中辉有色观点 | 中辉有色观点 | | | | --- | --- | --- | | 品种 | 核心观点 | 主要逻辑 | | 黄金 | | 美国政府停摆、法国总理上任不足一月辞职、日本政治不确定性共同推高了避险情 | | ★★★ | 跳空高开 | 绪。短期沪金或挑战 910 位置，短线追高需要控制节奏仓位。中长期黄金支撑逻辑 | | | | 不变，降息周期开启，地缘重塑，央行买黄金，黄金战略配置价值不变。 | | | | 白银跟随黄金、铜等市场大幅波动，短期情绪高涨。全球政策刺激明显，白银需求 | | 白银 | 跳空高开 | 坚挺，供需缺口明显，白银长期看多逻辑不变。黄金等品种波动会白银盘面波动有 | | ★★ | | 冲击。短线可试多，长线长期持有 | | | | 宏微共振，投机资金涌入铜市，伦铜创年内新高，节后沪铜或跟涨高开。建议铜前 | | 铜 | | 期多单继续持有，新多单等待回调企稳再入场，铜作为中美博弈的重要战略资源和 | | ★★ | 长期持有 | 贵金属的平替资产配置，在铜精矿紧张和绿色铜需求爆发背景下，长期看好。 | | | | 国庆假期，伦锌震荡走强，伦锌库存不足 4 万吨，软挤仓风险 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - **Copper**: The Shanghai copper price increased with higher trading volume last night, and the main contract price broke through the high point in March this year, followed by intraday volatile adjustment. Since Freeport announced a copper mine production cut on September 24th, the copper price has shown a significant increase with higher trading volume, attracting rapid attention from capital and showing strong upward momentum. As China is about to enter the National Day and Mid - Autumn Festival holiday, attention should be paid to overseas market volatility risks [4]. - **Aluminum**: The Shanghai aluminum price fluctuated downward today, with a continuous decline in open interest. Last week, affected by the sharp rise in copper prices, the aluminum price stabilized and rebounded, but the overall rebound was weak. Before the domestic holiday, there were signs of inventory reduction in electrolytic aluminum, providing support for the aluminum price. With a loose macro - environment and a marginal improvement in the supply - demand balance during the peak industrial season, there was an obvious outflow of funds before the holiday. Attention should be paid to the industrial demand situation after the holiday [5]. - **Nickel**: The Shanghai nickel price fluctuated downward today, with a slight decline in open interest. The sector - wide effect of the non - ferrous metals sector driven by copper prices has faded, and the nickel price has dropped back to the level at the beginning of last week. At the industrial level, the long - term oversupply of nickel elements continues to suppress the nickel price. In the short term, the slowdown in the accumulation of nickel ore at ports and the reduction of nickel inventory on the Shanghai Futures Exchange provide support for the nickel price. Continuous attention should be paid to the technical support at the 121,000 yuan mark [6]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - **Copper**: In September, the Manufacturing Purchasing Managers' Index (PMI) was 49.8%, up 0.4 percentage points from the previous month, indicating a continued improvement in the manufacturing industry's prosperity level. On September 30th, SMM reported that as the National Day holiday approached, the downstream procurement sentiment of refined copper rod enterprises was weak. The high copper price and the short price - fixing period for downstream customers near the contract roll - over jointly suppressed new orders [8]. - **Nickel**: On September 30th, the price of SMM1 electrolytic nickel was in the range of 121,000 - 123,900 yuan/ton, with an average price of 122,450 yuan/ton, a rise of 450 yuan/ton from the previous trading day. The mainstream spot premium quotation range for Jinchuan 1 electrolytic nickel was 2,300 - 2,400 yuan/ton, with an average premium of 2,350 yuan/ton, a rise of 50 yuan/ton from the previous trading day. The spot premium and discount quotation range for domestic mainstream brand electrowon nickel was - 150 - 100 yuan/ton [8]. 3.2 Relevant Charts - **Copper**: The report includes charts on copper basis, copper monthly spread, domestic visible inventory of electrolytic copper (social inventory + bonded area inventory), overseas copper exchange inventory, LME copper cancelled warrant ratio, and Shanghai Futures Exchange warrant inventory [9][11][12][14][17][18]. - **Aluminum**: The report includes charts on aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum (LME + COMEX), alumina inventory, and aluminum bar inventory [21][23][25][27][29][31]. - **Nickel**: The report includes charts on nickel basis, Shanghai Futures Exchange inventory, LME nickel cancelled warrant ratio, LME nickel price trend, nickel monthly spread, and nickel ore port inventory [33][37][40][42].

