1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views Copper - Copper pricing has returned to macro trading. Market sentiment is positive, but there is a risk of short - term sentiment reversal. The demand side has weakened, but domestic macro policies and low inventory support the price. The main reference range is 78,000 - 80,000 [1]. Aluminum - For alumina, short - term price may be strong above 3100 yuan, but there are risks such as policy changes and squeeze - out risks. Mid - term, it is recommended to short at high prices. For aluminum, short - term prices are under pressure at high levels, with the main contract reference range of 20,200 - 21,000. Focus on de - stocking inflection points and demand changes [4]. Aluminum Alloy - The market is expected to be weak and volatile, with the main reference range of 19,600 - 20,400. Pay attention to upstream scrap aluminum supply and import marginal changes [5]. Zinc - Short - term zinc prices are expected to fluctuate, with the main reference range of 22,000 - 23,500. Long - term supply is expected to be loose, and follow - up attention should be paid to macro - sentiment changes [9]. Nickel - Short - term nickel prices are expected to adjust within a range, with the main reference range of 120,000 - 128,000. Focus on macro - expectation changes [11]. Tin - Short - term tin prices are strong. It is recommended to wait and see, and pay attention to market sentiment changes and Myanmar's resumption of production progress [14]. Stainless Steel - Short - term stainless steel prices will fluctuate, with the main reference range of 12,600 - 13,200. Pay attention to policy trends and supply - demand rhythms [17]. Lithium Carbonate - Short - term lithium carbonate prices are expected to fluctuate widely. It is advisable to increase volatility and be cautious in unilateral trading. Focus on macro - expectation changes and supply adjustments [20]. 3. Summary by Directory Copper - **Price and Basis**: SMM 1 electrolytic copper price increased by 0.01% to 79,795 yuan/ton. The refined - scrap price difference decreased by 9.15% to 1,304 yuan/ton [1]. - **Fundamental Data**: In June, electrolytic copper production decreased by 0.30% to 113.49 million tons, and imports increased by 18.74% to 30.05 million tons [1]. Aluminum - **Price and Spread**: SMM A00 aluminum price decreased by 0.62% to 20,850 yuan/ton. The alumina price in Shandong increased by 0.16% to 3,220 yuan/ton [4]. - **Fundamental Data**: In June, alumina production decreased by 0.19% to 725.81 million tons, and electrolytic aluminum production decreased by 3.22% to 360.90 million tons [4]. Aluminum Alloy - **Price and Spread**: SMM aluminum alloy ADC12 price decreased by 0.25% to 20,200 yuan/ton [5]. - **Fundamental Data**: In June, the production of recycled aluminum alloy ingots increased by 1.49% to 61.50 million tons, and the production of primary aluminum alloy ingots decreased by 2.30% to 25.50 million tons [5]. Zinc - **Price and Spread**: SMM 0 zinc ingot price increased by 0.26% to 22,880 yuan/ton [9]. - **Fundamental Data**: In June, refined zinc production increased by 6.50% to 58.51 million tons, and imports increased by 34.97% to 3.61 million tons [9]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel price increased by 0.52% to 124,700 yuan/ton. The cost of integrated MHP to produce electrolytic nickel increased by 0.88% to 121,953 yuan/ton [11]. - **Fundamental Data**: In June, China's refined nickel production decreased by 10.04% to 31,800 tons, and imports increased by 116.90% to 19,157 tons [11]. Tin - **Price and Basis**: SMM 1 tin price increased by 1.30% to 272,400 yuan/ton [14]. - **Fundamental Data**: In June, tin ore imports decreased by 11.44% to 11,911 tons, and SMM refined tin production decreased by 6.94% to 13,810 tons [14]. Stainless Steel - **Price and Spread**: The price of 304/2B (Wuxi Hongwang 2.0 coil) remained unchanged at 12,900 yuan/ton [17]. - **Fundamental Data**: In June, China's 300 - series stainless steel crude steel production decreased by 3.83% to 171.33 million tons, and imports decreased by 12.48% to 10.95 million tons [17]. Lithium Carbonate - **Price and Basis**: SMM battery - grade lithium carbonate price increased by 0.14% to 70,550 yuan/ton. The basis (SMM electric carbon benchmark) increased by 152.34% to 1,230 yuan/ton [20]. - **Fundamental Data**: In June, lithium carbonate production increased by 8.34% to 78,090 tons, and demand decreased by 0.15% to 93,815 tons [20].

