20260109申万期货有色金属基差日报 | 品种 | 观点 | | --- | --- | | 铜 | 铜：夜盘铜价收低0.98%。精矿供应延续紧张状态，冶炼利润处于盈亏边缘，冶炼产量虽 环比回落，但总体延续高增长。国家统计局数据显示，电力投资稳定；汽车产销正增长； 家电产量负增长；地产持续疲弱。矿供应扰动导致全球铜供求预期转向缺口，短期铜价更 | | | 多受市场情绪影响。关注美元、铜冶炼产量和下游需求等变化。 | | 锌 | 锌：夜盘锌价收低0.73%。锌精矿加工费回落，精矿供应阶段性紧张，冶炼产量延续增长 。中钢协统计的镀锌板库存总体高位。基建投资累计增速趋缓，汽车产销正增长；家电产 | | | 量负增长；地产持续疲弱。锌供求总体差异不明显，但需要关注目前有色整体市场情绪。 建议关注美元、冶炼产量和下游需求等变化。 | | 品种 | 国内前日期货 收盘价 | 国内基差 | 前日LME3月 期收盘价 | LME现货升贴水 （CASH-3M） | LME库存 | LME库存日 度变化 | | --- | --- | --- | --- | --- | --- | --- | | | （元/吨） | （元/ ...

国 内 市 场 基 差 L M E 现 货 升 贴 水 数据来源：Wind，申银万国期货研究所 数据来源：Wind，申银万国期货研究所 铜 铝 锌 镍 铅 锡 基差 -65 -190 155 -6,630 -105 -6,210 -65 -190 155 -6,630 -105 -8,000 -6,210 -4,000 0 4,000 元/吨 铜 铝 锌 镍 铅 锡 升贴水 14.98 -17.33 -45.20 -223.90 -43.10 -52.00 14.98 -17.33 -45.20 -223.90 -43.10 -52.00 -300 -200 -100 0 100 美元/吨 20260108申万期货有色金属基差日报 | 品种 | 观点 | | --- | --- | | 铜 | 铜：夜盘铜价收低1.93%。精矿供应延续紧张状态，冶炼利润处于盈亏边缘，冶炼产量虽 环比回落，但总体延续高增长。国家统计局数据显示，电力投资稳定；汽车产销正增长； 家电产量负增长；地产持续疲弱。矿供应扰动导致全球铜供求预期转向缺口，短期铜价更 | | | 多受市场情绪影响。关注美元、铜冶炼产量和下游需求等变化。 | | ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The copper price rose 1.28% overnight, hitting a new record high. The supply of concentrate remains tight, and smelting profits are on the verge of profit and loss. Although smelting output has declined month - on - month, it continues to grow overall. The supply disruption of copper mines has led to a shift in the global copper supply - demand expectation to a deficit, and the short - term copper price is more affected by market sentiment [2]. - The zinc price rose overnight. The processing fee of zinc concentrate has declined, the supply of concentrate is in a stage of tightness, and smelting output continues to grow. The overall inventory of galvanized sheets is at a high level. The overall difference in zinc supply and demand is not obvious, but the overall market sentiment of non - ferrous metals needs to be concerned [2]. 3. Summary by Relevant Catalog Copper - Price change: The copper price rose 1.28% overnight and hit a new record high [2]. - Supply situation: The supply of concentrate is tight, and smelting profits are on the verge of profit and loss. Although smelting output has declined month - on - month, it continues to grow overall [2]. - Demand situation: Power investment is stable, automobile production and sales are growing positively, home appliance production is negative, and the real estate market is weak [2]. - Market expectation: The supply disruption of copper mines has led to a shift in the global copper supply - demand expectation to a deficit, and the short - term copper price is more affected by market sentiment [2]. - Data: The previous domestic futures closing price was 101,190 yuan/ton, the domestic basis was 45 yuan/ton, the previous LME 3 - month closing price was 13,088 dollars/ton, the LME spot premium was 41.98 dollars/ton, the LME inventory was 145,325 tons, and the daily change was - 2,100 tons [2]. Zinc - Price change: The zinc price rose overnight [2]. - Supply situation: The processing fee of zinc concentrate has declined, the supply of concentrate is in a stage of tightness, and smelting output continues to grow [2]. - Demand situation: The overall inventory of galvanized sheets is at a high level. Infrastructure investment growth has slowed down, automobile production and sales are growing positively, home appliance production is negative, and the real estate market is weak [2]. - Market expectation: The overall difference in zinc supply and demand is not obvious, but the overall market sentiment of non - ferrous metals needs to be concerned [2]. - Data: The previous domestic futures closing price was 23,800 yuan/ton, the domestic basis was 165 yuan/ton, the previous LME 3 - month closing price was 3,208 dollars/ton, the LME spot premium was - 36.30 dollars/ton, the LME inventory was 106,325 