Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the content. 2. Core Viewpoints - Copper prices may fluctuate within a short - term range due to the combination of factors such as tight concentrate supply, high smelting output growth, positive growth in the power and automotive industries, and weak real estate [2]. - Zinc prices may experience short - term wide - range and weak fluctuations as the supply - demand difference may tilt towards surplus, with factors like rising smelting output and weak real estate [2]. 3. Summary According to Related Content Copper - **Market Situation**: Night - session copper prices closed higher. Concentrate supply remains tight, squeezing smelting profits, but smelting output continues to grow rapidly. The power industry has positive growth, with a sharp year - on - year increase in PV installations (future growth may slow), automotive production and sales are growing, home appliance output growth is slowing, and the real estate sector is weak [2]. - **Price Outlook**: Copper prices may fluctuate within a range. Key factors to watch include the US dollar, copper smelting output, and downstream demand [2]. - **Market Data**: The previous domestic futures closing price was 81,000 yuan/ton, the domestic basis was 70 yuan/ton, the previous LME 3 - month closing price was 10,189 dollars/ton, LME spot premium was - 61.93 dollars/ton, LME inventory was 153,950 tons with a daily decrease of 225 tons [2]. Zinc - **Market Situation**: Night - session zinc prices closed higher. Zinc concentrate processing fees have generally increased, turning smelting profits positive, and smelting output is expected to continue rising. Galvanized sheet inventory increased weekly, infrastructure investment has a small positive cumulative growth rate, automotive production and sales are growing, home appliance output growth is slowing, and the real estate sector is weak [2]. - **Price Outlook**: Zinc prices may have short - term wide - range and weak fluctuations as the short - term supply - demand difference may tilt towards surplus. Key factors to watch include the US dollar, smelting output, and downstream demand [2]. - **Market Data**: The previous domestic futures closing price was 22,235 yuan/ton, the domestic basis was - 85 yuan/ton, the previous LME 3 - month closing price was 2,982 dollars/ton, LME spot premium was 26.76 dollars/ton, LME inventory was 50,525 tons with a daily decrease of 100 tons [2]. Other Metals - **Aluminum**: The previous domestic futures closing price was 20,925 yuan/ton, the domestic basis was - 50 yuan/ton, the previous LME 3 - month closing price was 2,705 dollars/ton, LME spot premium was 4.77 dollars/ton, LME inventory was 485,275 tons with no daily change [2]. - **Nickel**: The previous domestic futures closing price was 122,500 yuan/ton, the domestic basis was - 460 yuan/ton, the previous LME 3 - month closing price was 15,425 dollars/ton, LME spot premium was - 185.68 dollars/ton, LME inventory was 225,084 tons with a daily increase of 1,932 tons [2]. - **Lead**: The previous domestic futures closing price was 17,150 yuan/ton, the domestic basis was - 130 yuan/ton, the previous LME 3 - month closing price was 2,002 dollars/ton, LME spot premium was - 47.54 dollars/ton, LME inventory was 229,575 tons with a daily decrease of 3,050 tons [2]. - **Tin**: The previous domestic futures closing price was 275,090 yuan/ton, the domestic basis was - 630 yuan/ton, the previous LME 3 - month closing price was 34,680 dollars/ton, LME spot premium was - 132.00 dollars/ton, LME inventory was 2,620 tons with a daily increase of 235 tons [2].

