1. Report Industry Investment Rating There is no information provided about the industry investment rating in the given reports. 2. Core Viewpoints - Copper prices face increasing resistance to rise due to the marginal improvement of supply tightness and weakened consumer resilience, despite improved domestic commodity sentiment and tight raw material supply [1]. - Aluminum prices may oscillate weakly in the short - term. Although the low inventory of aluminum ingots and bars provides support, the expected demand is pressured by the US tariff increase [3]. - Lead prices may decline further as the demand is weak, and the cost support of recycled lead may weaken [4]. - Zinc prices have a high risk of decline due to the expected surplus of zinc ore and the accumulation of zinc ingot inventory with weak terminal consumption [6]. - Tin prices are expected to have limited rebound space as the supply release trend is hard to change and the demand has no significant increase [7]. - Nickel prices are expected to be bearish in the follow - up, and short - selling on rallies is recommended [9]. - Lithium carbonate prices may have a limited rebound due to high production and inventory pressure [11]. - Alumina prices are expected to be anchored by cost, and short - selling on rallies with light positions is recommended [14]. - Stainless steel market is expected to continue the weak oscillating pattern due to low industry confidence, weak terminal demand, and reduced cost support [16]. 3. Summary by Metal Copper - LME copper closed up 0.61% to $9707/ton, and SHFE copper main contract closed at 78570 yuan/ton. LME inventory decreased by 3350 to 138000 tons, and the cancellation warrant ratio increased to 60.4%. The domestic social inventory declined slightly, and the spot premium decreased. The import of domestic copper spot was in a loss, and the scrap - refined spread narrowed [1]. - The recommended operating range for SHFE copper main contract is 77800 - 79200 yuan/ton, and for LME copper 3M is 9580 - 9780 dollars/ton [1]. Aluminum - LME aluminum closed down 0.48% to $2475/ton, and SHFE aluminum main contract closed at 20075 yuan/ton. The inventory of SHFE aluminum futures decreased to 4.8 tons, and the domestic social inventory of aluminum ingots decreased to 50.4 tons. The import window for alumina opened [3][13]. - The recommended operating range for SHFE aluminum main contract is 19900 - 20200 yuan/ton, and for LME aluminum 3M is 2450 - 2500 dollars/ton [3]. Lead - SHFE lead index closed up 0.17% to 16693 yuan/ton. The domestic social inventory increased to 5.08 tons. The demand for lead ingots is weak, and the cost support of recycled lead may weaken [4]. Zinc - SHFE zinc index closed down 0.33% to 22257 yuan/ton. The domestic social inventory increased slightly to 7.93 tons. The zinc ore is expected to be in surplus, and the zinc ingot production is expected to increase in June [6]. Tin - Tin prices oscillated strongly due to concerns about supply. However, the supply release trend is hard to change, and the demand has no significant increase. Short - selling on rallies is recommended, with the domestic main contract operating range of 230000 - 260000 yuan/ton and the overseas LME tin of 28000 - 31000 dollars/ton [7][8]. Nickel - Nickel prices oscillated strongly. The production of refined nickel is at a historical high, and the demand is weak. Short - selling on rallies is recommended, with the SHFE nickel main contract operating range of 115000 - 128000 yuan/ton and the LME nickel 3M of 14500 - 16500 dollars/ton [9]. Lithium Carbonate - The MMLC spot index of lithium carbonate was flat. The LC2507 contract closed down 1.60%. The production and inventory are high, and the price rebound is limited. The recommended operating range for the LC2507 contract is 59700 - 61500 yuan/ton [11]. Alumina - The alumina index decreased by 3.8% to 2939 yuan/ton. The import window opened, and the inventory decreased. Short - selling on rallies with light positions is recommended, with the domestic main contract AO2509 operating range of 2800 - 3300 yuan/ton [13][14]. Stainless Steel - The stainless steel main contract closed down 0.24% to 12690 yuan/ton. The social inventory increased. The market is expected to continue the weak oscillating pattern [16].

