Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views - **Copper**: Today, Shanghai copper continued to rise with increasing positions, approaching the 93,000 mark at the end of the session, with an increase of about 30,000 contracts during the session. The weakening US dollar index led to a general rise in non - ferrous metals. The premiums of LME copper and Shanghai copper continued to strengthen, increasing the short - term expectation of spot shortages in non - US regions. Technically, copper prices broke through the 90,000 mark with increasing positions, showing strong short - term upward momentum [6]. - **Aluminum**: Today, aluminum prices maintained the strong pattern from last night, with the open interest continuing to rise. Due to the weak US dollar, non - ferrous metals generally rose. Both domestic and international electrolytic aluminum inventories remained stable at low levels. As aluminum prices rose, downstream buyers were hesitant due to high prices and purchased on an as - needed basis, causing the spot discount to continue to weaken. Technically, in the short term, aluminum prices rose with increasing positions, breaking through the 22,000 mark and the previous high in 2024, indicating strong short - term upward momentum [7]. - **Nickel**: Today, Shanghai nickel fluctuated narrowly below 118,000. The weak US dollar led to a general rise in non - ferrous metals. The spot premium continued to strengthen, supporting the futures price. In the short term, nickel prices remained volatile, with little change in open interest and low capital attention [8]. 3. Summary of Each Section Industry Dynamics - **Copper**: Goldman Sachs believes that although copper prices recently broke through $11,000/ton, triggering market optimism, this round of price increase may not be sustainable. Unless inventories significantly decrease and demand substantially recovers, copper prices may decline. Goldman Sachs maintains the 2026/2027 price range at approximately $10,000 - 11,000/ton. On December 4, Mysteel's social inventory of electrolytic copper was 164,500 tons, a cumulative increase of 6,000 tons from the 1st [10][11]. - **Aluminum**: According to SMM statistics on December 5, the total inventory of bauxite at 9 domestic ports was 22.72 million tons, an increase of 420,000 tons from the previous week. On December 4, Mysteel's social inventory of electrolytic aluminum was 593,000 tons, a cumulative increase of 2,000 tons from the 1st [12][13]. - **Nickel**: On December 5, the price range of SMM 1 electrolytic nickel was 117,400 - 122,700 yuan/ton, with an average price of 120,050 yuan/ton, a decrease of 350 yuan/ton from the previous trading day. The mainstream spot premium quotation range of Jinchuan 1 electrolytic nickel was 4,800 - 5,000 yuan/ton, with an average premium of 4,900 yuan/ton, unchanged from the previous trading day. The spot premium and discount quotation range of domestic mainstream brand electrowon nickel was - 200 - 400 yuan/ton [14]. Related Charts - **Copper**: The report includes charts of copper basis, copper monthly spread, domestic visible inventory of electrolytic copper, overseas copper exchange inventory, LME copper cancelled warrant ratio, and SHFE warrant inventory [15][16][17]. - **Aluminum**: The report includes charts of aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum, Shanghai - London ratio, and aluminum bar inventory [29][31][33]. - **Nickel**: The report includes charts of nickel basis, nickel monthly spread, LME inventory, SHFE inventory, LME nickel trend, and nickel ore port inventory [41][43][45].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The Shanghai copper market maintained strong performance with a slight increase in open interest. Favorable domestic and overseas macro - factors, such as rising overseas interest - rate cut expectations and a weak US dollar index, along with a decline in Mysteel's electrolytic copper social inventory, may keep copper prices strong [5]. - The Shanghai aluminum market oscillated upward with a slight decrease in open interest. Although the domestic market atmosphere was favorable, the downstream off - season led to inventory accumulation, and it is expected that the futures price will show a moderately strong oscillation [6]. - The nickel price oscillated upward with little change in open interest, and the main futures price broke through the 122,000 - yuan mark. Supported by the improved domestic macro - environment and stable nickel ore operations with rising port inventories, the nickel price is expected to follow the macro - trend, and attention should be paid to the long - short game at the 122,000 - yuan level [7]. Industry Dynamics - **Copper**: On August 11, Mysteel's domestic market electrolytic copper spot inventory was 132,200 tons, a decrease of 210 tons compared to August 4 and 110 tons compared to August 7 [9]. - **Aluminum**: On August 11, Mysteel's electrolytic aluminum social inventory was 571,000 tons, an increase of 24,000 tons compared to August 4 and 22,000 tons compared to August 7 [10]. - **Nickel**: On August 11, for the refined nickel Shanghai market's mainstream reference contract, the Shanghai Nickel 2509 contract, the mainstream premium of Jinchuan electrolytic nickel was +2,200 yuan/ton with a price of 124,160 yuan/ton; that of Russian nickel was +500 yuan/ton with a price of 122,460 yuan/ton; that of Norwegian nickel was +3,200 yuan/ton with a price of 125,160 yuan/ton; and that of nickel beans was +2,550 yuan/ton with a price of 124,510 yuan/ton [11]. Related Charts Copper - Charts include copper basis, electrolytic copper domestic visible inventory (social inventory + bonded area inventory), LME copper cancelled warrant ratio, overseas copper exchange inventory, Shanghai Futures Exchange (SHFE) warrant inventory, etc. [12][14][15] Aluminum - Charts involve aluminum basis, aluminum monthly spread, electrolytic aluminum domestic social inventory, electrolytic aluminum overseas exchange inventory (LME + COMEX), alumina trend, alumina inventory, etc. [35][31][27] Nickel - Charts cover nickel basis, nickel monthly spread, LME inventory, SHFE inventory, LME nickel trend, nickel ore port inventory, etc. [38][44][40]