Report Industry Investment Ratings No relevant information provided. Core Views Nickel - The short - term fundamentals change little. The nickel price is expected to be weak and fluctuate, with the main reference range of 118,000 - 126,000. Attention should be paid to Indonesian policy changes [1]. Stainless Steel - The stainless - steel price is expected to be weak and fluctuate, with the main operating range of 12,600 - 13,200. Attention should be paid to the steel mill's production cut rhythm [3]. Lithium Carbonate - The short - term fundamentals still have pressure. The lithium carbonate price is expected to be weak and operate in the range of 56,000 - 62,000. Attention should be paid to upstream dynamics [5]. Tin - The short - term supply - side tightness boosts the tin price. Consider shorting on rallies above 260,000, and pay attention to the supply - side recovery rhythm [7]. Alumina - If the mine - end situation does not further ferment, the alumina price will be under pressure, with the lower reference cash cost of 2,700. Attention should be paid to domestic enterprise capacity changes and imported supply [8]. Aluminum - The short - term aluminum price will fluctuate, with the operating range of 19,000 - 21,000. Attention should be paid to inventory and demand changes [8]. Zinc - In the medium - to - long - term, adopt a short - on - rallies strategy. The main reference range is 21,500 - 23,500. Pay attention to zinc ore production growth and downstream demand changes [10]. Copper - The short - term copper price will fluctuate. The main focus is on the pressure level of 78,000 - 79,000. The downward space depends on real demand weakness, and the upward space depends on tariff expectation reversal or US economic risk release [13]. Summaries by Directory Price and Basis - **Nickel**: SMM 1 electrolytic nickel rose 0.47% to 123,425 yuan/ton; 1 Jinchuan nickel rose 0.42% to 124,575 yuan/ton; 1 imported nickel rose 0.51% to 122,425 yuan/ton [1]. - **Stainless Steel**: 304/2B (Wuxi Hongwang 2.0 coil) and 304/2B (Foshan Hongwang 2.0 coil) remained unchanged at 13,100 yuan/ton and 13,050 yuan/ton respectively [3]. - **Lithium Carbonate**: SMM battery - grade lithium carbonate均价 fell 0.08% to 60,250 yuan/ton; SMM industrial - grade lithium carbonate均价 fell 0.09% to 58,650 yuan/ton [5]. - **Tin**: SMM 1 tin rose 2.04% to 255,500 yuan/ton; Yangtze 1 tin rose 2.03% to 256,000 yuan/ton [7]. - **Aluminum**: SMM A00 aluminum rose 0.80% to 20,280 yuan/ton; Yangtze aluminum A00 rose 0.80% to 20,270 yuan/ton [8]. - **Zinc**: SMM 0 zinc ingot rose 0.53% to 22,910 yuan/ton; SMM 0 zinc ingot (Guangdong) rose 0.66% to 22,810 yuan/ton [10]. - **Copper**: SMM 1 electrolytic copper rose 0.05% to 78,485 yuan/ton; SMM Guangdong 1 