1. Report Industry Investment Rating - No relevant content provided. 2. Core Views of the Report Copper - Overnight, both domestic and international copper prices fluctuated weakly, and the import loss of domestic refined copper spot narrowed. The US JOLTS job openings in December 2026 were 6.542 million, the lowest since September 2020, below the expected 7.25 million and the previous 6.928 million. The European Central Bank decided to keep the deposit rate at 2% on Thursday, pausing rate - cuts for the fifth consecutive time since June last year, and continued to focus on inflation risks. LME copper inventory increased by 1,925 tons to 180,575 tons; Comex inventory rose by 2,036 tons to 532,005 tons; SHFE copper warrants increased by 907 tons to 160,679 tons, and BC copper increased by 2,052 tons to 12,667 tons. The turmoil in the US financial market and the second - round correction of precious metals hit the non - ferrous market again. Considering the fundamental problems in the copper market, prices may fluctuate around the Spring Festival. However, the rigid constraints on the copper mine end and the certainty of long - term demand mean that any significant decline will attract long - term allocation funds and industrial buyers, laying a more solid foundation for the medium - to - long - term rise of copper prices [1]. Aluminum - Overnight, alumina fluctuated strongly, with AO2605 closing at 2,822 yuan/ton, a 1.15% increase, and the open interest decreased by 3,875 lots to 356,000 lots. Overnight, Shanghai aluminum fluctuated weakly, with AL2603 closing at 23,570 yuan/ton, a 0.23% decline, and the open interest decreased by 1,047 lots to 206,000 lots. Aluminum alloy fluctuated weakly, with the overnight main contract AD2603 closing at 22,150 yuan/ton, a 0.18% decline, and the open interest decreased by 150 lots to 4,211 lots. The SMM alumina price dropped to 2,619 yuan/ton, and the aluminum ingot spot discount narrowed to 180 yuan/ton. The Foshan A00 quotation dropped to 23,340 yuan/ton, at par with the Wuxi A00. The processing fees of aluminum rods in many regions remained stable, while those in Xinjiang, Nanchang, and Guangdong increased by 30 - 50 yuan/ton. The processing fees of 1A60 - series and 6/8 - series aluminum rods remained stable, and the low - carbon aluminum rod processing fee decreased by 453 yuan/ton. Recently, the number of alumina overhauls in various regions has increased, and supply disruptions have led alumina into a narrow - range recovery. As the downstream stocking nears the end and logistics stagnates before the festival, alumina inventory gradually accumulates and then declines as the sentiment fades. The domestic aluminum - water ratio has weakened. High prices and repeated environmental protection controls in the Central Plains have led downstream enterprises to generally reduce or cancel pre - festival centralized stocking. With the buffer of the holiday, the pre - festival capital sentiment is expected to gradually subside. Attention should be paid to whether the development of the US - Iran situation will lead to new macro - pricing and whether the downstream stocking sentiment will improve after the aluminum price correction [1][2]. Nickel - Overnight, LME nickel fell 0.1% to $15,115/ton, and Shanghai nickel fell 0.14% to 121,180 yuan/ton. LME nickel inventory decreased by 240 tons to 286,074 tons, and SHFE warrants increased by 2,392 tons to 50,464 tons. In terms of basis, the LME 0 - 3 month basis remained negative, and the import nickel basis remained at a discount of 100 yuan/ton. Fundamentally, the prices of nickel ore and nickel iron have strengthened, indicating concerns about tight resource supply, and the marginal cost support continues to rise. In the stainless - steel market, due to the Spring Festival in February, the weekly inventory has increased, but there are many overhauls on the supply side. In the new - energy sector, the MHP price is strong, providing relatively strong cost support for nickel sulfate, but the spot procurement and sales are relatively sluggish, and the output of ternary materials is also expected to decline month - on - month. Recently, market sentiment has weakened, and nickel prices have followed suit. Although the phased demand has declined month - on - month, the cost support remains solid, and it is expected to strongly support prices. Coupled with frequent disturbances in Indonesian news, attention can be paid to the opportunity of lightly testing long positions near the cost line. However, currently, the nickel price does not have the fundamental support to launch an independent market, so the resonance of market sentiment also needs to be considered [2]. 