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贵金属有色金属产业日报-20250919
Dong Ya Qi Huo· 2025-09-19 10:34
Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The gold price is affected by the Fed's interest rate cut and Powell's hint of a slowdown in future interest rate cuts, leading to market divergence and profit - taking. However, there are still medium - to long - term supporting factors such as continuous central bank gold purchases, geopolitical risks, and the de - dollarization trend, so the bottom support of the gold price is stable after the correction [3]. - The Fed's interest rate cut is in line with market expectations, but it will not enter a continuous interest rate cut cycle, which cools down the market sentiment. The short - term supply - tight pattern of tin in September is difficult to change, and the weak demand has little impact on the price for the time being [18][97]. - The price of aluminum reached a new high this year, but the downstream receiving sentiment is poor, and the future inventory is an important factor determining the price trend. The alumina market is in a state of supply surplus, and the price may be weak in the short term. The price of cast aluminum alloy may fluctuate strongly [36][37][38]. - The supply of zinc is in an over - supply state, the market's expectation for the "Golden September and Silver October" is average, and the LME inventory continues to decline. In the short term, it will mainly fluctuate [66]. - For the nickel industry chain, there are concerns about the supply of nickel ore, the new energy sector provides support, the stainless steel market is weak, and the overall market is weak due to the Fed's interest rate cut not exceeding expectations [82]. - For lithium carbonate, the "Golden September and Silver October" downstream peak - season demand supports the price, and the short - term supply - side disturbance does not change the support logic [108]. - For the silicon industry chain, the short - term sentiment is positively supported, but the industry is under long - term structural pressure. The polysilicon market is affected by news and policy expectations, and the trend is uncertain [117]. Summaries According to Relevant Catalogs Precious Metals - **Price and Market Analysis**: The gold price is affected by the Fed's interest rate cut and the rebound of the US dollar index, but the bottom support is stable due to factors such as central bank gold purchases. The trading data of SHFE and COMEX gold and silver futures are presented in multiple charts [3]. - **Long - term Factors**: Global central bank gold purchases continue, for example, China has increased its gold holdings for 10 consecutive months, and Switzerland's gold exports to China have soared by 254%. Geopolitical risks and the de - dollarization trend remain unchanged [3]. Copper - **Market Sentiment**: The Fed's interest rate cut is in line with expectations, but it will not enter a continuous interest rate cut cycle, which cools down the market sentiment [18]. - **Trading Data**: The latest prices, daily changes, and daily change rates of copper futures and spot are provided, including domestic and foreign markets. The import profit and loss, processing fees, and inventory data are also presented [19][22][28][34]. Aluminum - **Aluminum Price**: The price of aluminum reached a new high this year, but the downstream receiving sentiment is poor, and the future inventory is an important factor determining the price trend [36]. - **Alumina Market**: The alumina market is in a state of supply surplus, and the price may be weak in the short term. The core contradiction of bauxite lies in the tight domestic ore, low Guinea bauxite shipments, and high inventory [37]. - **Cast Aluminum Alloy**: The price of cast aluminum alloy may fluctuate strongly due to the tight supply of scrap aluminum [38]. - **Trading Data**: The latest prices, daily changes, and daily change rates of aluminum, alumina, and aluminum alloy futures and spot are provided, as well as relevant spread and inventory data [39][45][53][62]. Zinc - **Supply and Demand**: The supply of zinc is in an over - supply state, the market's expectation for the "Golden September and Silver October" is average, and the LME inventory continues to decline [66]. - **Trading Data**: The latest prices, daily changes, and daily change rates of zinc futures and spot are provided, as well as relevant spread and inventory data [67][73][78]. Nickel Industry Chain - **Industry Situation**: There are concerns about the supply of nickel ore, the new energy sector provides support, the stainless steel market is weak, and the overall market is weak due to the Fed's interest rate cut not exceeding expectations [82]. - **Trading Data**: The latest prices, trading volumes, positions, and inventory data of nickel and stainless steel futures are provided [83]. Tin - **Market Situation**: The Fed's interest rate cut cools down the market sentiment. The short - term supply - tight pattern in September is difficult to change, and the weak demand has little impact on the price for the time being [97]. - **Trading Data**: The latest prices, daily changes, and daily change rates of tin futures and spot are provided, as well as inventory data [98][102][104]. Lithium Carbonate - **Price Support**: The "Golden September and Silver October" downstream peak - season demand supports the price, and the short - term supply - side disturbance does not change the support logic [108]. - **Trading Data**: The latest prices, daily changes, and daily change rates of lithium carbonate futures and spot are provided, as well as inventory data [109][111][115]. Silicon Industry Chain - **Industry Outlook**: The short - term sentiment is positively supported, but the industry is under long - term structural pressure. The polysilicon market is affected by news and policy expectations, and the trend is uncertain [117]. - **Trading Data**: The latest prices of industrial silicon and polysilicon are provided, as well as production, inventory, and cost data [118][125][133][142].
新能源及有色金属日报:降息落地,镍不锈钢价格回落-20250919
Hua Tai Qi Huo· 2025-09-19 03:03
1. Report Industry Investment Rating - No information is provided regarding the industry investment rating in the given report. 2. Report's Core View - After the end of macro - event influence, nickel prices return to the fundamental logic. With high inventories and a pattern of oversupply remaining unchanged, nickel prices are expected to remain in low - level fluctuations. Stainless steel prices show signs of stopping decline and rebounding due to nine - week consecutive inventory drops and rising material costs, and subsequent consumption peak - season demand needs to be monitored [1][3][5]. 3. Summary by Relevant Catalogs Nickel Variety Market Analysis - On September 18, 2025, the Shanghai nickel main contract 2510 opened at 121,690 yuan/ton and closed at 120,940 yuan/ton, a change of - 0.89% compared to the previous trading day's close. The trading volume was 81,612 (- 9,122) lots, and the open interest was 55,044 (- 3,785) lots. Due to the approaching Fed interest - rate decision, the main contract fluctuated slightly around the previous trading - day's settlement price at night. After the Fed's interest - rate cut did not exceed market expectations, the price of the main contract fluctuated downward during the day, and the market focus returned to the fundamental logic of cost support and marginal changes in demand [1]. - The nickel - ore market remained calm with stable prices. Philippine mines had firm quotes. The downstream nickel - iron price was temporarily stable, domestic iron plants' profits remained in the red, and nickel - ore procurement was cautious. In Indonesia, the supply remained loose, and the Wedabay incident had little impact. The September (Phase II) domestic trade benchmark price increased by 0.2 - 0.3 dollars, and the current domestic trade premium was +24, with a premium range of +23 - 24 [1]. - Jinchuan Group's sales price in the Shanghai market was 123,890 yuan/ton, up 140 yuan/ton from the previous trading day. The spot price was basically stable, and the spot premiums and discounts of each brand did not change. The premium of Jinchuan nickel remained at 2,200 yuan/ton, the premium of imported nickel remained at 300 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse - receipt volume was 25,866 (- 275) tons, and the LME nickel inventory was 228,450 (- 18) tons [2]. Strategy - It is recommended to mainly conduct range operations for single - side trading, and there are no recommendations for inter - period, inter - variety, spot - futures, and options trading [3]. Stainless Steel Variety Market Analysis - On September 18, 2025, the stainless - steel main contract 2511 opened at 12,920 yuan/ton and closed at 12,875 yuan/ton. The trading volume was 175,834 (+ 5,708) lots, and the open interest was 132,228 (- 4,171) lots. Similar to the trend of Shanghai nickel, due to the approaching Fed interest - rate decision, the main contract fluctuated slightly around the previous trading - day's settlement price at night. After the Fed's interest - rate cut did not exceed market expectations, the price of the main contract fluctuated downward during the day, and the market focus returned to the fundamental logic of cost support and marginal changes in demand [3]. - Downstream buyers remained on the sidelines, and spot trading was light. The price remained stable. The expected pre - National Day holiday stocking demand offset the impact of the decline in the futures market. The stainless - steel price in the Wuxi market was 13,250 (+ 0) yuan/ton, and in the Foshan market, it was 13,250 (+ 0) yuan/ton. The premium and discount of 304/2B were 315 to 615 yuan/ton. According to SMM data, the ex - factory tax - inclusive average price of high - nickel pig iron changed by 0.50 yuan/nickel point to 954.5 yuan/nickel point [3]. Strategy - A neutral stance is recommended for single - side trading, and there are no recommendations for inter - period, inter - variety, spot - futures, and options trading [5].
