Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints of the Report - The overall idea is to go long on dips, considering the slowdown of the US labor market, the rising expectation of the Fed's interest - rate cut, the loosening of Trump's tariff policy, the arrival of the domestic downstream demand peak season, and the approaching inventory inflection point. A long - AD short - AL arbitrage strategy is recommended [3]. 3. Summary by Relevant Catalogs 3.1. Weekly Viewpoint - **Fundamental Analysis**: Guinea's bauxite prices rose by $0.2 per dry ton to $75 due to the rainy season and mining复产 uncertainties. Alumina operating capacity increased by 1.7 million tons to 96.75 million tons, and inventory rose by 112,000 tons to 3.609 million tons. Electrolytic aluminum operating capacity increased by 30,000 tons to 44.399 million tons. Domestic downstream processing enterprises'开工 rate rose by 1% to 61.7%. Aluminum ingot and bar social inventory increased but at a slower pace. The secondary casting aluminum alloy industry recovered moderately, with increased but under - expected orders, and new policies pressured production [3]. - **Strategy Recommendations**: For alumina, it is recommended to wait and see; for Shanghai aluminum, it is recommended to go long on dips; for casting aluminum alloy, it is recommended to go long on dips or use the long - AD short - AL strategy [4]. 3.2. Macroeconomic Indicators - The report presents data on US Treasury yields, the US dollar index, inflation expectations, and the RMB exchange rate, but no specific analysis is provided [6][7]. 3.3. Bauxite - Domestic bauxite supply tightened, with stable prices in Shanxi and Henan due to strengthened safety supervision, environmental inspections, and rainfall. Guinea's bauxite prices rose due to the rainy season and复产 uncertainties [10]. 3.4. Alumina - As of last Friday, the built - in capacity was 114.62 million tons (unchanged week - on - week), the operating capacity was 96.75 million tons (up 1.7 million tons week - on - week), and the开工 rate was 84.4%. The domestic spot weighted price was 3,101 yuan/ton (down 82.4 yuan/ton week - on - week). National alumina inventory was 3.609 million tons (up 112,000 tons week - on - week). Newly put - into - production capacity in Shandong, Guangxi, and the north entered a stable - production state [14]. 3.5. Alumina Important High - Frequency Data - The report shows data on alumina basis, inventory, north - south price difference, and transportation volume, but no specific analysis is provided [16][17][18][19]. 3.6. Electrolytic Aluminum - As of last Friday, the built - in capacity was 45.232 million tons (unchanged week - on - week), and the operating capacity was 44.399 million tons (up 30,000 tons week - on - week). The operating capacity increased steadily, with the resumption of production in Guizhou and the commissioning of replacement capacity in Yunnan Aluminum Yixin basically completed, and the remaining 50,000 - ton capacity of Baise Silver Sea's technical renovation project continuing to resume production [21]. 3.7. Electrolytic Aluminum Important High - Frequency Data - The report presents data on aluminum rod processing fees, Shanghai aluminum futures prices,动力煤 prices, and aluminum import profits, but no specific analysis is provided [25]. 3.8. Inventory - The report shows the historical data of aluminum bar, aluminum ingot, SHFE aluminum futures, and LME aluminum inventories, but no specific analysis is provided [27][28][29][30]. 3.9. Casting Aluminum Alloy - The开工 rate of secondary aluminum alloy leading enterprises rose by 1.8% to 55.3%. New policies pressured production, with some enterprises in Anhui and Jiangxi receiving tax - refund termination notices and some planning to implement new policies on September 1st. In September, the secondary aluminum industry recovered moderately, with increased but under - expected orders [33]. 3.10. Casting Aluminum Alloy Important High - Frequency Data - The report shows data on ADC12 aluminum alloy ingot prices, aluminum ingot and aluminum alloy price differences, aluminum alloy futures forward curves, and ADC12 aluminum alloy ingot import profits, but no specific analysis is provided [32][38][39]. 3.11. Downstream开工 - The开工 rate of domestic aluminum downstream processing leading enterprises rose by 1% to 61.7%. - **Aluminum Profiles**: The开工 rate rose by 1% to 53%. Industrial profiles' export demand increased due to the cancellation of component tax rebates, and automotive profiles' production was stable. Construction profiles' demand remained sluggish [46]. - **Aluminum Plates and Strips**: The开工 rate rose by 1.2% to 68.6%. With the arrival of the peak season, both domestic and foreign trade orders increased, and enterprises' willingness to stock raw materials and finished products strengthened [46]. - **Aluminum Cables and Wires**: The开工 rate rose by 1% to 64.8%. Although new orders were limited, existing orders provided support. State Grid orders were concentrated in the second half of the year, leading to different recovery rhythms in different regions [50]. - **Primary Aluminum Alloys**: The开工 rate rose by 0.2% to 56.6%. The traditional consumption peak season started, but the resumption of production in the aluminum bar and other primary processing sectors continued to divert molten aluminum, resulting in a slow recovery at the beginning of the peak season [50].

