Report Summary 1. Report Industry Investment Rating No information provided. 2. Report Core Views - The nickel market has an oversupply situation, with high inventories. The nickel price is expected to remain in a low - level oscillation. For trading strategies, a range - based operation is recommended for single - side trading, while no specific strategies are proposed for cross - period, cross - variety, spot - futures, and options trading [1][3]. - The stainless steel market is facing inventory accumulation, weakening material cost support, and lower - than - expected demand. The stainless steel price is also expected to stay in a low - level oscillation. The single - side trading strategy is neutral, and no strategies are given for cross - period, cross - variety, spot - futures, and options trading [3][5]. 3. Summary by Related Catalogs Nickel Variety - **Market Analysis** - **Futures**: On October 14, 2025, the Shanghai nickel main contract 2511 opened at 121,500 yuan/ton and closed at 120,830 yuan/ton, a change of - 0.67% from the previous trading day. The trading volume was 110,084 (- 38,918) lots, and the open interest was 73,107 (- 1,593) lots. The oversupply pattern persists, and concerns about the escalation of China - US tariff friction have intensified. The LME inventory continues to increase, suppressing the nickel price. The trading volume and open interest both decreased, indicating reduced market trading activity and capital participation [1]. - **Nickel Ore**: The nickel ore market has a fair trading range, and the price remains stable. The domestic 1.3% nickel ore is quoted at CIF 44, with no transactions concluded. In the Philippines, the bidding result of the 1.4% nickel ore from the Eramen mine in Zambales has not been released. The downstream nickel - iron price has declined, squeezing the profit of iron plants, leading to cautious procurement of nickel ore. Some northern domestic factories have started stockpiling raw materials for winter. The supply in the Indonesian market remains loose, and the October (second phase) domestic trade benchmark price is expected to increase by 0.06 - 0.11 US dollars, with the current mainstream premium at +26 [1]. - **Spot**: The Shanghai market sales price of Jinchuan Group is 123,000 yuan/ton, a decrease of 600 yuan/ton from the previous trading day. The decline in refined nickel prices has increased downstream procurement enthusiasm, and the intraday trading volume is fair. The premiums of various brands are mainly stable. The Jinchuan nickel premium remains unchanged at 2,400 yuan/ton, the imported nickel premium increases by 25 yuan/ton to 350 yuan/ton, and the nickel bean premium is 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 25,027 (- 245) tons, and the LME nickel inventory was 243,258 (+ 1,164) tons [2]. - **Strategy** - **Single - side**: Mainly use range - based operations [3]. - **Cross - period**: None [3]. - **Cross - variety**: None [3]. - **Spot - futures**: None [3]. - **Options**: None [3]. Stainless Steel Variety - **Market Analysis** - **Futures**: On October 14, 2025, the stainless steel main contract 2512 opened at 12,920 yuan/ton and closed at 12,565 yuan/ton. The trading volume was 150,756 (- 59,233) lots, and the open interest was 190,251 (- 4,171) lots. It shows a similar trend to Shanghai nickel, continuing the low - level oscillation pattern and reaching a low of 12,050 yuan/ton, close to the three - month low [3]. - **Spot**: Market pessimism has intensified, and spot prices have decreased, but trading remains sluggish. The stainless steel price in the Wuxi market is 13,000 (- 150) yuan/ton, and in the Foshan market, it is 13,000 (- 100) yuan/ton. The 304/2B premium ranges from 455 to 755 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron changed by - 3.50 yuan/nickel point to 947.5 yuan/nickel point [3]. - **Strategy** - **Single - side**: Neutral [5]. - **Cross - period**: None [5]. - **Cross - variety**: None [5]. - **Spot - futures**: None [5]. - **Options**: None [5].

Core Insights - The current market for stainless steel is experiencing price declines, with specific prices for 304 cold-rolled steel in Wuxi and Foshan at 12,950 CNY per ton, down 50 CNY from the previous day [1] - Nickel ore prices remain firm, with domestic nickel ore prices expected to rise by 0.2-0.3 USD in September, while nickel iron prices are stable but face pressure due to increasing losses in domestic and Indonesian iron plants [3] - Domestic stainless steel production is on the rise, with an estimated output of 3.45 million tons in September, reflecting a month-on-month increase of 4.09% and a year-on-year increase of 5.07% [1] Price Trends - As of October 14, the cold-rolled stainless steel prices in Wuxi and Foshan are both at 12,950 CNY per ton, showing a daily decrease of 50 CNY [1] - The base price has increased by 40 CNY to 55 CNY per ton [1] Supply and Inventory - Domestic stainless steel production is projected to increase to 3.49 million tons in October, a month-on-month increase of 1.06% and a year-on-year increase of 5.99% [1] - Social inventory of 300 series stainless steel in Wuxi and Foshan has risen to 504,600 tons, a week-on-week increase of 32,700 tons [2] Market Dynamics - The stainless steel market is currently facing weak macroeconomic conditions, with prices generally below the latest agent prices, leading to limited willingness among traders to adjust prices [3] - The demand from traditional downstream sectors remains weak, while new emerging sectors are also showing a decline in growth expectations, resulting in increased bargaining space for traders but limited volume [3] Operational Recommendations - The main trading range is suggested to be between 12,400 and 12,800 CNY, with a short-term outlook indicating weak fluctuations [4]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - Due to high inventory and oversupply, nickel prices are expected to remain in low - level fluctuations, and stainless steel prices are expected to continue weak operation [1][3] Group 3: Market Analysis of Nickel Futures - On October 13, 2025, the main contract 2511 of Shanghai nickel opened at 122,190 yuan/ton and closed at 121,410 yuan/ton, down 1.68% from the previous trading day. The trading volume was 149,002 (-10,068) lots, and the open interest was 74,700 (-3,140) lots. Influenced by the US president's remarks, there are concerns about the escalation of Sino - US tariff friction, the main contract of Shanghai nickel opened low and moved low, and the LME inventory has reached the highest level since October 17, 2022 [1] Nickel Ore - The nickel ore market has a fair trading range, and prices are stable. The domestic 1.3% nickel ore is quoted