1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The Shanghai copper main contract rebounded slightly, with a decrease in open interest, a spot discount, and a strengthening basis. The copper industry is in a stage of rising supply and demand and inventory accumulation, with overall positive industry expectations. In terms of options, the market sentiment is bullish, and implied volatility has slightly increased. Technically, the 60 - minute MACD shows that the double - line is near the 0 - axis and the red bars are slightly contracting. The suggestion is to conduct short - term long - position trading on dips with a light position, while paying attention to controlling the rhythm and trading risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai copper futures main contract was 101,520 yuan/ton, up 1,330 yuan; the LME 3 - month copper price was 13,120 dollars/ton, up 166 dollars. The main contract's inter - month spread was - 230 yuan/ton, down 30 yuan; the open interest of the Shanghai copper main contract was 194,900 lots, down 4,957 lots. The net position of the top 20 futures holders of Shanghai copper was - 75,319 lots, down 2,433 lots. LME copper inventory was 294,250 tons, up 9,925 tons; SHFE cathode copper inventory was 425,145 tons, up 33,616 tons; LME copper cancelled warrants were 13,125 tons, up 1,650 tons; SHFE cathode copper warrants were 319,655 tons, down 2,856 tons; COMEX copper inventory was 596,438 short tons, down 1,500 short tons [2] 3.2 Spot Market - The price of SMM 1 copper spot was 101,405 yuan/ton, up 1,925 yuan; the price of Yangtze River Non - ferrous Market 1 copper spot was 101,535 yuan/ton, up 1,160 yuan. The Shanghai electrolytic copper CIF (bill of lading) price was 43 dollars/ton, unchanged; the average premium of Yangshan copper was 44 dollars/ton, unchanged. The basis of the CU main contract was - 115 yuan/ton, up 595 yuan; the LME copper cash - to - 3 - month spread was - 67.22 dollars/ton, down 22.36 dollars [2] 3.3 Upstream Situation - The import volume of copper ore and concentrates was 270.43 million tons, up 17.8 million tons. The copper smelter's TC was - 56.05 dollars/kiloton, down 5.62 dollars. The price of copper concentrate in Jiangxi was 91,810 yuan/metal ton, up 1,150 yuan; in Yunnan, it was 92,510 yuan/metal ton, up 1,150 yuan. The processing fee for blister copper in the south was 2,300 yuan/ton, down 100 yuan; in the north, it was 1,800 yuan/ton, down 100 yuan [2] 3.4 Industry Situation - The output of refined copper was 132.6 million tons, up 9 million tons. The import volume of unwrought copper and copper products was 315,793.95 tons, down 124,206.05 tons. The social inventory of copper was 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire in Shanghai was 67,190 yuan/ton, down 550 yuan; the price of 2 copper (94 - 96%) in Shanghai was 82,050 yuan/ton, down 350 yuan. The ex - factory price of 98% sulfuric acid from Jiangxi Copper was 1,080 yuan/ton, unchanged [2] 3.5 Downstream and Application - The output of copper products was 222.91 million tons, up 0.31 million tons. The cumulative completed investment in power grid infrastructure construction was 6,395.02 billion yuan, up 791.13 billion yuan. The cumulative completed investment in real estate development was 82,788.14 billion yuan, up 4,197.24 billion yuan. The monthly output of integrated circuits was 4,807,345.5 million pieces, up 415,345.5 million pieces [2] 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper was 30%, down 4.82%; the 40 - day historical volatility was 35.34%, down 0.71%. The implied volatility of the current - month at - the - money IV was 24.44%, up 0.0189; the at - the - money option call - to - put ratio was 1.32, down 0.0388 [2] 3.7 Industry News - In February, China's CPI rose 1.3% year - on - year, the highest in nearly three years, and the core CPI rose 1.8% year - on - year. The national PPI fell 0.9% year - on - year, with the decline narrowing for three consecutive months. The Iran conflict severely hit the eurozone's economic growth expectations, and investor confidence declined significantly. The eurozone Sentix confidence index in March fell 7.3 points to - 3.1. US President Trump said that the war was basically over, was considering controlling the Strait of Hormuz, and it was too early to talk about seizing Iranian oil [2]