Report Industry Investment Ratings No relevant content provided. Core Views Copper - Macro方面,美联储表态偏鸽,市场预计9月降息概率提升,提振铜价,但后续降息幅度不确定,铜价上方空间仍面临压制 - 基本面呈现"弱现实+稳预期"状态,中长期供需矛盾提供底部支撑,铜价至少维持震荡,后续步入新的上行周期需等待铜的商品属性及金融属性共振,主力参考78500 - 81000 [1] Zinc - 上游海外矿企步入投产复产上行周期,矿端供应宽松逻辑逐步传导至冶炼端,7月国内精锌产量大增 - 需求端即将步入旺季,锌价重心下移后,现货成交好转,全球库存绝对值水平偏低给予价格支撑 - 供应端宽松预期仍存,对锌价持续上冲提供的弹性不足,短期锌价或仍以震荡运行为主,主力参考21500 - 23000 [4] Aluminum Alumina - 市场呈现"高供应、高库存、弱需求"格局,当前期价已逼近国内主流成本带,下方空间相对有限,上方驱动需等待几内亚供应扰动或情绪催化,主力合约参考区间2900 - 3200元/吨 [7] Aluminum - 宏观层面美联储降息预期升温对铝价形成外部支撑,基本面供应端产能高位但成本上升,需求端下游消费边际回暖,社会库存虽小幅累库但同比仍处低位 - 整体呈现宏观预期与基本面改善共振格局,但高价对下游采购有抑制,短期预计维持20400 - 21000元/吨区间震荡 [7] Aluminum Alloy - 供应端废铝市场供应趋紧,对成本形成支撑,近期多地税收政策调整使部分再生铝厂减产或停产 - 需求端终端消费仍偏弱,累库趋势延续,9月起市场将迎来淡旺季转换,部分压铸企业订单已出现边际回暖迹象 - 若进口比价维持,进口铝合金锭及废铝补充有限,预计现货价格保持坚挺,铝合金与铝价差有望进一步收敛,主力合约参考运行区间20000 - 20600元/吨 [8] Tin - 供应方面,现实锡矿供应维持紧张,7月国内锡矿进口环比下降,实际出矿预计延至四季度,关注缅甸锡矿恢复情况 - 需求方面,光伏抢装机结束后,部分地区订单和开工率下滑 - 受国家政策指引,市场对于国内Al需求预期向好,同时基本面延续强势,锡价偏强震荡,运行区间参考285000 - 265000 [10] Nickel - 宏观方面,美国宽松预期提振,国内反内卷背景下政策预期偏积极 - 产业层面,精炼镍现货成交尚可,矿价坚挺,镍铁价格偏强,不锈钢需求仍偏弱 - 情绪影响弱化,近期成本有一定支撑,基本面供需变动不大,价格下跌空间有限,中期供给宽松不改制约价格上方空间,短期预计盘面以区间调整为主,主力参考118000 - 126000 [11] Stainless Steel - 宏观方面,美联储降息预期升温,中美关税谈判结果落地出口压力阶段性缓和,国内政策态度偏积极 - 矿价坚挺,镍铁市场议价区间上移,钢厂生产利润修复,对于镍铁压价心态有所缓解 - 季节性和政策窗口之下需求预期改善,但目前终端需求疲软现实未改,不锈钢社会库存去化仍较慢 - 原料价格坚挺成本支撑强化,伴随旺季来临市场持谨慎乐观态度,库存压力放缓,但基本面仍受制于现货需求偏弱,短期盘面区间震荡为主,主力运行区间参考12600 - 13400 [13] Lithium Carbonate - 消息面上,关于大厂复产信息多有发酵,目前官方尚无公告 - 近期碳酸锂基本面维持紧平衡,供应收缩预期逐步兑现,需求表现稳健偏乐观,但材料产业链库存压力之下实际需求尚大幅提振仍需跟踪 - 近期利多出尽演化为情绪利空,期现共振整体交易氛围转弱,但9月底之前供应端消息尚未完全落地,基本面改善仍然为价格提供下方支撑,预计盘面价格中枢下移后宽幅震荡为主,主力区间参考7 - 7.5万 [14] Summary by Relevant Catalogs Copper Price and Basis - SMM 1电解铜现值80160元/吨,日涨260元,涨幅0.33% - 精废价差现值1852元/吨,日涨215元,涨幅13.13%等 [1] Monthly Spread - 2509 - 2510现值20元/吨,日涨30元 [1] Fundamental Data - 8月电解铜产量117.15万吨,月环比下降0.24% - 境内社会库存现值13.21万吨,周环比增长7.40%等 [1] Zinc Price and Basis - SMM 0锌锭现值22150元/吨,日涨50元,涨幅0.23% - 进口盈亏现值 - 2267元/吨,日跌64.32元 [4] Monthly Spread - 2509 - 2510现值 - 45元/吨,日跌20元 [4] Fundamental Data - 8月精炼锌产量62.62万吨,月环比增长3.88% - 中国锌锭七地社会库存现值14.63万吨,周环比增长5.63%等 [4] Aluminum Price and Spread - SMM A00铝现值20710元/吨,日涨90元,涨幅0.44% - 进口盈亏现值 - 1359元/吨,日跌35.7元 [7] Monthly Spread - 2509 - 2510现值15元/吨,日跌5元 [7] Fundamental Data - 8月氧化铝产量773.82万吨,月环比增长1.15% - 中国电解铝社会库存现值62.30万吨,周环比增长1.14%等 [7] Aluminum Alloy Price and Spread - SMM铝合金ADC12现值20750元/吨,日涨幅0.00% - 佛山破碎生铝精废价差现值1608元/吨,日涨幅0.00% [8] Monthly Spread - 2511 - 2512现值 - 10元/吨,日涨5元 [8] Fundamental Data - 7月再生铝合金锭产量62.50万吨,月环比增长1.63% - 再生铝合金锭周度社会库存现值3.75万吨,周环比增长6.84%等 [8] Tin Spot Price and Basis - SMM 1锡现值273500元/吨,日涨1000元,涨幅0.37% - LME 0 - 3升贴水现值148美元/吨,日跌27美元,跌幅15.43% [10] Internal - External Ratio and Import Profit and Loss - 进口盈亏现值 - 20382.26元/吨,日跌5.53元,跌幅0.03% [10] Monthly Spread - 2509 - 2510现值 - 320元/吨,日涨20元,涨幅5.88% [10] Fundamental Data (Monthly) - 7月锡矿进口10278吨,月环比下降13.71% - SMM精锡7月平均开工率66.19%,月涨幅0.00%等 [10] Inventory Changes - SHEF库存周报现值7566吨,周涨75吨,涨幅1.00% [10] Nickel Price and Basis - SMM 1电解镍现值124050元/吨,日跌250元,跌幅0.20% - 期货进口盈亏现值 - 1504元/吨,日跌1055元,涨幅234.97% [11] Electrolytic Nickel Cost - 一体化MHP生产电积镍成本现值118531元/吨,月跌3422元,跌幅2.81% [11] Monthly Spread - 2510 - 2511现值 - 200元/吨,日跌70元 [11] Supply and Demand and Inventory - 中国精炼镍产量现值37800吨,月涨400吨,涨幅1.26% - SHFE库存现值26943吨,周跌19吨,跌幅0.07%等 [11] Stainless Steel Price and Basis - 304/2B (无锡宏旺2.0卷)现值13200元/吨,日涨50元,涨幅0.38% - 期现价差现值410元/吨,日涨40元,涨幅10.81% [13] Raw Material Price - 菲律宾红土镍矿1.5%(CIF)均价现值57美元/湿吨,日涨幅0.00% - 内蒙古高碳铬铁FeCrC1000均价现值8400元/50基吨,日涨100元,涨幅1.20% [13] Monthly Spread - 2510 - 2511现值 - 70元/吨,日跌10元 [13] Fundamental Data - 中国300系不锈钢粗钢产量(43家)现值171.33万吨,月环比下降3.83% - 300系社库(锡 + 佛)现值49.90万吨,周环比下降1.09%等 [13] Lithium Carbonate Price and Basis - SMM电池级碳酸锂均价现值77500元/吨,日跌850元,跌幅1.08% - 锂辉石精矿CIF平均价现值887美元/吨,日跌11美元,跌幅1.22% [14] Monthly Spread - 2509 - 2511现值 - 20元/吨,日涨160元 [14] Fundamental Data - 8月碳酸锂产量85240吨,月环比增长4.55% - 碳酸锂总库存(8月)现值94177吨,月环比下降3.75%等 [14]

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - Copper: The pricing of copper will return to macro trading. Without a clear recession expectation in the US, the medium - and long - term supply - demand contradiction provides bottom support. Copper prices will at least remain volatile. The main contract is expected to be in the range of 78,500 - 80,500. [1] - Aluminum: The alumina market shows a pattern of "high supply, high inventory, and weak demand", with limited upside and downside space, and the main contract is expected to be in the range of 2,900 - 3,200 yuan/ton. The aluminum market presents a resonance pattern of improved macro - expectations and fundamentals, but high prices suppress downstream purchases. The short - term is expected to fluctuate in the range of 20,400 - 21,000 yuan/ton. [3] - Aluminum Alloy: The casting aluminum alloy futures price fluctuates downward with the aluminum price. If the import ratio remains stable and the supply of imported aluminum alloy ingots and scrap aluminum is limited, the spot price is expected to remain firm, and the price difference between aluminum alloy and aluminum is expected to further converge. The main contract is expected to be in the range of 20,000 - 20,600 yuan/ton. [5] - Zinc: The supply side of zinc has a loose expectation, and the price may mainly fluctuate. The upward continuous rebound requires an unexpected improvement in demand and a continuous improvement in the non - recession interest - rate cut expectation. The downward breakthrough requires an unexpected strengthening of TC and continuous inventory accumulation. The main contract is expected to be in the range of 21,500 - 