at CIF44 without a deal. In the Philippines, the tender result of 1.4% nickel ore from Eramen Mine in Zambales is pending. The price of downstream nickel - iron has declined, and iron plants are cautious in purchasing nickel ore. Some northern domestic factories are preparing for "winter storage". In Indonesia, the nickel ore supply is loose, with the October (second - phase) domestic trade benchmark price expected to rise by 0.06 - 0.11 US dollars, and the current mainstream premium at +26 [1] Spot - Jinchuan Group's sales price in the Shanghai market is 123,600 yuan/ton, down 1,300 yuan/ton from the previous trading day. Spot trading is fair, and the premium and discount of refined nickel are slightly adjusted. The premium of Jinchuan nickel changes by 100 yuan/ton to 2,400 yuan/ton, the premium of imported nickel remains at 325 yuan/ton, and the premium of nickel beans is 2,450 yuan/ton. The previous trading day's Shanghai nickel warrant volume was 25,272 (44) tons, and the LME nickel inventory was 242,094 (4,716) tons [2] Group 4: Strategy of Nickel - It is recommended to mainly use range - bound operations for single - side trading, and there are no suggestions for inter - period, cross - variety, spot - futures, and options trading [3] Group 5: Market Analysis of Stainless Steel Futures - On October 13, 2025, the main contract 2512 of stainless steel opened at 12,800 yuan/ton and closed at 12,655 yuan/ton. The trading volume was 209,989 (+134,394) lots, and the open interest was 176,416 (-4,171) lots. Similar to Shanghai nickel, affected by the US president's remarks, the overall trend of metal futures is weak, and stainless steel also opened low and moved low [3] Spot - Due to the sharp decline in the futures market and weak demand, market confidence is severely hit, and spot trading is light. The stainless steel price in Wuxi market is 13,150 (+0) yuan/ton, and in Foshan market is 13,100 (-50) yuan/ton. The premium and discount of 304/2B is 480 - 780 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron yesterday changed by - 2.50 yuan/nickel point to 951.0 yuan/nickel point [3] Group 6: Strategy of Stainless Steel - It is recommended to take a neutral stance for single - side trading, and there are no suggestions for inter - period, cross - variety, spot - futures, and options trading [5]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Copper prices are expected to have a long - term upward trend, with short - term adjustments. Alumina prices are likely to maintain a weak and volatile bottom - grinding market. Aluminum prices are expected to be weak in the short - term and strengthen in the medium - term. Nickel prices are expected to have increased volatility and a lower oscillation center. Stainless steel prices are expected to weaken. Tin prices will be in a short - term high - level oscillation. Industrial silicon prices may oscillate in the medium - term and be strong in the short - term. Polysilicon prices may have a limited short - term callback. Lithium carbonate prices are expected to continue to reduce inventory and support the price [6][14][20][46][53][60][64][71][76] Group 3: Summary by Related Catalogs Copper - **Market Review**: On October 13, the Shanghai Copper 2511 contract closed at 85,120 yuan/ton, down 2.06%, and the Shanghai Copper Index reduced positions by 12,125 lots to 566,100 lots. The spot market trading improved with price drops, and the premium in Shanghai rose [2] - **Important Information**: As of October 13, the national copper inventory increased by 0.57 million tons to 17.2 million tons. In September, China imported 2.587 million tons of copper ore and concentrates, and the cumulative import from January to September was 22.634 million tons, a year - on - year increase of 7.7%. The export of unwrought aluminum and aluminum products in September was 521,000 tons, and the cumulative export from January to September was 4.516 million tons, a year - on - year decrease of 8.1% [3][4] - **Logic Analysis**: Trump's tariff remarks and supply - side problems have affected copper prices. Mine supply tension has intensified, and consumption shows "not prosperous in the peak season", but there may be an increase in demand after price adjustments [6] - **Trading Strategy**: Adopt a long - on - dips strategy for single - side trading, continue to hold cross - market positive spreads, and arrange cross - period positive spreads after domestic inventory decline. Keep options on hold [7][8][9] Alumina - **Market Review**: On October 13, the Alumina 2601 contract decreased by 57 yuan to 2,820 yuan/ton. Spot prices in most regions declined [10] - **Related Information**: An aluminum plant in Xinjiang purchased 10,000 tons of alumina on October 13. As of last Friday, the national alumina production capacity was 114.62 million tons, with 98.55 million tons in operation. In September, the actual production of alumina was 8.06 million tons, the net export was about 80,000 tons, and the demand was 7.552 million tons [11][12] - **Logic Analysis**: Affected by market sentiment, alumina prices fell. Although the static surplus has been absorbed, the surplus trend remains. The price is expected to be weak and volatile [14] - **Trading Strategy**: Single - side trading shows a weak and volatile trend. Keep arbitrage and options on hold [15][16] Aluminum - **Market Review**: On October 13, the Shanghai Aluminum 2511 contract decreased by 205 yuan to 20,885 yuan/ton. Spot prices in various regions declined [17] - **Related Information**: Trump's tariff policy was upgraded. In September, the national electrolytic aluminum weighted average full - cost was 15,977 yuan/ton, and the theoretical profit was 4,798 yuan/ton. On October 13, the national aluminum ingot spot inventory was 642,000 tons, an increase of 80,000 tons [17] - **Trading Logic**: The tariff policy upgrade led to a decline in aluminum prices, but the medium - term upward trend remains. The market may have large - amplitude fluctuations [20] - **Trading Strategy**: Be on the sidelines in the short - term for single - side trading, and the medium - term trend is upward. Keep arbitrage and options on hold [21][22][23] Casting Aluminum Alloy - **Market Review**: On October 13, the Casting Aluminum Alloy 2511 contract decreased by 225 yuan to 20,335 yuan/ton. Spot prices in various regions declined [25] - **Related Information**: Trump's tariff policy was upgraded. On October 13, the social inventory of recycled aluminum alloy ingots in Foshan, Ningbo, and Wuxi decreased by 703 tons, and the casting aluminum alloy warehouse receipts increased by 2,503 tons [25][26] - **Trading Logic**: The tariff policy upgrade led to a decline in prices. Before the