tons, and the daily change was - 1,300 tons [2]. Other Metals - Aluminum: The previous domestic futures closing price was 23,610 yuan/ton, the domestic basis was - 230 yuan/ton, the previous LME 3 - month closing price was 3,090 dollars/ton, the LME spot premium was - 27.69 dollars/ton, the LME inventory was 509,250 tons, and the daily change was - 2,500 tons [2]. - Nickel: The previous domestic futures closing price was 133,750 yuan/ton, the domestic basis was - 5,920 yuan/ton, the previous LME 3 - month closing price was 17,290 dollars/ton, the LME spot premium was - 151.78 dollars/ton, the LME inventory was 255,282 tons, and the daily change was 120 tons [2]. - Lead: The previous domestic futures closing price was 17,375 yuan/ton, the domestic basis was - 75 yuan/ton, the previous LME 3 - month closing price was 2,030 dollars/ton, the LME spot premium was - 45.52 dollars/ton, the LME inventory was 239,325 tons, and the daily change was - 2,600 tons [2]. - Tin: The previous domestic futures closing price was 334,030 yuan/ton, the domestic basis was - 7,990 yuan/ton, the previous LME 3 - month closing price was 42,560 dollars/ton, the LME spot premium was - 30.01 dollars/ton, the LME inventory was 5,415 tons, and the daily change was - 5 tons [2].

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Views - **Copper**: Night - time copper prices closed higher. Concentrate supply remains tight, and smelting profits are on the verge of break - even. Although smelting output decreased month - on - month, it still shows high growth overall. Power investment is stable, automobile production and sales are growing, home appliance output is declining, and the real estate market is weak. Supply disruptions in mines have shifted the global copper supply - demand outlook to a deficit. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2]. - **Zinc**: Night - time zinc prices closed higher. Zinc concentrate processing fees have declined, and concentrate supply is temporarily tight, while smelting output continues to grow. The inventory of galvanized sheets is generally high. The cumulative growth rate of infrastructure investment is slowing down, automobile production and sales are growing, home appliance output is declining, and the real estate market is weak. The overall difference in zinc supply and demand is not obvious, but the current market sentiment in the non - ferrous sector needs to be noted. Attention should be paid to changes in the US dollar, smelting output, and downstream demand [2]. 3. Summary by Related Data - **Domestic Futures and LME Data** - **Copper**: The previous domestic futures closing price was 93,000 yuan/ton, the domestic basis was - 170 yuan/ton, the previous LME 3 - month futures closing price was 11,882 dollars/ton, the LME spot premium (CASH - 3M) was 4.73 dollars/ton, the LME inventory was 164,275 tons, and the daily change was - 2,650 tons [2]. - **Aluminum**: The previous domestic futures closing price was 22,120 yuan/ton, the domestic basis was - 160 yuan/ton, the previous LME 3 - month futures closing price was 2,945 dollars/ton, the LME spot premium (CASH - 3M) was - 40.15 dollars/ton, the LME inventory was 519,600 tons, and the daily change was 0 tons [2]. - **Zinc**: The previous domestic futures closing price was 23,065 yuan/ton, the domestic basis was 155 yuan/ton, the previous LME 3 - month futures closing price was 3,073 dollars/ton, the LME spot premium (CASH - 3M) was - 30.61 dollars/ton, the LME inventory was 99,400 tons, and the daily change was 1,700 tons [2]. - **Nickel**: The previous domestic futures closing price was 117,180 yuan/ton, the domestic basis was - 4,670 yuan/ton, the previous LME 3 - month futures closing price was 14,803 dollars/ton, the LME spot premium (CASH - 3M) was - 187.63 dollars/ton, the LME inventory was 253,938 tons, and the daily