Core Viewpoint - The London metal futures market is experiencing an upward trend across multiple varieties, indicating a positive sentiment in the sector [1] Group 1: Price Movements - As of 20:30, the following price changes were noted: - Nickel increased by 1.14% - Copper rose by 0.35% - Lead saw a rise of 0.50% - Zinc went up by 1.06% - Aluminum increased by 0.88% - Tin experienced a rise of 0.47% [1]

Report Industry Investment Rating - The investment rating for tin is "Range-bound" [1] Report's Core View - The report provides the latest data on tin's fundamentals, including price, trading volume, inventory, and key industrial chain prices, and also presents relevant macro and industry news [2][3] Summary by Related Catalogs Fundamental Tracking - **Futures and Spot Market Data**: The closing price of the Shanghai Tin main contract was 271,260 with a daily increase of 0.31%, and the night - session closing price was 272,130 with a night - session increase of 0.27%. The LME 3M electronic tin price was 34,700 with a daily increase of 0.19%. The trading volume of the Shanghai Tin main contract was 57,815, an increase of 9,155 from the previous day, and the position was 26,606, a decrease of 744. The trading volume of the LME 3M electronic tin was 180, a decrease of 9, and the position was 13,988, an increase of 53 [2] - **Inventory Data**: The Shanghai Tin inventory was 7,504, an increase of 22, and the LME tin inventory was 2,385, a decrease of 25. The LME tin注销仓单 ratio was 6.57%, a decrease of 0.38% [2] - **Spot Price Data**: The SMM 1 tin ingot price and the Yangtze River Non - ferrous 1 tin average price were both 271,100, an increase of 1,000 from the previous day. The LME tin (spot/three - month) spread was 45, an increase of 18 [2] - **Industrial Chain Key Price Data**: The price of 40% tin concentrate in Yunnan was 259,100, an increase of 1,000, and the price of 60% tin concentrate in Guangxi was 263,100, an increase of 1,000. The price of 60A solder bar was 175,750, an increase of 500 [2] Macro and Industry News - US inflation was basically in line with expectations. In August, the core CPI increased by 3.1% year - on - year and 0.3% month - on - month. The number of initial jobless claims in the US last week increased to 263,000, a nearly four - year high [3] - The European Central Bank kept interest rates unchanged for two consecutive meetings, believing that inflation pressure was under control. ECB President Lagarde made hawkish remarks [3] - China's State Council will carry out comprehensive reform pilot projects on the market - based allocation of factors in 10 regions [3] - China's Ministry of Commerce will closely monitor Mexico's tax - increasing trends and take necessary measures [3] - Alibaba open - sourced the Qwen3 - Next model [3] - Tesla's new growth point: The earliest delivery of the Model Y L in China will be in November, and its stock price rose 6% [4] Trend Intensity - The trend intensity of tin is 0, indicating a neutral view [5]

Group 1 - The nickel market showed some recovery after a significant drop, with London nickel trading around $15,250 per ton and Shanghai nickel main contract closing down by 200 to 121,310 yuan per ton [1] - Stainless steel futures also experienced a decline, with the main contract down by 40 to 12,850 yuan per ton, indicating a mixed market sentiment despite the overall downward trend [1] - The price range for 304 cold-rolled resources in the private sector is reported between 12,700-12,900 yuan, while hot-rolled large plate resources are around 12,600-12,650 yuan, reflecting a chaotic pricing environment with limited actual transactions [1] Group 2 - The market for cold and hot rolled products is stabilizing at lower levels, with slight fluctuations in pricing, and agents are maintaining a firm stance on pricing [2] - The trading environment remains challenging, with limited transactions and a focus on high-quality pricing, indicating a cautious approach from market participants [1][2]

Group 1: Report Overview - Report Name: Non-ferrous Metals Weekly Report [1] - Report Date: September 5, 2025 [1] Group 2: Metal Price Movements - Copper: The futures price of CU2510 rose from 79,410 to 80,140, a weekly increase of 0.92%. The spot price of 1 copper in Shanghai increased from 79,350 to 79,970, a rise of 0.78% [2]. - Aluminum: The futures price of AL2510 dropped from 20,740 to 20,695, a weekly decrease of 0.22%. The spot price of A00 aluminum in Shanghai decreased from 20,720 to 20,650, a decline of 0.34% [2]. - Zinc: The futures price of ZN2510 rose slightly from 22,140 to 22,155, a weekly increase of 0.07%. The spot price of 0 zinc in Shanghai increased from 22,030 to 22,040, a rise of 0.05% [2]. - Lead: The futures price of PB2510 rose from 16,880 to 16,900, a weekly increase of 0.12%. The spot price of 1 lead ingot remained unchanged at 16,725 [2]. - Nickel: The futures price of NI2510 dropped from 121,700 to 121,310, a weekly decrease of 0.32%. The spot price of 1 electrolytic nickel decreased from 122,400 to 121,700, a decline of 0.57% [2]. - Alumina: The futures price of AO2601 dropped from 3036 to 3006, a