Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Copper prices rose 0.69% overnight. The concentrate supply remains tight, and smelting profits are on the verge of profit and loss. Although smelting output decreased month - on - month, it continued to grow overall. Power investment is stable, while automobile production and sales, and home appliance production are in negative growth, and the real estate market is weak. Copper prices may fluctuate in a wide range in the short term. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand in the peak season [2] - Zinc prices rose 0.46% overnight. Zinc concentrate processing fees declined, and the concentrate supply is temporarily tight, while smelting output continued to grow. The inventory of galvanized sheets is generally high. Infrastructure investment growth has slowed, automobile production and sales are in positive growth, home appliance production is in negative growth, and the real estate market is weak. Zinc prices may follow the overall trend of non - ferrous metals. Attention should be paid to changes in the US dollar, smelting output, and downstream demand in the peak season [2] Group 3: Summary by Relevant Catalog Copper - Overnight price increase: 0.69% [2] - Supply situation: Concentrate supply is tight, smelting profits are at the break - even point, and smelting output decreased month - on - month but still grew overall [2] - Demand situation: Power investment is stable, automobile and home appliance production are in negative growth, and the real estate market is weak [2] - Price trend: May fluctuate in a wide range in the short term [2] - Key factors to watch: US dollar, copper smelting output, and downstream demand in the peak season [2] - Domestic previous - day futures closing price: 95,550 yuan/ton [2] - Domestic basis: - 105 yuan/ton [2] - Previous - day LME 3 - month futures closing price: 12,283 dollars/ton [2] - LME spot premium/discount (CASH - 3M): - 91.73 dollars/ton [2] - LME inventory: 359,275 tons [2] - LME inventory daily change: 11,800 tons [2] Zinc - Overnight price increase: 0.46% [2] - Supply situation: Zinc concentrate processing fees declined, and the concentrate supply is temporarily tight, while smelting output continued to grow [2] - Demand situation: Infrastructure investment growth has slowed, automobile production and sales are in positive growth, home appliance production is in negative growth, and the real estate market is weak [2] - Price trend: May follow the overall trend of non - ferrous metals [2] - Key factors to watch: US dollar, smelting output, and downstream demand in the peak season [2] - Domestic previous - day futures closing price: 22,910 yuan/ton [2] - Domestic basis: - 55 yuan/ton [2] - Previous - day LME 3 - month futures closing price: 3,081 dollars/ton [2] - LME spot premium/discount (CASH - 3M): - 24.76 dollars/ton [2] - LME inventory: 117,100 tons [2] - LME inventory daily change: - 75 tons [2] Aluminum - Domestic previous - day futures closing price: 23,795 yuan/ton [2] - Domestic basis: - 130 yuan/ton [2] - Previous - day LME 3 - month futures closing price: 3,242 dollars/ton [2] - LME spot premium/discount (CASH - 3M): 47.37 dollars/ton [2] - LME inventory: 427,675 tons [2] - LME inventory daily change: 0 tons [2] Nickel - Domestic previous - day futures closing price: 135,790 yuan/ton [2] - Domestic basis: - 2,580 yuan/ton [2] - Previous - day LME 3 - month futures closing price: 17,345 dollars/ton [2] - LME spot premium/discount (CASH - 3M): - 195.89 dollars/ton [2] - LME inventory: 282,888 tons [2] - LME inventory daily change: 96 tons [2] Lead - Domestic previous - day futures closing price: 16,455 yuan/ton [2] - Domestic basis: - 75 yuan/ton [2] - Previous - day LME 3 - month futures closing price: 1,912 dollars/ton [2] - LME spot premium/discount (CASH - 3M): - 35.03 dollars/ton [2] - LME inventory: 283,350 tons [2] - LME inventory daily change: - 725 tons [2] Tin - Domestic previous - day futures closing price: 352,430 yuan/ton [2] - Domestic basis: 3,930 yuan/ton [2] - Previous - day LME 3 - month futures closing price: 44,820 dollars/ton [2] - LME spot premium/discount (CASH - 3M): - 245.00 dollars/ton [2] - LME inventory: 8,805 tons [2] - LME inventory daily change: 0 tons [2]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - **Copper**: The copper price closed 1.61% lower overnight. Concentrate supply 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. Power investment is stable, while automobile production and sales, as well as home appliance production schedules, show negative growth, and the real estate market remains weak. The copper price may continue to be weak in the short term. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand during the peak season [2]. - **Zinc**: The zinc price closed 0.33% lower overnight. Zinc concentrate processing fees have declined, and concentrate supply is temporarily tight, but smelting output continues to grow. The inventory of galvanized sheets is generally at a high level. Infrastructure investment growth has slowed, automobile production and sales are growing positively, home appliance production schedules are in negative growth, and the real estate market remains weak. The zinc price may follow the overall trend of non - ferrous metals. Attention should be paid to changes in the US dollar, smelting output, and downstream peak - season demand [2]. 3. Summary by Related Catalog Metal Price and Market Data - **Copper**: The previous domestic futures closing price was 94,780 yuan/ton, with a basis of - 65 yuan/ton. The previous LME 3 - month closing price was 11,835 dollars/ton, and the LME spot premium (CASH - 3M) was - 91.00 dollars/ton. LME inventory was 335,425 tons, with a daily increase of 1,325 tons [2]. - **Aluminum**: The previous domestic futures closing price was 23,960 yuan/ton, with a basis of - 160 yuan/ton. The previous LME 3 - month closing price was 3,192 dollars/ton, and the LME spot premium (CASH - 3M) was 37.83 dollars/ton. LME inventory was 432,725 tons, with a daily decrease of 3,900 tons [2]. - **Zinc**: The previous domestic futures closing price was 22,930 yuan/ton, with a basis of - 65 yuan/ton. The previous LME 3 - month closing price was 3,056 dollars/ton, and the LME spot premium (CASH - 3M) was - 27.42 dollars/ton. LME inventory was 117,850 tons, with a daily decrease of 175 tons [2]. - **Nickel**: The previous domestic futures closing price was 132,750 yuan/ton, with a basis of - 4,730 yuan/ton. The previous LME 3 - month closing price was 16,885 dollars/ton, and the LME spot premium (CASH - 3M) was - 182.99 dollars/ton. LME inventory was 283,770 tons, with a daily decrease of 180 tons [2]. - **Lead**: The previous domestic futures closing price was 16,255 yuan/ton, with a basis of - 190 yuan/ton. The previous LME 3 - month closing price was 1,889 dollars/ton, and the LME spot premium (CASH - 3M) was - 38.62 dollars/ton. LME inventory was 284,250 tons, with a daily decrease of 125 tons [2]. - **Tin**: The previous domestic futures closing price was 342,480 yuan/ton, with a basis of - 130 yuan/ton. The previous LME 3 - month closing price was 42,840 dollars/ton, and the LME spot premium (CASH - 3M) was - 227.00 dollars/ton. LME inventory was 8,955 tons, with a daily decrease of 10 tons [2].

Report Title - 20260313 Shenwan Futures Non-ferrous Metals Basis Daily Report [1] Core Views - Copper: The copper price closed 0.15% lower overnight. Concentrate supply remains tight, and smelting profit is on the verge of profit and loss. Although smelting output decreased month-on-month, it continued to grow overall. Power investment is stable, automobile production and sales are growing positively, home appliance production is negative, and the real estate market is weak. The copper price may fluctuate in the short term. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand in the peak season [2]. - Zinc: The zinc price closed 0.25% lower overnight. 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 positively, home appliance production is negative, and the real estate market is weak. The zinc price may follow the overall trend of non-ferrous metals. Attention should be paid to changes in the US dollar, smelting output, and downstream demand in the peak season [2]. Data Summary | Variety | Domestic Previous Futures Closing Price (CNY/ton) | Domestic Basis (CNY/ton) | Previous LME 3-Month Closing Price (USD/ton) | LME Spot Premium/Discount (CASH - 3M, USD/ton) | LME Inventory (ton) | LME Inventory Daily Change (ton) | | --- | --- | --- | --- | --- | --- | --- | | Copper | 100,740 | 75 | 12,949 | -102.11 | 312,075 | 10,125 | | Aluminum | 25,195 | -130 | 3,533 | 33.85 | 450,125 | -2,250 | | Zinc | 24,230 | -155 | 3,315 | -44.64 | 98,900 | -50 | | Nickel | 137,110 | -3,150 | 17,765 | -207.72 | 286,248 | -840 | | Lead | 16,530 | -190 | 1,936 | -47.22 | 284,875 | 0 | | Tin | 392,000 | 6,760 | 49,230 | 72.00 | 8,605 | 590 | [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Copper: The copper price rose 0.97% overnight. The concentrate supply remains tight, and smelting profits are on the verge of profit and loss. Although smelting output decreased month - on - month, it still shows high growth overall. Power investment is stable, automobile production and sales are growing positively, home appliance production scheduling is negative, and the real estate market is continuously weak. The copper price may fluctuate within a range in the short term. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand during the peak season [2]. - Zinc: The zinc price rose 0.02% overnight. Zinc concentrate processing fees have declined, and the concentrate supply is in a stage of tightness. 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 are growing positively, home appliance production scheduling is negative, and the real estate market is continuously weak. The zinc price may follow the overall trend of non - ferrous metals. Attention should be paid to changes in the US dollar, smelting output, and downstream demand during the peak season [2]. 3. Summary by Relevant Catalog Metal Price and Market Data - **Copper**: The previous domestic futures closing price was 99,880 yuan/ton, the domestic basis was - 55 yuan/ton, the previous LME 3 - month closing price was 12,919 dollars/ton, the LME spot premium/discount (CASH - 3M) was - 67.22 dollars/ton, the LME inventory was 284,325 tons, and the daily change in LME inventory was 2,125 tons [2]. - **Aluminum**: The previous domestic futures closing price was 25,000 yuan/ton, the domestic basis was - 190 yuan/ton, the previous LME 3 - month closing price was 3,388 dollars/ton, the LME spot premium/discount (CASH - 3M) was 22.47 dollars/ton, the LME inventory was 456,875 tons, and the daily change in LME inventory was - 2,250 tons [2]. - **Zinc**: The previous domestic futures closing price was 24,310 yuan/ton, the domestic basis was - 105 yuan/ton, the previous LME 3 - month closing price was 3,326 dollars/ton, the LME spot premium/discount (CASH - 3M) was - 25.77 dollars/ton, the LME inventory was 94,975 tons, and the daily change in LME inventory was - 25 tons [2]. - **Nickel**: The previous domestic futures closing price was 135,430 yuan/ton, the domestic basis was - 5,180 yuan/ton, the previous LME 3 - month closing price was 17,430 dollars/ton, the LME spot premium/discount (CASH - 3M) was - 197.48 dollars/ton, the LME inventory was 287,550 tons, and the daily change in LME inventory was 0 tons [2]. - **Lead**: The previous domestic futures closing price was 16,640 yuan/ton, the domestic basis was - 180 yuan/ton, the previous LME 3 - month closing price was 1,931 dollars/ton, the LME spot premium/discount (CASH - 3M) was - 42.91 dollars/ton, the LME inventory was 285,900 tons, and the daily change in LME inventory was 0 tons [2]. - **Tin**: The previous domestic futures closing price was 382,160 yuan/ton, the domestic basis was - 1,890 yuan/ton, the previous LME 3 - month closing price was 50,095 dollars/ton, the LME spot premium/discount (CASH - 3M) was - 120.00 dollars/ton, the LME inventory was 7,775 tons, and the daily change in LME inventory was 0 tons [2].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The copper price rose 0.34% overnight. 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 at a high rate. Power investment is stable, automobile production and sales are growing positively, home appliance production is negative, and the real estate market is weak. The copper price may enter an adjustment phase in the short term [2]. - The zinc price fell 0.55% overnight. Zinc concentrate processing fees have declined, and the supply of concentrate is temporarily tight. 