Report Summary Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - Copper prices may be on the stronger side. The concentrate supply remains tight, and smelting profits are at the break - even point, yet smelting output continues to grow. The Indonesian mine accident is likely to lead to a global copper supply - demand gap, which will support copper prices in the long - term. Market sentiment has gradually stabilized after the Sino - US trade confrontation [2]. - Zinc prices will follow the trend of copper prices. Short - term zinc concentrate processing fees have generally increased, and smelting profits have turned positive, with smelting output expected to continue to rise. Due to different inventory situations at home and abroad, domestic zinc prices may be weaker than foreign ones [2]. Summary by Variety Copper - **Price Movement**: The copper price closed up 0.57% overnight [2]. - **Supply - demand Factors**: The concentrate supply is tight, and smelting profits are at the break - even point, but smelting output continues to grow. Grid investment shows positive growth, power source investment slows down, automobile production and sales are growing, home appliance production schedules are in negative growth, and the real estate market remains weak. The Indonesian mine accident is likely to lead to a global copper supply - demand gap [2]. - **Suggestion**: Pay attention to changes in the US dollar, copper smelting output, and downstream demand [2]. Zinc - **Price Movement**: The zinc price closed down 0.74% overnight [2]. - **Supply - demand Factors**: Short - term zinc concentrate processing fees have generally increased, and smelting profits have turned positive, with smelting output expected to continue to rise. Galvanized sheet inventories have increased weekly. Infrastructure investment growth has slowed down, automobile production and sales are growing, home appliance production schedules are in negative growth, and the real estate market remains weak. Domestic zinc prices may be weaker than foreign ones due to different inventory situations at home and abroad [2]. - **Suggestion**: Pay attention to changes in the US dollar, smelting output, and downstream demand [2]. Market Data | Variety | Domestic Previous - day Futures Closing Price (Yuan/ton) | Domestic Basis (Yuan/ton) | Previous - day LME 3 - month Futures Closing Price (USD/ton) | LME Spot Premium (CASH - 3M, USD/ton) | LME Inventory (ton) | LME Inventory Daily Change (ton) | | --- | --- | --- | --- | --- | --- | --- | | Copper | 84,400 | 20 | 10,599 | 54.87 | 139,350 | - 50 | | Aluminum | 20,840 | 0 | 2,740 | 10.22 | 506,000 | - 2,825 | | Zinc | 22,200 | - 85 | 2,954 | 87.22 | 37,475 | - 475 | | Nickel | 120,490 | - 1,640 | 15,105 | - 208.69 | 242,094 | 4,716 | | Lead | 17,050 | - 200 | 1,978 | - 44.48 | 237,000 | 0 | | Tin | 280,000 | 940 | 35,290 | - 113.00 | 2,385 | - 25 | [2]

Group 1: Investment Ratings - There is no specific report industry investment rating provided in the content [2] Group 2: Core Views - Copper may be on the stronger side, while zinc will follow the trend of copper prices [2] - For copper, the morning trading of US copper prices rebounded significantly. Affected by the escalation of Sino - US trade confrontation, copper prices dropped 3.29% during the weekend night session. Concentrate supply has been tight since the beginning of the year, and smelting profits are on the verge of profit and loss, but smelting output has continued to grow at a high rate. Grid investment has continued positive growth, power source investment has slowed down, automobile production and sales have shown positive growth, home appliance production scheduling has shown negative growth, and the real estate market has remained weak. The Indonesian mine accident is likely to lead to a global copper supply - demand gap, providing long - term support for copper prices. The impact of the escalation of Sino - US trade confrontation may be less than that in April, and market sentiment will gradually stabilize [2] - For zinc, affected by the decline in copper prices, zinc prices dropped 0.72% during the weekend night session. Short - term zinc concentrate processing fees have generally increased, smelting profits have turned positive, and smelting output is expected to continue to rise. Galvanized sheet inventory has increased on a weekly basis. Infrastructure investment cumulative growth rate has slowed down, automobile production