Group 1: Report Investment Rating - There is no information about the industry investment rating in the provided content. Group 2: Core Viewpoints - The non - ferrous metals sector generally rebounded last weekend and strengthened. The impact of trade negotiations and tariffs has temporarily eased, and the market is now focusing on changes in interest - rate cut expectations. China's anti - involution policies and expected major infrastructure projects are boosting the demand for industrial products, driving the non - ferrous metals sector to follow the upward trend, but the sustainability is average. The current rebound is regarded as a phased one, with short - term cautious bullish operations recommended, while avoiding over - chasing the rise [12][13]. Group 3: Summary by Section Part 1: Non - ferrous Metals Operation Logic and Investment Advice - **Macro Logic**: The non - ferrous metals sector rebounded, influenced by trade negotiations, interest - rate cut expectations, China's anti - involution policies, and large - scale infrastructure projects. The market is cautiously bullish in the short term, and attention should be paid to specific policies, individual supply - demand drivers, and leading varieties [12][13]. - **Weekly Focus**: Powell's speech, ECB interest - rate decision, European and US economic data, and China's LPR are the key points to watch this week [14]. - **Variety Strategies** - **Copper**: Social inventory is decreasing, supply is expected to tighten, and demand is likely to increase. It is expected to rebound, with a recommended strategy of buying on dips [3][15]. - **Zinc**: It is showing a phased upward trend, with increasing supply and moderate demand. Short - term bullish, medium - term bearish on rallies [4][15]. - **Aluminum Industry Chain**: Aluminum is in a volatile consolidation, alumina has a wide - range fluctuation, and cast aluminum alloy is also in consolidation. It is recommended to reduce long positions and wait and see [5][17]. - **Tin**: Fundamentals are weak, but it is rising due to external factors. Short - term bullish thinking, with attention to the mining end and macro factors [6][17]. - **Lead**: Supply is expected to increase, demand is recovering slowly, and it is in a volatile and weak state. A bearish - on - volatility strategy is recommended [7][18]. - **Nickel**: There is a phased rebound, but the long - term supply - demand situation is bearish. Short - term bullish, medium - term bearish on rallies [9][18]. - **Stainless Steel**: It is in a range - bound and relatively strong state, with a recommended high - selling and low - buying strategy [9][18]. Part 2: Non - ferrous Metals Market Review - **Futures Closing Prices**: Copper closed at 79,890 yuan/ton with a 0.38% increase; zinc at 23,015 yuan/ton with a 0.17% increase; aluminum at 20,760 yuan/ton with a 0.14% decrease; alumina at 3,427 yuan/ton with a 2.15% increase; tin at 273,950 yuan/ton with a 2.01% increase; lead at 16,890 yuan/ton with a 0.24% increase; nickel at 124,360 yuan/ton with a 0.80% increase; stainless steel at 12,935 yuan/ton with a 0.27% increase; and cast aluminum alloy at 20,135 yuan/ton with a 0.10% decrease [19]. Part 3: Non - ferrous Metals Position Analysis - Different non - ferrous metal futures contracts show varying net long - short positions and changes, affected by non - main - force funds or main - force position adjustments [21]. Part 4: Non - ferrous Metals Spot Market - **Copper Spot**: Yangtze River spot price is 79,900 yuan/ton with a 0.04% decrease; Wumaomao 1 average price is 79,755 yuan/ton with a 0.15% decrease [22]. - **Zinc Spot**: Yangtze River 0 zinc average price is 22,860 yuan/ton with a 0.13% increase; Yangtze River 1 zinc is 22,760 yuan/ton with a 0.13% increase [22]. - **Aluminum Spot**: Yangtze River average price is 20,720 yuan/ton with a 0.67% decrease; Nanchu Foshan A00 aluminum ingot average price is 20,710 yuan/ton with a 0.53% decrease [22]. - **Alumina Spot**: Antai Ke national average price is 3,255 yuan/ton with a 0.31% increase; hydrated bauxite in Henan is 550 yuan/ton with no change [22]. Part 5: Non - ferrous Metals Industry Chain - The report provides various charts related to the industry chain of copper, zinc, aluminum, alumina, tin, lead, nickel, and stainless steel, including inventory changes, processing fees, and price trends [25][30][32]. Part 6: Non - ferrous Metals Arbitrage - The report presents multiple charts for different non - ferrous metals, such as copper, zinc, aluminum, alumina, tin, lead, nickel, and stainless steel, to analyze their arbitrage opportunities, including ratio changes, basis, and spread trends [56][60][62]. Part 7: Non - ferrous Metals Options - The report includes charts on option historical volatility, weighted implied volatility, trading volume, and position changes for copper, zinc, and aluminum, providing references for option trading [76][78][81].