Report Industry Investment Rating - Not provided Core Viewpoints - **Copper**: Today, copper prices rebounded after hitting a low in the morning and fluctuated upwards during the day. The overall open interest increased slightly, and the main contract price touched the 81,000 mark again at the end of the session. Overseas interest rate cut expectations are rising, and the approaching September FOMC meeting is positive for copper prices. However, the slight increase in inventory on Monday is negative for futures prices. Technically, pay attention to the long - short battle at the 81,000 mark [5]. - **Aluminum**: Today, aluminum prices rebounded after hitting a low in the morning and fluctuated during the day. The open interest changed little. Overseas interest rate cut expectations are rising, and the approaching September FOMC meeting is positive for aluminum prices. The slight increase in social inventory on Monday is negative for futures prices. In the short term, aluminum prices may fall after rising. Pay attention to the support at the 21,000 mark [6]. - **Nickel**: Today, Shanghai nickel decreased in open interest and declined. Overseas interest rate cut expectations are rising, driving up the non - ferrous sector. However, the continuous increase in domestic nickel ore port inventory and SHFE nickel inventory is negative for nickel prices. In the short term, the macro situation is driving up non - ferrous metals generally, and nickel prices may rebound from the low level. The willingness of previous short - sellers to close positions is strong. Pay attention to the pressure at the August high [7]. Summary by Related Catalogs 1. Industry Dynamics - **Copper**: On September 15, the spot inventory of electrolytic copper in the domestic market was 157,900 tons, an increase of 7,500 tons compared with August 8 and 8,900 tons compared with September 11 [9]. - **Aluminum**: On September 15, the spot inventory of electrolytic aluminum in the domestic market was 629,000 tons, unchanged compared with August 8 and an increase of 11,000 tons compared with September 11 [9]. - **Nickel**: On September 15, the mainstream reference contract for refined nickel in the Shanghai market was the SHFE nickel 2510 contract. The mainstream premium of Jinchuan electrolytic nickel was +2,300 yuan/ton, with a price of 124,650 yuan/ton; that of Russian nickel was +550 yuan/ton, with a price of 122,900 yuan/ton; that of Norwegian nickel was +2,600 yuan/ton, with a price of 124,950 yuan/ton; and that of nickel beans was +2,550 yuan/ton, with a price of 124,900 yuan/ton [10]. 2. Related Charts - **Copper**: There are charts showing copper basis, copper monthly spread, domestic visible inventory of electrolytic copper, overseas copper exchange inventory, LME copper cancelled warrant ratio, and SHFE warrant inventory [11][13][14]. - **Aluminum**: There are charts showing aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum, alumina inventory, and aluminum bar inventory [22][24][26]. - **Nickel**: There are charts showing nickel basis, nickel monthly spread, LME inventory, SHFE inventory, LME nickel trend, and nickel ore port inventory [34][36][38].

Report Industry Investment Rating - Not provided in the content Core Views - **Copper**: Last night, Shanghai copper increased in position and rose, standing above the 80,000 mark, and LME copper stood above the $10,000 mark. Today, copper prices maintained a strong operation, with the position volume continuing to rise. The inflation in the US in August met expectations, increasing the expectation of the Fed's interest rate cut, and the overall non - ferrous metals rose. The domestic industrial peak season provided stronger support for the futures price. Technically, the futures price increased in position and rose above the 80,000 mark, with strong upward momentum [5]. - **Aluminum**: Last night, Shanghai aluminum increased in position and rose, and maintained a strong operation today, with the main futures price standing above the 21,000 mark. The overseas interest rate cut expectation increased, pushing up the non - ferrous metals sector. There was a concentrated pick - up phenomenon in LME warehouses, leading to a tight regional supply, making the aluminum price stronger than the non - ferrous metals sector. Technically, the aluminum price broke through the oscillation high since July, with strong upward momentum [6]. - **Nickel**: Today, Shanghai nickel decreased in position and fell. The overseas interest rate cut expectation increased, pushing up the non - ferrous metals sector. The domestic nickel ore port inventory and the SHFE nickel inventory continued to rise, which was negative for the nickel price. In the short term, the macro - environment promoted the general rise of non - ferrous metals, and the nickel price might have a low - level rebound