1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports Copper - The current high copper prices are mainly driven by the structural imbalance of supply and inventory. The COMEX - LME premium has led the US to continuously attract non - US copper resources, and the Fed's actions have boosted market risk appetite. - Concerns about the tightness of the ore end persist, and the tightness may be transmitted to the smelting end. High copper prices have suppressed terminal demand. - In the future, the imbalance of global copper supply and inventory and the tight ore end will limit the downside space of copper prices. Short - term price fluctuations may intensify, and the main support is at 90,000 - 91,000 yuan/ton [1]. Zinc - Domestic zinc mines are entering the production - reduction season, and the supply of refined zinc is gradually shifting from loose to tight. The export of zinc ingots has improved the market, and domestic spot zinc ingots remain at a premium. - The LME inventory has been accumulating, but the LME 0 - 3 premium remains high. The Fed's actions have boosted zinc prices. - In the future, the tightness of the ore end may lead to the tightness of zinc ingots. The short - term Shanghai zinc price may be stronger than the London zinc price. Pay attention to the inflection point of TC and the change in refined zinc inventory, with the main support at 23,000 - 23,200 yuan/ton [5]. Nickel - After the Fed's interest rate cut, the macro - sentiment has been digested, and there is limited further driving force after the valuation repair. The fundamentals are under pressure, and the nickel price is facing adjustment. - The spot nickel price has declined, and downstream demand is weak. Overseas inventory accumulation has slowed down, while domestic social inventory pressure has increased. - In the short term, the nickel price is expected to fluctuate weakly, with the main reference range of 114,000 - 118,000 yuan/ton. Pay attention to macro - expectations and Indonesian industrial policies [6]. Stainless Steel - The stainless - steel market has certain support from the supply and cost sides, but the off - season demand limits the upside space. - The nickel ore market is stable, and the nickel - iron and chromium - iron prices have different trends. The supply pressure is slightly relieved, but the demand is weak, and the inventory reduction is limited. - In the short term, stainless steel is expected to fluctuate and adjust, with the main operating range of 12,400 - 12,800 yuan/ton. Pay attention to the implementation of steel - mill production reduction and the marginal improvement of demand [9]. Tin - The supply of tin ore remains tight, and it is expected that the improvement of tin ore supply within the year will be limited. The demand in the South China region shows certain resilience, especially in the new - energy - related fields. - The market sentiment is positive, and the fundamentals are strong. It is expected that the tin price will maintain a strong trend within the year. Hold long positions and consider buying on dips [11]. Aluminum - The alumina market has a structural surplus, with stable supply growth and peak demand. The inventory has accumulated to a historical high, and the cost support has shifted downward. The short - term price may be volatile, and the reference range for the main contract is 2,500 - 2,700 yuan/ton. - The electrolytic aluminum market is in a high - level wide - range shock under the interweaving of macro - sentiment and fundamentals. It is expected to maintain a high - level shock pattern, with the main contract reference range of 21,500 - 22,300 yuan/ton. Pay attention to the Fed's policies and domestic inventory changes [12]. Aluminum Alloy - The price of cast aluminum alloy has remained high and volatile. The supply of scrap aluminum is tight, and the increase in the price of primary aluminum has increased the cost pressure on recycled aluminum plants. - The demand shows a marginal weakening trend, and the social inventory has decreased slightly. The ADC12 price is restricted by strong costs and weak demand, and it is expected to continue to fluctuate in a high - level range. The reference range for the main contract is 20,600 - 21,400 yuan/ton. Pay attention to scrap - aluminum supply, downstream orders, and macro - sentiment [13]. Industrial Silicon - The price of industrial silicon has weakened under the pressure of cost decline expectations, significant demand decline expectations, and continuous inventory increase. - It is expected that the supply - demand situation in December will remain weak. The price is expected to fluctuate at a low level, with