weekly decrease of 0.99%. The spot price of alumina in Foshan decreased from 3240 to 3210, a decline of 0.93% [2]. - Industrial Silicon: The futures price of SI2511 rose from 8390 to 8820, a weekly increase of 5.13%. The spot price of 553 silicon decreased from 9400 to 9300, a decline of 1.06% [2]. - Lithium Carbonate: The futures price of LC2511 dropped from 77,180 to 74,260, a weekly decrease of 3.78%. The spot price of battery - grade lithium carbonate (99.5%) decreased from 83,700 to 75,400, a decline of 9.92% [2]. - Polysilicon: The futures price of PS2511 rose from 49,555 to 56,735, a weekly increase of 14.49%. The spot price of N - type polysilicon material increased from 49,000 to 51,600, a rise of 5.31% [2]. Group 3: Metal Inventory Changes - Copper: As of September 5, SHFE copper inventory was 81,900 tons, a 2.76% increase from last week. LME copper inventory was 158,300 tons, a 0.19% increase. As of September 4, COMEX copper inventory was 302,700 tons, a 9.99% increase [12][13]. - Zinc: As of September 5, LME zinc inventory was 54,100 tons, a 4.25% decrease from last week. SHFE zinc inventory was 40,800 tons, a 7.37% increase [22]. - Aluminum: As of September 5, LME aluminum inventory was 484,700 tons, an increase of 3625 tons from last week. SHFE aluminum inventory was 124,100 tons, a decrease of 1518 tons. As of September 4, COMEX aluminum inventory was 9511 metric tons, a decrease of 25 metric tons [36][37]. - Alumina: As of September 5, SHFE alumina inventory was 112,300 tons, an increase of 14,500 tons from last week [29]. Group 4: Processing Fees and Index Changes - Copper Concentrate: As of September 4, the spot TC of copper concentrate was - 40.60 dollars/ton, rising to 0.46 dollars/ton weekly, with a continued tight supply expectation at the mine end [16]. - Lithium Spodumene Concentrate: As of September 5, the CIF China index dropped to 871 dollars/ton, a decrease of 23 dollars from August 29 [18]. - Zinc Concentrate: As of September 5, the TC of zinc concentrate at major ports was 90 dollars/ton, a significant increase of 15 dollars from last week [23]. Group 5: Supply - Side Analysis - Bauxite: Supply disturbances have暂缓, but there is still room for fermentation. High inventory and demand growth, along with decreased shipments from Guinea, are in a game. The price of imported bauxite is expected to be strong and volatile in the short term [24][26]. - Alumina: Supply - side开工 decreased slightly, and inventory continued to increase. The market is in an overall oversupply situation [27][29]. - Electrolytic Aluminum: Supply - side开工 maintained a high level. Due to high profits, electrolytic aluminum enterprises have a strong willingness to start, with an annual 2025开工 rate above 95%. However, the available primary aluminum in the market is limited, and the overall inventory is at a low level [30][34]. Group 6: Demand - Side Analysis - Automobile: In July, automobile production and sales were 2.591 million and 2.593 million respectively, a month - on - month decrease of 7.3% and 10.7%, and a year - on - year increase of 13.3% and 14.7%. From January to July, production and sales were 18.235 million and 18.269 million respectively, a year - on - year increase of 12.7% and 12%. In July, new energy vehicle production and sales were 1.243 million and 1.262 million respectively, a year - on - year increase of 26.3% and 27.4%. From January to July, production and sales were 8.232 million and 8.22 million respectively, a year - on - year increase of 39.2% and 38.5% [41]. - Real Estate: From January to July, the new housing construction area was 352.06 million square meters, a year - on - year decrease of 19.4%. The new residential construction area was 258.81 million square meters, a decrease of 18.3%. The housing completion area was 250.34 million square meters, a year - on - year decrease of 16.5%. The residential completion area was 180.67 million square meters, a decrease of 17.3% [43]. - Power Generation: As of the end of July, the cumulative installed power generation capacity was 3.67 billion kilowatts, a year - on - year increase of 18.2%. The installed wind power capacity was 570 million kilowatts, a year - on - year increase of 22.1%. From January to July, the new installed photovoltaic capacity was 223.25GW, and in July it was 11.64GW, a month - on - month decrease of 18.9% and a year - on - year decrease of 44.7% [45]. Group 7: Strategy Recommendations Alumina and Electrolytic Aluminum - Short - term: Alumina will run weakly and volatilely. For SHFE aluminum, it is advisable to buy on dips, focusing on the fulfillment of the peak - season demand expectation [46][47]. - Medium - to - long - term: Entering the downstream consumption peak season, pay attention to downstream order transactions. If consumption recovers, SHFE aluminum has upward momentum [48]. Polysilicon - Short - term: Frequent news disturbances lead to wide - range price fluctuations. Be vigilant about market sentiment changes, and do not over - position [49][50]. - Medium - to - long - term: The actual downstream demand improvement is limited, and the industry inventory remains high [51].

