1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - For nickel, on August 11, the main nickel contract on the Shanghai Futures Exchange rose in volume, with the trading volume at 112,549 lots (+37,685) and the open interest at 77,193 lots (-1,762). The LME nickel rose 1.12%. The spot market trading was weak, and the basis premium narrowed. The nickel ore price remained flat, the nickel ore arrivals at ports increased last week, and port inventories accumulated. The loss of nickel - iron plants narrowed, domestic production in August decreased while Indonesian production increased, and nickel - iron inventories accumulated. Domestic electrolytic nickel production in August increased, and export profits shrank. On the demand side, ternary production increased, stainless - steel plant production increased, and alloy and electroplating demand was stable. In terms of inventory, SHFE inventory increased, LME inventory decreased, social inventory increased, and bonded - area inventory decreased. Overall, the pure nickel fundamentals are loose, but the expectation of Fed rate cuts has strengthened, so the nickel price is expected to fluctuate within a range. It is recommended to wait and see [2]. - For stainless steel, on August 11, the main stainless - steel contract fluctuated upward, with the trading volume at 202,613 lots (+115,942) and the open interest at 135,260 lots (+64,070). The spot market trading was fair, and the basis premium narrowed. The SHFE inventory increased, and the social inventory of 300 - series stainless steel last week was 629,100 tons (-15,500). On the supply side, stainless - steel production increased in August. On the demand side, terminal demand was weak. At the cost end, the price of high - nickel pig iron rose, and the price of high - carbon ferrochrome remained flat. Currently, the impact of macro sentiment is relatively large. Although the fundamentals are loose, it will take time for the price to return to the fundamentals, so the price is expected to follow macro fluctuations. It is recommended to wait and see [2]. 3. Summary by Relevant Catalogs Nickel Market Price and Volume - Shanghai nickel futures: On August 11, the closing price of the near - month contract was 121,900 yuan/ton (+950), the trading volume was 112,549 lots (+37,685), and the open interest of the active contract was 77,193 lots (-1,762). The inventory was 20,723 tons (+102) [2]. - LME nickel: On August 11, the official spot price was 15,250 US dollars/ton (+175), the electronic - disk closing price was 15,325 US dollars/ton (+210), and the trading volume was 6,315 lots (+1,371). The total inventory was 211,296 tons (-936) [2]. Spread - In Shanghai nickel, the spread between the near - month and the first - continuous contract was 0 yuan/ton (-140), and the basis between the SMM 1 electrolytic nickel average price and the active contract closing price was 720 yuan/ton (-50) [2]. - In LME nickel, the LME nickel 0 - 3 months spread was - 7.83 US dollars/ton (-199.29), and the basis between the official price and the electronic - disk closing price was - 75 US dollars/ton (-40) [2]. Raw Materials - The average price of Philippine laterite nickel ore 0.9% (CIF) was 29 US dollars/wet ton, 1.5% (CIF) was 57 US dollars/wet ton, and 1.8% (CIF) was 78.5 US dollars/wet ton. The average freight from the Philippines to Lianyungang was 11.5 US dollars/ton, and to Tianjin Port was 12 US dollars/ton [2]. Inventory - SMM China port nickel ore total inventory was 761 million wet tons (+9 million). SMM Shanghai bonded - area nickel inventory decreased by 500 tons, with nickel plate inventory at 4,100 tons (-500) and the total at 4,700 tons (-500). SMM pure nickel social inventory was 40,572 tons (+1,086) [2]. Stainless Steel Market Price and Volume - Shanghai stainless - steel futures: On August 11, the trading volume of the active contract was 202,613 lots (+115,942), and the open interest was 135,260 lots (+64,070). The inventory was 102,983 tons (+58) [2]. Spread - The spread between the near - month and the first - continuous contract of Shanghai stainless steel was 0 yuan/ton (+5), and the basis between the 304/2B coil - trimmed (Wuxi) average price and the active contract was 425 yuan/ton (-190) [2]. Inventory - Stainless - steel spot inventory: In the 200 - series, it was 209,000 tons; in the 300 - series, it was 629,100 tons (-15,500); in the 400 - series, it was 112,400 tons (-2,500); and the total inventory was 947,000 tons (+3,100) [2]. Industry News - In July, China's power battery loading volume was 55.9 GWh, a month - on - month decrease of 4.0% and a year - on - year increase of 34.9%. Among them, the loading volume of ternary batteries was 10.9 GWh, accounting for 19.6% of the total loading volume, a month - on - month increase of 1.9% and a year - on - year decrease of 3.8%; the loading volume of lithium iron phosphate batteries was 4.9 GWh, accounting for 80.4% of the total loading volume, a month - on - month decrease of 5.3% and a year - on - year increase of 49.0% [2].