Core Viewpoint - The company is accelerating its strategic transformation towards the recycling of rare metals and high-value materials, aiming to enhance its position in the non-ferrous metals industry through a comprehensive resource reserve system and technological innovation [1][2][5] Group 1: Strategic Transformation - The company is focusing on a "one body, two wings" strategy, integrating rare metal recycling into its overall value enhancement strategy [1] - The company plans to expand its recycling categories to include scarce metals such as gallium, germanium, platinum, and palladium, while also developing high-end new materials for semiconductor and renewable energy applications [1][2] Group 2: Resource Reserve System - The company is establishing a dual-circulation resource reserve system through domestic exploration and overseas expansion, emphasizing the importance of mineral resources in the non-ferrous metals industry [1][2] - The company aims to enhance its resource reserves by exploring and extracting from key mines during the 14th Five-Year Plan period [2] Group 3: Technological Innovation - The company is committed to overcoming industry challenges through technological breakthroughs, emphasizing that core technology is essential for converting resource advantages into industry influence [3][5] - The company has achieved significant technological advancements in its smelting processes, including the development of a two-stage short-process copper smelting technology that reduces energy consumption by 20% and carbon emissions by 150 kg per ton of copper [3][5] Group 4: Sustainable Development - The company adheres to principles of green, low-carbon, and safe development, promoting efficient resource utilization and the application of energy-saving and environmentally friendly technologies [4][5] - The company implements annual environmental technology renovation projects to enhance its green production capabilities [4]

Core Viewpoint - Zhongjin Lingnan is accelerating its strategic transformation towards the recycling of rare metals and high-value materials, leveraging its deep accumulation in traditional metals like copper, lead, and zinc [1] Group 1: Strategic Development - The company aims to establish a world-class multi-metal resource company with a focus on a "one body, two wings" strategy, where the "one body" is mineral resources and the "two wings" are green smelting focused on rare metal recycling and deep processing of new materials [2] - Zhongjin Lingnan is building a "dual circulation" resource reserve system through domestic exploration and overseas expansion, emphasizing the importance of resource acquisition [2][8] - The company plans to enhance its resource reserves of rare metals such as gallium, germanium, indium, gold, silver, platinum, and palladium through exploration and mining activities during the 14th Five-Year Plan period [2] Group 2: Technological Innovation - Zhongjin Lingnan is committed to providing key material support for downstream industry upgrades, particularly in the semiconductor and new energy sectors, by focusing on the large-scale production of high-purity gallium, germanium, and indium [3][6] - The company has achieved significant technological breakthroughs in zinc smelting, being recognized as the first in China to successfully apply various innovative processes [4] - The company’s subsidiary, Zhongjin Copper, has developed a two-stage short-process copper smelting technology that has reached an internationally leading level, revolutionizing traditional copper smelting processes [5] Group 3: Environmental Sustainability - Zhongjin Lingnan emphasizes green, low-carbon, and safe development as a fundamental principle, promoting efficient resource utilization and the application of energy-saving and environmentally friendly technologies [7] - The company implements various environmental technology renovation projects annually, achieving significant reductions in energy consumption and carbon emissions compared to traditional processes [7] Group 4: Future Outlook - The company recognizes both opportunities and challenges in the rare metal industry, driven by explosive demand from emerging sectors like new energy and semiconductors, while also facing high dependence on foreign raw materials and technological gaps [8] - Zhongjin Lingnan aims to enhance its global resource control, technological leadership, and industry resilience through a "resource + technology + strategy" development logic, transitioning from a follower to a leader in the industry [8]