change was - 60 tons [2]. - **Lead**: The previous domestic futures closing price was 16,850 yuan/ton, the domestic basis was - 70 yuan/ton, the previous LME 3 - month futures closing price was 1,985 dollars/ton, the LME spot premium (CASH - 3M) was - 45.23 dollars/ton, the LME inventory was 262,125 tons, and the daily change was - 3,450 tons [2]. - **Tin**: The previous domestic futures closing price was 343,040 yuan/ton, the domestic basis was - 6,520 yuan/ton, the previous LME 3 - month futures closing price was 43,227 dollars/ton, the LME spot premium (CASH - 3M) was - 11.00 dollars/ton, the LME inventory was 4,425 tons, and the daily change was 235 tons [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Views - Copper: Night-time copper prices slightly declined. Concentrate supply remains tight, smelting profit is at the break - even point. Although smelting output decreased month - on - month, it still shows high growth. Power investment is stable, auto production and sales are growing, home appliance production is in decline, and the real estate market is weak. Supply disruptions in mines have shifted the global copper supply - demand outlook to a deficit. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2]. - Zinc: Night - time zinc prices closed lower. Zinc concentrate processing fees have fallen, concentrate supply is temporarily tight, and smelting output continues to grow. Galvanized sheet inventories are generally at a high level. The cumulative growth rate of infrastructure investment is slowing, auto production and sales are growing, home appliance production is in decline, and the real estate market is weak. The overall difference in zinc supply and demand is not obvious, but the current sentiment in the non - ferrous market as a whole needs to be noted. It is recommended to pay attention to changes in the US dollar, smelting output, and downstream demand [2]. 3. Summary by Relevant Catalog Metal Market Data - **Copper**: Domestic previous day's futures closing price is 91,840 yuan/ton, domestic basis is - 145 yuan/ton, previous day's LME 3 - month contract closing price is 11,619 dollars/ton, LME spot premium/discount (CASH - 3M) is - 9.52 dollars/ton, LME inventory is 165,875 tons with a daily change of - 25 tons [2]. - **Aluminum**: Domestic previous day's futures closing price is 21,780 yuan/ton, domestic basis is - 120 yuan/ton, previous day's LME 3 - month contract closing price is 2,883 dollars/ton, LME spot premium/discount (CASH - 3M) is - 43.33 dollars/ton, LME inventory is 519,600 tons with a daily change of - 50 tons [2]. - **Zinc**: Domestic previous day's futures closing price is 23,030 yuan/ton, domestic basis is 65 yuan/ton, previous day's LME 3 - month contract closing price is 3,035 dollars/ton, LME spot premium/discount (CASH - 3M) is - 31.61 dollars/ton, LME inventory is 64,475 tons with a daily change of 2,550 tons [2]. - **Nickel**: Domestic previous day's futures closing price is 112,290 yuan/ton, domestic basis is - 2,670 yuan/ton, previous day's LME 3 - month contract closing price is 14,255 dollars/ton, LME spot premium/discount (CASH - 3M) is - 190.25 dollars/ton, LME inventory is 253,392 tons with a daily change of 360 tons [2]. - **Lead**: Domestic previous day's futures closing price is 16,825 yuan/ton, domestic basis is - 85 yuan/ton, previous day's LME 3 - month contract closing price is 1,942 dollars/ton, LME spot premium/discount (CASH - 3M) is - 51.52 dollars/ton, LME inventory is 252,475 tons with a daily change of 17,725 tons [2]. - **Tin**: Domestic previous day's futures closing price is 320,620 yuan/ton, domestic basis is 5,820 yuan/ton, previous day's LME 3 - month contract closing price is 40,955 dollars/ton, LME spot premium/discount (CASH - 3M) is 50.00 dollars/ton, LME inventory is 3,795 tons with a daily change of 125 tons [2].