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The A-share market's upward trend is stable driven by liquidity, and with the continuous implementation of policy combinations, the supply-demand pattern will optimize, potentially leading to stable improvement in the earnings and ROE of the entire A-share market. The market style is shifting from traditional cyclical sectors to technology sectors, and high-quality technology assets may have significant excess returns in the third quarter [7]. - The prices of various commodities in the market show different trends. Some are expected to be volatile, some are expected to decline, and some are expected to rebound [4][11][12][13][14][15][16]. - The bullish trend of the stock index continues, but there may be short - term adjustments. It is advisable to focus on the low - buying opportunities of IF, IM, and IC [19][20][21]. Summary by Relevant Catalogs 1. Chemical Industry - **Price Changes**: On August 11, 2025, in the chemical industry, the prices of natural rubber, 20 - number rubber, plastic, etc. rose, while the prices of coke, styrene, and soda ash fell [4]. 2. Macro News - **Corporate Performance**: Industrial Fulin's semi - annual report in 2025 shows that its revenue and net profit attributable to the parent company have increased significantly year - on - year, with the second - quarter single - season revenue exceeding 200 billion yuan for the first time [7]. - **Stock Market Performance**: Last week, the three major A - share indexes all rose on a weekly basis. The Shanghai Composite Index hit a new high this year, and the Shenzhen Component Index and the ChiNext Index also had certain increases [7]. - **Regional Economy**: The GDP growth rates of Wenzhou, Dalian, and Xuzhou in the first half of the year exceeded 6%, and there is a possibility of entering the "trillion - yuan club" by the end of the year [8]. - **US Policies and Market**: The US government will stop providing tax credits for electric vehicles from September 30, 2025. The sales of electric vehicles in July reached a record high, but it is expected that the sales will "plummet" in the fourth quarter [8]. - **Commodity Prices**: The gold futures price on the New York Mercantile Exchange hit a new high last Friday. The "interest - rate cut trading" and "Trump 2.0" will continue to catalyze in 2025, and central bank reserves will support the gold price [9]. 3. Morning Meeting Views on Major Varieties 3.1 Agricultural Products - **Peanuts**: The peanut market is in a pattern of weak supply and demand, with prices fluctuating narrowly. In the short term, it is expected to be strongly volatile but still in a downward trend [11]. - **Oils and Fats**: The total trading volume of oils and fats decreased by 57% compared to the previous trading day. The market lacks driving forces and is expected to be weakly volatile [11]. - **Sugar**: The domestic sugar market has a different rhythm from the overseas market. If the raw sugar can stop falling and rebound, the 01 contract price may rise to repair the discount [11]. - **Pigs**: The spot price of pigs decreased last week. The supply is sufficient but the demand is weak. The futures market shows a pattern of near - term weakness and long - term strength, with a clear reverse spread trend [11]. - **Eggs**: The spot price of eggs has fallen and stabilized. The futures market has a large premium over the spot, and it is recommended to short on rebounds [12]. - **Cotton**: The cotton market is weakly volatile. The new cotton harvest is expected to be good, and the demand is under pressure. In the short term, there may be a small technical rebound [12]. 3.2 Energy and Chemicals - **Urea**: The domestic urea market price is weakly operating. Supply pressure is expected to increase, and the price may continue to be weakly volatile with support at the bottom [12]. - **Caustic Soda**: The caustic soda contract is under pressure for adjustment, and it is recommended to pay attention to the reverse spread [12][13][14]. - **Coking Coal**: The supply of coking coal is disturbed, and the downstream acceptance of high prices is decreasing. It is expected to be in a high - level volatile state [13]. 3.3 Industrial Metals - **Copper and Aluminum**: The copper price is adjusting due to policy uncertainties, and the aluminum price is expected to continue high - level adjustment due to factors such as increased supply and weak demand [13][14]. - **Alumina**: The alumina market is in an oversupply pattern. The futures price is under pressure, and the spot price is relatively stable, expected to be range - bound [14]. - **Steel Products**: The steel market is in the off - season with slight inventory accumulation. The steel price is expected to be volatile with limited downward space and potential upward driving forces [13][14][16]. - **Ferroalloys**: The ferroalloy market is in a wide - range volatile pattern. Supply is increasing, demand is weak, and it is recommended to take a range - bound trading approach in the short term [16]. - **Lithium Carbonate**: The price of lithium carbonate is expected to fluctuate more due to the uncertainty of the production status of a lithium mine. If the mine shuts down, the price center may rise [16]. 3.4 Options and Finance - **Options**: Index options show different performance in terms of volume, open interest, and implied volatility. Trend investors can focus on arbitrage opportunities between varieties, and volatility investors can buy straddles to bet on increased volatility [18]. - **Stock Index**: The bullish trend of the stock index continues. The Shanghai Composite Index may consolidate around 3600 points. It is recommended to focus on low - buying opportunities of IF, IM, and IC [19][20][21].