有色套利早报 研究中心有色团队 2025/06/03 铜：跨市套利跟踪 2025/06/03 国内价格 LME价格 比价 现货 78240 9604 8.13 三月 77420 9554 8.14 均衡比价 盈利 现货进口 8.22 -778.22 现货出口 507.68 锌：跨市套利跟踪 2025/06/03 国内价格 LME价格 比价 现货 22780 2639 8.63 三月 21980 2662 6.22 均衡比价 盈利 现货进口 8.74 -281.50 铝：跨市套利跟踪 2025/06/03 国内价格 LME价格 比价 现货 20290 2446 8.29 三月 19975 2452 8.18 均衡比价 盈利 现货进口 8.67 -945.16 镍：跨市套利跟踪 2025/06/03 国内价格 LME价格 比价 现货 122450 15179 8.07 均衡比价 盈利 现货进口 8.28 -4102.92 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力 ...

Market Overview - The FTSE China A50 Index component stocks showed mixed performance with the oil and coal sectors gaining throughout the day, while the banking and automotive sectors fluctuated in the afternoon [1]. Sector Performance Insurance - China Pacific Insurance, China Ping An, and China Life Insurance had market capitalizations of 329.02 billion, 363.08 billion, and 970.42 billion respectively, with trading volumes of 1.145 billion, 1.396 billion, and 0.510 billion [3]. Alcohol Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,930.78 billion, 229.35 billion, and 492.65 billion respectively, with trading volumes of 2.505 billion, 0.941 billion, and 2.291 billion [3]. Semiconductor - Northern Huachuang and Cambrian had market capitalizations of 222.93 billion and 254.64 billion respectively, with trading volumes of 1.757 billion and 2.779 billion [3]. Automotive - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of 1,102.81 billion, 288.75 billion, and 196.18 billion respectively, with trading volumes of 6.513 billion, 0.296 billion, and 0.232 billion [3]. Oil Industry - COSCO Shipping, Sinopec, and China National Offshore Oil Corporation had market capitalizations of 702.22 billion, 1,526.39 billion, and 254.36 billion respectively, with trading volumes of 0.958 billion, 1.212 billion, and 1.193 billion [3]. Coal Industry - Shaanxi Coal and Ningde Times had market capitalizations of 201.56 billion and 790.97 billion respectively, with trading volumes of 0.591 billion and 0.634 billion [3]. Power Industry - Yangtze Power and China Nuclear Power had market capitalizations of 198.28 billion and 747.01 billion respectively, with trading volumes of 1.637 billion and 0.555 billion [4]. Food and Beverage - Citic Securities, Guotai Junan, and Haitian Flavoring had market capitalizations of 303.76 billion, 376.74 billion, and 252.40 billion respectively, with trading volumes of 0.903 billion, 0.313 billion, and 0.616 billion [4]. Consumer Electronics - Industrial Fulian, Luxshare Precision, and Kairui Pharmaceutical had market capitalizations of 368.98 billion, 220.25 billion, and 358.24 billion respectively, with trading volumes of 2.024 billion, 0.616 billion, and 1.944 billion [4]. Home Appliances - Gree Electric, Haier Smart Home, and Muyuan Foods had market capitalizations of 261.47 billion, 209.77 billion, and 235.61 billion respectively, with trading volumes of 1.075 billion, 0.625 billion, and 0.761 billion [4]. Medical Devices - Mindray Medical, Wanhua Chemical, and SF Holding had market capitalizations of 172.40 billion, 232.84 billion, and 279.48 billion respectively, with trading volumes of 0.988 billion, 0.530 billion, and 0.844 billion [4]. Communication Services - Zijin Mining, China State Construction, and China Unicom had market capitalizations of 232.63 billion, 166.64 billion, and 477.87 billion respectively, with trading volumes of 1.782 billion, 0.509 billion, and 1.271 billion [4].