23,000. [7] - Tin: Affected by national policies, the market has positive expectations for domestic AI demand, boosting the tin price. If the supply recovers smoothly, a short - selling strategy is recommended; if the supply recovery is less than expected, the tin price is expected to continue to oscillate at a high level, with an operating range of 265,000 - 285,000. [9] - Nickel: The short - term nickel price is expected to adjust within a range, with the main contract in the range of 118,000 - 126,000. The medium - term supply is expected to be loose, which restricts the upside space of the price. [11] - Stainless Steel: The short - term stainless steel price is expected to oscillate within a range, with the main contract in the range of 12,600 - 13,400. The raw material price is firm, providing cost support, but the spot demand is weak. [13] - Lithium Carbonate: The lithium carbonate price is expected to mainly oscillate widely after the price center moves down, with the main contract in the range of 72,000 - 78,000. The supply - side news has not been fully settled before the end of September, and the fundamental improvement provides support for the price. [15] 3. Summary According to Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price increased by 0.64% to 79,900 yuan/ton, and the premium decreased by 15 yuan/ton to 250 yuan/ton. - The refined - scrap price difference increased by 12.03% to 175.85 yuan/ton. [1] Fundamental Data - In August, the electrolytic copper production was 117.15 million tons, a month - on - month decrease of 0.24%. - In July, the electrolytic copper import volume was 30.05 million tons, a month - on - month decrease of 1.20%. [1] Aluminum Price and Spread - SMM A00 aluminum price decreased by 0.53% to 20,620 yuan/ton, and the premium decreased by 10 yuan/ton to - 30 yuan/ton. - The alumina prices in most regions decreased slightly. [3] Fundamental Data - In August, the alumina production was 773.82 million tons, a month - on - month increase of 1.15%. - In August, the electrolytic aluminum production was 373.26 million tons, a month - on - month increase of 0.30%. [3] Aluminum Alloy Price and Spread - The prices of SMM aluminum alloy ADC12 in various regions remained unchanged. - The month - to - month spreads of some contracts changed significantly. [5] Fundamental Data - In July, the production of recycled aluminum alloy ingots was 62.50 million tons, a month - on - month increase of 1.63%. - The operating rates of some recycled aluminum alloy enterprises increased. [5] Zinc Price and Spread - SMM 0 zinc ingot price increased by 0.41% to 22,100 yuan/ton, and the premium decreased by 5 yuan/ton to - 35 yuan/ton. - The month - to - month spreads of some contracts changed. [7] Fundamental Data - In August, the refined zinc production was 62.62 million tons, a month - on - month increase of 3.88%. - In July, the refined zinc import volume was 1.79 million tons, a month - on - month decrease of 50.35%. [7] Tin Spot Price and Basis - SMM 1 tin price decreased by 0.15% to 272,500 yuan/ton, and the premium remained unchanged at 600 yuan/ton. - The LME 0 - 3 premium increased by 43.44% to 175.00 US dollars/ton. [9] Fundamental Data - In July, the tin ore import volume was 10,278 tons, a month - on - month decrease of 13.71%. - In July, the SMM refined tin production was 15,940 tons, a month - on - month increase of 15.42%. [9] Nickel Price and Basis - SMM 1 electrolytic nickel price increased by 1.55% to 124,300 yuan/ton, and the premium of 1 Jinchuan nickel decreased by 100 yuan/ton to 2,200 yuan/ton. - The LME 0 - 3 decreased by 5.24% to - 183 US dollars/ton. [11] Supply - Demand and Inventory - The domestic refined nickel production in August was 32,200 tons, a month - on - month increase of 1.26%. - The refined nickel import volume in August was 17,536 tons, a month - on - month decrease of 8.46%. [11] Stainless Steel Price and Basis - The prices of 304/2B (Wuxi Hongwang 2.0 coil) and 304/2B (Foshan Hongwang 2.0 coil) increased. - The futures - spot price difference decreased by 18.68% to 370 yuan/ton. [13] Fundamental Data - The production of 300 - series stainless steel crude steel in China (43 enterprises) in August was 171.33 million tons, a month - on - month decrease of 3.83%. - The stainless steel net export volume in August was 34.32 million tons, a month - on - month increase of 22.37%. [13] Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate price decreased by 1.63% to 78,350 yuan/ton, and the industrial - grade lithium carbonate price decreased by 1.68% to 76,050 yuan/ton. - The lithium spodumene concentrate CIF average price increased by 0.45% to 898 US dollars/ton. [15] Fundamental Data - In August, the lithium carbonate production was 85,240 tons, a month - on - month increase of 4.55%. - In August, the lithium carbonate demand was 104,023 tons, a month - on - month increase of 8.25%. [15]