Report Summary 1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core Views - Copper prices closed down by over 2% during the weekend night session. The concentrate supply remains tight, with smelting profits on the verge of break - even. Although smelting output decreased month - on - month, it still maintained high growth. Copper supply - demand is expected to turn into a deficit due to mine supply disturbances. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2]. - Zinc prices closed down by over 1% during the weekend night session. Zinc concentrate processing fees declined, and the concentrate supply is in a stage of tightness, while smelting output continued to grow. The overall inventory of galvanized sheets is at a high level. The overall difference in zinc supply - demand is not obvious, but the overall market sentiment in the non - ferrous sector needs attention. Suggestions include monitoring the US dollar, smelting output, and downstream demand [2]. 3. Summary by Related Catalogs Metal Price and Market Conditions - Copper: Weekend night - session price down over 2%, concentrate supply tight, smelting output with high growth, downstream demand mixed, supply - demand expected to be in deficit [2]. - Zinc: Weekend night - session price down over 1%, concentrate supply temporarily tight, smelting output growing, downstream demand mixed, overall supply - demand difference not obvious [2]. - Aluminum, Nickel, Lead, and Tin: Only price, basis, LME - related prices, inventory and inventory change data are provided without specific market analysis [2]. Price and Inventory Data | Metal | Domestic Previous Futures Closing Price (yuan/ton) | Domestic Basis (yuan/ton) | Previous LME 3 - month Closing Price (USD/ton) | LME Spot Premium/Discount (CASH - 3M, USD/ton) | LME Inventory (tons) | LME Inventory Daily Change (tons) | | --- | --- | --- | --- | --- | --- | --- | | Copper | 94,020 | - 30 | 11,553 | 20.69 | 165,850 | 875 | | Aluminum | 21,875 | - 60 | 2,875 | - 32.55 | 518,750 | - 2,050 | | Zinc | 22,970 | 45 | 3,139 | 90.60 | 60,350 | 550 | | Nickel | 115,400 | - 3,490 | 14,620 | - 186.45 | 252,852 | - 240 | | Lead | 17,170 | - 75 | 1,966 | - 49.62 | 235,475 | - 75 | | Tin | 318,710 | 320 | 41,125 | 17.00 | 3,695 | 40 | [2]

Report Industry Investment Rating - No information provided Core Viewpoints of the Report - The copper price rose by over 2% overnight, inspired by the Fed's unexpected actions. The concentrate supply remains tight, and smelting profits are on the verge of profit and loss. Although smelting output decreased month-on-month, it generally continued to grow at a high rate. The supply disruption of mines has led to a shift in the global copper supply-demand expectation towards a deficit [2]. - The zinc price rose by nearly 3% overnight, also inspired by the Fed's unexpected actions. The processing fee for zinc concentrates has declined, and the concentrate supply is temporarily tight, while smelting output continues to grow. The overall supply-demand difference of zinc is not obvious, but the current sentiment of the non-ferrous market as a whole needs to be noted [2]. Summary by Related Catalogs Copper - Overnight copper price rose by over 2%, influenced by the Fed's actions. The concentrate supply is tight, and smelting profits are at the break - even point. Smelting output decreased month - on - month but still shows high - growth overall. Power investment is stable, automobile production and sales are growing positively, home appliance production is in negative growth, and the real estate market is weak. Mine supply disruptions turn the global copper supply - demand expectation to a deficit [2]. - The previous domestic futures closing price was 92,180 yuan/ton, the domestic basis was - 5 yuan/ton, the previous LME 3 - month closing price was 11,834 dollars/ton, the LME spot premium (CASH - 3M) was 24.76 dollars/ton, the LME inventory was 164,975 tons, and the daily change was - 700 tons [2]. Zinc - Overnight zinc price rose by nearly 3%, affected by the Fed's actions. Zinc concentrate processing fees have dropped, and the concentrate supply is temporarily tight, while smelting output continues to