electrolytic copper rose 0.15% to 78,295 yuan/ton [13]. Cost of Electrolytic Nickel Production - Integrated MHP production cost of electrolytic nickel decreased by 0.49% to 126,132 yuan/ton; integrated high - matte production cost of electrolytic nickel increased by 1.05% to 133,478 yuan/ton [1]. New Energy Material Prices - Battery - grade nickel sulfate average price remained unchanged at 27,915 yuan/ton; battery - grade lithium carbonate average price fell 0.33% to 60,700 yuan/ton [1]. Monthly Spread - **Nickel**: 2507 - 2508 spread rose to - 220 yuan/ton from - 250 yuan/ton [1]. - **Stainless Steel**: 2507 - 2508 spread rose to - 25 yuan/ton from - 42 yuan/ton [3]. - **Lithium Carbonate**: 2506 - 2507 spread fell to - 40 yuan/ton from 40 yuan/ton [5]. - **Tin**: 2506 - 2507 spread fell to - 400 yuan/ton from - 240 yuan/ton [7]. - **Aluminum**: 2506 - 2507 spread fell to 90 yuan/ton from 130 yuan/ton [8]. - **Zinc**: 2506 - 2507 spread fell to 335 yuan/ton from 390 yuan/ton [10]. - **Copper**: 2506 - 2507 spread fell to 150 yuan/ton from 290 yuan/ton [13]. Supply and Inventory - **Nickel**: China's refined nickel production decreased by 2.62% to 35,350 tons; refined nickel imports increased by 8.18% to 8,832 tons [1]. - **Stainless Steel**: China's 300 - series stainless - steel crude steel production increased by 11.37% to 344.01 million tons; Indonesia's 300 - series stainless - steel crude steel production decreased by 6.67% to 42 million tons [3]. - **Lithium Carbonate**: May's lithium carbonate production decreased by 2.34% to 72,080 tons; demand increased by 4.81% to 93,938 tons [5]. - **Tin**: April's tin ore imports increased by 18.48% to 9,861 tons; SMM refined tin production decreased by 0.52% to 15,200 tons [7]. - **Aluminum**: May's alumina production increased by 2.66% to 727.21 million tons; electrolytic aluminum production increased by 3.41% to 372.90 million tons [8]. - **Zinc**: May's refined zinc production decreased by 1.08% to 54.94 million tons; April's refined zinc imports increased by 2.40% to 2.82 million tons [10]. - **Copper**: May's electrolytic copper production increased by 1.12% to 113.83 million tons; April's electrolytic copper imports decreased by 19.06% to 25 million tons [13].

所长 早读 国泰君安期货 2025-05-22 期 请务必阅读正文之后的免责条款部分 1 期货研究 期货研究 2025-05-22 所长 早读 外资机构纷纷看多中国股市 观点分享： 据证券日报报道，5 月 21 日，第 28 届瑞银亚洲投资论坛媒体分享会召开，瑞银全球金 融市场部中国主管房东明表示，当前，国际市场对中国资产关注度持续升温。一方面，流动 性向好趋势明显，这对提升投资者信心至关重要，量化基金及其他中长线海外投资者均积极 寻求深度参与中国资本市场。同时，中国监管部门也积极回应全球投资者关切点，提供切实 指导与帮助。另一方面，新质生产力领域吸引力愈发凸显，在人工智能、高端制造等产业链 推动下，中国股市叙事逻辑转变，叠加政策推动，全球投资者对中国资产中长短期关注度都 在不断提升；高盛最新报告显示，将 MSCI 中国指数和沪深 300 指数的 12 个月目标分别上 调至 84 点和 4600 点（分别有 11%和 17%的潜在上涨空间），维持对中国股票的超配评级； 摩根士丹利中国首席经济学家邢自强表示，中国拥有充足的应对冲击的回旋空间。原因有四 方面：一是国内政策刺激拥有加码空间；二是整体社会民生仍具有承 ...