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the content. 2. Core Viewpoints of the Report - The copper price is mainly influenced by macro - factors, showing a high - level range - bound and strong trend. With the approaching of the peak season, the demand is expected to increase, and the copper price may have an upward space [3]. - The aluminum market is affected by factors such as the rainy season in Guinea, changes in alumina production capacity, and demand recovery. It is recommended to go long on aluminum at low prices and stay on the sidelines for alumina [3]. - The zinc market has sufficient supply and weak demand recovery. The zinc price is expected to fluctuate weakly [3]. - The lead price is in a short - term weak and range - bound situation, and it is recommended to go long at low prices within the range [3]. - The nickel market is in a long - term supply surplus situation. It is recommended to hold short positions moderately at high prices, and conduct range trading for stainless steel [4]. - The tin market has limited supply improvement and weak demand in the off - season. It is recommended to conduct range trading and pay attention to supply and demand changes [4]. - The industrial silicon market has high risks before the release of the photovoltaic conference results. It is recommended to stay on the sidelines [4]. - The lithium carbonate market is in a wide - range fluctuation. It is recommended to trade carefully and pay attention to upstream production reduction and downstream production scheduling [4]. 3. Summaries According to Related Catalogs 3.1 Macro - **8/25 - 8/31 Economic Data**: The US economic data is mixed, with some indicators better than expected and some worse. For example, the US 7 - month Chicago Fed National Activity Index was - 0.19, worse than the forecast of - 0.11; the 7 - month durable goods orders had a month - on - month initial value of - 2.8%, better than the forecast of - 3.80% [11]. - **Policies and Events**: The State Council issued the "Opinions on Deeply Implementing the 'Artificial Intelligence +' Action", aiming to promote the integration of AI in multiple fields. Trump removed the Fed governor, which may affect the Fed's independence [12][14]. - **9/1 - 9/7 Forecast Data**: Forecasts for economic data such as China's and the euro - zone's PMIs, and US employment data are provided, but the actual values are not given [17]. 3.2 Copper - **Price Trend**: The copper price is in a high - level range - bound and strong trend, with a short - term operating range of 78,500 - 80,500 yuan/ton [3]. - **Supply and Demand**: The domestic market supply has increased, while downstream replenishment is cautious. The apparent consumption shows the resilience of demand [3]. - **Inventory**: LME and US COMEX copper inventories are increasing, while the domestic inventory is relatively stable [3]. 3.3 Aluminum - **Price Trend**: The aluminum price is in a high - level range - bound and upward - trending state. The short - term operating range of Shanghai aluminum is 20,500 - 20,950 yuan/ton [3]. - **Supply and Demand**: The supply of bauxite is affected by the rainy season in Guinea. Alumina production capacity has decreased slightly, while electrolytic aluminum production capacity has increased steadily. The downstream demand is gradually recovering [3]. - **Inventory**: The social inventory of aluminum ingots and aluminum rods has increased [3]. 3.4 Zinc - **Price Trend**: The zinc price is in a weak - range - bound state, with a reference operating range of 22,000 - 23,000 yuan/ton [3]. - **Supply and Demand**: The supply of zinc concentrates is abundant, and the production of refined zinc is high. The downstream consumption recovery is not significant, and enterprises mainly make rigid purchases [3]. - **Inventory**: As of August 28, the SMM seven - region zinc ingot inventory was 144,500 tons, an increase of 11,600 tons from August 21 [3]. 3.5 Lead - **Price Trend**: The lead price is in a short - term weak - range - bound state, with an operating range of 16,500 - 17,200 yuan/ton [3]. - **Supply and Demand**: The LME and COMEX lead inventories have decreased, while the SHFE lead inventory has increased. The downstream lead consumption is insufficient, and the market is sensitive to price changes [3]. 3.6 Nickel - **Price Trend**: The nickel price is in a range - bound state in the short - term, with a reference operating range of 119,000 - 125,000 yuan/ton. The stainless steel price is in a weak - range - bound state, with a reference operating range of 12,600 - 13,000 yuan/ton [4]. - **Supply and Demand**: The supply of nickel ore is relatively abundant, and the nickel market is in a surplus state. The demand for nickel iron has certain support, and the downstream of stainless steel mainly makes rigid purchases [4]. - **Inventory**: The social inventory of stainless steel has decreased slightly [4]. 3.7 Tin - **Price Trend**: The tin price is in a range - bound state, with a reference operating range of 260,000 - 280,000 yuan/ton for the SHFE tin 10 contract [4]. - **Supply and Demand**: The supply of tin ore is tight, and the demand in the off - season is weak. The semiconductor industry is expected to recover gradually [4]. - **Inventory**: The inventories of domestic and foreign exchanges and domestic social inventories are at a medium level and have increased [4]. 3.8 Industrial Silicon - **Price Trend**: The industrial silicon price is in a wide - range - bound state, with a reference operating range of 8,000 - 9,000 yuan/ton [4]. - **Supply and Demand**: The production of industrial silicon has increased, and the production of polysilicon has also increased. The production of organic silicon has decreased [4]. - **Inventory**: The factory inventory of industrial silicon has decreased, while the three - port inventory has remained flat [4]. 3.9 Lithium Carbonate - **Price Trend**: The lithium carbonate price is in a wide - range - bound state, and it is recommended to trade carefully [4]. - **Supply and Demand**: The supply is affected by mining license issues, and the demand for energy storage terminals is good [4]. - **Inventory**: No specific inventory information is provided [4].