implementation of tariffs is clear, the negative impact of macro - sentiment on aluminum products is significant. The price will be weak, and scrap aluminum prices may support the spot price [27] - **Trading Strategy**: Pay attention to tariff policy developments for single - side trading. Keep arbitrage and options on hold [28][29][31] Zinc - **Market Review**: On October 13, Shanghai Zinc 2511 dropped 0.58% to 22,255 yuan/ton, and the Shanghai Zinc Index reduced positions by 2,771 lots to 212,600 lots. The spot market trading was light [32] - **Related Information**: As of October 13, the national zinc ingot inventory was 163,100 tons, an increase of 21,700 tons from September 29 [33] - **Logic Analysis**: In October, domestic zinc smelters increased production, and consumption did not improve significantly. The domestic price was under pressure, while the LME price was strong. The pattern of strong overseas and weak domestic may continue [34] - **Trading Strategy**: Close profitable short positions and wait for the export window to open to short again. Keep arbitrage on hold and close out the sold out - of - the - money call options [35][37] Lead - **Market Review**: On October 13, Shanghai Lead 2511 dropped 0.18% to 17,095 yuan/ton, and the Shanghai Lead Index increased positions by 5,004 lots to 82,700 lots. Part of the downstream replenished inventory, and the spot market had different purchasing attitudes [36] - **Related Information**: As of October 13, the national lead ingot social inventory was 36,000 tons, a decrease of 6,100 tons from September 29. The electric bicycle trade - in policy in Changsha and Shaoyang will be suspended on October 20 [39] - **Logic Analysis**: From September to mid - October, domestic lead production was relatively low. The inventory decreased during the National Day. The supply is weaker than demand currently, but the supply may increase in the second half of October, and the price may fall after rising [40] - **Trading Strategy**: The price may rise in the short - term but fall after rising. Keep arbitrage on hold and sell out - of - the - money call options [41] Nickel - **Market Review**: On October 13, the main contract of Shanghai Nickel NI2511 decreased by 2,080 yuan to 121,410 yuan/ton, and the index increased positions by 1,785 lots. Spot premiums changed [43] - **Related Information**: The Shanghai Futures Exchange adjusted the trading margin and daily price limit for nickel futures on October 14. Some Indonesian mining companies resumed production. Goldman Sachs predicted that nickel prices would drop by 6% by December 2026 [44][46] - **Logic Analysis**: Due to the lack of profit - taking and Trump's remarks, the decline was relatively mild. The "de - globalization" trend and the surplus pattern will lead to increased volatility and a lower center of oscillation [46] - **Trading Strategy**: Short a small amount of the main contract. Keep arbitrage and options on hold [47][48][49] Stainless Steel - **Market Review**: On October 13, the main contract of stainless steel SS2512 decreased by 205 yuan to 12,655 yuan/ton, and the index increased positions by 28,538 lots. The spot price range was given [51] - **Important Information**: Indonesia won the stainless - steel anti - dumping lawsuit against the EU, which is expected to boost exports. The national stainless - steel social inventory increased during the holiday [51][53] - **Logic Analysis**: The escalation of the Sino - US trade war affected external demand, and the inventory increased. The price was under pressure, and the market was waiting to see the inventory digestion this week [53] - **Trading Strategy**: The price will weaken. Keep arbitrage on hold [54][55] Tin - **Market Review**: On October 13, the main contract of Shanghai Tin 2511 closed at 282,110 yuan/ton, down 2.19%. The spot price dropped, and the trading was mainly for rigid demand [57] - **Related Information**: The US postponed the release of CPI data. As of October 10, the national tin ingot inventory decreased by 568 tons compared with September 26 [58][59] - **Logic Analysis**: Trump's tariff remarks led to a price drop. The supply of tin ore is still tight, and the demand is slowly recovering. Pay attention to Myanmar's resumption of production and electronic consumption recovery [60] - **Trading Strategy**: The price will oscillate at a high level in the short - term. Keep options on hold [61][62] Industrial Silicon - **Important Information**: The US cancelled a solar project and planned to impose tariffs on Chinese goods. The production capacity in Xinjiang decreased, and the production capacity in the east increased. The southwest may reduce production in November [63][64] - **Logic Analysis**: The production decreased in Xinjiang and increased in the east. The southwest will reduce production in November. The demand is strong in the short - term, and the price may oscillate in the medium - term and be strong in the short - term [64] - **Strategy Suggestion**: Hold long positions. There is no arbitrage and option strategy currently [67][68] Polysilicon - **Important Information**: The US cancelled a solar project and planned to impose tariffs on Chinese goods. The production increased in October, and the silicon wafer production decreased [70][71] - **Logic Analysis**: The supply increased and the demand decreased in October. The concentrated cancellation of warehouse receipts in November is the core driver of the price callback. The rumored state - purchase may limit the callback space [71] - **Strategy Suggestion**: Try to go long near the low point of the PS2512 contract in August. Hold the reverse arbitrage of 2511 and 2512 contracts. Buy both out - of - the - money call and put options [72] Lithium Carbonate - **Market Review**: On October 13, the Lithium Carbonate 2511 contract decreased by 780 yuan to 72,500 yuan/ton, and the index increased positions by 1,306 lots. The spot price dropped [74] - **Important Information**: A lithium project in Jiangxi had major changes. In September, the sales of new - energy vehicles and the production of ternary materials increased [76] - **Logic Analysis**: The supply growth rate is lower than the demand in October, and the inventory is expected to continue to decrease, supporting the price. Consider closing short positions and going long if the price falls below 70,000 yuan [76] - **Trading Strategy**: Short on rebounds and close short positions if the price falls below 70,000 yuan. Keep arbitrage and options on hold [77][78][79]