3. Summary According to Relevant Catalogs Daily Data Monitoring Copper - **Price**: The price of flat - copper decreased by 3,255 yuan/ton, and 1 bright scrap copper in Guangdong dropped by 800 yuan/ton. The refined - scrap price difference in Guangdong decreased by 2,894 yuan/ton. The prices of oxygen - free copper rods and low - oxygen copper rods in Shanghai decreased by 2,700 yuan/ton and 2,200 yuan/ton respectively. - **Inventory**: LME registered + cancelled inventory remained unchanged at 178,650 tons, Comex inventory increased by 1,716 tons to 529,963 tons, and the total social inventory (domestic + bonded area) remained at 40.9 million tons. The SHFE total inventory (weekly) increased by 7,067 tons to 233,004 tons [4]. Lead - **Price**: The average price of 1 lead in the Yangtze River Non - ferrous market increased by 40 yuan/ton. The prices of lead concentrates in some regions decreased slightly, and the processing fees remained unchanged. - **Inventory**: The LME registered + cancelled inventory remained unchanged at 232,850 tons, and the SHFE inventory (weekly) increased by 1,233 tons to 30,584 tons [4]. Aluminum - **Price**: The Wuxi and Nanhai quotes decreased by 430 yuan/ton, and the spot premium increased by 30 yuan/ton. The prices of some raw materials decreased slightly, while the FOB price of alumina increased by 5 US dollars/ton. - **Inventory**: The LME registered + cancelled inventory remained unchanged at 495,175 tons, the SHFE total inventory (weekly) increased by 19,718 tons to 216,771 tons, the electrolytic aluminum social inventory (weekly) increased by 34,000 tons to 777,000 tons, and the alumina social inventory (weekly) increased by 10,000 tons to 178,000 tons [5]. Nickel - **Price**: The price of Jinchuan nickel decreased by 1,600 yuan/ton. The prices of some nickel - related products remained stable or changed slightly. - **Inventory**: The LME registered + cancelled inventory remained unchanged at 286,314 tons, the SHFE nickel inventory (weekly) increased by 4,602 tons to 55,396 tons, and the social nickel inventory (weekly) increased by 2,784 tons to 66,294 tons [5]. Zinc - **Price**: The main - contract settlement price decreased by 0.5%, and the prices of various zinc products, including spot and alloys, decreased. - **Inventory**: The LME inventory remained unchanged at 108,200 tons, the SHFE inventory (weekly) increased by 793 tons to 6,268 tons, and the social inventory (weekly) increased by 3,800 tons to 111,200 tons [7]. Tin - **Price**: The main - contract settlement price decreased by 3.4%, and the prices of tin products such as spot and concentrates decreased significantly. - **Inventory**: The LME inventory remained unchanged at 7,110 tons, and the SHFE inventory (weekly) increased by 748 tons to 10,468 tons [7]. Chart Analysis - **Spot Basis**: The report provides historical charts of the spot basis for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026, which can be used to analyze price differences between spot and futures [9][10][11][13]. - **SHFE Near - to - Far Month Spread**: It shows the historical charts of the SHFE near - to - far month spread for the above - mentioned metals from 2021 - 2026, helping to understand the term - structure of futures prices [16][18][19][20]. - **LME Inventory**: Historical charts of LME inventory for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 are presented, which can reflect the supply situation in the international market [22][24][26]. - **SHFE Inventory**: The report offers historical charts of SHFE inventory for the above metals from 2019 - 2026, which can reflect the supply situation in the domestic market [28][30][32]. - **Social Inventory**: It includes historical charts of the social inventory for copper, aluminum, nickel, zinc, stainless steel, and 300 - series stainless steel from 2019 - 2026, which can help analyze the overall market supply [34][36][38]. - **Smelting Profit**: Historical charts of copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit margin from 2019 - 2026 are provided, which can be used to analyze the profit situation of the smelting industry [41][43][45]. Team Introduction - **Zhan Dapeng**: A science master, currently the director of non - ferrous research at Everbright Futures Research Institute, a senior precious - metals researcher, a medium - level gold investment analyst. He has won many awards and has more than ten years of commodity research experience. He has published dozens of professional articles in public newspapers and magazines and has been interviewed by many media. His futures qualification number is F3013795, and his trading - consulting qualification number is Z0013582 [47]. - **Wang Heng**: A master of finance from the University of Adelaide, Australia. Currently a non - ferrous researcher at Everbright Futures Research Institute, mainly researching aluminum and silicon. He has won relevant industry awards and has in - depth research in areas such as hedging accounting and disclosure. His futures qualification number is F3080733, and his trading - consulting qualification number is Z0020715 [47]. - **Zhu Xi**: A master of science from the University of Warwick, UK. Currently a non - ferrous researcher at Everbright Futures Research Institute, mainly researching lithium and nickel. She has won relevant industry awards and focuses on the integration of non - ferrous metals and new energy. Her futures qualification number is F03109968, and her trading - consulting qualification number is Z0021609 [48].

