Group 1 - The company, Tongling Nonferrous Metals Group Co., Ltd., will hold an online performance briefing for the year 2024 on May 12, 2025, at 15:00 [1][2] - The briefing will cover the company's operating performance, financial status, and strategic planning, allowing for interactive communication with investors [1] - The company encourages investors to submit questions in advance via email by May 9, 2025, to ensure a comprehensive discussion during the briefing [3] Group 2 - Key participants in the briefing will include General Manager Liang Hongliu, Secretary of the Board and Chief Accountant Yao Bing, and Independent Director Yao Lushi [2] - Investors can participate through the Shenzhen Stock Exchange's "Interactive Easy" platform [3] - Contact information for the event includes representatives Wang Xiao and Zhang Ning, with provided phone numbers and email addresses for inquiries [4]

Core Viewpoint - The manufacturing PMI in April 2025 has declined compared to the previous month and the past five-year average, indicating a weakening manufacturing sector under external pressures, particularly from trade tensions with the US [1][3][4] Manufacturing PMI Analysis - The manufacturing PMI for April 2025 is reported at 49.0%, down 1.5 percentage points from the previous month and 1.3 percentage points lower than the five-year average, reflecting a decrease in manufacturing activity due to external trade pressures [2][3] - The production index within the manufacturing PMI is at 49.8%, which is 2.4 percentage points lower than the five-year average, indicating a decline in production levels [4] - The new export orders index is at 44.7%, significantly lower than the five-year average by 4.8 percentage points, primarily due to reduced exports to the US [4][5] Sector Performance - Among 15 major manufacturing sectors, only 5 have PMIs above the threshold, with 4 sectors showing a month-on-month increase, including non-ferrous metal smelting and processing, which rose by 9.1 percentage points [5] - The gap between PMIs of large, medium, and small enterprises is narrowing, with large enterprises experiencing a more significant decline [5] Non-Manufacturing PMI Insights - The non-manufacturing PMI for April 2025 is at 50.4%, which is 3.6 percentage points lower than the five-year average, indicating weaker domestic demand [6] - The service sector PMI is at 50.1%, and the construction sector PMI is at 51.9%, both reflecting a decline compared to historical averages [6] Policy Response - The Central Political Bureau meeting in April outlined measures to stabilize the economy, including accelerating existing policy implementation, introducing new policies, and preparing contingency plans [7] - Specific actions include expediting the issuance of local government bonds and establishing new financial tools to support infrastructure and industrial investments [7] Market Outlook - Economic fundamentals are expected to support the bond market, with anticipated monetary easing leading to a potential decline in interest rates for medium and long-term bonds [8]

有色早报 研究中心有色团队 2025/04/30 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/04/23 180 1237 171611 44965 -24.87 699.82 88.0 103.0 -19.12 205250 77825 2025/04/24 175 1117 171611 42964 -300.46 737.71 88.0 103.0 6.43 203425 76050 2025/04/25 180 1130 116753 41588 -215.41 591.25 90.0 110.0 2.41 203450 77250 2025/04/28 175 881 116753 36884 -303.45 943.11 93.0 115.0 28.60 202800 70775 2025/04/29 205 1082 116753 34042 -121.50 784.42 94.0 115.0 -9.76 202500 71500 变 ...