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, home appliance production is negative, and the real estate market is weak. The zinc price may follow the overall trend of non - ferrous metals [2]. Group 3: Summary According to the Table Copper - Domestic previous - day futures closing price: 101,210 yuan/ton - Domestic basis: - 150 yuan/ton - Previous - day LME 3 - month futures closing price: 13,195 dollars/ton - LME spot premium/discount (CASH - 3M): - 85.04 dollars/ton - LME inventory: 241,825 tons - LME inventory daily change: 6,675 tons [2] Aluminum - Domestic previous - day futures closing price: 23,450 yuan/ton - Domestic basis: - 160 yuan/ton - Previous - day LME 3 - month futures closing price: 3,111 dollars/ton - LME spot premium/discount (CASH - 3M): - 23.62 dollars/ton - LME inventory: 473,550 tons - LME inventory daily change: - 2,000 tons [2] Zinc - Domestic previous - day futures closing price: 24,630 yuan/ton - Domestic basis: - 25 yuan/ton - Previous - day LME 3 - month futures closing price: 3,388 dollars/ton - LME spot premium/discount (CASH - 3M): - 31.25 dollars/ton - LME inventory: 101,550 tons - LME inventory daily change: - 25 tons [2] Nickel - Domestic previous - day futures closing price: 137,500 yuan/ton - Domestic basis: - 5,500 yuan/ton - Previous - day LME 3 - month futures closing price: 17,915 dollars/ton - LME spot premium/discount (CASH - 3M): - 201.05 dollars/ton - LME inventory: 287,706 tons - LME inventory daily change: 0 tons [2] Lead - Domestic previous - day futures closing price: 16,795 yuan/ton - Domestic basis: - 125 yuan/ton - Previous - day LME 3 - month futures closing price: 1,960 dollars/ton - LME spot premium/discount (CASH - 3M): - 46.44 dollars/ton - LME inventory: 286,325 tons - LME inventory daily change: - 800 tons [2] Tin - Domestic previous - day futures closing price: 384,450 yuan/ton - Domestic basis: 2,010 yuan/ton - Previous - day LME 3 - month futures closing price: 50,300 dollars/ton - LME spot premium/discount (CASH - 3M): - 43.00 dollars/ton - LME inventory: 7,675 tons - LME inventory daily change: 15 tons [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - Copper prices closed 2.25% lower overnight. Concentrate supply remains tight, smelting profit is on the verge of profit and loss. Although smelting output has declined month - on - month, it continues to grow overall. Power investment is stable, auto production and sales are growing, home appliance production scheduling is negative, and the real estate market is weak. Copper prices may enter an adjustment phase in the short term [2] - Zinc prices closed 0.87% lower overnight. Zinc concentrate processing fees have declined, concentrate supply is temporarily tight, and smelting output continues to grow. Galvanized sheet inventory is generally at a high level. Infrastructure investment growth has slowed down, auto production and sales are growing, home appliance production scheduling is negative, and the real estate market is weak. Zinc prices may follow the overall trend of non - ferrous metals [2] Group 3: Summary by Relevant Catalog Copper - Night - time price drop: 2.25% [2] - Supply situation: Concentrate supply is tight, smelting profit at the break - even point, smelting output growth continues [2] - Downstream demand: Power investment stable, auto production and sales growing, home appliance production scheduling negative, real estate weak [2] - Price trend: May enter an adjustment phase in the short term [2] - Domestic previous futures closing price: 101,970 yuan/ton, domestic basis: - 80 yuan/ton, previous LME3 - month closing price: 12,856 dollars/ton, LME spot premium/discount: - 94.71 dollars/ton, LME inventory: 192,100 tons, LME inventory daily change: 3,000 tons [2] Zinc - Night - time price drop: 0.87% [2] - Supply situation: Zinc concentrate processing fees decline, concentrate supply is temporarily tight, smelting output continues to grow [2] - Downstream demand: Galvanized sheet inventory high, infrastructure investment growth slows, auto production and sales growing, home appliance production scheduling negative, real estate weak [2] - Price trend: May follow the overall trend of non - ferrous metals [2] - Domestic previous futures closing price: 24,575 yuan/ton, domestic basis: - 25 yuan/ton, previous LME3 - month closing price: 3,382 dollars/ton, LME spot premium/discount: - 28.69 dollars/ton, LME inventory: 105,250 tons, LME inventory daily change: - 1,500 tons [2] Other Metals - **Aluminum**: Domestic previous futures closing price 23,530 yuan/ton, domestic basis - 160 yuan/ton, previous LME3 - month closing price 3,098 dollars/ton, LME spot premium/discount - 32.16 dollars/ton, LME inventory 485,750 tons, LME inventory daily change - 1,225 tons [2] - **Nickel**: Domestic previous futures closing price 139,810 yuan/ton, domestic basis - 