Group 1 - BlackRock's long position in Luoyang Luanchuan Molybdenum Co., Ltd. H-shares decreased from 9.06% to 8.82% as of March 4, 2026 [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - International oil prices have fluctuated sharply, with the price rising to $119.5 and then falling back to $91 due to geopolitical supply - cut expectations and the expectation of the end of the US - Iran war [2] - China's inflation in February rebounded overall, with CPI rising to 1.3% year - on - year and PPI narrowing to - 0.9%. The A - share market is likely to maintain a volatile and sector - differentiated pattern in the short term [3] - Gold prices are expected to show a slightly weakening trend in a volatile manner with limited downward space, while silver prices will remain highly volatile [5] - Copper prices are expected to stabilize and rebound in the short term [7] - Aluminum prices are expected to remain strong before the conflict eases and the Strait of Hormuz is unblocked [8] - Alumina prices are under pressure after a brief surge [9] - Cast aluminum is expected to remain strong [10] - Zinc prices are expected to be volatile [11] - Lead prices are expected to remain in a low - level consolidation [13] - Tin prices are expected to be supported by downstream rigid - demand replenishment [14] - Nickel prices are expected to remain volatile in the short term [15] - Steel futures prices are expected to continue to rebound in a volatile manner [17] - Iron ore prices are expected to rebound in a volatile manner in the short term [18] - Coking coal and coke futures are expected to be volatile and slightly stronger [19] - Soybean and rapeseed meal prices are expected to run slightly stronger in a volatile manner [21] - Palm oil prices are expected to run slightly stronger in a volatile manner [23] 3. Summarized by Relevant Catalogs 3.1 Macroeconomic Situation - Overseas: Oil prices have fluctuated sharply. The market first priced in the "worst - case scenario" due to supply concerns, and then prices fell as G7 and IEA discussed releasing oil reserves and the US considered relaxing sanctions on Russian oil. The US stock market rebounded, the 10 - year US Treasury yield fell to 4.1%, the US dollar index fell to 98.8, and precious metals and copper prices recovered [2] - Domestic: In February, inflation rebounded. CPI rose to 1.3% year - on - year, and PPI narrowed to - 0.9%. The A - share market was under pressure, with the Shanghai Composite Index failing to recover the 4100 mark. The market is likely to be volatile and sector - differentiated in the short term [3] 3.2 Precious Metals - Gold: COMEX gold futures fell 0.19% to $5148.70 per ounce. Trump's remarks on the progress of the military operation in Iran eased market panic, suppressing gold's rise. The increase in inflation expectations and the strengthening of the US dollar also pressured gold prices. Gold is expected to be slightly weak in a volatile manner [4][5] - Silver: COMEX silver futures rose 3.60% to $87.34 per ounce. The improvement in market risk appetite led to a rebound in silver prices, which are expected to remain highly volatile [4][5] 3.3 Base Metals - Copper: LME copper rebounded to around $13000. Multiple factors such as Trump's remarks on the end of the US - Iran conflict, Iran's oil transportation, and G7's plan to release oil reserves led to a recovery in market risk appetite, driving copper prices to rebound. The supply - demand balance of copper is expected to continue in the future, and copper prices are expected to stabilize and rebound in the short term [6][7] - Aluminum: Shanghai aluminum futures rose 1.61%. Although Trump said the war on Iran might end soon, supply concerns still exist, and aluminum prices are expected to remain strong before the conflict eases and the Strait of Hormuz is unblocked [8] - Alumina: The futures price rose 3.57%. Although there was a short - term upward drive, due to high inventory, high - level production capacity, and the possible inflow of overseas surplus capacity, the price is under pressure after a brief surge [9] - Cast Aluminum: The futures