Core Viewpoint - Ganfeng Lithium announced a plan for a share reduction by its vice president, indicating potential changes in insider ownership and market sentiment [1] Company Summary - Ganfeng Lithium's vice president, Fu Lihua, holds approximately 220,000 shares, representing 0.01% of the company's total equity, and plans to reduce his holdings by up to 40,000 shares within a specified timeframe [1] - For the first half of 2025, Ganfeng Lithium's revenue composition is as follows: 56.78% from non-ferrous metal smelting and rolling processing, 35.52% from lithium batteries and cells along with their direct materials, and 7.7% from other sources [1] - As of the report, Ganfeng Lithium's market capitalization stands at 125 billion yuan [1]

Group 1: Report Summary - The report provides daily data on various non - ferrous metals and precious metals on October 22, 2025, including gold, silver, copper, aluminum, zinc, lead, nickel, stainless steel, and tin [1] Group 2: Gold - Shanghai Gold (AU) main contract closed at 952.56 yuan/gram, down 41.50 yuan from the previous month; near - month contract closed at 951.62 yuan/gram, down 5.62 yuan. COMEX gold main contract closed at 4138.50 dollars/ounce, down 235.80 dollars; near - month contract closed at 4119.20 dollars/ounce, down 237.40 dollars. London gold spot price was 4222.35 dollars/ounce, up 138.92 dollars. Shanghai Gold Exchange spot price was 990.81 yuan/gram, up 23.64 yuan [1] - Domestic basis (gold T + D - main contract) was 5.29 yuan/gram, down 3.72 yuan from the previous month; overseas basis (LBMA gold spot - COMEX AU01) was 173.90 dollars/ounce, up 62.85 dollars [1] Group 3: Silver - Shanghai Silver (AG) main contract closed at 11404 yuan/kilogram, down 401 yuan from the previous week; near - month contract closed at 11400 yuan/kilogram, down 398 yuan. COMEX silver main contract closed at 48.16 dollars/ounce, down 3.24 dollars; near - month contract closed at 47.44 dollars/ounce, down 3.73 dollars. London silver spot price was 49.95 dollars/ounce, unchanged. Shanghai Gold Exchange spot price was 11759 yuan/kilogram, up 1765 yuan [1] - Domestic basis (AG(T + D) - main contract) was 3 yuan/gram, up 12 yuan from the previous month; overseas basis (LBMA silver spot - COMEX AG01) was 1.39 dollars/ounce, down 50.75 dollars [1] Group 4: Copper - Shanghai Copper (CU) main contract closed at 85420 yuan/ton, down 380 yuan; continuous contract closed at 85380 yuan/ton, down 270 yuan. International Copper (BC) main contract and continuous contract both closed at 75960 yuan/ton, with the main contract down 340 yuan and the continuous contract up 920 yuan. LME copper 3M closed at 10658.50 dollars/ton, down 8.50 dollars. COMEX copper main contract closed at 4.95 dollars/pound, down 0.10 dollars [1] - Shanghai copper monthly spread (CU00 - CU01) was - 20 yuan/ton, down 20 yuan; international copper monthly spread (BC00 - BC01) was 20 yuan/ton, up 19.72 yuan. LME copper 0 - 3 spread was - 30.22 dollars/ton, down 23.35 dollars [1] - SMM1 electrolytic copper price was down 20 yuan/ton. Regional spot premiums varied, with East China down 20 yuan/ton and Guangdong up 40 yuan/ton. Various spot premiums and warehouse receipts premiums also had different changes [1] - Shanghai copper warehouse receipts inventory was down 1125 tons, international copper warehouse receipts inventory was down 2129 tons, LME copper warehouse receipts inventory was down 25 tons, and COMEX copper warehouse receipts inventory was up 34077 short tons [1] - Copper spot import loss was - 639.04 yuan/ton, 3M import loss was - 58.10 yuan/ton, scrap copper import loss was - 199.68 yuan/ton, and refined - scrap spread was 1059.90 yuan/ton [1] Group 5: Aluminum and Alumina - Shanghai Aluminum (AL) main contract closed at 21045 yuan/ton, up 80 yuan; continuous contract closed at 21015 yuan/ton, up 75 yuan. Alumina (AO) main contract closed at 2829 yuan/ton, up 19 yuan; continuous contract closed at 2799 yuan/ton, up 22 yuan. LME aluminum 3M closed at 2796 dollars/ton, up 39 dollars. COMEX aluminum main contract closed at 2728.25 dollars/ton, up 2.50 dollars [1] - Shanghai aluminum monthly spread (AL00 - AL01) was - 