Inflation Data Summary - In July 2025, the CPI year-on-year changed from a 0.1% increase to flat, outperforming the Wind consensus expectation of -0.12%[2] - The food price index saw a year-on-year decline of 1.6%, while non-food prices increased by 0.3%[2] - Month-on-month, the CPI rose by 0.4%, slightly above the ten-year average increase of 0.34%[2] Food Price Dynamics - The year-on-year decline in fresh vegetable prices expanded to 7.6%, significantly impacting the CPI[2] - Pork prices saw a year-on-year decline of 9.5%, while beef prices increased by 3.6%[2] - The average wholesale price of 28 monitored vegetables continued to decline year-on-year in early August 2025[2] Non-Food Price Trends - Non-food prices increased by 0.3% year-on-year, with durable goods prices rising due to the end of promotional activities[3] - Transportation fuel prices decreased by 9% year-on-year, influenced by international oil price fluctuations[3] - Service prices rose by 0.5% year-on-year, remaining stable compared to the previous month[3] PPI Insights - The PPI year-on-year decline remained at -3.6%, with production materials down 4.3% and living materials down 1.6%[4] - The PPI month-on-month decreased by 0.2%, with production materials showing a smaller decline than living materials[4] - The price of oil and gas extraction increased by 3.0%, while electronic equipment manufacturing prices fell by 0.4%[4] Future Outlook - CPI is expected to remain stable in August 2025, with food CPI likely to continue its downward trend due to high base effects from the previous year[5] - PPI may show a narrowing year-on-year decline in August, driven by improved supply-demand dynamics in certain industries[5] - Risks include potential delays in policy implementation and unexpected fluctuations in international commodity prices[5]

周四沪锡主力SN2509合约日内震荡偏强，夜间横盘震荡，轮锡收涨。现货市场：听闻小牌对9月平水- 升水300元/吨左右，云字头对9月升水300-升水600元/吨附近，云锡对9月升水600-升水800元/吨左右不 变。 （8月8日）今日全国锡价格一览表 | 规格 | 报价 | 报价类型 | 交货地 | 交易商 | | --- | --- | --- | --- | --- | | 品名:1#锡锭 ;牌号:Sn99.90 ; | 268050元/吨 | 市场价 | 上海 | 上海华通有色金属现货市场 | | 品名:1#锡锭 ;牌号:Sn99.90 ; | 268250元/吨 | 市场价 | 广东省 | 上海物贸中心有色金属交易市场 | | 品名:1#锡锭 ;牌号:Sn99.90 ; | 268000元/吨 | 市场价 | 上海 | 广东南储有色现货市场 | 【市场资讯】 8月8日，伦敦金属交易所（LME）：锡注册仓单1390吨，注销仓单320吨，减少70吨；锡库存1710吨， 减少60吨。 8月7日，上期所锡期货仓单7332吨，环比上个交易日减少26吨。 分析观点： 东海期货研报：供应端，云南江西两地合计开工率大 ...