Report Overview - The report is a daily review of lead and zinc markets on July 25, 2025, focusing on price movements, market fundamentals, and industry news [1] Industry Investment Rating - No investment rating provided in the report Core Viewpoints - Lead prices are expected to move in a range in the short - term due to a balanced supply - demand situation, tight raw materials, and expectations of the peak consumption season [1] - Zinc prices are also expected to move in a range in the short - term. Despite weak fundamentals with increased supply of ore and ingots and low demand in the off - season, strong market sentiment may support prices [1] Summary by Related Catalogs Price Movements - SMM1 lead ingot average price was 16,700 yuan/ton, down 0.15%; futures主力合约收盘价 was 16,890 yuan/ton, up 0.24%. SMM1 zinc ingot average price was 22,810 yuan/ton, up 0.26%; futures主力合约收盘价 was 23,015 yuan/ton, up 0.17% [1] Market Fundamentals - Lead - A lead smelter in North China is expected to fully resume production next week after a regular maintenance. Lead concentrate imports have no expected increase, and processing fees are likely to rise. The start - up rate of primary lead smelters decreased slightly due to equipment failure, and the start - up rate of secondary lead smelters is low due to high raw material costs. Demand is expected to improve as the peak season approaches [1] Market Fundamentals - Zinc - Zinc smelters have sufficient raw material stocks, and zinc ore processing fees are rising. The production of zinc is increasing, but demand is in the off - season, and overall procurement is limited [1] Industry News - Glencore will sell its Lady Loretta zinc mine, which may cause a 1/3 reduction in Mount Isa's lead - zinc concentrate output. Teck Resources' Red Dog mine had a slight decline in zinc concentrate output in Q2 2025 due to lower ore grades, and lead concentrate output remained stable. The company expects to release inventory in Q3 [1] Trading Data - For lead, futures active contract volume decreased by 33.89% to 46,419 lots, and open interest increased by 12.40% to 69,992 lots. LME lead inventory was 269,325 tons, and Shanghai lead warehouse receipts decreased by 0.50% to 59,959 tons. For zinc, futures active contract volume decreased by 12.43% to 152,003 lots, and open interest decreased by 2.14% to 134,935 lots. LME zinc inventory was 116,900 tons, and Shanghai zinc warehouse receipts decreased by 1.24% to 11,940 tons [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The domestic macro situation is favorable for non - ferrous metals this week. The copper price has obvious support at the bottom, and attention should be paid to restocking opportunities around 7.6 - 7.7. The aluminum market has a short - term good fundamental situation, and attention should be paid to demand and anti - arbitrage opportunities. The zinc price fluctuates upward, and attention should be paid to the squeeze - out market and arbitrage opportunities. The nickel market has a general short - term fundamental situation, and attention can be paid to the contraction opportunity of the nickel - stainless steel price ratio. The stainless - steel market has a weak fundamental situation, and attention should be paid to policy trends. The lead price has a slight correction, and it is expected to fluctuate between 16800 - 17500 next week. The tin price fluctuates widely, and it is recommended to wait and see in the short term. The industrial silicon market is expected to change from inventory accumulation to inventory reduction, and the disk is expected to fluctuate. The lithium carbonate price is expected to fluctuate, and the downward inflection point needs to see significant inventory accumulation of warehouse receipts and spot goods [1][2][3] Group 3: Summary by Metal Copper - **Price and Inventory Changes**: From July 18 to 24, the spot premium had a change of - 30, the waste - refined copper price difference had a change of - 67, the SHFE inventory had a change of 648, etc. - **Market Situation**: Domestically, the GDP data in the second quarter is good, and the "anti - involution" policy on commodities boosts the non - ferrous market. The refined - waste price difference has shrunk significantly, the refined copper rod operating rate has rebounded, and the spot premium and downstream restocking sentiment are good. The spot import