trend. The willingness of previous short - sellers to close positions was strong. Attention should be paid to the pressure at the August high [7]. Summary by Relevant Catalogs 1. Industry Dynamics - **Copper**: Enterprises that reduced or stopped production due to environmental inspections in early September have fully resumed production. After the copper price rose this week, the supply in the recycled copper raw material market increased. The operating rate of SMM's scrap - produced anode plate enterprises this week was 51.89%, a month - on - month increase of 3.00 percentage points. It is expected to continue to rise by 3.84 percentage points to 55.73% next week [9]. - **Nickel**: On September 12, the prices of refined nickel in the Shanghai market were as follows: Jinchuan electrolytic nickel was 124,250 - 124,450 yuan/ton, up 1,620 yuan/ton; Russian nickel was 122,550 - 122,650 yuan/ton, up 1,720 yuan/ton; nickel beans were 124,550 - 124,650 yuan/ton, up 1,620 yuan/ton [9]. 2. Relevant Charts - **Copper**: Charts include copper basis, copper monthly spread, domestic visible inventory of electrolytic copper (social inventory + bonded area inventory), overseas copper exchange inventory, LME copper cancellation warrant ratio, and SHFE warrant inventory [10][12][13] - **Aluminum**: Charts include 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 [22][24][26] - **Nickel**: Charts include nickel basis, nickel monthly spread, LME nickel inventory and cancellation warrant ratio, LME nickel trend, SHFE inventory, and nickel ore port inventory [34][36][38]

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Views - **Copper Futures**: The copper price oscillated above 80,000 today with an increase in open interest. Macroeconomically, the US August PPI data was much lower than market expectations, easing wholesale inflation pressure and increasing the Fed's interest - rate cut expectations, which is positive for copper prices. Industrially, the domestic industrial peak season is providing stronger support for futures prices. With a strong domestic and weak overseas macro situation and the industry entering the peak season, the futures price is expected to be bullish. Technically, the futures price increased in volume and open interest, breaking through the 80,000 mark with strong upward momentum [5]. - **Aluminum Futures**: The aluminum price increased significantly in volume and open interest today, with the main futures price breaking through 20,900 and approaching the late - July high. Macroeconomically, the increasing overseas interest - rate cut expectations pushed up the non - ferrous metal sector. Industrially, SMM reported a concentrated pick - up of goods in LME warehouses, leading to regional supply tightness, making the aluminum price stronger than the non - ferrous metal sector. Technically, it is approaching the high since July, and technical pressure should be monitored [6]. - **Nickel Futures**: The nickel price rebounded after hitting the bottom today, showing an overall oscillating trend. Macroeconomically, the increasing overseas interest - rate cut expectations pushed up the non - ferrous metal sector. Industrially, the domestic nickel ore port inventory and SHFE nickel inventory have been continuously rising, which is negative for nickel prices. With macro - level benefits and industrial weakness, the futures price is expected to oscillate [7]. 3. Summary by Related Catalogs 3.1 Industry Dynamics - **Copper**: On September 11, the domestic electrolytic copper spot inventory was 149,000 tons, an increase of 900 tons compared to September 4 and a decrease of 1,400 tons compared to September 8 [9]. - **Nickel**: On September 11, the SMM1 electrolytic nickel price was in the range of 120,200 - 122,700 yuan/ton, with an average price of 121,550 yuan/ton, a decrease of 100 yuan/ton compared to the previous trading day. The mainstream spot premium quotation range of Jinchuan 1 electrolytic nickel was 2,200 - 2,300 yuan/ton, with an average premium of 2,250 yuan/ton, an increase of 50 yuan/ton compared to the previous trading day. The domestic mainstream brand electrowon nickel spot premium and discount quotation range was - 200 - 200 yuan/ton [10]. 3.2 Related Charts - **Copper**: The report includes charts of copper basis, copper monthly spread, domestic visible inventory of electrolytic copper, overseas copper exchange inventory, LME copper注销仓单比例, and SHFE warehouse receipt inventory [11][15][13]. - **Aluminum**: The report includes charts of aluminum average premium and discount, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum, alumina inventory, and aluminum rod inventory [23][29][25]. - **Nickel**: The report includes charts of nickel basis, nickel monthly spread, SHFE inventory, LME inventory and注销仓单比例, LME nickel trend, and nickel ore port inventory [35][41][43].