1. Report Industry Investment Rating - Aluminum: Cautiously bullish [10] - Alumina: Cautiously bearish [10] - Aluminum alloy: Cautiously bullish [10] 2. Core Views of the Report - The aluminum market shows a resonance between micro and macro factors during the transition between consumption off - peak and peak seasons. With the increasing expectation of a Fed rate cut in September, the overall non - ferrous metals are in a strong and volatile state. The supply of aluminum fundamentals is stable, and consumption is transitioning from the off - peak to the peak season. The start - up rate of downstream industries is increasing, and aluminum ingot inventory is expected to decline soon. Long - term supply is restricted, and consumption maintains stable growth [6]. - For alumina, the rainy season in Guinea supports the ore price, but domestic smelters have sufficient ore reserves and high port inventory, so the ore price lacks upward momentum. The current futures price is close to the highest full production cost and at a discount to the spot price. Attention should be paid to the decline rate of the spot price. There may be short - term disturbances due to the upcoming election in Guinea and potential impacts on domestic associated bauxite production [7][8]. - In the aluminum alloy market, the consumption is transitioning from the off - peak to the peak season, the smelting profit of the industry is rapidly recovering, and the supply of scrap materials remains tight. Attention can still be paid to the spread arbitrage of the 11 - contract [9]. 3. Summary by Related Catalogs Aluminum Spot - On August 28, 2025, the SMM data shows that the price of East China A00 aluminum was 20,730 yuan/ton, a change of - 110 yuan/ton from the previous trading day; the spot premium of East China aluminum was - 20 yuan/ton, unchanged from the previous trading day. The price of Central China A00 aluminum was 20,570 yuan/ton, and the spot premium changed by 20 yuan/ton to - 180 yuan/ton. The price of Foshan A00 aluminum was 20,670 yuan/ton, a change of - 120 yuan/ton from the previous trading day, and the aluminum spot premium changed by - 5 yuan/ton to - 75 yuan/ton [1]. Aluminum Futures - On August 28, 2025, the main contract of Shanghai aluminum opened at 20,735 yuan/ton, closed at 20,750 yuan/ton, a change of - 100 yuan/ton from the previous trading day. The highest price was 20,760 yuan/ton, and the lowest price was 20,660 yuan/ton. The trading volume for the whole trading day was 153,341 lots, and the position was 245,028 lots [2]. Aluminum Inventory - As of August 28, 2025, the SMM statistics show that the domestic social inventory of electrolytic aluminum ingots was 620,000 tons, a change of 0.4 tons from the previous period; the warehouse receipt inventory was 57,275 tons, a change of - 76 tons from the previous trading day; the LME aluminum inventory was 481,150 tons, a change of - 100 tons from the previous trading day [2]. Alumina Spot Price - On August 28, 2025, the SMM alumina price in Shanxi was 3,185 yuan/ton, in Shandong was 3,160 yuan/ton, in Henan was 3,200 yuan/ton, in Guangxi was 3,310 yuan/ton, in Guizhou was 3,310 yuan/ton, and the FOB price of Australian alumina was 368 US dollars/ton [2]. Alumina Futures - On August 28, 2025, the main contract of alumina opened at 3,040 yuan/ton, closed at 3,063 yuan/ton, a change of - 3 yuan/ton from the previous trading day's closing price, with a change rate of - 0.10%. The highest price was 3,066 yuan/ton, and the lowest price was 3,030 yuan/ton. The trading volume for the whole trading day was 242,901 lots, and the position was 240,777 lots [2]. Aluminum Alloy Price - On August 28, 2025, the purchase price of Baotai civil raw aluminum was 15,700 yuan/ton, and the purchase price of mechanical raw aluminum was 15,800 yuan/ton, a change of - 100 yuan/ton compared with the previous day. The Baotai quotation of ADC12 was 20,300 yuan/ton, unchanged from the previous day [3]. Aluminum Alloy Inventory - The social inventory of aluminum alloy was 54,600 tons, and the in - factory inventory was 61,200 tons [4]. Aluminum Alloy Cost and Profit - The theoretical total cost was 20,027 yuan/ton, and the theoretical profit was 373 yuan/ton [5]. Strategies - Unilateral: Bullish on aluminum with caution, bearish on alumina with caution, and bullish on aluminum alloy with caution [10]. - Arbitrage: Long - short spread trading in Shanghai aluminum and long AD11 and short AL11 [10].

Group 1: Ecological Restoration and Development - The Chulu River Grassland has transformed from a barren land to a vibrant ecological area, integrating tourism, recreation, and ecological research, with over 30,000 acres restored since 2012 [3][5][9] - The ecological restoration efforts in the Khorchin Sandy Land have led to a vegetation coverage of 69.4% and the effective management of 13.2 million acres of desertified land [8][9] - Inner Mongolia's Daxing'anling forest area, covering 83,700 square kilometers, acts as a significant carbon sink, sequestering over 36 million tons of CO2 annually [9] Group 2: Renewable Energy Integration - The integration of wind and solar energy projects in Inner Mongolia has led to the development of a "grass-solar" model, improving the ecological environment while generating renewable energy [12][13] - The region has seen the establishment of large-scale wind and solar energy bases, contributing to the transformation of arid areas into productive energy landscapes [15][16] Group 3: Traditional Industry Transformation - The Baofeng Coal-based New Materials Company has invested 67.3 billion yuan to create the world's largest single-plant ethylene facility, producing 13.25 million tons of methanol and 5 million tons of ethylene annually [18][19] - Inner Mongolia is transitioning from a coal-dependent economy to a modern coal chemical industry, with a projected output value of over 100 billion yuan in 2024 [19][21] Group 4: Aluminum Industry Development - The city of Hohhot is transforming its aluminum industry from traditional high-energy and high-pollution practices to a green and intelligent model, focusing on high-performance aluminum alloys and advanced manufacturing [20][21] - The region aims to establish itself as "China's Green Electricity Aluminum City," with ongoing projects enhancing production capabilities and promoting vertical integration within the aluminum supply chain [20][21]

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views Copper - The copper market presents a state of "weak reality + stable expectation." The weak reality lies in the expected decline in demand in the second half of the year, while the stable expectation is that the improvement of interest - rate cut expectations and the intensification of domestic stimulus policies will boost the price. In the absence of a clear recession expectation in the US, copper prices will at least remain volatile, and entering a new upward cycle requires the resonance of the commodity and financial attributes of copper. The reference range for the main contract is 78,000 - 80,000 yuan/ton [1]. Aluminum - **Alumina**: The market is in an overall supply - surplus pattern. Although cost support and some factory overhauls exist, the short - term weakness is hard to change. The reference range for the main contract is 3,000 - 3,300 yuan/ton. Mid - term, one can consider short - selling on rallies [3]. - **Electrolytic Aluminum**: In the short term, the market sentiment is cautiously optimistic. However, supply pressure remains, and cost support is weakening. The short - term is expected to oscillate in the range of 20,400 - 21,000 yuan/ton. If demand does not improve and capital sentiment cools, the price may fall after rising [3]. Aluminum Alloy - The fundamentals are showing marginal improvement. The supply of scrap aluminum