30 yuan/ton, down 25 yuan; alumina monthly spread (A000 - A001) was - 19 yuan/ton, down 7 yuan. LME aluminum 0 - 3 spread was - 2.38 dollars/ton, down 1.26 dollars [1] - Regional spot premiums for electrolytic aluminum and alumina varied in different regions. Aluminum ore and alumina prices also had different changes. Guinea CIF was 73 dollars/ton, unchanged [1] - Shanghai aluminum warehouse receipts inventory was down 2127 tons, alumina warehouse receipts inventory was up 3329 tons, LME aluminum warehouse receipts inventory was down 3000 tons, and COMEX aluminum warehouse receipts inventory was up 34077 tons [1] - Electrolytic aluminum spot import profit was 179.38 yuan/ton, 3M import profit was - 532.98 yuan/ton. Alumina factory profit was - 109.60 yuan/ton, and electrolytic aluminum factory smelting profit was 138.93 yuan/ton [1] Group 6: Zinc - Shanghai Zinc (ZN) main contract closed at 22000 yuan/ton, up 30 yuan; continuous contract closed at 21985 yuan/ton, up 20 yuan. LME zinc 3M closed at 3003 dollars/ton, up 25 dollars [1] - Shanghai zinc monthly spread (ZN00 - ZN01) was - 5 yuan/ton, down 10 yuan. LME zinc 0 - 3 spread was 61.05 dollars/ton, up 146.51 dollars [1] - Regional spot premiums for zinc varied in different regions. Refined zinc import prices and warehouse receipt prices also had changes. Shanghai zinc warehouse receipts inventory was 13039 tons, down 457 tons, and LME zinc warehouse receipts inventory was 35300 tons, down 3000 tons [1] - Refined zinc spot import loss was - 4749.93 yuan/ton, 3M import loss was - 192.44 yuan/ton, and refined zinc factory smelting loss was - 114.00 yuan/ton [1] Group 7: Lead - Shanghai Lead (PB) main contract closed at 17160 yuan/ton, up 50 yuan; continuous contract closed at 17160 yuan/ton, unchanged. LME lead 3M closed at 1992 dollars/ton, down 3 dollars [1] - Shanghai lead monthly spread (PB00 - PB01) was - 105 yuan/ton, down 85 yuan. LME lead 0 - 3 spread was - 39.69 dollars/ton, down 41.78 dollars [1] - Refined lead Shanghai premium was - 20 yuan/ton, unchanged. Shanghai lead warehouse receipts inventory was 24977 tons, down 3156 tons, and LME lead warehouse receipts inventory was 244125 tons, down 3175 tons [1] - Refined lead spot import loss was - 186.34 yuan/ton, 3M import loss was - 227.46 yuan/ton, and recycled lead factory smelting profit was 33.90 yuan/ton [1] Group 8: Nickel and Stainless Steel - Shanghai Nickel (NI) main contract closed at 121380 yuan/ton, up 200 yuan; continuous contract closed at 121120 yuan/ton, down 60 yuan. Stainless Steel (SS) main contract closed at 12710 yuan/ton, down 260 yuan; continuous contract closed at 12690 yuan/ton, up 45 yuan. LME nickel 3M closed at 15200 dollars/ton, down 25 dollars [1] - Shanghai nickel monthly spread (NI00 - NI01) was - 90 yuan/ton, down 200 yuan; stainless steel monthly spread (SS00 - SS01) was - 20 yuan/ton, unchanged. LME nickel 0 - 3 spread was 5 dollars/ton, down 200 dollars [1] - Regional spot premiums for nickel varied. Shanghai nickel warehouse receipts inventory was 26953 tons, down 73 tons, and stainless steel warehouse receipts inventory was - 243 tons, down 9631 tons. LME nickel warehouse receipts inventory was 250476 tons, up 24042 tons [1] - Refined nickel spot import loss was - 131.40 yuan/ton, 3M import loss was 13.94 yuan/ton. Stainless steel 304/2B (Wuxi) price was 13000 yuan/ton, down 300 yuan [1] Group 9: Tin - Shanghai Tin (SN) main contract closed at 281680 yuan/ton, down 30 yuan; continuous contract closed at 281680 yuan/ton, down 210 yuan. LME tin 3M closed at 35530 dollars/ton, up 235 dollars [1] - Shanghai tin monthly spread (SN00 - SN01) was 50 yuan/ton, up 320 yuan. LME tin 0 - 3 spread was - 23 dollars/ton, down 10 dollars [1] - Shanghai tin warehouse receipts inventory was down 77 tons, LME tin warehouse receipts inventory was 2735 tons, up 160 tons. Refined tin spot import profit was 1964.68 yuan/ton, and tin ore processing fee was 12000 yuan/ton [1]