《有色》日报-20250918
Guang Fa Qi Huo· 2025-09-18 02:57
1. Report Industry Investment Rating No relevant information is provided in the reports. 2. Core Views of the Reports Copper - Copper pricing will return to macro trading. In the absence of a clear recession forecast in the US, medium - and long - term supply - demand contradictions provide bottom support. Short - term prices may fluctuate strongly under the loose background. To enter a new upward cycle, the commodity and financial attributes of copper need to resonate. The reference range for the main contract is 79,000 - 81,500 [1]. Aluminum - The alumina market is in a pattern of "high supply, high inventory, and weak demand", and this pattern is difficult to reverse in the short term. The short - term main contract is expected to fluctuate between 2,900 - 3,200 yuan/ton, and there is still downward pressure in the medium term. The short - term aluminum price is expected to maintain a narrow - range fluctuation, with the main contract reference range of 20,600 - 21,000 yuan/ton. If the subsequent demand improvement falls short of expectations, the aluminum price still faces the risk of falling after rising [3]. Aluminum Alloy - The short - term suppression of base metal prices by the Fed's interest rate cut is expected. The cost of scrap aluminum provides strong support for prices. With the arrival of the "Golden September and Silver October" consumption season, the spot price is expected to remain firm, and the inventory accumulation rate will slow down. The short - term main contract reference range is 20,200 - 20,600 yuan/ton [4]. Zinc - Due to the expectation of loose supply, the upside space of Shanghai zinc is difficult to open. Short - term prices may be boosted by macro factors, but the fundamentals lack the elasticity to support continuous upward movement. The short - term price may fluctuate, with the main contract reference range of 21,800 - 22,800 [7]. Tin - The supply of tin ore remains tight, and the demand shows no obvious improvement. It is expected that the tin price will continue to fluctuate at a high level. The reference range is 265,000 - 285,000. Pay attention to the import situation of Burmese tin ore [9]. Nickel - The macro environment is improving, but the industrial fundamentals are still restricted by weak spot demand. The short - term disk is expected to fluctuate within a range, with the main contract reference range of 120,000 - 125,000 [10]. Stainless Steel - The macro environment is improving, and the cost support is strengthening, but the peak - season demand has not significantly increased. The short - term disk will mainly fluctuate within a range, with the main contract reference range of 12,800 - 13,400 [11]. Lithium Carbonate - The fundamentals are in a tight balance. The supply side has increased news disturbances, and the demand is steadily optimistic. The short - term disk is expected to fluctuate strongly, with the main price center of 70,000 - 75,000 [14][16]. 3. Summary According to Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price was 80,600 yuan/ton, down 0.64% from the previous value. The SMM 1 electrolytic copper premium was 60 yuan/ton, down 15 yuan/ton from the previous value [1]. Fundamental Data - In August, the electrolytic copper output was 1.1715 million tons, down 0.24% month - on - month; in July, the import volume was 296,900 tons, down 1.20% month - on - month [1]. Aluminum Price and Spread - SMM A00 aluminum price was 20,890 yuan/ton, down 0.29% from the previous value. The average price of alumina in Shandong was 2,965 yuan/ton, down 0.17% from the previous value [3]. Fundamental Data - In August, the alumina output was 7.7382 million tons, up 1.15% month - on - month; the electrolytic aluminum output was 3.7326 million tons, up 0.30% month - on - month [3]. Aluminum Alloy Price and Spread - The price of SMM aluminum alloy ADC12 remained unchanged at 21,050 yuan/ton. The month - to - month spread of 2511 - 2512 was - 25 yuan/ton, unchanged from the previous value [4]. Fundamental Data - In August, the output of recycled aluminum alloy ingots was 615,000 tons, down 1.60% month - on - month; the output of primary aluminum alloy ingots was 271,000 tons, up 1.88% month - on - month [4]. Zinc Price and Spread - The price of SMM 0 zinc ingot was 22,160 yuan/ton, down 0.31% from the previous value. The import loss was 3,610 yuan/ton, down 315.79 yuan/ton from the previous value [7]. Fundamental Data - In August, the refined zinc output was 626,200 tons, up 3.88% month - on - month; in July, the import volume was 17,900 tons, down 50.35% month - on - month [7]. Tin Price and Spread - The price of SMM 1 tin was 272,000 yuan/ton, down 0.15% from the previous value. The import loss was 14,781.16 yuan/ton, down 3.90% from the previous value [9]. Fundamental Data - In July, the tin ore import volume was 10,278 tons, down 13.71% month - on - month; the SMM refined tin output was 15,940 tons, up 15.42% month - on - month [9]. Nickel Price and Basis - The price of SMM 1 electrolytic nickel was 122,800 yuan/ton, down 0.65% from the previous value. The 1 Jinchuan nickel premium was 2,200 yuan/ton, unchanged from the previous value [10]. Fundamental Data - The output of Chinese refined nickel was 32,200 tons, up 1.26% month - on - month; the import volume was 17,536 tons, down 8.46% month - on - month [10]. Stainless Steel Price and Spread - The price of 304/2B (Wuxi Hongwang 2.0 coil) was 13,181 yuan/ton, down 0.38% from the previous value. The spot - futures spread was 385 yuan/ton, down 3.75% from the previous value [11]. Fundamental Data - The output of Chinese 300 - series stainless steel crude steel was 1.7133 million tons, down 3.834% month - on - month; the import volume was 73,000 tons, down 33.30% month - on - month [11]. Lithium Carbonate Price and Spread - The average price of SMM battery - grade lithium carbonate was 73,150 yuan/ton, up 0.41% from the previous value. The 2510 - 2511 month - to - month spread was - 120 yuan/ton, up 40 yuan/ton from the previous value [14]. Fundamental Data - In August, the lithium carbonate output was 85,240 tons, up 4.55% month - on - month; the demand was 104,023 tons, up 8.25% month - on - month [14].