price rose 1.98%. Supply shortages dominate the market, and cast aluminum prices are expected to remain strong [10] - Zinc: Shanghai zinc futures were volatile. The improvement in market risk appetite reduced the pressure on metals, but the uncertainty in the US - Iran situation and high energy costs provided support. Domestic supply and demand both increased, and zinc prices are expected to be volatile [11] - Lead: Shanghai lead futures were in a low - level consolidation. High inventory suppressed lead prices, but the cost side provided support, and lead prices are expected to remain in a low - level consolidation [13] - Tin: Shanghai tin futures showed a downward - then - upward trend. Although the supply - side uncertainty decreased, downstream rigid - demand replenishment increased, and tin prices are expected to be supported [14] - Nickel: Shanghai nickel futures were volatile. The improvement in market risk appetite and the recovery of downstream demand, but the lack of independent driving factors, nickel prices are expected to remain volatile in the short term [15] 3.4 Steel and Iron Ore - Steel: Steel futures rose. Spot market trading volume increased, and demand entered the seasonal release stage. Although supply also increased, the limited profit of steel mills restricted production expansion. Steel prices are expected to continue to rebound in a volatile manner [16][17] - Iron Ore: Iron ore futures rose. Overseas shipments decreased, and domestic steel mills resumed production, increasing demand for iron ore. Although port inventory remained high, iron ore prices are expected to rebound in a volatile manner in the short term [18] 3.5 Coking Coal and Coke - Coking coal and coke: Futures prices fluctuated widely. After the Spring Festival, coking coal supply increased, and inventory accumulated. Coke production recovered, but downstream procurement was cautious. Affected by short - term news, prices are expected to be volatile and slightly stronger [19] 3.6 Agricultural Products - Soybean and Rapeseed Meal: Soybean and rapeseed meal futures prices rose. Brazilian soybean harvesting progress exceeded 50%, and the precipitation in the Argentine soybean - producing area was lower than the average. The inventory of soybean meal in oil mills increased. Affected by market sentiment and funds, prices are expected to run slightly stronger in a volatile manner [20][21] - Palm Oil: Palm oil futures prices rose significantly. Indonesia may restart the B50 biodiesel plan. Affected by oil prices and inventory changes, palm oil prices are expected to run slightly stronger in a volatile manner [22][23] 3.7 Industry Data - The report provides detailed trading data of various metal futures contracts on March 9, including closing prices, price changes, trading volumes, and open interests [24] - It also presents the industrial data of multiple commodities on March 9 and March 6, such as inventory, spot prices, and price spreads [25][28][30]

Investment Rating - The report maintains a "Positive" rating for the steel industry and a "Positive" rating for the non-ferrous metals industry, with "Buy" ratings for specific companies including Luoyang Molybdenum, Zhongjin Gold, Huayou Cobalt, Zijin Mining, and China Aluminum [2][7]. Core Views - The report highlights that geopolitical tensions are likely to support aluminum prices due to expected supply tightening, while the gold market faces increased volatility due to rising oil prices and geopolitical developments [3][6][49]. - The report emphasizes the importance of monitoring the ongoing conflict in the Middle East, particularly its impact on market sentiment and commodity prices [7][19]. Industry Summary Steel - Supply and demand have shown some recovery post-holiday, but demand is recovering slower than supply, leading to increased inventory levels. As of March 6, total steel inventory was 19.27 million tons, up 5.54% from the previous period [20][26]. - The production of five major steel products was 7.97 million tons, a slight increase of 0.06% from the previous week, but down 4.44% year-on-year [21][26]. Copper - Copper inventories continue to accumulate, with geopolitical tensions affecting market demand. As of March 6, LME copper