Inventory Changes - Copper inventory increased by 23,564 tons or 9.5%, reaching 272,475 tons, the highest since August 9, 2024 [2] - Aluminum inventory rose by 52,200 tons or 21.3%, totaling 297,340 tons [2] - Zinc inventory grew by 16,336 tons or 23.1%, amounting to 87,025 tons [2] - Nickel inventory increased by 1,318 tons or 2.3%, reaching 58,775 tons [2] - Lead inventory rose by 8,715 tons or 18.2%, totaling 56,539 tons [2] - Tin inventory increased by 2,264 tons or 25.9%, reaching 11,014 tons [2] - Alumina inventory rose by 57,902 tons or 18.8%, totaling 366,689 tons [2] - Cast aluminum alloy inventory decreased by 1,690 tons or 2.3%, reaching 72,735 tons [3] - International copper inventory increased by 2,277 tons or 12.4%, totaling 20,625 tons [4] Industry Challenges - The Chinese copper industry faces three main challenges: rising dependence on foreign upstream resources, overcapacity in the midstream processing sector, and downstream demand being suppressed by high copper prices [5]

锌：跟随宏观波动 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com 2026 年 02 月 13 日 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪锌主力收盘价 | 24670 | 0.12% | 伦锌 3M 电子盘收 | 3418 | 0.59% | | （元/吨） | | | 盘（美元/吨） | | | | 沪锌主力成交量 | 63473 | 20594 | 伦锌成交量（手） | 10803 | 2795 | | （手） | | | | | | | 沪锌主力持仓量 | 82084 | 3215 | 伦锌持仓量（手） | 227792 | -7690 | | （手） | | | | | | | 上海 0# 锌升贴水 | -30 | 0 | LME CASH-3M 升 | -17.8 | 1.75 | | （元/吨） | | | 贴水（美元/吨） ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - Copper prices closed 2.25% lower overnight. Concentrate supply remains tight, smelting profit is on the verge of profit and loss. Although smelting output has declined month - on - month, it continues to grow overall. Power investment is stable, auto production and sales are growing, home appliance production scheduling is negative, and the real estate market is weak. Copper prices may enter an adjustment phase in the short term [2] - Zinc prices closed 0.87% lower overnight. Zinc concentrate processing fees have declined, concentrate supply is temporarily tight, and smelting output continues to grow. Galvanized sheet inventory is generally at a high level. Infrastructure investment growth has slowed down, auto production and sales are growing, home appliance production scheduling is negative, and the real estate market is weak. Zinc prices may follow the overall trend of non - ferrous metals [2] Group 3: Summary by Relevant Catalog Copper - Night - time price drop: 2.25% [2] - Supply situation: Concentrate supply is tight, smelting profit at the break - even point, smelting output growth continues [2] - Downstream demand: Power investment stable, auto production and sales growing, home appliance production scheduling negative, real estate weak [2] - Price trend: May enter an adjustment phase in the short term [2] - Domestic previous futures closing price: 101,970 yuan/ton, domestic basis: - 80 yuan/ton, previous LME3 - month closing price: 12,856 dollars/ton, LME spot premium/discount: - 94.71 dollars/ton, LME inventory: 192,100 tons, LME inventory daily change: 3,000 tons [2] Zinc - Night - time price drop: 0.87% [2] - Supply situation: Zinc concentrate processing fees decline, concentrate supply is temporarily tight, smelting output continues to grow [2] - Downstream demand: Galvanized sheet inventory high, infrastructure investment growth slows, auto production and sales growing, home appliance production scheduling negative, real estate weak [2] - Price trend: May follow the overall trend of non - ferrous metals [2] - Domestic previous futures closing price: 24,575 yuan/ton, domestic basis: - 25 yuan/ton, previous LME3 - month closing price: 3,382 dollars/ton, LME spot premium/discount: - 28.69 dollars/ton, LME inventory: 105,250 tons, LME inventory daily change: - 1,500 tons [2] Other Metals - **Aluminum**: Domestic previous futures closing price 23,530 yuan/ton, domestic basis - 160 yuan/ton, previous LME3 - month closing price 3,098 dollars/ton, LME spot premium/discount - 32.16 dollars/ton, LME inventory 485,750 tons, LME inventory daily change - 1,225 tons [2] - **Nickel**: Domestic previous futures closing price 139,810 yuan/ton, domestic basis - 5,230 yuan/ton, previous LME3 - month closing price 17,250 dollars/ton, LME spot premium/discount - 205.08 dollars/ton, LME inventory 285,750 tons, LME inventory daily change 0 tons [2] - **Lead**: Domestic previous futures closing price 16,690 yuan/ton, domestic basis - 130 yuan/ton, previous LME3 - month closing price 1,984 dollars/ton, LME spot premium/discount - 47.05 dollars/ton, LME inventory 232,950 tons, LME inventory daily change 200 tons [2] - **Tin**: Domestic previous futures closing price 392,000 yuan/ton, domestic basis 1,840 yuan/ton, previous LME3 - month closing price 47,800 dollars/ton, LME spot premium/discount - 194.00 dollars/ton, LME inventory 7,550 tons, LME inventory daily change 120 tons [2]