Report Industry Investment Rating - No relevant content provided Core Views - Copper prices may fluctuate within a short - term range as there are both bullish and bearish factors. Night - time copper prices rose 0.5%. The concentrate supply is tight, squeezing smelting profits, yet smelting output continues to grow strongly. The power industry shows positive growth, PV installations increased sharply year - on - year but future growth may slow, auto production and sales are positive, home appliance output growth is slowing, and the real estate sector remains weak [2]. - Zinc prices may experience short - term wide - range and weak fluctuations. Night - time zinc prices rose 0.14%. Zinc concentrate processing fees have generally recovered, smelting profits have turned positive, and smelting output is expected to continue rising. Galvanized sheet inventory increased weekly, and short - term supply - demand may tilt towards surplus [2]. Summary by Related Content Copper - Market performance: Night - time copper prices rose 0.5%, with the domestic previous date futures closing price at 79,780 yuan/ton, LME 3 - month closing price at 10,013 dollars/ton, LME spot at a discount of 56.61 dollars/ton to the 3 - month contract, and LME inventory at 155,275 tons, down 550 tons [2]. - Fundamental factors: Concentrate supply is tight, smelting profits are under pressure, but smelting output is growing strongly. The power industry has positive growth, PV installations increased sharply year - on - year with potential slowdown, auto production and sales are positive, home appliance output growth is slowing, and real estate is weak [2]. - Outlook: Copper prices may fluctuate within a short - term range, and investors should focus on the US dollar, copper smelting output, and downstream demand changes [2]. Zinc - Market performance: Night - time zinc prices rose 0.14%, with the domestic previous date futures closing price at 22,140 yuan/ton, LME 3 - month closing price at 2,888 dollars/ton, LME spot at a premium of 23.01 dollars/ton to the 3 - month contract, and LME inventory at 51,025 tons, down 2,050 tons [2]. - Fundamental factors: Zinc concentrate processing fees have generally recovered, smelting profits have turned positive, and smelting output is expected to rise. Galvanized sheet inventory increased weekly, infrastructure investment has a small positive cumulative growth rate, auto production and sales are positive, home appliance output growth is slowing, and real estate is weak [2]. - Outlook: Zinc prices may have short - term wide - range and weak fluctuations, and investors should pay attention to the US dollar, smelting output, and downstream demand changes [2]. Other Metals - Aluminum: Domestic previous date futures closing price was 20,790 yuan/ton, with a domestic basis of - 50 yuan/ton, LME 3 - month closing price at 2,622 dollars/ton, LME spot at a premium of 2.92 dollars/ton to the 3 - month contract, and LME inventory at 485,275 tons with no change [2]. - Nickel: Domestic previous date futures closing price was 120,600 yuan/ton, with a domestic basis of - 1,740 yuan/ton, LME 3 - month closing price at 15,146 dollars/ton, LME spot at a discount of 182.88 dollars/ton to the 3 - month contract, and LME inventory at 218,070 tons, up 456 tons [2]. - Lead: Domestic previous date futures closing price was 16,760 yuan/ton, with a domestic basis of - 120 yuan/ton, LME 3 - month closing price at 1,987 dollars/ton, LME spot at a discount of 44.17 dollars/ton to the 3 - month contract, and LME inventory at 239,325 tons, down 3,800 tons [2]. - Tin: Domestic previous date futures closing price was 270,250 yuan/ton, with a domestic basis of - 1,120 yuan/ton, LME 3 - month closing price at 34,635 dollars/ton, LME spot at a premium of 27.00 dollars/ton to the 3 - month contract, and LME inventory at 2,355 tons, up 75 tons [2].