window has opened once this week, and attention should be paid to the opportunity of long - position import logistics in the third and fourth quarters. The market is insensitive to tariff pricing, overseas liquidity is loose with a possible interest - rate cut in the second half of the year, and the domestic downstream operating rate is okay in the off - season. Attention should be paid to the possibility of copper logistics reversal [1] Aluminum - **Price and Inventory Changes**: From July 18 to 24, the Shanghai aluminum ingot price decreased by 120, the domestic alumina price increased by 4, the SHFE social inventory remained unchanged, and the LME inventory increased by 3300. - **Market Situation**: Supply has increased slightly, with aluminum ingot imports providing an increment from January to May. The demand in July is expected to weaken seasonally, with flat supply and demand. The inventory is expected to be balanced in July. The short - term fundamental situation is okay, and attention should be paid to demand. In the context of low inventory, attention should be paid to the inter - month and internal - external anti - arbitrage [1] Zinc - **Price and Inventory Changes**: From July 18 to 24, the zinc price fluctuated upward, the domestic social inventory was stable, and the LME inventory decreased by 1575. - **Market Situation**: In July, the domestic TC increased, and some smelters had maintenance, but new production capacity in the southwest and central China was put into operation. Domestic demand weakened seasonally, and overseas demand in Europe was weak. The domestic social inventory increased slowly, and the LME inventory decreased after May, increasing the risk of short - squeezing. In the short term, it is recommended to wait and see the sustainability of the short - squeezing market and manage positions. In the long - term, it is advisable to short on rallies. Internal - external positive arbitrage can be held, and attention can be paid to inter - month positive arbitrage opportunities [2] Nickel - **Price and Inventory Changes**: From July 18 to 24, the price of 1.5% Philippine nickel ore remained unchanged, and the Shanghai nickel spot price increased by 700. - **Market Situation**: The supply of pure nickel remains at a high level, the demand is weak, and the premium is stable. The domestic and overseas nickel plate inventories have increased slightly. The tariff agreement between Indonesia and the US has no direct impact on pure nickel. The short - term fundamental situation is general, and the macro - situation is favorable for commodities. Attention can be paid to the contraction opportunity of the nickel - stainless steel price ratio [3] Stainless Steel - **Price and Inventory Changes**: From July 18 to 24, the prices of 304 cold - rolled coils, 304 hot - rolled coils, etc., remained unchanged. - **Market Situation**: Since late May, some steel mills have reduced production passively. The demand is mainly for rigid needs, and some restocking has increased due to the macro - environment. The prices of nickel iron and chrome iron remain stable. The inventories in Xijiao and Foshan have decreased slightly, and the exchange warehouse receipts have continued to decrease slightly. The fundamental situation is weak, and attention should be paid to policy trends [3] Lead - **Price and Inventory Changes**: From July 18 to 24, the lead price decreased slightly, the domestic social inventory remained unchanged, and the LME inventory increased by 6175. - **Market Situation**: The supply side has weak scrap volume, tight waste battery demand, and low operating rate of recycled lead. The demand side has high battery inventory, flat battery operating rate, and weakening peak - season expectation. The refined - waste price difference is 0, and the inventory in Jiyuan is tight. It is expected that the supply will increase slightly in July, and there will be inventory accumulation. Affected by the supply - side reform sentiment of the Ministry of Industry and Information Technology, the lead price is expected to fluctuate between 16800 - 17500 next week [6] Tin - **Price and Inventory Changes**: From July 18 to 24, the tin price fluctuated widely, the domestic inventory increased, and the LME inventory remained unchanged. - **Market Situation**: The supply side has low processing fees at the mine end, some