the main price range of 8,000 - 9,000 yuan/ton. If production decreases significantly, it may reach 10,000 yuan/ton; otherwise, it may fall to 7,500 yuan/ton [15]. Polysilicon - The polysilicon price has shown a large - amplitude shock. Although the production has decreased, the demand has decreased more, resulting in an oversupply situation and continuous inventory accumulation. - After the registration of the platform company, the price may be strong under the influence of positive news. Pay attention to the substantial progress of capacity storage and production control. The futures price is strongly rising and at a large premium to the spot market. Pay attention to the production - reduction amplitude and price - decline pressure [16]. Lithium Carbonate - The futures price center of lithium carbonate has moved up, and there are more news disturbances in the market. The fundamentals remain in a situation of both supply and demand being strong. - The downstream demand is relatively optimistic, but the sustainability of the improvement in the off - season demand at the end of the year needs to be noted. The social inventory is stably decreasing, but the off - balance - sheet implicit inventory may bring pressure. - In the short term, the market may maintain a strong shock, with the main reference range of 95,000 - 100,000 yuan [17]. 3. Summaries According to Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price is 93,222 yuan/ton, up 1.00% from the previous day. The SMM 1 electrolytic copper premium has decreased by 25 yuan/ton. - The SMM Guangdong 1 electrolytic copper price is 93,650 yuan/ton, up 0.93% from the previous day. The SMM Guangdong 1 electrolytic copper premium has increased by 30 yuan/ton. - The SMM wet - process copper price is 93,505 yuan/ton, up 0.99% from the previous day. The SMM wet - process copper premium has decreased by 35 yuan/ton [1]. Fundamental Data - In November, the electrolytic copper output was 1.1031 million tons, up 1.05% from the previous month. In October, the electrolytic copper import volume was 282,100 tons, down 15.61% from the previous month. - The import copper concentrate index is - 43.08 dollars/ton, down 0.51% from the previous week. The domestic mainstream port copper concentrate inventory is 763,900 tons, up 1.83% from the previous week. - The electrolytic copper rod - making start - up rate is 64.54%, down 1.87% from the previous week. The recycled copper rod - making start - up rate is 9.15%, down 9.14% from the previous week [1]. Zinc Price and Spread - The SMM 0 zinc ingot price is 23,700 yuan/ton, up 2.55% from the previous day. The SMM 0 zinc ingot (Guangdong) price is 23,620 yuan/ton, up 2.56% from the previous day. - The import loss is - 4,588 yuan/ton, down 320.15 yuan from the previous day. The Shanghai - London ratio is 7.39, down 0.06 from the previous day [5]. Fundamental Data - In November, the refined zinc output was 595,200 tons, down 3.56% from the previous month. In October, the refined zinc import volume was 18,800 tons, down 16.94% from the previous month, and the export volume was 8,500 tons, up 243.79% from the previous month. - The galvanized start - up rate is 58.39%, up 0.19% from the previous week. The die - cast zinc alloy start - up rate is 49.56%, down 1.52% from the previous week. The zinc oxide start - up rate is 55.67%, down 0.78% from the previous week [5]. Nickel Price and Basis - The SMM 1 electrolytic nickel price is 118,200 yuan/ton, down 0.55% from the previous day. The 1 Jinchuan nickel price is 120,800 yuan/ton, down 0.49% from the previous day. - The 1 Jinchuan nickel premium is 5,200 yuan/ton, up 1.96% from the previous day. The 1 imported nickel price is 116,000 yuan/ton, down 0.60% from the previous day [6]. Fundamental Data - The Chinese refined nickel output is 33,345 tons, down 9.38% from the previous month. The refined nickel import volume is 9,741 tons, down 65.66% from the previous month. - The SHFE inventory is 44,677 tons, up 5.10% from the previous week. The social inventory is 58,970 tons, up 3.73% from the previous week. The bonded - area inventory is 2,200 tons, unchanged from the previous week [6]. Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) and 304/2B (Foshan Hongwang 2.0 coil) is 12,800 yuan/ton, unchanged from the previous day. The basis difference between futures and spot is 405 yuan/ton, down 13.83% from the previous day [9]. Fundamental Data - The Chinese 300 - series stainless - steel crude - steel output (43 enterprises) is 1.787 million tons, down 0.72% from the previous month. The Indonesian 300 - series stainless - steel crude - steel output (Qinglong) is 423,500 tons, up 0.36% from the previous month. - The stainless - steel import volume is 124,100 tons, up 3.18% from the previous month. The export volume is 358,100 tons, down 14.43% from the previous month. The net export volume is 234,000 tons, down 21.54% from the previous month [9]. Tin Spot Price and Basis - The SMM 1 tin price is 329,900 yuan/ton, up 3.09% from the previous day. The SMM 1 tin premium is - 50 yuan/ton, down 200.00% from the previous day. - The Yangtze River 1 tin price is 330,400 yuan/ton, up 3.09% from the previous day. The LME 0 - 3 premium is 17 dollars/ton, down 22.73% from the previous day [11]. Fundamental Data - In October, the tin ore import volume was 11,632 tons, up 33.49% from the previous month. The SMM refined tin output in October was 16,090 tons, up 53.09% from the previous month. - The refined tin import volume in October was 526 tons, down 58.55% from the previous month. The export volume was 1,480 tons, down 15.33% from the previous month [11]. Aluminum Price and Spread - The SMM A00 aluminum price is 22,050 yuan/ton, up 0.73% from the previous day. The SMM A00 aluminum premium is - 50 yuan/ton, up 10 yuan from the previous day. - The electrolytic aluminum import loss is - 1,977 yuan/ton, down 39.5 yuan from the previous day. The Shanghai - London ratio is 7.62, up 0.01 from the previous day [12]. Fundamental Data - In November, the alumina output was 7.4394 million tons, down 4.44% from the previous month. The domestic electrolytic aluminum output was 3.6366 million tons, down 2.82% from the previous month. The overseas electrolytic aluminum output was 2.4992 million tons, down 3.50% from the previous month [12]. Aluminum Alloy Price and Spread - The SMM aluminum alloy ADC12 price is 21,750 yuan/ton, up 0.69% from the previous day. The SMM East - China ADC12, South - China ADC12, and Northeast ADC12 prices are all 21,750 yuan/ton, up 0.69% from the previous day. The SMM Southwest ADC12 price is 21,800 yuan/ton, up 0.46% from the previous day [13]. Fundamental Data - In November, the recycled aluminum alloy ingot output was 682,000 tons, up 5.74% from the previous month. The primary aluminum alloy ingot output was 302,700 tons, up 5.84% from the previous month. The scrap - aluminum output was 876,000 tons, up 11.45% from the previous month [13]. Industrial Silicon Spot Price and Basis - The price of East - China oxygen - permeable S15530 industrial silicon is 9,200 yuan/ton, unchanged from the previous day. The price of East - China SI4210 industrial silicon is also unchanged from the previous day. - The basis of oxygen - permeable SI5530 is 765 yuan/ton, down 16.39% from the previous day. The basis of SI4210 is 472 yuan/ton, down 26.55% from the previous day [15]. Fundamental Data - The national industrial silicon output is 401,700 tons, down 11.17% from the previous month. The Xinjiang industrial silicon output is 237,600 tons, up 0.83% from the previous month. The Yunnan and Sichuan industrial silicon outputs have decreased significantly [15]. Polysilicon Spot Price and Basis - The average price of N - type re - feeding material is 52,300 yuan/kg, unchanged from the previous day. The average price of N - type granular silicon is 50,000 yuan/kg, unchanged from the previous day. - The basis of N - type silicon is - 4,890 yuan, down 41.13% from the previous day [16]. Fundamental Data - The polysilicon output in the week is 25,100 tons, down 2.71% from the previous week. The monthly polysilicon output is 114,600 tons, down 14.48% from the previous month. The polysilicon import volume is 14,000 tons, up 11.96% from the previous month, and the export volume is 15,000 tons, down 27.99% from the previous month [16]. Lithium Carbonate Price and Basis - The SMM battery - grade lithium carbonate average price is 94,500 yuan/ton, up 1.07% from the previous day. The SMM industrial - grade lithium carbonate average price is 92,000 yuan/ton, up 1.10% from the previous day. - The SMM battery - grade lithium hydroxide average price is 83,030 yuan/ton, up 0.85% from the previous day. The SMM industrial - grade lithium hydroxide average price is 77,530 yuan/ton, up 0.91% from the previous day [17]. Fundamental Data - In November, the lithium carbonate output was 53,500 tons, up 3.35% from the previous month. The battery - grade lithium carbonate output was 70,300 tons, up 2.84% from the previous month. The industrial - grade lithium carbonate output was 25,050 tons, up 4.81% from the previous month. - In November, the lithium carbonate demand was 133,451 tons, up 5.11% from the previous month