Core Viewpoint - The online seminar series aims to deepen the integration of production and finance in the non-ferrous metal futures and spot market, focusing on various metal futures products and their role in promoting high-quality industry development [1][4]. Group 1: Copper Industry Insights - The global and Chinese copper industry is experiencing positive trends, with key focus areas including industry structure, consumption growth, and regulatory requirements [2]. - Since 2020, the copper market has faced challenges with increased price volatility, necessitating the use of futures and options for risk management [3]. - In the first half of 2025, the copper futures market recorded a trading volume of 22.7 million contracts, with a transaction value of 879 million yuan, indicating growing participation from real enterprises [4][5]. Group 2: Aluminum Industry Insights - The aluminum industry is shifting towards green and low-carbon development, with a focus on expanding the consumer market [2]. - The launch of aluminum alloy futures in June 2025 fills a gap in the processing segment, enhancing the risk management framework for the aluminum industry [4]. - In the first half of 2025, the total trading volume of non-ferrous metal futures reached 197 million contracts, with a transaction value of 27.8 trillion yuan, reflecting strong market engagement [5]. Group 3: Risk Management Strategies - Companies are advised to utilize futures for hedging against price fluctuations, ensuring stable operations and profitability [3][6]. - Effective hedging strategies include setting target prices, adjusting hedge ratios dynamically, and locking in costs and sales prices through futures [5][6]. - The integration of futures in both procurement and sales processes is crucial for managing inventory risks and maintaining stable business operations [6].

姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 投资咨询业务资格：证监许可【2011】1778 号 有色金属 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 有色金属 | 日报 2025 年 9 月 10 日 有色日报 专业研究·创造价值 有色震荡上行 核心观点 沪铜 今日铜价震荡上行，持仓量变化不大。宏观层面，美元指数日内 下行，利好铜价。产业层面，SMM 报道，日内采购情绪进一步走弱， 进口货源仍未消化，持货商继续低价出货，沪铜现货升水进一步走 跌。短期关注 8 万关口压力。 沪铝 今日铝价偏强震荡，持仓量有所上升。宏观层面，美元指数日内 走弱，带动有色板块偏强运行。产业层面，随着铝价上涨，下游接货 意愿较低。技术上，关注 20800 关口压力。 沪镍 今日镍价震荡上行 ...

Report Summary Report Industry Investment Rating - Not provided in the report Core Viewpoints - The report presents cross - market, cross - period, and spot - futures arbitrage tracking data for multiple non - ferrous metals on September 5, 2025, including copper, zinc, aluminum, nickel, lead, and tin, to help investors understand the price differences and profit situations in different trading modes [1][3] Summary by Category Cross - Market Arbitrage - **Copper**: The domestic spot price is 80080, the LME price is 9843, and the spot import equilibrium ratio is 8.13 with a profit of - 163.54 [1] - **Zinc**: The domestic spot price is 21990, the LME price is 2873, and the spot import equilibrium ratio is 8.60 with a profit of - 2715.72 [1] - **Aluminum**: The domestic spot price is 20610, the LME price is 2600, and the spot import equilibrium ratio is 8.42 with a profit of - 1279.10 [1] - **Nickel**: The domestic spot price is 119900, the LME price is 15001, and the spot import equilibrium ratio is 8.21 with a profit of - 1709.79 [1] - **Lead**: The domestic spot price is 16675, the LME price is 1946, and the spot import equilibrium ratio is 8.85 with a profit of - 504.01 [3] Cross - Period Arbitrage - **Copper**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are - 300, - 330, - 390, and - 420 respectively, while the theoretical spreads are 502, 903, 1312, and 1721 [3] - **Zinc**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are - 110, - 110, - 105, and - 90 respectively, while the theoretical spreads are 214, 334, 454, and 575 [3] - **Aluminum**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are - 95, - 100, - 100, and - 135 respectively, while the theoretical spreads are 215, 330, 446, and 561 [3] - **Lead**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are 40, 50, 75, and 70 respectively, while the theoretical spreads are 209, 314, 419, and 524 [3] Spot - Futures Arbitrage - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 15 and - 315 respectively, while the theoretical spreads are 228 and 628 [3] - **Zinc**: The spreads between the current - month and next - month contracts and the spot are 240 and 130 respectively, while the theoretical spreads are 131 and 260 [3] - **Lead**: The spreads between the current - month and next - month contracts and the spot are 145 and 185 respectively, while the theoretical spreads are 134 and 246 [3] Cross - Variety Arbitrage - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai market (three - continuous) are 3.60, 3.87, 4.73, 0.93, 1.22, and 0.76 respectively, and in the LME market (three - continuous) are 3.48, 3.82, 4.99, 0.91, 1.31, and 0.70 respectively [3]