五矿期货文字早评-20250918
Wu Kuang Qi Huo· 2025-09-18 01:33
Report Industry Investment Ratings No relevant content provided. Core Views - After continuous upward movement, high - level hot sectors such as AI have shown divergence recently. With the shrinking market trading volume, short - term indices face adjustment pressure. However, in the long - term, the policy support for the capital market remains unchanged, and the idea of buying on dips is still the main strategy [3]. - In the bond market, considering the slowdown of economic data in August, the expected easing of funds, and the need to pay attention to the stock - bond seesaw effect, the bond market is expected to oscillate and repair in the short - term [5]. - For precious metals, although the Fed's interest - rate meeting was not as dovish as expected, the market's expectation of the Fed's rate cut will rise with the appointment of a new chairman. A long - position approach should be maintained, with a focus on the upward price potential of silver [7]. - In the non - ferrous metals sector, different metals have different trends. For example, copper prices are expected to oscillate, zinc and lead are expected to be strong in the short - term, and nickel is recommended to be bought on dips in the long - term [9][11][13]. - In the black building materials sector, although the black sector is currently under pressure from weak actual demand, with the possible implementation of overseas fiscal and monetary policies and the opening of China's policy space, it may gradually become more cost - effective for long - positions, with the key point around mid - October [28]. - In the energy and chemical sector, the views on different products vary. For example, crude oil is recommended for long - positions, while PVC is recommended for short - positions [41][46]. - In the agricultural products sector, the strategies for different products also differ. For example, for pigs, pay attention to the possibility of a low - level rebound and short - selling after the rebound; for sugar, maintain a bearish view [54][62]. Summaries by Catalog Macro - finance Stock Index - **Message**: From January to August, the national general public budget revenue was 14.8198 trillion yuan, a year - on - year increase of 0.3%. The Ministry of Industry and Information Technology solicited opinions on relevant standards for intelligent connected vehicles. CATL's sodium - new batteries will be supplied in batches next year. Dongshan Precision said the supply of optical chips is tight [2]. - **Basis Ratio of Stock Index Futures**: The basis ratios of IF, IC, IM, and IH for different periods are provided [2]. - **Trading Logic**: After the previous rise, high - level sectors have diverged, and short - term indices face adjustment pressure. In the long - term, the policy support for the capital market remains unchanged [3]. Treasury Bonds - **Market**: On Wednesday, the main contracts of TL, T, TF, and TS all rose [4]. - **Message**: From January to August, the national general public budget revenue was 14.8198 trillion yuan, a year - on - year increase of 0.3%. The central bank conducted 418.5 billion yuan of 7 - day reverse repurchase operations, with a net investment of 114.5 billion yuan [4]. - **Strategy**: Considering the slowdown of economic data in August and the expected easing of funds, the bond market is expected to oscillate and repair in the short - term, but pay attention to the stock - bond seesaw effect [5]. Precious Metals - **Market**: Gold and silver prices declined. The Fed cut interest rates by 25 basis points, but the statement was not as dovish as expected, and precious metal prices were under short - term pressure [6]. - **Market Outlook**: Powell's statement on monetary policy was neutral. The voting pattern of the interest - rate meeting implies a change in the probability of the new Fed chairman. The market's expectation of the Fed's rate cut will rise with the appointment of a new chairman. A long - position approach should be maintained, with a focus on silver [7]. Non - ferrous Metals Copper - **Market**: After the Fed's interest - rate meeting, copper prices adjusted. LME copper inventory decreased, and the cash/3M spread was at a discount [9]. - **Outlook**: The Fed's policy was less loose than expected, but there are some disturbances in the overseas copper mine industry. In the short - term, copper prices are expected to oscillate [9]. Aluminum - **Market**: After the Fed's interest - rate meeting, aluminum prices declined. LME aluminum inventory remained unchanged, and domestic inventories increased [10]. - **Outlook**: The Fed's statement was cautious, but the downstream is in the traditional consumption season, and aluminum prices are expected to be supported [10]. Zinc - **Market**: Zinc prices showed different trends in the domestic and overseas markets. Zinc concentrate inventories increased, and processing fees were differentiated [11]. - **Outlook**: The zinc market is expected to be strong in the short - term, and if the zinc ingot export window opens, domestic zinc prices may rise [11]. Lead - **Market**: Lead prices rose. Lead concentrate inventories increased slowly, and the TC decreased. The inventory of lead batteries decreased [12]. - **Outlook**: With the improvement of industrial data and market sentiment, lead prices are expected to break through the oscillation range and be strong in the short - term [12]. Nickel - **Market**: Nickel prices oscillated. The cost of Indonesian nickel ore decreased slightly, and the demand for nickel iron was supported [13]. - **Outlook**: Although refined nickel inventories are under pressure, in the long - term, nickel prices are expected to be supported by policies. It is recommended to buy on dips [13]. Tin - **Market**: Tin prices oscillated. The supply of tin ore in Myanmar was slow to recover, and the inventory of tin ingots increased slightly [14][15]. - **Outlook**: With a significant decrease in supply and a marginal improvement in demand, tin prices are expected to be strong and oscillate [15]. Carbonate Lithium - **Market**: The spot index of carbonate lithium increased slightly, and the futures price also rose [16]. - **Outlook**: The fundamental improvement of carbonate lithium has been reflected in the price. Pay attention to industrial information and the impact of the Fed's policy [16]. Alumina - **Market**: The alumina index declined, and the import window opened [17]. - **Outlook**: The alumina market is expected to be in a state of over - capacity in the short - term. It is recommended to wait and see, paying attention to supply - side policies and the Fed's policy [17]. Stainless Steel - **Market**: Stainless steel prices declined, and the inventory decreased [18]. - **Outlook**: Due to the weak demand in the real estate industry, the overall market demand is weak, and the market is in a wait - and - see state [18]. Cast Aluminum Alloy - **Market**: Cast aluminum alloy prices declined slightly, and the inventory increased [19]. - **Outlook**: Although the peak season characteristics are not obvious, the cost is strongly supported, and prices are expected to remain high in the short - term [19]. Black Building Materials Steel - **Market**: The prices of rebar and hot - rolled coils showed different trends. The inventory of rebar increased, while the inventory of hot - rolled coils decreased slightly [21][22]. - **Outlook**: The demand for rebar is weak, while the demand for hot - rolled coils is relatively strong. If demand cannot be effectively restored, steel prices may decline [22]. Iron Ore - **Market**: Iron ore prices rose slightly, and the supply and demand situation changed [23][24]. - **Outlook**: In the short - term, iron ore prices are expected to oscillate. Pay attention to the recovery of downstream demand and overseas macro - changes [24]. Glass and Soda Ash - **Glass**: Prices declined slightly, and the inventory decreased. The supply increased slightly, and the demand was weak. It is recommended to be cautiously bullish [25]. - **Soda Ash**: Prices declined slightly, and the inventory decreased. The supply decreased slightly due to equipment maintenance, and the demand was mainly for rigid needs. It is expected to fluctuate within a narrow range [26]. Manganese Silicon and Ferrosilicon - **Market**: Manganese silicon and ferrosilicon prices rose. The spot prices were stable [27]. - **Outlook**: Both are expected to oscillate within a range, and it is recommended to wait and see [27]. Industrial Silicon and Polysilicon - **Industrial Silicon**: Prices rose slightly. The supply increased, and the demand was supported. The inventory remained high. It is recommended to pay attention to