Report Summary 1. Report Industry Investment Ratings The report does not explicitly mention overall industry investment ratings. However, it provides trend intensities for various commodities: - **Positive Trends**: PX, PTA, MEG trend intensities are 1, indicating a relatively positive outlook [78]. - **Negative Trends**: Gold, silver, zinc, tin, rubber, lithium carbonate, industrial silicon, and polysilicon have negative trend intensities, suggesting a bearish view [22][31][38][81]. - **Neutral Trends**: Copper, aluminum, alumina, lead, nickel, stainless steel, rebar, hot - rolled coil, ferrosilicon, silicomanganese, coke, coking coal, and thermal coal have neutral trend intensities [26][29][34][45][55][58][64][67]. 2. Core Views - **US Economic Situation**: The University of Michigan's consumer confidence index hit the second - lowest level on record, and inflation expectations reached multi - decade highs. Tariff concerns and Trump's call for the Fed to cut interest rates are influencing the economic outlook [7][19]. - **Commodity Market Outlook** - **Alkali and Alumina**: Caustic soda is expected to be volatile in the short term and face pressure later. Alumina had a sharp rebound recently, but the long - term supply - demand surplus pattern may remain [11][12]. - **Metals**: Most metals are in a state of weak or neutral trends. For example, copper lacks driving forces and is in a price - oscillating state, while zinc has a surplus in the long - term and its price is under pressure [24][30]. - **Energy and Chemicals**: PX is in a high - level oscillating market with a strong trend, and the strategy of going long on PX and short on PTA is recommended. MEG remains strong unilaterally [75][77]. 3. Summary by Commodity **Precious Metals** - **Gold and Silver**: Gold broke below the support level, and silver oscillated downward. Their trend intensities are - 1 [20][22]. **Base Metals** - **Copper**: Lacks driving forces, and the price oscillates. The trend intensity is 0 [24][26]. - **Aluminum and Alumina**: Aluminum is in a range - bound state, and alumina had a sharp rebound. Their trend intensities are 0 [27][29]. - **Zinc**: There is a long - term surplus, and the price is under pressure. The trend intensity is - 1 [30][31]. - **Lead**: Both supply and demand are weak, and it oscillates. The trend intensity is 0 [33][34]. - **Tin**: Narrowly oscillates. The trend intensity is - 1 [36][38]. - **Nickel and Stainless Steel**: Nickel is supported by the contradiction in nickel ore, and stainless steel has a clear cost bottom but lacks upward - driving forces. Their trend intensities are 0 [40][45]. **Energy - Related Commodities** - **Coking Coal and Coke**: With the decline in hot - metal production, they oscillate widely. Their trend intensities are 0 [60][64]. - **Thermal Coal**: The coal - mine inventory increases, and it oscillates weakly. The trend intensity is 0 [65][67]. **Chemical Commodities** - **Caustic Soda**: Volatile in the short term and under pressure later. The downstream restocking situation determines its rebound sustainability [11]. - **Alumina**: Had a sharp rebound due to short - term supply - demand tightness, but the long - term surplus pattern may not change [12]. - **PX, PTA, and MEG**: PX is in a high - level oscillating market and is recommended for a long - short strategy against PTA. PTA is in a de - stocking pattern, and MEG remains strong unilaterally [75][77]. - **Rubber**: Oscillates weakly. The trend intensity is - 1 [79][81]. **Lithium - Related Commodities** - **Lithium Carbonate**: The cost curve continues to decline, and the trend is bearish. The trend intensity is - 1 [46][49]. **Industrial and Polysilicon** - **Industrial Silicon and Polysilicon**: Both are in a weak state, with negative trend intensities [50][52]. **Steel Products** - **Rebar and Hot - Rolled Coil**: Raw materials continue to decline, and they oscillate weakly. Their trend intensities are 0 [53][55]. **Ferroalloys** - **Ferrosilicon and Silicomanganese**: Oscillate widely. Their trend intensities are 0 [56][58].

