1. Report Industry Investment Rating - No relevant content provided 2. Core Views - **Copper**: Today, the main contract of Shanghai copper slightly declined, and the trading volume decreased, indicating that the market has become more cautious. The spot discount remained stable, and the downstream inventory - building demand was limited. The high global copper inventory on the LME and the strong US dollar index continued to suppress short - term prices. Although the policies of the Two Sessions in China stabilized expectations, the manufacturing PMI in February dropped to 49.0, and the demand recovery needs further verification. Recently, Shanghai copper may maintain a volatile pattern [6] - **Aluminum**: Today, the main contract of Shanghai aluminum slightly declined, and the trading volume decreased, indicating a cooling market sentiment. The continuous decline of LME aluminum inventory supported long - term prices. However, the US dollar index rose to around 99, and the trading of supply disruptions in the Middle East eased, leading to a weak short - term trend. The downstream resumption of work was average, and the terminal demand did not increase significantly. The market may enter a volatile adjustment [7] 3. Summary by Related Catalogs Copper - related Charts - **Chart 1**: Copper basis [9][10] - **Chart 2**: Copper monthly spread [17] - **Chart 3**: SHFE warehouse receipts [11] - **Chart 4**: LME inventory [15] - **Chart 5**: COMEX inventory [13] - **Chart 6**: London copper premium/discount [18] Aluminum - related Charts - **Chart 7**: Aluminum basis [19][21] - **Chart 8**: Aluminum monthly spread [22] - **Chart 9**: SHFE warehouse receipts daily report [24] - **Chart 10**: Shanghai - London ratio [24] - **Chart 11**: LME inventory [24] - **Chart 12**: London aluminum premium/discount [26]