锡产业期现日报 投资咨询业务资格:证监许可【 2011】1292号 2025年12月29日 厂 发期货 | 2025年12月29日 | | | | 寇帝斯 | Z0021810 | | --- | --- | --- | --- | --- | --- | | 现货价格及基差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | SMM 1#锡 | 334750 | 332750 | 2000 | 0.60% | | | SMM 1#锡升贴水 | 500 | 50 | 450 | 900.00% | 元/吨 | | 长江 1#锡 | 335250 | 333250 | 2000 | 0.60% | | | LME 0-3升贴水 | 130.00 | 65.00 | 65.00 | 100.00% | 美元/吨 | | 内外比价及进口盈亏 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 进口盈亏 | -14018.67 | -12352.07 | -1666.60 | -13.49% | 元/吨 | | 沪伦比值 | 7.89 ...

| 铜产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年12月26日 星期五 | | | | 周敏波 | Z0015979 | | 价格及基差 | 现值 | 前值 | 日涨跌 | 日涨跌幅 | 東位 | | SMM 1#电解铜 | 94760 | 94690 | +70.00 | 0.07% | 元/吨 | | SMM 1#电解铜升贴水 | -330 | -310 | -20.00 | - | 元/吨 | | | | | | -0.19% | | | SMM 广东1#电解铜 | 94715 | 94895 | -180.00 | | 元/吨 | | SMM 广东1#电解铜升贴水 | -185 | -175 | -10.00 | - | 元/吨 | | SMM湿法铜 | 94690 | 94620 | +70.00 | 0.07% | 元/吨 | | SMM湿法铜升贴水 | -400 | -380 | -20.00 | - | 元/吨 | | 精废价差 | 3944 | 3544 | ...

的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发期货对这些信息的准确性及完整性不作任何保证。本报告反映研究人员的 在任何情况下，报告内容仅供参考，报告中的信息或所表达的意见并不构成所述 送给广发期货特定客户及其他专业人士，版权归广发期货所有，未经广发期货书面 學校的新品書加動的分级 风险自担 本报告旨在发送给广 授权,任何人不得对本报告进行任何形式的发布、复制。如引用、刊发,需注明出处为"广发期货"。 知识图强,求实奉献,客户至上,合作共赢 | 铜产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年12月26日 星期五 | | | | 周敏波 | Z0015979 | | 价格及基差 | 现值 | 前值 | 日涨跌 | 日涨跌幅 | 東位 | | SMM 1#电解铜 | 94760 | 94690 | +70.00 | 0.07% | 元/吨 | | SMM 1#电解铜升贴水 | -330 | -310 | -20.00 | - | 元/吨 | | | | | | -0. ...

| 铜产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年12月15日 星期一 | | | | 周敏波 | Z0015979 | | 价格及基差 | | | | | | | | 现值 | 前值 | 日涨跌 | 日涨跌幅 | 車位 | | SMM 1#电解铜 | 03222 | 92665 | +930.00 | 1.00% | 元/吨 | | SMM 1#电解铜升贴水 | -20 | 5 | -25.00 | | 元/吨 | | SMM 广东1#电解铜 | 93650 | 92785 | +865.00 | 0.93% | 元/吨 | | SMM 广东1#电解铜升贴水 | વેર | ୧୧ | +30.00 | - | 元/肥 | | SMM湿法铜 | 93505 | 92585 | +920.00 | 0.99% | 元/吨 | | SMM湿法铜升贴水 | -110 | -75 | -35.00 | - | 7C/ http | | 精废价差 | 4797 | 4007 | +79 ...

| 铜产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年12月15日 星期一 | | | | 周敏波 | Z0015979 | | 价格及基差 | | | | | | | | 现值 | 前值 | 日涨跌 | 日涨跌幅 | 車位 | | SMM 1#电解铜 | 03222 | 92665 | +930.00 | 1.00% | 元/吨 | | SMM 1#电解铜升贴水 | -20 | 5 | -25.00 | | 元/吨 | | SMM 广东1#电解铜 | 93650 | 92785 | +865.00 | 0.93% | 元/吨 | | SMM 广东1#电解铜升贴水 | વેર | ୧୧ | +30.00 | - | 元/肥 | | SMM湿法铜 | 93505 | 92585 | +920.00 | 0.99% | 元/吨 | | SMM湿法铜升贴水 | -110 | -75 | -35.00 | - | 7C/ http | | 精废价差 | 4797 | 4007 | +79 ...