industry policies [30][31]. - **Polysilicon**: Prices declined slightly. The supply was close to the same - period high, and the inventory transfer was limited. Pay attention to capacity integration policies [32][33]. Energy and Chemicals Rubber - **Market**: The supply of rubber may be affected by weather, and the demand is in a seasonal off - season. The inventory decreased [35][36]. - **Outlook**: Adopt a long - position approach in the medium - term and wait and see in the short - term [39]. Crude Oil - **Market**: Crude oil and refined oil prices rose. The U.S. EIA data showed changes in inventory [40]. - **Outlook**: Maintain a long - position approach for crude oil, as the fundamentals support the price, and if the geopolitical premium returns, prices may rise [41]. Methanol - **Market**: Methanol futures prices rose slightly, and the spot price declined. The inventory was high, and the demand was expected to improve [42]. - **Outlook**: The fundamentals are expected to improve, and it is recommended to look for long - position opportunities and 1 - 5 positive spreads [42]. Urea - **Market**: Urea futures prices declined, and the spot price was stable. The inventory was rising, and the demand was weak [43]. - **Outlook**: Prices are expected to fluctuate within a range, and it is recommended to look for long - position opportunities [43]. Pure Benzene and Styrene - **Market**: Spot prices rose, and futures prices declined. The BZN spread is expected to repair, and the inventory is decreasing [44][45]. - **Outlook**: It is recommended to buy on dips for the pure benzene US - South Korea spread [44]. PVC - **Market**: PVC prices rose, and the inventory increased. The supply was strong, and the demand was weak [46]. - **Outlook**: It is recommended to short - sell on rallies, but beware of upward fluctuations due to policy sentiment [46]. Ethylene Glycol - **Market**: EG prices rose, and the inventory increased. The supply was high, and the demand was stable [47]. - **Outlook**: It is recommended to short - sell on rallies, but beware of the risk of the weak expectation not being realized [48]. PTA - **Market**: PTA prices rose, and the inventory decreased. The supply was affected by unexpected maintenance, and the demand was stable [49]. - **Outlook**: It is recommended to wait and see, paying attention to the improvement of the terminal and raw - material maintenance [49]. p - Xylene - **Market**: PX prices rose, and the inventory decreased. The load was high, and the downstream PTA load was low [50]. - **Outlook**: It is recommended to wait and see, paying attention to the recovery of the terminal [50]. Polyethylene (PE) - **Market**: PE futures prices rose, and the spot price was stable. The inventory was decreasing, and the demand was expected to increase [51]. - **Outlook**: Prices are expected to oscillate upward [51]. Polypropylene (PP) - **Market**: PP futures prices rose, and the spot price was stable. The supply pressure was high, and the demand was gradually recovering [52]. - **Outlook**: In the short - term, there is no obvious contradiction, and prices are expected to oscillate [52]. Agricultural Products Pigs - **Market**: Pig prices declined, and the supply was expected to be high in September [54]. - **Outlook**: Pay attention to the possibility of a low - level rebound and short - selling after the rebound, and continue the far - month reverse - spread strategy [54]. Eggs - **Market**: Egg prices were mostly stable, and the supply was stable [55]. - **Outlook**: It is recommended to wait and see, and consider short - term long - positions in the far - month contract when the price falls and the position increases [55]. Soybean and Rapeseed Meal - **Market**: U.S. soybean prices oscillated, and domestic soybean meal prices declined slightly. The inventory was at a high level [56][57]. - **Outlook**: The soybean import cost is expected to be weak. Soybean meal is expected to oscillate within a range, waiting for a driving factor [58]. Oils and Fats - **Market**: Malaysian palm oil export and production data showed changes. Domestic oil prices declined [59]. - **Outlook**: Oils and fats are expected to be strong and oscillate in the medium - term. It is recommended to buy on dips after the price stabilizes [60]. Sugar - **Market**: Sugar futures prices declined, and the spot price was stable. The supply increased, and the demand was weak [61][62]. - **Outlook**: Maintain a bearish view on sugar prices, and pay attention to the Brazilian production [62]. Cotton - **Market**: Cotton futures prices oscillated, and the spot price rose slightly. The downstream operating rate increased, and the inventory was low [63][64]. - **Outlook**: Cotton prices are expected to oscillate in the short - term [64].
新能源及有色金属日报:基本面变化不大,镍不锈钢价格冲高回落-20250917
Hua Tai Qi Huo· 2025-09-17 08:00
Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - Short - term nickel prices will mainly show a volatile trend, are easily affected by macro - sentiment, and the supply surplus pattern remains unchanged with limited upside potential [2]. - Stainless steel prices show signs of stopping decline and rebounding due to nine - week consecutive inventory decline and rising material costs, and the demand situation during the consumption peak season needs to be monitored [5]. 3. Summary by Related Catalogs Nickel Variety - **Market Analysis** - On September 16, 2025, the Shanghai nickel main contract 2510 opened at 122,910 yuan/ton and closed at 122,610 yuan/ton, a 0.36% change from the previous trading day's close. The trading volume was 104,592 (+1,913) lots, and the open interest was 66,538 (-4,072) lots [1]. - In the futures market, the Shanghai nickel main contract continued to rise to 123,550 yuan/ton in the night session, then slightly declined, and finally closed slightly higher. In the day session, it showed a volatile trend, closing at 122,610 yuan/ton, up 440 yuan/ton from the previous day [1]. - In the nickel ore market, it remained calm with stable prices. Philippine mines had firm quotes. Although downstream nickel - iron prices rose, domestic iron mills' profits remained in the red, and nickel ore procurement was cautious. In Indonesia, supply remained abundant, and the September (first - phase) domestic trade premium remained at +24, with a premium range of +23 - 24 [1]. - In the spot market, Jinchuan Group's Shanghai market sales price was 124,690 yuan/ton, up 40 yuan/ton from the previous trading day. Futures prices fluctuated slightly, and the spot premiums of refined nickel of various brands were basically stable. Jinchuan nickel's premium changed by - 100 yuan/ton to 2,200 yuan/ton, imported nickel's premium remained unchanged at 300 yuan/ton, and nickel bean's premium was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipts were 26,167 (+1,208) tons, and LME nickel inventory was 226,434 (+1,950) tons [1]. - **Strategy** - For nickel, short - term trading should be mainly range - bound operations. There are no strategies for inter - period, cross - variety, spot - futures, and options trading [2]. Stainless Steel Variety - **Market Analysis** - On September 16, 2025, the stainless steel main contract 2511 opened at 13,080 yuan/ton and closed at 12,970 yuan/ton, a - 0.27% change from the previous trading day's close. The trading volume was 230,776 (+49,842) lots, and the open interest was 130,786 (-4,171) lots [2]. - In the futures market, the stainless steel main contract rose to 13,140 yuan/ton after opening but then fell due to short - selling pressure, hitting a low of 12,940 yuan/ton and finally closing at 12,970 yuan/ton, forming a "long upper shadow" pattern, indicating strong resistance around 13,100 yuan/ton. The trading volume increased by about 27% compared with the previous day, but the open interest decreased, reflecting fierce competition between long and short sides at key price levels, and some funds chose to leave the market to wait and see [2]. - In the spot market, affected by the strong performance of the morning futures market, traders raised their quotes, but downstream acceptance was low, and actual transactions were light. Then, as the market weakened, quotes were lowered, but downstream buyers remained on the sidelines, and overall transaction volume was poor. The stainless steel price in Wuxi market was 13,300 (+50) yuan/ton, and in Foshan market was 13,300 (+50) yuan/ton. The 304/2B premium was 275 - 575 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron remained unchanged at 954.0 yuan/nickel point [3]. - **Strategy** - For stainless steel, the unilateral strategy is neutral. There are no strategies for inter - period, cross - variety, spot - futures, and options trading [5].