and sales have shown positive growth, home appliance production scheduling has shown negative growth, and the real estate market has remained weak. Due to different inventory situations at home and abroad, domestic zinc prices may be weaker than foreign ones. The overall difference in zinc supply and demand is not obvious, but it will follow the trend of copper prices in the short term [2] Group 3: Summary of Relevant Data Copper - Domestic previous - day futures closing price: 85,900 yuan/ton; domestic basis: 15 yuan/ton; previous - day LME 3 - month closing price: 10,374 dollars/ton; LME spot premium/discount: - 31.19 dollars/ton; LME inventory: 139,475 tons; LME inventory daily change: 275 tons [2] Aluminum - Domestic previous - day futures closing price: 20,980 yuan/ton; domestic basis: - 60 yuan/ton; previous - day LME 3 - month closing price: 2,746 dollars/ton; LME spot premium/discount: 12.06 dollars/ton; LME inventory: 508,600 tons; LME inventory daily change: 2,200 tons [2] Zinc - Domestic previous - day futures closing price: 22,220 yuan/ton; domestic basis: - 55 yuan/ton; previous - day LME 3 - month closing price: 2,985 dollars/ton; LME spot premium/discount: 100.45 dollars/ton; LME inventory: 38,250 tons; LME inventory daily change: 0 tons [2] Nickel - Domestic previous - day futures closing price: 121,980 yuan/ton; domestic basis: - 390 yuan/ton; previous - day LME 3 - month closing price: 15,215 dollars/ton; LME spot premium/discount: - 193.95 dollars/ton; LME inventory: 236,892 tons; LME inventory daily change: 4,260 tons [2] Lead - Domestic previous - day futures closing price: 17,100 yuan/ton; domestic basis: - 195 yuan/ton; previous - day LME 3 - month closing price: 2,015 dollars/ton; LME spot premium/discount: - 38.22 dollars/ton; LME inventory: 237,450 tons; LME inventory daily change: 1,375 tons [2] Tin - Domestic previous - day futures closing price: 286,540 yuan/ton; domestic basis: - 2,930 yuan/ton; previous - day LME 3 - month closing price: 35,350 dollars/ton; LME spot premium/discount: - 61.99 dollars/ton; LME inventory: 2,390 tons; LME inventory daily change: - 115 tons [2]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on October 13, 2025, including prices, ratios, spreads, and profit data [1][4][5]. 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 13, 2025, the domestic spot price was 86,550, the LME price was 10,706, and the ratio was 8.11. The profit from spot import was - 947.78 [1]. - **Zinc**: The domestic spot price was 22,310, the LME price was 3,104, and the ratio was 7.19. The profit from spot import was - 4,175.73 [1]. - **Aluminum**: The domestic spot price was 20,990, the LME price was 2,780, and the ratio was 7.55. The profit from spot import was - 2,342.57 [1]. - **Nickel**: The domestic spot price was 124,900, the LME price was 15,131, and the ratio was 8.25. The profit from spot import was - 1,256.48 [1]. - **Lead**: The domestic spot price was 16,925, the LME price was 1,988, and the ratio was 8.51. The profit from spot import was - 642.27 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next month, three - month, four - month, and five - month contracts and the spot month were - 820, - 820, - 790, and - 850 respectively, while the theoretical spreads were 536, 969, 1412, and 1855 [4]. - **Zinc**: The spreads were - 10, 20, 50, and 65, and the theoretical spreads were 214, 335, 455, and 576 [4]. - **Aluminum**: The spreads were - 120, - 105, - 105, and - 130, and the theoretical spreads were 217, 334, 452, and 569 [4]. - **Lead**: The spreads were 40, 50, 65, and 35, and the theoretical spreads were 211, 317, 424, and 530 [4]. - **Nickel**: The spreads were - 2080, - 1890, - 1700, and - 1550 [4]. - **Tin**: The spread for 5 - 1 was - 150, and the theoretical spread was 5921 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were 75 and - 745, and the theoretical spreads were 174 and 533 [4]. - **Zinc**: The spreads were - 30 and - 40, and the theoretical spreads were 81 and 211 [4]. - **Lead**: The spreads were 175 and 215, and the theoretical spreads were 117 and 230 [5]. Cross - Variety Arbitrage Tracking - On October 13, 2025, for the cross - variety ratios: copper/zinc (Shanghai: 3.85, London: 3.50), copper/aluminum (Shanghai: 4.09, London: 3.83), copper/lead (Shanghai: 5.01, London: 5.21), aluminum/zinc (Shanghai: 0.94, London: 0.92), aluminum/lead (Shanghai: 1.22, London: 1.36), lead/zinc (Shanghai: 0.77, London: 0.67) [5].