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Reports Tin Considering the strong fundamentals, maintain a bullish view on tin prices. Hold existing long positions and consider adding long positions on price pullbacks. Monitor macro and supply - side changes [1]. Aluminum Oxide The oversupply situation continues to suppress prices, which are expected to fluctuate at the bottom. The reference range for the main contract is lowered to 2600 - 2800 yuan/ton. Observe actual production cuts and inventory inflection points [3]. Aluminum Short - term aluminum prices are expected to remain strong, with the reference range for the SHFE main contract this week being 21500 - 22200 yuan/ton. Focus on the latest Fed monetary policy and domestic inventory depletion sustainability [3]. Aluminum Alloy The casting aluminum alloy market is supported by cost and demand. Short - term prices are expected to remain firm, with the main contract reference range at 20700 - 21400 yuan/ton. Monitor scrap aluminum supply improvement and inventory depletion [5]. Polysilicon In December, there is an oversupply situation, and each link is expected to accumulate inventory. The trading strategy is to wait and see [7]. Industrial Silicon The industrial silicon market in December remains in a weak supply - demand situation. Prices are expected to fluctuate at a low level, with the main price range at 8500 - 9500 yuan/ton [8]. Zinc The zinc price is expected to fluctuate. The supply pressure is relieved, but the fundamentals provide limited upward momentum. The main contract reference range is 22200 - 23000 yuan/ton [11]. Copper The medium - to - long - term supply - demand contradiction supports the upward shift of the copper price bottom. The main contract support range is 88500 - 89500 yuan/ton. Monitor overseas interest rate cut expectations and smelting production cuts [13]. Lithium Carbonate The short - term disk is expected to fluctuate widely, with the main contract reference range at 92000 - 95000 yuan/ton [16]. Nickel The short - term disk is expected to fluctuate within a range, with the main contract reference range at 116000 - 120000 yuan/ton. Monitor macro expectations and Indonesian industrial policy news [19]. Stainless Steel The short - term disk is expected to remain weakly volatile, with the main contract reference range at 12300 - 12700 yuan/ton. Monitor steel mills' production cut implementation and ferro - nickel prices [20]. 3. Summaries According to Related Catalogs Tin - **Price and Spread**: SMM 1 tin and Yangtze 1 tin prices rose 1.51%, LME 0 - 3 spread dropped 38.67%. Import loss decreased 13.91%, and some monthly spreads changed significantly [1]. - **Fundamentals**: In October, tin ore imports, SMM refined tin production, and average开工率 increased, while refined tin imports, exports, and SMM solder开工率 decreased [1]. - **Inventory**: SHEF, social, and LME inventories increased, while SHEF warehouse receipts decreased slightly [1]. Aluminum Oxide - **Price and Spread**: SMM A00 aluminum prices rose 0.41%, and most alumina prices remained unchanged. Aluminum import loss decreased, and monthly spreads were stable [3]. - **Fundamentals**: In November, alumina and electrolytic aluminum production decreased, while alumina开工率 and some downstream开工率 increased [3]. - **Inventory**: Chinese electrolytic aluminum and aluminum rod social inventories decreased, while electrolytic aluminum plant alumina inventory increased [3]. Aluminum Alloy - **Price and Spread**: SMM ADC12 alloy prices were stable, and some scrap - to - refined aluminum price spreads increased [5]. - **Fundamentals**: In November, recycled and primary aluminum alloy ingot production increased, while unforged aluminum alloy ingot imports decreased and exports increased [5]. - **Inventory**: Recycled aluminum alloy social inventory decreased slightly, and some daily inventories changed [5]. Polysilicon - **Price and Spread**: Polysilicon spot prices were stable, futures prices rose, and silicon wafer and component prices fell. Some monthly spreads changed significantly [7]. - **Fundamentals**: In November and December, polysilicon and silicon wafer production decreased, imports and exports changed, and demand decreased [7]. - **Inventory**: Polysilicon and silicon wafer inventories increased [7]. Industrial Silicon - **Price and Spread**: East China oxygen - passing SI5530 industrial silicon spot prices fell slightly, and futures prices declined. Some monthly spreads changed [8]. - **Fundamentals**: In November, national industrial silicon production decreased, and some regional production and开工率 changed. Organic silicon production increased [8]. - **Inventory**: Some regional factory inventories and social inventories increased slightly [8]. Zinc - **Price and Spread**: SMM 0 zinc ingot prices rose slightly, and import loss decreased. Some monthly spreads changed [11]. - **Fundamentals**: In November, refined zinc production decreased, imports