Report Summary 1. Report's Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Views - **沪铜**: Today, Shanghai copper fluctuated within a narrow range, with a slight decline in open interest. Macroscopically, due to the better - than - expected US non - farm payroll data last night, the US dollar index rebounded in the short term, which is negative for non - ferrous metals. Industrially, the copper inventory in major regions continued to rise. With the Spring Festival approaching, short - term capital drive was weak [7]. - **沪铝**: Today, Shanghai aluminum fluctuated strongly, with a continuous decline in open interest. Macroscopically, affected by the better - than - expected US non - farm payroll data last night, the US dollar index rebounded in the short term, which is negative for non - ferrous metals. Domestically, with the Spring Festival approaching, investors had a strong willingness to close positions. Industrially, domestic electrolytic aluminum continued seasonal inventory accumulation. Technically, recently, Shanghai aluminum continued to decline in open interest and fluctuate, with weak capital drive [8]. - **沪镍**: Today, Shanghai nickel fluctuated strongly, with the main contract price fluctuating around the 140,000 - yuan mark and falling below 140,000 at the end of the session. Macroscopically, affected by the better - than - expected US non - farm payroll data last night, the US dollar index rebounded in the short term, which is negative for non - ferrous metals. Industrially, on February 10, the Indonesian official revealed that the 2026 nickel ore RKAB production target was set at 260 - 270 million tons, in line with previous market expectations, which boosted market sentiment. The positive news on the supply side made the nickel price stronger than the non - ferrous metals sector in the short term. Technically, attention should be paid to the long - short game at the 140,000 - yuan mark [9]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - **Copper**: On February 12, SMM reported that the spot premium was expected to face downward pressure. With the Spring Festival approaching, market participation continued to decline. Most suppliers and downstream enterprises had gradually entered the holiday state, and the overall trading atmosphere was light. On the supply side, the priced - in imported copper locked during the opening of the import window was continuously arriving at the port, and the inventory in Shanghai increased significantly. On the demand side, due to the approaching festival, downstream enterprises had generally taken holidays, and the procurement demand continued to weaken. Overall, the market would maintain light trading, and it was expected that the spot discount would continue to expand tomorrow [11]. - **Nickel**: On February 12, the price of SMM1 electrolytic nickel was 140,200 - 150,500 yuan/ton, with an average price of 145,350 yuan/ton, up 2,750 yuan/ton from the previous trading day. The mainstream spot premium quotation range of Jinchuan 1 electrolytic nickel was 8,000 - 9,500 yuan/ton, with an average premium of 8,750 yuan/ton, down 750 yuan/ton from the previous trading day. The spot premium quotation range of domestic mainstream brand electrowon nickel was - 400 - 400 yuan/ton. According to Bloomberg Technoz, the Indonesian Ministry of Energy and Mineral Resources (ESDM) released the 2026 nickel ore RKAB quota on February 10. Tri Winarno, the director - general of Mineral and Coal, confirmed that the approved production this year was only 260 - 270 million tons [12]. 3.2 Relevant Charts - **Copper**: The report includes charts such as copper spot premium [13], Shanghai electrolytic copper social inventory [14], LME copper cancelled warrant ratio [15], global copper exchange inventory (SHFE + LME + COMEX) [17], and SHFE warrant inventory [18]. - **Aluminum**: The report includes charts such as aluminum basis [24], aluminum monthly spread [30], electrolytic aluminum domestic social inventory [26], electrolytic aluminum overseas exchange inventory (LME + COMEX) [32], and aluminum rod inventory [34]. - **Nickel**: The report includes charts such as nickel basis [36], nickel monthly spread [42], LME inventory [38], and nickel ore port inventory [46].

