Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - Copper prices fluctuated and declined this week, mainly due to significant macro - geopolitical disturbances. The report maintains a bullish view on copper in the medium - term, suggesting it can be bought and held, and next week, attention should be paid to the support around 93,000 - 96,000 RMB [1] - Aluminum supply is damaged and it has a high energy dependence, so it is expected to perform strongly in the metal sector, despite the overall weakness of non - ferrous metals under the Fed's interest rate hike expectation [1] - Zinc's domestic fundamentals are average. In the short - term, under the background of trading recession expectations, its support is weak, but in the long - term, capital expenditure is limited and there are supply disturbances from Iran [3] - Nickel prices are expected to maintain range - bound oscillations under the condition of bearish fundamentals and bullish supply - side policy intervention [5] - Stainless steel is expected to follow nickel prices and maintain range - bound oscillations under the condition of bearish fundamentals and bullish supply - side policy intervention [7] - Lead prices are expected to maintain a weak oscillation under the influence of overseas inventory drag and recycled profit support [9] - Tin prices are greatly affected by global macro - liquidity. If liquidity is loose, tin has strong upward elasticity; if liquidity tightens due to the US - Iran conflict, tin prices may have a large callback space [13] - Industrial silicon prices are expected to oscillate with costs in the short - term, and in the long - term, they are expected to oscillate at the cycle bottom based on seasonal marginal costs [17] - For lithium carbonate, in the short - term, the de - stocking in March slows down marginally, and the disk is mainly driven by the macro. The upward breakthrough needs futures - spot resonance or unexpected supply disturbances, and the downward breakthrough requires demand collapse or unexpected resumption of production by CATL [19] Group 3: Summary by Metal Copper - This week, copper prices fluctuated and declined due to macro - geopolitical disturbances. Overseas, there are concerns about China's consumption ability. In the domestic scrap copper market, the resumption of production of recycled copper processing enterprises is slow, and the supply of scrap copper is tight, which may promote the further depletion of refined copper inventory [1] Aluminum - Affected by the Iran crisis, some aluminum plants in the Middle East have reduced production. The external market is stronger than the domestic market, and the long - short spread between the internal and external markets is at a high level. Under the Fed's interest rate hike expectation, aluminum prices have weakened, but it is expected to perform strongly in the metal sector due to supply damage and high energy dependence [1] Zinc - In the supply side, the medium - term supply of zinc ore is expected to be tight, and the domestic and imported TC are at a low level. The resumption of production of northern mines in spring is expected to drive a rebound. In the demand side, downstream enterprises have resumed production, but orders are weak, and the overall inventory has accumulated to over 250,000 tons [3] Nickel - In the supply side, the output of pure nickel in February decreased. In the demand side, it is mainly for rigid demand, and the premium of Jinchuan and Russian nickel is weak. In the inventory side, domestic inventory has been accumulating, and LME inventory has decreased slightly. Under the influence of supply - side policy intervention, nickel prices are expected to maintain range - bound oscillations [5] Stainless Steel - In the supply side, the steel mill's production plan has decreased slightly. In the demand side, downstream enterprises are gradually recovering. In the cost side, the price of nickel iron and ferrochrome has increased. In the inventory side, the inventory has decreased slightly this week. It is expected to follow nickel prices and maintain range - bound oscillations [7] Lead - In the supply side, primary lead production has sufficient profits and is resuming production, while recycled lead production is delayed due to losses. In the demand side, the battery production rate has recovered, and the inventory of dealers' battery products has decreased. The spot social inventory has decreased by nearly 10,000 tons this week, and lead prices are expected to maintain a weak oscillation [9] Tin - This week, tin prices fluctuated and declined, under great pressure due to liquidity risks. In the supply side, the export volume of Wa State has recovered rapidly, and the domestic processing fee has a slight upward trend. There are also supply - side disturbance risks. In the demand side, rigid demand is strong, and the willingness to replenish inventory is high after the price decline. The price is greatly affected by global macro - liquidity [13] Industrial Silicon - Some factories in Inner Mongolia have increased production, and some factories in Gansu have reduced production for maintenance. The supply and demand are close to a balanced state, and the price is expected to oscillate with costs. In the long - term, the over - capacity of industrial silicon is still high, and the price is expected to oscillate at the cycle bottom [17] Lithium Carbonate - In March, the de - stocking marginally slows down, and the disk is mainly driven by the macro. The upward breakthrough needs futures - spot resonance or unexpected supply disturbances, and the downward breakthrough requires demand collapse or unexpected resumption of production by CATL [19]