terminal demand, US restocking, and China's demand recovery. It is expected to accumulate inventory steeply before the Spring Festival and de - inventory quickly after the Spring Festival [1] - Aluminum price changes are mainly dominated by expected trading, with amplified price fluctuations. Domestic apparent demand is weaker than previously expected, but strong expectations can support the current high price [1][2] - The zinc supply side is facing a tightening situation, while domestic demand is seasonally weak. The price center may be difficult to decline deeply, and it is recommended to wait and see for unilateral trading, pay attention to reverse arbitrage opportunities between domestic and overseas markets, and positive arbitrage opportunities in the monthly spread [5] - The short - term fundamental situation of nickel is weak, with the supply slightly decreasing, overall weak demand, and inventory accumulation in the LME. The short - term policy and fundamentals are in a game state [6][7] - The stainless - steel market has high - level production, mainly rigid demand, and slightly decreasing inventory. The price is mainly driven by nickel price changes recently [11] - Lead prices are oscillating at a high level following the macro trend. The supply - demand mismatch has been alleviated, but the spot is still relatively tight, and it is recommended to pay attention to the risk of low warehouse receipts [12] - Tin prices are rising, with supply disturbances in major producing countries and strong downstream restocking demand. In the short term, the upward driving force is strong, and in the long term, demand determines the upside space [13] - The supply and demand of industrial silicon are approaching balance, with short - term prices expected to oscillate with costs and long - term prices expected to oscillate at the cycle bottom [16] - Lithium prices are rising, driven by potential disturbances in the resource end, increased processing fees, and macro - sentiment. The raw material supply is tight, and downstream procurement is cautious [19] Group 3: Summary by Metal Copper - **Price and Inventory Changes**: From January 7th to 13th, the spot premium of Shanghai copper changed by 125, the waste - refined copper price difference decreased by 438, the SHFE inventory remained unchanged, and the LME inventory increased by 4325 tons. The spot import profit decreased by 547.20 [1] - **Market Outlook**: The price increase was due to the expected US tariff and investment inflows. Future performance depends on demand and restocking [1] Aluminum - **Price and Inventory Changes**: From January 7th to 13th, the prices of Shanghai, Yangtze River, and Guangdong aluminum ingots decreased, the domestic alumina price decreased by 3, and the inventory in the aluminum exchange remained unchanged [1] - **Market Outlook**: Price changes are dominated by expected trading, with weak domestic apparent demand and strong expectations supporting the high price [1][2] Zinc - **Price and Inventory Changes**: From January 7th to 13th, the spot premium decreased by 10, the prices of Shanghai, Tianjin, and Guangdong zinc ingots increased, and the LME zinc inventory increased by 100 tons. The futures import profit decreased by 78.46 [5] - **Supply and Demand Situation**: The supply side is tightening, domestic demand is seasonally weak, and overseas demand in the US is rising. It is recommended to wait and see for unilateral trading, pay attention to reverse arbitrage and positive arbitrage opportunities [5] Nickel - **Price and Inventory Changes**: From January 7th to 13th, the Shanghai nickel spot price decreased by 1200, the spot import return changed, and the LME inventory decreased by 414 tons [6] - **Market Outlook**: Short - term fundamentals are weak, with supply slightly decreasing, weak demand, and inventory accumulation in the LME. Policy and fundamentals are in a game state [6][7] Stainless Steel - **Price and Inventory Changes**: From January 7th to 13th, the prices of 304 cold - rolled, 304 hot - rolled, 201 cold - rolled, 430 cold - rolled, and waste stainless steel remained unchanged. The inventory is at a high level with a slight decrease [11] - **Market Outlook**: High - level production, mainly rigid demand, and price is mainly driven by nickel price [11] Lead - **Price and Inventory Changes**: From January 7th to 13th, the spot premium decreased by 10, the LME inventory decreased by 2525 tons, and the five - region social inventory increased