Report Title - "Bottom Range, Oscillating with an Upward Bias - Guoxin Futures Non - Ferrous (Nickel) Weekly Report" dated May 18, 2025 [2][3] Report Industry Investment Rating - Not provided in the content Core Viewpoint - After the Sino - US Geneva economic and trade talks, the two sides reached a series of important consensuses on tariff adjustments, and China's exports in April showed strong resilience. The Shanghai nickel market showed an oscillating trend this week. The spot trading of refined nickel was stable, the changes in premiums and discounts were small, the mine - end market changed little, the quotes of mines were firm, the price of nickel sulfate was weak, and the salt plants were in a loss state. After the holiday, stainless steel inventory increased, and the demand was mainly for rigid procurement. The demand has resilience, but whether it will improve in the medium and long term remains to be verified by further data. It is expected that the operating range of the main contract of Shanghai nickel is approximately 115,000 to 134,000 yuan/ton, and that of the main contract of stainless steel is approximately 12,700 to 13,500 yuan/ton [36] Summary by Directory 1. Market Review - This part shows the historical price trend chart of the main contract of nickel futures from December 31, 2020, to April 30, 2025, with the price range from 0 to 300,000 yuan/ton [8] 2. Fundamental Analysis 2.1 Upstream - China's Nickel Ore Port Inventory - Displays the monthly import volume of nickel ore sand and concentrates from the Philippines, with the data range from 0 to 6 million tons [13] 2.2 Mid - stream - Electrolytic Nickel Price - Presents the price trend chart of electrolytic nickel (1, Ni99.90, domestic and imported) from 0 to 300,000 yuan/ton [16] 2.3 Mid - stream - Nickel Sulfate Price - Shows the average price trend chart of nickel sulfate in China, with the price range from 0 to 70,000 yuan/ton [18] 2.4 Mid - stream - Monthly Import Volume of Ferronickel and Fubao Price of 8 - 12% Ferronickel - Displays the monthly import volume of ferronickel in China from 0 to 1 million tons and the Fubao price of 8 - 12% ferronickel from 0 to 1,800 yuan/nickel [20] 2.5 Downstream - Stainless Steel - **Price**: Displays the closing price trend chart of stainless steel futures (continuous), with the price range from 0 to 25,000 yuan/ton [22] - **Position**: Shows the position volume trend chart of stainless steel futures, with the position volume range from 0 to 400,000 lots [24] - **Inventory**: Displays the inventory trend chart of Wuxi stainless steel and Wuxi 300 - series stainless steel, with the inventory range from 0 to 800,000 tons [26] 2.6 Downstream - Production of Power and Energy Storage Batteries - Shows the monthly production value trend chart of power and energy storage batteries (ternary materials) and the total monthly production value trend chart of power and energy storage batteries in China, with the production value range from 0 to 140,000 MWh [29] 2.7 Downstream - Production of New Energy Vehicles - Displays the monthly production value trend chart of new energy vehicles in China, with the production value range from 0 to 140,000 vehicles [31] 3. Outlook for the Future - After the Sino - US Geneva economic and trade talks, tariff adjustments were made. China's exports in April showed strong resilience. The Shanghai nickel market oscillated this week. The spot trading of refined nickel was stable, the mine - end market changed little, the price of nickel sulfate was weak, and stainless steel inventory increased after the holiday. It is expected that the operating range of the main contract of Shanghai nickel is approximately 115,000 to 134,000 yuan/ton, and that of the main contract of stainless steel is approximately 12,700 to 13,500 yuan/ton [36]

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the given reports. 