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Viewpoints of the Report The report provides a daily morning observation of various commodities, including agricultural products, black metals, non-ferrous metals, and energy chemicals. The market trends of each commodity are analyzed based on factors such as supply and demand, macroeconomic conditions, and trade policies. The report suggests corresponding trading strategies for each commodity, including unilateral trading, arbitrage, and options trading. 3. Summaries by Relevant Catalogs Agricultural Products - **Soybean Meal**: Macro influences increase, and the volatility of meal products widens. The CBOT soybean and soybean meal indices decline. South American soybean exports to China offset the decrease in US soybean exports. It is recommended to short the soybean meal 05 contract at high points, hold long positions in rapeseed meal, and conduct M11 - 1 positive spreads [15][16][17]. - **Sugar**: Typhoon weather is favorable for the market. ICE and London sugar prices decline. Brazilian sugar production may increase, and the domestic sugar market is affected by the typhoon. It is expected that the international sugar price will fluctuate within a range, and the domestic sugar price will also show a short - term oscillatory trend [17][18][20]. - **Oilseeds and Oils**: Sino - US tariffs resurface, and the market maintains a short - term oscillatory trend. The Malaysian palm oil inventory increases in September, and domestic soybean oil may gradually reduce inventory. It is recommended to wait and see first and consider lightly going long on dips [21][22][23]. - **Corn/Corn Starch**: New grain is concentrated on the market, and the price oscillates at the bottom. The US corn price is weak, and domestic new - crop corn is abundant. It is recommended to go long on the 12 - month corn contract on dips, and gradually establish long - term long positions in the 05 and 07 corn contracts [24][25][27]. - **Hogs**: The pressure of slaughter continues to be reflected, and the spot price continues to decline. Hog prices fall in various regions, and the overall supply is sufficient. It is recommended to short at high points and conduct LH15 reverse spreads [27][28][29]. - **Peanuts**: Harvest is affected by rainfall, and peanuts are short - term bullish. The average price of peanuts declines slightly, and the inventory of peanut oil manufacturers changes. It is recommended to go long on the 01 and 05 peanut contracts lightly [30][31][32]. - **Eggs**: Oscillate weakly. Egg prices decline, and the inventory of laying hens is high. It is recommended to short near - month contracts at high points [33][34][36]. - **Apples**: Oscillate slightly bullishly. Apple inventory decreases, and new - crop apples are affected by rainfall. It is expected that the price will oscillate slightly bullishly in the short term [37][38][42]. - **Cotton - Cotton Yarn**: Oscillate slightly bearishly. ICE cotton prices decline. The Sino - US trade war affects cotton consumption. It is expected that the US cotton price will oscillate, and the Zhengzhou cotton price will oscillate slightly bearishly [43][44][46]. Black Metals - **Steel**: US tariff increases put slight pressure on steel prices. The black sector oscillates weakly, and steel inventories accumulate. It is recommended to maintain a bottom - oscillating trend and go long on the spread between hot - rolled and rebar at low points [48][49][50]. - **Coking Coal and Coke**: Long positions can be lightly established on dips. The market may be affected by macro - market sentiment, but the impact is expected to be small. It is recommended to go long on dips [50][51][53]. - **Iron Ore**: Adopt a bearish approach at high levels. Global iron ore shipments increase, and the demand is weak. It is recommended to hedge at high levels in the spot market and conduct reverse cash - and - carry arbitrage [53][54][56]. - **Ferroalloys**: The valuation is not high, and short positions can be reduced during macro - shocks. The prices of ferrosilicon and silicomanganese are stable to weak. It is recommended to reduce short positions during macro - shocks [56][57][58]. Non - Ferrous Metals - **Precious Metals**: Trade disputes resurface, and they are driven by short - term risk - aversion sentiment. Gold and silver prices rise, and the US dollar index and bond yields decline. It is recommended to go long at low points [59][60][62]. - **Copper**: Tariffs cause a short - term setback in copper prices, but the long - term trend remains unchanged. Copper prices decline, and the supply is tight while consumption is weak. It is recommended to go long on dips [64][65][67]. - **Alumina**: The weak trend due to supply - demand surplus remains unchanged. The price of alumina declines, and the supply exceeds demand. It is expected to maintain a weak - oscillating and bottom - grinding trend [69][70][71]. - **Cast Aluminum Alloy**: Weakens with the increase in tariff policies, but the scrap aluminum price may be relatively firm. The futures price of cast aluminum alloy declines. The impact of tariffs is expected to be less severe than in April. It is necessary to pay attention to subsequent policies [74][75]. - **Electrolytic Aluminum**: The short - term volatility increases due to panic sentiment, and the medium - term bullish trend remains unchanged. The price of electrolytic aluminum declines. The impact of tariffs is limited, and the medium - term price may strengthen [75][76][78]. - **Zinc**: There is obvious support below, and the zinc price may rebound. The domestic zinc price is under pressure, and the overseas price is strong. It is recommended to close out profitable short positions and go short again at high points [79][80][82]. - **Lead**: Supply and demand are both weak, and be wary of the lead price falling after rising. The lead price rises, and the supply may increase in the second half of October. It is recommended to be cautious as the price may fall after rising [83][84][87]. - **Nickel**: Volatility increases, and the price center moves down. The LME nickel price declines, and the inventory increases. The nickel market is in an oversupply situation, and the price is expected to decline [88][89][91]. - **Stainless Steel**: Oscillates downward. The stainless steel inventory increases, and the price is affected by tariffs. It is expected to oscillate weakly [92][93][95]. Energy and Chemicals - **Industrial Silicon**: Go long at the lower end of the range. Some silicon plants experience production disruptions, and the demand is strong in the short term. It is recommended to go long near the low point of the September disk [95][96][97]. - **Polysilicon**: The supply - side expectations are intertwined with weak reality. The US government cancels some energy projects. The polysilicon market is affected by production increases and potential cuts [97][98].