Core Insights - The recent performance of the non-ferrous ETF (159980) shows significant investor interest, with a net subscription of 8 million shares and a total scale reaching 2.017 billion yuan, marking a record high since its inception [1] - The ETF has experienced continuous net inflows over the past 20 days, accumulating a total of 527 million yuan [1] - The five-year net value of the ETF has increased by 70.97%, ranking first among other commodity funds [1] Market Analysis - The market is currently showing resilience against trade tensions, with a lower likelihood of significant impacts compared to earlier in the year, particularly regarding the "TACO" trade [7] - Economic data from the U.S. indicates a cooling trend, raising concerns about the dollar's credibility and enhancing expectations for Federal Reserve interest rate cuts, which could benefit non-ferrous metal prices [7] - The ongoing issues at the Grasberg copper mine in Indonesia are contributing to a global copper supply shortage, with projected supply gaps of 53,000 tons and 87,000 tons for 2025 and 2026, respectively [7] ETF Composition - The Dachen Non-Ferrous ETF (159980.SZ) is primarily invested in futures of non-ferrous metals such as copper, aluminum, lead, tin, zinc, and nickel traded on the Shanghai Futures Exchange [8]

Report Industry Investment Rating No relevant content provided. Core View of the Report - After the holiday, industrial silicon and polysilicon showed a weak and volatile trend. For industrial silicon, the policy's impact on the market was limited, and the post - holiday inventory reduction pressure on silicon factories was significant. It is recommended to adopt a wait - and - see approach or conduct light - position short - term operations, and pay attention to the actual implementation of production - cut policies in the southwest region. For polysilicon, the market has fully priced in the policy expectations, and investors are advised to be vigilant against post - holiday correction risks, manage positions, and consider shorting at high prices [2]. Summary According to Relevant Catalogs Research View - After the holiday on October 9, 2025, the main contract 2511 of industrial silicon closed at 8,640 yuan/ton, with an intraday decline of 0.29% and an increase in open interest by 2,165 lots to 177,000 lots. The reference price of industrial silicon spot was 9,580 yuan/ton, remaining stable compared to the previous trading day. The price of the lowest deliverable 421 grade remained stable at 8,900 yuan/ton, with a spot premium of 235 yuan/ton. The main contract 2511 of polysilicon closed at 50,765 yuan/ton, with an intraday decline of 0.09% and a decrease in open interest by 2,372 lots to 84,987 lots. The price of N - type recycled polysilicon and the lowest deliverable grade both rose to 52,500 yuan/ton, and the spot premium widened to 1,700 yuan/ton [2]. Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main contract remained unchanged at 8,640 yuan/ton, and the near - month contract decreased by 5 yuan/ton to 8,665 yuan/ton. Most of the spot prices of different grades and regions remained stable, except that the price of oxygen - containing 553 silicon in Tianjin Port decreased by 50 yuan/ton to 9,300 yuan/ton, and the price of 421 silicon in Xinjiang decreased by 100 yuan/ton to 9,100 yuan/ton. The current lowest deliverable price remained at 8,900 yuan/ton, and the spot premium increased by 5 yuan to 235 yuan/ton. The industrial silicon warehouse receipts decreased by 209 to 50,774, and the Guangzhou Futures Exchange inventory decreased by 12,035 tons to 250,330 tons [4]. - **Polysilicon**: The futures settlement price of the main contract decreased by 595 yuan/ton to 50,765 yuan/ton, and the near - month contract decreased by 580 yuan/ton to 50,800 yuan/ton. The spot prices of various types of polysilicon remained stable. The current lowest deliverable price remained at 52,500 yuan/ton, and the spot premium increased by 580 yuan to 1,700 yuan/ton. The polysilicon warehouse receipts increased by 50 to 8,140, and the Guangzhou Futures Exchange inventory increased by 158,000 tons to 236,400 tons [4]. - **Organic Silicon**: The spot prices of DMC in the East China market and 107 glue remained stable, while the price of dimethyl silicone oil increased by 1,700 yuan/ton to 13,500 yuan/ton [4]. Chart Analysis Industrial Silicon and Cost - end Prices - Charts show the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [5][7][10]. Downstream Product Prices - Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, solar cells, and solar modules [13][17][19]. Inventory - Charts present the inventory of industrial silicon (including futures inventory, factory inventory, and weekly industry inventory), DMC, and polysilicon [23]. Cost and Profit - Charts show the average cost and profit levels of main production areas, weekly cost - profit of industrial silicon, profit of the aluminum alloy processing industry, cost - profit of DMC, and cost - profit of polysilicon [29][31][37]. Team Introduction - The non - ferrous metals team of Everbright Futures Research Institute consists of Zhan Dapeng, Wang Heng, and Zhu Xi, each with rich experience and professional qualifications in non - ferrous metals research [39][40].