Report Industry Investment Rating - Not provided Core View of the Report - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, and lead as of September 30, 2025, which can help investors analyze potential arbitrage opportunities [1][4][5] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On September 30, 2025, the domestic spot price was 82220, the LME price was 10235, and the ratio was 8.06; the three - month domestic price was 82360, the LME price was 10264, and the ratio was 8.01. The equilibrium ratio for spot import was 8.10, with a loss of 898.28, and the profit for spot export was 299.94 [1] - **Zinc**: The domestic spot price was 21620, the LME price was 2953, and the ratio was 7.32; the three - month domestic price was 21830, the LME price was 2909, and the ratio was 5.82. The equilibrium ratio for spot import was 8.54, with a loss of 3590.26 [1] - **Aluminum**: The domestic spot price was 20690, the LME price was 2660, and the ratio was 7.77; the three - month domestic price was 20725, the LME price was 2666, and the ratio was 7.76. The equilibrium ratio for spot import was 8.39, with a loss of 1632.20 [1] - **Nickel**: The domestic spot price was 119800, the LME price was 15057, and the ratio was 7.96. The equilibrium ratio for spot import was 8.18, with a loss of 1708.54 [1] - **Lead**: The domestic spot price was 16750, the LME price was 1948, and the ratio was 8.62; the three - month domestic price was 16885, the LME price was 1993, and the ratio was 10.89. The equilibrium ratio for spot import was 8.83, with a loss of 400.78 [3] Cross - Period Arbitrage Tracking - **Copper**: On September 30, 2025, the spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were - 100, - 110, - 150, and - 130 respectively, while the theoretical spreads were 514, 927, 1348, and 1769 respectively [4] - **Zinc**: The spreads were - 150, - 120, - 75, and - 40 respectively, and the theoretical spreads were 213, 332, 450, and 569 respectively [4] - **Aluminum**: The spreads were - 25, - 30, - 20, and - 25 respectively, and the theoretical spreads were 215, 331, 446, and 562 respectively [4] - **Lead**: The spreads were - 215, - 185, - 165, and - 150 respectively, and the theoretical spreads were 210, 317, 423, and 529 respectively [4] - **Nickel**: The spreads were 0, 170, 340, and 620 respectively [4] - **Tin**: The spread of the 5 - 1 contract was 1010, and the theoretical spread was 5645 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 295 and 195 respectively, and the theoretical spreads were 346 and 787 respectively [4] - **Zinc**: The spreads were 330 and 180 respectively, and the theoretical spreads were 159 and 285 respectively [4] - **Lead**: The spreads were 320 and 105 respectively, and the theoretical spreads were 179 and 291 respectively [5] Cross - Variety Arbitrage Tracking - On September 30, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai (three - continuous) market were 3.77, 3.97, 4.88, 0.95, 1.23, and 0.77 respectively; in the London (three - continuous) market, they were 3.54, 3.89, 5.22, 0.91, 1.34, and 0.68 respectively [5]

Group 1: Report Investment Ratings - No information provided on industry investment ratings Group 2: Core Views - Copper prices may experience short - term range - bound fluctuations. Night - time copper prices rose 0.06%. Although concentrate supply is tight and smelting profits are under pressure, smelting output continues to grow rapidly. Multiple factors are intertwined, and attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2] - Zinc prices may experience short - term wide - range weak fluctuations. Night - time zinc prices rose 0.41%. Zinc concentrate processing fees have generally recovered, and smelting profits have turned positive. Short - term supply - demand differences may tilt towards surplus [2] Group 3: Summary by Variety Copper - Night - time copper prices rose 0.06%. Concentrate supply is tight, but smelting output has high growth. The power industry has positive growth, photovoltaic installations increased year - on - year but future growth may slow. Automobile production and sales are growing, home appliance output growth is slowing, and the real estate market is weak. The price may have short - term range - bound fluctuations [2] Zinc - Night - time