1. Report Industry Investment Ratings No relevant content was found in the provided reports. 2. Core Views of the Reports Copper - Near the Sino - US tariff extension deadline, tariff negotiation rhythm may drive short - term trading. The weak US employment data leads to expectations of further monetary easing by the Fed. The widening COMEX - LME spread attracts non - US copper to the US. In the long - term, copper supply shortage will support the price bottom, but short - term price is affected by demand changes and tariff negotiations [1]. Aluminum - After the holiday, the alumina futures price is under pressure, and the aluminum price fluctuates. The alumina supply is in excess, and the demand is weak. The aluminum market is in a tight balance, with high - price suppressing procurement and low inventory levels. The short - term prices of alumina and aluminum are expected to be range - bound [3]. Aluminum Alloy - After the holiday, the casting aluminum alloy futures price strengthens. The cost is supported, but the supply is restricted by raw materials and policies. The demand recovers moderately, and the inventory increase slows down. The short - term ADC12 price is expected to remain high and volatile [5]. Zinc - The supply of zinc is loose, and the demand is not outstanding. The short - term zinc price may be driven by the macro - environment, but the upward elasticity is limited. It may maintain a range - bound movement unless there are significant changes in demand or supply [8]. Tin - The supply of tin is tight, and the demand is weak. After the sharp decline of the outer - plate metal, the tin price may fall, but considering the strong fundamentals, it can be considered to buy at low prices after the risk is released. The future price depends on the supply recovery in Myanmar [10]. Nickel - The nickel price fluctuates widely. The macro - environment is uncertain, and the policy expectations of the Indonesian ore end are increasing. The cost is supported, but the medium - term supply is loose. The short - term price is expected to be range - bound [12]. Stainless Steel - The stainless steel price fluctuates narrowly. The macro - environment is uncertain, the raw material price is firm, and the supply pressure is increasing. The demand improvement is not obvious, and the inventory reduction is slow. The short - term price is expected to be range - bound [13]. Lithium Carbonate - The lithium carbonate futures price fluctuates. The supply path is becoming clear, but the news may bring variables. The demand is optimistic, and the inventory is decreasing. The short - term price is expected to be range - bound [14]. 3. Summaries According to Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price is 86,680 yuan/ton, up 1.10% [1]. - SMM 1 electrolytic copper premium is 20 yuan/ton, up 5 yuan [1]. Fundamental Data - September electrolytic copper production is 112.10 million tons, down 4.31% [1]. - August electrolytic copper import is 26.43 million tons, down 10.99% [1]. Aluminum Price and Spread - SMM A00 aluminum price is 20,980 yuan/ton, up 0.10% [3]. - SMM A00 aluminum premium is - 50 yuan/ton, down 10 yuan [3]. Fundamental Data - September alumina production is 760.37 million tons, down 1.74% [3]. - September electrolytic aluminum production is 361.48 million tons, down 3.16% [3]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 price is 21,100 yuan/ton, unchanged [5]. - The scrap - refined price difference of Foshan crushed primary aluminum is 1,524 yuan/ton, up 1.33% [5]. Fundamental Data - August recycled aluminum alloy ingot production is 66.10 million tons, up 7.48% [5]. - August primary aluminum alloy ingot production is 27.10 million tons, up 1.88% [5]. Zinc Price and Spread - SMM 0 zinc ingot price is 22,300 yuan/ton, up 0.72% [8]. - The import profit and loss is - 3,968 yuan/ton, up 199.94 yuan [8]. Fundamental Data - September refined zinc production is 60.01 million tons, down 4.17% [8]. - August refined zinc import is 2.57 million tons, up 43.30% [8]. Tin Spot Price and Basis - SMM 1 tin price is 287,400 yuan/ton, up 1.13% [10]. - SMM 1 tin premium is 300 yuan/ton, unchanged [10]. Fundamental Data - August tin ore import is 10,267 tons, down 0.11% [10]. - September SMM refined tin production is 10,510 tons, down 31.71% [10]. Nickel Price and Basis - SMM 1 electrolytic nickel price is 123,850 yuan/ton, up 0.20% [12]. - 1 Jinchuan nickel premium is 2,300 yuan/ton, down 20 yuan [12]. Supply and Inventory - China's refined nickel production is 32,200 tons, up 1.26% [12]. - Refined nickel import is 17,010 tons, down 3.00% [12]. Stainless Steel Price and Basis - 304/2B (Wuxi Hongwang 2.0 coil) price is 13,050 yuan/ton, down 0.38% [13]. - The spot - futures price difference is 13,220 yuan/ton, up 2597.96% [13]. Fundamental Data - China's 300 - series stainless steel crude steel production (43 companies) is 187.48 million tons, up 4.42% [13]. - Stainless steel import is 11.72 million tons, up 60.48% [13]. Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate average price is 73,550 yuan/ton, unchanged [14]. - SMM industrial - grade lithium carbonate average price is 71,300 yuan/ton, unchanged [14]. Fundamental Data - September lithium carbonate production is 87,260 tons, up 2.37% [14]. - September lithium carbonate demand is 116,801 tons, up 12.28% [14].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - For nickel, the global nickel surplus pattern remains difficult to change, with increasing inventory, and prices will mainly oscillate within a platform range. For stainless steel, after the destocking ends, cost support weakens, and downstream demand is weak, so prices are expected to remain in a low - level oscillating state [4][7]. Summary by Related Catalogs Nickel Market Analysis - **Price**: This week, the main contract of Shanghai nickel showed a trend of rising first and then falling, with prices fluctuating between 121,220 - 124,880 yuan/ton and finally closing at 121,800 yuan/ton, a 0.49% increase from last week. Due to the overall strength of the non - ferrous sector during the National Day and the impact of Indonesia's new nickel ore policy, the price of Shanghai nickel opened higher and moved higher on October 9th, but the spot market trading was light, and the price quickly fell on October 10th. After the decline, downstream enterprises increased their purchases and the transaction improved. The latest offer of Jinchuan nickel's premium to the mainstream of Shanghai nickel 2511 decreased by 50 yuan/ton compared with last week, while the real - time converted premium in the Shanghai area increased by 1,100 yuan/ton compared with last week [1]. - **Macro**: The US federal government shutdown on October 1st increased the uncertainty of the global economic outlook. The cooling of the Fed's interest - rate cut expectation in October led to the strengthening of the US dollar index to 106.5 and the depreciation of the RMB exchange rate to 7.35, which put downward pressure on prices. During the National Day, China introduced new policies on culture, tourism, and infrastructure, strengthening the medium - and long - term demand expectation of new energy and high - end manufacturing for key metals. Coupled with the market's expectation of more "steady - growth" policies in the fourth quarter, the risk preference of the basic metals sector significantly increased [1]. Supply - The nickel ore market was relatively calm this week, and the price remained stable. In the Philippines, the rainy season is approaching in mining areas such as Surigao, and mines have gradually stopped shipping. Iron