1. Report Industry Investment Rating - The investment view of the report is bullish on copper (CU) [1] 2. Core View of the Report - The macro - level Fed restarted interest rate cuts, improving market liquidity, which is positive for copper prices. The global copper mine supply is tight, and the copper price center of gravity is expected to move up further. However, the terminal demand in the fourth quarter may be weaker than in previous years, showing a pattern of weak supply and demand [134][135] 3. Summary According to Relevant Catalogs 3.1 Copper Industry Chain Market Trend Review - In the third quarter, copper prices fluctuated widely with a slight upward shift in the center of gravity. In July, copper prices were affected by US tariff policies; in August, they were influenced by the weak US job market and expectations of Fed rate cuts; in September, they were boosted by expectations of Fed rate cuts, supply - side disturbances, and policy changes in domestic renewable resources [7][8] 3.2 Macroeconomic Part 3.2.1 Domestic Economy - China's economic operation faces challenges. In August, the manufacturing PMI improved slightly but remained in the contraction range. Export growth slowed due to global trade frictions, and import growth declined. Credit data in August was lower than expected but improved seasonally compared to July. Economic indicators such as industrial added - value, investment, and consumption continued to decline year - on - year. It is expected that the window for increasing pro - growth policies will open in the fourth quarter [10][13][14][15] 3.2.2 Fed Restarted Interest Rate Cuts - On September 18, the Fed cut the benchmark interest rate by 25 basis points and is expected to cut rates by another 50bp this year. The Fed's economic outlook shows an upward adjustment of GDP growth expectations and relatively stable inflation and unemployment expectations [19][20] 3.2.3 US Job Market and Inflation - The US job market is weak. In August, non - farm payrolls increased less than expected, and the unemployment rate reached a new high since 2021. Inflation is relatively stable, with CPI and PCE showing small increases, and the impact of tariffs on inflation is less than expected [27][34][36] 3.2.4 US Economic Resilience - Although the US job market is weak and consumer confidence has declined, retail sales, service PMI, and GDP performance have exceeded expectations, indicating that the US economy still has resilience [40][41][43] 3.3 Fundamental Analysis 3.3.1 Upstream Raw Materials - Tight Supply at the Mine End - From January to July 2025, global and Chinese copper mine production increased year - on - year, but many major copper mines had production cuts or disruptions this year. Copper mine imports in China increased from January to August, but port inventories remained low, and processing fees remained at a low level of - 40 US dollars/ton [51][52][59] 3.3.2 Mid - stream Smelting - Copper ore processing fees have been at a low level, causing losses for smelters using spot copper ore. However, the increase in sulfuric acid prices has helped smelters using long - term contracts to be close to the break - even point. China's refined copper production has remained high, but it is expected to decline in September due to policy changes in renewable resources. The import window for refined copper has opened, and imports are expected to increase. The supply of scrap copper has become tight due to policy disturbances [62][69][74] 3.3.3 Downstream Copper Consumption - China's copper consumption accounts for about 50% of the global total. In August, the operating rate of downstream copper product enterprises recovered seasonally but with limited amplitude. In terms of terminal demand, power grid investment and new - energy vehicle production maintained high growth rates, while the real estate market continued to cool down, air - conditioner production growth slowed, and the growth rate of new installations in the photovoltaic and wind - power sectors declined significantly. Global copper inventories increased, and the spot premium and price spreads of copper showed certain trends in the third quarter [85][91][109] 3.4 Conclusion and Outlook - The macro - level Fed rate cuts are expected to improve liquidity, and the tight supply of copper mines will support copper prices. However, terminal demand in the fourth quarter may be weak, and supply and demand will remain in a weak pattern. The copper price center of gravity is expected to move up further [134][135]

