Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **Copper**: Copper prices first declined and then rebounded. The short - term price has recovered to the level of February, with weakened industrial support. The rebound of the US dollar index will suppress copper price increases, and the futures price faces significant pressure at the 78,000 yuan level. Before the May Day holiday, the market may be cautious, and there is a risk of pre - holiday price drops [5]. - **Aluminum**: Aluminum prices fluctuated downward in the morning and stabilized in the afternoon, with a continuous decline in intraday positions. The industry is in a situation of strong supply and demand. High profits keep the production capacity and operating rate of electrolytic aluminum plants at a high level, and strong downstream production supports the price. The futures price may face strong hedging pressure when it rises to the 20,000 yuan level. Before the May Day holiday, the market may be cautious, and there is a risk of pre - holiday price drops [6]. - **Nickel**: The main futures price dropped below 124,000 yuan in the morning and then stabilized. Overseas nickel ore supply is tight, and domestic port nickel ore inventories are at a low level compared to the same period in previous years. However, the slow destocking of downstream stainless steel and weak prices drag down the futures price. There is a divergence in domestic and overseas inventories, with domestic inventories decreasing and overseas inventories increasing. The short - term fundamentals are mixed, and the futures price has broken below the 125,000 yuan level, showing a downward trend [7]. 3. Summary by Directory 3.1 Industry Dynamics - **Copper**: On April 28, the social inventory of electrolytic copper was 161,000 tons, a decrease of 21,200 tons compared to April 24 and 47,500 tons compared to April 21 [9]. - **Aluminum**: On April 28, the social inventory of electrolytic aluminum was 649,000 tons, a decrease of 15,000 tons compared to April 24 and 27,000 tons compared to April 21 [10]. - **Nickel**: On April 28, for the Shanghai market's main reference contract of refined nickel (Ni 2505), the mainstream premium of Jinchuan electrolytic nickel was + 2350 yuan/ton with a price of 126,000 yuan/ton; Russian nickel was + 250 yuan/ton with a price of 123,900 yuan/ton; Norwegian nickel was + 2750 yuan/ton with a price of 126,400 yuan/ton; and nickel beans were - 900 yuan/ton with a price of 122,750 yuan/ton [11]. 3.2 Related Charts - **Copper**: Multiple charts are provided, including 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][17][20]. - **Aluminum**: Charts include aluminum basis, electrolytic aluminum domestic social inventory, alumina trend, electrolytic aluminum overseas exchange inventory, and alumina inventory [24][26][28]. - **Nickel**: Charts include nickel basis, nickel monthly spread, LME nickel trend, SHFE inventory, and nickel ore port inventory [35][41][45].

Group 1 - The domestic non-ferrous metal market saw most prices increase, with international copper and Shanghai copper rising over 1% [1] - As of April 23, international copper futures rose by 1.14% to 69,250.00 CNY/ton, while Shanghai copper futures increased by 1.07% to 77,770.00 CNY/ton [1] - Carbonate lithium futures decreased by 0.73% to 67,700.00 CNY/ton, while Shanghai zinc futures rose by 0.79% to 22,420.00 CNY/ton [1] Group 2 - On April 23, the opening and closing prices for various non-ferrous metal futures were reported, with notable movements in aluminum, copper, and lithium [2] - The main contracts for aluminum opened at 2,806.00 CNY and closed at 2,820.00 CNY, while the main copper contracts opened at 77,290.00 CNY and closed at 76,950.00 CNY [2] - The main contract for lithium carbonate opened at 68,000.00 CNY and closed at 68,200.00 CNY [2] Group 3 - As of April 22, warehouse receipts for copper futures decreased by 6,098 tons to 46,693 tons, while aluminum receipts fell by 2,782 tons to 82,430 tons [3] - Zinc futures warehouse receipts decreased by 1,687 tons to 5,168 tons, and lead receipts fell by 810 tons to 42,746 tons [3] - Nickel futures warehouse receipts increased slightly by 64 tons to 25,384 tons, while carbonate lithium receipts rose by 940 contracts to 31,385 contracts [3] Group 4 - The basis data indicated that several commodities, including copper, zinc, aluminum, lead, nickel, industrial silicon, and carbonate lithium, experienced a "backwardation" phenomenon, where spot prices exceeded futures prices [3] - The basis for copper was reported at 351 CNY with a basis rate of 0.45%, while zinc had a basis of 335 CNY and a basis rate of 1.48% [4] - Industrial silicon had a significant basis of 1,415 CNY, reflecting a basis rate of 13.80% [5]