zinc prices rose 0.41%. Zinc concentrate processing fees have increased, smelting profits are positive, and smelting output is expected to rise. Galvanized sheet inventory increased weekly. Infrastructure investment has a small positive growth rate, automobile production and sales are growing, home appliance output growth is slowing, and the real estate market is weak. The price may have short - term wide - range weak fluctuations [2] Other Metals - Aluminum: Domestic previous day's futures closing price was 20,685 yuan/ton, the domestic basis was - 20 yuan/ton, the previous day's LME 3 - month closing price was 2,646 dollars/ton, the LME spot premium was 0.24 dollars/ton, LME inventory was 513,900 tons with no daily change [2] - Nickel: Domestic previous day's futures closing price was 120,730 yuan/ton, the domestic basis was - 990 yuan/ton, the previous day's LME 3 - month closing price was 15,340 dollars/ton, the LME spot premium was - 173.35 dollars/ton, LME inventory was 228,900 tons with an increase of 456 tons [2] - Lead: Domestic previous day's futures closing price was 17,040 yuan/ton, the domestic basis was - 120 yuan/ton, the previous day's LME 3 - month closing price was 1,999 dollars/ton, the LME spot premium was - 42.13 dollars/ton, LME inventory was 221,675 tons with an increase of 1,375 tons [2] - Tin: Domestic previous day's futures closing price was 269,880 yuan/ton, the domestic basis was 2,000 yuan/ton, the previous day's LME 3 - month closing price was 34,270 dollars/ton, the LME spot premium was - 98.00 dollars/ton, LME inventory was 2,580 tons with an increase of 75 tons [2]

Group 1 - The Dachen Nonferrous ETF (159980.SZ) has seen a significant increase of 1.87% as of September 25, 2025, with a trading volume of 1.45 billion yuan and a turnover rate of 8.44% [1] - Over the past 14 days, the Dachen Nonferrous ETF has experienced continuous net inflows totaling 291 million yuan, bringing its total size to 1.682 billion yuan and shares to 981 million, both reaching record highs since inception [1] - LME copper prices have surged to a 15-month high, with a single-day increase of 3.2%, marking the largest rise in nearly five months [1] Group 2 - The Grasberg mine in Indonesia has suspended production due to a landslide, leading Freeport to lower its 2026 production guidance by 35%, with potential resumption delayed until 2027, exacerbating global copper supply tensions [2] - The Federal Reserve's recent interest rate cut of 25 basis points is expected to provide long-term support for copper prices, especially in a constrained supply environment, as it may stimulate inflation expectations [2] - The Dachen Nonferrous ETF is primarily invested in futures of nonferrous metals such as copper, aluminum, lead, tin, zinc, and nickel traded on the Shanghai Futures Exchange [2]

Group 1: Report Overview - Report title: "2025 Year 9 Month 24 Day Non - Ferrous Metals Daily Report" [3] - Report industry: Non - ferrous metals [1] Group 2: Investment Ratings - No investment ratings are provided in the report Group 3: Core Views - **Copper**: Today, copper prices fluctuated around the 80,000 - yuan mark with a narrowing amplitude and little change in open interest. Domestically, the macro - environment is favorable, but copper prices are weak. Downstream pre - holiday restocking provides support. Technically, focus on the long - short game at the 80,000 - yuan mark [5] - **Aluminum**: Today, aluminum prices fluctuated upwards with a slight decline in open interest. The domestic macro - environment is good, and aluminum prices stabilized and rebounded. As prices fell, downstream restocking increased, and the accumulation of electrolytic aluminum social inventory slowed down. Technically, focus on the support of the 60 - day moving average [6] - **Nickel**: Today, Shanghai nickel maintained a fluctuating trend with little change in open interest. The domestic macro - environment is favorable, but the industry has an oversupply situation due to rising nickel ore and refined nickel inventories. It is expected to fluctuate. Technically, focus on the support at the 120,000 - yuan mark [7] Group 4: Industry Dynamics - **Copper**: The SMM Shanghai copper spot price stabilized at 80,000 yuan/ton. Downstream备货 sentiment was weak, and