Report Industry Investment Ratings No relevant content provided. Core Views Lithium Carbonate - The lithium carbonate futures market continued to be weak with a strong bearish sentiment. The supply pressure is clear due to increased production and overseas ore arrivals. The supply increment in April is expected to slow down marginally. Demand is generally stable but falls short of expectations during the peak season, and there is a risk of a decline in energy storage export orders. The overall demand lacks further drivers, and the pressure may increase in the future. The inventory is still high, and the short - term market is expected to remain weak, with the main contract price ranging from 65,000 to 70,000 yuan [2]. Stainless Steel - The stainless steel market oscillated. Spot prices remained stable, and some traders sold secondary resources at low prices due to pre - holiday capital requirements. The ore price is relatively firm, but the ferronickel price is loosening. The supply is relatively loose in the short term. Domestic demand has some resilience but recovers slowly, and export demand is blocked. The inventory pressure has slightly eased. The market is expected to oscillate weakly, with the main contract price ranging from 12,600 to 13,000 yuan [5]. Nickel - The nickel market maintained a weak oscillation. Spot prices rose slightly. The macro - level sentiment has gradually recovered, but there is still policy uncertainty. The cost of nickel products may increase, and the ferronickel price is under pressure. The industry cost - pricing model continues, and the inventory still exerts pressure on the fundamentals. The market is expected to oscillate and adjust, with the main contract price ranging from 122,000 to 128,000 yuan [7]. Zinc - The zinc supply side shows a continuous loose trend in the ore end. The demand side is general after the peak season, and the downstream maintains rigid procurement. Trump's statement on tariff reduction has led to a short - term rebound in zinc prices. In the future, the zinc price may move downward if the terminal consumption is insufficient due to tariffs, or it may maintain a high - level oscillation if the ore supply and downstream consumption perform unexpectedly. In the medium - to - long - term, a short - selling strategy is recommended, with the main contract price ranging from 21,500 to 23,500 yuan [9]. Aluminum - For alumina, the supply - side production capacity remains high, and the bauxite price is expected to decline. The demand is stable but with limited growth, and the export demand has decreased. The futures price is under pressure, and the spot price provides some support. The short - term trend is weakly oscillating. For electrolytic aluminum, the supply - side production capacity is stable, and the demand is seasonally strong but may weaken in the future. The inventory is at a low level, which supports the price. The short - term focus is on the pressure at the 20,000 - yuan level, and the price may be under pressure in the future [12]. Copper - Macroeconomically, the tariff pressure has been slightly relieved. The supply side has a tight raw material situation, and the demand side is resilient. The inventory has been well - depleted. The copper market shows a combination of "strong reality + weak expectation", and the price is expected to oscillate. The main contract price should be monitored at the 77,000 - 78,000 yuan pressure level [13]. Tin - The supply