Core Viewpoint - As of October 20, 2025, the total number of shareholders for China National Chemical Corporation (中色股份) is projected to be 119,700 [1] Summary by Categories - **Company Information** - The company has communicated to investors that the total number of shareholders will reach 119,700 by the specified date [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report Aluminum - The alumina market remains weak with downward - trending futures prices. Supply pressure persists, while demand is sluggish. Short - term spot prices are expected to be under pressure, with the main contract oscillating between 2750 - 2950 yuan/ton [1]. - Aluminum prices maintained a high - level oscillation. The market trading atmosphere was weak. With a stable supply and resilient demand, short - term Shanghai aluminum is expected to oscillate at a high level, with the main contract in the range of 20700 - 21300 yuan/ton [1]. Casting Aluminum Alloy - Casting aluminum alloy followed the aluminum price in range oscillation. Cost support was prominent. With supply constraints and mild demand recovery, short - term ADC12 prices are expected to oscillate strongly, with the main contract in the range of 20200 - 20800 yuan/ton [3]. Zinc - Zinc prices oscillated. Supply is abundant, and the second - half production increase of domestic zinc smelters is limited. Short - term prices may rise due to macro - drivers but will likely oscillate, with the main contract in the range of 21500 - 22500 yuan/ton [6]. Copper - Copper prices oscillated. Macro factors and supply shortages support prices, while high prices suppress demand. The main contract should focus on the 84000 - 85000 support level [8]. Tin - Tin prices rebounded. Supply is tight, while demand is weak. Future price trends depend on the recovery of Burmese supply. If supply recovers well, prices may weaken; otherwise, they will likely oscillate at a high level [10]. Nickel - Nickel prices rose slightly. Macro risks increased, with cost support but inventory pressure. The mid - term supply is abundant, and the price is expected to oscillate in the range of 120000 - 126000 yuan/ton [12]. Stainless Steel - Stainless steel prices rose slightly. Macro factors are favorable, but demand is weak, and supply pressure exists. Short - term prices are expected to oscillate weakly in the range of 12400 - 12800 yuan/ton [15]. Lithium Carbonate - Lithium carbonate futures oscillated narrowly. After entering the peak season, supply - demand gaps remain. Short - term prices are expected to be strong, with the main contract in the range of 75000 - 78000 yuan/ton [17]. 3. Summary by Relevant Catalogs Price and Spread - **Aluminum**: SMM A00 aluminum rose 0.19% to 20970 yuan/ton, while alumina prices in various regions declined [1]. - **Casting Aluminum Alloy**: SMM aluminum alloy ADC12 remained unchanged at 21050 yuan/ton, and some scrap - refined spreads increased [3]. - **Zinc**: SMM 0 zinc ingot rose 0.32% to 21940 yuan/ton [6]. - **Copper**: SMM 1 electrolytic copper rose 0.12% to 85730 yuan/ton [8]. - **Tin**: SMM 1 tin rose 0.46% to 281300 yuan/ton [10]. - **Nickel**: SMM 1 electrolytic nickel rose 0.33% to 122500 yuan/ton [12]. - **Stainless Steel**: SMM 1 electrolytic nickel rose 0.33% to 122500 yuan/ton, and 304/2B stainless steel prices increased slightly [12][15]. - **Lithium Carbonate**: SMM battery - grade lithium carbonate rose 0.14% to 74100 yuan/ton [17]. Fundamental Data - **Aluminum**: In September, alumina production decreased by 1.74% to 760.37 million tons, and electrolytic aluminum production decreased by 3.16% to 361.48 million tons [1]. - **Casting Aluminum Alloy**: In September, recycled aluminum alloy ingot production increased by 7.48% to 66.10 million tons, and primary aluminum alloy ingot production increased by 4.43% to 28.30 million tons [3]. - **Zinc**: In September, refined zinc production decreased by 4.17% to 60.01 million tons, and imports decreased by 11.61% to 2.27 million tons [6]. - **Copper**: In September, electrolytic copper production decreased by 4.31% to 112.10 million tons, and imports increased by 26.50% to 33.43 million tons [8]. - **Tin**: In September, tin ore imports decreased by 15.13% to 8714 tons, and SMM refined tin production decreased by 31.71% to 10510 tons [10]. - **Nickel**: In September, China's refined nickel production increased by 1.26% to 32200 tons, and imports decreased by 3.00% to 17010 tons [12]. - **Stainless Steel**: In September, China's 300 - series stainless steel crude steel production increased by 0.38% to 182.17 million tons, and imports increased by 2.70% to 12.03 million tons [15]. - **Lithium Carbonate**: In September, lithium carbonate production increased by 2.37% to 87260 tons, and demand increased by 12.28% to 116801 tons [17].

