Core Viewpoint - The domestic non-ferrous metal market shows mixed performance, with the main contract for casting aluminum alloy futures rising by 0.34% to 20,800.0 CNY/ton, driven by supply constraints and resilient demand during the traditional consumption peak season [1] Supply Side - Waste aluminum raw material inventory continues to decrease, with limited imports to supplement supply, which may restrict upstream supply due to high operating rates in the smelting sector [1] - Cost support remains strong due to the tight supply of raw materials [1] Demand Side - Domestic macroeconomic conditions are releasing positive expectations, and the traditional consumption peak season is enhancing downstream demand resilience, leading to a slight reduction in industrial inventory [1] Inventory - According to Wenkang Futures, the inventory of recycled aluminum alloy ingots in major domestic markets decreased by 0.18% to 73,500 tons compared to the previous Thursday, while the inventory at aluminum alloy ingot plants decreased by 0.2% to 58,700 tons [1] Market Outlook - Nanhua Futures indicates that aluminum alloy has a strong correlation with Shanghai aluminum prices, and due to tight raw material supply and the impact of tax rebate policies, there is strong support at lower price levels. It is recommended to monitor the price difference between aluminum alloy and aluminum, with a buying strategy suggested if the difference exceeds 500 [1]

Group 1: Monetary Policy Impact - The Federal Reserve has initiated a rate-cutting cycle, creating a favorable financial environment for the non-ferrous metals sector [2][4] - Historical data shows that previous Fed rate-cutting cycles led to significant increases in non-ferrous metal prices, with copper prices rising from $1,400/ton to $8,700/ton after the 2001 crisis and from $3,000/ton to $10,000/ton post-2008 [3][4] Group 2: Supply and Demand Dynamics - There is a notable supply-demand imbalance in the non-ferrous metals market, particularly for copper, which has led to rising prices [5][6] - Major copper mines, including Kamoa-Kakula, El Teniente, and Grasberg, have faced production halts, exacerbating supply tightness [5][6] - Global refined copper consumption from January to August 2025 reached 18.83 million tons, a 5.90% increase year-on-year, with China's consumption growing by 11.05% [6][7] Group 3: Policy Developments - The Chinese government's "anti-involution" policy aims to address low-price competition and may lead to a new round of supply-side reforms in the non-ferrous metals industry [8][9] - The policy is expected to constrain supply, potentially raising the price floor for metals, particularly in the copper smelting sector [9] Group 4: Investment Opportunities - Non-ferrous metal ETFs, such as 512400, provide efficient investment tools for investors looking to capitalize on the sector's growth [10][12] - The index tracked by the ETF includes leading companies across various segments, offering a balanced exposure to industrial metals, precious metals, and strategic metals [10][12]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report The report offers a comprehensive analysis of various futures markets, including financial derivatives, agricultural products, black metals, and non-ferrous metals. It assesses market trends, fundamental factors, and provides corresponding trading strategies based on the current market situation [20][23][26]. Summary by Related Catalogs Financial Derivatives Stock Index Futures - **Investment Logic**: On Thursday, the stock index fluctuated again. In the morning, the market was strong, but in the afternoon, it dived and then oscillated downward. Due to investors' profit - taking and concerns about the technology stocks, the short - term stock index will fluctuate again and wait for re - pricing after the quarterly reports [20]. - **Trading Strategy**: Unilateral: Buy on dips without chasing high prices; Arbitrage: IM\IC long 2512 + short ETF cash - and - carry arbitrage; Options: Bull spread on dips [22]. Treasury Futures - **Investment Logic**: On Thursday, most treasury futures closed higher. The central bank's net injection of short - term liquidity eased the market's funds. The long - end may catch up in price, and the market should be cautious about chasing the TS contract [23]. - **Trading Strategy**: Unilateral: Try to go long on the TL contract on dips; Arbitrage: Pay attention to potential cash - and - carry arbitrage opportunities [24]. Agricultural Products Soybean Meal - **Investment Logic**: Trade relations are improving, which benefits US soybeans. However, the international soybean supply is abundant, and the domestic soybean meal supply has improved, with pressure on prices. Rapeseed meal is expected to fluctuate [26]. - **Trading Strategy**: Unilateral: Slowly build short positions in far - month contracts; Arbitrage: Try M35 reverse arbitrage; Options: Sell strangle strategy [28]. Sugar - **Investment Logic**: Internationally, the global sugar production is increasing, and the Brazilian sugar production is expected to be high. The ethanol's support for sugar has weakened, and the international sugar price is bearish. Domestically, the increase in sugar production may be less than expected, and the suspension of some imports may support the price in the short term [30]. - **Trading Strategy**: Unilateral: The international sugar price is bearish, and the domestic market may be slightly stronger in the short term. Consider shorting on rallies; Arbitrage: Short US raw sugar and long domestic Zhengzhou sugar; Options: Wait and see [30]. Oilseeds and Oils - **Investment Logic**: High - frequency data shows that the production and export growth of Malaysian palm oil in October have declined, and it is expected to continue to accumulate inventory slightly. Domestic soybean oil may gradually reduce inventory, and rapeseed oil is gradually de - stocking. The oil market is in a bottom - grinding stage [34]. - **Trading Strategy**: Unilateral: Consider going long on dips; Arbitrage: Wait and see; Options: Wait and see [34]. Corn/Corn Starch - **Investment Logic**: The US corn futures have declined, and the US corn production is at a high level. The supply of Northeast Chinese corn has increased, and the price is weak. The North China corn price has stabilized and rebounded. The 01 contract of corn is expected to fluctuate weakly [36]. - **Trading Strategy**: Unilateral: Go long on the 12 - contract of US corn on dips, go long on the 01 - contract of Chinese corn lightly, and try to go long on the 05 and 07 - contracts of Chinese corn in the long - term; Arbitrage: Wait and see; Options: Wait and see [36]. Live Pigs - **Investment Logic**: The overall supply pressure of live pigs still exists, although the scale of enterprise slaughter has decreased, and the number of secondary fattening has increased, which has a certain supporting effect on the price. The pig price is expected to be under