of tin ore has been tight, but the supply pressure is expected to ease with the resumption of production in some mines. The demand side has seen some improvement in the soldering tin industry, but the overall demand expectation is pessimistic due to uncertain tariffs. A bearish view on rebounds is recommended [15]. Summaries by Relevant Catalogs Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate均价 decreased by 0.87% to 68,250 yuan/ton; SMM industrial - grade lithium carbonate均价 decreased by 0.89% to 66,500 yuan/ton; SMM battery - grade lithium hydroxide均价 decreased by 0.29% to 67,710 yuan/ton; SMM industrial - grade lithium hydroxide均价 decreased by 0.32% to 61,700 yuan/ton; the CIF price of battery - grade lithium carbonate in China, Japan, and South Korea decreased by 0.56% to 8.80 dollars/kg. The basis (SMM electric carbon benchmark) increased by 540 yuan/ton to 150 yuan/ton [1]. Monthly Spread - The spread between 2505 - 2506 was - 140 yuan/ton, a decrease of 280 yuan/ton from the previous value; the spread between 2506 - 2507 was - 20 yuan/ton, a decrease of 20 yuan/ton; the spread between 2505 - 2512 was - 2880 yuan/ton, a decrease of 380 yuan/ton [2]. Fundamental Data - In March, lithium carbonate production increased by 23.44% to 79,065 tons; battery - grade lithium carbonate production increased by 18.18% to 55,715 tons; industrial - grade lithium carbonate production increased by 38.12% to 23,350 tons; lithium carbonate demand increased by 15.07% to 87,002 tons; lithium carbonate imports increased by 47.03% to 18,125 tons; lithium carbonate exports decreased by 47.25% to 220 tons. In April, the lithium carbonate production capacity increased by 1.52% to 133,522 tons, and the operating rate increased by 20% to 54%. In March, the total lithium carbonate inventory increased by 16.79% to 90,070 tons; the downstream inventory increased by 27.94% to 39,293 tons; the smelter inventory increased by 9.40% to 50,777 tons [2]. Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) and 304/2B (Foshan Hongwang 2.0 coil) remained unchanged at 13,020 yuan/ton and 13,100 yuan/ton respectively. The basis (spot - futures price difference) increased by 45 yuan/ton to 500 yuan/ton [5]. Monthly Spread - The spread between 2506 - 2507 increased by 110 yuan/ton to - 10 yuan/ton; the spread between 2507 - 2508 increased by 15 yuan/ton to - 20 yuan/ton; the spread between 2508 - 2509 decreased by 25 yuan/ton to - 35 yuan/ton [5]. Fundamental Data - The production of 300 - series stainless steel crude steel in China (43 companies) increased by 11.37% to 344.01 million tons; the production in Indonesia (Qinglong) decreased by 6.67% to 42.00 million tons. Stainless steel imports decreased by 19.45% to 12.89 million tons; exports increased by 70.98% to 47.06 million tons; net exports increased by 196.56% to 34.17 million tons. The social inventory of 300 - series stainless steel (Wuxi + Foshan) decreased by 2.53% to 54.42 million tons; the cold - rolled social inventory decreased by 2.67% to 35.96 million tons. The SHFE warehouse receipts decreased by 1.09% to 16.31 million tons [5]. Nickel Price and Basis - SMM 1 electrolytic nickel increased by 0.44% to 125,600 yuan/ton; 1 Jinchuan nickel increased by 0.36% to 126,550 yuan/ton; the premium of 1 Jinchuan nickel decreased by 6.67% to 2,100 yuan/ton; 1 imported nickel increased by 0.48% to 124,600 yuan/ton; the premium of 1 imported nickel remained unchanged at 150 yuan/ton. The LME 0 - 3 