Group 1: Report Investment Ratings - No investment ratings provided in the report Group 2: Core Views - The market is still dominated by the progress of tariff negotiations. For copper, maintain a strategy of buying on dips, considering selling put options below $10,000 or gradually building virtual inventory. For aluminum, keep an eye on terminal demand in the short - term and hold on dips in the long - term. For zinc, suggest waiting and watching or considering shorting LME zinc, gradually taking profits on long - short spreads and looking for far - month reverse spreads, and paying attention to the 12 - 02 long - short spread. For nickel, suggest waiting and watching due to short - term weak fundamentals and increased macro uncertainties. For stainless steel, the fundamentals remain weak with short - term macro uncertainties and some price - supporting motivation from Indonesian policies. For lead, expect prices to fluctuate narrowly between 17,000 - 17,300 and consider long - short spreads. For tin, wait and watch in the short - term and hold on dips near the cost line in the long - term. For industrial silicon, expect prices to fluctuate weakly in the short - term and cycle at the bottom based on seasonal marginal costs in the long - term. For lithium carbonate, it shows a strong supply - demand pattern in the short - term, and the elasticity of demand is the key variable in the long - term [1][2][4][8][10][12][13][14] Group 3: Summary by Metals Copper - Market is influenced by tariff negotiations. The impact of this tariff conflict is estimated to be no higher than that during the Tomb - Sweeping Festival. The smelting reduction is higher than expected, and there is medium - level inventory accumulation this week. The downstream's psychological price for point - pricing has risen. Copper cable and aluminum cable's operations have diverged. Maintain a buying - on - dips strategy and pay attention to the support around $10,300 for LME copper [1] Aluminum - The operating capacity remains flat. The production of photovoltaic components has stabilized. There is seasonal inventory accumulation for aluminum ingots and rods, but post - holiday inventory reduction is significant. The global economic recovery is showing signs, and the Fed's rate - cut expectation is strengthening, but Sino - US economic and trade relations are uncertain. The short - term fundamentals are okay [1] Zinc - The price fluctuates this week. The domestic TC decreases, and the imported TC increases. The domestic zinc ore will be tighter from Q4 this year to Q1 next year, while overseas ore production increased more than expected in Q2. The smelting in October has slightly recovered. Domestic demand is seasonally weak, and overseas demand in Europe is average. The domestic social inventory fluctuates, and the LME inventory is decreasing. The export window has opened [2] Nickel - The supply of pure nickel remains at a high level. The demand is weak, and the premium is stable. Both domestic and overseas inventories are increasing. There are continuous disturbances in the Indonesian ore end, and the policy has price - supporting motivation. The short - term fundamentals are weak [3][4] Stainless Steel - The steel mills' production in October has slightly increased. The demand is mainly for rigid needs. The prices of ferronickel and ferrochrome remain stable. The inventory is at a high level [8] Lead - The price fluctuates slightly at a high level. The scrap volume is weak year - on - year. The recycled lead production is expected to increase by 2 - 3 tons in October. The battery production rate has increased, but the finished - product inventory is high, and the demand is expected to weaken. The refined - scrap price difference is - 50. The LME registered warehouse receipts have decreased by 100,000 tons. It is expected to fluctuate narrowly between 17,000 - 17,300 next week [9][10] Tin - The price fluctuates. The ore processing fee is at a low level. The supply has marginally recovered after the Yunnan Tin's maintenance. Overseas imports from Wa State are expected to recover in October, and Indonesia's exports have resumed. The demand for solder has slightly improved during the peak season. The domestic