研究局限性和风险提示 报告中依据和结论存在范围局限性，对未来预测存在不及预期，以及宏观环境和产业链影响因素存在不确定性变化等风险。 20260210申万期货有色金属基差日报 | 品种 | 观点 | | --- | --- | | 铜 | 铜：夜盘铜价收涨0.6%。精矿供应延续紧张状态，冶炼利润处于盈亏边缘，冶炼产量虽环 比回落，但总体延续高增长。国家统计局数据显示，电力投资稳定；汽车产销正增长；家 电排产负增长；地产持续疲弱。铜价短期可能进入调整阶段。关注美元、铜冶炼产量和下 | | | 游需求等变化。 | | 锌 | 锌：夜盘锌价收低0.2%。锌精矿加工费回落，精矿 供应阶段性紧张，冶炼产量 长；家电排产负增长；地产持续疲弱。锌价可能跟随有色整体走势。建议关注美元、冶炼 | | | 延续增长。中钢协统计的镀锌板库存总体高位。基建投资累计增速趋缓，汽车产销正增 | | | 产量和下游需求等变化。 | | 品种 | 国内前日期货 收盘价 | 国内基差 （元/吨） | 前日LME3月 期收盘价 | LME现货升贴水 （CASH-3M） | LME库存 （吨） | LME库存日 度变化 | | --- | --- ...

Report Industry Investment Rating No relevant content provided. Core Views of the Report - **Copper**: The main futures price of Shanghai copper fluctuated around 102,000 yuan. The open interest of Shanghai copper changed little. The weakening US dollar index during the day was positive for copper prices. The social inventory of electrolytic copper decreased, and downstream buyers were more willing to replenish inventory at low prices. The open interest of Shanghai copper has been declining recently, and short - term capital drive is weak approaching the Spring Festival holiday. Attention can be paid to the support at the 100,000 yuan mark [6]. - **Aluminum**: Aluminum prices rose first and then fell, and the open interest of Shanghai aluminum continued to rise. There was a significant divergence in the intraday performance of non - ferrous metals. Domestically, electrolytic aluminum had a seasonal inventory build - up. Technically, after a sharp decline, aluminum prices fluctuated with a narrowing amplitude. Attention can be paid to the support at the early - February low [7]. - **Nickel**: The main futures price of Shanghai nickel opened higher and fluctuated around 135,000 yuan. Nickel prices were relatively strong. In the short - term, the driving force was not strong, and the port inventory of nickel ore was at a high level in the same period of previous years with seasonal destocking. In the long - term, the expectation of supply contraction in Indonesia led to a reversal of the supply - demand expectation. Technically, after a sharp decline, nickel prices fluctuated with a narrowing amplitude. Attention can be paid to the range of 130,000 - 140,000 yuan [8]. Summary of Each Section 1. Industry Dynamics - **Copper**: On February 9, the social inventory of Mysteel electrolytic copper was 341,200 tons, a decrease of 11,100 tons compared with February 5 [10]. - **Aluminum**: On February 9, the social inventory of Mysteel electrolytic aluminum was 875,000 tons, an increase of 22,000 tons compared with February 5 [11]. - **Nickel**: On February 9, the price of SMM1 electrolytic nickel was in the range of 133,900 - 145,000 yuan/ton, with an average price of 139,450 yuan/ton, a rise of 3,650 yuan/ton compared with the previous trading day. The mainstream spot premium quotation range of Jinchuan 1 electrolytic nickel was 9,000 - 10,000 yuan/ton, with an average premium of 9,500 yuan/ton, unchanged from the previous trading day. The spot premium and discount quotation range of domestic mainstream brand electrowon nickel was - 400 - 400 yuan/ton [12]. 2. Related Charts - **Copper**: The charts include copper spot premium and discount, Shanghai electrolytic copper social inventory, LME copper注销仓单比例, global copper exchange inventory (SHFE + LME + COMEX), SHFE warrant inventory, and Shanghai copper monthly spread [13][15][16]. - **Aluminum**: The charts include aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum (LME + COMEX), Shanghai - London ratio, and aluminum bar inventory [24][26][28]. - **Nickel**: The charts include nickel basis, nickel monthly spread, LME inventory, SHFE inventory, LME nickel trend, and nickel ore port inventory [36][42][38].