1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Views of the Report - **Copper**: Overnight, LME copper first declined and then rose, while domestic copper fluctuated widely. The import of refined copper in China remained at a loss. The US economy showed signs of improvement, with retail sales and housing sales data being positive. LME, Comex, SHFE, and BC copper inventories all increased. High copper prices led to more cautious downstream procurement, and the export window gradually opened, which may be beneficial for export demand in Q1. The US Supreme Court's non - decision on the Trump tariff policy case briefly alleviated market concerns. At present, there are signs of weakening fundamentals under high copper prices, but market sentiment remains strong. A prudent and optimistic view is recommended [1]. - **Aluminum**: Overnight, alumina, Shanghai aluminum, and aluminum alloy all fluctuated weakly. The price of SMM alumina declined, and the spot discount of aluminum ingots widened. Alumina plants have high ore reserves, with low short - term premium procurement sentiment and decreasing costs. Alumina production continued to increase after environmental control ended, and with imports, inventories at manufacturers and downstream continued to accumulate. The logic of spot prices converging to futures prices continued. The profit from Xinjiang's warehouse delivery may put pressure on the market. After the end of environmental control and the cancellation of export tax rebates, photovoltaic enterprises rushed to export, and the start - up of the processing end is expected to remain resilient, slightly alleviating the pressure of aluminum ingot inventory accumulation. The macro - micro divergence is gradually narrowing, and the over - heating boost is being rationally corrected. Aluminum prices continue to be high, and the spot discount continues to narrow [1][2]. - **Nickel**: Overnight, LME nickel rose 6.73% and Shanghai nickel rose 5.62%. LME and SHFE inventories increased. The Indonesian government plans to reduce the nickel ore production target in 2026. As prices rise rapidly, product prices in all links of the industrial chain have strengthened, and the production of primary nickel has increased significantly. The tightening of Indonesia's nickel ore quota policy may lead to a global primary nickel supply - demand gap, stimulating nickel prices to strengthen. Short - term attention is recommended to the opportunity of going long near the cost line [2]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Copper**: Overnight, LME copper first declined and then rose, with domestic wide - range fluctuations. The import of refined copper in China was at a loss. US economic data was positive, and copper inventories in multiple markets increased. High copper prices made downstream procurement cautious, and the export window opened. The non - decision on the tariff policy case alleviated concerns. Fundamentals are weakening under high prices, but market sentiment is strong [1]. - **Aluminum**: Overnight, alumina, Shanghai aluminum, and aluminum alloy fluctuated weakly. Alumina prices declined, and the spot discount of aluminum ingots widened. Ore reserves are high, costs are decreasing, and inventories are accumulating. The end of environmental control and export - related policies affect the market, and the macro - micro divergence is narrowing [1][2]. - **Nickel**: Overnight, LME and Shanghai nickel prices rose significantly. Inventories increased. Indonesia plans to reduce nickel ore production. The industrial chain product prices strengthened, and the tightening of the quota policy may cause a supply - demand gap [2]. 3.2 Daily Data Monitoring - **Copper**: On January 14, 2026, the price of flat - water copper increased by 1360 yuan/ton compared to the previous day, and the premium increased by 35 yuan/ton. The price of scrap copper and the refined - scrap price difference both increased. LME inventory remained unchanged, while SHFE and COMEX inventories increased. The social inventory increased by 20,000 tons. The active contract's import loss decreased [3]. - **Lead**: The average price of 1 lead increased by 10 yuan/ton, and the prices of related lead products also changed slightly. LME inventory remained unchanged, while SHFE inventory increased [3]. - **Aluminum**: On January 14, 2026, the prices of aluminum in Wuxi and Nanhai increased, and the spot discount widened. The prices of raw materials such as alumina and pre - baked anodes