Group 1 - The core point of the article indicates that the Shanghai Futures Exchange's base metal futures closed lower across the board, with only lead showing a slight increase of 0.03% [1] - Specifically, aluminum decreased by 0.05%, zinc by 0.29%, copper by 0.41%, nickel by 0.43%, alumina by 0.47%, tin by 0.59%, and stainless steel by 1.63% [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views of the Report - **Copper**: After the Jackson Hole meeting, gold, silver, and copper rose together, with an accelerating upward trend since Friday and a rapidly increasing correlation between gold and copper prices. Technically, copper prices increased with rising positions, breaking through the 80,000 yuan mark with strong upward momentum, expected to maintain a strong performance. A pullback could find support at the 80,000 yuan level. However, as copper prices rose, downstream purchasing willingness declined [4]. - **Aluminum**: From last night's session to today's close, aluminum prices showed a pattern of increasing positions and rising, then decreasing positions and falling. Macroscopically, non - ferrous metals generally rose last night and fell during the day, with significant differences in capital flow between domestic and foreign markets. Industrially, electrolytic aluminum in the middle reaches continued to accumulate inventory, while aluminum rods slowly reduced inventory. As China enters the peak industrial seasons of "Golden September and Silver October", industrial support is expected to strengthen. Technically, aluminum prices have repeatedly fallen back after rising above 20,750 yuan since June, facing significant technical pressure [5]. - **Nickel**: Last night, nickel prices opened lower and fluctuated within a narrow range, maintaining the narrow - range oscillation during the day, and the position volume continued to decline. Industrially, since last week, continuous demonstrations in multiple regions of Indonesia have raised concerns about nickel ore supply, which is favorable for nickel prices. In the short term, nickel prices rose and then fell, with a continuous decline in position volume, indicating a strong willingness among long - position holders to close their positions. Technically, attention should be paid to the multi - empty game at the 122,000 yuan level [6]. 3. Summaries by Related Catalogs 3.1 Industry Dynamics - **Copper**: The spot purchasing and sales sentiment in the Shanghai copper market weakened significantly during the day, mainly due to copper prices rising above 80,000 yuan/ton. Most sellers' willingness to sell decreased as copper prices rose, and downstream purchasing willingness also declined significantly. The purchasing sentiment in the Shanghai electrolytic copper market was 3.14, and the sales sentiment was 3.16. On September 3rd, during the first trading session in the morning, most sellers sold at low prices and then became less active in the market [8]. - **Nickel**: The price of SMM1 electrolytic nickel today was in the range of 121,200 - 123,700 yuan/ton, with an average price of 122,450 yuan/ton, a decrease of 1,600 yuan/ton compared to the previous trading day. The mainstream spot premium quotation range for Jinchuan No. 1 nickel was 2,000 - 2,200 yuan/ton, with an average premium of 2,100 yuan/ton, remaining unchanged from the previous trading day. The spot premium and discount quotation range for domestic mainstream brand electrowon nickel was - 200 - 300 yuan/ton [9]. 3.2 Related Charts - **Copper**: The report includes charts of copper basis, domestic visible inventory of electrolytic copper (social inventory + bonded area inventory), LME copper canceled warrant ratio, copper monthly spread, overseas copper exchange inventory, and Shanghai Futures Exchange warrant inventory [10][12][13]. - **Aluminum**: There are charts of aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum (LME + COMEX), alumina inventory, and aluminum rod inventory [22][24][26]. - **Nickel**: The charts cover nickel basis, LME inventory, LME nickel price trend, Shanghai Futures Exchange inventory, nickel ore port inventory, and nickel monthly spread [34][36][38].