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Views of the Report Copper - Overnight, both domestic and international copper prices fluctuated weakly, and the import loss of domestic refined copper spot narrowed. The US JOLTS job openings in December 2026 were 6.542 million, the lowest since September 2020, below the expected 7.25 million and the previous 6.928 million. The European Central Bank decided to keep the deposit rate at 2% on Thursday, pausing rate - cuts for the fifth consecutive time since June last year, and continued to focus on inflation risks. LME copper inventory increased by 1,925 tons to 180,575 tons; Comex inventory rose by 2,036 tons to 532,005 tons; SHFE copper warrants increased by 907 tons to 160,679 tons, and BC copper increased by 2,052 tons to 12,667 tons. The turmoil in the US financial market and the second - round correction of precious metals hit the non - ferrous market again. Considering the fundamental problems in the copper market, prices may fluctuate around the Spring Festival. However, the rigid constraints on the copper mine end and the certainty of long - term demand mean that any significant decline will attract long - term allocation funds and industrial buyers, laying a more solid foundation for the medium - to - long - term rise of copper prices [1]. Aluminum - Overnight, alumina fluctuated strongly, with AO2605 closing at 2,822 yuan/ton, a 1.15% increase, and the open interest decreased by 3,875 lots to 356,000 lots. Overnight, Shanghai aluminum fluctuated weakly, with AL2603 closing at 23,570 yuan/ton, a 0.23% decline, and the open interest decreased by 1,047 lots to 206,000 lots. Aluminum alloy fluctuated weakly, with the overnight main contract AD2603 closing at 22,150 yuan/ton, a 0.18% decline, and the open interest decreased by 150 lots to 4,211 lots. The SMM alumina price dropped to 2,619 yuan/ton, and the aluminum ingot spot discount narrowed to 180 yuan/ton. The Foshan A00 quotation dropped to 23,340 yuan/ton, at par with the Wuxi A00. The processing fees of aluminum rods in many regions remained stable, while those in Xinjiang, Nanchang, and Guangdong increased by 30 - 50 yuan/ton. The processing fees of 1A60 - series and 6/8 - series aluminum rods remained stable, and the low - carbon aluminum rod processing fee decreased by 453 yuan/ton. Recently, the number of alumina overhauls in various regions has increased, and supply disruptions have led alumina into a narrow - range recovery. As the downstream stocking nears the end and logistics stagnates before the festival, alumina inventory gradually accumulates and then declines as the sentiment fades. The domestic aluminum - water ratio has weakened. High prices and repeated environmental protection controls in the Central Plains have led downstream enterprises to generally reduce or cancel pre - festival centralized stocking. With the buffer of the holiday, the pre - festival capital sentiment is expected to gradually subside. Attention should be paid to whether the development of the US - Iran situation will lead to new macro - pricing and whether the downstream stocking sentiment will improve after the aluminum price correction [1][2]. Nickel - Overnight, LME nickel fell 0.1% to $15,115/ton, and Shanghai nickel fell 0.14% to 121,180 yuan/ton. LME nickel inventory decreased by 240 tons to 286,074 tons, and SHFE warrants increased by 2,392 tons to 50,464 tons. In terms of basis, the LME 0 - 3 month basis remained negative, and the import nickel basis