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints of the Report - The copper market is affected by overseas trade negotiations and the precious - metal's safe - haven property. Short - term supply disruptions may drive copper prices up, but mid - term economic weakening risks need attention [1]. - Aluminum prices are supported by low inventories, but the overall commodity atmosphere and overseas trade situation may cause fluctuations. Aluminum prices are expected to oscillate at a relatively high level, and the inter - month spread may widen [3]. - For lead, the decline in scrap battery prices has led to a drop in lead prices. If scrap production cuts deepen, lead prices may fall further [4]. - Zinc has an excess supply expectation. With the increase in zinc ingot inventory, zinc prices face a certain downward risk in the medium term [6]. - Tin's supply is temporarily tight but is expected to ease. Weak demand may cause the tin price center to shift down [8]. - Nickel has high macro - uncertainty. Although the short - term fundamentals have slightly improved, the subsequent trend is still bearish, and short - selling on rallies is recommended [9]. - Lithium carbonate prices lack a reversal driver. High supply and inventory, along with falling overseas concentrate prices, may lead to a weak operation of lithium prices [11]. - Alumina has an overcapacity situation, and the price is expected to be anchored by cost. It is recommended to short - sell lightly on rallies [14]. - Stainless steel is in a weak and oscillating pattern due to low terminal demand and cost support from raw materials [16]. 3. Summaries According to Related Catalogs Copper - **Market Performance**: LME was closed, the dollar index declined slightly, and copper prices oscillated. The SHFE copper main contract closed at 78,450 yuan/ton [1]. - **Inventory**: Domestic social inventory decreased slightly, bonded - area inventory continued to decline, and SHFE copper warehouse receipts decreased to 3.3 million tons [1]. - **Price and Spread**: The spot premium in Shanghai increased to 185 yuan/ton, and the refined - scrap spread widened to 970 yuan/ton. The trading range for the SHFE copper main contract is 78,000 - 79,000 yuan/ton, and for LME copper 3M, it is 9,500 - 9,700 US dollars/ton [1]. Aluminum - **Market Performance**: LME was closed, domestic inventory declined, and affected by the overall commodity atmosphere, aluminum prices oscillated. The SHFE aluminum main contract closed at 20,170 yuan/ton [3]. - **Inventory and Position**: The SHFE aluminum weighted contract's open interest increased by 0.8 million hands to 52.6 million hands, and warehouse receipts decreased to 5.5 million tons. Aluminum ingot and rod social inventories continued to decline [3]. - **Price and Spread**: The spot premium in East China increased to 90 yuan/ton. The trading range for the SHFE aluminum main contract is 20,000 - 20,300 yuan/ton, and for LME aluminum 3M, it is 2,430 - 2,490 US dollars/ton [3]. Lead - **Market Performance**: The SHFE lead index fell 0.39% to 16,793 yuan/ton [4]. - **Inventory and Price**: The SHFE lead ingot futures inventory was 3.53 million tons, and domestic social inventory decreased to 4.01 million tons. The refined - scrap spread was 50 yuan/ton [4]. Zinc - **Market Performance**: The SHFE zinc index fell 0.16% to 22,177 yuan/ton [6]. - **Inventory and Export**: The SHFE zinc ingot futures inventory was 0.18 million tons, and domestic social inventory decreased slightly to 7.88 million tons. In April, the export volume of unforged zinc alloys reached 1,280.23 tons [6]. - **Outlook**: Zinc ore has an excess expectation, and zinc prices may decline in the medium term [6]. Tin - **Supply**: The resumption of tin - mine production is slow. From January to April, domestic tin - ore imports decreased by 47.98% year - on - year. The supply of raw materials is tight in the short term [8]. - **Demand**: Downstream orders have not increased significantly, and only rigid - demand purchases are made [8]. - **Inventory and Price**: SMM's three - place inventory increased to 10,333 tons. The trading range for the domestic main contract is 260,000 - 320,000 yuan/ton, and for LME tin, it is 30,000 - 35,000 US dollars/ton [8]. Nickel - **Macro