中辉有色观点-20250917
Zhong Hui Qi Huo· 2025-09-17 03:35
Report Industry Investment Rating - Not provided in the given content Core Views of the Report - Gold and silver are recommended to hold long positions. Gold is supported by factors such as the decline of the US dollar index, expected Fed rate - cuts, geopolitical situations, and long - term strategic allocation needs. Silver benefits from rate - cuts, strong demand, and limited supply growth [1]. - Copper recommends holding long positions, with some profit - taking. In the short - term, beware of the risk of price decline due to rate - cut realization and holiday risk - aversion. In the long - term, it is still optimistic about copper [1][8]. - Zinc is expected to face pressure in its rebound. In the long - term, it is a short - position allocation in the sector due to increasing supply and decreasing demand [1][12]. - Lead, tin, and nickel are expected to face pressure in their rebounds, affected by factors such as enterprise maintenance, supply - demand imbalances, and inventory changes [1]. - Aluminum is expected to be relatively strong, with stable overseas bauxite supply, inventory reduction, and increased downstream demand [1]. - Industrial silicon is expected to have a rebound, with fundamental pressure but policy support [1]. - Polysilicon is expected to have a high - level shock, with improved fundamentals and limited upward drivers in the short - term [1]. - Lithium carbonate is expected to have a rebound, with increasing production but also increasing inventory reduction, indicating strong terminal demand [1]. Summary by Related Catalogs Gold and Silver - **Market Review**: Gold has reached a new all - time high, and the market has priced in at least three rate - cuts [3]. - **Basic Logic**: US economic data supports rate - cuts. The retail sales growth may slow down. The market expects the FOMC to cut rates by 25 basis points, and a total of 75 basis points by the end of the year. Geopolitical situations in Eastern Europe and the Middle East have escalated. In the short - term, geopolitical and economic uncertainties drive the gold price to a new high. In the long - term, gold may have a long - term bull market [4]. - **Strategy Recommendation**: Adopt a short - term long - position strategy for gold and silver, but beware of "selling on the news" trading. In the long - term, the upward trend of gold and silver remains unchanged [5]. Copper - **Market Review**: Shanghai copper has risen and then fallen. Pay attention to the support at the 80,000 - yuan level [7]. - **Industrial Logic**: Copper concentrate supply is tight. In August, China's imports of copper concentrates increased year - on - year, while imports of unforged copper and copper products decreased month - on - month. The processing fee TC is still in deep inversion. The production of electrolytic copper may decrease in September. With the arrival of the peak season, demand is expected to pick up, and the annual supply - demand is in a tight balance [7]. - **Strategy Recommendation**: The market has fully priced in the rate - cut expectation. It is recommended to hold long positions in copper, with some profit - taking. Beware of the risk of price decline due to rate - cut realization and holiday risk - aversion. In the long - term, be optimistic about copper. The recommended trading ranges are [79,500, 82,500] for Shanghai copper and [9,900, 11,000] dollars/ton for London copper [8]. Zinc - **Market Review**: Shanghai zinc has faced pressure and declined, showing a pattern of strong overseas and weak domestic markets [11]. - **Industrial Logic**: In 2025, zinc concentrate supply is abundant. Domestic zinc concentrate TC has decreased, and SMM's imported zinc concentrate index has increased. In September, domestic smelter maintenance has increased, and zinc ingot production is expected to decrease. Domestic zinc ingot social inventory has increased, while overseas LME zinc inventory has continued to decrease. The demand in September is expected to be good, but downstream purchases are based on rigid demand [11]. - **Strategy Recommendation**: The Fed rate - cut is almost certain. London zinc is approaching the 3,000 - dollar level, while domestic zinc ingot inventory increase has dragged down Shanghai zinc. In the long - term, maintain the view of short - selling on rebounds. The recommended trading ranges are [22,000, 22,500] for Shanghai zinc and [2,900, 3,100] dollars/ton for London zinc [12]. Aluminum - **Market Review**: Aluminum price has faced pressure in its rebound, and alumina has stabilized at a low level [14]. - **Industrial Logic**: For electrolytic aluminum, the overseas macro - environment has a strong rate - cut expectation. In August, domestic electrolytic aluminum production increased. In September, the inventory has increased slightly, and the downstream processing enterprise's operating rate has increased. For alumina, the supply of Guinea's bauxite is abundant, but the arrival volume in September may be affected by the rainy season. The domestic alumina operating rate has increased, and the supply pressure has increased [15]. - **Strategy Recommendation**: It is recommended to go long on Shanghai aluminum at low prices in the short - term, paying attention to the operating rate changes of downstream processing enterprises. The main operating range is [20,500 - 21,500] [16]. Nickel - **Market Review**: Nickel price has faced pressure in its rebound, and stainless steel has rebounded [18]. - **Industrial Logic**: For nickel, the overseas macro - environment has a strong rate - cut expectation. The supply of refined nickel in China has a large surplus pressure, and the domestic pure nickel social inventory has continued to increase slightly. For stainless steel, the downstream consumption peak - season expectation still exists. The inventory of stainless steel has continued to decrease, and the production volume in September is expected to increase [19]. - **Strategy Recommendation**: It is recommended to go long on nickel and stainless steel with light positions in the short - term, paying attention to the improvement of terminal consumption. The main operating range for nickel is [121,000 - 125,000] [20]. Lithium Carbonate - **Market Review**: The main contract LC2511 opened high and then fell, with the late - session gain falling below 2% [22]. - **Industrial Logic**: The supply side continues to release incremental production, with weekly production and operating rate at historical highs. The terminal demand peak - season is obvious, with high - level energy storage demand and a warming power battery market. The downstream material factory's production schedule has continued to increase, and the inventory has been replenished for 10 consecutive weeks. The total inventory reduction of lithium carbonate production has increased, and the smelter inventory is below the median level, providing support for the price [23]. - **Strategy Recommendation**: Pay attention to whether it can stand firm on the 60 - day moving average [72,500 - 74,500] [24].