prices were $12,800 per ton, down 4.70% from the previous period [44][42]. - The report notes that the ongoing conflict is expected to keep pressure on copper prices due to rising oil prices and a stronger dollar [9][41]. Aluminum - The report indicates that the Middle East's electrolytic aluminum exports are hindered, leading to a tightening supply situation that may support aluminum prices. As of March 6, LME aluminum prices were $3,400 per ton, up 7.21% from the previous period [47][49]. - Domestic electrolytic aluminum production capacity is expected to face challenges due to policy constraints [10][49]. Precious Metals - The report discusses the impact of geopolitical tensions on gold prices, which have been under pressure due to inflation concerns and a stronger dollar. As of March 6, gold prices were $5,181.30 per ounce, down 2.17% from the previous period [53][54]. - The report suggests that investors should closely monitor developments in the Iranian conflict as it may influence market dynamics [53][54]. Lithium and New Energy Metals - The report notes that lithium prices are under pressure due to concerns over energy storage demand amid geopolitical tensions. As of March 6, battery-grade lithium carbonate prices were 157,000 yuan per ton, down 8.99% from the previous period [59][58]. - The report highlights the potential for price weakness in lithium due to rising oil prices and market uncertainties [58][59]. Rare Earths and Minor Metals - The report indicates that rare earth prices have declined due to poor demand data from the electric vehicle sector and geopolitical tensions. As of March 6, light rare earth oxide prices were 850,000 yuan per ton, down 4.49% from the previous period [65][66]. - The report emphasizes the need to monitor geopolitical developments and downstream demand data for potential impacts on rare earth prices [65][66].

Core Viewpoint - The article discusses the performance of the Nonferrous Metals ETF (512400) and its major holdings, highlighting the fluctuations in stock prices of key companies within the sector [1] Group 1: ETF Performance - The Nonferrous Metals ETF (512400) opened with a gain of 0.66%, priced at 2.272 yuan [1] - Since its inception on August 3, 2017, the ETF has achieved a return of 130.66%, with a recent one-month return of 2.76% [1] Group 2: Major Holdings Performance - Key stocks within the ETF include: - Zijin Mining: up 1.59% - Luoyang Molybdenum: up 1.79% - Northern Rare Earth: up 1.15% - Huayou Cobalt: up 1.68% - China Aluminum: down 3.21% - Ganfeng Lithium: up 1.53% - Shandong Gold: up 1.43% - Yun Aluminum: down 3.27% - Zhongjin Gold: up 1.53% - Cangge Mining: up 1.15% [1]

Report Summary Industry Investment Rating No information provided on the industry investment rating. Core View The energy upstream sector is on an upward trend, with continuous increases in the prices of liquefied natural gas and crude oil. The domestic refined oil price has experienced a "four - consecutive increase", and it is expected to continue rising in the next adjustment window. Meanwhile, various industries show different trends, such as price changes in agriculture and non - ferrous metals, and fluctuations in the sales of real estate and the operation of service industries [1][2]. Summary by Directory 1. Mid - view Event Overview - **Production Industry**: On March 9, the National Development and Reform Commission announced an increase in domestic gasoline and diesel prices by 695 yuan/ton and 670 yuan/ton respectively. After conversion, 92 - octane gasoline, 95 - octane gasoline, and 0 - diesel increased by 0.55 yuan, 0.58 yuan, and 0.57 yuan per liter. It is predicted that the domestic refined oil price will continue to rise in the next adjustment window on March 23, with an expected increase of 0.5 - 1 yuan per liter [1]. - **Service Industry**: The Minister of Agriculture and Rural Affairs suggested appropriate reduction of oil consumption, increase in soybean and milk intake. The Minister of Transport stated that during the "15th Five - Year Plan" period, the "Artificial Intelligence +" action will be implemented to develop intelligent transportation [1]. 