Core Viewpoint - The article discusses the recent developments in international trade, particularly focusing on the potential meeting between the US and Russia, as well as the performance of key commodities like crude oil, methanol, and lithium carbonate [1][2][4]. Trade and Economic Indicators - In July, China's total goods trade value reached 3.91 trillion yuan, a year-on-year increase of 6.7%, marking the highest growth rate of the year [1]. - Exports amounted to 2.31 trillion yuan, growing by 8%, while imports were 1.6 trillion yuan, up by 4.8% [1]. Crude Oil - Crude oil prices continued to decline, with reports indicating that Russia and the US are preparing for a high-level bilateral meeting [2]. - The US has imposed an additional 25% tariff on Indian imports, which could impact India's status as a major buyer of Russian oil [2]. Methanol - Methanol prices fell by 0.38%, with domestic coal-to-methanol production facilities operating at an average load of 81.05%, a decrease of 0.24 percentage points [3]. - As of July 31, methanol production facilities had an overall operating load of 71.54%, up by 1.17 percentage points from the previous month [3]. Lithium Carbonate - Lithium carbonate prices have seen significant fluctuations due to mining qualification issues in Jiangxi, with recent price declines [4]. - Chile's lithium salt exports are projected to increase by 40% month-on-month and 22% year-on-year by July 2025 [4]. Foreign Exchange and Gold Reserves - As of the end of July, China's foreign exchange reserves stood at $329.22 billion, a decrease of $25.2 billion from the end of June [7]. - China's gold reserves increased to 73.96 million ounces, marking the ninth consecutive month of gold accumulation [7]. Industry News - The Ministry of Industry and Information Technology, along with six other departments, issued guidelines to promote the innovation and development of brain-computer interface technology, setting development goals for 2027 and 2030 [8].

Financial Performance - Q2 2025 sales increased by 26% to $386.9 million compared to $307.2 million in Q1 2025[34] - Adjusted EBITDA improved significantly from $(26.8) million in Q1 2025 to $21.6 million in Q2 2025[34] - Adjusted EBITDA margin increased from (9)% in Q1 2025 to 6% in Q2 2025[34] - Adjusted diluted EPS improved from $(0.20) in Q1 2025 to $(0.08) in Q2 2025[34] - The company generated positive operating cash flow of $15.6 million in Q2 2025 compared to $19.4 million in Q1 2025[44] Market and Operations - The company withdrew guidance due to uncertainty and limited visibility in the market[12, 50] - Silicon metal revenue increased 24% to $130 million in Q2 2025[38] - Silicon-based alloys revenue increased 23% to $112 million in Q2 2025[41] - Manganese-based alloys revenue increased 43% to $106 million in Q2 2025[43] Strategic Outlook - The company expects EU safeguards and the U S silicon metal trade cases to improve 2026 results[12]

》查看更多金属库存信息 | 金屋 | 阵 | 増減 变动 | | --- | --- | --- | | 铜 | 156125 | T +2,275 1 +1.48% | | 品 | 467925 | 1 +1,900 1 +0.41% | | 锌 | 89225 | - -3.050 J -3.31% | | 寝 | 211452 | 1 +198 ↑ +0.09% | | 铝 | 268600 | ب -4,375 J -1.60% | | 锡 | 1755 | - -120 ↓ -6.40% | | 铝合金 | 1500 | 0 - 0.00% | | LME库存 | | --- | | 我屋 | 阵 | 注册仓单 | 变动 | 注销仓单 | | 变动 | | 注销占比 上日占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 铜 | 156125 | 145200 | T +2.36% | 10925 | | -8.96% | 7.00% | 7.80% | | 铝 | 467925 | 453700 | 1 +0.17% | 1 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Overseas, the market is pricing in the risk of a cooling US economy and an escalation of tariff threats. The US ISM Services PMI in July dropped to 50.1, indicating rising stagflation risks, while the Markit Services PMI rose to 55.7. Trump announced potential tariff hikes, and the appointment of a new Fed Chair is anticipated. In the domestic market, the Chinese Services PMI in July reached a 14 - month high. A - shares showed a bullish trend, and the bond market was volatile. In August, with limited domestic policy and event expectations and increasing overseas uncertainties, the equity market may oscillate, and opportunities in the bond market should be monitored [2][3]. - For precious metals, supported by interest - rate cut expectations, gold and silver continued to rebound. The market expects the Fed to start cutting rates in September, and Trump's tariff announcements may further boost risk - aversion sentiment [4][5]. - In the copper market, the US service industry is at risk of stagnation, but the expectation of a September rate cut has increased. With overseas concentrate shortages and mine restart issues, and inventory rebounds, copper prices are expected to find support and then stabilize [6][7]. - Aluminum prices are under pressure. Although the decline in the US Services PMI has increased speculation of a Fed rate cut, global economic uncertainties and trade policies have affected demand. With rising inventory, aluminum prices are expected to remain under pressure [8][9]. - Alumina prices are expected to be under pressure and oscillate. With an increase in warehouse receipts and a relaxation of market supply, and stable consumption, the