to 19,600 tons [12] - **Market Outlook**: Prices are oscillating at a high level, supply - demand mismatch has been alleviated, but the spot is still tight. Pay attention to the risk of low warehouse receipts [12] Tin - **Price and Inventory Changes**: From January 7th to 13th, the tin price center increased, the LME inventory increased by 25 tons [12][13] - **Market Outlook**: Supply disturbances exist in major producing countries, downstream restocking demand is strong. Short - term upward driving force is strong, and long - term demand determines upside space [13] Industrial Silicon - **Price and Inventory Changes**: From January 7th to 13th, the basis of 421 in Yunnan and Sichuan and 553 in East China and Tianjin increased by 120, and the warehouse receipt quantity increased by 240 [16] - **Market Outlook**: Supply and demand are approaching balance, short - term prices oscillate with costs, and long - term prices oscillate at the cycle bottom [16] Lithium Carbonate - **Price and Inventory Changes**: From January 7th to 13th, the SMM electric and industrial lithium carbonate prices increased by 7500, the warehouse receipt quantity increased by 928 [19] - **Market Outlook**: Lithium prices are rising due to resource - end disturbances, increased processing fees, and macro - sentiment. Raw material supply is tight, and downstream procurement is cautious [19]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Report's Core View - For copper, the long - term TC of copper concentrate for next year is set at $0/ton, slightly higher than the previous market rumor. The overall fundamentals have no significant changes, and it is expected to be in a pattern of slight inventory accumulation. With overseas liquidity remaining loose, the copper price should be bought on dips, with the expected price range in December being $10,800 - $12,000 [1] - For aluminum, the import volume of primary aluminum decreased significantly in November, while exports increased. Domestic apparent demand is weak, and short - term consumption expectations are lowered. Although domestic demand is not good, the continuous decline of aluminum ingot inventory supports the aluminum price, which is expected to be in a volatile range [1] - For zinc, the LME zinc 0 - 3M premium declined this week, and the zinc price fell. The supply of domestic zinc mines is tightening, and there are production cuts in December. Domestic demand is seasonally weak, while overseas demand in the US is rising. It is recommended to wait and see on the long - short side, pay attention to reverse arbitrage opportunities between domestic and overseas markets, and positive arbitrage opportunities in 01 - 03 and 03 - 05 spreads [6] - For nickel, the supply of pure nickel decreased slightly, demand is weak, and inventories at home and abroad are accumulating. The Indonesian Nickel Association plans to reduce the quota next year, and there is a game between short - term policy and fundamentals [10] - For stainless steel, steel mills maintain high production, demand is mainly for rigid needs, costs are relatively stable, and inventories are at a high level. The news of quota cuts by the Indonesian Nickel Association drives a short - term price rebound [12] - For lead, the lead price fell slightly this week. Primary lead production has maintenance - induced cuts, and secondary lead production has recovered. The demand for batteries is expected to weaken, but downstream restocking provides support. The lead price is expected to fluctuate between 16,700 - 17,100 yuan, and attention should be paid to low - warrant risks [15] - For tin, the tin price rose rapidly this week. The processing fee of tin ore remains low. Overseas production recovery is slow, but high prices stimulate inventory exports. Demand is mainly rigid, and inventories at home and abroad are accumulating. There is a risk of marginal over - supply in the short term, and it can be a long - term multi - allocation in the first quarter [18] - For industrial silicon, Xinjiang's leading enterprises have stable operations, and some silicon plants in Inner Mongolia and Xinjiang are under maintenance. The supply - demand is expected to be balanced in December. In the short term, the price will fluctuate with costs, and in the long term, it will oscillate at the cycle bottom [19] - For lithium carbonate, the futures price increased due to factors such as the cancellation of mining rights in Jiangxi and the delay of CATL's resumption. The raw material