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - **Copper**: Today, copper prices declined with reduced positions, and the main contract price fell below the 80,000 mark. The domestic market has cooled significantly, with obvious capital outflows in both the equity and commodity markets. As the peak seasons of "Golden September and Silver October" arrive, industrial support will strengthen. Short - term attention should be paid to the long - short game at the 80,000 mark [4]. - **Aluminum**: Aluminum prices plunged in the morning and then fluctuated within a narrow range throughout the day, with the position volume continuously decreasing. The domestic market has cooled, and there are capital outflows in the equity and commodity markets. In the industry, the mid - stream electrolytic aluminum inventory is continuously increasing, while the aluminum rod inventory is slowly decreasing. As China enters the peak industrial seasons of "Golden September and Silver October", industrial support is expected to continuously strengthen. Technically, attention should be paid to the support of the 60 - day moving average when the aluminum price drops [5]. - **Nickel**: Nickel prices showed a downward trend today, with a slight decrease in the position volume. Non - ferrous metals generally declined at the macro level. At the industrial level, the impact of the demonstration in Indonesia has been digested by the market. In the short term, the weakening macro environment and the digestion of industrial disturbances have led to the decline of nickel prices. Technically, attention should be paid to the support at the 120,000 mark [6]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - **Copper**: According to SMM, the weekly operating rate of the enameled wire industry decreased slightly by 0.06 percentage points to 78.4% compared with the previous week, and new orders also decreased by 0.81 percentage points. Currently, the industry has not shown signs of a peak season. Weak demand and high copper prices are intertwined, and both the operating rate and orders continue to decline [8]. - **Nickel**: Today, the price of SMM1 electrolytic nickel was in the range of 120,700 - 123,400 yuan/ton, with an average price of 122,050 yuan/ton, a decrease of 400 yuan/ton compared with the previous trading day. The mainstream spot premium quotation range of Jinchuan 1 electrolytic nickel was 1,900 - 2,200 yuan/ton, with an average premium of 2,050 yuan/ton, a decrease of 50 yuan/ton compared with the previous trading day. The spot premium and discount quotation range of domestic mainstream brand electrowon nickel was - 200 - 200 yuan/ton [9]. 3.2 Relevant Charts - **Copper**: The report provides charts of copper basis, domestic visible inventory of electrolytic copper (social inventory + bonded area inventory), LME copper cancelled warrant ratio, copper monthly spread, overseas copper exchange inventory, and SHFE warrant inventory [10][12][13]. - **Aluminum**: The report provides charts of aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, alumina inventory, and overseas exchange inventory of electrolytic aluminum (LME + COMEX) [21][23][25]. - **Nickel**: The report provides charts of nickel basis, LME nickel inventory and cancelled warrant ratio, LME nickel trend, SHFE inventory, and nickel ore port inventory [33][36][37].

有色商品日报 有色商品日报（2025 年 9 月 4 日） 一、研究观点 | 品 种 | 点评 | | --- | --- | | | 隔夜铜价窄幅震荡。宏观方面，美国 7 月 JOLTS 就业人数录得 718.1 万人，低于市场 | | | 预期 738.2 万人和前值 743.7 万人，低靡的就业数据继续强化了 9 月降息预期。美联储 | | | 理事沃勒表示未来 3 到 6 个月可多次降息。基本面方面，"金九银十"是国内传统消费 | | 铜 | 旺季，在国内进口连续不及预期及废铜政策不明朗下开工率偏低下，精铜消费有望得 | | | 到较大提振，关注国内去库速度。海外部分国家债市的抛售潮及金价的异动使得市场 | | | 避险情绪走高，铜价表现偏谨慎，但基本面继续改善下，应仍偏乐观看待，重心有望继 | | | 续抬升，但也需要注意美衰退预期及高铜价对下游需求也形成制约，价格上行高度或 | | | 受限。 | | 铝 | 氧化铝震荡偏弱，隔夜 AO2601 收于 2959 元/吨，跌幅 2.15%，持仓增仓 13870 手至 26.2 | | | 万手。沪铝震荡偏弱，隔夜 AL2510 收于 20725 元/ ...