2. Industry Overview - **Upstream**: Energy (liquefied natural gas and crude oil prices rising), agriculture (palm oil price rebounding), and non - ferrous metals (copper price slightly falling) [2]. - **Mid - stream**: Chemical industry (PX and urea operating rates at high levels, polyester operating rate at a low level), energy (power plant coal consumption decreasing, inventory at a low level), and infrastructure [2]. - **Downstream**: Real estate (seasonal decline in the sales of commercial housing in first - and second - tier cities), and service (decline in the number of domestic flights) [2]. 3. Key Industry Price Index Tracking - **Agriculture**: On March 9, the spot price of corn was 2320.0 yuan/ton (up 0.93% year - on - year), eggs 6.4 yuan/kg (up 0.79% year - on - year), palm oil 9750.0 yuan/ton (up 8.94% year - on - year), cotton 16644.8 yuan/ton (up 0.30% year - on - year), and pork 17.1 yuan/kg (down 0.93% year - on - year) [32]. - **Non - ferrous Metals**: The spot price of copper was 100168.3 yuan/ton (down 1.98% year - on - year), zinc 24348.0 yuan/ton (down 0.03% year - on - year), aluminum 25223.3 yuan/ton (up 6.71% year - on - year), nickel 140300.0 yuan/ton (up 0.56% year - on - year), and another aluminum price 16675.0 yuan/ton (up 0.04% year - on - year) [32]. - **Metals**: The spot price of rebar was 3186.7 yuan/ton (up 1.78% year - on - year), iron ore 779.4 yuan/ton (up 1.62% year - on - year), and wire rod 3367.5 yuan/ton (up 1.28% year - on - year) [32]. - **Non - metals**: The spot price of glass was 13.5 yuan/square meter (up 0.75% year - on - year), natural rubber 16925.0 yuan/ton (down 0.59% year - on - year), and the China Plastic City Price Index was 950.0 (up 19.97% year - on - year) [32]. - **Energy**: The spot price of WTI crude oil was 90.9 dollars/barrel (up 35.63% year - on - year), Brent crude oil 92.7 dollars/barrel (up 27.20% year - on - year), liquefied natural gas 4926.0 yuan/ton (up 47.66% year - on - year), and coal 791.0 yuan/ton (down 0.38% year - on - year) [32]. - **Chemical Industry**: The spot price of PTA was 5857.3 yuan/ton (up 8.98% year - on - year), polyethylene 8650.0 yuan/ton (up 26.89% year - on - year), urea 1851.3 yuan/ton (down 0.27% year - on - year), and soda ash 1230.0 yuan/ton (up 2.26% year - on - year) [32]. - **Real Estate**: The national cement price index was 127.1 (down 1.25% year - on - year), the building materials composite index (up 0.39% year - on - year), and the national concrete price index was 89.8 (unchanged year - on - year) [32].

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [6] Core Views - The geopolitical tensions in the Middle East are causing differentiated impacts on non-ferrous metals, with concerns over demand decline due to stagflation risks and supply disruptions affecting energy costs [1] - Gold and aluminum are expected to benefit from these geopolitical events, with gold prices projected to reach $5400-6800/oz between 2026 and 2028 [1][2] - Copper prices are expected to be under short-term pressure but remain optimistic in the medium term due to increased demand for military stockpiling and supply disruptions [4] - The lithium industry may face short-term demand suppression due to high energy prices, but long-term benefits are anticipated from the acceleration of new energy and storage projects [5] Summary by Sections Gold - Gold has a strong crisis-hedging attribute, with historical data showing positive returns during geopolitical risk events [2][12] - The report suggests that gold prices may experience fluctuations upward during the 2026 Middle East geopolitical events, with potential for significant increases if asset allocation towards gold rises [17][25] Aluminum - The geopolitical events in the Middle East are expected to significantly disrupt aluminum supply, with a projected global supply growth rate of only 1.0% in 2026 and a supply-demand gap expected to exceed 1.3 million tons [3][36] - If the geopolitical tensions persist for over six months, the upward price ceiling for aluminum may be further opened due to potential production cuts in Europe [39] Copper - The impact of Middle Eastern geopolitical events on copper prices is characterized as short-term bearish but long-term bullish, with potential supply disruptions estimated to