1. Report Industry Investment Rating - No investment rating provided in the report 2. Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for multiple non - ferrous metals including copper, zinc, aluminum, nickel, lead, tin on April 21, 2025, providing investors with information for potential arbitrage opportunities [1][3][4] 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Domestic spot price is 76,290, March price is 75,980, LME March price is 9,254, and the ratio is 8.22 [1] - **Zinc**: Domestic spot price is 22,420, March price is 21,920, LME March price is 2,595, and the ratio is 6.51 [1] - **Aluminum**: Domestic spot price is 19,820, March price is 19,625, LME March price is 2,385, and the ratio is 8.25 [1] - **Nickel**: Domestic spot price is 127,200, and the profit of spot import is - 3,917.34 [1] - **Lead**: Domestic spot price is 16,875, March price is 16,835, LME March price is 1,928, and the ratio is 11.43 [2] Cross - Period Arbitrage Tracking - **Copper**: The spreads between different months and the spot month are 270 (next month), 110 (March), - 20 (April), - 70 (May), while the theoretical spreads are 481, 861, 1249, 1637 respectively [3] - **Zinc**: The spreads are - 210, - 340, - 415, - 455, and the theoretical spreads are 214, 335, 455, 575 respectively [3] - **Aluminum**: The spreads are - 35, - 105, - 140, - 150, and the theoretical spreads are 210, 320, 431, 542 respectively [3] - **Lead**: The spreads are 105, 85, 70, 85, and the theoretical spreads are 209, 314, 418, 523 respectively [3] - **Nickel**: The spreads are - 290, - 190, 40, 200 [3] - **Tin**: The 5 - 1 spread is - 1020, and the theoretical spread is 5335 [3] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 425 and - 155 respectively, while the theoretical spreads are 385 and 847 respectively [3] - **Zinc**: The spreads are - 160 and - 370, and the theoretical spreads are 129 and 259 respectively [3] - **Lead**: The spreads are - 125 and - 20, and the theoretical spreads are 155 and 268 respectively [4] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc for Shanghai (three - continuous contracts) are 3.47, 3.87, 4.51, 0.90, 1.17, 0.77 respectively [4]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Report's Core View - Copper, zinc prices may experience short - term wide - range fluctuations; aluminum, nickel prices may have short - term oscillatory movements [1] Group 3: Summary According to Related Catalogs Copper - Night - session copper prices rose. Current low concentrate processing fees and low copper prices challenge smelting output. Domestic downstream demand is generally stable and improving, with power investment driven by the power grid growing rapidly, and home appliance production continuing to increase. The decline in real - estate data has narrowed. Copper prices may fluctuate widely in the short term, and attention should be paid to the progress of US tariffs, as well as changes in the US dollar, RMB exchange rate, inventory, and basis [1] Zinc - Night - session zinc prices rose. Recent concentrate processing fees have continued to rise. Domestic automobile production and sales are growing positively, infrastructure is growing steadily, home appliances are performing well, and the decline in real - estate data has narrowed. The market expects a significant improvement in concentrate supply this year, and smelting supply may recover. The previous decline in zinc prices has partially digested the expected increase in production. Short - term zinc prices may fluctuate widely, and attention should be paid to the progress of US tariffs, as well as the US dollar, RMB exchange rate, and smelting output [1] Aluminum - Night - session Shanghai aluminum prices fell 0.5%. US tariff policies are inconsistent, and Trump may impose tariffs on semiconductors, putting pressure on the non - ferrous sector. Fundamentally, after alumina reaches a low level, the profit on the futures market is low, and bottom - fishing sentiment in the market has fermented, leading to a small rebound at the low level on the futures market, but supply is still sufficient, and