Report Information - Report Date: August 25, 2025 [2] - Report Type: Copper and Aluminum Weekly Report - Industry: Non - ferrous Metals Report Industry Investment Rating - Not provided in the report Core Views - Copper: With rising overseas interest - rate cut expectations and the approaching domestic industrial peak season, copper prices may show strength. Last week, Shanghai copper weakened, with little change in open interest and a decline in amplitude. After Fed Chairman Powell's dovish speech at the Jackson Hole meeting, the market's interest - rate cut expectations increased, leading to a rise in copper prices. [3][52] - Aluminum: With a positive macro environment and the domestic industry entering the peak season, aluminum prices are expected to be strong. Last week, Shanghai aluminum rebounded after reaching a low, with open interest decreasing when prices fell and increasing when prices rose. After Powell's speech, aluminum prices went up. On the industrial side, electrolytic aluminum social inventory decreased slightly last Thursday, and downstream aluminum rod inventory continued to decline slowly. [4][52] Summary by Directory 1. Macro Factors - Overseas: On August 22, 2025, at 22:00 Beijing time, Fed Chairman Powell's speech at the Jackson Hole meeting was interpreted as dovish, strongly suggesting a possible monetary policy adjustment and a significant increase in the possibility of a September interest - rate cut. His speech focused on economic risk assessment and the adjustment of the Fed's monetary policy framework. [8] 2. Copper 2.1 Quantity and Price Trends - Last week, Shanghai copper weakened, with little change in open interest and a decline in amplitude. After Powell's dovish speech, copper prices rose. [3][52] 2.2 Copper Ore Processing Fees Remain Low - Since January, copper ore processing fees have been continuously decreasing, reflecting both a tight copper ore supply and over - capacity in smelting. Domestic copper ore port inventory is similar to that of the same period last year, indicating an expected tight supply at the domestic mine end and that the low TC is mainly due to over - capacity in smelting. [24] 2.3 Slower De - stocking of Electrolytic Copper - The de - stocking of domestic electrolytic copper has slowed down. [29] 2.4 Downstream Primary End - Copper downstream monthly capacity utilization data is presented, including for products like refined copper rods, copper tubes, copper bars, and copper strips. [32][34] 3. Aluminum 3.1 Quantity and Price Trends - Last week, Shanghai aluminum rebounded after reaching a low, with open interest decreasing when prices fell and increasing when prices rose. After Powell's speech, aluminum prices went up. Aluminum prices were stronger than the overall non - ferrous metal sector. [4][52] 3.2 Upstream Industry Chain - Aluminum bauxite port inventory and alumina price data are presented. [39][40][41] 3.3 Electrolytic Aluminum Inventory Accumulation - Data on overseas electrolytic aluminum inventory (LME + COMEX) and domestic electrolytic aluminum social inventory are provided. [42][43] 3.4 Downstream Primary End - Aluminum rod capacity utilization, 6063 aluminum rod processing fees (average price), and 6063 aluminum rod inventory data are presented. [45][49][50] 4. Conclusion - Copper: With overseas macro improvement and the approaching domestic industrial peak season, copper prices may show strength. [3][52] - Aluminum: With a positive macro environment and enhanced domestic industrial support, aluminum futures prices are expected to be strong. [4][52]

Report Industry Investment Rating No relevant content provided. Core Views - For Shanghai copper, the price increased with rising positions during the night session last Friday and maintained strong performance today, with the main contract price approaching the 80,000 mark. The dovish speech of Fed Chairman Powell at the Jackson Hole meeting on the 22nd led to a significant increase in market risk appetite and a decline in the US dollar index, which is positive for copper prices. Domestically, as the peak season approaches, the social inventory of electrolytic copper is decreasing, strengthening industrial support. It is expected that copper prices will maintain a strong trend, and attention should be paid to the long - short game at the 80,000 mark [4]. - For Shanghai aluminum, the price showed an upward trend during the night session last Friday and maintained a volatile trend today. The rising overseas interest - rate cut expectation has increased market risk appetite. However, domestic electrolytic aluminum inventories increased on Monday. With the improvement of the macro situation and the weak industrial reality, it is expected that aluminum prices will fluctuate [5]. - For Shanghai nickel, the price hit the bottom and rebounded last Friday, and the main contract price fluctuated above 120,000 today. Although the non - ferrous metals sector rebounded with the improvement of the overseas macro situation, nickel underperformed the sector. The continuous increase in domestic nickel ore and nickel inventories is suppressing nickel prices. With the improvement of the macro situation and industrial negatives, it is expected that nickel prices will fluctuate [6]. Industry Dynamics Copper - On August 25, the spot inventory of electrolytic copper in the domestic market was 120,000 tons, a decrease of 24,200 tons compared to August 18 and a decrease of 9,700 tons compared to August 21 [8]. Aluminum - On August 25, the spot inventory of domestic electrolytic aluminum was 603,000 tons, an increase of 23,000 tons compared to August 18 and an increase of 24,000 tons compared to August 21 [9]. Nickel - On August 25, for the mainstream reference contract SHFE nickel 2509 in the Shanghai market, the mainstream premium of Jinchuan electrolytic nickel was +2,600 yuan/ton, with a price of 122,610 yuan/ton; the mainstream premium of Russian nickel was +500 yuan/ton, with a price of 120,510 yuan/ton; the mainstream premium of Norwegian nickel was +3,100 yuan/ton, with a price of 123,110 yuan/ton; the mainstream premium of nickel beans was +2,550 yuan/ton, with a price of 122,560 yuan/ton [10]. Related Charts Copper - Charts include copper basis, copper monthly spread, electrolytic copper domestic visible inventory (social inventory + bonded area inventory), overseas copper exchange inventory, LME copper注销仓单比例, and SHFE warehouse receipt inventory [11][16][20]. Aluminum - Charts include aluminum average price spread, aluminum monthly spread, electrolytic aluminum domestic social inventory, electrolytic aluminum overseas exchange inventory (LME + COMEX), alumina inventory, and aluminum bar inventory [24][30][31]. Nickel - Charts include nickel basis, LME nickel inventory and注销仓单比例, LME nickel trend, SHFE nickel inventory, and nickel ore port inventory [36][39][45].