Group 1 - LME copper prices reached a one-month high, driven by positive manufacturing data from major metal-consuming countries and a weaker dollar [1][4] - As of September 1, LME three-month copper closed at $9,884.00 per ton, down $18.00 or 0.18% [2][4] - Year-to-date, LME copper has increased by 12%, rebounding from $8,105 in early April [4] Group 2 - China's manufacturing Purchasing Managers' Index (PMI) for August was reported at 49.4%, a slight increase of 0.1 percentage points from the previous month, indicating improved manufacturing sentiment [4] - The non-manufacturing business activity index for August was 50.3%, up 0.2 percentage points, remaining above the critical point and indicating continued expansion [4] Group 3 - Other base metals showed mixed performance: LME three-month aluminum fell by $4.50 (0.17%) to $2,611.00, while zinc rose by $13.50 (0.48%) to $2,832.50, lead increased by $12.50 (0.63%) to $2,003.50, and nickel rose by $18.00 (0.12%) to $15,439.00 [2][7][8][9][10] - LME three-month tin decreased by $66.00 (0.19%) to $34,952.00 [11] Group 4 - Investors are focusing on the upcoming U.S. non-farm payroll report, with additional attention on job vacancy and private sector employment data [5] - The U.S. financial markets were closed on Monday due to a holiday, resulting in light trading activity [6]

1. Report Industry Investment Ratings - Not provided in the content 2. Core Views of the Report - The report provides daily research and analysis on various commodities in the futures market, including precious metals, base metals, energy, and agricultural products. It presents the latest price trends, fundamental data, and macro - industry news for each commodity, along with trend strength ratings to help investors understand the market situation and potential investment opportunities [2][7][13] 3. Summary by Commodity Precious Metals - **Gold**: After the JH meeting, Powell's dovish stance influenced the market. The trend strength is 1, indicating a slightly bullish outlook. Yesterday, the closing price of沪金2510 was 783.22 with a daily increase of 0.26%, and the night - closing price was 785.02 with a 0.29% increase [6][7][11] - **Silver**: It is expected to reach the previous high. The trend strength is 1. Yesterday, the closing price of沪银2510 was 9377 with a 0.77% increase, and the night - closing price was 9405 with a 0.90% increase [7][11] Base Metals - **Copper**: With the fall of the US dollar, the copper price rose. The trend strength is 1. Yesterday, the closing price of沪铜主力合约 was 78,930 with a - 0.33% change, and the night - closing price was 78990 with a 0.08% increase [13][15] - **Zinc**: It shows a weak and oscillating trend. The trend strength is 0. Yesterday, the closing price of沪锌主力 was 22170 with a - 0.63% change [16][17] - **Lead**: The reduction in inventory supports the price. The trend strength is 0. Yesterday, the closing price of沪铅主力 was 16910 with a 0.12% increase [19][20] - **Tin**: It is in a range - bound oscillation. The trend strength is 1. Yesterday, the closing price of沪锡主力合约 was 272,680 with a 0.33% increase [22][25] - **Aluminum**: It is in a range - bound oscillation. The trend strength is 0. The closing price of沪铝主力合约 was 20750 [26][28] - **Alumina**: There is an obvious supply surplus. The trend strength is - 1 [26][28] - **Cast Aluminum Alloy**: It is in a range - bound oscillation. The trend strength is 0 [26][28] - **Nickel**: It runs in a narrow - range oscillation. The trend strength is 0. The closing price of沪镍主力 was 120,990 [29][34] - **Stainless Steel**: It has a short - term low - level oscillation. The trend strength is 0. The closing price of the stainless steel主力 was 12,850 [29][34] Energy and Chemicals - **Carbonate Lithium**: The inventory reduction is limited, and it is in a range - bound oscillation. The trend strength is - 1 [35][37] - **Industrial Silicon**: Attention should be paid to the upside space. The trend strength is - 1 [38][41] - **Polysilicon**: The upstream inventory is being reduced, and market information should be monitored. The trend strength is - 1 [39][41] - **Iron Ore**: Due to the repeated macro - expectations, it has a wide - range oscillation. The trend strength is 0. The closing price of I2601 was 790.5 with a 1.93% increase [42] - **Rebar**: It has a wide - range oscillation. The trend strength is 0. The closing price of RB2510 was 3,129 with a 0.55% increase [44][47] - **Hot - Rolled Coil**: It has a wide - range oscillation. The trend strength is 0. The closing price of HC2510 was 3,385 with a 0.83% increase [45][47] - **Silicon Iron**: Market information disturbances lead to a wide - range intraday oscillation. The trend strength is 0 [48][50] - **Manganese Silicon**: Market information disturbances lead to a wide - range intraday oscillation. The trend strength is 0 [48][50] - **Coke**: It has a wide - range oscillation. The trend strength is 0. The closing price of J2601 was 1672.5 with a 0.2% increase [51] - **Coking Coal**: It has a wide - range oscillation. The trend strength is 0. The closing price of JM2601 was 1175 with a 1.8% increase [51] - **Log**: It oscillates repeatedly. The trend strength is 0 [53][56] - **Para - Xylene**: The supply - demand is still in a tight balance, and it is in a high - level oscillating market [59] - **PTA**: The trend is weaker than expected. It is recommended to go long on PTA and short on MEG [59] - **MEG**: A positive spread arbitrage on the monthly difference is suggested, with limited upside space [59] Others - **LPG**: The supply - demand remains loose, and it has a short - term weak oscillation [5] - **Propylene**: The supply - demand tightens, and the spot price is at a high level [5] - **PVC**: The trend still faces pressure [5] - **Fuel Oil**: The price continued to decline at night and remains weak in the short term [5] - **Low - Sulfur Fuel Oil**: The decline in the domestic market continues, and the spread between high - and low - sulfur in the foreign spot market has temporarily stabilized [5] - **Short - Fiber**: The raw material support weakens, and it oscillates weakly [5] - **Bottle Chip**: The raw material support weakens, and it oscillates weakly [5] - **Offset Printing Paper**: It oscillates at a low level and has limited upward momentum [5] - **Pure Benzene**: It oscillates weakly [5] - **Palm Oil**: There is no new fundamental driver, and it is waiting for a correction [5] - **Soybean Oil**: The trading of the soybean shortage in the fourth quarter is suspended, and it is in a correction [5] - **Soybean Meal**: The US soybeans are stable, and the Dalian soybean meal oscillates [5] - **Soybean No. 1**: It oscillates [5] - **Corn**: It oscillates [5] - **Sugar**: It has a narrow - range consolidation [5] - **Cotton**: Pay attention to the new crop situation, and the futures price oscillates strongly [5] - **Egg**: The sentiment for the far - end is weak [5] - **Live Pig**: With the new delivery warehouse announcement, there is a basis market for the near - month contract [5] - **Peanut**: Pay attention to the listing of new peanuts [5]

Group 1 - The core viewpoint of the article highlights the mixed performance of basic metal futures on the Shanghai Futures Exchange during the night session on August 29, with some metals experiencing gains while others saw declines [1][2]. Group 2 - Nickel futures increased by 0.53%, while tin futures rose by 0.37% [1]. - Stainless steel futures gained 0.27%, and copper futures were up by 0.22% [1]. - In contrast, aluminum futures fell by 0.02%, zinc futures decreased by 0.16%, lead futures dropped by 0.24%, and alumina futures saw a decline of 1.12% [1].

Group 1 - The core viewpoint of the article highlights the mixed performance of basic metal futures on the Shanghai Futures Exchange during the night session on August 27, with some metals experiencing gains while others saw declines [1][2]. Group 2 - Nickel futures increased by 1.11%, indicating a positive trend in this metal [1]. - Aluminum futures rose by 0.72%, reflecting a stable demand in the market [1]. - Tin futures saw a modest increase of 0.36%, suggesting a slight uptick in market activity [1]. - Zinc futures experienced a gain of 0.22%, indicating a minor positive shift [1]. - Stainless steel futures rose slightly by 0.04%, showing minimal change [1]. - Copper futures declined by 0.05%, indicating a slight decrease in market interest [1]. - Lead futures fell by 0.15%, reflecting a downward trend [1]. - Alumina prices dropped significantly by 1.73%, suggesting potential oversupply or reduced demand [1].