pressure [38]. - **Trading Strategy**: Unilateral: Consider building a small number of short positions; Arbitrage: Wait and see; Options: Sell strangle strategy [38]. Peanuts - **Investment Logic**: Peanut prices have stabilized. The supply of imported peanuts has decreased, and the prices of peanut oil and peanut meal are stable. The oil mills have not purchased in large quantities. The 01 - contract of peanuts is expected to fluctuate at the bottom [42]. - **Trading Strategy**: Unilateral: Try to go long on the 01 and 05 - contracts of peanuts lightly; Arbitrage: Wait and see; Options: Sell the pk601 - P - 7600 option [42]. Eggs - **Investment Logic**: The number of laying hens is still at a high level, and the demand is average. The egg price is expected to be weak. Recently, the increase in the number of culled chickens and downstream replenishment have led to a slight rebound in the spot price. It is recommended to wait and see [47]. - **Trading Strategy**: Unilateral: Consider closing out previous short positions and wait and see; Arbitrage: Wait and see; Options: Wait and see [47]. Apples - **Investment Logic**: The quality of new - season apples is poor, the excellent fruit rate is low, and the cost of making warehouse receipts is high. The market is worried about the short shelf - life of cold - stored apples. The expected low storage volume may support the price, but the upward space is limited [51]. - **Trading Strategy**: Unilateral: Consider closing out previous long positions and wait and see; Arbitrage: Wait and see; Options: Wait and see [51]. Cotton - Cotton Yarn - **Investment Logic**: The cotton purchase is at its peak, and the purchase price is stable with a slight increase. The demand has not changed much. The improvement in Sino - US relations may support the Zhengzhou cotton price, which is expected to fluctuate slightly stronger [55]. - **Trading Strategy**: Unilateral: The US cotton is expected to fluctuate, and the Zhengzhou cotton is expected to fluctuate slightly stronger in the short term; Arbitrage: Wait and see; Options: Wait and see [55]. Black Metals Steel - **Investment Logic**: The night - trading steel price fluctuated weakly. This week, the steel production recovery accelerated, and the demand continued to recover, with an accelerated inventory reduction. However, there are still pressures from high plate inventory, slow capital release in the fourth quarter, and the fading macro - influence [58]. - **Trading Strategy**: Unilateral: Maintain range - bound fluctuations; Arbitrage: Consider going long on the hot - rolled coil and short on the rebar spread; Options: Wait and see [59]. Coking Coal and Coke - **Investment Logic**: The current macro - sentiment is positive, and the coking coal fundamentals are good, but the steel demand is uncertain, which restricts the upward space of raw materials. It is expected to fluctuate in the near future, and it is recommended to wait for dips to go long [61]. - **Trading Strategy**: Unilateral: Wait for dips to go long; Arbitrage: Wait and see; Options: Wait and see [61]. Iron Ore - **Investment Logic**: The iron ore price fell at night. The supply is at a high level, and the demand is weakening domestically. The iron ore price is expected to be under pressure at a high level [63]. - **Trading Strategy**: Unilateral: Bearish at a high level; Arbitrage: Wait and see; Options: Wait and see [64]. Ferroalloys - **Investment Logic**: The market sentiment has cooled down. The supply and demand pressures of ferrosilicon and ferromanganese still exist. They can continue to be used as short - side configurations in the sector [65]. - **Trading Strategy**: Unilateral: Continue as short - side configurations; Arbitrage: Wait and see; Options: Sell out - of - the - money straddle option combinations [66]. Non - Ferrous Metals Precious Metals - **Investment Logic**: There are both bullish and bearish factors in the precious metals market. The market is expected to enter a high - level shock adjustment period in the short term [69]. - **Trading Strategy**: Unilateral: Hold long positions in Shanghai gold and silver cautiously; Arbitrage: Wait and see; Options: Wait and see [71]. Copper - **Investment Logic**: Macro - factors are not favorable, and the supply side of copper mines has more disturbances. The supply is relatively tight, and the consumption is weak. The copper price has a short - term correction [73]. - **Trading Strategy**: Unilateral: The short - term copper price corrects slightly, pay attention to support and resistance levels, and go long on dips in the long term; Arbitrage: Hold cross - market cash - and - carry arbitrage and consider cross - period cash - and - carry arbitrage after domestic inventory decline; Options: Wait and see [74]. Alumina - **Investment Logic**: The supply and demand of alumina are still in significant surplus, but there are expectations of production cuts. The price rebounds slightly at a low level, but there are still pressures on the rebound amplitude [77]. - **Trading Strategy**: Unilateral: The price will fluctuate at a low level; Arbitrage: Wait and see; Options: Wait and see [77]. Electrolytic Aluminum - **Investment Logic**: The macro - situation is uncertain, but the Sino - US economic and trade consensus is positive. The overseas supply is tight, and the domestic consumption is resilient. The aluminum price is expected to rise after the market sentiment stabilizes [80]. - **Trading Strategy**: Unilateral: The aluminum price is expected to rise after the market sentiment stabilizes; Arbitrage: Wait and see; Options: Wait and see [80]. Cast Aluminum Alloy - **Investment Logic**: The macro - expectations are volatile. The supply of scrap aluminum is tight, the demand is resilient, and the price of ADC12 aluminum alloy ingots will maintain a strong shock [85]. - **Trading Strategy**: Unilateral: The aluminum alloy price will rise with the aluminum price; Arbitrage: Consider long AD and short AL arbitrage; Options: Wait and see [85]. Zinc - **Investment Logic**: The domestic zinc concentrate market is short of supply, and some smelters may reduce production in November. The consumption is expected to weaken, but the export window is open, which can relieve the supply - surplus situation [90]. - **Trading Strategy**: Unilateral: Hold profitable long positions and pay attention to export volume and new smelter production; Arbitrage: Consider buying SHFE and selling LME in advance according to export conditions; Options: Wait and see [90]. Lead - **Investment Logic**: Some lead - storage enterprises have reduced production due to high lead prices and high downstream inventory. The supply of recycled lead may increase, and the lead price may decline [94]. - **Trading Strategy**: Unilateral: Wait and see, and consider shorting if the production of recycled lead increases; Arbitrage: Wait and see; Options: Wait and see [94]. Nickel - **Investment Logic**: The supply and demand of nickel are loose, but there is cost support. The nickel price will maintain a range - bound operation [98]. - **Trading Strategy**: Unilateral: Wide - range shock; Arbitrage: Wait and see; Options: Sell the 2512 - contract strangle combination [99]. Stainless Steel - **Investment Logic**: The supply and demand of stainless steel are weak, and it is difficult to obtain production profits. The social inventory has increased slightly [101]. - **No trading strategy content provided specifically for the logic above, but based on the general format, it should be summarized if available.**