decreased, and exports increased. Downstream开工率 was relatively stable [11]. - **Inventory**: Chinese zinc ingot social inventory decreased, and LME inventory increased [11]. Copper - **Price and Spread**: SMM 1 electrolytic copper prices rose, and some spreads changed. Import loss increased slightly [13]. - **Fundamentals**: In November, electrolytic copper production increased, and imports decreased. Some processing开工率 decreased [13]. - **Inventory**: Domestic social and SHFE inventories decreased, while bonded and LME inventories increased [13]. Lithium Carbonate - **Price and Spread**: SMM battery - grade and industrial - grade lithium carbonate prices decreased slightly, and some monthly spreads changed [16]. - **Fundamentals**: In November, lithium carbonate production and demand increased, imports and exports increased, and开工率 increased [16]. - **Inventory**: Lithium carbonate total, downstream, and smelter inventories decreased [16]. Nickel - **Price and Spread**: SMM 1 electrolytic nickel prices rose slightly, and some spreads and costs changed [19]. - **Fundamentals**: Chinese refined nickel production and imports decreased, and some inventories increased or decreased [19]. - **Inventory**: SHFE and social inventories increased, while LME and bonded area inventories decreased [19]. Stainless Steel - **Price and Spread**: 304/2B stainless steel prices were stable, and some monthly spreads changed [20]. - **Fundamentals**: Chinese and Indonesian 300 - series stainless steel production changed, imports increased, and exports decreased [20]. - **Inventory**: 300 - series social and cold - rolled social inventories increased, and SHFE warehouse receipts decreased slightly [20].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - For tin, considering the strong fundamentals, maintain a bullish view on tin prices. Hold existing long positions and adopt a strategy of buying on dips. Pay attention to macro - level changes and supply - side recovery [2]. - For industrial silicon, expect prices to remain in a low - level oscillation, with the main price fluctuation range between 8500 - 9500 yuan/ton. The market will maintain weak supply and demand in December [4]. - For polysilicon, the market is expected to be oversupplied in December with inventory accumulation expected in each link. Futures should be put on hold for now, and out - of - the - money put options can be bought on the options side when volatility is low [5]. - For zinc, the short - term price has limited downside space, but the fundamentals also provide limited elasticity for continuous upward movement. Prices are likely to oscillate. Pay attention to the inflection point of TC and changes in refined zinc inventory [7]. - For copper, the medium - and long - term supply - demand contradiction supports the upward shift of the bottom center of copper prices. Pay attention to overseas interest - rate cut expectations and smelting - end production cuts [8]. - For nickel, the overall driving force is still limited. Short - term prices are expected to oscillate within a range. Pay attention to macro - level expectations and Indonesian industrial policy news [11]. - For stainless steel, the short - term low - valuation situation may lead to some price recovery, but the driving force is limited. Prices are expected to remain weakly oscillating. Pay attention to steel mills' production cut implementation and nickel - iron prices [14]. - For aluminum, alumina prices are expected to remain in a bottom - level oscillation. Aluminum prices are expected to remain strong in the short term [15]. - For lithium carbonate, the short - term price has support, but the unilateral driving force is weakened. The market is expected to oscillate widely around 95,000 yuan [16]. - For aluminum alloy, the short - term price trend of the casting aluminum alloy market is still strong. Pay attention to the improvement of scrap aluminum supply and the sustainability of inventory reduction [18]. Summary by Relevant Catalogs Tin - **Price and Spread**: SMM 1 tin price increased by 2.73% to 308,200 yuan/ton, and SMM 1 tin premium remained unchanged. Import loss widened by 15.76% to - 19,428.35 yuan/ton. Some monthly spreads changed significantly [2]. - **Fundamentals**: In October, tin ore imports increased by 33.49%, SMM refined tin production increased by 53.09%, refined tin imports decreased by 58.55%, and exports decreased by 15.33%. SHEF and social inventories increased slightly [2]. Industrial Silicon - **Price and Spread**: The spot price of industrial silicon stabilized, and the futures price fluctuated. The basis of the main contract decreased. Some monthly spreads changed significantly [4]. - **Fundamentals**: National industrial silicon production decreased by 11.17% in November, and the national operating rate increased by 9.98%. Organic silicon DMC production increased by 3.82%, while polysilicon production decreased by 14.48%. Social inventory increased slightly [4]. Polysilicon - **Price and Spread**: The spot price of polysilicon stabilized, and the futures price rose. Some monthly spreads changed significantly [5]. - **Fundamentals**: Weekly and monthly polysilicon production decreased, imports increased by 11.96%, and exports decreased by 27.99%. Inventories of polysilicon and silicon wafers increased [5]. Zinc - **Price and Spread**: SMM 0 zinc ingot price increased by 0.85% to 22,560 yuan/ton, and the premium decreased. Import loss decreased, and some monthly spreads changed [7]. - **Fundamentals**: In November, refined zinc production decreased by 3.56%. In October, imports decreased by 16.94% and exports increased by 243.79%. LME inventory increased, and domestic social inventory decreased [7]. Copper - **Price and Spread**: The price of SMM 1 electrolytic copper increased by 2.15%, and the premium decreased. The refined - scrap price difference increased by 18.01%, and the import loss widened [8]. - **Fundamentals**: In November, electrolytic copper production increased by 1.05%. In October, imports decreased by 15.61%. Domestic social inventory decreased, and some operating rates decreased [8]. Nickel - **Price and Spread**: The price of SMM 1 electrolytic nickel increased slightly, and the premium of 1 Jinchuan nickel increased by 1.05%. The futures import loss widened by 17.58% [11]. - **Fundamentals**: China's refined nickel production increased by 0.84% in November, and imports decreased by 65.66%. SHFE and social inventories increased, while LME inventory decreased slightly [11]. Stainless Steel - **Price and Spread**: The spot price of stainless steel remained stable, and the basis decreased. Some monthly spreads changed slightly [14]. - **Fundamentals**: China's 300 - series stainless steel crude steel production decreased by 0.72% in November, imports increased by 3.18%, and exports decreased by 14.43%. Social inventory increased slightly [14]. Aluminum - **Price and Spread**: The price of SMM A00 aluminum increased by 1.31%, and the premium decreased. Alumina prices in some regions decreased [15]. - **Fundamentals**: In October, alumina production decreased by 4.44%, and electrolytic aluminum production decreased by 2.82%. Some operating rates increased, and domestic social inventory decreased [15]. Lithium Carbonate - **Price and Spread**: The average price of SMM battery - grade lithium carbonate increased by 0.64%, and some monthly spreads decreased [16]. - **Fundamentals**: In November, lithium carbonate production increased by 3.35%, demand increased by 5.11%, and total inventory decreased by 23.36% [16]. Aluminum Alloy - **Price and Spread**: The price of SMM aluminum alloy ADC12 increased by 0.70%, and some scrap - refined price differences changed [18]. - **Fundamentals**: In October, the production of recycled aluminum alloy ingots decreased by 2.42%, and the production of primary aluminum alloy ingots increased by 5.84%. Some operating rates decreased, and social inventory decreased slightly [18].

Report Industry Investment Ratings There is no information provided regarding the report industry investment ratings in the given content. Core Views of the Report Tin - Short - term macro fluctuations are large, but considering the strong fundamentals, maintain a bullish view on tin prices. Hold existing long positions and monitor macro changes and the recovery of supply from Myanmar [3]. Zinc - The supply - side pressure has eased, and the demand side has shown a structural improvement. Zinc prices are expected to fluctuate, with the main contract reference range of 22,200 - 22,800 [7]. Copper - In the medium - to - long - term, the supply - demand contradiction supports the upward movement of the copper price bottom. Pay attention to macro drivers such as overseas interest - rate cut expectations, with the main contract reference range of 85,500 - 86,800 [9]. Nickel - The macro situation is temporarily stable, and the fundamentals remain weak. However, the price may fluctuate and recover due to upstream production cuts and low valuations. The medium - term supply surplus still restricts the upside potential. The main contract reference range is 116,000 - 120,000 [13]. Stainless Steel - The policy - driven effect is difficult to be directly transmitted in the short term, the cost support is weakening, and the fundamentals have not improved significantly. The short - term price is expected to be weak, with the main contract reference range of 12,200 - 12,600 [15][16]. Aluminum - Alumina is expected to maintain a bottom - oscillating trend, with the main contract reference range of 2,700 - 2,850 yuan/ton. Aluminum prices are expected to remain high and oscillate, with the main contract reference range of 21,100 - 21,700 yuan/ton [17]. Aluminum Alloy - The ADC12 price is expected to maintain an oscillating pattern in the short term, with the main contract reference range of 20,300 - 20,900 yuan/ton [18]. Industrial Silicon - The supply and demand