is tightening, and costs are under pressure. Demand in the communication die - casting sector is picking up, while that in the automotive sector is still weak. Spot prices are expected to remain relatively firm, and the price difference between aluminum alloy and aluminum is expected to narrow. The reference range for the main contract is 20,000 - 20,600 yuan/ton [4]. Zinc - The supply is loose, and the demand is weak, which is not sufficient to boost the continuous upward movement of zinc prices. However, the depletion of overseas inventories provides price support. The short - term may still be dominated by oscillations. The reference range for the main contract is 21,500 - 23,000 yuan/ton [6]. Tin - Affected by national policies, the market has positive expectations for domestic AI demand, which boosts the upward movement of tin prices. If the supply of tin ore from Myanmar recovers smoothly, short - selling on rallies is the main strategy; if the recovery is less than expected, tin prices are expected to remain high and volatile [8]. Nickel - The macro - sentiment is stabilizing, and costs provide certain support. The supply - demand fundamentals have not changed significantly. The short - term is expected to be adjusted within a range, and the reference range for the main contract is 118,000 - 126,000 yuan/ton [10]. Stainless Steel - The cost support remains, but the market sentiment is still cautious due to weak spot demand. The short - term is expected to oscillate within a range, and the reference range for the main contract is 12,600 - 13,400 yuan/ton [12]. Lithium Carbonate - The market sentiment is weak, and the fundamentals are in a tight balance. Supply contraction expectations are gradually being realized, and demand is showing a positive trend. The short - term price has limited downward space, and upward breakthroughs require new drivers. The main contract price is expected to be in the range of 70,000 - 82,000 yuan/ton [16]. 3. Summaries by Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price dropped by 0.45% to 79,190 yuan/ton, and its premium increased by 35 yuan/ton to 205 yuan/ton. The import profit and loss increased by 168.48 yuan/ton to 337 yuan/ton [1]. Monthly Data - In July, the electrolytic copper production was 117.43 million tons, a month - on - month increase of 3.47%. The electrolytic copper import volume was 29.69 million tons, a month - on - month decrease of 1.20% [1]. Aluminum Price and Basis - SMM A00 aluminum price dropped by 0.53% to 20,730 yuan/ton, and its premium decreased by 20 yuan/ton. Alumina prices in various regions generally declined [3]. Monthly Data - In July, the alumina production was 765.02 million tons, a month - on - month increase of 5.40%. The electrolytic aluminum production was 372.14 million tons, a month - on - month increase of 3.11% [3]. Aluminum Alloy Price and Basis - SMM aluminum alloy ADC12 prices in most regions remained unchanged, while the price in the southwest region dropped by 0.48% to 20,700 yuan/ton. The refined - scrap price difference in various regions decreased [4]. Monthly Data - In July, the production of recycled aluminum alloy ingots was 62.50 million tons, a month - on - month increase of 1.63%. The production of primary aluminum alloy ingots was 26.60 million tons, a month - on - month increase of 4.31% [4]. Zinc Price and Basis - SMM 0 zinc ingot price dropped by 0.63% to 22,130 yuan/ton, and its premium increased by 15 yuan/ton. The import loss decreased by 145.76 yuan/ton to 1,664 yuan/ton [6]. Monthly Data - In July, the refined zinc production was 60.28 million tons, a month - on - month increase of 3.03%. The refined zinc import volume was 1.79 million tons, a month - on - month decrease of 50.35% [6]. Tin Price and Basis - SMM 1 tin price dropped by 0.07% to 271,800 yuan/ton, and the LME 0 - 3 premium dropped by 4.62% to 165 dollars/ton. The import loss increased by 7.11% to 19,581 yuan/ton [8]. Monthly Data - In July, the tin ore import was 10,278 tons, a month - on - month decrease of 13.71%. The SMM refined tin production was 15,940 tons, a month - on - month increase of 15.42% [8]. Nickel Price and Basis - SMM 1 electrolytic nickel price dropped by 1.14% to 121,750 yuan/ton, and the LME 0 - 3 dropped by 4 dollars/ton to - 189 dollars/ton. The import profit and loss increased by 490 yuan/ton to - 1,430 yuan/ton [10]. Monthly Data - The Chinese refined nickel production decreased by 10.04% to 31,800 tons, while the refined nickel import volume increased by 116.90% to 19,157 tons [10]. Stainless Steel Price and Basis - The prices of 304/2B stainless steel coils in Wuxi and Foshan remained unchanged. The prices of most raw materials remained stable, while the price of 304 waste stainless steel in Wenzhou dropped by 0.52% to 9,650 yuan/ton [12]. Monthly Data - The production of 300 - series stainless steel crude steel in China (43 enterprises) was 171.33 million tons, a month - on - month decrease of 3.83%. The stainless steel import volume decreased by 33.30% to 7.30 million tons, and the export volume increased by 6.74% to 41.63 million tons [12]. Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate average price dropped by 1.96% to 80,000 yuan/ton, and the industrial - grade lithium carbonate average price dropped by 2.02% to 77,700 yuan/ton [16]. Monthly Data - In July, the lithium carbonate production was 81,530 tons, a month - on - month increase of 4.41%. The battery - grade lithium carbonate production was 61,320 tons, a month - on - month increase of 6.40% [16].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The market risk preference remains high despite the poor domestic economic and financial data. In August, there may be a small accumulation of inventory under the full - supply pattern, but the market may focus more on the tight - balance pattern after the off - season [1]. - For aluminum, supply increases slightly, demand is in the seasonal off - season in August with a possible slight improvement in the middle and late stages. There is an expected small inventory accumulation in August. Attention should be paid to demand in the short - term and potential arbitrage opportunities in the low - inventory situation [2]. - Zinc prices fluctuate widely. Supply increases, demand is seasonally weak but has some resilience. Domestic social inventory rises, and overseas LME inventory decreases rapidly. Short - term prices may rebound, and a wait - and - see approach is recommended, while a short - position configuration is suggested in the medium - to - long - term. Positive arbitrage opportunities can be considered [5]. - For nickel, supply remains at a high level, demand is weak, and inventory remains stable. Opportunities for narrowing the nickel - stainless steel price ratio can be continuously monitored [6]. - Stainless steel has a weak fundamental situation. Some steel mills cut production passively, demand is mainly for rigid needs, costs remain stable, and inventory decreases slightly. Attention should be paid to policy trends [6]. - Lead prices fluctuate. Supply has issues such as low scrap battery supply and low profit - driven low production. Demand shows a "not - prosperous peak season" situation. Inventory is expected to remain at a high level, and prices are expected to remain in a low - level oscillation next week [8]. - Tin prices fluctuate widely. Supply is affected by factors such as low processing fees and potential production resumptions. Demand has a peak - season expectation in the terminal electronics sector but a strong expectation of a decline in photovoltaic growth. A wait - and - see approach is recommended in the short - term, and long - position holding near the cost line is suggested in the medium - to - long - term [11]. - The production of industrial silicon resumes at a slow pace. The