广发期货《有色》日报-20250916
Guang Fa Qi Huo· 2025-09-16 07:08
Report Industry Investment Ratings No relevant information provided. Core Views of the Reports Copper - Short - term trading liquidity is loose, and the main contract of Shanghai copper continued to oscillate upward, reaching 81,500 yuan/ton. - Macroscopically, a September interest rate cut is almost certain, but the continuous boost to copper prices is limited, and the "stagflation - like" environment restricts the scope of interest rate cuts. - Fundamentally, it presents a state of "weak reality + stable expectation". In the future, copper pricing will return to macro trading, with medium - and long - term supply - demand contradictions providing bottom support. The short - term price is expected to oscillate strongly, with the main contract reference range of 79,500 - 82,000 yuan/ton [1]. Aluminum - For alumina, the futures price showed a low - level oscillating trend. The supply pressure is significant, and the demand pull is limited. The price is expected to oscillate in the range of 2,900 - 3,200 yuan/ton. - For aluminum, the short - term price will oscillate around the peak - season expectation and actual consumption realization, with the main contract reference range of 20,600 - 21,400 yuan/ton. There is a possibility of the price rising and then falling if demand improvement is less than expected [4]. Aluminum Alloy - The casting aluminum alloy futures price oscillated at a high level. The cost is supported by tight scrap aluminum supply, and the demand has a slight recovery. The spot price is expected to remain firm, and the inventory accumulation rate will slow down. The short - term main contract reference range is 20,200 - 20,800 yuan/ton [5]. Zinc - Against the backdrop of improved interest rate cut expectations, non - ferrous metals prices are generally strong, but Shanghai zinc is relatively weak. The supply is expected to be loose, and the short - term price may rise due to macro - drivers, but the upward space is limited. It is expected to oscillate, with the main contract reference range of 21,800 - 22,800 yuan/ton [8]. Tin - The supply of tin ore remains tight, and the demand is weak. With the strengthening of the US interest rate cut expectation, the tin price is expected to oscillate at a high level. The reference range is 265,000 - 285,000 yuan/ton [11]. Nickel - The Shanghai nickel market is generally strong. Macroscopically, the market's expectation of the interest rate cut rhythm remains unchanged, and domestic policies are favorable. Industrially, the stainless steel demand is weak, while the price of nickel sulfate is rising. The short - term price is expected to oscillate in a strong range, with the main contract reference range of 120,000 - 125,000 yuan/ton [13]. Stainless Steel - The stainless steel market oscillated upward. Macroscopically, the Fed's interest rate cut expectation is rising, and domestic policies are positive. The supply pressure exists, and the peak - season demand has not significantly increased. The short - term price is expected to oscillate, with the main contract reference range of 12,800 - 13,400 yuan/ton [15]. Lithium Carbonate - The lithium carbonate market is strong. Policy windows boost the macro - sentiment. The supply is gradually clear, and the demand is optimistic. The short - term price is expected to oscillate strongly, with the main contract price center reference range of 70,000 - 75,000 yuan/ton [17]. Summary by Relevant Catalogs Copper - **Price and Basis**: SMM 1 electrolytic copper price increased by 0.23% to 80,940 yuan/ton, and the SMM 1 electrolytic copper premium decreased by 5 yuan/ton to 80 yuan/ton. - **Fundamentals**: In August, the electrolytic copper production was 1.1715 million tons, a month - on - month decrease of 0.24%. In July, the import volume was 296,900 tons, a month - on - month decrease of 1.20% [1]. Aluminum - **Price and Spreads**: SMM A00 aluminum price decreased by 0.33% to 20,950 yuan/ton. - **Fundamentals**: In August, the electrolytic aluminum production was 3.7326 million tons, a month - on - month increase of 0.30%. The aluminum profile operating rate increased by 1.89% to 54% [4]. Aluminum Alloy - **Price and Spreads**: SMM aluminum alloy ADC12 price remained unchanged at 21,050 yuan/ton. - **Fundamentals**: In August, the regenerated aluminum alloy ingot production was 615,000 tons, a month - on - month decrease of 1.60%. The regenerated aluminum alloy operating rate decreased by 0.35% to 53.41% [5]. Zinc - **Price and Spreads**: SMM 0 zinc ingot price remained unchanged at 22,230 yuan/ton. - **Fundamentals**: In August, the refined zinc production was 626,200 tons, a month - on - month increase of 3.88%. The galvanizing operating rate increased by 5.98% to 56.06% [8]. Tin - **Spot Price and Basis**: SMM 1 tin price decreased by 0.22% to 273,300 yuan/ton. - **Fundamentals**: 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% [11]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel price increased by 0.12% to 123,000 yuan/ton. - **Supply and Inventory**: China's refined nickel product was 32,200 tons, a month - on - month increase of 1.26%. SHFE inventory increased by 2.07% to 26,986 tons [13]. Stainless Steel - **Price and Basis**: 304/2B (Wuxi Hongwang 2.0 coil) price increased by 0.76% to 13,250 yuan/ton. - **Fundamentals**: China's 300 - series stainless steel crude steel production was 1.7133 million tons, a month - on - month decrease of 3.83%. The 300 - series social inventory decreased by 2.10% to 478,100 tons [15]. Lithium Carbonate - **Price and Basis**: SMM battery - grade lithium carbonate average price remained unchanged at 72,450 yuan/ton. - **Fundamentals**: In August, the lithium carbonate production was 85,240 tons, a month - on - month increase of 4.55%. The lithium carbonate demand was 104,023 tons, a month - on - month increase of 8.25% [17].