the upside space for prices is limited. In April, downstream demand continued to pick up, and the order volume and operating rate in sectors such as profiles and alloys increased moderately. Considering the uncertainty of tariff policies, Shanghai aluminum may mainly oscillate in the short term [1] Nickel - Night - session Shanghai nickel prices fell 0.2%. Nickel ore supply is uncertain, and coupled with improved market sentiment, nickel prices strengthened at a low level. The Indonesian Ministry of Energy and Mineral Resources previously proposed that the PNBP policy may be implemented before Eid al - Fitr, which may lead to a further increase in nickel ore prices and transfer the cost to downstream enterprises. Precursor manufacturers have concentrated procurement needs, and the inventory of nickel salt products is not high, so prices may continue to rise. Stainless - steel demand is mediocre, and prices are mainly oscillating. With multiple factors at play, nickel prices may oscillate in the short term [1] Market Data - Copper: domestic previous - day futures closing price was 75,870 yuan/ton, domestic basis was 20 yuan/ton, previous - day LME 3 - month futures closing price was 9,254 dollars/ton, LME spot premium (CASH - 3M) was - 32.22 dollars/ton, LME inventory was 213,400 tons, and LME inventory daily change was - 2,850 tons [2] - Aluminum: domestic previous - day futures closing price was 19,730 yuan/ton, domestic basis was 30 yuan/ton, previous - day LME 3 - month futures closing price was 2,385 dollars/ton, LME spot premium (CASH - 3M) was - 37.00 dollars/ton, LME inventory was 434,150 tons, and LME inventory daily change was - 2,825 tons [2] - Zinc: domestic previous - day futures closing price was 22,260 yuan/ton, domestic basis was 165 yuan/ton, previous - day LME 3 - month futures closing price was 2,595 dollars/ton, LME spot premium (CASH - 3M) was - 31.57 dollars/ton, LME inventory was 195,350 tons, and LME inventory daily change was 4,800 tons [2] - Nickel: domestic previous - day futures closing price was 126,030 yuan/ton, domestic basis was - 2,090 yuan/ton, previous - day LME 3 - month futures closing price was 15,745 dollars/ton, LME spot premium (CASH - 3M) was - 202.64 dollars/ton, LME inventory was 204,528 tons, and LME inventory daily change was 1,938 tons [2] - Lead: domestic previous - day futures closing price was 16,750 yuan/ton, domestic basis was - 85 yuan/ton, previous - day LME 3 - month futures closing price was 1,928 dollars/ton, LME spot premium (CASH - 3M) was - 16.24 dollars/ton, LME inventory was 281,625 tons, and LME inventory daily change was - 1,500 tons [2] - Tin: domestic previous - day futures closing price was 257,770 yuan/ton, domestic basis was - 2,490 yuan/ton, previous - day LME 3 - month futures closing price was 31,320 dollars/ton, LME spot premium (CASH - 3M) was - 264.00 dollars/ton, LME inventory was 2,850 tons, and LME inventory daily change was 5 tons [2]

Report Key Points 1. Report Industry Investment Rating - No information provided 2. Report's Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for copper, zinc, aluminum, nickel, lead, and tin on April 9, 2025, including domestic and LME prices, price ratios, spreads, and theoretical spreads [1] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On April 9, 2025, the domestic spot price was 73,580, the LME price was 8,737, and the ratio was 8.43; the three - month domestic price was 73,210, the LME price was 8,771, and the ratio was 8.37. The equilibrium ratio for spot import was 8.39, with a profit of - 24.40, and the profit for spot export was - 601.67 [1] - **Zinc**: The domestic spot price was 22,480, the LME price was 2,590, and the ratio was 8.68; the three - month domestic price was 22,085, the LME price was 2,602, and the ratio was 6.39. The equilibrium ratio for spot import was 8.85, with a profit of - 452.71 [1] - **Aluminum**: The domestic spot price was 19,870, the LME price was 2,334, and the ratio was 8.52; the three - month domestic price was 19,555, the LME price was 2,377, and the ratio was 8.31. The equilibrium ratio for spot import was 8.94, with a profit of - 990.57 [1] - **Nickel**: The domestic spot price was 121,800, the LME price was 14,388, and the ratio was 8.47. The equilibrium ratio for spot import was 8.45, with a profit of - 1503.93 [1] - **Lead**: The domestic spot price was 16,625, the LME price was 1,840, and the ratio