grow. Galvanized sheet inventory is at a high level. Infrastructure investment growth has slowed, automobile production and sales are growing positively, home appliance production is in negative growth, and the real estate market is weak. The overall supply - demand difference of zinc is not significant, but the market sentiment of non - ferrous metals should be noted [2]. - The previous domestic futures closing price was 22,970 yuan/ton, the domestic basis was 65 yuan/ton, the previous LME 3 - month closing price was 3,198 dollars/ton, the LME spot premium (CASH - 3M) was 172.81 dollars/ton, the LME inventory was 59,800 tons, and the daily change was 1,650 tons [2]. Other Metals - For aluminum, the previous domestic futures closing price was 21,875 yuan/ton, the domestic basis was - 60 yuan/ton, the previous LME 3 - month closing price was 2,895 dollars/ton, the LME spot premium (CASH - 3M) was - 26.68 dollars/ton, the LME inventory was 520,800 tons, and the daily change was - 2,500 tons [2]. - For nickel, the previous domestic futures closing price was 115,400 yuan/ton, the domestic basis was - 3,530 yuan/ton, the previous LME 3 - month closing price was 14,610 dollars/ton, the LME spot premium (CASH - 3M) was - 186.96 dollars/ton, the LME inventory was 253,092 tons, and the daily change was 564 tons [2]. - For lead, the previous domestic futures closing price was 17,170 yuan/ton, the domestic basis was - 80 yuan/ton, the previous LME 3 - month closing price was 1,984 dollars/ton, the LME spot premium (CASH - 3M) was - 48.25 dollars/ton, the LME inventory was 235,550 tons, and the daily change was - 1,375 tons [2]. - For tin, the previous domestic futures closing price was 318,710 yuan/ton, the domestic basis was - 1,180 yuan/ton, the previous LME 3 - month closing price was 41,880 dollars/ton, the LME spot premium (CASH - 3M) was 22.00 dollars/ton, the LME inventory was 3,655 tons, and the daily change was 605 tons [2].

Report Industry Investment Rating - Not provided Core Viewpoints - For copper, night - session copper prices closed lower. Concentrate supply remains tight, and smelting profits are at the break - even point. Although smelting output decreased month - on - month, it still shows high growth. Power investment is stable, automobile production and sales have positive growth, home appliance production has negative growth, and the real estate market is continuously weak. Supply disruptions in the mining sector have led to a global copper supply - demand gap. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2]. - For zinc, night - session zinc prices closed lower. Zinc concentrate processing fees have declined, and concentrate supply is temporarily tight, while smelting output continues to grow. The inventory of galvanized sheets is generally at a high level. The cumulative growth rate of infrastructure investment is slowing down, automobile production and sales have positive growth, home appliance production has negative growth, and the real estate market is continuously weak. The overall difference in zinc supply and demand is not obvious, but the current sentiment of the non - ferrous market as a whole needs to be noted. It is recommended to pay attention to changes in the US dollar, smelting output, and downstream demand [2]. Summary by Related Catalogs Metal Price and Market Data - Copper: The previous day's domestic futures closing price was 91,010 yuan/ton, the domestic basis was 85 yuan/ton, the previous day's LME 3 - month closing price was 11,470 dollars/ton, the LME spot premium (CASH - 3M) was 8.19 dollars/ton, the LME inventory was 164,550 tons, and the daily change in LME inventory was 2,000 tons [2]. - Aluminum: The previous day's domestic futures closing price was 21,735 yuan/ton, the domestic basis was - 100 yuan/ton, the previous day's LME 3 - month closing price was 2,846 dollars/ton, the LME spot premium (CASH - 3M) was - 32.14 dollars/ton, the LME inventory was 525,800 tons, and the daily change in LME inventory was - 2,500 tons [2]. - Zinc: The previous day's domestic futures closing price was 23,025 yuan/ton, the domestic basis was 65 yuan/ton, the LME spot premium (CASH - 3M) was 166.73 dollars/ton, the