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].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Copper: The copper price closed 1.28% lower 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 generally continued to grow at a high rate. Power investment is stable, automobile production and sales are growing positively, home appliance production is in negative growth, and the real estate market remains weak. Due to supply disruptions in mines, the global copper supply - demand outlook has shifted to a deficit. After the release of optimistic sentiment, the copper price may experience a phased correction. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2]. - Zinc: The zinc price closed 1.0% lower overnight. The processing fee for zinc concentrates has declined, and the concentrate supply is in a stage of tightness, 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 are growing positively, home appliance production is in negative growth, and the real estate market remains weak. The overall difference in zinc supply and demand is not obvious. After the release of the overall optimistic sentiment in the non - ferrous metals market, the zinc price may experience a phased correction. It is recommended to pay attention to changes in the US dollar, smelting output, and downstream demand [2]. 3. Summary by Related Catalogs Metal Price and Market Data - **Copper**: Domestic previous - day futures closing price is 100,940 yuan/ton, domestic basis is - 155 yuan/ton, previous - day LME 3 - month contract closing price is 12,754 dollars/ton, LME spot premium (CASH - 3M) is 101.84 dollars/ton, LME inventory is 147,425 tons, and the daily change in LME inventory is 3,850 tons [2]. - **Aluminum**: Domestic previous - day futures closing price is 23,880 yuan/ton, domestic basis is - 160 yuan/ton, previous - day LME 3 - month contract closing price is 3,108 dollars/ton, LME spot premium (CASH - 3M) is - 12.62 dollars/ton, LME inventory is 485,000 tons, and the daily change in LME inventory is - 3,000 tons [2]. - **Zinc**: Domestic previous - day futures closing price is 24,365 yuan/ton, domestic basis is - 5 yuan/ton, previous - day LME 3 - month contract closing price is 3,173 dollars/ton, LME spot premium (CASH - 3M) is - 43.57 dollars/ton, LME inventory is 105,050 tons, and the daily change in LME inventory is - 1,475 tons [2]. - **Nickel**: Domestic previous - day futures closing price is 141,360 yuan/ton, domestic basis is - 2,740 yuan/ton, previous - day LME 3 - month contract closing price is 17,614 dollars/ton, LME spot premium (CASH - 3M) is - 200.23 dollars/ton, LME inventory is 285,708 tons, and the daily change in LME inventory is - 24 tons [2]. - **Lead**: Domestic previous - day futures closing price is 17,165 yuan/ton, domestic basis is - 140 yuan/ton, previous - day LME 3 - month contract closing price is 2,029 dollars/ton, LME spot premium (CASH - 3M) is - 46.32 dollars/ton, LME inventory is 203,500 tons, and the daily change in LME inventory is - 2,850 tons [2]. - **Tin**: Domestic previous - day futures closing price is 399,000 yuan/ton, domestic basis is - 5,810 yuan/ton, previous - day LME 3 - month contract closing price is 49,412 dollars/ton, LME spot premium (CASH - 3M) is - 92.00 dollars/ton, LME inventory is 6,440 tons, and the daily change in LME inventory is 505 tons [2].

Report Summary Industry Investment Rating - Not provided in the report Core Viewpoints - The copper price rose 0.49% 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. After the release of optimistic sentiment, the copper price may experience a phased correction [2]. - The zinc price fell 0.04% overnight. Zinc concentrate processing fees declined, and the concentrate supply was temporarily tight, while smelting output continued to grow. After the release of optimistic sentiment in the non - ferrous sector, the zinc price may experience a phased correction [2]. Summary by Related Catalogs Metal Price and Market Conditions - Copper: Overnight price up 0.49%, domestic previous day's futures closing price 100,990 yuan/ton, domestic basis - 110 yuan/ton, previous day's LME 3 - month contract closing price 12,966 dollars/ton, LME spot premium 67.55 dollars/ton, LME inventory 143,575 tons with a daily increase of 2,450 tons [2]. - Aluminum: Domestic previous day's futures closing price 24,025 yuan/ton, domestic basis - 150 yuan/ton, previous day's LME 3 - month contract closing price 3,159 dollars/ton, LME spot premium 15.60 dollars/ton, LME inventory 488,000 tons with a daily decrease of 2,000 tons [2]. - Zinc: Overnight price down 0.04%, domestic previous day's futures closing price 24,410 yuan/ton, domestic basis - 5 yuan/ton, previous day's LME 3 - month contract closing price 3,234 dollars/ton, LME spot discount 41.66 dollars/ton, LME inventory 106,525 tons with a daily decrease of 175 tons [2]. - Nickel: Domestic previous day's futures closing price 142,320 yuan/ton, domestic basis - 5,750 yuan/ton, previous day's LME 3 - month contract closing price 18,133 dollars/ton, LME spot discount 196.02 dollars/ton, LME inventory 285,732 tons with a daily increase of 450 tons [2]. - Lead: Domestic previous day's futures closing price 17,125 yuan/ton, domestic basis - 135 yuan/ton, previous day's LME 3 - month contract closing price 2,061 dollars/ton, LME spot discount 47.13 dollars/ton, LME inventory 206,350 tons with a daily decrease of 5,050 tons [2]. - Tin: Domestic previous day's futures closing price 389,500 yuan/ton, domestic basis 26,370 yuan/ton, previous day's LME 3 - month contract closing price 49,258 dollars/ton, LME spot discount 108.01 dollars/ton, LME inventory 5,935 tons with a daily increase of 10 tons [2]. Demand - side Information - For copper and zinc, power investment is stable, automobile production and sales are growing positively, home appliance production is decreasing, and the real - estate market remains weak. The cumulative growth rate of infrastructure investment for zinc is slowing down, and the galvanized sheet inventory is at a high level [2].