market shows a mixed situation [10]. - Zinc prices are expected to be under pressure below the moving average. With a weakening economy, weak consumption, and increasing supply, the expectation of an oversupply is strong, but the short - term decline may be limited [11][12]. - Lead prices are expected to remain weak. With limited consumption improvement, supply increases, and potential cost support weakening, lead prices lack upward momentum [13][14]. - Tin prices may have limited upward momentum. Although supply has marginally recovered, consumption is weak, and the market is in a destocking phase. The price rebound driven by capital reduction may face pressure [15]. - Industrial silicon prices may stop falling. With the increase in production during the southwest's wet season and the rebound of warehouse receipts, and the recovery of anti - involution sentiment, the prices are expected to stabilize [16][17]. - Lithium carbonate prices are weak. Affected by the cooling of anti - involution governance, prices are returning to fundamentals. Technically, there is still room for decline, but policy risks remain high [18][19]. - Nickel prices are expected to oscillate. With weakening terminal demand and an expected supply surplus, but a solid cost base, and fluctuating macro - expectations, nickel prices will remain volatile [20]. - Crude oil prices are weak. With the potential reduction of US sanctions on Russia and OPEC+'s production increase plan, along with rising stagflation concerns, oil prices are expected to be weak, but Middle - East geopolitical risks should be watched [21]. - Steel prices are expected to be slightly bullish. With stable spot trading, the output of major steel products is stable, and demand is mixed. With the expected supply reduction due to the northern parade limit, prices may oscillate upwards [22][23]. - Iron ore prices are expected to oscillate. With a slight increase in port inventory, stable supply, and high steel - mill iron - water production, prices will remain range - bound, and the impact of northern parade - related production limits should be monitored [24]. - Soybean and rapeseed meal prices may oscillate. With normal precipitation in US soybean - growing areas, slow export sales of new - crop soybeans, and the upcoming arrival of Argentine soybean meal, prices will show wide - range oscillations [25]. - Palm oil prices may oscillate and adjust. With concerns about a potential US stagflation, falling oil prices, and expectations of an inventory increase in Malaysian palm oil, but support from Indonesia's B40 policy, and the entry of long - position funds, palm oil prices are in an oscillatory phase [26][27]. 3. Summary by Related Catalogs 3.1 Metal Main Varieties' Trading Data - Presents the closing prices, price changes, price change percentages, trading volumes, and open interest of various metal futures contracts such as SHFE copper, LME copper, SHFE aluminum, etc., along with their price units [28]. 3.2 Industrial Data Perspective - For copper, it shows the price changes of SHFE copper and LME copper, as well as data on inventory, spot quotes, and other indicators from August 4th to 5th [29]. - For nickel, it provides price changes of SHFE nickel and LME nickel, and data on inventory, spot quotes, and other aspects from August 4th to 5th [29][32]. - For zinc, it presents price changes of SHFE zinc and LME zinc, and data on inventory, spot quotes, and other indicators from August 4th to 5th [30][32]. - For lead, it shows price changes of SHFE lead and LME lead, and data on inventory, spot quotes, and other aspects from August 4th to 5th [30][32]. - For aluminum, it provides price changes of SHFE aluminum and LME aluminum, and data on inventory, spot quotes, and other indicators from August 4th to 5th [30][32]. - For alumina, it shows the price changes of SHFE alumina and the national average spot price, and data on inventory, spot quotes, and other aspects from August 4th to 5th [30][32]. - For tin, it presents price changes of SHFE tin and LME tin, and data on inventory, spot quotes, and other indicators from August 4th to 5th [30][32]. - For precious metals, it shows price changes of SHFE and COMEX gold and silver, and data on inventory, spot quotes, and other aspects from August 4th to 5th [30][32]. - For steel products, it provides price changes of SHFE rebar and hot - rolled coil, and data on inventory, spot quotes, and other indicators from August 4th to 5th [30][32]. - For iron ore, it shows price changes of DCE iron ore, and data on inventory, spot quotes, and other aspects from August 4th to 5th [30][32]. - For coking coal and coke, it presents price changes of DCE coking coal and coke, and data on inventory, spot quotes, and other indicators from August 4th to 5th [30][32]. - For industrial silicon, it shows price changes of GFEX industrial silicon, and data on inventory, spot quotes, and other aspects from August 4th to 5th [30][32]. - For soybean and rapeseed meal, it provides price changes of CBOT soybeans, DCE soybean meal, and CZCE rapeseed meal, and data on inventory, spot quotes, and other aspects from August 4th to 5th [30][32].