Report Industry Investment Rating There is no information provided in the content regarding the report industry investment rating. Core Viewpoints of the Report - After a continuous rise, the recent hot sectors in the market have been rotating rapidly, with technology remaining the main market trend. Policy support for the capital market remains unchanged, and the medium - to - long - term strategy is mainly to go long on dips [4]. - The central bank's restart of treasury bond trading is short - term positive for the bond market sentiment. In the medium term, the bond market in the fourth quarter is mainly affected by fundamentals, the implementation time of the new fund fee regulations, and institutional allocation power. The bond market is expected to oscillate and recover [7]. - In the precious metals market, the Fed's loose monetary policy is expected to be implemented in a cycle. It is recommended to go long on silver on dips [8]. - For most metals in the non - ferrous metals sector, such as copper, aluminum, zinc, and lead, due to factors like supply disturbances and positive market sentiment, prices are expected to be strong or have support after corrections. For nickel, short - term observation is recommended, and for tin, short - term high - level oscillation is expected [11][13][16][17]. - In the black building materials sector, with the implementation of the Fed's loose policy and positive signals from the Sino - US meeting, the steel market demand is expected to recover. For iron ore, there is a risk of a phased decline. Glass is expected to remain weak, and soda ash will continue to oscillate narrowly [31][34][35][36]. - In the energy and chemical sector, rubber is recommended for short - term trading; for crude oil, a low - buying and high - selling strategy is maintained, and short - term observation is recommended; for other products like methanol, urea, etc., different strategies are given based on their supply - demand situations [52][54]. - In the agricultural products sector, for products such as hogs, eggs, and soybeans, different strategies are proposed according to their supply - demand fundamentals and market expectations [77][79][82]. Summary by Directory Macro - financial Stock Index - **Market News**: The US will cancel the 10% so - called fentanyl tariff on Chinese goods, and other trade - related measures will be suspended. The CSRC approves the IPO registration of Moore Thread Intelligence Technology. Five departments will improve duty - free shop policies starting from November 1. Tianji Co., Ltd. has full production and sales of lithium hexafluorophosphate [2]. - **Strategy Viewpoint**: After a continuous rise, the hot sectors rotate rapidly, with technology as the main trend. The medium - to - long - term strategy is to go long on dips [4]. Treasury Bond - **Market News**: On October 30, the Chinese and US presidents met. The Bank of Japan kept the benchmark interest rate unchanged. On Thursday, the prices of main treasury bond futures contracts changed to varying degrees [5]. - **Strategy Viewpoint**: The central bank's restart of treasury bond trading is short - term positive for the bond market. In the medium term, the bond market in the fourth quarter is affected by multiple factors and is expected to oscillate and recover [7]. Precious Metals - **Market News**: Gold and silver prices rose. The US - China trade negotiation released overseas risks, and the Fed's attitude towards the balance sheet expansion is positive for precious metals. The selection of the new Fed chairman is in progress [8]. - **Strategy Viewpoint**: It is recommended to go long on silver on dips. The reference ranges for Shanghai gold and silver futures are given [8]. Non - ferrous Metals Copper - **Market News**: After the Sino - US leaders' meeting, the copper price declined. LME and domestic copper inventories changed, and the spot premium and discount situation also changed [10]. - **Strategy Viewpoint**: The copper price is expected to have strong support after a correction. The reference ranges for Shanghai copper and LME copper are given [11]. Aluminum - **Market News**: After the Fed's interest rate cut and the Sino - US leaders' meeting, the aluminum price declined and then rebounded. Domestic and overseas inventories changed, and the spot premium and discount situation was stable [12]. - **Strategy Viewpoint**: The aluminum price is expected to oscillate strongly. The reference ranges for Shanghai aluminum and LME aluminum are given [13]. Zinc - **Market News**: The zinc price declined. Domestic and overseas inventories and the basis changed [14][15]. - **Strategy Viewpoint**: The zinc price is expected to oscillate strongly in the short term due to factors such as supply disturbances and positive market sentiment [16]. Lead - **Market News**: The lead price declined slightly. Domestic and overseas inventories and the basis changed [17]. - **Strategy Viewpoint**: The lead price is expected to run strongly in the short term due to factors such as supply - demand changes and positive market sentiment [17]. Nickel - **Market News**: The nickel price declined. The spot premium and cost of nickel changed, and the price of nickel iron was stable [18]. - **Strategy Viewpoint**: Short - term observation is recommended. If the nickel price drops significantly, long positions can be considered. The reference ranges for Shanghai nickel and LME nickel are given [19]. Tin - **Market News**: The tin price declined. The supply of tin ore was tight, and the demand was mixed [20]. - **Strategy Viewpoint**: The tin price is expected to oscillate at a high level in the short term. It is recommended to observe [20]. Lithium Carbonate - **Market News**: The price of lithium carbonate rose. The production and inventory of lithium carbonate changed [21]. - **Strategy Viewpoint**: The fundamentals of lithium carbonate are expected to improve, but caution is needed. The reference range for the futures contract is given [22]. Alumina - **Market News**: The alumina price declined. The basis, overseas price, and inventory changed [24]. - **Strategy Viewpoint**: It is recommended to observe in the short term. The reference range for the futures contract is given, and factors such as supply - side policies need to be focused on [25]. Stainless Steel - **Market News**: The stainless steel price declined. The