有色金属日报-20250915
Guo Tou Qi Huo· 2025-09-15 13:08
Report Industry Investment Ratings - Aluminum: ★☆☆, indicating a bullish bias but limited operability in the market [1] Core Viewpoints - The prices of various non - ferrous metals are affected by multiple factors such as economic indicators, supply - demand relationships, and policy expectations. Different metals show different trends and investment opportunities [1][2][3] Summary by Metal Copper - On Monday, Shanghai copper showed a positive line oscillation. Spot copper rose to 80,940 yuan, with premiums in Shanghai and Guangdong on the last trading day being 80 and 20 yuan respectively. The refined - scrap price difference widened to 2,000 yuan. SMM copper social inventory increased by 9,900 tons to 154,200 tons over the weekend. It is recommended to take profits on previous long positions and pay attention to the premium fluctuations of the call option with an exercise price of 82,000 yuan for the 2510 contract [1] Aluminum, Alumina, and Aluminum Alloy - Shanghai aluminum slightly corrected today, with the spot discount widening in various regions. The downstream start - up continued to pick up seasonally, and the aluminum ingot inventory is likely to remain low this year. However, the social inventory of aluminum ingots has not yet shown an inflection point, increasing by 11,000 tons compared to last Thursday. Cast aluminum alloy follows the fluctuation of Shanghai aluminum. Alumina's operating capacity is at a historical high, with oversupply and falling prices [2] Zinc - LME zinc inventory is at a low level of 50,500 tons, with a 0 - 3 month premium of $30.17 per ton. London zinc rebounded to the high - level range at the beginning of the year. Shanghai zinc is still dragged down by weak fundamentals and fluctuates narrowly above 22,000 yuan. The import loss of zinc compared to the spot exceeds 3,300 yuan per ton, and the expectation of zinc ingot exports is strengthening [3] Lead and Stainless Steel - Shanghai nickel oscillated at a low level. The short - covering retreat was triggered by the speculation of interest - rate cut expectations. The upstream price support of nickel has rebounded slightly, and the price level of the nickel industry chain has been pushed up. The pure nickel inventory increased by 1,000 tons to 41,000 tons, the nickel - iron inventory decreased by 4,000 tons to 29,200 tons, and the stainless - steel inventory decreased by 16,000 tons to 919,000 tons [6] Tin - Shanghai tin showed a positive line oscillation, with the spot tin price dropping to 273,300 yuan. Overseas, although the positions are still relatively concentrated, the position - volume risk has decreased. Domestic leading production capacity is under maintenance. Technically, there is resistance at 275,000 yuan for the domestic market and $35,000 for the overseas market. It is not recommended to chase long positions [7] Lithium Carbonate - The total market inventory decreased by 1,000 tons to 138,500 tons. The smelter inventory decreased by 3,200 tons to 36,000 tons, and the downstream inventory increased by 3,000 tons to 58,000 tons. The price of lithium carbonate has a low - level support, and a short - term bullish view is taken [8] Industrial Silicon - Industrial silicon was boosted by coal - related news, reaching 9,000 yuan per ton during the day and then falling back to close at 8,800 yuan per ton. In September, the supply - side output is expected to increase by 5% month - on - month, while the downstream polysilicon and organic silicon industries are expected to have a slight decline in output. The short - term is expected to maintain a volatile operation [9] Polysilicon - The main contract of polysilicon closed slightly down at 53,500 yuan per ton. Only a few enterprises have implemented production cuts, and the reduction range is limited. The main contract of polysilicon can be expected to oscillate in the range of 50,000 - 55,000 yuan per ton [10]
广发期货《有色》日报-20250915
Guang Fa Qi Huo· 2025-09-15 12:30
1. Report Industry Investment Ratings No relevant information is provided in the reports. 2. Core Views Copper - The macro situation indicates that a September interest rate cut is certain, but the long - term impact on copper prices is limited. The fundamental situation shows "weak reality + stable expectations". In the future, copper pricing will return to macro trading, and prices will at least remain volatile. The main reference range is 79,500 - 82,000 yuan/ton [1]. Aluminum - For alumina, it is expected to fluctuate between 2,900 - 3,200 yuan/ton in the short - term. For aluminum, prices are expected to fluctuate around the peak - season expectations and actual consumption this week, with the main contract reference range of 20,600 - 21,400 yuan/ton [3]. Aluminum Alloy - The price of cast aluminum alloy futures followed the rise of aluminum prices last week. It is expected that the spot price will remain firm, and the inventory accumulation rate will slow down. The main contract reference range this week is 20,200 - 21,000 yuan/ton [5]. Zinc - The supply of zinc is expected to be loose, and the upside space of Shanghai zinc is limited. In the short - term, prices may rise due to macro - drivers, but the fundamentals lack the elasticity for continuous upward movement. The main reference range is 21,800 - 22,800 yuan/ton [8]. Tin - Supply remains tight, and the expectation of interest rate cuts in the US is strengthening. It is expected that tin prices will continue to fluctuate at a high level, with the operating range of 265,000 - 285,000 yuan/ton [11]. Nickel - In the short - term, there is limited unilateral driving force. It is expected that the market will adjust within a range, with the main reference range of 118,000 - 124,000 yuan/ton [13]. Stainless Steel - The short - term market is expected to fluctuate within a range, with the operating range of 12,600 - 13,400 yuan/ton [15]. Lithium Carbonate - The short - term market is expected to fluctuate and consolidate, with the price center of reference in the range of 70,000 - 74,000 yuan/ton [18]. 3. Summary by Directory Copper Price and Basis - SMM 1 electrolytic copper price increased by 0.72% to 80,755 yuan/ton; the import profit and loss increased by 264.49 yuan/ton to - 17 yuan/ton [1]. Fundamental Data - In August, electrolytic copper production was 117.15 million tons, a month - on - month decrease of 0.24%; in July, the import volume was 29.69 million tons, a month - on - month decrease of 1.20% [1]. Aluminum Price and Spread - SMM A00 aluminum price increased by 0.77% to 21,020 yuan/ton; the import profit and loss decreased by 134.8 yuan/ton to - 1374 yuan/ton [3]. Fundamental Data - In August, alumina production was 773.82 million tons, a month - on - month increase of 1.15%; electrolytic aluminum production was 373.26 million tons, a month - on - month increase of 0.30% [3]. Aluminum Alloy Price and Spread - SMM East China ADC12 price increased by 0.48% to 21,050 yuan/ton; the scrap - to - refined price difference in Foshan for broken primary aluminum increased by 6.98% to 1,432 yuan/ton [5]. Fundamental Data - In August, the production of recycled aluminum alloy ingots was 61.50 million tons, a month - on - month decrease of 1.60%; the production of primary aluminum alloy ingots was 27.10 million tons, a month - on - month increase of 1.88% [5]. Zinc Price and Spread - SMM 0 zinc ingot price increased by 0.23% to 22,230 yuan/ton; the import profit and loss decreased by 135.84 yuan/ton to - 2805 yuan/ton [8]. Fundamental Data - In August, refined zinc production was 62.62 million tons, a month - on - month increase of 3.88%; in July, the import volume was 1.79 million tons, a month - on - month decrease of 50.35% [8]. Tin Spot Price and Basis - SMM 1 tin price increased by 0.37% to 271,100 yuan/ton; the LME 0 - 3 premium decreased by 55.74% to 27.00 US dollars/ton [11]. Fundamental Data - In July, tin ore imports were 10,278 tons, a month - on - month decrease of 13.71%; SMM refined tin production was 15,940 tons, a month - on - month increase of 15.42% [11]. Nickel Price and Cost - SMM 1 electrolytic nickel price increased by 1.15% to 122,850 yuan/ton; the cost of integrated MHP to produce electrolytic nickel decreased by 2.81% to 118,531 yuan/ton [13]. Supply and Inventory - In August, China's refined nickel production was 32,200 tons, a month - on - month increase of 1.26%; the import volume was 17,536 tons, a month - on - month decrease of 8.46% [13]. Stainless Steel Price and Spread - The price of 304/2B (Yuantong Hongwang 2.0 coil) remained unchanged at 13,150 yuan/ton; the futures - spot price difference increased by 11.11% to 450 yuan/ton [15]. Fundamental Data - In August, 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 import volume was 7.30 million tons, a month - on - month decrease of 33.30% [15]. Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate average price decreased by 0.55% to 72,450 yuan/ton; the lithium spodumene concentrate CIF average price decreased by 0.24% to 842 US dollars/ton [18]. Fundamental Data - In August, lithium carbonate production was 85,240 tons, a month - on - month increase of 4.55%; the total inventory was 94,177 tons, a month - on - month decrease of 3.75% [18].