current supply - demand balance shows a small inventory reduction. In the short - term, the supply - demand situation may remain tight, while in the medium - to - long - term, prices are expected to oscillate at the cycle bottom [14]. - Carbonate lithium prices fluctuate on the futures market due to supply - side disturbances. Spot trading is active during the peak season. The core contradiction lies in the long - term over - supply situation and short - term supply - side compliance disturbances. The price has large upward and downward elasticities [16]. Summary by Metal Copper - **Price and Inventory Changes**: From August 22 to 28, the spot price of Shanghai copper increased by 50, the warehouse receipt decreased by 55, and the inventory of the Shanghai Futures Exchange increased by 1850 [1]. - **Fundamentals**: The market risk preference continues to rise. The downstream orders are supported at around 7.8. The copper rod production rate shows resilience at the end of the off - season, and the substitution effect between refined and scrap copper is obvious. The scrap copper market is disturbed by policies, and there may be a small inventory accumulation in August [1]. Aluminum - **Price and Inventory Changes**: From August 22 to 28, the Shanghai aluminum ingot price decreased by 110, the domestic alumina price decreased by 7, and the import alumina price decreased by 50. The inventory remained unchanged [1]. - **Supply and Demand**: Supply increases slightly, demand is in the seasonal off - season in August with a possible slight improvement in the middle and late stages. The export of aluminum products improves, but photovoltaic demand and overseas demand decline. There is an expected small inventory accumulation in August [2]. Zinc - **Price and Inventory Changes**: From August 22 to 28, the Shanghai zinc ingot price decreased by 140, the domestic social inventory remained unchanged, and the overseas LME inventory decreased by 2025 [5]. - **Supply and Demand**: Supply increases as the smelting increment is further realized in August and the zinc ore import in July reaches a three - year high. Demand is seasonally weak but has some resilience. Domestic social inventory rises, and overseas LME inventory decreases rapidly [5]. - **Strategy**: Short - term prices may rebound, and a wait - and - see approach is recommended. A short - position configuration is suggested in the medium - to - long - term. Positive arbitrage opportunities can be considered [5]. Nickel - **Price and Inventory Changes**: From August 22 to 28, the Shanghai nickel spot price decreased by 1450, and the inventory of LME increased by 456 [6]. - **Supply and Demand**: Supply remains at a high level, demand is weak, and inventory remains stable [6]. - **Strategy**: Opportunities for narrowing the nickel - stainless steel price ratio can be continuously monitored [6]. Stainless Steel - **Price and Inventory Changes**: From August 22 to 28, the prices of 304 cold - rolled coils and other products remained mostly unchanged, and the inventory in Xifu decreased slightly [6]. - **Supply and Demand**: Some steel mills cut production passively, demand is mainly for rigid needs, costs remain stable, and inventory decreases slightly [6]. - **Strategy**: Attention should be paid to policy trends [6]. Lead - **Price and Inventory Changes**: From August 22 to 28, the spot premium increased by 10, the domestic social inventory remained unchanged, and the overseas LME inventory decreased by 4975 [8]. - **Supply and Demand**: Supply has issues such as low scrap battery supply and low profit - driven low production. Demand shows a "not - prosperous peak season" situation. Inventory is expected to remain at a high level [8]. - **Strategy**: Lead prices are expected to remain in a low - level oscillation next week [8]. Tin - **Price and Inventory Changes**: From August 22 to 28, the spot import profit decreased by 1094.76, and the inventory of LME decreased by 30 [11]. - **Supply and Demand**: Supply is affected by factors such as low processing fees and potential production resumptions. Demand has a peak - season expectation in the terminal electronics sector but a strong expectation of a decline in photovoltaic growth [11]. - **Strategy**: A wait - and - see approach is recommended in the short - term, and long - position holding near the cost line is suggested in the medium - to - long - term [11]. Industrial Silicon - **Price and Inventory Changes**: From August 22 to 28, the 421 Yunnan basis decreased by 45, and the warehouse receipt decreased by 53 [14]. - **Supply and Demand**: The production resumes at a slow pace. The current supply - demand balance shows a small inventory reduction. The supply - demand situation may remain tight in the short - term, while prices are expected to oscillate at the cycle bottom in the medium - to - long - term [14]. Carbonate Lithium - **Price and Inventory Changes**: From August 22 to 28, the SMM electric carbonate price decreased by 1600, and the warehouse receipt increased by 1480 [16]. - **Supply and Demand**: The futures market fluctuates due to supply - side disturbances. Spot trading is active during the peak season. The core contradiction lies in the long - term over - supply situation and short - term supply - side compliance disturbances [16].

Group 1: Report Industry Investment Rating - Unilateral: Aluminium: Cautiously bullish; Alumina: Cautiously bearish; Aluminium alloy: Cautiously bullish [10] - Arbitrage: SHFE aluminium positive spread, long AD11 short AL11 [10] Group 2: Core Viewpoints - At the transition between the off - season and peak season of consumption, the aluminium price shows a resonance between micro and macro factors. The Fed's expectation of a September interest rate cut has increased again, and the macro - situation is favorable with non - ferrous metals showing a generally strong and volatile trend. The supply side of the aluminium fundamentals has no pressure and runs stably, and consumption is showing a trend of transitioning from the off - season to the peak season [6]. - The alumina spot market has a situation where the domestic spot price is loosening, and the pattern of stronger in the south and weaker in the north continues. The import window is closed, but the import loss is limited. The cost is supported but lacks upward momentum, and the supply is in continuous surplus with inventory increasing [7][8]. - For aluminium alloy, the consumption is starting to transform from the off - season to the peak season, and the price spread in the spot market and the smelting profit of aluminium alloy enterprises are showing a seasonal repair trend [9]. Group 3: Summary by Related Catalogs Aluminium Spot - East China A00 aluminium price is 20,780 yuan/ton, with a change of 0 yuan/ton from the previous trading day; East China aluminium spot premium/discount is 0 yuan/ton, with a change of - 20 yuan/ton from the previous trading day. Central China A00 aluminium price is 20,620 yuan/ton, and the spot premium/discount changes - 30 yuan/ton to - 160 yuan/ton. Foshan A00 aluminium price is 20,730 yuan/ton, with a change of 10 yuan/ton from the previous trading day, and the aluminium spot premium/discount changes - 10 yuan/ton to - 45 yuan/ton [1] Aluminium Futures - On August 26, 2025, the main SHFE aluminium contract opened at 20,750 yuan/ton, closed at 20,715 yuan/ton, with a change of - 25 yuan/ton from the previous trading day. The highest price reached 20,775 yuan/ton, and the lowest price was 20,680 yuan/ton. The trading volume for the whole trading day was 103,054 lots, and the open interest was 251,409 lots [2] Aluminium Inventory - As of August 26, 2025, the domestic electrolytic aluminium ingot social inventory was 616,000 tons, with a change of 2.0 tons from the previous period; the warrant inventory