decreased by 38.79% to - 200 dollars/ton; the futures import loss decreased by 12.64% to - 3,650 yuan/ton; the Shanghai - London ratio increased slightly to 7.99 [7]. Monthly Spread - The spread between 2506 - 2507 remained unchanged at - 140 yuan/ton; the spread between 2507 - 2508 increased by 10 yuan/ton to - 210 yuan/ton; the spread between 2508 - 2509 decreased by 40 yuan/ton to - 270 yuan/ton [7]. Supply, Demand, and Inventory - China's refined nickel production decreased by 5.69% to 28,320 tons; imports increased by 99.27% to 18,897 tons. SHFE inventory decreased by 0.86% to 30,332 tons; social inventory increased by 1.51% to 43,960 tons; bonded area inventory remained unchanged at 5,800 tons; LME inventory increased by 0.07% to 201,564 tons; SHFE warehouse receipts decreased by 1.07% to 24,368 tons [7]. Zinc Price and Basis - SMM 0 zinc ingot increased by 0.39% to 22,970 yuan/ton; the premium remained unchanged. SMM 0 zinc ingot (Guangdong) increased by 0.65% to 23,060 yuan/ton; the premium decreased by 25 yuan/ton to 455 yuan/ton. The import loss was - 66.96 yuan/ton, and the Shanghai - London ratio decreased to 8.60 [9]. Monthly Spread - The spread between 2505 - 2506 decreased by 240 yuan/ton to - 210 yuan/ton; the spread between 2506 - 2507 decreased by 40 yuan/ton to 225 yuan/ton; the spread between 2507 - 2508 remained unchanged at 140 yuan/ton; the spread between 2508 - 2509 decreased by 15 yuan/ton to 70 yuan/ton [9]. Fundamental Data - In March, refined zinc production increased by 1.78% to 50.82 million tons; imports increased by 98.28% to 5.28 million tons; exports decreased by 52.41% to 0.10 million tons. The galvanizing operating rate decreased by 1.90% to 62.44%; the die - casting zinc alloy operating rate increased by 0.59% to 58.98%; the zinc oxide operating rate decreased by 1.02% to 59.77%. The seven - region social inventory of zinc ingots in China decreased by 7.63% to 8.59 million tons; the LME inventory decreased by 0.40% to 17.9 million tons [9]. Aluminum Price and Spread - SMM A00 aluminum increased by 0.35% to 20,020 yuan/ton; the premium remained unchanged. The average price of alumina in Shandong remained unchanged at 2,860 yuan/ton; in Henan it increased by 0.17% to 2,900 yuan/ton; in Shanxi it increased by 0.35% to 2,900 yuan/ton; in Guangxi it remained unchanged at 2,890 yuan/ton; in Guizhou it remained unchanged at 2,950 yuan/ton. The import loss increased to - 1,198 yuan/ton; the Shanghai - London ratio decreased to 8.20 [12]. Monthly Spread - The spread between 2505 - 2506 remained unchanged at 75 yuan/ton; the spread between 2506 - 2507 increased by 70 yuan/ton to 65 yuan/ton; the spread between 2507 - 2508 increased by 35 yuan/ton to 40 yuan/ton; the spread between 2508 - 2509 decreased by 20 yuan/ton to 5 yuan/ton [12]. Fundamental Data - In March, alumina production increased by 8.85% to 754.90 million tons; electrolytic aluminum production increased by 11.22% to 371.42 million tons; electrolytic aluminum imports increased by 2.2 million tons to 22.21 million tons; exports increased by 0.5 million tons to 0.89 million tons. The operating rate of aluminum profiles increased by 1.71% to 59.50%; the operating rate of aluminum cables remained unchanged at 63.60%; the operating rate of aluminum sheets and strips remained unchanged at 68.00%; the operating rate of aluminum foils remained unchanged at 73.00%; the operating rate of primary aluminum alloys remained unchanged at 55.40%. The