was 9.04; the three - month domestic price was 16,555, the LME price was 1,869, and the ratio was 11.98. The equilibrium ratio for spot import was 9.13, with a profit of - 173.88 [1] Cross - Period Arbitrage Tracking - **Copper**: On April 9, 2025, the spreads for the next - month, three - month, four - month, and five - month relative to the spot month were - 210, - 360, - 420, and - 500 respectively, while the theoretical spreads were 470, 838, 1215, and 1591 [1] - **Zinc**: The spreads were - 420, - 630, - 705, and - 775, and the theoretical spreads were 217, 339, 462, and 584 [1] - **Aluminum**: The spreads were - 185, - 265, - 295, and - 325, and the theoretical spreads were 210, 321, 432, and 543 [1] - **Lead**: The spreads were - 145, - 130, - 130, and - 130, and the theoretical spreads were 208, 313, 417, and 522 [1] - **Nickel**: The spreads were 280, 420, 590, and 880 [1] - **Tin**: The 5 - 1 spread was 70, and the theoretical spread was 5514 [1] Spot - Futures Arbitrage Tracking - **Copper**: The spreads for the current - month and next - month contracts relative to the spot were 35 and - 175 respectively, and the theoretical spreads were 159 and 537 [1] - **Zinc**: The spreads were 235 and - 185, and the theoretical spreads were 69 and 200 (also mentioned with theoretical spreads of 91 and 183) [1] - **Lead**: The spreads were 60 and - 85, and the theoretical spreads were 107 and 218 [1] Cross - Variety Arbitrage Tracking - On April 9, 2025, for cross - variety arbitrage, the ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 3.31, 3.74, 4.42, 0.89, 1.18, and 0.75 respectively, and in London (three - continuous) were 3.38, 3.68, 4.63, 0.92, 1.26, and 0.73 [1]

Group 1: Investment Ratings - No investment ratings are provided in the reports. Group 2: Core Views - The short - term outlook for the soybean oil 2509 contract is likely to be in consolidation [1]. - The short - term outlook for the soybean meal is likely to be in a volatile and slightly stronger trend due to large emotional fluctuations [2]. - The short - term corn futures price is expected to oscillate within a range, and an interval operation strategy is recommended [3][4]. - After a sharp decline, copper prices need a rest, and tactical defense should be considered [5]. - The lithium carbonate 2505 contract may be in a weak and volatile trend, and short - selling on rallies is advisable [6][7]. - The steel market is pessimistic, and steel prices are likely to oscillate at a low level [8]. - The coking coal and coke are likely to have a weak and volatile rebound at a low level, with limited upside space [9]. - The iron ore 2505 contract is likely to be in a short - term oscillation, and traders are advised to be cautious [10]. - For the WTI crude oil, attention should be paid to the support level of the INE crude oil main contract around 430 - 450 yuan/barrel after the sharp decline [11]. - The rubber market is likely to be in a weak and volatile trend, and attention should be paid to the downstream operating conditions of Shanghai rubber [13]. - The PVC futures price is likely to oscillate at a low level due to weak macro - sentiment [14][15]. - The soda ash futures market is expected to have a wide - range oscillation in the short term [16]. Group 3: Summary by Commodity Soybean Oil - **Spot Information**: The price of first - grade soybean oil at Zhangjiagang Donghai Grain and Oil is 8,270 yuan/ton, unchanged from the previous trading day [1]. - **Market Analysis**: Trump's "reciprocal tariff" policy impacts the futures market. Currently, it is the U.S. soybean sowing and South American soybean harvesting and export season. South American new - crop soybeans are likely to have a bumper harvest. The medium - term supply and demand of soybean oil are expected to be neutral, and the inventory is likely to be in consolidation [1]. Soybean Meal - **Spot Information**: The spot prices of 43 soybean meal in different regions are: Zhangjiagang 3,100 yuan/ton (- 30), Tianjin 3,270 yuan/ton (- 20), Rizhao 3,200 yuan/ton (- 20), and Dongguan 3,010 yuan/ton (- 10) [2]. - **Market Analysis**: Sino - U.S. tariff policies cause market panic. Brazilian soybean harvesting is nearly complete. U.S. soybean exports are pessimistically expected. Domestic soybean meal supply may be tight in the short - term but will turn loose later. Terminal demand is average, and oil - mill inventories are neutral. Short - term