supply is tight, and upstream inventories are being depleted. Downstream demand is mainly for rigid needs. In the short term, the supply - demand is strong, but demand is showing signs of weakening, and the price increase requires further inventory reduction [21] Group 3: Summary by Metal Copper - From December 15 - 19, the spot import profit decreased by $302.94, and the March import profit decreased by $231.78. The LME inventory decreased by 3,875 tons, and the LME注销仓单 decreased by 5,100 tons [1] Aluminum - From December 15 - 19, the Shanghai aluminum ingot price increased by 80 yuan, the Yangtze River aluminum ingot price increased by 90 yuan, and the Guangdong aluminum ingot price increased by 90 yuan. The domestic alumina price decreased by 17 yuan, and the imported alumina price decreased by $50. The domestic social inventory of aluminum increased by 7,175 tons [1] Zinc - From December 15 - 19, the Shanghai zinc ingot price increased by 30 yuan, the Tianjin zinc ingot price increased by 40 yuan, and the Guangdong zinc ingot price increased by 40 yuan. The domestic social inventory remained unchanged, and the Shanghai Futures Exchange inventory decreased by 24,191 tons. The LME zinc inventory increased by 500 tons, and the LME注销仓单 increased by 1,900 tons [4][5] Nickel - From December 15 - 19, the price of 1.5 - grade Philippine nickel ore remained unchanged, and the Shanghai nickel spot price increased by 3,550 yuan. The spot import profit increased by $627.52, the LME inventory increased by 612 tons, and the LME注销仓单 increased by 2,820 tons [10] Stainless Steel - From December 15 - 19, the 304 cold - rolled coil price increased by 150 yuan, the 304 hot - rolled coil price increased by 100 yuan, the 201 cold - rolled coil price increased by 50 yuan, and the price of waste stainless steel increased by 50 yuan [12] Lead - From December 15 - 19, the spot import profit decreased by $49.10, the futures import profit decreased by $31.72, the LME inventory decreased by 3,500 tons, and the LME注销仓单 increased by 4,275 tons. The domestic social inventory decreased by 10,707 tons [13] Tin - From December 15 - 19, the spot import profit increased by $1,133.60, the spot export profit decreased by $1,430.96, the LME inventory increased by 220 tons, and the LME注销仓单 remained unchanged [18] Industrial Silicon - From December 15 - 19, the 421 - grade Yunnan basis decreased by 45 yuan, the 421 - grade Sichuan basis decreased by 45 yuan, the 553 - grade East China basis decreased by 45 yuan, the 553 - grade Tianjin basis decreased by 45 yuan, and the number of warrants increased by 204 [19] Lithium Carbonate - From December 15 - 19, the SMM electric - grade lithium carbonate price increased by 100 yuan, the SMM industrial - grade lithium carbonate price increased by 100 yuan, the basis of the main contract decreased by 5,140 yuan, the basis of the near - month contract decreased by 5,180 yuan, and the number of warrants decreased by 125 [21]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - Copper prices are expected to oscillate downward. Aluminum may experience pressure and oscillation. Zinc's market rebound is likely to be limited. Lead may face pressure. Nickel and stainless - steel are in a state of adjustment. Tin is in a state of high - level shock. Lithium carbonate is expected to fluctuate around 70,000 yuan. Industrial silicon will return to fundamental - led trading. Polysilicon will oscillate within a wide range [1]. Group 3: Summary by Product Copper - **Price and Market Sentiment**: US trade policies and economic data have affected market sentiment. The US stock market decline has led to a return of copper prices. The market expects an 8 - month interest rate cut in the US, increasing the sentiment of interest - rate cut trading [1]. - **Domestic Supply**: Shanghai copper has significantly reduced its positions. The social inventory has increased due to the arrival of domestic and imported copper, with general consumption and tight raw material quotes [1]. - **Overseas Supply**: LME copper inventory is at 13.95 million tons. A mine in Chile has suspended operations, and Japan's Mitsubishi may cut production due to tight TC [1]. - **Trend**: Copper prices may face resistance at the 60 - day moving average. LME copper may oscillate down to $3,500 [1]. Aluminum and Alumina - **Alumina**: The operating capacity of alumina remains at a historical high, with an increase in total inventory and an oversupply situation. The price of bauxite