有色和贵金属每日早盘观察-20250915
Yin He Qi Huo· 2025-09-15 12:16
Report Industry Investment Rating No information provided in the report. Core Viewpoints The report analyzes the market conditions, important news, logical analysis, and trading strategies of various metals including precious metals, copper, alumina, casting aluminum alloy, electrolytic aluminum, zinc, lead, nickel, stainless steel, industrial silicon, polysilicon, lithium carbonate, and tin. The market for each metal is influenced by factors such as macro - economic data, supply - demand relationships, policy changes, and geopolitical events. The investment opportunities and risks vary among different metals, and specific trading strategies are proposed accordingly [3][8][12]. Summary by Metal Precious Metals - **Market Review**: London gold closed up 0.26% at $3643.06 per ounce, and London silver closed up 1.58% at $42.16 per ounce. The US dollar index rose 0.14% to 97.68, the 10 - year US Treasury yield fell to 4.027%, and the RMB against the US dollar fell 0.09% to 7.1246 [3]. - **Important News**: US inflation expectations and consumer confidence index were released, and there were Trump administration dynamics and high probabilities of Fed rate cuts [3]. - **Logic Analysis**: The US labor market's vulnerability and inflation data have strengthened the market's expectation of multiple Fed rate cuts this year [3]. - **Trading Strategy**: Consider reducing positions on rallies or taking profits near the 5 - day moving average; wait and see for arbitrage and options [6]. Copper - **Market Review**: The night - session of SHFE copper 2510 contract closed at 80810 yuan per ton, up 0.19%. LME copper closed at $10064.5 per ton, up 0.07%. LME inventory decreased by 225 tons to 15.39 million tons, and COMEX inventory increased by 653 tons to 31.04 million tons [8]. - **Important News**: There were Sino - US trade talks, and Grasberg copper mine had an accident [8]. - **Logic Analysis**: The US inflation and labor market data, along with supply disruptions and changes in inventory, have affected the copper market. The supply is tight, and the consumption shows a "not - so - prosperous peak season" [9]. - **Trading Strategy**: Consider going long on dips, pay attention to the support at $10000 per ton; conduct inter - market positive arbitrage; wait and see for options [10]. Alumina - **Market Review**: The night - session of alumina 2511 contract fell 11 yuan to 2897 yuan per ton. Spot prices in different regions showed declines [12]. - **Important News**: There were delays in Indian bauxite mining projects, changes in inventory, and cost and profit data [12][13]. - **Logic Analysis**: The supply - demand surplus in the alumina market is becoming more obvious, with prices falling both at home and abroad. However, beware of the impact of "anti - involution" sentiment [14]. - **Trading Strategy**: The price is expected to continue to be weak; wait and see for arbitrage and options [15]. Casting Aluminum Alloy - **Market Review**: The night - session of casting aluminum alloy 2511 contract rose 10 to 20580 yuan per ton. Spot prices in different regions increased [17]. - **Important News**: Policy changes affected the regenerative aluminum industry, and there were cost and inventory data [18][19]. - **Logic Analysis**: Policy changes have affected the supply of scrap aluminum, while the downstream demand is increasing. The market supply is tightening, and the price is expected to be stable and strong [20]. - **Trading Strategy**: The price is expected to be strong; wait and see for arbitrage and options [21][22]. Electrolytic Aluminum - **Market Review**: The night - session of SHFE aluminum 2510 contract rose 45 yuan to 21075 yuan per ton. Spot prices in different regions increased [24]. - **Important News**: There were Sino - US trade talks, changes in inventory, and new electrolytic aluminum projects in Indonesia [24]. - **Logic Analysis**: The market's expectation of Fed rate cuts has strengthened, and the supply - demand shortage pattern supports the aluminum price [26][28]. - **Trading Strategy**: The aluminum price is expected to be strong in the short - term; conduct AL10 - 12 positive arbitrage; wait and see for options [29]. Zinc - **Market Review**: LME zinc rose 1.76% to $2956 per ton, and SHFE zinc 2510 rose 0.09% to 22300 yuan per ton [31]. - **Important News**: There were changes in zinc ore processing fees [32]. - **Logic Analysis**: The domestic refined zinc supply may decrease slightly, and the consumption is flat. Overseas, LME is in a de - stocking phase, which supports the LME zinc price [32]. - **Trading Strategy**: The zinc price may be strong in the short - term; consider shorting on rallies in the medium - long term; wait and see for arbitrage and options [32][33]. Lead - **Market Review**: LME lead rose 1.18% to $2019 per ton, and SHFE lead 2510 rose 1.03% to 17140 yuan per ton [35]. - **Important News**: The operating rate of recycled lead smelters decreased [35]. - **Logic Analysis**: The reduction in domestic recycled lead supply and the pre - holiday stocking demand may push up the lead price, but beware of the impact of lead imports [36]. - **Trading Strategy**: The lead price is expected to be strong in the short - term; wait and see for arbitrage and options [36]. Nickel - **Market Review**: LME nickel rose $160 to $15380 per ton, and SHFE nickel rose 820 to 122010 yuan per ton [38]. - **Important News**: There were no major impacts on nickel mining operations in Indonesia, and there were new investment talks for nickel smelting projects [39]. - **Logic Analysis**: The market is optimistic about the macro - environment, but the supply increase in the peak season and the increase in LME inventory put pressure on the price [39]. - **Trading Strategy**: The nickel price is expected to be volatile and strong; wait and see for arbitrage and options [40]. Stainless Steel - **Market Review**: The SS2511 contract rose 15 to 12945 yuan per ton [43]. - **Important News**: Stainless steel enterprises are undergoing low - carbon emission transformation, and there are new global green trade rules [44]. - **Logic Analysis**: The Fed's possible rate cut, the "15th Five - Year Plan", and the approaching consumption peak season support the price [44]. - **Trading Strategy**: The stainless steel price is expected to be volatile and strong; wait and see for arbitrage [45]. Industrial Silicon - **Market Review**: The industrial silicon futures contract closed at 8745 yuan per ton, and the spot price rose 100 yuan per ton [47]. - **Important News**: There were changes in coal prices and industrial silicon production and inventory [49]. - **Logic Analysis**: The supply - demand balance will shift to a slight surplus, and the price may decline slightly but with limited amplitude [50]. - **Trading Strategy**: The price may decline in the short - term; consider going long after a sufficient decline; sell out - of - the - money put options; conduct reverse arbitrage for 11 and 12 contracts [51]. Polysilicon - **Market Review**: No specific market review information provided. - **Important News**: The cost and demand in the silicon wafer segment increased, and there were price increases [55]. - **Logic Analysis**: The long - term price trend is upward, but in the short - term, there are both positive and negative factors [55]. - **Trading Strategy**: The price is expected to be volatile in the short - term; buy on dips in the long - term; conduct reverse arbitrage for 2511 and 2512 contracts; hold out - of - the - money put options [55]. Lithium Carbonate - **Market Review**: The 2511 contract rose 500 to 71160 yuan per ton, and spot prices fell [57]. - **Important News**: There were policies to promote automobile consumption and a new lithium carbonate project in Argentina [57][59]. - **Logic Analysis**: The new automobile industry policy may boost the demand for lithium carbonate, but the price lacks strong driving forces [60]. - **Trading Strategy**: The price is expected to be in a wide - range shock; wait and see for arbitrage; sell out - of - the - money call options [61][62]. Tin - **Market Review**: SHFE tin closed at 274160 yuan per ton, up 0.48%. Spot prices rose, but the trading volume was low [62][63]. - **Important News**: There were Sino - US trade talks and Peruvian tin export data [63]. - **Logic Analysis**: The supply of tin ore is tight, and the demand improvement is slow. The inventory has increased [63]. - **Trading Strategy**: The tin price is expected to be volatile and strong in the short - term; wait and see for options [64].