inventory has slightly decreased, and the LME inventory is at a low - level [12] Industrial Silicon - Xinjiang's leading enterprises continue to resume production, while the production in Sichuan and Yunnan will decrease significantly during the dry season. The supply - demand in Q4 is in a balanced and slightly loose state, with a monthly inventory accumulation of 4 - 5 tons. The price is expected to fluctuate weakly in the short - term and cycle at the bottom in the long - term [13] Lithium Carbonate - The price fluctuates strongly. The ore end continues to hold prices, and the spot is tight. The consumption and inventory reduction of lithium salts exceed expectations. The supply - demand is strong in the short - term, with an expected inventory reduction of 8,000 - 10,000 tons in October. The elasticity of demand is the key in the long - term [14]

Core Viewpoint - The company announced that its stock price has exceeded 130% of the current conversion price of its convertible bonds, which may trigger conditional redemption clauses [2] Group 1: Stock Performance - From September 30, 2025, to October 21, 2025, the company's stock has closed above 5.58 yuan per share for 10 consecutive trading days, which is 130% of the conversion price of 4.29 yuan per share [2] - If the stock price maintains this level for 5 out of the next 20 trading days, it will trigger the conditional redemption of the convertible bonds [2] Group 2: Redemption Terms - The company has the right to redeem all or part of the unconverted convertible bonds at face value plus accrued interest, as per the terms outlined in the bond issuance prospectus [2]

有色金属日报 2025-10-21 五矿期货早报 | 有色金属 【行情资讯】 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 隔夜美股走强，贵金属下探回升，铜价震荡上涨，昨日伦铜 3M 合约收涨 0.99%至 10712 美元/吨，沪 铜主力合约收至 85670 元/吨。LME 铜库存减少 50 至 137175 吨，注销仓单比例持平，Cash/3M 维持 贴水。国内电解铜社会库存较上周四增加约 0.9 万吨，保税区库存亦增加，上期所仓 ...

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - The market is still dominated by the progress of tariff negotiations. The impact of this tariff conflict is not expected to be higher than that during the Tomb - Sweeping Festival. There is still room for negotiation, and attention should be paid to the progress of negotiations with South Korea. For copper, maintain a strategy of buying on dips [1]. - For aluminum, the short - term fundamentals are okay, and long - term holding on dips is recommended. Keep an eye on terminal demand [1]. - For zinc, the domestic fundamentals are poor, but the export window may open. In the face of increasing macro uncertainties, it is recommended to wait and see or consider shorting LME zinc. For spreads, pay attention to the positive spread opportunities between December and February contracts [2]. - For nickel, the short - term fundamentals are weak. With ongoing disturbances in the Indonesian mining sector and increasing short - term macro uncertainties, it is advisable to wait and see [5]. - For stainless steel, the fundamentals remain weak. There is short - term macro uncertainty, and the Indonesian policy side has a certain motivation to support prices [9]. - For lead, it is expected that the domestic and international lead prices will maintain a narrow - range oscillation next week, in the range of 17,000 - 17,300. Positive spread opportunities can be considered [11]. - For tin, the short - term domestic fundamentals show a situation of weak supply and demand. In the short term, follow the macro sentiment and wait and see. In the long term, buy on dips near the cost line [13]. - For industrial silicon, in the short term, the price is expected to oscillate weakly. In the long term, the price will oscillate at the cycle bottom based on the seasonal marginal cost [14]. - For lithium carbonate, in the short term, supply and demand are both strong, and the de - stocking trend is maintained. In the long term, the elasticity of the demand side is the key variable for pattern reversal [15]. 