中辉有色观点 | 中辉有色观点 | | | | --- | --- | --- | | 品种 | 核心观点 | 主要逻辑 | | 黄金 | | 美国政府停摆、法国总理上任不足一月辞职、日本政治不确定性共同推高了避险情 | | ★★★ | 跳空高开 | 绪。短期沪金或挑战 910 位置，短线追高需要控制节奏仓位。中长期黄金支撑逻辑 | | | | 不变，降息周期开启，地缘重塑，央行买黄金，黄金战略配置价值不变。 | | | | 白银跟随黄金、铜等市场大幅波动，短期情绪高涨。全球政策刺激明显，白银需求 | | 白银 | 跳空高开 | 坚挺，供需缺口明显，白银长期看多逻辑不变。黄金等品种波动会白银盘面波动有 | | ★★ | | 冲击。短线可试多，长线长期持有 | | | | 宏微共振，投机资金涌入铜市，伦铜创年内新高，节后沪铜或跟涨高开。建议铜前 | | 铜 | | 期多单继续持有，新多单等待回调企稳再入场，铜作为中美博弈的重要战略资源和 | | ★★ | 长期持有 | 贵金属的平替资产配置，在铜精矿紧张和绿色铜需求爆发背景下，长期看好。 | | | | 国庆假期，伦锌震荡走强，伦锌库存不足 4 万吨，软挤仓风险 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - **Copper**: The Shanghai copper price increased with higher trading volume last night, and the main contract price broke through the high point in March this year, followed by intraday volatile adjustment. Since Freeport announced a copper mine production cut on September 24th, the copper price has shown a significant increase with higher trading volume, attracting rapid attention from capital and showing strong upward momentum. As China is about to enter the National Day and Mid - Autumn Festival holiday, attention should be paid to overseas market volatility risks [4]. - **Aluminum**: The Shanghai aluminum price fluctuated downward today, with a continuous decline in open interest. Last week, affected by the sharp rise in copper prices, the aluminum price stabilized and rebounded, but the overall rebound was weak. Before the domestic holiday, there were signs of inventory reduction in electrolytic aluminum, providing support for the aluminum price. With a loose macro - environment and a marginal improvement in the supply - demand balance during the peak industrial season, there was an obvious outflow of funds before the holiday. Attention should be paid to the industrial demand situation after the holiday [5]. - **Nickel**: The Shanghai nickel price fluctuated downward today, with a slight decline in open interest. The sector - wide effect of the non - ferrous metals sector driven by copper prices has faded, and the nickel price has dropped back to the level at the beginning of last week. At the industrial level, the long - term oversupply of nickel elements continues to suppress the nickel price. In the short term, the slowdown in the accumulation of nickel ore at ports and the reduction of nickel inventory on the Shanghai Futures Exchange provide support for the nickel price. Continuous attention should be paid to the technical support at the 121,000 yuan mark [6]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - **Copper**: In September, the Manufacturing Purchasing Managers' Index (PMI) was 49.8%, up 0.4 percentage points from the previous month, indicating a continued improvement in the manufacturing industry's prosperity level. On September 30th, SMM reported that as the National Day holiday approached, the downstream procurement sentiment of refined copper rod enterprises was weak. The high copper price and the short price - fixing period for downstream customers near the contract roll - over jointly suppressed new orders [8]. - **Nickel**: On September 30th, the price of SMM1 electrolytic nickel was in the range of 121,000 - 123,900 yuan/ton, with an average price of 122,450 yuan/ton, a rise of 450 yuan/ton from the previous trading day. The mainstream spot premium quotation range for Jinchuan 1 electrolytic nickel was 2,300 - 2,400 yuan/ton, with an average premium of 2,350 yuan/ton, a rise of 50 yuan/ton from the previous trading day. The spot premium and discount quotation range for domestic mainstream brand electrowon nickel was - 150 - 100 yuan/ton [8]. 3.2 Relevant Charts - **Copper**: The report includes charts on copper basis, copper monthly spread, domestic visible inventory of electrolytic copper (social inventory + bonded area inventory), overseas copper exchange inventory, LME copper cancelled warrant ratio, and Shanghai Futures Exchange warrant inventory [9][11][12][14][17][18]. - **Aluminum**: The report includes charts on aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum (LME + COMEX), alumina inventory, and aluminum bar inventory [21][23][25][27][29][31]. - **Nickel**: The report includes charts on nickel basis, Shanghai Futures Exchange inventory, LME nickel cancelled warrant ratio, LME nickel price trend, nickel monthly spread, and nickel ore port inventory [33][37][40][42].