and Supply - Demand**: Sino - US tariffs are temporarily eased, but the overall tax rate is still high. Refined nickel production is at a historical high, and stainless - steel market demand is weak [9]. - **Raw Material Prices**: Philippine laterite nickel - ore prices are stable, Indonesian pyrometallurgical ore prices are difficult to rise, and hydrometallurgical ore prices are stable after a decline [9]. - **Product Prices**: Nickel - iron prices are stable and rising, MHP prices are high in the short term, and nickel - sulfate prices are expected to strengthen. Short - selling on rallies is recommended, with the SHFE nickel main - contract price range of 115,000 - 128,000 yuan/ton and LME nickel 3M of 14,500 - 16,500 US dollars/ton [9]. Lithium Carbonate - **Price Movement**: The MMLC index fell 1.34%, battery - grade and industrial - grade lithium carbonate prices declined. The LC2507 contract price fell 1.41% [11]. - **Supply - Demand and Inventory**: Supply remains high, downstream restocking expectations are not fulfilled, and domestic social inventory is at a historical high [11]. - **Outlook**: Lithium prices may operate weakly, and the trading range for the LC2507 contract is 59,400 - 60,800 yuan/ton [11]. Alumina - **Market Performance**: The alumina index fell 3.44% to 3,056 yuan/ton, and the open interest increased by 0.6 million hands [13]. - **Inventory and Price**: Spot prices in some regions increased, and the futures warehouse receipts decreased by 0.66 million tons. The Australian FOB price is stable, and the import profit and loss turned positive [13][14]. - **Strategy**: Short - selling lightly on rallies is recommended, with the domestic main - contract AO2509 trading range of 2,850 - 3,400 yuan/ton [14]. Stainless Steel - **Market Performance**: The stainless - steel main contract closed at 12,875 yuan/ton, down 0.04%. The open interest decreased by 14,171 hands [16]. - **Inventory and Price**: Social inventory increased by 0.85%, and 300 - series inventory decreased by 3.42%. Spot prices in some markets were stable, and raw - material prices changed slightly [16]. - **Outlook**: The stainless - steel market is expected to continue to oscillate weakly [16].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The overall sentiment in the non - ferrous metals market is complex. For copper, the supply of raw materials remains tight, but the decline in consumption intensity may lead to price fluctuations. For aluminum, the rapid depletion of domestic aluminum ingot inventories provides support, but the seasonal weakness in consumption restricts the upside potential. Lead prices are weak due to limited recycled raw material inventories and the decline in scrap battery prices. Zinc prices face a certain downward risk as the inventory accumulates. Tin prices may decline due to the expected increase in supply and weak demand. Nickel prices are expected to remain volatile. Lithium carbonate prices are likely to fluctuate, and the short - term strategy for alumina is to wait and see. Stainless steel prices have certain resilience, and the focus is on raw material price fluctuations and downstream demand recovery [1][3][4][5][7][8][10][13][15] 3. Summary by Metal Copper - **Price Movement**: LME copper rose 0.34% to $9519/ton, and SHFE copper closed at 77820 yuan/ton. - **Inventory**: LME inventory decreased by 1300 tons to 166525 tons, and SHFE copper warehouse receipts continued to decrease to 32000 tons. - **Market Situation**: Domestic social inventory increased slightly, bonded area inventory decreased, and the spot premium in Shanghai decreased. The import loss of domestic copper spot remained above 400 yuan/ton, and the scrap - refined copper price difference narrowed. - **Price Outlook**: The supply of copper raw materials is tight, and the price support is strong. However, due to the decline in consumption intensity, the price is expected to be volatile. The operating range of SHFE copper is 77200 - 78400 yuan/ton, and that of LME copper is $9400 - 9600/ton [1] Aluminum - **Price Movement**: LME aluminum fell 0.77% to $2456/ton, and SHFE aluminum closed at 20160 yuan/ton. - **Inventory**: The social inventory of aluminum ingots decreased rapidly, and the futures warehouse receipts decreased to 