affect less than 1.8% of global copper supply [4][42] - The report emphasizes that while short-term pressures exist, medium-term demand from military stockpiling and infrastructure investment may support copper prices [49] Lithium - The report indicates that the Middle East geopolitical situation has limited impact on existing lithium supply and transportation, with short-term demand concerns due to rising energy prices [5][52] - Long-term demand for lithium is expected to benefit from the acceleration of new energy and storage projects in Europe and the Middle East [5][55] Strategic Minor Metals - Strategic minor metals such as rare earths, tungsten, and antimony are expected to see price increases due to limited supply and rising military stockpiling demand [5]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The "mid - cap blue - chip" style is strengthening, and the market in March 2026 may follow the logic of the cycle + high - end manufacturing sectors. The report is optimistic about the cycle and manufacturing fields, suggesting to focus on chemical, non - ferrous (especially small and medium - sized metals), agricultural products and related shipping and transportation in the cycle field, and military industry, large aircraft, new energy, robots, high - end equipment in the manufacturing field. Based on the industry and style rotation model, it also recommends paying attention to non - ferrous metals, communication, national defense and military industry, coal, basic chemical industries and the mid - cap value style in March [7][60]. Summary by Directory ETF Market Overview - As of February 27, 2026, there are 1447 domestic ETF products, an increase of 49 compared with the beginning of the year, and the total scale is 5.39 trillion yuan, a rebound of 584 billion yuan from the previous month [7][10]. Dynamics of ETFs in Each Asset Class - **A - share ETFs**: There are 1093 A - share ETFs, an increase of 6 from the previous month, and the total scale is 3.12 trillion yuan, a rebound of 192 billion yuan. The scale of two products exceeds 100 billion yuan, and oil and gas, ship, and non - ferrous related products have the highest increases in performance [12][14]. - **Cross - border ETFs**: There are 257 cross - border ETFs, an increase of 2 from the previous month, and the total scale is 1.0179 trillion yuan, an increase of 2 billion yuan. South Korea - China chip, S&P oil and gas, and Brazil - related ETFs are relatively active, with the South Korea - China chip ETF from Huatai - Peregrine up more than 30% [21][23]. - **Bond ETFs**: There are 53 bond ETFs, the same as the previous month, and the total scale is 735 billion yuan, an increase of 137 billion yuan. Credit bond ETFs mainly composed of science and technology innovation bonds contribute the most to the increase [29]. - **Commodity ETFs**: There are 17 commodity ETFs, the same as the previous month, and the total scale is 344.3 billion yuan, a continuous increase of 21.4 billion yuan from the previous month. Soybean meal and non - ferrous ETFs have higher increases than gold ETFs in the past month [35]. Manager Landscape - **Manager Scale and Ranking**: The scale of leading fund managers has stabilized this month after a significant decline last month. As of February 27, 2026, Huaxia Fund and E Fund still rank top two in non - monetary ETF management scale. In terms of broad - based ETFs, Huaxia Fund ranks first, and in terms of industry ETFs, Huaxia Fund and E Fund are in the top two. The ranking of the top 20 in total ETF scale is also relatively stable this month [41]. - **Manager Competition Pattern Change**: The concentration of leading ETF managers has been declining since the beginning of 2026. As of February 27, 2026, the scale concentration of the top 10 managers has decreased by about 0.1 percentage points to 72.52% compared with the previous month, but the decline has narrowed significantly compared with the 4 - percentage - point decline last month [44]. Capital Flow Changes - **Large - scale Assets**: Capital has flowed out of A - share ETFs by over 200 billion yuan again, but the intensity has narrowed. It has continued to flow into cross - border and commodity ETFs. In the past month, capital