this year's National Day restocking was weaker than last year. It is expected that tomorrow's spot trading will continue around par [9] - **Nickel**: On September 24, the SMM1 electrolytic nickel price was 121,100 - 123,800 yuan/ton, with an average of 122,450 yuan/ton, up 500 yuan/ton from the previous trading day. The mainstream spot premium of Jinchuan 1 electrolytic nickel was 2,300 - 2,400 yuan/ton, with an average of 2,350 yuan/ton, unchanged from the previous day. The domestic mainstream brand electrowon nickel spot premium was - 100 - 200 yuan/ton [10] Group 5: Related Charts Copper - **Copper basis**: Chart shows the relationship between basis and spot price [11] - **Electrolytic copper domestic visible inventory**: Chart includes social inventory and bonded area inventory [13] - **LME copper cancelled warrant ratio**: Chart shows the relationship between LME copper inventory and cancelled warrant ratio [14] - **Overseas copper exchange inventory**: Chart shows the inventory of overseas copper exchanges [19] - **SHFE warrant inventory**: Chart shows the SHFE warrant inventory [20] Aluminum - **Aluminum basis**: Chart shows the relationship between aluminum basis and futures price [23] - **Electrolytic aluminum domestic social inventory**: Chart shows the domestic social inventory of electrolytic aluminum [25] - **Alumina inventory**: Chart shows the alumina inventory [27] - **Aluminum monthly spread**: Chart shows the aluminum monthly spread [29] - **Electrolytic aluminum overseas exchange inventory**: Chart shows the overseas exchange inventory of electrolytic aluminum (LME + COMEX) [31] - **Aluminum rod inventory**: Chart shows the aluminum rod inventory [33] Nickel - **Nickel basis**: Chart shows the relationship between nickel basis and spot price [35] - **LME nickel cancelled warrant ratio**: Chart shows the relationship between LME nickel inventory and cancelled warrant ratio [38] - **LME nickel trend**: Chart shows the LME nickel trend [39] - **SHFE inventory**: Chart shows the SHFE nickel inventory [42] - **Nickel ore port inventory**: Chart shows the nickel ore port inventory [44]

Report Industry Investment Rating No relevant information provided. Core Views - **Copper**: The copper price fluctuated downward today, with the main contract price breaking below the 80,000 mark and the trading volume slightly decreasing. On the macro - level, the domestic market was weak, with both commodities and stock indices showing a downward trend. On the industrial level, the sharp decline in copper price and pre - holiday restocking demand are expected to increase industrial restocking willingness, which will support the copper price. However, the spot premium is at a low level compared to the same period in previous years, and there is no sign of inventory depletion. Technically, attention should be paid to the long - short game at the 80,000 mark [5]. - **Aluminum**: The aluminum price oscillated weakly today, and the trading volume continued to decline. The domestic market was weak on the macro - level, with commodities and stock indices trending down. On the industrial level, the aluminum price remained high in September, leading to weak restocking willingness among downstream enterprises. As the futures price declined, the accumulation of electrolytic aluminum social inventory slowed down. Technically, attention should be paid to the support of the 60 - day moving average [6]. - **Nickel**: The Shanghai nickel price fluctuated downward today, and the trading volume increased slightly. The domestic market was weak on the macro - level, with commodities and stock indices showing a downward trend. On the industrial level, the nickel price oscillated during the day, and the overall spot trading of refined nickel was average, with downstream enterprises mainly purchasing as needed. Technically, attention should be paid to the support at the 120,000 mark [7]. Summary by Related Catalogs 1. Industry Dynamics - **Copper**: In August 2025, China's total export volume of wire and cable was 261,000 tons, including 123,400 tons of copper wire and cable. In September, due to the resilient overseas demand for copper wire and cable, the export volume is expected to remain at a high level. The export performance to major destinations