Report Industry Investment Rating - Not provided Core View of the Report - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, and lead as of September 30, 2025, which can help investors analyze potential arbitrage opportunities [1][4][5] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On September 30, 2025, the domestic spot price was 82220, the LME price was 10235, and the ratio was 8.06; the three - month domestic price was 82360, the LME price was 10264, and the ratio was 8.01. The equilibrium ratio for spot import was 8.10, with a loss of 898.28, and the profit for spot export was 299.94 [1] - **Zinc**: The domestic spot price was 21620, the LME price was 2953, and the ratio was 7.32; the three - month domestic price was 21830, the LME price was 2909, and the ratio was 5.82. The equilibrium ratio for spot import was 8.54, with a loss of 3590.26 [1] - **Aluminum**: The domestic spot price was 20690, the LME price was 2660, and the ratio was 7.77; the three - month domestic price was 20725, the LME price was 2666, and the ratio was 7.76. The equilibrium ratio for spot import was 8.39, with a loss of 1632.20 [1] - **Nickel**: The domestic spot price was 119800, the LME price was 15057, and the ratio was 7.96. The equilibrium ratio for spot import was 8.18, with a loss of 1708.54 [1] - **Lead**: The domestic spot price was 16750, the LME price was 1948, and the ratio was 8.62; the three - month domestic price was 16885, the LME price was 1993, and the ratio was 10.89. The equilibrium ratio for spot import was 8.83, with a loss of 400.78 [3] Cross - Period Arbitrage Tracking - **Copper**: On September 30, 2025, the spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were - 100, - 110, - 150, and - 130 respectively, while the theoretical spreads were 514, 927, 1348, and 1769 respectively [4] - **Zinc**: The spreads were - 150, - 120, - 75, and - 40 respectively, and the theoretical spreads were 213, 332, 450, and 569 respectively [4] - **Aluminum**: The spreads were - 25, - 30, - 20, and - 25 respectively, and the theoretical spreads were 215, 331, 446, and 562 respectively [4] - **Lead**: The spreads were - 215, - 185, - 165, and - 150 respectively, and the theoretical spreads were 210, 317, 423, and 529 respectively [4] - **Nickel**: The spreads were 0, 170, 340, and 620 respectively [4] - **Tin**: The spread of the 5 - 1 contract was 1010, and the theoretical spread was 5645 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 295 and 195 respectively, and the theoretical spreads were 346 and 787 respectively [4] - **Zinc**: The spreads were 330 and 180 respectively, and the theoretical spreads were 159 and 285 respectively [4] - **Lead**: The spreads were 320 and 105 respectively, and the theoretical spreads were 179 and 291 respectively [5] Cross - Variety Arbitrage Tracking - On September 30, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai (three - continuous) market were 3.77, 3.97, 4.88, 0.95, 1.23, and 0.77 respectively; in the London (three - continuous) market, they were 3.54, 3.89, 5.22, 0.91, 1.34, and 0.68 respectively [5]