2. Core Views Copper - The copper market presents a combination of "strong current situation + weak expectation". The short - term price is likely to fluctuate. The main contract price is expected to range between 77,500 - 79,500 yuan/ton. The macro - level factors and the uncertainty of demand in the peak season are the main influencing factors [1]. Aluminum - For alumina, the market is influenced by both positive and negative factors, and the price is expected to fluctuate in the short term. For electrolytic aluminum, the inventory reduction and the easing of tariff sentiment support the price, but the expected weakening of demand and the decline in cost put pressure on the price. The short - term price is likely to fluctuate [3]. Zinc - The short - term zinc price may be supported by the easing of tariff signals. In the future, the price may decline if terminal consumption is insufficient due to tariff policies, or maintain a high - level oscillation if the growth rate of the mining end is lower than expected and downstream consumption exceeds expectations. In the medium - to - long - term, a short - selling strategy is recommended, with the main contract price reference range of 21,500 - 23,500 yuan/ton [4]. Tin - The macro - sentiment improvement may drive the tin price to rebound, but considering the supply - side restoration and the pessimistic demand expectation, short - selling can be attempted in the range of 265,000 - 270,000 yuan/ton. Attention should be paid to the supply - side raw material restoration rhythm [7]. Nickel - The short - term nickel price is expected to fluctuate. The macro - sentiment has improved, and the cost provides some support, but the medium - term supply is expected to be loose. The main contract price is expected to range between 122,000 - 128,000 yuan/ton [8]. Stainless Steel - The stainless - steel market is expected to fluctuate. The raw - material end provides some support, but the short - term supply - demand contradiction has intensified, and the inventory pressure has slightly eased. The main contract price is expected to range between 12,600 - 13,200 yuan/ton [11]. Lithium Carbonate - The short - term lithium carbonate price is expected to show a weak oscillation. The supply pressure is obvious, the demand is relatively flat, and the inventory is still high. The main contract price is expected to range between 62,000 - 66,000 yuan/ton [14]. 3. Summary by Related Catalogs Copper - **Price and Basis**: Most copper prices decreased slightly, with SMM 1 electrolytic copper at 78,155 yuan/ton, down 0.15%. The refined - scrap price difference decreased by 11.54% [1]. - **Monthly Spread**: The spreads between some contracts changed, such as the 2505 - 2506 spread increasing by 10 yuan/ton [1]. - **Fundamental Data**: In April, the electrolytic copper production increased by 0.32%, and the import volume in March increased by 15.24%. The domestic and overseas inventories showed different trends [1]. Aluminum - **Price and Spread**: Aluminum prices generally increased, with SMM A00 aluminum at 20,010 yuan/ton, up 1.01%. The import loss and the spreads between some contracts changed [3]. - **Fundamental Data**: In April, the alumina and electrolytic aluminum production changed. The开工 rates of some aluminum products also changed, and the inventories at home and abroad decreased [3]. Zinc - **Price and Spread**: Zinc prices decreased slightly, with SMM 0 zinc ingot at 22,650 yuan/ton, down 0.31%. The import loss increased, and the spreads between some contracts decreased [4]. - **Fundamental Data**: In April, the refined zinc production increased by 0.31%, and the import volume in March increased by 9.47%. The开工 rates of downstream industries increased [4]. Tin - **Spot Price and Basis**: Tin prices decreased slightly, with SMM 1 tin at 262,100 yuan/ton, down 0.27%. The spreads between some contracts changed significantly [7]. - **Fundamental Data**: In March, the tin ore import decreased, while the refined tin production and import increased. The inventories of some varieties decreased [7]. Nickel - **Price and Basis**: Nickel prices decreased, with SMM 1 electrolytic nickel at 124,950 yuan/ton, down 1.79%. The import loss decreased, and the spreads between some contracts changed [8]. - **Fundamental Data**: In April, the Chinese refined nickel production increased by 6.08%, and the import volume decreased by 68.84%. The inventories at home and abroad changed [8]. Stainless Steel - **Price and Spread**: Stainless - steel prices were slightly adjusted, with the 304/2B (Wuxi Hongwang 2.0 roll) at 13,200 yuan/ton, up 0.38%. The spreads between some contracts changed [11]. - **Fundamental Data**: In April, the 300 - series stainless - steel production in China increased by 11.37%, and the export volume increased by 70.98%. The inventories changed [11]. Lithium Carbonate - **Price and Spread**: Lithium carbonate prices were mostly stable, with SMM battery - grade lithium carbonate at 64,600 yuan/ton, unchanged. The spreads between some contracts changed [13]. - **Fundamental Data**: In April, the lithium carbonate production decreased, while the demand increased. The inventory increased, and the开工 rate increased [14].