changed slightly. LME inventory remained unchanged, while SHFE inventory and social inventory of electrolytic aluminum increased, and the social inventory of alumina decreased [4]. - **Nickel**: The price of Jinchuan nickel increased by 1250 yuan/ton. The prices of some nickel - related products remained stable, while the prices of some new - energy nickel products decreased. LME inventory remained unchanged, while SHFE nickel inventory and social inventory increased, and stainless - steel inventory decreased [4]. - **Zinc**: The main settlement price increased by 1.2%. The prices of related zinc products all increased. The weekly TC remained unchanged. LME inventory remained unchanged, while SHFE inventory increased, and the social inventory decreased [6]. - **Tin**: The main settlement price increased by 4.5%, and the LmeS3 price decreased by 2.1%. The prices of related tin products increased. SHFE inventory decreased, and the registered warehouse receipt increased [6]. 3.3 Chart Analysis - **Spot Premium**: The report provides charts of the spot premium of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [7][8][9]. - **SHFE Near - Far Month Spread**: Charts of the near - far month spread of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 are presented [13][15][17]. - **LME Inventory**: Charts of the LME inventory of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 are shown [19][21][23]. - **SHFE Inventory**: Charts of the SHFE inventory of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 are provided [25][27][29]. - **Social Inventory**: Charts of the social inventory of copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2026 are presented [31][33][35]. - **Smelting Profit**: Charts of the copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit margin from 2019 - 2026 are shown [38][40][42]. 3.4 Team Introduction - **Zhan Dapeng**: A science master, currently the director of non - ferrous research at Everbright Futures Research Institute, a senior precious - metals researcher, and a gold intermediate investment analyst. He has over a decade of commodity research experience, serves many leading spot enterprises, and has published dozens of professional articles. His team has won the Best Metal Industry Futures Research Team Award from Futures Daily & Securities Times for four consecutive sessions [45]. - **Wang Heng**: A finance master from the University of Adelaide, Australia. An analyst at Everbright Futures Research Institute, mainly researching aluminum and silicon. He has won relevant industry awards, focuses on the domestic non - ferrous industry and new - energy industry chain, and provides in - depth reports and policy interpretations [45]. - **Zhu Xi**: A science master from the University of Warwick, UK. An analyst at Everbright Futures Research Institute, mainly researching lithium and nickel. He has won relevant industry awards, focuses on the integration of non - ferrous metals and new energy, and serves many leading new - energy enterprises [46].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Views of the Report - The exemption of tariffs on imported refined copper in the US will significantly change the global copper trade flow in the second half of the year, with copper resources shifting to non - US markets. The supply - demand fundamentals of Shanghai copper are expected to become looser [4]. - The zinc market shows a pattern of increasing supply and weak demand, with imports and processing fees rising, and downstream demand weakening [5]. - The aluminum industry chain is in a weak market sentiment. Aluminum, alumina, and recycled aluminum alloy are all recommended to be treated with a short - selling mindset [6]. - The tin price is suppressed by the correction of the non - ferrous sector, with weak fundamentals [7]. - The lead price is under pressure in the short term, and attention should be paid to the driving force of the peak season and macro - orientation [8][9]. - The nickel market has an overall oversupply pattern, and the stainless steel market is affected by the black series and the weakness of nickel, with both supply and demand being weak [10]. 3. Summary by Directory 3.1 First Part: Non - ferrous Metals Operating Logic and Investment Recommendations - **Macro Logic**: The non - ferrous sector fluctuates with the profit - taking in the domestic anti - involution stage. The trade situation is gradually becoming clear, and the non - ferrous metals are in a weak adjustment stage. Key events this week include Sino - US trade negotiations, the Fed's interest rate decision, and important economic data releases [13][14][15]. - **Investment Recommendations for Each Metal** - **Copper**: The supply - demand fundamentals are expected to be loose. It is recommended to buy on dips, with a support range of 77,000 - 78,000 yuan/ton and a pressure range of 80,000 - 82,000 yuan/ton [4][16]. - **Zinc**: Supply increases while demand is weak. It is recommended to go short on rallies, with a support range of 21,600 - 21,800 and a pressure range of 22,800 - 23,100 [5][18]. - **Aluminum Industry Chain**: The market sentiment is weak. Short - selling is recommended for aluminum, alumina, and cast aluminum alloy, with corresponding support and pressure ranges [6][18]. - **Tin**: The fundamentals are weak. It is recommended to hold short positions, with a support range of 250,000 - 255,000 and a pressure range of 270,000 - 290,000 [7][18]. - **Lead**: It is in a range - bound state. It is recommended to wait and see, with a support range of 16,600 - 16,800 and a pressure range of 17,200 - 17,400 [9][19]. - **Nickel**: The supply is in an oversupply pattern. It is recommended to go short on rallies, with a support range of 115,000 - 116,000 and a pressure range of 122,000 - 123,000 [10][19]. - **Stainless Steel**: It is in a weak supply - demand situation. It is recommended to be short - biased, with a support range of 12,300 - 12,400 and a pressure range of 12,800 - 13,000 [10][19]. 3.2 Second Part: Non - ferrous Metals Market Review - **Futures Closing Prices and Price Changes**: Copper closed at 78,040 with a decline of 1.13%; zinc at 22,345 with a decline of 1.43%; aluminum at 20,510 with a decline of 0.56%; alumina at 3222 with a decline of 3.13%; tin at 265,290 with a decline of 0.96%; lead at 16,735 with a decline of 0.92%; nickel at 119,830 with a decline of 1.55%; stainless steel at 12,805 with a decline of 0.89%; and cast aluminum alloy at 19,950 with a decline of 0.60% [20][21]. 3.3 Third Part: Non - ferrous Metals Position Analysis - The report provides the latest position analysis of the non - ferrous metals sector, including the net long - short position changes and the influence of different forces on various varieties [23]. 3.4 Fourth Part: Non - ferrous Metals Spot Market - The report presents the spot prices and price changes of various non - ferrous metals, such as copper, zinc, aluminum, alumina, nickel, stainless steel, tin, lead, and cast aluminum alloy [24][26]. 3.5 Fifth Part: Non - ferrous Metals Industry Chain - The report includes various charts related to the industry chain of each metal, such as inventory changes, processing fees, and price trends, which help to understand the supply - demand relationship and market conditions of each metal [27][31][33]. 3.6 Sixth Part: Non - ferrous Metals Arbitrage - The report provides charts on the arbitrage relationships of various non - ferrous metals, such as the ratio of domestic and foreign prices, basis, and spreads between different contracts [57][60][62]. 3.7 Seventh Part: Non - ferrous Metals Options - The report includes charts related to the options of various non - ferrous metals, such as historical volatility, implied volatility, trading volume, and open interest [74][75][77].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The US copper tariff policy has increased market volatility, and the current policy remains uncertain, with price volatility risks still present. The production of refined copper in China is expected to remain high in July, and the inventory is expected to be relatively stable. The performance of SHFE copper is expected to be stronger than that of LME copper [2]. - The domestic commodity market sentiment remains strong, but there is uncertainty in overseas trade. The inventory of aluminum ingots remains low, but the supply of aluminum ingots is expected to increase, and the inventory accumulation in July is expected to be higher than last year, which will resist the upward movement of aluminum prices [4]. - The supply of primary lead remains high, while the supply of recycled lead is tight. The price of lead - acid batteries has stabilized, and the overall lead price shows a relatively strong trend, but the increase in SHFE lead is expected to be limited due to weak domestic consumption [5]. - The supply of zinc ore remains high, and the expectation of zinc ingot production increase is strong. The inventory accumulation has accelerated, and the zinc price is under downward pressure [6]. - The short - term supply of tin ore is in short supply, but the downstream's acceptance of high - priced raw materials is limited. The tin price is expected to fluctuate within a certain range [7][8]. - The main contradiction in the nickel market lies in the stainless - steel production line. The demand for stainless steel is weak, and the nickel price is expected to fluctuate in the short term. It is recommended to short on rallies [9]. - The price of lithium carbonate has rebounded, but the supply - demand relationship has not changed significantly, and the upside space is limited [11]. - The alumina production capacity is in excess, and the futures price is expected to be anchored by cost. It is recommended to short on rallies [14]. - It is the traditional off - season for stainless - steel consumption, and the supply - demand imbalance is difficult to reverse in the short term, and the spot market is expected to remain weak [16]. - The supply and demand of cast aluminum alloy are both weak, and the futures price is under pressure due to the large basis between futures and spot and the expected limited increase in aluminum prices [18]. 