domestic smelters reducing production and entering the maintenance period, and possible slight decline in domestic smelting output in July and August. Overseas, there are signals of production resumption in Wa State, and the import volume from the DRC in June exceeded expectations. The demand side has limited solder elasticity, strong expectation of decline in terminal electronics and photovoltaic growth, and increasing domestic inventory. The LME inventory is at a low level, but the inventory - accumulation inflection point is emerging. The short - term supply and demand are both weak, and it is recommended to wait and see [8] Industrial Silicon - **Price and Inventory Changes**: From July 18 to 24, the 421 Yunnan basis decreased by 165, and the 421 Sichuan basis decreased by 165. - **Market Situation**: The operating rate of leading enterprises has decreased again due to power - station problems, and there is no expected resumption date. There is slight production resumption in Yunnan and Sichuan, with low operating rate in Yunnan. The monthly output in July and subsequent months is expected to decline from the previous significant increase, and the supply - demand balance has changed to inventory reduction. The basis has strengthened rapidly, stimulating downstream speculative and restocking sentiment. The industrial silicon disk is expected to fluctuate if the operating rate does not recover significantly in the short term [10] Lithium Carbonate - **Price and Inventory Changes**: From July 18 to 24, the SMM electric - grade lithium carbonate price increased by 100, and the SMM industrial - grade lithium carbonate price increased by 100. - **Market Situation**: Affected by factors such as warehouse - receipt game, supply - side news disturbance, and weak - demand expectation repair, the lithium carbonate futures price has continued to rise. The basis has weakened slightly, and the market trading is mainly in the trader segment. The short - term supply and demand are both strong, and the inventory pressure in the intermediate link is gradually accumulating. The upstream has weak delivery willingness, and the downstream large enterprises actively receive goods. The lithium carbonate price is expected to fluctuate, and the downward inflection point needs to see significant inventory accumulation of warehouse receipts and spot goods [12]

银河有色 有色研发报告 铜 有色和贵金属每日早盘观察 2025 年 7 月 23 日星期三 | 研究所副所长、有色及贵 | 有色和贵金属每日早盘观察 | | --- | --- | | 金属板块负责人：车红云 | | | 期货从业证号：F03088215 | 贵金属 | | 投资咨询号：Z0017510 | 【市场回顾】 | | | 1. 贵金属市场：昨日，伦敦金由跌转涨，站上 3430 美元关口，最终收涨 1.02%，收报 | | 研究员：王伟 | 3431.2 美元/盎司，再创一个多月新高；伦敦银再度突破 39 美元关口，最终收涨 | | 期货从业证号：F03143400 | 0.95%，报 39.265 美元/盎司，续刷 2011 年 9 月新高。受外盘影响，沪金主力合约收涨 | | 投资咨询从业证号： Z0022141 | 0.91%，报 792.94 元/克，沪银主力合约盘中将历史新高刷至 9522，最终收涨 0.75%， | | | 报 9453 元/千克。 | | 研究员：王露晨 CFA | 2.美元指数：美元指数延续跌势，美盘初持续下挫，最终收跌 0.5%，报 97.322。 | | 期货从业 ...

有色早报 研究中心有色团队 2025/07/23 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/07/16 95 164 81462 50242 -149.02 284.13 50.0 66.0 -64.49 121000 12325 2025/07/17 110 114 81462 42139 -219.86 526.79 49.0 65.0 -58.71 122150 11200 2025/07/18 175 408 84556 38239 -237.75 330.02 49.0 65.0 -53.76 122175 14075 2025/07/21 215 848 84556 28177 -44.80 476.03 49.0 66.0 -66.96 122075 12575 2025/07/22 250 794 84556 25507 76.62 427.41 49.0 66.0 -68.24 124850 12250 变化 35 -54 0 ...

有色商品日报 有色商品日报（2025 年 7 月 23 日） 一、研究观点 | 品 种 | 点评 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 隔夜 LME 铜上涨 0.31%至 9898 美元/吨；SHFE 铜上涨 0.4%至 元/吨；国内现货 | | | 79970 | | | | | 进口仍处于小幅亏损状态。宏观方面，美国财长贝森特表示，关税收入"数额巨大"， | | | | | | | | 可能占美国 GDP 的 1%，未来十年关税收入有望达到 2.8 | | | 万亿美元，8 | 月 1 | 日是最后期 | | | 限，但不代表不可以再谈。另外，在解雇鲍威尔方面态度出现软化。美国总统特朗普表 | | | | | | | | 示，美国与日本、菲律宾、印尼等国接近达成协议。国内方面，央行表示国内房地产贷 | | | | | | | | 款增速回升，住户消费贷款保持增长。库存方面来看，LME 吨至 | | | 库存增加 | 2775 | 124850 | | 铜 | 吨；Comex 库存增加 379 吨至 221156 万吨；SHF ...

| 小期到日 | 24 | | | | | | --- | --- | --- | --- | --- | --- | | 区域语院 语密度主题教 2025年7月23日 星期三 | | | | 同酸成 | Z0015979 | | 价格及基差 | | | | | | | | 现值 | 前值 | 日 涨跌 | 日涨跌幅 | 单位 | | SMM 1#电解铜 | 79755 | 79555 | +200.00 | 0.25% | 元/吨 | | SMM 1#电解铜升贴水 | 240 | 220 | +20.00 | | 元/吨 | | SMM 广东1#电解铜 | 79650 | 79245 | +405.00 | 0.51% | 元/吨 | | SMM 广东1#电解铜升贴水 | -10 | JE | -25.00 | - | 元/吨 | | SMM湿法铜 | 79550 | 79390 | +160.00 | 0.20% | 元/吨 | | SMM湿法铜开贴水 | 35 | 55 | -20.00 | - | 元/吨 | | 精废价差 | 1286 | 1479 | -192.77 | -13.04% | 元/肥 ...