Group 1: Report Investment Ratings - No information provided on industry investment ratings Group 2: Core Views - Copper prices may experience short - term range - bound fluctuations. Night - time copper prices rose 0.06%. Although concentrate supply is tight and smelting profits are under pressure, smelting output continues to grow rapidly. Multiple factors are intertwined, and attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2] - Zinc prices may experience short - term wide - range weak fluctuations. Night - time zinc prices rose 0.41%. Zinc concentrate processing fees have generally recovered, and smelting profits have turned positive. Short - term supply - demand differences may tilt towards surplus [2] Group 3: Summary by Variety Copper - Night - time copper prices rose 0.06%. Concentrate supply is tight, but smelting output has high growth. The power industry has positive growth, photovoltaic installations increased year - on - year but future growth may slow. Automobile production and sales are growing, home appliance output growth is slowing, and the real estate market is weak. The price may have short - term range - bound fluctuations [2] Zinc - Night - time zinc prices rose 0.41%. Zinc concentrate processing fees have increased, smelting profits are positive, and smelting output is expected to rise. Galvanized sheet inventory increased weekly. Infrastructure investment has a small positive growth rate, automobile production and sales are growing, home appliance output growth is slowing, and the real estate market is weak. The price may have short - term wide - range weak fluctuations [2] Other Metals - Aluminum: Domestic previous day's futures closing price was 20,685 yuan/ton, the domestic basis was - 20 yuan/ton, the previous day's LME 3 - month closing price was 2,646 dollars/ton, the LME spot premium was 0.24 dollars/ton, LME inventory was 513,900 tons with no daily change [2] - Nickel: Domestic previous day's futures closing price was 120,730 yuan/ton, the domestic basis was - 990 yuan/ton, the previous day's LME 3 - month closing price was 15,340 dollars/ton, the LME spot premium was - 173.35 dollars/ton, LME inventory was 228,900 tons with an increase of 456 tons [2] - Lead: Domestic previous day's futures closing price was 17,040 yuan/ton, the domestic basis was - 120 yuan/ton, the previous day's LME 3 - month closing price was 1,999 dollars/ton, the LME spot premium was - 42.13 dollars/ton, LME inventory was 221,675 tons with an increase of 1,375 tons [2] - Tin: Domestic previous day's futures closing price was 269,880 yuan/ton, the domestic basis was 2,000 yuan/ton, the previous day's LME 3 - month closing price was 34,270 dollars/ton, the LME spot premium was - 98.00 dollars/ton, LME inventory was 2,580 tons with an increase of 75 tons [2]

Group 1 - The Dachen Nonferrous ETF (159980.SZ) has seen a significant increase of 1.87% as of September 25, 2025, with a trading volume of 1.45 billion yuan and a turnover rate of 8.44% [1] - Over the past 14 days, the Dachen Nonferrous ETF has experienced continuous net inflows totaling 291 million yuan, bringing its total size to 1.682 billion yuan and shares to 981 million, both reaching record highs since inception [1] - LME copper prices have surged to a 15-month high, with a single-day increase of 3.2%, marking the largest rise in nearly five months [1] Group 2 - The Grasberg mine in Indonesia has suspended production due to a landslide, leading Freeport to lower its 2026 production guidance by 35%, with potential resumption delayed until 2027, exacerbating global copper supply tensions [2] - The Federal Reserve's recent interest rate cut of 25 basis points is expected to provide long-term support for copper prices, especially in a constrained supply environment, as it may stimulate inflation expectations [2] - The Dachen Nonferrous ETF is primarily invested in futures of nonferrous metals such as copper, aluminum, lead, tin, zinc, and nickel traded on the Shanghai Futures Exchange [2]