sentiment is strong due to tariff events [2]. Corn - **Spot Information**: The mainstream purchase prices of new corn in different regions are provided, such as 2,088 yuan/ton in Northeast China and Inner Mongolia, 2,293 yuan/ton in North China and Huanghuai, and 2,140 - 2,160 yuan/ton in Jinzhou Port and Bayuquan [3]. - **Market Analysis**: The U.S. corn planting area in 2025 is expected to reach a 12 - year high. The domestic supply pressure is reduced, and the demand from the pig - breeding industry is expected to increase. However, there are still potential suppressing factors, and the price is mainly determined by domestic supply and demand [3]. Copper - **Spot Information**: The price of Shanghai 1 electrolytic copper is 73,820 - 75,400 yuan, down 4,540 yuan, with a premium of 100 - 200 yuan. The imported copper ore index is - 26.4, down 2.26 [5]. - **Market Analysis**: Global "irrational" tariffs cause overseas capital market fluctuations. Domestic policies boost market sentiment. The copper market is in a state of stage resonance, with intensified games between reality and expectations [5]. Lithium Carbonate - **Spot Information**: The market price of battery - grade lithium carbonate (99.5%) is 71,900 yuan/ton (- 1,500), and that of industrial - grade lithium carbonate (99.2%) is 70,500 yuan/ton (- 1,200) [6]. - **Market Analysis**: The cost support is weakening, the supply is increasing, the demand improvement is insufficient, and the inventory is accumulating. The price has fallen, and attention should be paid to the 70,000 - yuan integer support [6]. Steel - **Spot Information**: The price of Shanghai rebar is 3,170 yuan, the Tangshan operating rate is 83.13%, the social inventory is 5.9095 million tons, and the steel - mill inventory is 2.0712 million tons [8]. - **Market Analysis**: The steel fundamentals are improving, the cost is rising, the inventory is decreasing, and the market presents a pattern of strong supply and demand. The short - term price is affected by macro - policy expectations [8]. Coking Coal and Coke - **Spot Information**: The price of main coking coal (Meng 5) is 1,200 yuan/ton, and the price of quasi - first - grade metallurgical coke at Rizhao Port is 1,330 yuan/ton. The port inventories of imported coking coal and coke are 3.4756 million tons and 2.1713 million tons respectively [9]. - **Market Analysis**: The supply is relatively loose, the demand is weak, the inventory is slightly accumulating, and the profit is approaching the break - even point [9]. Iron Ore - **Spot Information**: The Platts iron ore index is 98.85, the price of Qingdao PB (61.5%) powder is 770 yuan, and the price of Australian iron ore powder (62% Fe) is 769 yuan [10]. - **Market Analysis**: The supply is increasing, the demand is weak, and there are concerns about the contraction of long - process steelmaking demand. However, the weakening of the US dollar index provides some support [10]. Crude Oil - **Spot Information**: Not provided in the report. - **Market Analysis**: After the US announced "reciprocal tariffs", the global capital market tumbled, and OPEC+ decided to increase production in May. The US PMI data contracted, and the demand is worried. The crude oil has entered a technical bear market [11]. Rubber - **Spot Information**: The prices of different types of rubber, such as domestic whole - latex, Thai smoked sheets, and Vietnamese 3L standard rubber, are provided [12]. - **Market Analysis**: The US "reciprocal tariffs" impact China's tire and automobile exports. The global rubber supply and demand are both loose, and the demand may be severely suppressed [13]. PVC - **Spot Information**: The mainstream price of East China 5 - type PVC is 4,800 yuan/ton, and that of ethylene - based PVC is 5,100 yuan/ton, both unchanged from the previous period [14]. - **Market Analysis**: The production enterprise operating rate is increasing, the demand is mainly for rigid needs, and the inventory is decreasing. The futures price may oscillate at a low level due to macro - tariff factors [14]. Soda Ash - **Spot Information**: The national mainstream price of heavy soda ash is 1,464.75 yuan/ton, unchanged from the previous period [16]. - **Market Analysis**: The production is increasing, the inventory is accumulating at the factory and decreasing in the society, the demand is average, and the market is affected by macro - events and related varieties [16].