5,230 yuan/ton, previous LME3 - month closing price 17,250 dollars/ton, LME spot premium/discount - 205.08 dollars/ton, LME inventory 285,750 tons, LME inventory daily change 0 tons [2] - **Lead**: Domestic previous futures closing price 16,690 yuan/ton, domestic basis - 130 yuan/ton, previous LME3 - month closing price 1,984 dollars/ton, LME spot premium/discount - 47.05 dollars/ton, LME inventory 232,950 tons, LME inventory daily change 200 tons [2] - **Tin**: Domestic previous futures closing price 392,000 yuan/ton, domestic basis 1,840 yuan/ton, previous LME3 - month closing price 47,800 dollars/ton, LME spot premium/discount - 194.00 dollars/ton, LME inventory 7,550 tons, LME inventory daily change 120 tons [2]

Report Industry Investment Rating - Not provided Core Viewpoints - Copper: The copper price rose 0.17% overnight. The concentrate supply remains tight, and smelting profits are on the verge of profit and loss. Although the smelting output decreased month-on-month, it continued to grow overall. Power investment is stable, automobile production and sales are growing positively, home appliance production scheduling is negative, and the real estate market is persistently weak. The copper price may enter an adjustment phase in the short term. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2]. - Zinc: The zinc price fell 0.08% overnight. The processing fee for zinc concentrates has declined, the concentrate supply is temporarily tight, and the 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, home appliance production scheduling is negative, and the real estate market is persistently weak. The zinc price may follow the overall trend of non-ferrous metals. It is recommended to pay attention to the US dollar, smelting output, and downstream demand [2]. Summary by Relevant Catalog Metal Price and Market Conditions - Copper: The previous domestic futures closing price was 101,150 yuan/ton, the domestic basis was -10 yuan/ton, the previous LME 3 - month closing price was 13,100 US dollars/ton, the LME spot premium was -76.10 US dollars/ton, the LME inventory was 184,300 tons, and the daily change was +1,025 tons [2]. - Aluminum: The previous domestic futures closing price was 23,435 yuan/ton, the domestic basis was -200 yuan/ton, the previous LME 3 - month closing price was 3,105 US dollars/ton, the LME spot premium was -34.34 US dollars/ton, the LME inventory was 488,975 tons, and the daily change was -2,000 tons [2]. - Zinc: The previous domestic futures closing price was 24,400 yuan/ton, the domestic basis was -35 yuan/ton, the previous LME 3 - month closing price was 3,398 US dollars/ton, the LME spot premium was -19.55 US dollars/ton, the LME inventory was 106,925 tons, and the daily change was -675 tons [2]. - Nickel: The previous domestic futures closing price was 133,090 yuan/ton, the domestic basis was -5,600 yuan/ton, the previous LME 3 - month closing price was 17,550 US dollars/ton, the LME spot premium was -212.22 US dollars/ton, the LME inventory was 285,072 tons, and the daily change was -210 tons [2]. - Lead: The previous domestic futures closing price was 16,640 yuan/ton, the domestic basis was -135 yuan/ton, the previous LME 3 - month closing price was 1,978 US dollars/ton, the LME spot premium was -50.95 US dollars/ton, the LME inventory was 232,750 tons, and the daily change was -100 tons [2]. - Tin: The previous domestic futures closing price was 381,260 yuan/ton, the domestic basis was 6,150 yuan/ton, the previous LME 3 - month closing price was 49,230 US dollars/ton, the LME spot premium was -159.00 US dollars/ton, the LME inventory was 7,030 tons, and the daily change was -55 tons [2].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The copper price rose 0.65% overnight. The concentrate supply remains tight, and smelting profits are on the verge of profit and loss. Although the smelting output decreased month - on - month, it continued to grow overall. The copper price may enter an adjustment phase in the short term [2]. - The zinc price fell 0.62% overnight. The zinc concentrate processing fee declined, the concentrate supply was temporarily tight, and the smelting output continued to grow. The zinc price may follow the overall trend of non - ferrous metals [2]. Summary According to the Catalog Price and Market Information - Copper: The previous domestic futures closing price was 104,140 