spot price, raw material price, and inventory changed [26]. - **Strategy Viewpoint**: It is recommended to observe due to the unresolved supply - demand contradiction and limited upward momentum [26]. Cast Aluminum Alloy - **Market News**: The price of cast aluminum alloy declined. The position, trading volume, and inventory changed [27]. - **Strategy Viewpoint**: The cost of cast aluminum alloy is strong, and the supply is tight, providing support for the price [29]. Black Building Materials Steel - **Market News**: The prices of rebar and hot - rolled coil declined. The registered warehouse receipts, positions, and spot prices changed [31]. - **Strategy Viewpoint**: With the implementation of the Fed's loose policy and positive signals from the Sino - US meeting, the steel market demand is expected to recover [31]. Iron Ore - **Market News**: The iron ore price declined slightly. The position and basis changed [32]. - **Strategy Viewpoint**: There is a risk of a phased decline in the iron ore price due to factors such as supply - demand changes and weak fundamentals [34]. Glass and Soda Ash - **Market News**: The glass price declined significantly, and the soda ash price declined slightly. The inventory and position of glass and soda ash changed [35][36]. - **Strategy Viewpoint**: Glass is expected to remain weak, and soda ash will continue to oscillate narrowly [35][36]. Manganese Silicon and Ferrosilicon - **Market News**: The prices of manganese silicon and ferrosilicon changed slightly. The spot price and basis changed [37]. - **Strategy Viewpoint**: The black sector is not pessimistic in the long - term. Manganese silicon and ferrosilicon are expected to follow the black sector's trend [39][40]. Industrial Silicon and Polysilicon - **Market News**: The prices of industrial silicon and polysilicon declined slightly. The inventory and position changed [41][44]. - **Strategy Viewpoint**: The price of industrial silicon is expected to fluctuate with market sentiment, and the supply - demand pattern of polysilicon is expected to improve [42][45]. Energy and Chemical Rubber - **Market News**: The rubber price declined. The opening rate of tire enterprises, inventory, and spot price changed [47][49][51]. - **Strategy Viewpoint**: Short - term trading is recommended, and a hedging strategy is proposed [52]. Crude Oil - **Market News**: The crude oil price declined slightly, and the prices of related refined oil products changed. US EIA data showed changes in inventory [53]. - **Strategy Viewpoint**: A low - buying and high - selling strategy is maintained, and short - term observation is recommended [54]. Methanol - **Market News**: The methanol price declined. The port price, inventory, and basis changed [55]. - **Strategy Viewpoint**: It is recommended to observe due to the high inventory and weak demand [55]. Urea - **Market News**: The urea price declined slightly. The spot price and basis changed [56]. - **Strategy Viewpoint**: It is recommended to go long on dips due to the relatively loose supply - demand pattern [57]. Pure Benzene and Styrene - **Market News**: The prices of pure benzene and styrene declined. The cost, supply, demand, and inventory changed [58]. - **Strategy Viewpoint**: The styrene price may stop falling in the short term due to factors such as inventory reduction [59]. PVC - **Market News**: The PVC price declined. The cost, supply, demand, and inventory changed [60]. - **Strategy Viewpoint**: It is recommended to short on rallies in the medium term due to the strong supply and weak demand [63]. Ethylene Glycol - **Market News**: The ethylene glycol price declined. The supply, demand, and inventory changed [64]. - **Strategy Viewpoint**: It is recommended to short on rallies due to the expected inventory accumulation [65]. PTA - **Market News**: The PTA price declined. The supply, demand, and inventory changed [66]. - **Strategy Viewpoint**: It is recommended to observe due to the short - term inventory accumulation and weak processing fee [67]. p - Xylene - **Market News**: The p - xylene price declined. The supply, demand, and inventory changed [68]. - **Strategy Viewpoint**: It is recommended to observe due to the high load and lack of driving force [69]. Polyethylene (PE) - **Market News**: The PE price declined. The upstream opening rate, inventory, and downstream opening rate changed [70]. - **Strategy Viewpoint**: The PE price is expected to oscillate at a low level due to factors such as high inventory and policy influence [71]. Polypropylene (PP) - **Market News**: The PP price declined. The upstream opening rate, inventory, and downstream opening rate changed [72]. - **Strategy Viewpoint**: The PP price is under pressure due to factors such as supply - demand imbalance and high inventory [74]. Agricultural Products Hogs - **Market News**: The hog price fluctuated. The selling enthusiasm of farmers and the purchasing enthusiasm of downstream changed [76]. - **Strategy Viewpoint**: The hog price may decline in the medium term, and short - term rebound is possible. A hedging strategy is proposed [77]. Eggs - **Market News**: The egg price was mostly stable. The supply and market trading situation were normal [78]. - **Strategy Viewpoint**: The spot price may rebound slightly, and the futures price is expected to bottom out. It is recommended to observe [79]. Soybean Meal and Rapeseed Meal - **Market News**: The CBOT soybean price rose. The domestic soybean and soybean meal inventory, and the expected import situation changed [80][81]. - **Strategy Viewpoint**: It is recommended to short on rallies due to the high domestic inventory and loose global supply [82]. Oils and Fats - **Market News**: The palm oil export and production data in Malaysia changed. The domestic oil price oscillated, and the spot basis was stable [83]. - **Strategy Viewpoint**: The palm oil price is expected to oscillate weakly before the export situation improves [84]. Sugar - **Market News**: The sugar price declined slightly. The spot price was stable, and the import policy changed [85][86]. - **Strategy Viewpoint**: It is recommended to short after the rebound weakens due to factors such as supply - demand and import profit [87]. Cotton - **Market News**: The cotton price fluctuated slightly. The spot price rose, and the Sino - US trade negotiation had positive results [88]. - **Strategy Viewpoint**: The cotton price may have limited upward space in the short term due to weak fundamentals [89].

交易咨询业务资格：证监许可【2012】1091号 沪锌期货早报-2025年10月31日 大越期货投资咨询部 祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85225791 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 指标体系 沪锌: 1、基本面：世界金属统计局（WBMS）公布的最新报告显示，2025年8月，全 球锌板产量为115.07万吨，消费量为117.17万吨，供应短缺2.1万吨。2025 年1-8月，全球锌板产量为908.85万吨，消费量为936.98万吨，供应短缺 28.13万吨。2025年8月，全球锌矿产量为106.96万吨。2025年1-8月，全球 锌矿产量为844.57万吨；偏多。 2、基差：现货22300，基差-65；中性。 3、库存：10月30日LME锌库存较上日减少300吨至34900吨，10月30日上期所 锌库存仓单较上日减少300吨至67124吨；偏多。 4、盘面：昨日沪锌震荡下跌走势，收20日均 ...