3. Summary by Metal Copper - **Market Data**: From October 14 - 20, the spot price of Shanghai copper remained stable, the spread between scrap and refined copper increased by 554, the inventory of the Shanghai Futures Exchange decreased by 1530, and the import profit decreased by 246.01 [1]. - **Market Analysis**: The market is affected by tariff negotiations. The smelting reduction is higher than expected, and there is medium - level inventory accumulation this week. The downstream's psychological price for pricing has increased. The copper cable's operation is different from that of the aluminum cable. Maintain a strategy of buying on dips and pay attention to the support around $10,300 for LME copper [1]. Aluminum - **Market Data**: From October 14 - 20, the prices of Shanghai, Yangtze River, and Guangdong aluminum ingots decreased by 20, the domestic alumina price decreased by 11, and the LME inventory decreased by 4100 [1]. - **Market Analysis**: The operating capacity is flat. The demand for photovoltaic modules has stabilized. There is seasonal inventory accumulation during the festival, and the post - festival de - stocking is significant. The short - term fundamentals are okay, and long - term holding on dips is recommended [1]. Zinc - **Market Data**: From October 14 - 20, the Shanghai zinc ingot price increased by 20, the LME C - 3M increased by 93, and the LME inventory decreased by 700 [2]. - **Market Analysis**: The domestic TC decreases, and the imported TC increases. The domestic mine is tightening, and the overseas mine has an unexpected increase. The domestic demand is seasonally weak, and the overseas demand is average. The export window has opened [2]. Nickel - **Market Data**: From October 14 - 20, the Shanghai nickel spot price decreased by 150, the LME inventory decreased by 48, and the LME C - 3M decreased by 3 [5]. - **Market Analysis**: The supply of pure nickel remains at a high level, the demand is weak, and the inventory is increasing both at home and abroad. With ongoing disturbances in the Indonesian mining sector and increasing short - term macro uncertainties, it is advisable to wait and see [5]. Stainless Steel - **Market Data**: From October 14 - 20, the prices of 304 cold - rolled, 304 hot - rolled, 201 cold - rolled, 430 cold - rolled, and scrap stainless steel remained unchanged [9]. - **Market Analysis**: The steel mill's production in October increases slightly. The demand is mainly for rigid needs. The prices of nickel - iron and chrome - iron remain stable. The inventory remains at a high level, and the fundamentals are weak [9]. Lead - **Market Data**: From October 14 - 20, the spot premium increased by 15, the LME inventory decreased by 3100, and the LME C - 3M remained unchanged [10][11]. - **Market Analysis**: The supply may increase by 2 - 30,000 tons in October. The demand is expected to weaken. The inventory is at the historical average level. It is expected that the lead price will oscillate narrowly next week, and positive spread opportunities can be considered [11]. Tin - **Market Data**: From October 14 - 20, the tin position decreased by 1300, the LME C - 3M increased by 30, and the LME inventory remained unchanged [13]. - **Market Analysis**: The supply is marginally repaired. The demand is slightly warmer during the peak season. The short - term domestic fundamentals show weak supply and demand. In the short term, follow the macro sentiment and wait and see. In the long term, buy on dips near the cost line [13]. Industrial Silicon - **Market Data**: From October 14 - 20, the 421 Yunnan, 421 Sichuan, 553 East China, and 553 Tianjin basis all decreased by 135, and the warehouse receipt quantity decreased by 811 [14]. - **Market Analysis**: The supply will decrease in the dry season. In Q4, the supply - demand is in a balanced and slightly loose state. In the short term, the price is expected to oscillate weakly. In the long term, the price will oscillate at the cycle bottom [14]. Lithium Carbonate - **Market Data**: From October 14 - 20, the SMM electric and industrial lithium carbonate prices increased by 650, and the warehouse receipt quantity increased by 19 [14][15]. - **Market Analysis**: The raw material side is firm, and the lithium salt consumption and de - stocking exceed expectations. In the short term, supply and demand are both strong, and the de - stocking trend is maintained. In the long term, the elasticity of the demand side is the key variable for pattern reversal [15].