Report Industry Investment Ratings - Copper: ★★★ (implied by the context) [1] - Aluminum: ★★★ [1] - Alumina: ★★★ [1] - Cast Aluminum Alloy: ★★★ [1] - Zinc: ★★★ [1] - Nickel and Stainless Steel: ★★★ [1] - Tin: ★★★ [1] - Lithium Carbonate: ★★★ [1] - Industrial Silicon: ★★★ [1] - Polysilicon: ★★★ [1] Core Views - The market is assessing the negative risks of the Middle - East war and facing stronger global liquidity constraints under potential inflation, leading to a dominant risk - averse trading sentiment [2]. - Most non - ferrous metals are affected by the war situation and macro - economic factors, showing different trends of price fluctuations, inventory changes and supply - demand relationships [2][3][4] Summary by Related Catalogs Copper - The Shanghai copper futures closed down at 92,000 yuan. The market is evaluating the Middle - East war risks and liquidity constraints. The spot price is 92,820 yuan. The price decline led to intensive downstream point - pricing. The strong support for copper price is at 91,000 yuan, and the MA40 weekly moving average also needs attention [2]. Aluminum, Alumina, and Aluminum Alloy - Shanghai aluminum futures fluctuated. The spot discounts in East, Central, and South China were 150 yuan, 180 yuan, and 175 yuan respectively. The inventory decreased slightly. Aluminum may remain weak until the war eases. Cast aluminum alloy's spread with Shanghai aluminum narrowed. Domestic alumina's over - supply improved slightly but may face more supply in the future and may oscillate strongly waiting for Guinea's policy [3]. Zinc - Low zinc prices stimulated downstream replenishment. The SMM zinc social inventory decreased by 21,000 tons to 255,200 tons. The price may test the smelter's cost line. It is expected to stop falling at 22,000 - 22,500 yuan/ton, and further decline needs a significant increase in TC [4]. Aluminum (Second Part) - Low aluminum prices increased downstream replenishment. The SMM aluminum social inventory decreased by 14,900 tons to 63,100 tons. The domestic aluminum market is in a situation of both supply and demand increase. The cost support is prominent, and the key support is at 16,200 yuan/ton [6]. Nickel and Stainless Steel - Shanghai nickel futures weakened. The market is worried about the Fed's liquidity control. The upstream price increase supported the mid - stream. The market is mainly dominated by policy sentiment, and it is expected to be in a weak oscillation waiting for Indonesia's policy changes [7]. Tin - Shanghai tin futures decreased with reduced positions. The SMM spot tin price dropped to 341,450 yuan. The social inventory decreased by 2,380 tons to 10,977 tons. Tin price may fall towards 300,000 yuan due to sufficient supply [8]. Lithium Carbonate - Lithium carbonate futures oscillated. The total inventory decreased by 100 tons to 99,000 tons. The production has recovered to a high level. The market is expected to be in an oscillating pattern [9]. Industrial Silicon - Industrial silicon futures oscillated. The supply increase is limited in March - April. Downstream demand is weak, and the inventory increased slightly. The market is expected to be in a weak oscillation [10]. Polysilicon - Polysilicon futures dropped sharply by over 8%. High inventory and macro - factors led to a bearish market. The strategy is to be bearish, and it is recommended to gradually take profits when the price is below 35,000 yuan/ton [11]