1. Report Industry Investment Rating No relevant information provided in the report. 2. Core Viewpoints of the Report - Overall, the market shows a complex and diverse trend. After the Sino - US leaders' meeting, some macro - favorable factors are gradually implemented, but different sectors have different performances. Some sectors are affected by supply - demand fundamentals, while others are influenced by policy and cost factors [2][9][20]. - In the financial derivatives market, stock index futures are affected by Sino - US consensus and market expectations, and there are opportunities for short - term option operations; treasury bond futures are expected to have short - term trading opportunities with the implementation of risk - preference factors; precious metals are affected by geopolitical and economic factors and are expected to have a long - term bull market [2][6][9]. - In the commodity futures market, different varieties have different trends. For example, copper has long - term supply - demand contradictions to support the price, while aluminum is affected by macro and fundamental factors and maintains a high - level shock [20][26]. 3. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: After the Sino - US leaders' meeting, the market digested the expectations and adjusted. The A - share market declined, and the four major stock index futures contracts also fell. It is recommended to try to sell put options at the support level or construct a bullish call spread [2][3][5]. - **Treasury Bond Futures**: Negative factors are gradually implemented, and the bond market sentiment is enhanced. It is recommended to go long on dips and pay attention to the positive arbitrage strategy [6][8]. Precious Metals - **Gold and Silver**: After the Sino - US leaders' meeting, geopolitical concerns resurfaced, and precious metals fluctuated and rebounded. In the long - term, they are expected to have a bull market, while in the short - term, gold may face downward pressure, and silver maintains a shock pattern [9][12]. Container Shipping Index (European Line) - The spot market is cold, and the futures market is expected to fluctuate. It is recommended to go long on dips for the December contract [14][15]. Commodity Futures Non - ferrous Metals - **Copper**: The bullish expectations of interest rate cuts and tariffs are fulfilled, and the price fluctuates at a high level. In the long - term, the supply - demand contradiction supports the price, and in the short - term, it is affected by demand. It is recommended to pay attention to the support at 87,000 [20]. - **Alumina**: The spot price in the north shows signs of stopping falling, and the futures price stabilizes at a low level. The price is expected to continue to be under pressure in the short - term, and the main contract fluctuates between 2,750 - 2,950 [20][23]. - **Aluminum**: The price is strong, affected by macro and fundamental factors, and is expected to maintain a high - level shock. The main contract reference range is 20,800 - 21,400 [24][26]. - **Aluminum Alloy**: The spot price is firm, and the inventory accumulates slightly. The price is expected to maintain a strong shock, and the main contract reference range is 20,200 - 20,800 [26][28]. - **Zinc**: The spot transaction is average, and the price fluctuates. The supply increase may be limited, and the demand is stable. The price is expected to maintain a shock, and the main contract reference range is 21,800 - 22,800 [31][32]. - **Tin**: Powell's hawkish attitude on the December interest rate cut may cause the short - term price to fall. It is recommended to buy on dips, and the price is expected to be in a wide - range shock [32][35]. - **Nickel**: After the Sino - US meeting, the macro is stable, and the price fluctuates. The main contract reference range is 118,000 - 126,000 [35][38]. - **Stainless Steel**: The price fluctuates, and the supply pressure increases. The main contract reference range is 12,500 - 13,000 [39][42]. - **Lithium Carbonate**: The price center moves up, and the demand is strong. The main contract reference range is 83,000 - 87,000 [42][45]. Ferrous Metals - **Steel**: The supply and demand are neutral, and the inventory pressure is not large. It is recommended to pay attention to the supply of coking coal and reduce positions at high - pressure levels [47][48]. - **Iron Ore**: The supply and demand are weak, and the price falls after rising. It is recommended to close long positions and pay attention to the 1 - 5 positive arbitrage [49][51]. - **Coking Coal**: The price is strong, and the downstream replenishment demand is warm. It is recommended to go long on dips and pay attention to the long - coking coal and short - coke arbitrage [52][55]. - **Coke**: The mainstream coke enterprises start the third round of price increase, and the cost is supported by coking coal. It is recommended to go long on dips and pay attention to the long - coking coal and short - coke arbitrage [56][59]. Agricultural Products - **Meal**: China's confidence in purchasing US soybeans is enhanced, and the near - month soybeans have cost support. The domestic soybean meal trend is expected to be strong [60][62]. - **Pigs**: The entry of secondary fattening slows down, and the pig price tends to fluctuate. It is recommended to hold the 3 - 7 reverse arbitrage [63][64]. - **Corn**: The supply pressure still exists, and the price fluctuates weakly. The port price is affected by inventory and cost [65].

Group 1: Overall Market and Macroeconomic Situation - The Fed cut interest rates by 25 basis points in October and will end balance - sheet reduction in December, but Powell's hawkish remarks on December rate - cut prospects led the market's probability of a December rate cut to drop from 95% to 65% [1][3] - South Korea promised to invest $350 billion in the US to get tariff preferences for the auto and semiconductor industries, and the US - Canada trade negotiation was suspended [1] - The Bank of Canada cut interest rates by 25 basis points as expected and significantly lowered its economic growth forecast [1] - China's Q3 GDP growth rate declined as expected, and the GDP deflator showed a recovery trend. Fiscal policy has clearly taken action to support the economy [2] - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was positively received by the stock market, and the adjustment of key work deployment emphasized the importance of technology, opening - up, and focusing on people's livelihood to boost domestic demand [2] Group 2: RMB Exchange Rate - The on - shore RMB against the US dollar closed at 7.0991 on the previous trading day, up 15 basis points, and the central parity rate was raised by 13 basis points [3] - Optimistic expectations of Sino - US trade negotiations and the central bank's guidance on the exchange rate are key factors for the RMB's strength against the US dollar. Export enterprises are advised to lock in forward exchange settlement at around 7.13, and import enterprises are advised to adopt a rolling foreign exchange purchase strategy at the 7.09 mark [4] Group 3: Stock Index - The stock index closed higher on the previous trading day, with small - cap stocks performing strongly. The Shanghai and Shenzhen 300 Index rose 1.19%. The total trading volume of the two markets increased by 10.817 billion yuan [5] - The release of the full - version of the "15th Five - Year Plan Proposal" boosted market sentiment. The stock index is expected to be affected by the Fed's rate - cut expectations, with short - term volatility increasing but overall remaining relatively strong [5] Group 4: Treasury Bonds - On Wednesday, Treasury bond futures opened higher, but the TL contract closed