58000 tons. - **Market Situation**: The trading volume in the spot market improved, and the inventory depletion rate accelerated. - **Price Outlook**: The rapid depletion of inventory provides support, but the seasonal weakness in consumption restricts the upside potential. The operating range of SHFE aluminum is 20000 - 20260 yuan/ton, and that of LME aluminum is $2430 - 2480/ton [3] Lead - **Price Movement**: SHFE lead index fell 1.29% to 16681 yuan/ton, and LME lead fell to $1955/ton. - **Inventory**: The domestic social inventory increased to 58200 tons. - **Market Situation**: The inventory of recycled raw materials is limited, the profit of recycled lead enterprises is under pressure, and the start - up rate continues to decline. - **Price Outlook**: Short - term lead prices are weak [4] Zinc - **Price Movement**: SHFE zinc index fell 0.72% to 22256 yuan/ton, and LME zinc fell to $2676/ton. - **Inventory**: The domestic social inventory decreased slightly to 83800 tons, and the zinc ingot inventory increased slightly. - **Market Situation**: In April, the export volume of unforged zinc alloy increased significantly, mainly flowing to Taiwan. The port inventory of zinc concentrate continued to rise, and the processing fee increased again. - **Price Outlook**: In the medium term, as the social inventory of zinc ingots accumulates, zinc prices still face a certain downward risk [5] Tin - **Price Movement**: SHFE tin main contract fell 1.10% to 264780 yuan/ton. - **Inventory**: SHFE registered warehouse receipts decreased by 14 tons to 8056 tons, and LME inventory decreased by 5 tons to 2665 tons. - **Market Situation**: The tin mines are gradually resuming production, and the high price suppresses the downstream restocking willingness. - **Price Outlook**: The supply is expected to increase, and the demand is weak. The price center may move down. The operating range of SHFE tin is 250000 - 270000 yuan/ton, and that of LME tin is $30000 - 33000/ton [6][7] Nickel - **Price Movement**: SHFE nickel fell 0.53% to 122890 yuan/ton, and LME nickel fell 0.90% to $15490/ton. - **Inventory**: LME nickel inventory decreased by 86 tons to 200910 tons. - **Market Situation**: The price of nickel ore is stable, the price of nickel iron has stabilized and rebounded, and the price of intermediate products remains high. - **Price Outlook**: The short - term rebound in nickel iron prices provides support, and nickel prices are expected to remain volatile. The operating range of SHFE nickel is 120000 - 130000 yuan/ton, and that of LME nickel is $15000 - 16300/ton [8] Lithium Carbonate - **Price Movement**: The MMLC index remained unchanged at 62657 yuan, and the LC2507 contract rose 1.70% to 62140 yuan. - **Inventory**: The domestic lithium carbonate production decreased by 3.2% week - on - week, and the SMM weekly inventory decreased by 141 tons. - **Market Situation**: The disk price is in the cost - intensive area, and there is selling pressure above. - **Price Outlook**: Lithium carbonate prices are likely to fluctuate. The operating range of the LC2507 contract is 61100 - 63200 yuan/ton [10] Alumina - **Price Movement**: The alumina index fell 1.05% to 3207 yuan/ton. - **Inventory**: The futures warehouse receipts decreased by 9900 tons to 163600 tons. - **Market Situation**: The spot prices in various regions increased, and the overseas FOB price remained stable. - **Price Outlook**: Due to the continuous disturbances in the mine and supply sides, the short - term strategy is to wait and see. The operating range of the AO2509 contract is 2900 - 3500 yuan/ton [12][13] Stainless Steel - **Price Movement**: The stainless steel main contract rose 0.23% to 12870 yuan/ton. - **Inventory**: The futures inventory decreased by 1314 tons, and the social inventory decreased by 0.42%. - **Market Situation**: The prices of raw materials were stable, and the long - term contract procurement price of high - carbon ferrochrome by Qing Shan Group remained unchanged. - **Price Outlook**: The 304 variety has certain resilience, and the focus is on raw material price fluctuations and downstream demand recovery [15]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The overseas risk appetite has decreased, and attention should be paid to the impact