3. Summary by Metals Copper - **Price**: LME copper slightly decreased by 0.05% to $9660/ton, and SHFE copper closed at 78330 yuan/ton [2]. - **Inventory**: LME inventory increased by 4625 tons to 107125 tons, and SHFE copper warehouse receipts increased by 0.2 to 2.1 million tons [2]. - **Market**: The domestic spot import loss narrowed, the Yangshan copper premium rebounded, and the scrap - to - refined copper price difference decreased [2]. Aluminum - **Price**: LME aluminum rose 0.97% to $2602/ton, and SHFE aluminum closed at 20685 yuan/ton [4]. - **Inventory**: LME aluminum inventory increased by 0.6 million tons to 39.1 million tons, and SHFE aluminum futures warehouse receipts increased by 0.06 to 4.8 million tons. The three - place aluminum ingot inventory decreased by 0.65 million tons [4]. - **Market**: The domestic spot is at a discount, and the trading atmosphere has improved [4]. Lead - **Price**: SHFE lead index rose 0.07% to 17180 yuan/ton, and LME lead 3S rose to $2048.5/ton [5]. - **Inventory**: SHFE lead futures inventory was 5.06 million tons, and LME lead inventory was 25.81 million tons [5]. - **Market**: The refined - to - scrap lead price difference was 50 yuan/ton, and the overall lead price showed a relatively strong trend [5]. Zinc - **Price**: SHFE zinc index rose 0.36% to 22064 yuan/ton, and LME zinc 3S rose to $2720/ton [6]. - **Inventory**: SHFE zinc futures inventory was 0.9 million tons, and LME zinc inventory was 10.85 million tons [6]. - **Market**: The domestic social inventory slightly increased, and the zinc price was under downward pressure [6]. Tin - **Price**: On July 9, 2025, SHFE tin main contract closed at 262920 yuan/ton, down 1.00% [7]. - **Inventory**: SHFE futures registered warehouse receipts decreased by 4 tons to 6738 tons, and LME inventory increased by 75 tons to 2060 tons [7]. - **Market**: The supply of tin ore is short - term tight, and the downstream consumption is in the off - season. The tin price is expected to fluctuate within a certain range [7][8]. Nickel - **Price**: SHFE nickel main contract closed at 119420 yuan/ton, down 0.19%, and LME nickel main contract closed at $15000/ton, down 0.10% [9]. - **Market**: The demand for stainless steel is weak, the nickel - iron price has decreased, and the nickel price is expected to fluctuate in the short term [9]. Lithium Carbonate - **Price**: The MMLC spot index rose 0.53%, and the LC2509 contract rose 0.81% [11]. - **Market**: The price of lithium carbonate has rebounded, but the upside space is limited due to unchanged supply - demand relationship [11]. Alumina - **Price**: On July 9, 2025, the alumina index rose 0.65% to 3110 yuan/ton [13]. - **Inventory**: The futures warehouse receipts remained unchanged at 1.86 million tons [13]. - **Market**: The alumina production capacity is in excess, and the futures price is expected to be anchored by cost [14]. Stainless Steel - **Price**: The stainless - steel main contract closed at 12770 yuan/ton, up 0.55% [16]. - **Inventory**: The futures inventory decreased by 120 tons, and the social inventory decreased to 115.68 million tons, with the 300 - series inventory decreasing by 1.64% [16]. - **Market**: It is the off - season for consumption, and the supply - demand imbalance is difficult to reverse in the short term [16]. Cast Aluminum Alloy - **Price**: The AD2511 contract closed down 0.1% to 19830 yuan/ton [18]. - **Inventory**: The social inventory of recycled aluminum alloy ingots in three places increased to 2.45 million tons [18]. - **Market**: The supply and demand are both weak, and the futures price is under pressure [18].

Group 1 - The core viewpoint of the article highlights the mixed performance in the non-ferrous metals market, influenced by supply and demand factors [1] - Copper prices in Shanghai rose to 78,415 yuan, with a narrowing premium in both Shanghai and Guangdong [1] - The aluminum market showed a decline, with an increase in inventory by 15,000 tons, indicating early signs of seasonal demand weakness [1] Group 2 - The market is experiencing significant divergence, with concerns over supply disruptions easing following a ceasefire in Israel and Palestine [1] - The aluminum and casting aluminum alloy price gap remains large, while the price difference between AL_2511 and AD2511 is only around 400 yuan, suggesting potential trading opportunities [1] - Zinc supply continues to recover, but demand remains weak, leading to a bearish outlook for the zinc market despite recent price rebounds [1]