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **chromium metal industry**, highlighting the surge in demand driven by **AI data centers**, **commercial aircraft**, and **European military needs**. The industry is expected to face a significant supply-demand gap, projected to reach **280,000 tons by 2028** due to limited capacity expansion caused by safety concerns [2][3]. Core Insights and Arguments - **Gas Turbine Demand**: The demand for gas turbines is rapidly increasing, primarily benefiting from the construction of AI data centers. The delivery volume is expected to grow by approximately **70% year-on-year in the second half of 2026** [2][4]. - **Commercial Aircraft Engine Orders**: There has been a substantial increase in commercial aircraft engine orders, but the delivery cycle is lengthy. The global commercial aircraft fleet is projected to grow from **1,266 aircraft in 2024 to 2,800 by 2028**, with a maintenance ratio of **40%-50%** [4][24]. - **European Military Orders**: European military orders are increasing, with Rheinmetall's military orders rising from **€23 billion to €60-105 billion**. However, this demand has limited impact on domestic chromium metal consumption [5][27]. Production and Profitability Expectations - **Zhenhua Co. Production Forecast**: Zhenhua Co. anticipates a steady increase in production from **940,000 tons in 2024 to 1,060,000 tons by 2028**. The net profit is expected to rise from **¥770 million in 2025 to ¥1.3 billion in 2027**, with a valuation level of **7.8 times** [2][7]. - **Chromium Price Trends**: The price of chromium metal is closely linked to the price of chromium ore. Recent price declines are attributed to raw material price drops and seasonal factors, but the price of chromium oxide remains stable, indicating a tighter market for certain products [8][37]. Supply Chain Dynamics - **Global Supply Chain Expansion**: Overseas companies like Siemens Energy and Mitsubishi Power are expanding gas turbine production capacity, while Chinese suppliers are entering the global supply chain. Exports from the chromium industry have increased by **64% year-on-year** in the first half of the year [2][6]. - **Complexity in Production**: The production process from chromium ore to chromium metal is complex, particularly in handling sodium chromate and sodium dichromate due to the hazardous nature of hexavalent chromium waste [10]. Market Position and Future Outlook - **Global Chromium Production**: Global chromium production capacity is approximately **1.07 million tons**, with China accounting for **520,000 tons**. Major producing countries include Kazakhstan, Turkey, and South Africa [11][35]. - **Zhenhua Co. Future Prospects**: Zhenhua Co. plans to expand its capacity significantly, potentially increasing production by **40%** through acquisitions and operational improvements. The company is expected to generate substantial free cash flow and improve return rates [36]. Additional Insights - **High-Temperature Alloy Applications**: Chromium metal is widely used in high-temperature alloys for gas turbines and aircraft engines, with a growing demand expected in the coming years [13][14]. - **Export Growth**: China's chromium powder exports have surged, with a notable increase from **1,300 tons in 2022 to 19,000 tons in the first quarter of 2025** [34]. This summary encapsulates the critical points discussed in the conference call, providing a comprehensive overview of the chromium metal industry, its dynamics, and future expectations.

Group 1: Inventory Changes - Copper inventory decreased by 2,175 tons, a decline of 1.53%, bringing the total to 139,575 tons [1][4] - Aluminum inventory increased by 925 tons, a rise of 0.20%, resulting in a total of 463,725 tons [1][5] - Zinc inventory fell by 3,825 tons, a decrease of 3.79%, now totaling 97,000 tons [1][9] - Tin inventory decreased by 50 tons, a drop of 2.56%, with a current total of 1,900 tons [1][11] Group 2: Registered and Cancelled Warehouse Receipts - For copper, registered warehouse receipts are at 127,500 tons, with a cancellation of 12,075 tons, leading to a cancellation rate of 8.65% [2][4] - Aluminum registered warehouse receipts stand at 452,225 tons, with 11,500 tons cancelled, resulting in a cancellation rate of 2.48% [2][5] - Zinc registered warehouse receipts are at 51,350 tons, with 45,650 tons cancelled, leading to a cancellation rate of 47.06% [2][9] - Nickel registered warehouse receipts total 196,770 tons, with a cancellation of 12,312 tons, resulting in a cancellation rate of 5.89% [2][13]