of economic data releases on market sentiment. There is still a need to be aware of the long - term economic decline risk under US tariff policies. The copper raw material supply remains in a tight pattern, with strong price support, but the price center is expected to move down due to reduced consumption intensity [1]. - The domestic commodity sentiment is marginally stable, while the overseas risk appetite has weakened. High tariff levels lead to concerns about long - term demand. The high processing fees of aluminum rods are conducive to further inventory reduction of aluminum ingots, with strong price support, but the seasonal weak consumption will limit the upward space of aluminum prices, and the short - term price is expected to be volatile [3]. - The inventory of recycled raw materials is limited, and the profit of recycled lead enterprises is under pressure, with the operating rate continuously declining. After the battery enterprises' holidays, the operating rate has returned to a relatively high level. In the medium term, the Shanghai lead index is expected to fluctuate within a range of 16300 - 17800, and the short - term lead price shows a strong upward trend [5]. - In April, China's exports of unforged zinc alloys increased significantly. From a fundamental perspective, the port inventory of zinc concentrates continues to rise, and the processing fees of zinc concentrates increase again. The zinc ore surplus expectation remains unchanged. With the accumulation of zinc ingot inventory, the zinc price still has a certain downward risk in the medium term [7]. - The supply of tin is currently tight in the short term but is expected to loosen. The terminal orders in industries such as home appliances and electronics have not significantly increased, and the tin price center may move down under the drag of demand [8][9]. - The cost of nickel is expected to loosen, and the spot demand is weak. The inventory may return to the accumulation trend, and the nickel price maintains a bearish outlook [10]. - The supply and demand side of lithium carbonate lacks strong driving forces, and the futures price is in the cost - intensive area. If the demand does not weaken further, there is significant resistance to downward movement, and it is likely to fluctuate at the bottom [12]. - There are continuous disturbances in the ore and supply sides of alumina. The short - term impact of the mine shutdown in Guinea is large, and local policy uncertainty is high. It is recommended to wait and see in the short term [15]. - The nickel - iron market is in a game situation, and the high - carbon ferrochrome market is waiting for the June tender of steel mills. The stainless - steel market is expected to maintain a weak and volatile pattern in the short term [17]. Summary by Metals Copper - The LME copper closed down 0.71% to $9487/ton, and the Shanghai copper main contract closed at 77770 yuan/ton. The LME inventory decreased by 1925 tons to 168825 tons, and the cancellation warrant ratio rose to 39.1%. The domestic Shanghai Futures Exchange copper warehouse receipts decreased by 0.5 tons to 4.1 tons. The spot premium in Shanghai decreased, and the downstream procurement sentiment improved. The import loss of domestic copper spot increased to over 400 yuan/ton, and the refined - scrap price difference narrowed slightly. The expected operating range of the Shanghai copper main contract today is 77000 - 78400 yuan/ton, and that of LME copper 3M is 9400 - 9600 dollars/ton [1]. Aluminum - The LME aluminum closed down 0.22% to $2475/ton, and the Shanghai aluminum main contract closed at 20135 yuan/ton. The position of the Shanghai aluminum weighted contract increased by 0.04 million hands to 51.6 million hands, and the futures warehouse receipts decreased by 0.2 tons to 6.0 tons. The domestic three - place aluminum ingot inventory decreased by 1.05 tons to 44.7 tons, and the aluminum rod inventory decreased by 0.2 tons to 8.3 tons. The spot premium in the East China region remained unchanged. The expected operating range of the domestic main contract today is 20000 - 20260 yuan/ton, and that of LME aluminum 3M is 2450 - 2500 dollars/ton [3]. Lead - The 3S price of lead rose by 13.5 to $1985/ton. The average price of SMM1 lead ingots