Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **沪铜**: The night before, SHFE copper opened lower and broke through the 79,000 mark. During the day, the copper price fluctuated within a narrow range, and the trading volume changed little. The decline in copper price may be due to the short - term decrease in overseas risk appetite, which led to a general decline in the non - ferrous sector after the Asian session yesterday. The social inventory of electrolytic copper in the domestic market increased slightly on Thursday. Continued attention should be paid to the long - short game at the 79,000 mark [4]. - **沪铝**: SHFE aluminum opened lower last night, then fluctuated and stabilized, and rebounded today with a slight decrease in trading volume. Overseas market risk appetite declined, causing a general decline in the non - ferrous sector. The social inventory of domestic electrolytic aluminum increased slightly on Thursday. Technically, the aluminum price faces technical pressure at the previous high [5]. - **沪镍**: Last night, the nickel price opened low, continued to decline, and then stabilized. Today, it maintained a volatile trend with a slight decrease in trading volume. Overseas market risk appetite declined, causing a general decline in the non - ferrous sector. The oversupply of nickel elements continued to put pressure on the futures price, and it is expected to maintain a volatile operation [6]. 3. Industry Dynamics - **Copper**: On August 28, the spot inventory of electrolytic copper in the domestic market was 127,900 tons, a decrease of 1,800 tons compared with the 21st and an increase of 7,900 tons compared with the 25th [8]. - **Aluminum**: Starting from the settlement after the close on August 28, 2025 (Thursday), the trading margin ratio and the daily price limit range of the cast aluminum alloy futures contract were adjusted. The daily price limit range was adjusted to 5%, the trading margin ratio for hedging positions was adjusted to 6%, and the trading margin ratio for general positions was adjusted to 7% [9]. - **Nickel**: Today, the price of SMM1 electrolytic nickel was in the range of 120,400 - 123,100 yuan/ton, with an average price of 121,750 yuan/ton, an increase of 1,400 yuan/ton compared with the previous trading day. The mainstream spot premium quotation range of Jinchuan No. 1 nickel was 2,100 - 2,400 yuan/ton, with an average premium of 2,250 yuan/ton, a decrease of 250 yuan/ton compared with the previous trading day. The spot premium and discount quotation range of domestic mainstream brand electrowon nickel was - 100 - 200 yuan/ton [10]. 4. Related Charts - **Copper**: The report provides charts on copper basis, domestic visible inventory of electrolytic copper, LME copper注销仓单比例, month - to - month spread of SHFE copper, overseas copper exchange inventory, and SHFE warehouse receipt inventory [11][13][14]. - **Aluminum**: Charts include aluminum basis, month - to - month spread of aluminum, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum, alumina inventory, and aluminum bar inventory [22][24][26]. - **Nickel**: There are charts on nickel basis, LME nickel注销仓单比例, LME nickel price trend, month - to - month spread of SHFE nickel, SHFE inventory, and nickel ore port inventory [34][37][38].