Report Industry Investment Ratings No relevant content provided. Core Views of the Reports Copper - The "stagflation-like" environment of a weakening US economy and commodity inflation restricts the space for interest rate cuts, suppressing the upside of copper prices. The short - term focus is on interest rate cut expectations. In the fundamental aspect, as it approaches the traditional peak season, the spot premium is strong, and domestic social inventories are starting to decline. The "tight mine supply + resilient demand" provides price support. In the short - term, copper prices are expected to fluctuate within a range, with the main contract referring to 78,000 - 79,500 yuan/ton [1]. Aluminum - For alumina, short - term supply disruptions and long - term overcapacity coexist, and the price is expected to range between 3,000 - 3,300 yuan/ton. For electrolytic aluminum, macro factors provide some support, but the supply - demand structure is under pressure. The supply is stable with a slight increase, while the demand is in a seasonal off - peak period. The short - term price is expected to be under pressure at high levels, with the main contract referring to 20,000 - 21,000 yuan/ton [3]. Aluminum Alloy - The market is currently in a situation of weak supply and demand. As it enters the transition period from the off - peak to the peak season in mid - August, demand is expected to improve. If the import situation remains the same, the spot price may remain relatively firm, and the spread between aluminum alloy and aluminum is expected to narrow. The main contract is expected to run in the range of 19,600 - 20,400 yuan/ton [5]. Zinc - The upstream overseas zinc mines are in the up - cycle of production resumption, but the production growth rate of global mines in May and domestic mines in July is lower than expected. The supply at the smelting end is increasing, while the demand is in the seasonal off - peak period. Low global inventories support prices. In the short - term, zinc prices are expected to fluctuate, with the main contract referring to 22,000 - 23,000 yuan/ton [7][8]. Tin - The actual tin ore supply remains tight. If the supply recovery fails to meet expectations, tin prices are expected to continue to oscillate at high levels [9]. Nickel - The macro environment has increased expectations of more aggressive easing. The spot price is basically stable, and the supply of nickel ore is expected to be loose. The stainless steel demand is weak, and the new energy downstream has low acceptance of high - priced nickel sulfate. In the short - term, the nickel price is expected to adjust within a range, with the main contract referring to 118,000 - 126,000 yuan/ton [10]. Stainless Steel - The stainless steel market is oscillating weakly. The export pressure has been temporarily alleviated, and the nickel iron price is stable with a slight upward trend. The supply is expected to increase, but the terminal demand is weak. In the short - term, the price is expected to oscillate within a range, with the main contract referring to 12,800 - 13,500 yuan/ton [13]. Lithium Carbonate - The lithium carbonate futures market is slightly adjusted, and the fundamentals are in a tight balance. Supply is expected to contract in the short - term, while demand is showing a positive trend. The overall inventory has decreased slightly. The price is expected to remain strong in the short - term, with the main contract fluctuating in the range of 85,000 - 90,000 yuan/ton [15]. Summaries According to Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price is 79,100 yuan/ton, down 0.23% from the previous day. The SMM 1 electrolytic copper premium is 195 yuan/ton, down 30 yuan/ton from the previous day. Other copper prices and premiums also show corresponding changes [1]. Fundamental Data - In July, the electrolytic copper production was 1.1743 million tons, up 3.47% month - on - month; the import volume was 300,500 tons, up 18.74% month - on - month. The import copper concentrate index increased by 0.38 dollars/ton week - on - week, and the domestic mainstream port copper concentrate inventory decreased by 10.01% week - on - week [1]. Aluminum Price and Spread - SMM A00 aluminum price is 20,590 yuan/ton, up 0.19% from the previous day. The import loss is - 1,289 yuan/ton, an improvement of 113.2 yuan/ton from the previous day [3]. Fundamental Data - In July, the alumina production was 7.6502 million tons, up 5.40% month - on - month; the electrolytic aluminum production was 3.7214 million tons, up 3.11% month - on - month. The operating rates of various aluminum products have increased to varying degrees [3]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 price remains stable at 20,350 yuan/ton in most regions. The scrap - to - refined price difference in some regions has changed, such as a 9.38% decrease in the scrap - to - refined price difference of Foshan crushed raw aluminum [5]. Fundamental Data - In July, the production of recycled aluminum alloy ingots was 625,000 tons, up 1.63% month - on - month; the production of primary aluminum alloy ingots was 266,000 tons, up 4.31% month - on - month [5]. Zinc Price and Spread - SMM 0 zinc ingot price is 22,200 yuan/ton, down 0.45% from the previous day. The import loss is - 1,728 yuan/ton, an improvement of 62.92 yuan/ton from the previous day [7]. Fundamental Data - In July, the refined zinc production was 602,800 tons, up 3.03% month - on - month; in June, the import volume was 36,100 tons, up 34.97% month - on - month [7]. Tin Spot Price and Basis - SMM 1 tin price is 266,200 yuan/ton, down 0.22% from the previous day. The LME 0 - 3 premium is 89 dollars/ton, up 41.27% from the previous day [9]. Fundamental Data - In June, the tin ore import volume was 11,911 tons, down 11.44% month - on - month; the SMM refined tin production was 14,840 tons, down 6.94% month - on - month [9]. Nickel Price and Basis - SMM 1 electrolytic nickel price remains stable at 121,650 yuan/ton. The 1 Jinchuan nickel premium is 2,350 yuan/ton, up 6.82% from the previous day [10]. Supply - Demand and Inventory - China's refined nickel production in July was 31,800 tons, down 10.04% month - on - month; the import volume was 19,157 tons, up 116.90% month - on - month [10]. Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) is 13,100 yuan/ton, down 0.38% from the previous day. The forward - spot spread is 385 yuan/ton, up 24.19% from the previous day [13]. Fundamental Data - The production of 300 - series stainless steel crude steel in China (43 enterprises) in July was 1.7133 million tons, down 3.83% month - on - month; the import volume was 109,500 tons, down 12.48% month - on - month [13]. Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate average price is 85,700 yuan/ton, up 1.30% from the previous day. The SMM battery - grade lithium carbonate - industrial - grade lithium carbonate spread remains stable at 2,300 yuan/ton [15]. Fundamental Data - In July, the lithium carbonate production was 81,530 tons, up 4.41% month - on - month; the demand was 96,275 tons, up 2.62% month - on - month. The total inventory in July was 97,846 tons, down 2.01% month - on - month [15].

Report Industry Investment Rating No relevant content provided. Report's Core View Copper - In the short - term, copper prices are expected to range - bound between 78,000 - 79,500 yuan/ton. Macro factors like US economic data and tariff policies, along with fundamental supply - demand and inventory conditions, will influence the price. The market is in a state of short - term supply - demand weakness during the off - season, but "tight mining end + demand resilience" provides price support [1]. Aluminum - Alumina prices are expected to oscillate widely between 3,000 - 3,400 yuan/ton this week. The market will experience a game between short - term supply disturbances and over - capacity. Aluminum prices are expected to face pressure at high levels in the short - term, with the main contract price ranging from 20,000 - 21,000 yuan/ton. Key factors include supply and demand fundamentals, macroeconomic factors, and inventory changes [3]. Aluminum Alloy - Aluminum alloy prices are expected to oscillate widely, with the main contract reference range of 19,400 - 20,400 yuan/ton. The market is affected by factors such as tight scrap aluminum supply and weak terminal demand [5]. Zinc - Zinc prices may continue to oscillate in the short - term. Upward rebound requires continuous inventory reduction and improved interest - rate cut expectations without overseas economic recession. Downward breakthrough needs stronger TC and refined zinc inventory accumulation. The current supply - demand situation provides limited support for continuous price increase, but low inventory provides price support [9]. Tin - If the supply of Burmese tin ore recovers smoothly, a short - selling strategy is recommended. If the supply recovery is less than expected, tin prices are expected to remain high and oscillate. Supply is currently tight, and demand is expected to be weak [12]. Nickel - Nickel prices are expected to adjust within a range in the short - term, with the main contract reference range of 120,000 - 126,000 yuan/ton. The mid - term supply is expected to be loose, which restricts the upward price space [14]. Stainless Steel - Stainless steel prices are expected to oscillate strongly in the short - term, with the main contract operating range of 13,000 - 13,500 yuan/ton. Cost support is strengthening, but the weak spot demand