remained at a discount of 100 yuan/ton. Fundamentally, the prices of nickel ore and nickel iron have strengthened, indicating concerns about tight resource supply, and the marginal cost support continues to rise. In the stainless - steel market, due to the Spring Festival in February, the weekly inventory has increased, but there are many overhauls on the supply side. In the new - energy sector, the MHP price is strong, providing relatively strong cost support for nickel sulfate, but the spot procurement and sales are relatively sluggish, and the output of ternary materials is also expected to decline month - on - month. Recently, market sentiment has weakened, and nickel prices have followed suit. Although the phased demand has declined month - on - month, the cost support remains solid, and it is expected to strongly support prices. Coupled with frequent disturbances in Indonesian news, attention can be paid to the opportunity of lightly testing long positions near the cost line. However, currently, the nickel price does not have the fundamental support to launch an independent market, so the resonance of market sentiment also needs to be considered [2]. 3. Summary According to Relevant Catalogs Daily Data Monitoring Copper - **Price**: The price of flat - copper decreased by 3,255 yuan/ton, and 1 bright scrap copper in Guangdong dropped by 800 yuan/ton. The refined - scrap price difference in Guangdong decreased by 2,894 yuan/ton. The prices of oxygen - free copper rods and low - oxygen copper rods in Shanghai decreased by 2,700 yuan/ton and 2,200 yuan/ton respectively. - **Inventory**: LME registered + cancelled inventory remained unchanged at 178,650 tons, Comex inventory increased by 1,716 tons to 529,963 tons, and the total social inventory (domestic + bonded area) remained at 40.9 million tons. The SHFE total inventory (weekly) increased by 7,067 tons to 233,004 tons [4]. Lead - **Price**: The average price of 1 lead in the Yangtze River Non - ferrous market increased by 40 yuan/ton. The prices of lead concentrates in some regions decreased slightly, and the processing fees remained unchanged. - **Inventory**: The LME registered + cancelled inventory remained unchanged at 232,850 tons, and the SHFE inventory (weekly) increased by 1,233 tons to 30,584 tons [4]. Aluminum - **Price**: The Wuxi and Nanhai quotes decreased by 430 yuan/ton, and the spot premium increased by 30 yuan/ton. The prices of some raw materials decreased slightly, while the FOB price of alumina increased by 5 US dollars/ton. - **Inventory**: The LME registered + cancelled inventory remained unchanged at 495,175 tons, the SHFE total inventory (weekly) increased by 19,718 tons to 216,771 tons, the electrolytic aluminum social inventory (weekly) increased by 34,000 tons to 777,000 tons, and the alumina social inventory (weekly) increased by 10,000 tons to 178,000 tons [5]. Nickel - **Price**: The price of Jinchuan nickel decreased by 1,600 yuan/ton. The prices of some nickel - related products remained stable or changed slightly. - **Inventory**: The LME registered + cancelled inventory remained unchanged at 286,314 tons, the SHFE nickel inventory (weekly) increased by 4,602 tons to 55,396 tons, and the social nickel inventory (weekly) increased by 2,784 tons to 66,294 tons [5]. Zinc - **Price**: The main - contract settlement price decreased by 0.5%, and the prices of various zinc products, including spot and alloys, decreased. - **Inventory**: The LME inventory remained unchanged at 108,200 tons, the SHFE inventory (weekly) increased by 793 tons to 6,268 tons, and the social inventory (weekly) increased by 3,800 tons to 111,200 tons [7]. Tin - **Price**: The main - contract settlement price decreased by 3.4%, and the prices of tin products such as spot and concentrates decreased significantly. - **Inventory**: The LME inventory remained unchanged at 7,110 tons, and the SHFE inventory (weekly) increased by 748 tons to 10,468 tons [7]. Chart Analysis - **Spot Basis**: The report provides historical charts of the spot basis for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026, which can be used to analyze price differences between spot and futures [9][10][11][13]. - **SHFE Near - to - Far Month Spread**: It shows the historical charts of the SHFE near - to - far month spread for the above - mentioned metals from 2021 - 2026, helping to understand the term - structure of futures prices [16][18][19][20]. - **LME Inventory**: Historical charts of LME inventory for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 are presented, which can reflect the supply situation in the international market [22][24][26]. - **SHFE Inventory**: The report offers historical charts of SHFE inventory for the above metals from 2019 - 2026, which can reflect the supply situation in the domestic market [28][30][32]. - **Social Inventory**: It includes historical charts of the social inventory for copper, aluminum, nickel, zinc, stainless steel, and 300 - series stainless steel from 2019 - 2026, which can help analyze the overall market supply [34][36][38]. - **Smelting Profit**: Historical charts of copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit margin from 2019 - 2026 are provided, which can be used to analyze the profit situation of the smelting industry [41][43][45]. Team Introduction - **Zhan Dapeng**: A science master, currently the director of non - ferrous research at Everbright Futures Research Institute, a senior precious - metals researcher, a medium - level gold investment analyst. He has won many awards and has more than ten years of commodity research experience. He has published dozens of professional articles in public newspapers and magazines and has been interviewed by many media. His futures qualification number is F3013795, and his trading - consulting qualification number is Z0013582 [47]. - **Wang Heng**: A master of finance from the University of Adelaide, Australia. Currently a non - ferrous researcher at Everbright Futures Research Institute, mainly researching aluminum and silicon. He has won relevant industry awards and has in - depth research in areas such as hedging accounting and disclosure. His futures qualification number is F3080733, and his trading - consulting qualification number is Z0020715 [47]. - **Zhu Xi**: A master of science from the University of Warwick, UK. Currently a non - ferrous researcher at Everbright Futures Research Institute, mainly researching lithium and nickel. She has won relevant industry awards and focuses on the integration of non - ferrous metals and new energy. Her futures qualification number is F03109968, and her trading - consulting qualification number is Z0021609 [48].

本公司具有中国证监会核准的期货交易咨询业务资格 （核准文号 证监许可[2011]1284号） 20260206申万期货有色金属基差日报 | 品种 | 观点 | | --- | --- | | 铜 | 铜：夜盘铜价收涨0.15%。精矿供应延续紧张状态，冶炼利润处于盈亏边缘，冶炼产量虽 环比回落，但总体延续高增长。国家统计局数据显示，电力投资稳定；汽车产销正增长； 家电排产负增长；地产持续疲弱。铜价短期可能进入调整阶段。关注美元、铜冶炼产量和 | | | 下游需求等变化。 | | | 锌：夜盘锌价收涨0.84%。锌精矿加工费回落，精矿供应阶段性紧张，冶炼产量延续增长 | | 锌 | 。中钢协统计的镀锌板库存总体高位。基建投资累计增速趋缓，汽车产销正增长；家电排 产负增长；地产持续疲弱。锌价可能跟随有色整体走势。建议关注美元、冶炼产量和下游 | | | 需求等变化。 | | 品种 | 国内前日期货 收盘价 | 国内基差 | 前日LME3月 期收盘价 | LME现货升贴水 （CASH-3M） | LME库存 | LME库存日 度变化 | | --- | --- | --- | --- | --- | --- | -- ...