overseas is firm, limiting the downward space [1]. - **Supply**: The operating capacity of domestic electrolytic aluminum is around 4.4 million tons, with limited supply elasticity [1]. - **Demand**: The operating rate of domestic aluminum - processing leading enterprises has slightly decreased. Different aluminum products have different demand situations [1]. - **Inventory and Spot**: The social inventory of aluminum has increased, and the spot is at a discount. The weekly output of aluminum rods has increased for two consecutive weeks [1]. - **Trend**: Aluminum ingots may face pressure and oscillation. Pay attention to the support around 20,200 yuan. The demand for aluminum rods is not overly pessimistic [1]. Zinc - **Price and Market**: The zinc market has returned to the fundamental logic of increasing supply and weak demand. The main contract of Shanghai zinc has fallen by 2.47%, and LME zinc has fallen by 3.52% [1]. - **Spot and Supply**: LME zinc inventory has increased to 100,800 tons. The term structure of Shanghai zinc has flattened. The TC has risen in August, and domestic smelters have sufficient raw material inventory [1]. - **Consumption**: The terminal consumption has not improved fundamentally. The demand in August is weak, but there is a possibility of policy support during the "Golden September and Silver October" [1]. - **Trend**: The zinc market is mainly dominated by the fundamental situation of increasing supply and weak demand. Look for short - selling opportunities around 23,500 yuan/ton [1]. Lead - **Market and Price**: The domestic lead inventory has continued to rise, and the price has fallen. The US dollar index has rebounded, and LME lead has also declined [1]. - **Spot and Supply**: LME lead inventory has increased to 276,000 tons. Some domestic smelters have maintenance plans [1]. - **Consumption**: The consumption of some areas has improved, but the impact of rainfall and tariffs on demand needs further verification [1]. - **Trend**: Shanghai lead may oscillate between 16,600 - 17,300 yuan. Wait for inventory guidance [1]. Nickel and Stainless Steel - **Market and Price**: The speculation of "anti - involution" has ended, and the market has returned to fundamentals. The trading volume of Shanghai nickel has decreased, while that of stainless steel has increased [1]. - **Supply and Inventory**: The upstream price support has weakened. The inventory of nickel - iron and stainless steel has decreased, but the overall inventory level is still high [1]. - **Trend**: Shanghai nickel is in the latter part of the rebound. Actively intervene in short positions [1]. Tin - **Market and Price**: The domestic and overseas tin prices have declined. The market is in a state of shock [1]. - **Supply**: Indonesia's tin production and sales have decreased. The market is concerned about the maintenance time of domestic large - scale factories [1]. - **Consumption**: The domestic inventory has increased, and LME tin inventory has also increased [1]. - **Trend**: Pay attention to the support of the 60 - day moving average. Hold high - level short positions [1]. Lithium Carbonate - **Market and Price**: The price of lithium carbonate has fallen, and the panic in the market has increased. The trading volume has decreased [1]. - **Supply and Demand**: The power orders have decreased, and the downstream battery factories are preparing for the peak season. The inventory has been transferred, and the downstream has increased replenishment [1]. - **Trend**: The price of lithium carbonate futures may fluctuate around 70,000 yuan. Adopt a short - term low - buying strategy [1]. Industrial Silicon - **Market and Price**: The price of industrial silicon has adjusted by 15%, and the market has returned to fundamental - led trading [1]. - **Supply and Inventory**: The cost of the silicon - coal process has increased. The supply pressure still exists, and the social inventory has increased [1]. - **Demand**: The demand for industrial silicon has increased marginally. The production of an organic silicon factory has resumed [1]. - **Trend**: The market will be dominated by fundamentals, and the price will oscillate and adjust [1]. Polysilicon - **Market and Price**: The price of polysilicon has significantly adjusted. The market is more focused on cost accounting, and the expectation of capacity clearance has decreased [1]. - **Supply and Inventory**: The production of polysilicon is expected to increase to 120,000 tons in August. The factory inventory has decreased, and the downstream has replenished in advance [1]. - **Demand**: The price of silicon wafers is expected to rise, and the battery - sheet orders have improved [1]. - **Trend**: The PS2509 main contract may oscillate widely between 46,000 - 47,000 yuan/ton [1]. Group 4: Recommended Strategies - Hold short positions of silver futures from 288,000 - 270,000 yuan or enter new short positions at 270,000 yuan. The long - term fundamental trend suppresses high - level silver prices [1]. - Adopt a short - selling strategy for Shanghai aluminum with a stop - loss at 21,000 yuan/ton [1].