was divergent, with a 49.7% month - on - month decline in exports to the Philippines, a 57.7% month - on - month increase to Indonesia due to major projects, and a 26.11% month - on - month decline to the US due to tariff hikes [9]. - **Aluminum**: In August 2025, China's aluminum foil export volume was 107,000 tons, a 2% month - on - month and 24% year - on - year decline, with the year - on - year decline exceeding 20% for three consecutive months. The export volume of aluminum sheets and strips was 265,000 tons, a 2% month - on - month increase and a 10% year - on - year decrease [10]. - **Nickel**: On September 23, the price of SMM1 electrolytic nickel was 120,500 - 123,400 yuan/ton, with an average price of 121,950 yuan/ton, a 750 - yuan/ton decrease from the previous trading day. The mainstream spot premium of Jinchuan 1 electrolytic nickel was 2,300 - 2,400 yuan/ton, with an average premium of 2,350 yuan/ton, unchanged from the previous trading day. The spot premium of domestic mainstream brand electrowon nickel was - 100 - 200 yuan/ton [11]. 2. 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 [12][14][15]. - **Aluminum**: The report presents charts of aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum, alumina inventory, and aluminum rod inventory [24][26][28]. - **Nickel**: The report shows charts of nickel basis, LME nickel cancelled warrant ratio, LME nickel trend, SHFE inventory, and nickel ore port inventory [36][39][40].

Core Insights - The domestic non-ferrous metal market experienced significant declines on September 23, with major drops in polysilicon and industrial silicon prices [1][2] Price Movements - Industrial silicon futures fell by 1.75%, settling at 8,975.00 CNY/ton - Polysilicon futures decreased by 2.76%, closing at 50,250.00 CNY/ton - Aluminum oxide futures dropped by 1.12%, ending at 2,901.00 CNY/ton - Lead futures declined by 0.44%, finishing at 17,085.00 CNY/ton [1] Futures Market Data - The opening and closing prices for various contracts on September 23 were as follows: - Aluminum oxide: Opened at 2,926.00 CNY, closed at 2,934.00 CNY - Lithium carbonate: Opened at 73,040.00 CNY, closed at 73,420.00 CNY - Copper: Opened at 80,080.00 CNY, closed at 80,160.00 CNY - Nickel: Opened at 121,140.00 CNY, closed at 121,400.00 CNY - Zinc: Opened at 22,080.00 CNY, closed at 22,090.00 CNY [2] Warehouse Inventory Changes - As of September 22, warehouse data indicated the following changes in futures inventory: - Copper futures inventory decreased by 1,945 tons to 29,893 tons - Aluminum futures inventory decreased by 1,198 tons to 70,761 tons - Zinc futures inventory increased by 2,523 tons to 55,054 tons - Lead futures inventory decreased by 2,932 tons to 44,357 tons [3] Basis and Spot Prices - The basis and spot prices for various metals were reported as follows: - Copper: Spot price at 80,233.3 CNY, futures price at 80,120 CNY, basis at 113 CNY - Zinc: Spot price at 21,942 CNY, futures price at 21,995 CNY, basis at -53 CNY - Aluminum: Spot price at 20,826.7 CNY, futures price at 20,770 CNY, basis at 56 CNY [4][5]

1. Report Information - Report Title: Zinc Futures Daily Report [1] - Date: September 23, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] 2. Market Review - Futures Market: The Shanghai zinc futures market opened lower and rebounded, with the main contract switching to ZN2511, closing at 22,090 yuan/ton, up 30 yuan or 0.14%. The trading volume increased, and the open interest rose by 68,581 lots to 130,425 lots. LME zinc inventory decreased by 1,000 tons to 46,825 tons, and the overseas spot premium widened. The domestic processing fee had limited upward momentum, and the SMM zinc concentrate domestic monthly TC was 3,850 yuan/metal ton, while the SMM imported zinc concentrate index rose by 2 US dollars/dry ton to 98.25 US dollars/dry ton. The by - product sulfuric acid price was stable with a slight decline. Due to more smelter overhauls in September and supply shortages in some secondary zinc enterprises, the monthly output was expected to decline by 1 - 20,000 tons to around 600,000 tons, and the supply remained generally loose. On the demand side, the operating rates of galvanizing and zinc oxide increased slightly, but overall consumption in the peak season was not ideal. The inventory was expected to continue to decline this week, and the zinc price would continue to fluctuate between 21,800 - 22,500 yuan [7]. 