20260205申万期货有色金属基差日报 | 品种 | 观点 | | --- | --- | | 铜 | 铜：夜盘铜价收低2.44%。精矿供应延续紧张状态，冶炼利润处于盈亏边缘，冶炼产量虽 环比回落，但总体延续高增长。国家统计局数据显示，电力投资稳定；汽车产销正增长； 家电排产负增长；地产持续疲弱。铜价短期可能进入调整阶段。关注美元、铜冶炼产量和 | | | 下游需求等变化。 | | 锌 | 锌：夜盘锌价收低0.46%。锌精矿加工费回落，精矿供应阶段性紧张，冶炼产量延续增长 。中钢协统计的镀锌板库存总体高位。基建投资累计增速趋缓，汽车产销正增长；家电排 | | | 产负增长；地产持续疲弱。锌价可能跟随有色整体走势。建议关注美元、冶炼产量和下游 | | | 需求等变化。 | | 品种 | 国内前日期货 收盘价 | 国内基差 | 前日LME3月 期收盘价 | LME现货升贴水 （CASH-3M） | LME库存 | LME库存日 度变化 | | --- | --- | --- | --- | --- | --- | --- | | | （元/吨） | （元/吨） | (美元/吨） | （美元/吨） | （吨） | ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The copper price rose 0.65% overnight. The concentrate supply remains tight, and smelting profits are on the verge of profit and loss. Although the smelting output decreased month - on - month, it continued to grow overall. The copper price may enter an adjustment phase in the short term [2]. - The zinc price fell 0.62% overnight. The zinc concentrate processing fee declined, the concentrate supply was temporarily tight, and the smelting output continued to grow. The zinc price may follow the overall trend of non - ferrous metals [2]. Summary According to the Catalog Price and Market Information - Copper: The previous domestic futures closing price was 104,140 yuan/ton, the domestic basis was - 175 yuan/ton, the previous LME 3 - month closing price was 13,410 dollars/ton, the LME spot premium was - 64.25 dollars/ton, the LME inventory was 174,675 tons, and the daily change was - 300 tons [2]. - Aluminum: The previous domestic futures closing price was 23,725 yuan/ton, the domestic basis was - 220 yuan/ton, the previous LME 3 - month closing price was 3,099 dollars/ton, the LME spot premium was - 22.59 dollars/ton, the LME inventory was 497,175 tons, and the daily change was 1,450 tons [2]. - Zinc: The previous domestic futures closing price was 24,915 yuan/ton, the domestic basis was - 85 yuan/ton, the previous LME 3 - month closing price was 3,323 dollars/ton, the LME spot premium was - 22.89 dollars/ton, the LME inventory was 109,100 tons, and the daily change was - 900 tons [2]. - Nickel: The previous domestic futures closing price was 134,120 yuan/ton, the domestic basis was - 6,670 yuan/ton, the previous LME 3 - month closing price was 17,395 dollars/ton, the LME spot premium was - 216.92 dollars/ton, the LME inventory was 285,528 tons, and the daily change was - 756 tons [2]. - Lead: The previous domestic futures closing price was 16,560 yuan/ton, the domestic basis was - 145 yuan/ton, the previous LME 3 - month closing price was 1,962 dollars/ton, the LME spot premium was - 49.63 dollars/ton, the LME inventory was 204,075 tons, and the daily change was - 1,500 tons [2]. - Tin: The previous domestic futures closing price was 382,460 yuan/ton, the domestic basis was 4,290 yuan/ton, the previous LME 3 - month closing price was 50,295 dollars/ton, the LME spot premium was - 241.04 dollars/ton, the LME inventory was 7,105 tons, and the daily change was 10 tons [2]. Downstream Demand - For copper and zinc, power investment is stable, automobile production and sales are growing positively, home appliance production scheduling is in negative growth, and the real estate market remains weak. The infrastructure investment cumulative growth rate for zinc is slowing down, and the galvanized sheet inventory is generally at a high level [2].