social inventory of electrolytic aluminum in China decreased by 4.46% to 64.30 million tons; the LME inventory decreased by 0.47% to 42.0 million tons [12]. Copper Price and Basis - SMM 1 electrolytic copper increased by 0.61% to 78,035 yuan/ton; the premium increased by 25 yuan/ton to 205 yuan/ton; SMM Guangdong 1 electrolytic copper increased by 0.53% to 78,035 yuan/ton; the premium increased by 5 yuan/ton to 210 yuan/ton; SMM wet - process copper increased by 0.60% to 77,965 yuan/ton; the premium increased by 20 yuan/ton to 135 yuan/ton. The refined - scrap copper spread increased by 1.62% to 1,386 yuan/ton; the LME 0 - 3 increased to 16.41 dollars/ton; the import loss increased to - 414 yuan/ton; the Shanghai - London ratio decreased to 8.25; the Yangshan copper premium increased by 1.08% to 94 dollars/ton [13]. Monthly Spread - The spread between 2505 - 2506 increased by 50 yuan/ton to 230 yuan/ton; the spread between 2506 - 2507 decreased by 70 yuan/ton to 250 yuan/ton; the spread between 2507 - 2508 increased by 100 yuan/ton to 280 yuan/ton [13]. Fundamental Data - In March, electrolytic copper production increased by 6.04% to 112.21 million tons; imports increased by 15.24% to 30.88 million tons. The import copper concentrate index decreased by 22.50% to - 42.52 dollars/ton; the copper concentrate inventory at domestic mainstream ports increased by 13.45% to 80.20 million tons. The operating rate of electrolytic copper rod production increased by 1.49% to 79.56%; the operating rate of recycled copper rod production decreased by 7.82% to 22.00%. The domestic social inventory decreased by 21.07% to 15.51 million tons; the bonded area inventory decreased by 3.84% to 8.51 million tons; the SHFE inventory decreased by 31.97% to 11.68 million tons; the LME inventory decreased by 0.15% to 20.25 million tons; the COMEX inventory increased by 2.40% to 13.51 million short tons; the SHFE warehouse receipts decreased by 94.52% to 3.69 million tons [13]. Tin Spot Price and Basis - SMM 1 tin increased by 0.77% to 262,200 yuan/ton; the premium remained unchanged at 800 yuan/ton; the Yangtze River 1 tin increased by 0.77% to 262,700 yuan/ton; the LME 0 - 3 premium increased by 1.16% to - 170 dollars/ton [15]. Internal - External Ratio and Import Profit/Loss - The import loss increased by 8.35% to - 11,547.33 yuan/ton; the Shanghai - London ratio decreased to 8.14 [15]. Monthly Spread - The spread between 2505 -

有色商品日报 有色商品日报（2025 年 4 月 30 日） 一、研究观点 | 品 种 | 点评 | | --- | --- | | 铜 | 隔夜 LME 铜上涨 0.44%至 9446.5 美元/吨；SHFE 铜主力上涨 0.19%至 77740 元/吨；国 | | | 内现货进口维系亏损。宏观方面，美国 3 月 JOLTS 职位空缺 719.2 万人，大幅低于预期 | | | 750 万人和前值 756.8 万人；美国 4 月谘商会消费者信心指数降至 86，创 2020 年 5 月份 | | | 以来新低。美国总统特朗普预计将采取措施减轻其汽车关税政策带来的冲击。这也表明 | | | 虽然美政府态度仍会反复，但在发债压力下总体相比 4 月份将缓和。库存方面来看， | | | LME 库存下降 300 吨至 20.25 万吨；Comex 库存增加 2372.31 吨至 12.49 万吨；SHFE | | | 铜仓单下降 2842 吨至 34042 吨；BC 铜仓单下降 100 吨至 9863 吨。需求方面，总体来 | | | 看订单较为平稳。外围宏观情绪缓和，国内旺季成色较足，快速去库下看空情绪偏弱， | ...

基本金属 ◆ 铜： 截至 4 月 29 日收盘，沪铜主力 06 合约上涨 0.3%至 77600 元/吨。隔夜 金属除锡外普遍上涨，美元隔夜下跌，投资者谨慎等待美国贸易政策的 进一步消息，并准备迎接一周密集的经济数据。由于美国政策动摇了人 们对美国资产可靠性的信心，美元创去年 7 月以来的最大月度跌幅。现 货市场，铜价重心下移，下游企业节前继续逢低备货，但备库逐渐进入 尾声，整体交投氛围表现一般。铜社会库存再度大幅去库，BACK 结构 月差拉大，持货商维持挺价惜售情绪。短期基本面整体继续偏强，但关 税大战带来的影响仍会在经济层面逐步显现，铜价潜在上行空间将受到 限制。中美博弈背景下铜价或维持高位震荡。技术上看，沪铜短期维持 偏强震荡，或向上回补跳空缺口，整体运行于 74500-78500 之间，关 注 78500 一线压力，建议区间谨慎交易。 ◆ 铝： 截至 4 月 29 日收盘，沪铝主力 06 合约上涨 0.03%至 19930 元/吨。消 息面上，市场传闻俄铝宣布减产 10%，据了解俄铝是在去年底实施的减 产，不是增量信息。矿端供应逐步好转、价格逐步下行。氧化铝运行产 能周度环比上升 15 万吨至 873 ...