down. The stock market was strong, but the bond market was not affected. The yield of 1 - 3 - year bonds decreased by 3 - 4 basis points. It is recommended to maintain a long - position strategy on dips [6] Group 5: Container Shipping (European Routes) - On October 29, the container shipping index (European routes) futures market closed higher across the board. The main contract EC2512 rose 5.08%. The market volume increased significantly, and the position of the main contract increased to 31,906 lots [8] - Bullish factors include geopolitical support, improved macro - situation, and a stronger spot index. Bearish factors include uncertain spot demand, a loose supply - demand pattern, and weak European economic data. The futures are expected to continue to fluctuate strongly in the short term, but beware of technical corrections [9][10][11] Group 6: Precious Metals (Gold and Silver) - On Wednesday, precious metal prices continued to fluctuate and adjust. COMEX gold 2512 contract closed at $3941.7 per ounce, down 1.04%; SHFE silver 2512 contract closed at 11,338 yuan per kilogram, up 1.91% [13] - The Fed's hawkish rate cut in December led to a significant cooling of rate - cut expectations. In the short term, precious metals are in an adjustment phase. It is recommended to pay attention to mid - term buying opportunities on dips and continue to hold existing long positions cautiously [13][15] Group 7: Copper - Overnight, Comex copper closed at $5.19 per pound, down 1.35%; LME copper closed at $11,090 per ton, up 0.47%; SHFE copper closed at 89,130 yuan per ton, up 1.23%. The 89,200 level may be the high for the year [16][17] - Glencore lowered its 2025 copper production target due to a decline in ore grade at some mines. It is recommended to pay attention to the support at 87,000 and the pressure at 89,200 for the December contract [16][17][18] Group 8: Aluminum and Related Products - For aluminum, the Fed's rate cut and Sino - US trade talks have mixed effects. In the short term, Shanghai aluminum is expected to fluctuate at a high level. For alumina, it is in an oversupply situation, and it is recommended to maintain a short - position strategy. For cast aluminum alloy, it has a strong follow - up relationship with Shanghai aluminum, and it is recommended to pay attention to the price difference [18][19][20] Group 9: Zinc - The zinc price maintained a high - level shock on the previous trading day. The smelting end's willingness to cut production in November has increased, and the low inventory provides support for the price. It is expected to fluctuate strongly [21][22] Group 10: Nickel and Stainless Steel - The Shanghai nickel main contract rose 0.34%, and the stainless - steel main contract rose 0.31%. The nickel ore policy in Indonesia has become stricter, and the downstream demand for new energy is strong. Stainless steel may fluctuate widely due to cost and demand factors [22][23] Group 11: Tin - The Shanghai tin main contract was strongly volatile on the previous trading day, closing at 286,700 yuan per ton. Technically, the 290,000 level is a stable resistance. Fundamentally, supply is weaker than demand, and it is recommended to hold long positions [23][24] Group 12: Carbonate Lithium - On Wednesday, the main contract of carbonate lithium futures closed at 82,900 yuan per ton, up 1.54%. The market demand is good, and the futures price is expected to be supported in stages [25] Group 13: Lead - The Shanghai lead main contract closed at 17,355 yuan per ton. The high - lead price has a limited upside. It is recommended to use an option double - selling strategy to earn option premiums [25][26][27] Group 14: Black Metals Rebar and Hot - Rolled Coil - Rebar has been oscillating upward recently, supported by rising iron ore and coking coal prices and improved downstream demand. However, the upward momentum is weak due to weak fundamentals and weak iron ore prices. Crude steel production is expected to decline slightly [28] Iron Ore - The iron ore market has a loose supply - demand relationship. Supply is abundant, and inventory is high, while demand is weak. After the impact of macro - events fades, the price is expected to continue to be under pressure [29] Coking Coal and Coke - Coking coal supply has tightened, and coke enterprises have started the third round of price increases. In the short term, coke prices may be strong, but the potential negative feedback from the steel market will limit the rebound height of coal and coke prices [30] Ferrosilicon and Silicomanganese - The fundamentals of ferrosilicon and silicomanganese provide limited support, and the upward space is limited due to high inventory and weak demand [30][31] Group 15: Energy and Chemicals Crude Oil - WTI crude oil futures rose 0.55% to $60.48 per barrel, and Brent crude oil futures rose 0.77% to $64.32 per barrel. The decline in EIA inventory and Sino - US trade optimism led to a small increase in oil prices, but in the long - term, supply surplus may put pressure on prices [32][33] LPG - The LPG market rose slightly due to macro - favorable factors. In the short term, it is expected to fluctuate, with supply affected by port arrivals and demand showing little change [34][35] PTA - PX - The PX - TA - PR sector was strongly volatile due to the "anti - involution" sentiment. PX supply is expected to remain high in the fourth quarter, and PTA is in a relatively surplus situation. In the short term, it is expected to be strongly volatile, and in the long - term, the industrial structure contradiction needs to be resolved [35][36][37] MEG - Bottle Chips - The fundamentals of ethylene glycol have marginally improved, but the valuation is under pressure due to inventory accumulation expectations. It is recommended to wait for opportunities to sell call options on rallies [39][40] Methanol - The methanol 01 contract is not optimistic from a fundamental perspective. It is recommended to reduce short - put positions and sell call options on the 01 contract [40][41] PP - The PP market is in a situation of oversupply. Although the supply has slightly decreased in the short term, the demand is weak, and the price is expected to fluctuate widely [43][44] PE - The PE market is also facing supply - demand pressure. Supply is expected to increase, and demand growth is limited. It is mainly affected by cost and macro - factors and is expected to maintain a wide - range oscillation [46][47] Pure Benzene and Styrene - Pure benzene is expected to be weak in the fourth quarter due to a high - supply and low - demand situation. Styrene has inventory pressure, and it is recommended to wait and see in the short term and consider narrowing the processing spread on rallies [47][48] Fuel Oil - For high - sulfur fuel oil, the current high - cracking situation is a strong - expectation and weak - reality pattern, and the upside of cracking is limited. For low - sulfur fuel oil, the fundamentals are weak, but the valuation is low and there is an expectation of repair [48][49][50] Asphalt - The asphalt market showed no more - than - expected performance during the peak season. The short - term price was boosted by cost, but the spot basis continued to weaken. It is recommended to wait and see or try short - positions when the price reaches the resistance level [51][52] Rubber and 20 - Number Rubber - The rubber market was boosted by macro - sentiment. The downstream performance is good, but there is still inventory pressure and uncertainty in the long - term supply and demand. In the short term, it is strong, but the upward drive is limited [52][53][54] Urea - The urea futures price rose with the improvement of macro - sentiment, and the spot sales also improved. However, in the long - term, it still faces pressure without export quotas [55] Glass, Soda Ash, and Caustic Soda - For soda ash, the supply is expected to remain high in the long - term, and the price is limited by high inventory but supported by cost. For glass, the inventory is high, and the spot sales have improved after price cuts. The game in the 01 contract may continue until near delivery [56][57]