plants' profits have been hit, and they have maintained a cautious attitude towards purchasing nickel ore. In Indonesia, the supply of the nickel ore market remains in a loose pattern. However, the Indonesian government has shortened the mining license period from 3 years to 1 year, which has short - term concerns about the supply stability in 2026 and later. Although the 2025 quota is still valid, the policy adjustment has added variables to the medium - and long - term production capacity release [2]. Consumption - In September, the demand for stainless steel and battery materials remained basically stable, and the nickel consumption of alloys and special steels increased to some extent. However, considering that "Golden September and Silver October" is the traditional consumption peak season, the overall consumption growth was lower than expected [2]. Cost and Profit - The cost of producing electrowon nickel from integrated MHP is 116,448 yuan/ton, with a profit of 4.40%; the cost of producing electrowon nickel from integrated high - matte nickel is 124,802 yuan/ton, with a profit of - 2.60%; the cost of producing electrowon nickel from externally purchased nickel sulfate is 137,134 yuan/ton, with a profit of - 10.50%; the cost of producing electrowon nickel from externally purchased MHP is 137,839 yuan/ton, with a profit of - 10.90%; the cost of producing electrowon nickel from externally purchased high - matte nickel is 132,859 yuan/ton, with a profit of - 7.60% [2]. Inventory - This week, the Shanghai Futures Exchange's nickel inventory was 33,119 tons, a decrease of 504 tons from last week; the LME nickel inventory was 237,378 tons, a decrease of 204 tons from last week; the nickel inventory in the Shanghai Free Trade Zone was 3,700 tons, remaining unchanged from last week; the refined nickel inventory in China (including the free - trade zone) was 45,630 tons, a decrease of 1,371 tons from last week [3]. Strategy - Unilateral: None; Inter - period: None; Inter - variety: None; Spot - futures: Maintain the idea of selling hedging on rallies in the medium - and long - term; Options: None [4]. Stainless Steel Market Analysis - **Price**: This week, the main contract of stainless steel futures showed a trend of rising first and then falling, closing at 12,805 yuan/ton on Friday, a 55 - yuan increase from last week's 12,750 yuan/ton. In the first week after the festival, the spot market continued the pre - festival light situation, with poor transaction conditions and small fluctuations in overall quotes [4]. - **Macro**: During the festival, the US government shutdown increased the capital's risk - aversion demand, pushing up the overall price of commodity futures. Coupled with the expectation of two more Fed interest - rate cuts this year, it was generally positive for commodity prices. The cultural and tourism consumption stimulus policies and infrastructure investment plans introduced during the National Day enhanced the market's confidence in the economic recovery in the fourth quarter. The collective strength of the basic metals sector drove the stainless steel futures to rise [4]. Supply - As "Golden September and Silver October" is coming to an end, the stainless steel operating rate remains at a high level. Some steel mills are still operating at full capacity to complete their annual production plans. At the same time, due to the low inventory of steel mills, some shut - down steel mills have adjusted and resumed production. It is expected that the output will continue to increase in October [5]. Consumption - In the new energy sector, the demand for battery cases and photovoltaic brackets has increased to some extent, but the overall downstream demand is weak. The main downstream industries such as home appliances, machinery, and construction have a low willingness to purchase stainless steel. Especially the home appliance industry, affected by the continuous downturn of the real estate market, the sales growth of kitchen appliances, sanitary equipment and other products is slow, reducing the demand for stainless steel sheets [5]. Cost and Profit - This week, the purchase prices of high - nickel ferrochrome and high - carbon ferrochrome both decreased, driving down the cost of stainless steel. As of October 10th, the cost of smelting 304 cold - rolled stainless steel by the short - process was 13,078 yuan/ton, a - 0.66% month - on - month change; the cost of smelting 304 cold - rolled stainless steel by the process of purchasing high - nickel ferrochrome externally was 14,258 yuan/ton, a - 0.52% month - on - month change; the cost of smelting 304 cold - rolled stainless steel by the integrated process was 13,783 yuan/ton, a 0.00% month - on - month change [5]. Inventory - On August 29th, the total social inventory of stainless steel in 89 warehouses in the national mainstream market was 1,053,646 tons, a + 7.97% week - on - week change. The total inventory of cold - rolled stainless steel was 624,731 tons, a + 6.14% week - on - week change. The total inventory of hot - rolled stainless steel was 428,915 tons, a + 10.74% week - on - week change. The stainless steel inventory has continued to decline for eight consecutive weeks and has basically returned to the beginning - of - year level [6]. Strategy - Unilateral: None; Inter - period: None; Inter - variety: None; Spot - futures: None; Options: None [7].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The nickel price is expected to be under pressure and fluctuate mainly due to the resonance of macro - sentiment and refined nickel inventory build - up, along with potential uncertainties from Indonesian news [1]. - The stainless - steel price is likely to fluctuate weakly next week as macro and real - world factors exert pressure, and while cost restricts its elasticity, the cost marginally declines [2]. Summary by Relevant Catalogs Nickel Market Analysis - **Fundamentals**: Macro - sentiment and refined nickel inventory build - up put pressure on the nickel market. Trade war escalation and expected new pure - nickel production in the second half of the year increase supply, while alloy use of nickel - iron instead of nickel plates suppresses demand. Although non - standard nickel fundamentals improve marginally, the inventory build - up problem in refined nickel remains. Indonesian news may increase market concerns about nickel - ore supply governance, and the nickel - ore premium shows signs of stabilization and a slight increase [1]. - **Inventory**: China's refined nickel social inventory increased by 5,190 tons to 45,630 tons. LME nickel inventory increased by 7,254 tons to 237,378 tons [5]. Stainless - Steel Market Analysis - **Fundamentals**: The demand for stainless steel is suppressed by tariffs and weak post - real - estate cycle consumption. The overall apparent demand growth rate has converged. The trade - war resurgence may pressure long - term demand. Supply is expected to increase slightly, but actual production may fall short of expectations. The real - world fundamentals lack upward drivers due to significant holiday inventory build - up, high upstream inventory, and weak peak - season demand. Cost provides a bottom - support, but short - term nickel - iron price drops may lead to cost adjustments [2]. - **Inventory**: In September, SMM stainless - steel factory inventory was 1.532 million tons, with a year - on - year increase of 4% and a month - on - month decrease of 1%. Steel Union's stainless - steel social inventory was 1.054 million tons, with a week - on - week increase of 8% [5]. New Energy Market Inventory - On October 10, the inventory