Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Copper prices may continue a mild recovery supported by the Fed's expected rate - cut, expectations of domestic pro - growth policies, and the anticipated improvement in fundamentals during the "Golden September and Silver October" period, but the market may be cautious around the Fed's interest - rate meeting next week [1] - Aluminum prices are generally strong. Alumina has weak support below, while aluminum alloy is relatively more resilient than electrolytic aluminum in the short term. The inventory inflection point of aluminum ingots is postponed [2] - For nickel, with the marginal improvement of ferronickel and the new energy sector, there are opportunities to go long at low prices, but continuous inventory accumulation on the LME exerts pressure on prices [2] Group 3: Summary According to Relevant Catalogs 1. Research Views Copper - Macro: US inflation in August was in line with expectations, and a 25 - basis - point Fed rate cut next week is almost certain. China's CPI in August turned negative year - on - year, and the finance minister emphasized proactive macro - policies [1] - Inventory: LME copper inventory decreased by 875 tons, Comex copper increased by 1023 tons, SHFE copper warehouse receipts increased by 902 tons, and BC copper increased by 1001 tons [1] - Demand: High copper prices led to weak downstream purchasing sentiment [1] Aluminum - Price: Alumina oscillated weakly, while Shanghai aluminum and aluminum alloy oscillated strongly [1][2] - Inventory: The inventory inflection point of aluminum ingots was postponed, and the social inventory of alumina decreased by 1.0 million tons [2][6] - Market situation: Alumina has a surplus pattern, and the new energy and other sectors' peak - season expectations have started [2] Nickel - Price: Both LME and SHFE nickel prices rose [2] - Inventory: LME nickel inventory increased by 2058 tons, and SHFE nickel warehouse receipts decreased by 193 tons [2] - Market situation: Nickel ore prices were stable, stainless - steel cost support strengthened, and the price of new - energy raw materials may remain strong [2] 2. Daily Data Monitoring Copper - Price: The price of flat - water copper increased by 450 yuan/ton, and the active - contract import loss increased by 221.6 yuan [5] - Inventory: Total inventory increased by 2103 tons, and LME0 - 3 premium decreased by 9.3 dollars/ton [5] Lead - Price: The average price of 1 lead increased by 30 yuan/ton, and the price of recycled refined lead increased by 50 yuan/ton [5] - Inventory: SHFE lead inventory increased by 2162 tons, and the active - contract import loss increased by 26 yuan [5] Aluminum - Price: Wuxi and Nanhai aluminum prices increased, and the spot premium increased by 30 yuan/ton [6] - Inventory: Total inventory decreased by 1518 tons, and the social inventory of alumina decreased by 1.0 million tons [6] Nickel - Price: The price of Jinchuan nickel remained unchanged, and the price of low - nickel ferronickel increased by 50 yuan/ton [6] - Inventory: LME nickel inventory increased by 2058 tons, and SHFE nickel inventory increased by 547 tons [6] Zinc - Price: The main - contract settlement price increased by 0.2%, and the price of zinc alloy and zinc oxide increased [8] - Inventory: SHFE zinc inventory increased by 793 tons, and the social inventory increased by 0.41 million tons [8] Tin - Price: The main - contract settlement price increased by 0.7%, and the price of tin concentrate increased by 900 yuan/metal ton [8] - Inventory: SHFE tin inventory increased by 207 tons, and the active - contract import loss decreased by 28328 yuan [8] 3. Chart Analysis - The report provides multiple charts including those for spot premiums, SHFE near - far month spreads, LME inventory, SHFE inventory, social inventory, and smelting profits of various non - ferrous metals [8][13][16] 4. Non - ferrous Metals Team Introduction - The team includes Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience in non - ferrous metal research and have achieved many honors and results [44][45]