LME inventory was 57,750 tons, and the daily change in LME inventory was 2,375 tons [2]. - Nickel: The previous day's domestic futures closing price was 116,900 yuan/ton, the domestic basis was - 3,430 yuan/ton, the LME spot premium (CASH - 3M) was - 192.36 dollars/ton, the LME inventory was 253,344 tons, and the daily change in LME inventory was 228 tons [2]. - Lead: The previous day's domestic futures closing price was 17,115 yuan/ton, the domestic basis was - 60 yuan/ton, the previous day's LME 3 - month closing price was 1,977 dollars/ton, the LME spot premium (CASH - 3M) was - 51.57 dollars/ton, the LME inventory was 239,825 tons, and the daily change in LME inventory was - 3,725 tons [2]. - Tin: The previous day's domestic futures closing price was 312,120 yuan/ton, the domestic basis was - 930 yuan/ton, the previous day's LME 3 - month closing price was 39,850 dollars/ton, the LME spot premium (CASH - 3M) was 46.00 dollars/ton, the LME inventory was 3,075 tons, and the daily change in LME inventory was - 10 tons [2].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views - Copper: Night-time copper prices closed slightly lower. Concentrate supply remains tight, smelting profit is at the break-even point. Although smelting output decreased month-on-month, it continued to grow overall. Power investment is stable, automobile production and sales are growing positively, household appliance production is declining, and the real estate market is weak. Supply disturbances in mines have led to a global copper supply-demand deficit. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2]. - Zinc: Night-time zinc prices closed higher. Zinc concentrate processing fees have declined, concentrate supply is temporarily tight, and smelting output continues to grow. The inventory of galvanized sheets is generally high. The cumulative growth rate of infrastructure investment is slowing down, automobile production and sales are growing positively, household appliance production is declining, and the real estate market is weak. The overall difference in zinc supply and demand is not obvious, but attention should be paid to the current bullish sentiment in the non-ferrous metals sector. Attention should be paid to changes in the US dollar, smelting output, and downstream demand [2]. Group 3: Summary by Relevant Catalogs Metal Prices and Market Data - Copper: The previous domestic futures closing price was 90,960 yuan/ton, the domestic basis was 110 yuan/ton, the previous LME 3 - month closing price was 11,434 dollars/ton, the LME spot premium (CASH - 3M) was 88.38 dollars/ton, LME inventory was 162,150 tons with a daily increase of 350 tons [2]. - Aluminum: The previous domestic futures closing price was 22,055 yuan/ton, the domestic basis was - 80 yuan/ton, the previous LME 3 - month closing price was 2,888 dollars/ton, the LME spot premium (CASH - 3M) was - 30.98 dollars/ton, LME inventory was 533,400 tons with a daily decrease of 2,500 tons [2]. - Zinc: The previous domestic futures closing price was 22,820 yuan/ton, the domestic basis was 65 yuan/ton, the previous LME 3 - month closing price was 3,085 dollars/ton, the LME spot premium (CASH - 3M) was 186.85 dollars/ton, LME inventory was 52,450 tons with a daily increase of 75 tons [2]. - Nickel: The previous domestic futures closing price was 117,340 yuan/ton, the domestic basis was - 3,200 yuan/ton, the previous LME 3 - month closing price was 14,885 dollars/ton, the LME spot premium (CASH - 3M) was - 196.14 dollars/ton, LME inventory was 252,990 tons with a daily decrease of 84 tons [2]. - Lead: The previous domestic futures closing price was 17,220 yuan/ton, the domestic basis was - 60 yuan/ton, the previous LME 3 - month closing price was 2,016 dollars/ton, the LME spot premium (CASH - 3M) was - 43.64 dollars/ton, LME inventory was 253,150 tons with a daily decrease of 3,800 tons [2]. - Tin: The previous domestic futures closing price was 315,520 yuan/ton, the domestic basis was - 9,790 yuan/ton, the previous LME 3 - month closing price was 40,540 dollars/ton, the LME spot premium (CASH - 3M) was 133.00 dollars/ton, LME inventory was 3,195 tons with a daily increase of 50 tons [2].