Core Viewpoint - The company is proceeding with a plan to issue stocks to specific investors, which is expected to enhance its overall strength and profitability, providing stable long-term returns to shareholders [1]. Group 1: Compliance and Legal Framework - The company has confirmed that the stock issuance complies with relevant laws, regulations, and normative documents, including the Company Law and Securities Law of the People's Republic of China [1][2]. - The analysis report regarding the stock issuance has been conducted thoroughly, aligning with the company's actual situation and regulatory requirements [2]. Group 2: Fund Utilization and Strategic Alignment - The intended use of the raised funds aligns with national policies and the company's development needs, supporting its long-term goals and benefiting all shareholders [2]. - Previous fundraising efforts have adhered to regulations set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange, ensuring transparency and proper management of funds [2]. Group 3: Commitment to Shareholder Returns - The company has proposed specific measures to ensure shareholder returns, with commitments from major stakeholders to fulfill these measures, in accordance with relevant government guidelines [3]. - The plan emphasizes sustainable development and the desire for reasonable returns for shareholders, particularly small and medium investors [3]. Group 4: Approval Process - The stock issuance plan requires approval from the company's shareholders and must be reviewed and registered by the Shenzhen Stock Exchange and the China Securities Regulatory Commission before implementation [3].

1. Report Industry Investment Rating The report does not explicitly provide an overall industry investment rating. However, it offers mid - term outlooks for each metal, such as "oscillating" for copper, "wait - and - see or short - term trading" for alumina, "oscillating in the short - term and potentially shorting on highs in the long - term" for aluminum, etc. [7][9][13] 2. Report's Core View The overall sentiment in the non - ferrous metals market is optimistic due to the spread of the "anti - involution" concept. Although the US tariff game continues and the macro - economic situation is complex, policy stimulus expectations and supply disruptions support metal prices. In the short - to - medium term, there are structural investment opportunities, and in the long - term, there are opportunities to short on highs for some metals with excess supply. [1] 3. Summary by Related Catalogs 3.1行情观点 - **Copper**: The upcoming non - ferrous metals growth - stabilization plan will support copper prices. The new plan will lead to the orderly exit of backward copper production capacity. Supply constraints remain, and inventory is low, but demand is weakening marginally, and US copper tariffs are unfavorable. Copper is expected to oscillate. [7][8][9] - **Alumina**: With scarce warehouse receipts and high "anti - involution" sentiment, alumina hit the daily limit. In the short - term, it has a strong foundation, but attention should be paid to the recovery rate and volume of warehouse receipts and new supply disruptions. It is advisable to wait and see or engage in short - term trading. [9][11][12] - **Aluminum**: Boosted by macro - sentiment, aluminum prices are oscillating strongly. In the short - term, prices are expected to oscillate within a range, and in the long - term, there are concerns about consumption, with a tendency to short on highs. [12][13] - **Aluminum Alloy**: Supported by macro - sentiment and cost, the market is oscillating strongly. In the short - term, ADC12 and ADC12 - A00 are oscillating at low levels, and there is room for an upward correction later, suitable for cross - variety arbitrage. [15] - **Zinc**: Boosted by macro - sentiment, zinc prices are short - term strong. However, in the long - term, supply is increasing while demand growth is limited, and prices are expected to be weakly oscillating. [16] - **Lead**: Boosted by macro - sentiment, lead prices are oscillating upward. As demand transitions from the off - season to the peak season, prices are expected to oscillate. [17][18][19] - **Nickel**: Due to non - ferrous metals supply - side reform, nickel prices are oscillating widely in the short - term. In the long - term, it is advisable to short on rebounds. [20][22][23] - **Stainless Steel**: Driven by the overall strength of the commodity sector, the stainless - steel market is rising. In the short - term, it may oscillate within a range, and attention should be paid to inventory and cost changes. [24][25] - **Tin**: With a further decline in LME inventory, tin prices have strong bottom support. Although there is a basis for price increases, the upward momentum is not strong, and prices are expected to oscillate, with increased volatility possible in August. [25][26] 3.2行情监测 The report lists various metals including copper, alumina, aluminum, zinc, lead, nickel, stainless steel, and tin under this section, but no specific monitoring content is provided in the given text. [28][42][55]