days of SMM nickel sulfate upstream, downstream, and integrated production lines changed by +1, - 1, and 0 months - on - month to 5, 9, and 7 days respectively. On September 26, the precursor inventory changed by - 0.6 months - on - month to 14.0 days. On October 9, the ternary material inventory changed by - 0.1 months - on - month to 7.1 days [5]. Market News - In September, due to violations of forestry license regulations, the Indonesian forestry working group took over part of the PT WedaBav Nickel mine. The Indonesian government also sanctioned 190 mining companies for non - payment of reclamation deposits. The Indonesian government requires companies to resubmit the 2026 RKAB budget online from October 1 to November 15 [6][7]. - Trump announced on October 10 that he may impose an additional 100% tariff on China starting from November 1 and implement export controls on "all key software" [7]. Futures Research Data - **Prices and Volumes**: The closing price of the Shanghai nickel main contract was 122,180, down 2,300; the closing price of the stainless - steel main contract was 12,780, down 80. The trading volume of the Shanghai nickel main contract was 159,070, an increase of 28,206; the trading volume of the stainless - steel main contract was 160,027, a decrease of 17,063 [9]. - **Industry Chain Data**: Data such as the price of 1 imported nickel, Russian nickel premium, nickel - bean premium, and various product price spreads and import profits are provided [9].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - The copper market is affected by supply disruptions and consumption trends, with short - term price pressure at $11,000 per ton and a need for consolidation [2][4][5]. - The alumina market is in an oversupply situation, and prices are expected to be in a low - level oscillating bottom - grinding pattern before large - scale production cuts [9][12]. - The aluminum market shows some resilience, with domestic prices mainly driven by overseas monetary policy expectations, and short - term seasonal inventory accumulation having a relatively low impact on prices [15][17][19]. - The casting aluminum alloy market's ADC12 spot price is expected to be supported by cost, and prices are expected to be positive after a pull - back [23][24][25]. - The zinc market is supported by overseas inventory reduction, but there is a risk of price decline if there is large - scale warehousing in LME after the export window opens [29][30][31]. - The lead market has a tight balance in lead concentrate supply, and prices may rise and then fall due to supply increases and lackluster consumption growth [34][36][37]. - The nickel market is expected to fluctuate widely within the range formed by oversupply and cost support [40][42][43]. - The stainless steel market is expected to fluctuate widely, with overseas policy relaxation potentially boosting exports and domestic demand remaining stable [47][49][50]. - The tin market is in a short - term high - level oscillation, and future trends depend on the resumption of production in Myanmar and the recovery of electronic consumption [53][58][59]. - The industrial silicon market is expected to oscillate within a range, with a possible slight oversupply in November [61][65][66]. - The polysilicon market has a complex situation, with supply - demand factors and warehouse receipt cancellation affecting prices, and it is recommended to pay attention to warehouse receipt cancellation before participating [67][69][70]. - The lithium carbonate market is expected to fluctuate widely, with limited upward and downward drivers in the near term [73][76][79]. Group 3: Summary by Relevant Catalogs Copper - **Market Review**: The Shanghai Copper 2511 contract closed at 85,910 yuan/ton, unchanged from the previous settlement price, and the spot premium stabilized. The LME copper price premium was $315 [2]. - **Important Information**: Fed officials have different views on interest rate cuts, and Zambia is expected to set a new record for copper production [2]. - **Logic Analysis**: Supply disruptions from mines increase, and consumption shows a "peak season without peak" situation [2][4]. - **Trading Strategy**: Short - term prices may need to consolidate at the $11,000/ton resistance level. Consider long positions on dips and be cautious about chasing high prices. Hold cross - market positive spreads and arrange cross - period positive spreads after domestic inventory starts to decline. Keep options on hold [5][6][7]. Alumina - **Market Review**: The alumina 2601 contract fell by 15 yuan to 2,856 yuan/ton, and spot prices in different regions showed varying degrees of decline [8]. - **Important Information**: Inventory increased, supply was in excess, and the industry's average profit decreased [9][10]. - **Logic Analysis**: The supply increase leads to an oversupply pattern, and prices are expected to oscillate at a low level before large - scale production cuts [12]. - **Trading Strategy**: The price is expected to be weak and oscillating. Keep options and spreads on hold [13][14]. Aluminum - **Market Review**: The Shanghai Aluminum 2511 contract fell by 25 yuan to 20,980 yuan/ton, and spot prices in different regions changed slightly [15]. - **Important Information**: The US government shutdown and Fed officials' differences in interest rate cuts affected the market. Production costs decreased, and inventory increased slightly [15][16]. - **Logic Analysis**: The London aluminum price is under pressure at the upper edge of the wide - range oscillation range. Domestic prices are mainly driven by overseas monetary policy expectations [17][19]. - **Trading Strategy**: Be bullish after a pull - back. Keep options and spreads on hold [20][21]. Casting Aluminum Alloy - **Market Review**: The casting aluminum alloy 2511 contract fell by 20 yuan to 20,465 yuan/ton, and spot prices in different regions changed slightly [23]. - **Important Information**: After the National Day holiday, many enterprises increased inventory, and the warehouse receipt of the Shanghai Futures Exchange increased [23]. - **Logic Analysis**: The high price of scrap aluminum and cost support are expected to support the ADC12 spot price [24]. - **Trading Strategy**: Be bullish after a pull - back. Keep options and spreads on hold [25][26]. Zinc - **Market Review**: The Shanghai Zinc 2511 rose 0.32% to 22,270 yuan/ton, and the spot price in Shanghai increased due to supply shortages [29]. - **Important Information**: Domestic zinc concentrate processing fees continued to decline, and the Kipushi concentrator set a new production record [30]. - **Logic Analysis**: Overseas inventory reduction supports prices, but there is a risk of price decline if there is large - scale warehousing in LME after the export window opens [31]. - **Trading Strategy**: Short - term prices are supported by the external market. Consider short positions on rallies. Keep options and spreads on hold [32]. Lead - **Market Review**: The Shanghai Lead 2511 rose 0.59% to 17,140 yuan/ton, and the spot price increased, but downstream buying willingness declined [34]. - **Important Information**: Some lead smelters in Anhui resumed production or were about to resume production [36]. - **Logic Analysis**: The supply of lead concentrate is in a tight balance, and the production of secondary lead may increase, while consumption in the peak season is not as expected [37]. - **Trading Strategy**: Prices may rise and then fall. Keep options and spreads on hold [38]. Nickel - **Market Review**: The main contract of Shanghai Nickel NI2511 fell by 940 to 122,180 yuan/ton, and