3. Industry News - On September 22, 2025, the mainstream transaction prices of 0 zinc were concentrated between 19,100 - 22,065 yuan/ton, and different brands had different price ranges and premium/discount situations in different trading periods and regions such as Shanghai, Ningbo, Tianjin, and Guangdong [8][17] 4. Data Overview - There are figures showing the weekly inventory of SMM seven - region zinc ingots, LME zinc inventory, the price trends of zinc in two markets, and SHFE monthly spreads, with data sources including Wind and SMM, and the research and development department of Jianxin Futures [11][14]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views of the Report - Copper prices may experience short - term range - bound fluctuations. Night - time copper prices closed 0.07% lower. Concentrate supply remains tight, squeezing smelting profits, but smelting output continues to grow rapidly. Multiple factors are intertwined, and attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2]. - Zinc prices may have short - term wide - range weak fluctuations. Night - time zinc prices closed 0.25% lower. Zinc concentrate processing fees have generally increased, and smelting profits have turned positive, with smelting output expected to continue rising. Short - term supply - demand differences may tilt towards oversupply [2]. Group 3: Summary by Related Catalog Copper - Night - time copper prices closed 0.07% lower. Concentrate supply is tight, and smelting profits are under pressure, but smelting output shows high growth. The power industry has positive growth, photovoltaic installation is surging but future growth may slow, auto production and sales are positive, home appliance output growth is slowing, and the real estate market is weak. Copper prices may range - bound, and factors like the US dollar, smelting output, and downstream demand should be monitored [2]. Zinc - Night - time zinc prices closed 0.25% lower. Zinc concentrate processing fees are rising, smelting profits are positive, and smelting output is expected to rise. Galvanized sheet inventory is increasing weekly. Infrastructure investment has a small positive cumulative growth rate, auto production and sales are positive, home appliance output growth is slowing, and the real estate market is weak. Zinc prices may have wide - range weak fluctuations, and attention should be paid to the US dollar, smelting output, and downstream demand [2]. Market Data - Copper: Domestic previous - day futures closing price is 80,190 yuan/ton, domestic basis is 45 yuan/ton, previous - day LME 3 - month closing price is 10,002 dollars/ton, LME spot premium is - 72.44 dollars/ton, LME inventory is 147,650 tons with a daily change of - 1,225 tons [2]. - Aluminum: Domestic previous - day futures closing price is 20,750 yuan/ton, domestic basis is - 30 yuan/ton, previous - day LME 3 - month closing price is 2,655 dollars/ton, LME spot premium is 4.14 dollars/ton, LME inventory is 513,900 tons with no daily change [2]. - Zinc: Domestic previous - day futures closing price is 22,080 yuan/ton, domestic basis is - 85 yuan/ton, previous - day LME 3 - month closing price is 2,900 dollars/ton, LME spot premium is 45.99 dollars/ton, LME inventory is 47,825 tons with a daily change of - 1,000 tons [2]. - Nickel: Domestic previous - day futures closing price is 121,400 yuan/ton, domestic basis is - 1,260 yuan/ton, previous - day LME 3 - month closing price is 15,200 dollars/ton, LME spot premium is - 177.45 dollars/ton, LME inventory is 228,444 tons with a daily change of - 6 tons [2]. - Lead: Domestic previous - day futures closing price is 17,125 yuan/ton, domestic basis is - 120 yuan/ton, previous - day LME 3 - month closing price is 2,000 dollars/ton, LME spot premium is - 45.16 dollars/ton, LME inventory is 220,300 tons with a daily change of - 2,375 tons [2]. - Tin: Domestic previous - day futures closing price is 272,510 yuan/ton, domestic basis is - 3,280 yuan/ton, previous - day LME 3 - month closing price is 34,020 dollars/ton, LME spot premium is - 115.00 dollars/ton, LME inventory is 2,505 tons with a daily change of - 140 tons [2].