Group 1: Financial Performance - In Q1 2025, the company produced 348,900 tons of cathode copper, a year-on-year increase of 48.15% [1] - The total assets at the end of Q1 2025 amounted to 49.256 billion yuan, with a debt-to-asset ratio of 62.39% [1] - The operating income for Q1 2025 was 3.7754 billion yuan, reflecting a year-on-year growth of 19.71% [1] - The net profit attributable to shareholders was 239.7 million yuan, a year-on-year increase of 5.60% [1] Group 2: Production and Sales - Gold production reached 5.80 tons, with a year-on-year increase of 95.63% [1] - Silver production was 128.48 tons, showing a year-on-year growth of 54.31% [1] - Sulfuric acid production totaled 138.72 thousand tons, marking a year-on-year increase of 23.61% [1] - Copper concentrate production was 13,900 tons, a year-on-year decrease of 15% [1] Group 3: Strategic Measures - The company is focusing on "digital transformation, expanding resources, refining mining, optimizing smelting, and enhancing recycling" to address the significant decline in processing fees [1] - The company has implemented cost reduction and efficiency improvement measures, enhancing the competitiveness of its main products [2] - The company is actively negotiating long-term contracts with suppliers to stabilize supply and ensure orderly production [5] Group 4: Asset Management - The company sold part of the assets of the Wangjiqiao plant for 446.74 million yuan, which is expected to increase net profit by 182 million yuan in 2025 [4] - The company is in the process of injecting resources from major shareholders, with commitments to manage and potentially integrate additional assets [6][7] Group 5: Market Outlook - Future copper prices are influenced by multiple factors, including global economic trends, supply-demand relationships, monetary policies, and geopolitical risks [7]

| 锡产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 2025年4月29日 | | | | 寇帝斯 | Z0021810 | | 现货价格及基差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | SMM 1#锡 | 260200 | 263000 | -2800 | -1.06% | | | SMM 1#锡升贴水 | 800 | 1000 | -200 | -20.00% | 元/吨 | | 长江 1#锡 | 260700 | 263500 | -2800 | -1.06% | | | LME 0-3升贴水 | -171.99 | -169.00 | -2.99 | -1.77% | 美元/吨 | | 内外比价及进口盈亏 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 进口盈亏 | -10657.77 | -8039.09 | -2618.68 | -32.57% | 元/吨 | | 沪伦比值 | 8. ...

有色商品日报 有色商品日报（2025 年 4 月 29 日） 一、研究观点 | 品 种 | | | | | 点评 | | | --- | --- | --- | --- | --- | --- | --- | | | 隔夜 LME 铜上涨 0.49%至 9405.5 美元/吨；SHFE 铜主力上涨 0.34%至 77630 元/吨；国 内现货进口亏损。宏观方面，美国 4 月达拉斯联储商业活动指数-35.8，大幅低于预期 | | | | | | | | 14.1 和前值-16.3，美政府关税引起的动荡在当地制造业开始显现。美国财政部目前预 计，4 月至 6 月期间的净借款将达到 5140 亿美元，高于今年 2 月时预测的 1230 亿美 | | | | | | | | 元，但剔除债务上限影响后不增反降，这或表明美国融资需求实际上正在下降。库存方 | | | | | | | 铜 | 万吨；Comex 库存增加 2873.99 吨至 12.26 万 | | | 面来看，LME 库存下降 650 吨至 20.28 | | | | | | 吨；SMM 全国主流地区铜库存环比上周五下降 2.66 万吨至 15.51 万吨 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - Gold is in high - level adjustment with long - term strategic allocation value due to unsolved contradictions, uncertain tariff negotiations, and the trend of de - dollarization [1][2] - Silver is in wide - range adjustment. Short - term tariff negotiations improve sentiment, but mid - term uncertainty is high [1] - Copper is expected to fall in the short - term due to approaching holidays and rising risk - aversion. However, it is still favored in the long - term [1][5] - Zinc is expected to fall in the short - term because of policy expectation disappointment and holiday - approaching risk - aversion. In the long - term, supply increases while demand is weak [1][8] - Lead and tin prices are under pressure to rebound due to their respective supply - demand situations [1] - Aluminum prices continue to rebound as overseas environment eases, supply is stable, and inventory is decreasing [1][11] - Nickel prices rebound and then fall because of the contradiction at the Indonesian nickel mine end and slow stainless - steel de - stocking [1][13] - Industrial silicon and lithium carbonate are bearish due to supply - demand imbalances and high inventories [1] 3. Summaries by Related Catalogs 3.1 Gold and Silver 3.1.1 Market Conditions - SHFE gold is at 780.04, down 0.91% from the previous value and 6.18% from last week; COMEX gold is at 3361, up 0.92% from the previous value and down 0.91% from last week. SHFE silver is at 8168, down 1.35% from the previous value and 0.07% from last week; COMEX silver is at 34, up 0.89% from the previous value and 4.22% from