restricts the fundamentals [16]. Lithium Carbonate - Lithium carbonate prices are expected to oscillate widely in a relatively strong range, around 85,000 yuan/ton. The market is affected by short - term news, and the fundamentals are improving. It is recommended to observe in the short - term and consider light - position long - entry at low prices [19]. Summary by Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price decreased by 40 yuan/ton to 79,435 yuan/ton, with a daily decline of 0.05%. The SMM 1 electrolytic copper premium increased by 10 yuan/ton to 210 yuan/ton [1]. - The refined - scrap price difference decreased by 53.62 yuan/ton to 65TT yuan/ton, a decline of 4.54%. The import profit and loss increased by 119.85 yuan/ton to 45 yuan/ton [1]. Fundamentals - In July, electrolytic copper production was 117.43 million tons, a month - on - month increase of 3.47%. The import volume was 30.05 million tons, a month - on - month increase of 18.74% [1]. - The domestic mainstream port copper concentrate inventory increased by 9.80 million tons to 61.96 million tons, a week - on - week increase of 18.79% [1]. Aluminum Price and Spread - SMM A00 aluminum price decreased by 50 yuan/ton to 20,710 yuan/ton, a daily decline of 0.24%. The SMM A00 aluminum premium increased by 30 yuan/ton to 10 yuan/ton [3]. Fundamentals - In July, alumina production was 765.02 million tons, a month - on - month increase of 5.40%. Electrolytic aluminum production was 372.14 million tons, a month - on - month increase of 3.11% [3]. - The Chinese electrolytic aluminum social inventory increased by 2.4 million tons to 58.80 million tons, a week - on - week increase of 4.26% [3]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 prices remained unchanged at 20,350 yuan/ton. The 2511 - 2512 month - to - month spread increased by 35 yuan/ton to 50 yuan/ton [5]. Fundamentals - In July, the production of recycled aluminum alloy ingots was 62.50 million tons, a month - on - month increase of 1.63%. The production of primary aluminum alloy ingots was 26.60 million tons, a month - on - month increase of 4.31% [5]. Zinc Price and Spread - SMM 0 zinc ingot price decreased by 50 yuan/ton to 22,510 yuan/ton, a daily decline of 0.22%. The import profit and loss increased by 80.61 yuan/ton to - 1,813 yuan/ton [9]. Fundamentals - In July, refined zinc production was 60.28 million tons, a month - on - month increase of 3.03%. In June, the import volume was 3.61 million tons, a month - on - month increase of 34.97% [9]. - The Chinese zinc ingot seven - region social inventory increased by 1.60 million tons to 12.92 million tons, a week - on - week increase of 14.13% [9]. Tin Price and Spread - SMM 1 tin price decreased by 700 yuan/ton to 269,500 yuan/ton, a daily decline of 0.26%. The import profit and loss decreased by 717.98 yuan/ton to - 16,507.39 yuan/ton [12]. Fundamentals - In June, tin ore imports were 11,911 tons, a month - on - month decrease of 11.44%. SMM refined tin production was 13,810 tons, a month - on - month decrease of 6.94% [12]. Nickel Price and Basis - SMM 1 electrolytic nickel price decreased by 450 yuan/ton to 123,350 yuan/ton, a daily decline of 0.36%. The 1 Jinchuan nickel premium increased by 50 yuan/ton to 2,100 yuan/ton [14]. Fundamentals - China's refined nickel production in the reference period decreased by 3,220 tons to 31,800 tons, a month - on - month decrease of 10.04%. The import volume increased by 10,325 tons to 19,157 tons, a month - on - month increase of 116.90% [14]. Stainless Steel Price and Spread - The price of 304/2B (Wuxi Hongwang 2.0 coil) decreased by 50 yuan/ton to 13,200 yuan/ton, a daily decline of 0.38%. The 2509 - 2510 month - to - month spread increased by 5 yuan/ton to - 80 yuan/ton [16]. Fundamentals - China's 300 - series stainless steel crude steel production (43 companies) decreased by 6.83 million tons to 171.33 million tons, a month - on - month decrease of 3.83% [16]. - The 300 - series social inventory (Wuxi + Foshan) decreased by 0.50 million tons to 49.65 million tons, a week - on - week decrease of 1.00% [16]. Lithium Carbonate Price and Spread - SMM battery - grade lithium carbonate average price increased by 1,000 yuan/ton to 82,000 yuan/ton, a daily increase of 1.23%. The 2509 - 2511 month - to - month spread decreased by 100 yuan/ton to - 60 yuan/ton [19]. Fundamentals - In July, lithium carbonate production was 81,530 tons, a month - on - month increase of 4.41%. The demand was 96,275 tons, a month - on - month increase of 2.62% [19]. - The total lithium carbonate inventory in July decreased by 2,012 tons to 97,846 tons, a month - on - month decrease of 2.01% [19].