yuan/ton, the domestic basis was - 175 yuan/ton, the previous LME 3 - month closing price was 13,410 dollars/ton, the LME spot premium was - 64.25 dollars/ton, the LME inventory was 174,675 tons, and the daily change was - 300 tons [2]. - Aluminum: The previous domestic futures closing price was 23,725 yuan/ton, the domestic basis was - 220 yuan/ton, the previous LME 3 - month closing price was 3,099 dollars/ton, the LME spot premium was - 22.59 dollars/ton, the LME inventory was 497,175 tons, and the daily change was 1,450 tons [2]. - Zinc: The previous domestic futures closing price was 24,915 yuan/ton, the domestic basis was - 85 yuan/ton, the previous LME 3 - month closing price was 3,323 dollars/ton, the LME spot premium was - 22.89 dollars/ton, the LME inventory was 109,100 tons, and the daily change was - 900 tons [2]. - Nickel: The previous domestic futures closing price was 134,120 yuan/ton, the domestic basis was - 6,670 yuan/ton, the previous LME 3 - month closing price was 17,395 dollars/ton, the LME spot premium was - 216.92 dollars/ton, the LME inventory was 285,528 tons, and the daily change was - 756 tons [2]. - Lead: The previous domestic futures closing price was 16,560 yuan/ton, the domestic basis was - 145 yuan/ton, the previous LME 3 - month closing price was 1,962 dollars/ton, the LME spot premium was - 49.63 dollars/ton, the LME inventory was 204,075 tons, and the daily change was - 1,500 tons [2]. - Tin: The previous domestic futures closing price was 382,460 yuan/ton, the domestic basis was 4,290 yuan/ton, the previous LME 3 - month closing price was 50,295 dollars/ton, the LME spot premium was - 241.04 dollars/ton, the LME inventory was 7,105 tons, and the daily change was 10 tons [2]. Downstream Demand - For copper and zinc, power investment is stable, automobile production and sales are growing positively, home appliance production scheduling is in negative growth, and the real estate market remains weak. The infrastructure investment cumulative growth rate for zinc is slowing down, and the galvanized sheet inventory is generally at a high level [2].

Group 1: Investment Ratings - No investment ratings are provided in the report Group 2: Core Views - The copper price closed lower overnight The concentrate supply remains tight, and smelting profits are on the verge of profit and loss Although the smelting output decreased month - on - month, it generally continued to grow strongly The power investment is stable, automobile production and sales are growing, home appliance production is declining, and the real estate market remains weak The supply disruption in the copper mine has led to an expected supply - demand deficit globally After the release of optimistic sentiment, the copper price may experience a phased adjustment [2] - The zinc price closed higher overnight The zinc concentrate processing fee has declined, and the concentrate supply is temporarily tight, but the smelting output continues to grow The galvanized sheet inventory is generally at a high level The cumulative growth rate of infrastructure investment is slowing down, automobile production and sales are growing, home appliance production is declining, and the real estate market remains weak The overall supply - demand difference of zinc is not obvious After the release of the overall optimistic sentiment in non - ferrous metals, the zinc price may experience a phased adjustment [2] Group 3: Summary by Catalog (Market Data) - **Copper**: The previous domestic futures closing price was 102,280 yuan/ton, the domestic basis was - 260 yuan/ton, the previous LME 3 - month contract closing price was 13,024 dollars/ton, the LME spot premium (CASH - 3M) was - 93.80 dollars/ton, the LME inventory was 170,525 tons, and the daily change of LME inventory was - 1,175 tons [2] - **Aluminum**: The previous domestic futures closing price was 24,230 yuan/ton, the domestic basis was - 190 yuan/ton, the previous LME 3 - month contract closing price was 3,213 dollars/ton, the LME spot premium (CASH - 3M) was - 5.71 dollars/ton, the LME inventory was 505,275 tons, and the daily change of LME inventory was - 2,000 tons [2] - **Zinc**: The previous domestic futures closing price was 24,895 yuan/ton, the domestic basis was - 15 yuan/ton, the previous LME 3 - month contract closing price was 3,359 dollars/ton, the LME spot premium (CASH - 3M) was - 30.81 