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Views - Copper: Night - session copper prices closed higher, hitting a record high. Concentrate supply remains tight, smelting profit is at the break - even point, and smelting output, while declining month - on - month, continues to grow overall. Power investment is stable, auto production and sales are growing, home appliance output is negative, and the real estate market is weak. Supply disruptions in mines have led to a global copper supply - demand gap. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2]. - Zinc: Night - session zinc prices closed higher. Zinc concentrate processing fees have declined, concentrate supply is temporarily tight, and smelting output continues to grow. Galvanized sheet inventories are generally high, infrastructure investment growth has slowed, auto production and sales are growing, home appliance output is negative, and the real estate market is weak. The overall difference in zinc supply - demand is not obvious. Attention should be paid to changes in the US dollar, smelting output, and downstream demand [2]. 3. Summary by Related Contents Metal Price and Market Data - **Copper**: The previous domestic futures closing price was 89,150 yuan/ton, the domestic basis was 90 yuan/ton, the previous LME 3 - month futures closing price was 11,449 dollars/ton, the LME spot premium (CASH - 3M) was 88.38 dollars/ton, LME inventory was 161,800 tons, and the daily change was 2,375 tons [2]. - **Aluminum**: The previous domestic futures closing price was 21,900 yuan/ton, the domestic basis was - 70 yuan/ton, the previous LME 3 - month futures closing price was 2,897 dollars/ton, the LME spot premium (CASH - 3M) was - 30.98 dollars/ton, LME inventory was 535,900 tons, and the daily change was - 2,000 tons [2]. - **Zinc**: The previous domestic futures closing price was 22,720 yuan/ton, the domestic basis was 65 yuan/ton, the previous LME 3 - month futures closing price was 3,062 dollars/ton, the LME spot premium (CASH - 3M) was 186.85 dollars/ton, LME inventory was 52,375 tons, and the daily change was 350 tons [2]. - **Nickel**: The previous domestic futures closing price was 117,600 yuan/ton, the domestic basis was - 3,330 yuan/ton, the previous LME 3 - month futures closing price was 14,875 dollars/ton, the LME spot premium (CASH - 3M) was - 196.14 dollars/ton, LME inventory was 253,074 tons, and the daily change was - 1,290 tons [2]. - **Lead**: The previous domestic futures closing price was 17,195 yuan/ton, the domestic basis was - 65 yuan/ton, the previous LME 3 - month futures closing price was 1,999 dollars/ton, the LME spot premium (CASH - 3M) was - 43.64 dollars/ton, LME inventory was 256,950 tons, and the daily change was - 3,925 tons [2]. - **Tin**: The previous domestic futures closing price was 311,370 yuan/ton, the domestic basis was - 7,390 yuan/ton, the previous LME 3 - month futures closing price was 40,750 dollars/ton, the LME spot premium (CASH - 3M) was 133.00 dollars/ton, LME inventory was 3,145 tons, and the daily change was - 15 tons [2].