Report Summary 1. Report Industry Investment Rating - Unilateral: Cautiously bullish. - Arbitrage: Neutral. [5] 2. Core View of the Report - Zinc price increase still needs to test the sustainability of zinc consumption resilience. Although the micro - data is turning from bearish to bullish and the macro - environment remains positive, the overseas mine inventory is still high. [4] 3. Summary According to Related Catalogs Important Data - **Spot**: LME zinc spot premium is $171.09/ton. SMM Shanghai zinc spot price is 22,290 yuan/ton, up 20 yuan/ton from the previous trading day, with a spot premium of - 40 yuan/ton; SMM Guangdong zinc spot price is 22,290 yuan/ton, up 10 yuan/ton, with a spot premium of - 95 yuan/ton; Tianjin zinc spot price is 22,270 yuan/ton, up 10 yuan/ton, with a spot premium of - 60 yuan/ton. [1] - **Futures**: On October 29, 2025, the main SHFE zinc contract opened at 22,355 yuan/ton and closed at 22,430 yuan/ton, up 60 yuan/ton. The trading volume was 114,143 lots, and the open interest was 118,849 lots. The highest price was 22,455 yuan/ton, and the lowest was 22,320 yuan/ton. [2] - **Inventory**: As of October 29, 2025, the total inventory of SMM seven - region zinc ingots was 163,500 tons, up 0.14 tons from the previous period. The LME zinc inventory was 35,200 tons, down 50 tons from the previous trading day. [3] Market Analysis - Smelters have strong demand for ore procurement, and TC at the ore end is expected to decline further. Although the import loss of imported ore is still significant, the TC of imported ore has also started to decline. The domestic supply pressure remains, but the smelting profit is compressed. If TC continues to decline, the supply - side pressure is expected to decrease. [4] - The export window is fully open, and the LME spot premium remains high. However, the uncertainty of delivery restrains the export enthusiasm, and the overseas inventory is difficult to show a trend increase, with the existence of warehouse receipt risk suppression. [4]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - For the stock index, after a continuous rise, hot sectors are rotating rapidly, with technology remaining the market's main theme. Policy support for the capital market remains unchanged, and the medium - to - long - term strategy is to go long on dips [4]. - For treasury bonds, the central bank's restart of treasury bond trading is short - term positive for the bond market. In the medium term, the bond market in the fourth quarter is affected by fundamentals, the implementation time of fund fee regulations, and institutional allocation power. The overall bond market may oscillate, with potential for an oscillatory recovery [7]. - For precious metals, after Powell's hawkish statement, gold and silver prices dropped in the short term. The Fed's easing monetary policy needs time to be released, but the "rate cut + balance - sheet expansion" policy is strengthened. It is recommended to go long on silver on dips [9]. - For non - ferrous metals, most metal prices are expected to show an oscillatory and strong - running trend due to factors such as improved Sino - US relations, expected Fed rate cuts, and supply disturbances [12][14][17][19]. - For black building materials, in the long - term, steel prices have an upward logic under a loosening macro - environment, but in the short - term, real demand is weak. The iron ore market is oscillating, and the black sector is not pessimistic in the long - term [34][36][44]. - For energy and chemicals, different products have different trends. For example, rubber prices are rising, and for oil, a low - buying and high - selling strategy is maintained, with short - term waiting recommended [51][58]. - For agricultural products, different products have different trends. For example, the short - term trend of pig prices is a rebound, while the medium - term trend is downward, and the egg market is expected to bottom out [80][82]. Summaries by Related Catalogs Macro - Financial Stock Index - **Market Information**: Sino - US leaders will meet; a central - enterprise strategic emerging industry development fund is launched; domestic energy - storage project tenders are increasing; some companies' Q1 - Q3 net profits are rising [2]. - **Strategy**: The market's main theme is technology, and the medium - to - long - term strategy is to go long on dips [4]. Treasury Bonds - **Market Information**: Bond contract prices have changed; Sino - US leaders will meet; a city business improvement plan is issued; the central bank conducts reverse repurchase operations [5][6]. - **Strategy**: The short - term bond market is positive, and the medium - term market is affected by multiple factors, with an expected oscillatory recovery [7]. Precious Metals - **Market Information**: Gold and silver prices are rising; the Fed's October interest - rate meeting has a "hawkish rate - cut" tone [8]. - **Strategy**: Go long on silver on dips, with reference price ranges provided [9]. Non - Ferrous Metals Copper - **Market Information**: LME copper prices hit a record high; inventory and price differentials have changed [11]. - **Strategy**: Copper prices are expected to oscillate strongly, with reference price ranges provided [12]. Aluminum - **Market Information**: Aluminum prices rose and then fell; inventory and price differentials have changed [13]. - **Strategy**: Aluminum prices are expected to oscillate strongly, with reference price ranges provided [14]. Zinc - **Market Information**: Zinc prices rose; inventory and price differentials have changed [15]. - **Strategy**: Zinc prices are expected to oscillate strongly in the short - term [17]. Lead - **Market Information**: Lead prices rose; inventory and price differentials have changed [18]. - **Strategy**: Lead prices are expected to run strongly in the short - term [19]. Nickel - **Market Information**: Nickel prices rebounded; cost and price information of related products are provided [20]. - **Strategy**: Short - term observation is recommended, and long positions can be considered at appropriate prices [21]. Tin - **Market Information**: Tin prices rose; supply and demand information is provided [23]. - **Strategy**: Tin prices are expected to oscillate at a high level in the short - term, with observation recommended [23]. Carbonate Lithium - **Market Information**: Carbonate lithium prices rose [24]. - **Strategy**: Caution is recommended, and overseas mining company quarterly reports should be monitored [25]. Alumina - **Market Information**: Alumina prices rose; inventory and price differentials have changed [26]. - **Strategy**: Short - term observation is recommended, with attention to supply - side policies [28]. Stainless Steel - **Market Information**: Stainless steel prices rose; inventory and price differentials have changed [29]. - **Strategy**: Observation is recommended due to unresolved supply - demand contradictions [29]. Casting Aluminum Alloy - **Market Information**: Casting aluminum alloy prices rose; inventory and price differentials have changed [30]. - **Strategy**: Prices are supported by cost and supply factors [31]. Black Building Materials Steel - **Market Information**: Steel prices rose; inventory and price differentials have changed [33]. - **Strategy**: In the long - term, steel