dollars/ton, the LME inventory was 111,325 tons, and the daily change of LME inventory was - 175 tons [2] - **Nickel**: The previous domestic futures closing price was 146,110 yuan/ton, the domestic basis was - 2,370 yuan/ton, the previous LME 3 - month contract closing price was 18,235 dollars/ton, the LME spot premium (CASH - 3M) was - 214.32 dollars/ton, the LME inventory was 285,552 tons, and the daily change of LME inventory was 1,824 tons [2] - **Lead**: The previous domestic futures closing price was 16,935 yuan/ton, the domestic basis was - 140 yuan/ton, the previous LME 3 - month contract closing price was 2,028 dollars/ton, the LME spot premium (CASH - 3M) was - 47.43 dollars/ton, the LME inventory was 213,600 tons, and the daily change of LME inventory was - 1,575 tons [2] - **Tin**: The previous domestic futures closing price was 450,220 yuan/ton, the domestic basis was 12,000 yuan/ton, the previous LME 3 - month contract closing price was 54,865 dollars/ton, the LME spot premium (CASH - 3M) was - 244.00 dollars/ton, the LME inventory was 7,065 tons, and the daily change of LME inventory was - 130 tons [2]

Report Summary of Investment Rating - No information provided on the industry investment rating. Core Viewpoints of the Report - The copper price closed 0.43% lower overnight. The concentrate supply 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. After the release of optimistic sentiment, the copper price may have a phase - wise correction [2]. - The zinc price closed 0.53% lower overnight. Zinc concentrate processing fees have declined, and the concentrate supply is temporarily tight, while smelting output continues to grow. After the release of the overall optimistic sentiment in non - ferrous metals, the zinc price may have a phase - wise correction [2]. Summary by Related Catalog Metal Price and Market Conditions - **Copper**: Night - session copper price down 0.43%, domestic previous - day futures closing price 100,440 yuan/ton, domestic basis - 185 yuan/ton, previous - day LME3 - month contract closing price 12,756 dollars/ton, LME spot premium - 82.84 dollars/ton, LME inventory 159,400 tons with a daily increase of 3,100 tons [2]. - **Aluminum**: Domestic previous - day futures closing price 24,085 yuan/ton, domestic basis - 160 yuan/ton, previous - day LME3 - month contract closing price 3,133 dollars/ton, LME spot premium - 18.98 dollars/ton, LME inventory 507,175 tons with a daily increase of 24,175 tons [2]. - **Zinc**: Night - session zinc price down 0.53%, domestic previous - day futures closing price 24,305 yuan/ton, domestic basis 35 yuan/ton, previous - day LME3 - month contract closing price 3,233 dollars/ton, LME spot premium - 36.66 dollars/ton, LME inventory 111,850 tons with a daily decrease of 450 tons [2]. - **Nickel**: Domestic previous - day futures closing price 143,060 yuan/ton, domestic basis - 3,020 yuan/ton, previous - day LME3 - month contract closing price 18,100 dollars/ton, LME spot premium - 205.73 dollars/ton, LME inventory 284,664 tons with a daily decrease of 72 tons [2]. - **Lead**: Domestic previous - day futures closing price 17,060 yuan/ton, domestic basis - 140 yuan/ton, previous - day LME3 - month contract closing price 2,034 dollars/ton, LME spot premium - 45.02 dollars/ton, LME inventory 222,650 tons with a daily decrease of 2,925 tons [2]. - **Tin**: Domestic previous - day futures closing price 418,420 yuan/ton, domestic basis - 3,600 yuan/ton, previous - day LME3 - month contract closing price 52,660 dollars/ton, LME spot premium - 189.00 dollars/ton, LME inventory 7,210 tons with a daily increase of 250 tons [2]. Supply and Demand Analysis - **Copper**: Concentrate supply is tight, smelting output continues to grow, power investment is stable, automobile production and sales are growing positively, home appliance output is in negative growth, and the real estate market is weak. Supply disruptions in mines have led to an expected supply - demand gap [2]. - **Zinc**: Zinc concentrate processing fees are falling, concentrate supply is temporarily tight, smelting output continues to grow, galvanized sheet inventory is at a high level, infrastructure investment growth is slowing, automobile production and sales are growing positively, home appliance output is in negative growth, and the real estate market is weak. Overall supply - demand differences are not obvious [2].