the premium of Jinchuan nickel decreased [40]. - **Important Information**: Indonesian nickel - mining policies and export controls on some products affected the market [42]. - **Logic Analysis**: LME inventory increased, and the impact of export controls was small. Prices are expected to fluctuate widely [42][43]. - **Trading Strategy**: Prices are expected to fluctuate widely. Keep options and spreads on hold [43][44][45]. Stainless Steel - **Market Review**: The main contract of stainless steel SS2511 fell by 20 to 12,780 yuan/ton, and spot prices remained stable [47]. - **Important Information**: Overseas policies are expected to boost exports, and the WTO ruled that the EU's anti - dumping measures against Indonesian stainless steel products were illegal [48][49]. - **Logic Analysis**: Overseas policy relaxation may boost exports, and domestic demand is stable. Prices are expected to fluctuate widely [49][50]. - **Trading Strategy**: Prices are expected to fluctuate widely. Keep spreads on hold [50][51]. Tin - **Market Review**: The main contract of Shanghai Tin 2511 rose by 1,280 to 286,350 yuan/ton, and the spot price increased. The market expected a short - term weak situation to continue [53]. - **Important Information**: The US may release CPI data, and Indonesia adjusted the tin procurement price and strengthened industry governance [54][57]. - **Logic Analysis**: The supply of tin concentrate is still tight, and demand is sluggish. Pay attention to the resumption of production in Myanmar and the recovery of electronic consumption [58]. - **Trading Strategy**: Short - term high - level oscillation. Keep options on hold and pay attention to the resumption of production in Myanmar [59][60]. Industrial Silicon - **Market Review**: The main contract of industrial silicon futures rose 0.46% to 8,685 yuan/ton, and the spot price was stable [61][62]. - **Important Information**: The National Development and Reform Commission issued a notice on price governance [63]. - **Logic Analysis**: Supply and demand may lead to a slight oversupply in November, and prices are expected to oscillate within a range [65]. - **Trading Strategy**: Operate within the range of (8,200, 9,300) for the near - month contract. Keep options and spreads on hold [66]. Polysilicon - **Market Review**: The main contract of polysilicon futures fell 2.43% to 48,965 yuan/ton, and the spot price was stable [67]. - **Important Information**: The National Development and Reform Commission issued a notice on price governance [68]. - **Logic Analysis**: Supply - demand factors are bearish on prices in October, and warehouse receipt cancellation will be the main logic in November. The market is in a state of high - level game [69]. - **Trading Strategy**: Pay attention to warehouse receipt cancellation before participating. Hold reverse spreads for the 2511 and 2512 contracts, and buy both out - of - the - money call and put options [69][70][72]. Lithium Carbonate - **Market Review**: The lithium carbonate 2511 contract fell by 960 to 72,740 yuan/ton, and the spot price remained unchanged [73]. - **Important Information**: Zangge Mining obtained mining rights, and export controls on some products were implemented [74]. - **Logic Analysis**: Inventory decreased during the holiday, and the impact of export controls was limited. Prices are expected to fluctuate widely [76]. - **Trading Strategy**: Prices are expected to fluctuate widely. Keep options and spreads on hold [79].

Report Summary 1. Report Industry Investment Rating No information regarding the industry investment rating is provided in the report. 2. Core Views - For the nickel market, macro - impacts are limited, and nickel prices will return to the fundamental logic. With high inventories and a persistent supply - surplus situation, nickel prices are expected to remain in a low - level oscillation. For the stainless - steel market, due to the lower - than - expected consumption in the peak season, high operating rates of stainless - steel enterprises, and the re - entry into the inventory - accumulation phase, stainless - steel prices are expected to maintain a weak oscillation [4][5]. 3. Summary by Relevant Catalogs Nickel Variety - **Market Analysis** - **Futures**: On October 9, 2025, the main contract 2511 of Shanghai nickel opened at 121,300 yuan/ton and closed at 124,480 yuan/ton, a 2.39% change from the previous trading day. The trading volume was 130,864 (+3,674) lots, and the open interest was 86,038 (9,898) lots. Domestic new policies on culture, tourism, and infrastructure during the National Day holiday strengthened the medium - to - long - term demand expectations for key metals in new energy and high - end manufacturing. Overseas, after the Fed cut interest rates by 25BP in September, the market's bet on further easing at the late - October FOMC meeting increased, and the US dollar index slightly declined [1]. - **Nickel Ore**: After the holiday, the nickel - ore market was mainly in a wait - and - see mode with stable prices. In the Philippines, Surigao mines are about to enter the rainy season, and mine quotes remain firm. In Indonesia, the nickel - ore market supply is in a continuous loose pattern, and the 10 - month (first - phase) domestic trade benchmark price is expected to rise by 0.16 - 0.28 dollars. The new RKAB policy in Indonesia has increased the uncertainty of medium - to - long - term production capacity release [2]. - **Spot**: Jinchuan Group's sales price in the Shanghai market was 125,100 yuan/ton, up 1,700 yuan/ton from the previous trading day. Driven by the collective rise of the non - ferrous sector and post - holiday restocking demand, the trading of refined nickel was fair, and the premiums of some brands increased slightly but remained stable overall [3]. - **Strategy** - The macro - impact on nickel prices is limited, and prices will return to the fundamental logic. With high inventories and a supply - surplus situation, nickel prices are expected to remain in a low - level oscillation. The recommended strategy is mainly range - trading for single - side operations, and there are no suggestions for inter - period, inter - variety, spot - futures, or option operations [4]. Stainless - Steel Variety - **Market Analysis** - **Futures**: On October 9, 2025, the main contract 2511 of stainless steel opened at 12,770 yuan/ton and closed at 12,860 yuan/ton. The trading volume was 88,195 (-39,957) lots, and the open interest was 60,514 (-4,171) lots. On the first trading day after the holiday, although LME nickel rose sharply during the holiday, the stainless - steel contract opened lower due to the decline of the black - metal sector. It then rose in the afternoon driven by the increase in Shanghai nickel but failed to break through the resistance near 12,900 yuan/ton [5]. - **Spot**: On the first day of resuming work after the holiday, the spot market remained sluggish as before the holiday, and downstream buyers remained on the sidelines. Affected by the rise in the Shanghai nickel futures price in the afternoon, the spot price of stainless steel increased slightly, but the downstream acceptance of high prices was still limited [5]. - **Strategy** - Due to the lower - than - expected consumption in the peak season, high operating rates of stainless - steel enterprises, and the re - entry into the inventory - accumulation phase, stainless - steel prices are expected to maintain a weak oscillation. The recommended single - side strategy is neutral, and there are no suggestions for inter - period, inter - variety, spot - futures, or option operations [5].