Report Industry Investment Ratings - Copper: Possibly weak in the short term [1] - Zinc: Possibly weak in the short term [1] - Aluminum: Possibly fluctuate in the short term [1] - Nickel: Possibly fluctuate in the short term [1] Core Viewpoints - The report analyzes the short - term trends of copper, zinc, aluminum, and nickel prices. Factors such as US tariff policies, supply - demand fundamentals, and cost changes affect these metal prices. Copper and zinc may be weak due to US tariff concerns and supply - related factors, while aluminum and nickel may fluctuate because of factors like supply - demand balance and cost uncertainties [1] Summaries by Related Catalogs Copper - Night - time copper prices resumed their decline due to US tariff concerns. Low concentrate processing fees and low copper prices test smelting output. Domestic downstream demand is generally stable, with power investment driven by the grid, growing home appliance production, and potential growth in automotive copper demand. However, export changes need attention. Copper prices may be weak in the short term, and factors such as US tariff progress, exchange rates, inventory, and basis should be monitored [1] Zinc - Night - time zinc prices fell due to US tariffs. Concentrate processing fees are rising. Domestic demand in sectors like automotive, infrastructure, and home appliances is positive, and the decline in real - estate data has narrowed. The market expects an improvement in concentrate supply in 2025, and the previous price drop has partially digested the production growth expectation. Zinc prices may be weak in the short term, and factors such as US tariff progress, exchange rates, and smelting output should be watched [1] Aluminum - Night - time Shanghai aluminum prices dropped 1.11%. After alumina reached a low level, the profit on the futures market was low, and bottom - fishing sentiment led to a small rebound. However, supply is still sufficient, limiting the upside. Downstream demand continued to recover in April, with increased orders and operating rates in sectors like profiles and alloys. Considering global risk - aversion and the ongoing destocking of electrolytic aluminum, aluminum prices may fluctuate in the short term [1] Nickel - Night - time Shanghai nickel prices dropped 0.37%. Nickel ore supply is uncertain, and the discount of pure nickel to nickel sulfate has widened, limiting the downside of nickel prices. The PNBP policy in Indonesia may increase nickel ore prices. Precursor manufacturers have concentrated procurement needs, and nickel salt inventory is low, which may drive up prices. Stainless - steel demand is mediocre, and prices are mainly in consolidation. Nickel prices may fluctuate in the short term [1] Market Data - Copper: Domestic previous - day futures closing price was 73,490 yuan/ton, domestic basis was 40 yuan/ton, previous - day LME 3 - month closing price was 8,588 dollars/ton, LME spot premium was - 34.16 dollars/ton, LME inventory was 213,450 tons, and the daily change was 3,225 tons [2] - Aluminum: Domestic previous - day futures closing price was 19,720 yuan/ton, domestic basis was 40 yuan/ton, previous - day LME 3 - month closing price was 2,338 dollars/ton, LME spot premium was - 42.67 dollars/ton, LME inventory was 452,525 tons, and the daily change was - 2,175 tons [2] - Zinc: Domestic previous - day futures closing price was 22,360 yuan/ton, domestic basis was 185 yuan/ton, previous - day LME 3 - month closing price was 2,553 dollars/ton, LME spot premium was - 12.15 dollars/ton, LME inventory was 125,825 tons, and the daily change was - 2,500 tons [2] - Nickel: Domestic previous - day futures closing price was 119,280 yuan/ton, domestic basis was - 2,630 yuan/ton, previous - day LME 3 - month closing price was 14,150 dollars/ton, LME spot premium was - 211.53 dollars/ton, LME inventory was 202,938 tons, and the daily change was 630 tons [2] - Lead: Domestic previous - day futures closing price was 16,545 yuan/ton, domestic basis was 65 yuan/ton, previous - day LME 3 - month closing price was 1,870 dollars/ton, LME spot premium was - 29.16 dollars/ton, LME inventory was 235,725 tons, and the daily change was - 125 tons [2] - Tin: Domestic previous - day futures closing price was 266,430 yuan/ton, domestic basis was 590 yuan/ton, previous - day LME 3 - month closing price was 32,175 dollars/ton, LME spot premium was 50.00 dollars/ton, LME inventory was 3,435 tons, and the daily change was 445 tons [2]