was 56,274 tons, with a change of - 396 tons from the previous trading day; the LME aluminium inventory was 478,075 tons, with a change of - 650 tons from the previous trading day [2] Alumina Spot Price - On August 26, 2025, the SMM alumina price in Shanxi was 3,205 yuan/ton, in Shandong was 3,180 yuan/ton, in Henan was 3,210 yuan/ton, in Guangxi was 3,320 yuan/ton, in Guizhou was 3,330 yuan/ton, and the Australian alumina FOB price was 372 US dollars/ton [2] Alumina Futures - On August 26, 2025, the main alumina contract opened at 3,184 yuan/ton, closed at 3,069 yuan/ton, with a change of - 111 yuan/ton or - 3.49% from the previous trading day's closing price. The highest price reached 3,202 yuan/ton, and the lowest price was 3,065 yuan/ton. The trading volume for the whole trading day was 421,870 lots, and the open interest was 228,725 lots [2] Aluminium Alloy Price - On August 26, 2025, the Baotai civil raw aluminium purchase price was 15,800 yuan/ton, the mechanical raw aluminium purchase price was 15,900 yuan/ton, with a price change of 100 yuan/ton compared to yesterday. The Baotai ADC12 quotation was 20,200 yuan/ton, with a price change of 100 yuan/ton compared to yesterday [3] Aluminium Alloy Inventory - The aluminium alloy social inventory is 52,100 tons, and the in - factory inventory is 60,300 tons [4] Aluminium Alloy Cost and Profit - The theoretical total cost is 20,097 yuan/ton, and the theoretical profit is 4 yuan/ton [5]

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports Copper - The "stagflation-like" environment restricts the upside of copper prices, but the dovish Fed statement on August 22 boosted market expectations of a September rate cut, thus lifting copper prices. The inflation pressure may not prevent the restart of rate cuts, but the actual rate cut幅度 is uncertain. The key lies in whether the inflation caused by tariffs is a one-time shock. - Fundamentally, the supply-demand contradiction of copper remains the main line, with a tight supply situation. The copper price is expected to be range-bound in the short term, with the main contract reference range of 78,500 - 80,500 yuan/ton [1]. Aluminum - The alumina market is facing a game between short-term supply disruptions and long-term overcapacity. The price of the main contract is expected to be in the range of 3,000 - 3,300 yuan/ton this week, and short positions can be considered at high prices. - The aluminum market is under pressure from the supply-demand structure, and the inventory is expected to accumulate. The short-term aluminum price is expected to be volatile, with the main contract reference range of 20,000 - 21,000 yuan/ton [4]. Aluminum Alloy - The fundamentals of the aluminum alloy market are showing marginal improvement, and the social inventory has decreased. The supply of scrap aluminum is tight, which supports the cost. The demand for communication die-casting has increased, while the automotive sector is still weak. The spot price is expected to remain relatively firm, and the price difference between aluminum alloy and aluminum is expected to converge. The main contract is expected to run in the range of 19,600 - 20,400 yuan/ton [7]. Zinc - The supply of zinc is loose, and the demand is weak, which limits the continuous upward movement of zinc prices. However, the decline in overseas inventories provides support for prices. The short-term zinc price is expected to be volatile and stronger due to improved rate cut expectations, with the main contract reference range of 22,000 - 23,000 yuan/ton [9]. Tin - The Fed's dovish signal has pushed up tin prices. The supply of tin ore remains tight, and the demand is expected to be weak. If the supply recovers smoothly, a short-selling strategy can be considered; if the supply recovery is less than expected, the tin price is expected to remain high and volatile [12]. Nickel - The macro sentiment has improved, and the cost provides some support. The supply is expected to be loose, but the pace is slow. The short-term nickel price is expected to be range-adjusted, with the main contract reference range of 118,000 - 126,000 yuan/ton [14]. Stainless Steel - The cost of stainless steel provides support, but the weak spot demand restricts the market. The short-term price is expected to be range-bound, with the main contract reference range of 12,600 - 13,400 yuan/ton [16]. Lithium Carbonate - The lithium carbonate market is currently in a tight balance. The supply contraction expectation is gradually being realized, and the demand is showing a steady and optimistic trend. The short-term price is expected to fluctuate widely around 80,000 yuan/ton [18]. 3. Summary by Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price increased by 0.72% to 79,395 yuan/ton. - The import profit and loss was -49 yuan/ton, a decrease of 202.58 yuan/ton from the previous day [1]. Fundamental Data - In July, the electrolytic copper production was 117.43 million tons, a month-on-month increase of 3.47%. - The domestic social inventory decreased by 8.00% to 12.30 million tons [1]. Aluminum Price and Spread - SMM A00 aluminum price increased by 0.34% to 20,780 yuan/ton. - The import profit and loss was -1,354 yuan/ton, a decrease of 127.8 yuan/ton from the previous day [4]. Fundamental Data - In July, the alumina production was 765.02 million tons, a month-on-month increase of 5.40%. - The LME inventory decreased by 0.17% to 47.9 million tons [4]. Aluminum Alloy Price and Spread - SMM ADC12 aluminum alloy price increased by 0.49% to 20,550 yuan/ton. - The 2511 - 2512 month - to - month spread decreased by 40 yuan/ton to -20 yuan/ton [7]. Fundamental Data - In July, the regenerated aluminum alloy ingot production was 62.50 million tons, a month-on-month increase of 1.63%. - The regenerated aluminum alloy social inventory decreased by 0.28% to 3.51 million tons [7]. Zinc Price and Spread - SMM 0 zinc ingot price increased by 0.50% to 22,310 yuan/ton. - The import profit and loss was -1,766 yuan/ton, a decrease of 89.74 yuan/ton from the previous day [9]. Fundamental Data - In July, the refined zinc production was 60.28 million tons, a month-on-month increase of 3.03%. - The Chinese zinc ingot seven - region social inventory increased by 2.29% to 13.85 million tons [9]. Tin Spot Price and Basis - SMM 1 tin price increased by 1.39% to 269,700 yuan/ton. - The LME 0 - 3 spread increased by 52 dollars/ton to 50 dollars/ton [12]. Fundamental Data - In July, the tin ore import was 10,278 tons, a month-on-month decrease of 13.71%. - The SHFE tin inventory decreased by 3.86% to 7,491 tons [12]. Nickel Price and Basis - SMM 1 electrolytic nickel price increased by 0.58% to 121,250 yuan/ton. - The futures import profit and loss was -1,920 yuan/ton, a decrease of 677 yuan/ton from the previous day [14]. Fundamental Data - The Chinese refined nickel product production decreased by 10.04% to 31,800 tons. - The SHFE nickel inventory increased by 2.93% to 26,962 tons [14]. Stainless Steel Price and Spread - The 304/2B (Wuxi Hongwang 2.0 coil) price increased by 0.77% to 13,100 yuan/ton. - The 2510 - 2511 month - to - month spread increased by 15 yuan/ton to -60 yuan/ton [16]. Fundamental Data - The Chinese 300 - series stainless steel crude steel production (43 enterprises) decreased by 3.83% to 171.33 million tons. - The 300 - series social inventory (Wuxi + Foshan) increased by 1.61% to 50.45 million tons [16]. Lithium Carbonate Price and Spread - SMM battery - grade lithium carbonate average price decreased by 1.67% to 82,500 yuan/ton. - The 2509 - 2511 month - to - month spread decreased by 20 yuan/ton to 200 yuan/ton [18]. Fundamental Data - In July, the lithium carbonate production was 81,530 tons, a month-on-month increase of 4.41%. - The lithium carbonate total inventory decreased by 2.01% to 97,846 tons [18].