1. Report Industry Investment Ratings - Nickel - Rolling short [1] - Stainless steel - Wait - and - see [1] - Zinc - Bearish outlook [5] 2. Core Views - **Nickel and Stainless Steel**: The rumor of the Philippine nickel ore ban has been falsified, and the logic returns to the fundamentals. There is still an excess pressure in the nickel market, and it is recommended to roll short between 120,000 - 127,000 [1][2]. - **Zinc**: The impact of tariffs has temporarily subsided. In the short - term, supply is stable with a slight increase, while the peak demand season has passed. Manufacturers are pessimistic about terminal demand, so it is overall bearish [3][4]. 3. Summary by Relevant Catalogs **Nickel and Stainless Steel** - **Macro & Industry News**: In April 2025, China's nickel plate production was 33,120 tons, a month - on - month decrease of 2.1% and a year - on - year increase of 6.9%. The production of nickel sulfate was 29,600 tons, a month - on - month decrease of 12.9% and a year - on - year decrease of 17.8% [1]. - **Supply**: The rumor of the Philippine nickel ore ban is falsified. The mining end is likely to turn looser. The overall supply of domestic electrolytic nickel has shrunk month - on - month but remains at the highest level in the same period in history. The production cost of electrowinning nickel is expected to decline [1]. - **Demand**: In the process of producing nickel sulfate from nickel beans, the nickel cost is about 127,000 yuan. The demand support from downstream nickel sulfate cost is about 134,000 yuan/ton, and the profit critical point of external procurement manufacturers is about 137,000 yuan/ton. The possibility of stainless steel production cuts is small [2]. **Zinc** - **Macro & Industry News**: In April 2025, the retail sales of the national passenger car market were 1.755 million vehicles, a year - on - year increase of 14.5% and a month - on - month decrease of 9.4%. The cumulative retail sales this year were 6.872 million vehicles, a year - on - year increase of 7.9% [3]. - **Supply**: Although the profits of mining enterprises have shrunk, the TC price has not declined, indicating no production cuts at the mining end. The supply side generally shows a loosening trend, and the possibility of production cuts for both smelting and integrated enterprises is extremely small [3]. - **Demand**: The peak demand season is approaching the end. The production enthusiasm of galvanizing, die - casting alloy, and zinc oxide manufacturers is low, and the terminal demand is expected to decline [4].

| | 锡产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 投资咨询业务资格:证监许可【2011】1292号 | | | | | | | 2025年5月13日 | | | | | 寇帝斯 | Z0021810 | | 现货价格及基差 | | | | | | | | | 品种 | 现值 | 前值 | 张跃 | 张跌幅 | 单位 | | | SMM 1#锡 | 262800 | 259600 | 3200 | 1.23% | | | | SMM 1#锡升贴水 | 900 | 900 | O | 0.00% | 元/吨 | | | 长江 1#锡 | 263300 | 260100 | 3200 | 1.23% | | | | LME 0-3升贴水 | -43.01 | -158.07 | 115.06 | 72.79% | 美元/吨 | | | 内外比价及进口盈亏 | | | | | | | | 品种 | 现值 | 前值 | 张跃 | 涨跌幅 | 单位 | | | 进口盈亏 | -2373.05 | -9430.59 | 7057. ...

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views - **Lithium Carbonate**: The market is bearish with weak fundamentals and high inventory. The price is expected to remain weak, with the main contract ranging from 62,000 to 66,000 yuan/ton [1][3]. - **Tin**: The supply side is expected to recover, while the demand outlook is pessimistic. The price may rebound due to macro - sentiment but is likely to be bearish in the medium - term. Attention should be paid to the supply recovery rhythm [4]. - **Nickel**: The macro - sentiment is temporarily stable, and the cost provides support, but the medium - term supply is abundant. The