Report Industry Investment Ratings No relevant information provided. Core Views of the Report Zinc - The zinc market is in a long - term supply - side easing cycle. If the mine - end growth rate is lower than expected and downstream consumption performs better than expected, zinc prices may maintain a high - level shock pattern. In a pessimistic scenario, after the "rush to export", if the tariff policy leads to insufficient terminal consumption resilience, the center of zinc prices may move down. In the long - term, a short - selling approach is recommended, focusing on the TC growth rate and marginal changes in downstream demand. The main contract is expected to fluctuate between 21000 - 21500 [2]. Copper - Under the combination of "strong reality + weak expectation", copper prices do not have a clear and smooth trend. The strong reality of the fundamentals limits the decline of copper prices, while the weak macro - expectation restricts the upside space. In the short term, prices are expected to fluctuate. The "rush to export" demand has advanced subsequent demand, and the real demand side may face pressure in Q3. The US copper import tariff policy is a major uncertain variable. The main contract is expected to move between 77000 - 79500 [5]. Tin - The current supply of tin ore remains tight, and the subsequent demand is expected to be weak. Considering the pessimistic demand expectation, pay attention to the supply - side recovery rhythm. A short - selling approach is recommended at 260,000 - 265,000 based on the inflection points of inventory and import data [7]. Nickel - The nickel market is under continuous pressure from industrial overcapacity and weak consumption. In the short term, the fundamentals change little, and the market is expected to fluctuate weakly in a range. The main contract is expected to move between 118000 - 124000. Pay attention to the short - term disturbances from news [9]. Stainless Steel - The stainless - steel market is in a weak state. The supply is at a relatively high level, and the overall demand is weak with slow inventory reduction. In the short term, the fundamentals are still under pressure. Pay attention to the steel mill's production - cut rhythm. The main contract is expected to move between 12400 - 13000 [12]. Aluminum - For alumina, the short - term fundamentals are expected to remain relatively loose. The medium - term support is around the cash cost of 2700. For electrolytic aluminum, the LME inventory decline and low domestic inventory support aluminum prices, with the support level around 20000. However, there is still a possibility of adjustment under the conditions of LME warehousing, domestic inventory accumulation, and weakening demand [14]. Lithium Carbonate - The short - term fundamentals of lithium carbonate are still under pressure. In June, there may be an oversupply situation. The market is expected to operate weakly in the short term, with the main contract expected to move between 56000 - 62000. Pay attention to the upstream dynamics [15][17]. Summary by Relevant Catalogs Zinc - **Price and Basis**: SMM 0 zinc ingot price increased by 0.18% to 22030 yuan/ton, and the premium decreased by 25 yuan/ton. The import loss was - 585 yuan/ton, and the Shanghai - London ratio was 8.32 [2]. - **Fundamental Data**: In May, refined zinc production was 54.94 million tons, a month - on - month decrease of 1.08%; imports were 2.82 million tons, a month - on - month increase of 2.40%; exports were 0.25 million tons, a month - on - month increase of 75.76%. The operating rates of galvanizing, die - casting zinc alloy, and zinc oxide were 58.60%, 55.12%, and 59.00% respectively. The domestic social inventory of zinc ingots increased by 3.24% to 7.96 million tons, and the LME inventory decreased by 0.60% to 12.7 million tons [2]. Copper - **Price and Basis**: SMM 1 electrolytic copper price decreased