prices have an upward logic, but in the short - term, real demand is weak [34]. Iron Ore - **Market Information**: Iron ore prices rose; inventory and price differentials have changed [35]. - **Strategy**: Iron ore prices are expected to oscillate, with attention to Sino - US talks [36]. Glass and Soda Ash - **Market Information**: Glass prices rose, and soda ash prices fell; inventory and price differentials have changed [38][40]. - **Strategy**: Glass prices rebounded due to short - term sentiment, and soda ash prices are expected to oscillate narrowly [39][40]. Manganese Silicon and Ferrosilicon - **Market Information**: Prices rose; inventory and price differentials have changed [41]. - **Strategy**: The black sector is not pessimistic in the long - term, and manganese silicon and ferrosilicon are likely to follow the sector [43][44]. Industrial Silicon and Polysilicon - **Market Information**: Industrial silicon and polysilicon prices rose; inventory and price differentials have changed [45][48]. - **Strategy**: Industrial silicon prices are expected to fluctuate with sentiment, and polysilicon supply - demand may improve [46][49]. Energy and Chemicals Rubber - **Market Information**: Rubber prices rose; different views on supply and demand are provided [51][52]. - **Strategy**: Short - term trading is recommended, and a hedging strategy is suggested [56]. Crude Oil - **Market Information**: Crude oil and related product prices fell; inventory data are provided [57]. - **Strategy**: A low - buying and high - selling strategy is maintained, with short - term waiting recommended [58]. Methanol - **Market Information**: Methanol prices rose; inventory and price differentials have changed [59]. - **Strategy**: Observation is recommended due to import uncertainties [59]. Urea - **Market Information**: Urea prices rose; inventory and price differentials have changed [60]. - **Strategy**: Observation or long - position opportunities at low prices are recommended [61]. Pure Benzene and Styrene - **Market Information**: Prices and inventory data have changed [62]. - **Strategy**: Benzene and styrene prices may stop falling, with attention to BZN spread [63]. PVC - **Market Information**: PVC prices rose; inventory and price differentials have changed [64]. - **Strategy**: A short - term long - position reduction and medium - term short - position strategy are recommended [65]. Ethylene Glycol - **Market Information**: Ethylene glycol prices rose; inventory and price differentials have changed [66]. - **Strategy**: A short - position strategy is recommended [67]. PTA - **Market Information**: PTA prices rose; inventory and price differentials have changed [68]. - **Strategy**: Attention is paid to potential production - cut signals [69][70]. p - Xylene - **Market Information**: p - Xylene prices rose; inventory and price differentials have changed [71]. - **Strategy**: p - Xylene prices mainly follow crude oil, with attention to PTA production - cut signals [72]. Polyethylene (PE) - **Market Information**: PE prices rose; inventory and price differentials have changed [73]. - **Strategy**: PE prices are expected to oscillate at a low level [74]. Polypropylene (PP) - **Market Information**: PP prices rose; inventory and price differentials have changed [75]. - **Strategy**: PP prices are under pressure due to supply - demand and inventory [77]. Agricultural Products Live Pigs - **Market Information**: Pig prices fluctuated; regional price changes are provided [79]. - **Strategy**: Short - term rebound and medium - term short - position strategies are recommended [80]. Eggs - **Market Information**: Egg prices were stable or fell; supply and demand information is provided [81]. - **Strategy**: Observation is recommended as the market is expected to bottom out [82]. Soybean Meal and Rapeseed Meal - **Market Information**: Soybean and soybean meal prices changed; inventory and import cost data are provided [83]. - **Strategy**: A short - position strategy on rebounds is recommended [84]. Oils and Fats - **Market Information**: Oil prices fell; palm oil production and export data are provided [85]. - **Strategy**: Palm oil prices are expected to oscillate weakly before export improvement [86]. Sugar - **Market Information**: Sugar prices rose; import control policies are provided [87]. - **Strategy**: A short - position strategy after a rebound is recommended [88]. Cotton - **Market Information**: Cotton prices rose; supply and demand information is provided [89]. - **Strategy**: Cotton prices have limited upward space in the short - term [90].

Report Summary 1. Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views - Copper prices may be on the stronger side as the concentrate supply remains tight, smelting profits are at the break - even point, and an Indonesian mine accident is likely to turn the global copper supply - demand into a deficit, providing long - term support for copper prices [2]. - Zinc prices may fluctuate within a range. Although zinc concentrate processing fees are rising and smelting profits are positive, with smelting output expected to increase, the overall supply - demand difference is not obvious. Also, due to different inventory situations at home and abroad, domestic zinc prices may be weaker than foreign ones [2]. 3. Summary by Related Catalogs Copper - Night - time copper prices rose by over 1%. The concentrate supply is tight, and smelting profits are at the break - even point, yet smelting output continues to grow rapidly. Grid investment shows positive growth, power source investment slows down, automobile production and sales are growing, home appliance production scheduling is in negative growth, and the real estate market remains weak. An Indonesian mine accident is likely to lead to a global copper supply - demand deficit [2]. Zinc - Night - time zinc prices rose by 0.45%. Zinc concentrate processing fees are rising, smelting profits are positive, and smelting output is expected to continue to increase. Galvanized sheet inventory increased weekly. Infrastructure investment growth slowed down, automobile production and sales are growing, home appliance production scheduling is in negative growth, and the real estate market remains weak. Due to different inventory situations at home and abroad, domestic zinc prices may be weaker than foreign ones [2]. Market Data - **Domestic Futures and Basis**: Copper's previous domestic futures closing price was 86,990 yuan/ton with a basis of - 60 yuan/ton; aluminum was 21,120 yuan/ton with a basis of - 40 yuan/ton; zinc was 22,275 yuan/ton with a basis of - 95 yuan/ton; nickel was 120,300 yuan/ton with a basis of - 1,490 yuan/ton; lead was 17,375 yuan/ton with a basis of - 205 yuan/ton; tin was 282,780 yuan/ton with a basis of - 1,930 yuan/ton [2]. - **LME Data**: For copper, the LME 3 - month closing price was 11,030 dollars/ton with a spot premium of - 19.54 dollars/ton and an inventory of 135,975 tons (a daily decrease of 375 tons); for aluminum, it was 2,894 dollars/ton with a spot premium of 2.61 dollars/ton and an inventory of 469,275 tons (a daily decrease of 3,850 tons); for zinc, it was 3,057 dollars/ton with a spot premium of 171.09 dollars/ton and an inventory of 37,050 tons (a daily decrease of 550 tons); for nickel, it was 15,245 dollars/ton with a spot premium of - 207.07 dollars/ton and an inventory of 251,238 tons (a daily increase of 384 tons); for lead, it was 2,025 dollars/ton with a spot premium of - 35.54 dollars/ton and an inventory of 232,375 tons (a daily decrease of 3,000 tons); for tin, it was 36,325 dollars/ton with a spot premium of 40.00 dollars/ton and an inventory of 2,725 tons (a daily decrease of 25 tons) [2].