last week [2] 3.1.2 Basic Logic - Tariff negotiations are in a deadlock. The US plans to negotiate with 18 trade partners in a fixed mode. If no agreement is reached, equal tariffs will be implemented [2] - A large amount of investment funds has withdrawn from the SPDR Gold Shares ETF, with an outflow of $1.27 billion, the largest since 2011 [2] - The short - term adjustment of gold is affected by the marginal easing of Sino - US trade frictions, the alleviation of concerns about the Fed's independence, and trading congestion. But the bull - market logic remains unchanged [2] 3.1.3 Strategy Recommendation - For short - term, when the short - term sentiment relaxes and the price stops falling and stabilizes, continue to participate. For silver, use a range - trading strategy within [8100, 8400] [3] 3.2 Copper 3.2.1 Market Conditions - The closing price of SHFE copper is 77630, down 0.22% from the previous day; LME copper is at 9428, up 0.38% from the previous day; COMEX copper is at 490, down 0.01% from the previous day [4] 3.2.2 Industrial Logic - Overseas copper mine supply is constantly disturbed, and copper concentrate processing fees continue to hit new lows. Demand shows resilience, but enterprises' order expectations are cautious due to price fluctuations and US tariff policies [5] 3.2.3 Strategy Recommendation - In the short - term, as the May Day holiday approaches, it is recommended to gradually take profits on long copper positions, and hold light positions or be empty - handed during the holiday. In the long - term, be confident in the upward trend of copper prices. Short - term SHFE copper focuses on the range [76000, 78000], and LME copper focuses on [9000, 9500] dollars/ton [5] 3.3 Zinc 3.3.1 Market Conditions - The closing price of SHFE zinc is 22530, up 0.07% from the previous day; LME zinc is at 2639, down 0.28% from the previous day [7] 3.3.2 Industrial Logic - In 2025, the supply of zinc ore is expected to be loose. The import of zinc concentrate in March decreased month - on - month but increased year - on - year. Refining zinc smelter profits are positive, and downstream demand is entering the off - season [7] 3.3.3 Strategy Recommendation - In the short - term, zinc prices will fall again due to holiday - approaching risk - aversion. In the long - term, supply increases while demand is weak. Look for opportunities to short on rallies. SHFE zinc focuses on the range [22000, 22800], and LME zinc focuses on [2600, 2680] dollars/ton [8][9] 3.4 Aluminum 3.4.1 Market Conditions - The closing price of LME aluminum is 2431, down 0.27% from the previous value; SHFE aluminum is at 19935, down 0.47% from the previous value [10] 3.4.2 Industrial Logic - For electrolytic aluminum, overseas tariff policy disturbances weaken, inventory decreases, and downstream demand is in the peak season. For alumina, the supply and demand surplus situation is temporarily alleviated [11] 3.4.3 Strategy Recommendation - It is recommended to lightly go long on SHFE aluminum at low prices, paying attention to the performance of the peak season. The main operating range is [19500 - 20300]. Alumina is expected to run relatively weakly [11] 3.5 Nickel 3.5.1 Market Conditions - The closing price of LME nickel is 15590, up 0.65% from the previous value; SHFE nickel is at 124690, down 0.88% from the previous value [12] 3.5.2 Industrial Logic - The Indonesian nickel mine policy increases costs, providing some support for nickel prices. Domestic refined nickel production is high, and inventory is at a relatively high level. Stainless - steel inventory de - stocking faces resistance, and the industry is in a state of oversupply [13] 3.5.3 Strategy Recommendation - In the short - term, it is recommended to wait and see, paying attention to inventory changes. The main operating range of nickel is [121000 - 129000] [13] 3.6 Lithium Carbonate 3.6.1 Market Conditions - The price of the main contract LC2507 is 66,960, down 1.79% from the previous value [14] 3.6.2 Industrial Logic - The fundamental situation has not improved significantly, with 11 consecutive weeks of inventory accumulation indicating a supply - demand imbalance. Downstream pre - holiday replenishment willingness is low, and demand has no seasonal increase. Although short - term supply is tightened, there is a risk of negative feedback [15] 3.6.3 Strategy Recommendation - The price is expected to run weakly. Look for opportunities to short on rebounds, with the range [65000, 69000] [15]