by 0.36% to 78400 yuan/ton, and the premium decreased by 25 yuan/ton. The import loss was - 1206 yuan/ton, and the Shanghai - London ratio was 8.06 [5]. - **Fundamental Data**: In May, electrolytic copper production was 113.83 million tons, a month - on - month increase of 1.12%; imports were 25.31 million tons, a month - on - month increase of 1.23%. The operating rate of electrolytic copper rod production was 75.82%, and that of recycled copper rod production was 29.03%. The domestic social inventory increased by 0.76% to 14.59 million tons, the bonded - area inventory increased by 7.71% to 6.43 million tons, the SHFE inventory decreased by 1.11% to 10.08 million tons, the LME inventory decreased by 3.99% to 9.92 million tons, and the COMEX inventory increased by 0.78% to 19.99 million tons [5]. Tin - **Price and Basis**: SMM 1 tin price decreased by 0.42% to 263300 yuan/ton, and the premium remained unchanged. The LME 0 - 3 premium increased by 452.13% to 80.99 US dollars/ton. The import loss was - 10123 yuan/ton, and the Shanghai - London ratio was 8.12 [7]. - **Fundamental Data (Monthly)**: In May, tin ore imports were 13449 tons, a month - on - month increase of 36.39%; SMM refined tin production was 14840 tons, a month - on - month decrease of 2.37%; refined tin imports were 2076 tons, a month - on - month increase of 84.04%; exports were 1770 tons, a month - on - month increase of 8.12%. The SMM refined tin average operating rate was 61.60%, a month - on - month decrease of 2.38% [7]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel price increased by 0.25% to 120625 yuan/ton. The LME 0 - 3 was - 193 US dollars/ton, and the import loss was - 2926 yuan/ton. The Shanghai - London ratio was 7.92 [9]. - **Cost and New - Energy Material Prices**: The cost of integrated MHP to produce electrolytic nickel decreased by 4.16% to 120887 yuan/ton. The battery - grade nickel sulfate average price decreased by 0.67% to 27400 yuan/ton [9]. - **Supply - Demand and Inventory**: In May, China's refined nickel production was 35350 tons, a month - on - month decrease of 2.62%; imports were 8832 tons, a month - on - month increase of 8.18%. The SHFE inventory increased by 0.30% to 25693 tons, the social inventory increased by 0.02% to 39383 tons, the LME inventory increased by 0.76% to 205140 tons, and the SHFE warehouse receipt decreased by 0.44% to 699972 tons [9]. Stainless Steel - **Price and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 coil) remained unchanged at 12700 yuan/ton, and the price of 304/2B (Foshan Hongwang 2.0 coil) decreased by 0.78% to 12700 yuan/ton. The basis difference increased by 23.73% to 365 yuan/ton [12]. - **Raw - Material Prices**: The average price of Philippine laterite nickel ore 1.5% (CIF) remained unchanged at 60 US dollars/wet ton, and the average price of 8 - 12% high - nickel pig iron decreased by 0.32% to 921 yuan/nickel point [12]. - **Fundamental Data**: In April, China's 300 - series stainless - steel crude steel production (43 enterprises) was 179.12 million tons, a month - on - month increase of 0.36%. The 300 - series social inventory (Wuxi + Foshan) increased by 0.64% to 53.42 million tons, and the 300 - series cold - rolled social inventory (Wuxi + Foshan) increased by 1.83% to 33.02 million tons [12]. Aluminum - **Price and Spread**: SMM A00 aluminum price decreased by 0.24% to 20720 yuan/ton, and the premium remained unchanged at 180 yuan/ton. The average price of alumina in Shandong decreased by 0.79% to 3750 yuan/ton [14]. - **Fundamental Data**: In May, alumina production was 727.21 million tons, a month - on - month increase of 2.66%; electrolytic aluminum production was 372.90 million tons, a month - on - month increase of 3.41%. The operating rates of aluminum profiles, aluminum cables, etc. showed different degrees of change. The domestic electrolytic aluminum social inventory decreased by 2.39% to 44.90 million tons, and the LME inventory decreased by 0.59% to 34.5 million tons [14]. Lithium Carbonate - **Price and Basis**: SMM battery - grade lithium carbonate average price decreased by 0.08% to 60400 yuan/ton. The basis (SMM battery - grade lithium carbonate as the benchmark) increased by 447.37% to 1040 yuan/ton [15]. - **Fundamental Data**: In May, lithium carbonate production was 72080 tons, a month - on - month decrease of 2.34%; demand was 83960 tons, a month - on - month increase of 4.83%. The total inventory of lithium carbonate increased by 1.49% to 97637 tons [15].