was 16725 yuan/ton, and the refined - scrap price difference was 50 yuan/ton. The Shanghai Futures Exchange lead ingot futures inventory was 4.11 tons, and the LME lead ingot inventory was 24.58 tons. The domestic social inventory increased to 5.82 tons. The medium - term expected operating range of the Shanghai lead index is 16300 - 17800 yuan/ton [5]. Zinc - The Shanghai zinc index rose 0.76% to 22417 yuan/ton, and the LME zinc 3S rose 62 to $2730.5/ton. The average price of SMM0 zinc ingots was 22760 yuan/ton. The Shanghai Futures Exchange zinc ingot futures inventory was 0.14 tons, and the LME zinc ingot inventory was 15.67 tons. The domestic social inventory decreased slightly to 8.38 tons. In April, China's exports of unforged zinc alloys increased significantly. The zinc price still has a downward risk in the medium term [7]. Tin - On May 21, 2025, the Shanghai tin main contract closed at 267730 yuan/ton, up 1.13%. The domestic Shanghai Futures Exchange registered warehouse receipts increased by 45 tons to 8070 tons, and the LME inventory increased by 15 tons to 2670 tons. The upstream tin concentrate price rose. The tin ore supply is expected to loosen, and the tin price center may move down. The expected operating range of the domestic main contract is 250000 - 270000 yuan/ton, and that of overseas LME tin is 30000 - 33000 dollars/ton [8][9]. Nickel - The Shanghai nickel main contract closed at 123760 yuan/ton, up 0.18%, and the LME main contract closed at $15630/ton, up 0.64%. The price of nickel ore is stable or slightly decreased, the nickel - iron price is stable, and the price of intermediate products is high. The LME nickel inventory increased by 90 tons to 202098 tons. The nickel price maintains a bearish outlook. The expected operating range of the Shanghai nickel main contract today is 120000 - 130000 yuan/ton, and that of LME nickel 3M is 15000 - 16300 dollars/ton [10]. Lithium Carbonate - The Five - Mineral Steel Union lithium carbonate spot index (MMLC) was 62,657 yuan, unchanged from the previous day. The LC2507 contract closed at 61,100 yuan, up 0.39%. The lithium carbonate price is expected to fluctuate at the bottom. The expected operating range of the Guangzhou Futures Exchange lithium carbonate 2507 contract today is 60,400 - 61,800 yuan/ton [12]. Alumina - On May 21, 2025, the alumina index rose 3.55% to 3241 yuan/ton. The spot prices in various regions increased. The overseas Australian FOB price remained stable, and the import loss was 152 yuan/ton. The futures warehouse receipts decreased by 1.68 tons to 17.35 tons. It is recommended to wait and see in the short term. The expected operating range of the domestic main contract AO2509 is 2900 - 3500 yuan/ton [14][15]. Stainless Steel - The stainless - steel main contract closed at 12870 yuan/ton, up 0.23%. The spot prices in Foshan and Wuxi remained unchanged. The raw material prices were mostly stable, and the nickel - iron price decreased slightly. The futures inventory decreased, and the social inventory decreased by 0.42%. The stainless - steel market is expected to maintain a weak and volatile pattern in the short term [17].

有色金属日报 2025-5-21 五矿期货早报 | 有色金属 铜 有色金属小组 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 中国如预期下调 LPR 利率报价，美元指数延续偏弱，地缘局势升温引起贵金属和原油价格走强，铜价 下探后回升，昨日伦铜收涨 0.4%至 9554 美元/吨，沪铜主力合约收至 78140 元/吨。产业层面，昨 日 LME 库存减少 3575 至 170750 吨，注销仓单比例抬升至 38.9%，Cash/3M 升水 ...

其他有色金属也同样如此。作为不锈钢和纯电动汽车（EV）电池材料的镍在4月上旬经历了急 跌，但目前价格仍高于年初水平，表现稳健。 2025年预计铜会出现供应过剩（REUTERS） 由于对中美贸易摩擦的警惕感减退，近期市场开始出现重新买入铜、镍等有色金属的动向。 然而市场普遍预测2025年供应过剩的幅度将扩大。有预测显示，2025年铜供应过剩28.9万 吨，镍供应过剩19.8万吨，锌…… 由于对中美贸易摩擦的警惕感减退，近期市场开始出现重新买入铜、镍等有色金属的动向。 然而关于2025年的供需情况，市场普遍预测供应过剩的幅度将扩大，这被视为影响市场行情 的因素。 有色金属市场因美国总统特朗普的言行持续波动。作为铜的国际指标，伦敦金属交易所 （LME）3个月期货在4月上旬因特朗普宣布对等关税而急跌至每吨近8000美元。随后，把快 速降价视为良机的投资者纷纷买入，价格上升趋势明显。 中美两国政府于5月12日达成协议，把互相征收的附加关税降低115%。中美贸易摩擦加剧导 致中国经济放缓的担忧减退。中国占到全球铜消费的约6成，市场更易出现买入潮。目前铜价 已回升到每吨9500美元附近，接近对等关税公布前的水平。 锌矿的产 ...

有色金属日报 2025-5-20 五矿期货早报 | 有色金属 铜 有色金属小组 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 铅 周一沪铅指数收跌 0.09%至 16871 元/吨，单边交易总持仓 6.85 万手。截至周一下午 15：00，伦铅 3S 较前日同期涨 11 至 1999 美元/吨，总持仓 14.99 万手。SMM1#铅锭均价 16725 元/吨，再生精铅 均价 16675 元/吨，精废价差 50 元/吨，废电动车电池均价 10375 元/吨。上期所铅锭期货库存录得 5 万吨，内盘原生基差-150 元/吨，连续合 ...

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