price is expected to fluctuate, with the main contract ranging from 122,000 to 128,000 yuan/ton [5]. - **Stainless Steel**: The short - term supply - demand contradiction is expanding, and the inventory pressure is slightly relieved. The price is expected to fluctuate weakly, with the main contract ranging from 12,600 to 13,000 yuan/ton [6][7]. - **Zinc**: The supply side may become looser, and the demand is weak. The price may be supported in the short - term, but in the long - term, a short - selling strategy is recommended. The main contract reference range is 21,500 - 23,500 yuan/ton [9]. - **Aluminum**: The alumina price is expected to fluctuate, and the aluminum price is expected to be weak, with the support level at 18,000 - 18,500 yuan/ton [12]. - **Copper**: The copper market shows a "strong reality + weak expectation" pattern. The price is expected to fluctuate in the short - term, with the main contract focusing on the 77,500 - 78,500 yuan/ton pressure level [13]. 3. Summary by Related Catalogs Price and Basis - **Lithium Carbonate**: SMM battery - grade lithium carbonate remained unchanged at 65,250 yuan/ton, while battery - grade lithium hydroxide decreased by 0.23%. The basis (SMM electric carbon benchmark) increased by 10,800% [1]. - **Tin**: SMM 1 tin decreased by 0.99% to 259,600 yuan/ton [4]. - **Nickel**: SMM 1 electrolytic nickel decreased by 0.06% to 124,825 yuan/ton [5]. - **Stainless Steel**: 304/2B (Wuxi Hongwang 2.0 roll) remained unchanged at 13,050 yuan/ton [6]. - **Zinc**: SMM 0 zinc ingot decreased by 0.35% to 22,770 yuan/ton [9]. - **Aluminum**: SMM A00 aluminum decreased by 0.05% to 19,610 yuan/ton [12]. - **Copper**: SMM 1 electrolytic copper decreased by 0.29% to 78,205 yuan/ton [13]. Fundamentals - **Lithium Carbonate**: In April, lithium carbonate production decreased by 6.65%, while demand increased by 3.02%. Inventory increased by 6.81% [1]. - **Tin**: In March, tin ore imports decreased by 4.83%, and SMM refined tin production increased by 8.75% [4]. - **Nickel**: In April, China's refined nickel products increased by 6.08%, and imports decreased by 68.84% [5]. - **Stainless Steel**: In April, China's 300 - series stainless - steel crude steel production decreased by 2.65%, and exports increased by 70.98% [6]. - **Zinc**: In April, refined zinc production increased by 0.31%, and the social inventory increased by 8.18% [9]. - **Aluminum**: In April, alumina production decreased by 6.17%, and electrolytic aluminum production decreased by 2.91% [12]. - **Copper**: In April, electrolytic copper production increased by 0.32%, and the domestic social inventory decreased by 7.33% [13].

研究所 底部震荡，缓慢修复 ——国信期货有色（镍）周报 2025年05月11日 研究所 3 后市展望 研究所 Part1 第一部分 行情回顾 1.1 行情回顾——内外盘主力价格合约走势 研究所 0.00 50,000.00 100,000.00 150,000.00 200,000.00 250,000.00 300,000.00 2020/12/31 2021/02/28 2021/04/30 2021/06/30 2021/08/31 2021/10/31 2021/12/31 2022/02/28 2022/04/30 2022/06/30 2022/08/31 2022/10/31 2022/12/31 2023/02/28 2023/04/30 2023/06/30 2023/08/31 2023/10/31 2023/12/31 2024/02/29 2024/04/30 2024/06/30 2024/08/31 2024/10/31 2024/12/31 2025/02/28 2025/04/30 镍期货收盘价(主力合约)(单位：元/吨) 数据来源：WIND 国信期货 目 录 CONTENTS ...

| 锌产业期现日报 | | --- | 投资咨询业务资格:证监许可 【2011】1292号 2025年5月9日 星期五 FE Z0015979 | 价格及价差 | | | | | | | --- | --- | --- | --- | --- | --- | | | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | SMM 0#锌锭 | 22850 | 22770 | +80.00 | 0.35% | 元/吨 | | 升贴水 | 500 | 85 | +415.00 | / | 元/吨 | | SMM 0#锌锭 (广东) | 22850 | 22770 | +80.00 | 0.35% | 元/吨 | | 升贴水(广东) | 500 | ਦਾ ਦ | -15.00 | / | 元/吨 | | 比价和盈亏 | | | | | | | | 现值 | 前值 | 涨跌 | | 单位 | | 进口盈亏 | 629 | 713 | -84.78 | | 元/吨 | | 沪伦比值 | 8.68 | 8.67 | +0.01 | | / | | 月间价差 | | | | | | | | 现值 | 前值 | 涨跌 | | ...