has flowed out of the ETF market by 136.3 billion yuan in total, with A - share products having the largest outflow of 215.1 billion yuan, while cross - border and commodity products have inflows of 48 and 19 billion yuan respectively [7][47]. - **Sub - sectors**: Capital has significantly reduced its allocation to CSI 300, CSI 500, SSE 50, and science and technology innovation bonds, and increased its allocation to communication, Hang Seng Technology, gold, short - term financing bonds, and semiconductor/chip sectors [7][50]. Product Application Dynamics - In February 2026, 54 new product applications were received, an increase of 6 from the previous month. Products related to petroleum, electricity, agriculture and other industries with cyclical attributes had relatively more applications [58]. ETF Monthly Investment Strategy - **Based on Industry and Style Rotation Strategy**: The industry rotation strategy based on prosperity suggests being optimistic about non - ferrous metals, communication, national defense and military industry, coal, and basic chemical industries in March 2026. The style rotation strategy shows that the prosperity of the growth style may decline marginally in March, while the value style may diverge, and the mid - cap value style may continue to expand. - **Based on Subjective Strategy Analysis**: The investment focus will shift to "mid - cap blue - chips". It is recommended to focus on the cycle and manufacturing fields. In the cycle field, pay attention to chemicals, non - ferrous metals, agricultural products and related shipping and transportation; in the manufacturing field, focus on military industry, large aircraft, new energy, robots, and high - end equipment. - **March ETF Asset Pool**: A reference pool of equity ETFs for March 2026 is provided, covering mid - cap broad - based, strategy - based, technology - manufacturing, and cyclical sectors [60][78][79].

Report Summary 1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Report Core View - The report focuses on tin, suggesting to pay attention to its stabilization situation. The trend intensity of tin is 1, indicating a neutral stance [1][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - **Prices**: The closing price of the Shanghai Tin main contract was 383,710 with a daily decline of 2.40%, and the night - session closing price was 397,630 with a 3.51% increase. The closing price of the LME Tin 3M electronic disk was 50,095 with a 0.09% increase [2]. - **Volume and Open Interest**: The trading volume of the Shanghai Tin main contract was 301,708, an increase of 4,940 from the previous day, and the open interest was 35,900, a decrease of 2,671. The trading volume of the LME Tin 3M electronic disk was 944, an increase of 657, and the open interest was 22,015, an increase of 308 [2]. - **Inventory**: The inventory of Shanghai Tin was 10,124, a decrease of 123, and the LME Tin inventory was 8,025, an increase of 250. The cancellation warrant ratio of LME Tin was 6.57%, a decrease of 0.38% [2]. - **Spot and Spread Data**: - **Spot Prices**: The SMM 1 tin ingot price was 396,950, a decrease of 9,900 from the previous day; the Yangtze River Non - ferrous 1 tin average price was 382,400, a decrease of 17,700 [2]. - **Spreads**: The LME Tin (spot/three - month) spread was 19, an increase of 92; the spread between the near - month contract and the consecutive first - month contract was 186,730, a decrease of 7,000; the spread between the spot and the futures main contract was - 1,310, a decrease of 7,750 [2]. - **Industrial Chain Price Data**: - The prices of 40% tin concentrate (Yunnan) and 60% tin concentrate (Guangxi) both decreased by 9,900 to 380,950 and 384,950 respectively. The prices of 63A and 60A solder bars decreased by 6,000 to 262,750 and 251,250 respectively [2]. 3.2 Macro and Industry News - Iran's parliamentary speaker said that international oil prices may remain in the triple - digits for an extended period. Iran claimed to have "destroyed" a US military helicopter base in Kuwait. Saudi Arabia started to cut oil production as storage space is full. MiniMax released new lobster skills, and its stock price soared 20% during intraday trading, leading the AI sector [4].