Report Industry Investment Rating - No information provided Core Viewpoints of the Report - The copper price in the night session first declined and then rose, closing up 0.05%. The concentrate supply remains tight, and smelting profits are on the verge of profit and loss. Although smelting output has decreased month - on - month, it generally continues to grow at a high rate. The supply disruption of mines has led to a shift in the global copper supply - demand expectation to a shortage, and short - term copper prices are more affected by market sentiment [2]. - The zinc price in the night session closed up 0.14%. The zinc concentrate processing fee has declined, the concentrate supply 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]. Summary by Relevant Catalogs Metal Price Movements - Copper price in the night session closed up 0.05%, zinc price closed up 0.14% [2] Supply and Demand Analysis - For copper, concentrate supply is tight, smelting output has a high - growth trend, and power investment is stable, auto production and sales are growing positively, home appliance output is negative, and the real estate market is weak. Mine supply disruptions lead to a supply - demand gap expectation [2] - For zinc, concentrate supply is temporarily tight, smelting output grows, galvanized sheet inventory is high, infrastructure investment growth slows, auto production and sales grow positively, home appliance output is negative, and the real estate market is weak [2] Market Data - **Domestic Futures and Basis**: Copper's domestic previous - day futures closing price is 102,200 yuan/ton, basis is - 120 yuan/ton; aluminum's is 24,155 yuan/ton and - 140 yuan/ton; zinc's is 25,050 yuan/ton and - 45 yuan/ton; nickel's is 145,400 yuan/ton and - 1,860 yuan/ton; lead's is 17,450 yuan/ton and - 140 yuan/ton; tin's is 423,780 yuan/ton and - 14,290 yuan/ton [2] - **LME Data**: Copper's previous - day LME 3 - month closing price is 13,149 dollars/ton, LME spot premium (CASH - 3M) is 37.60 dollars/ton, and LME inventory is 141,625 tons with a daily change of 75 tons; aluminum's is 3,172 dollars/ton, 1.42 dollars/ton, 492,000 tons and - 2,000 tons; zinc's is 3,314 dollars/ton, - 27.62 dollars/ton, 106,725 tons and - 175 tons; nickel's is 18,590 dollars/ton, - 187.88 dollars/ton, 284,658 tons and 510 tons; lead's is 2,097 dollars/ton, - 43.58 dollars/ton, 215,200 tons and - 3,725 tons; tin's is 52,775 dollars/ton, - 114.50 dollars/ton, 5,930 tons and 0 tons [2]

Report Industry Investment Rating - Not provided Core Viewpoints - The copper price closed 0.46% lower overnight. The concentrate supply remains tight, and smelting profits are on the verge of profit and loss. Although the smelting output has declined month - on - month, it generally continues to grow at a high rate. The copper supply - demand expectation has turned to a deficit due to mine supply disruptions, and the short - term copper price is more affected by market sentiment [2]. - The zinc price closed 0.66% higher overnight. The zinc concentrate processing fee has declined, the concentrate supply is temporarily tight, and the 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]. Summary by Related Catalogs Copper - Price change: The copper price closed 0.46% lower overnight [2]. - Supply: The concentrate supply is tight, the smelting profit is at the break - even point, and the smelting output has declined month - on - month but still shows high growth. The mine supply disruption leads to an expected supply - demand deficit [2]. - Demand: Power investment is stable, automobile production and sales are growing positively, home appliance production is in negative growth, and the real estate market is continuously weak [2]. - Market data: The previous domestic futures closing price was 103,430 yuan/ton, the domestic basis was 35 yuan/ton, the previous LME 3 - month closing price was 13,172 dollars/ton, the LME spot premium was 64.31 dollars/ton, the LME inventory was 138,975 tons, and the daily change was - 2,100 tons [2]. Zinc - Price change: The zinc price closed 0.66% higher overnight [2]. - Supply: The zinc concentrate processing fee has declined, the concentrate supply is temporarily tight, and the smelting output continues to grow [2]. - Demand: The cumulative growth rate of infrastructure investment has slowed down, automobile production and sales are growing positively, home appliance production is in negative growth, and the real estate market is continuously weak. The overall inventory of galvanized sheets is at a high level [2]. - Market data: The previous domestic futures closing price was 24,315 yuan/ton, the domestic basis was 45 yuan/ton, the previous LME 3 - month closing price was 3,214 dollars/ton, the LME spot discount was - 40.90 dollars/ton, the LME inventory was 107,450 tons, and the daily change was - 550 tons [2]. Other Metals - Aluminum: The previous domestic futures closing price was 24,350 yuan/ton, the domestic basis was - 120 yuan/ton, the previous LME 3 - month closing price was 3,185 dollars/ton, the LME spot premium was 10.40 dollars/ton, the LME inventory was 497,825 tons, and the daily change was - 1,925 tons [2]. - Nickel: The previous domestic futures closing price was 147,400 yuan/ton, the domestic basis was - 5,940 yuan/ton, the previous LME 3 - month closing price was 18,075 dollars/ton, the LME spot discount was - 200.47 dollars/ton, the LME inventory was 284,790 tons, and the daily change was 8,490 tons [2]. - Lead: The previous domestic futures closing price was 17,755 yuan/ton, the domestic basis was - 130 yuan/ton, the previous LME 3 - month closing price was 2,053 dollars/ton, the LME spot discount was - 43.63 dollars/ton, the LME inventory was 222,725 tons, and the daily change was - 3,725 tons [2]. - Tin: The previous domestic futures closing price was 357,800 yuan/ton, the domestic basis was 2,290 yuan/ton, the previous LME 3 - month closing price was 48,200 dollars/ton, the LME spot discount was - 87.01 dollars/ton, the LME inventory was 5,415 tons, and the daily change was 10 tons [2].