1. Report's Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Views of the Report - The short - term trend of non - ferrous metals is affected by geopolitical factors and the change of risk sentiment, generally maintaining a volatile pattern [13][14]. - The future price of copper is expected to break upward with the recovery of the gold and silver market and the arrival of the consumption peak season [15][17]. - The zinc market is affected by geopolitical disturbances, and the price fluctuates under pressure, continuing the volatile trend [15][17]. - The aluminum industry chain shows a relatively strong and volatile trend, and it is recommended to adopt a cautious and bullish approach [17]. - The tin market is in a state of volatile consolidation, and it is recommended to wait and see [17]. - The lead market fluctuates in a range, and a high - selling and low - buying strategy can be adopted [18]. - The nickel and stainless - steel markets are in a stage of adjustment, and it is advisable to go long on dips [18]. 3. Summary According to Relevant Catalogs 3.1 First Part: Non - ferrous Metals Operation Logic and Investment Suggestions - **Macro Logic**: The situation in Iran dominates the sentiment of the capital market. The rise in oil prices and trade blockades increase inflation expectations, weaken the expectation of interest - rate cuts, and put pressure on non - ferrous metals. The impact depends on the duration of the situation. The performance of aluminum in the non - ferrous sector is relatively prominent, but it is also suppressed this week [13]. - **Investment Suggestions for Each Variety** - **Copper**: The current fundamentals are weak in the short term. The price is mainly driven by macro logic and valuation restoration. It is recommended to go long on dips. The support range is 98,000 - 99,000 yuan/ton, and the pressure range is 108,000 - 110,000 yuan/ton [15][17]. - **Zinc**: Affected by geopolitical factors, the price fluctuates under pressure. It is recommended to use a strategy of alternating bull and bear spreads. The support range is 23,800 - 24,000 yuan/ton, and the pressure range is 24,800 - 25,000 yuan/ton [15][17]. - **Aluminum Industry Chain**: It shows a relatively strong and volatile trend. It is recommended to wait and see or take a bullish approach. Different products in the industry chain have different support and pressure ranges [17]. - **Tin**: In a state of volatile consolidation, it is recommended to wait and see. The support range is 330,000 - 350,000 yuan/ton, and the pressure range is 460,000 - 480,000 yuan/ton [17]. - **Lead**: Fluctuates in a range, and a high - selling and low - buying strategy can be adopted. The support range is 16,400 - 16,600 yuan/ton, and the pressure range is 17,000 - 17,200 yuan/ton [18]. - **Nickel and Stainless - steel**: In a stage of adjustment, it is advisable to go long on dips. The support and pressure ranges for nickel and stainless - steel are provided respectively [18]. 3.2 Second Part: Non - ferrous Metals Market Review The closing prices and price changes of various non - ferrous metal futures are presented. For example, the closing price of copper is 100,190 yuan/ton, with a decline of 0.85%; the closing price of zinc is 24,420 yuan/ton, with an increase of 0.66% [20]. 3.3 Third Part: Non - ferrous Metals Position Analysis The latest position analysis of the non - ferrous metal sector is provided, including information on the strength of net long and short positions, changes in net long and short positions, and influencing factors for each variety [21]. 3.4 Fourth Part: Non - ferrous Metals Spot Market The spot prices and price changes of various non - ferrous metals are presented. For example, the Yangtze River Non - ferrous copper spot price is 100,490 yuan/ton, with a decline of 0.80%; the Yangtze River Non - ferrous 0 zinc spot average price is 24,340 yuan/ton, with an increase of 0.83% [24]. 3.5 Fifth Part: Non - ferrous Metals Industry Chain Graphs related to the industry chain of each non - ferrous metal are provided, including inventory changes, processing fees, and price trends [26][30][33]. 3.6 Sixth Part: Non - ferrous Metals Arbitrage Graphs related to arbitrage opportunities for each non - ferrous metal are provided, such as the change in the Shanghai - London ratio and the basis spread [63][65][66]. 3.7 Seventh Part: Non - ferrous Metals Options Graphs related to options for each non - ferrous metal are provided, including historical volatility, implied volatility, and changes in trading volume and open interest [80][82][86].