are both decreasing, and there is a pressure for inventory accumulation. The price is expected to oscillate at a low level, with the main price fluctuation range of 8,500 - 9,500 yuan/ton [19]. Lithium Carbonate - The short - term price is expected to maintain a weak oscillating adjustment, with the main contract reference range of 86,000 - 90,000 [20]. Polysilicon - Maintain the expectation of high - level range oscillations. For futures, consider going long around 50,000; for options, hold or close sell put positions, and consider buying straddles if volatility decreases [22]. Summaries by Relevant Catalogs Tin - **Spot Prices and Basis**: SMM 1 tin and Yangtze 1 tin prices increased by 0.76% and 0.75% respectively. The LME 0 - 3 spread rose by 0.71%. The import loss decreased by 3.21%. Some month - to - month spreads changed significantly [2]. - **Fundamentals**: In October, tin ore imports increased by 33.49%, SMM refined tin production increased by 53.09%, refined tin imports decreased by 58.55%, and exports decreased by 15.33%. The average SMM refined tin operating rate increased by 53.23% [2]. - **Inventory**: SHEF inventory decreased by 0.46%, social inventory increased by 2.83%, SHEF warrants decreased by 0.37%, and LME inventory remained unchanged [3]. Zinc - **Prices and Spreads**: SMM 0 zinc ingot prices decreased by 0.27%. Some month - to - month spreads decreased. The import loss increased, and the Shanghai - London ratio decreased [7]. - **Fundamentals**: In October, refined zinc production increased by 2.85%, imports decreased by 16.94%, and exports increased by 243.79%. The operating rates of some primary processing industries changed slightly [7]. - **Inventory**: China's seven - region zinc ingot social inventory decreased by 3.58%, and LME inventory increased by 0.21% [7]. Copper - **Prices and Basis**: SMM 1 electrolytic copper and other copper prices increased slightly. The import loss increased, and the Shanghai - London ratio decreased [9]. - **Fundamentals**: In October, electrolytic copper production decreased by 2.62%, and imports decreased by 15.61%. The operating rate of electrolytic copper rod production increased, while that of recycled copper rod production decreased [9]. - **Inventory**: Domestic mainstream port copper concentrate inventory increased by 8.80%, and some other inventories changed slightly [9]. Nickel - **Prices and Basis**: Prices of various nickel products increased slightly. The LME 0 - 3 spread increased by 3.38%, and the import loss increased by 5.36% [13]. - **Cost**: The cost of integrated MHP production of electrowon nickel decreased by 4.84%, while that of integrated high - grade nickel matte production increased by 3.75% [13]. - **Supply and Inventory**: China's refined nickel production increased by 0.84%, imports decreased by 65.66%. SHFE inventory decreased by 1.92%, and social inventory decreased by 1.61% [13]. Stainless Steel - **Prices and Spreads**: The prices of some stainless steel products decreased slightly. Some month - to - month spreads changed [15]. - **Fundamentals**: China's 300 - series stainless steel crude steel production decreased by 0.72%, and exports decreased by 14.43% [15]. - **Inventory**: 300 - series social inventory and SHFE inventory decreased slightly [15]. Aluminum - **Prices and Spreads**: SMM A00 aluminum prices decreased by 0.09%. The import loss increased, and the Shanghai - London ratio decreased [17]. - **Fundamentals**: In October, alumina production increased by 2.39%, electrolytic aluminum production increased by 3.52%, imports increased by 0.61%, and exports decreased by 15.18% [17]. - **Inventory**: China's electrolytic aluminum social inventory decreased by 5.11%, and LME inventory decreased by 0.37% [17]. Aluminum Alloy - **Prices and Spreads**: SMM aluminum alloy ADC12 prices remained stable in most regions. Some month - to - month spreads changed [18]. - **Fundamentals**: In October, the production of recycled aluminum alloy ingots decreased by 2.42%, and that of primary aluminum alloy ingots increased by 1.06% [18]. - **Inventory**: The weekly social inventory of recycled aluminum alloy ingots increased by 1.44%, and some daily inventories decreased [18]. Industrial Silicon - **Spot Prices and Basis**: The prices of various industrial silicon products decreased slightly. Some month - to - month spreads changed significantly [19]. - **Fundamentals**: National industrial silicon production increased by 7.46%, mainly due to the increase in Xinjiang. Exports decreased by 35.82% [19]. - **Inventory**: Xinjiang factory inventory increased by 4.42%, and social inventory increased by 0.37% [19]. Lithium Carbonate - **Prices and Basis**: SMM battery - grade lithium carbonate and industrial - grade lithium carbonate prices decreased slightly. Some month - to - month spreads decreased significantly [20]. - **Fundamentals**: In October, lithium carbonate production increased by 5.73%, demand increased by 8.70%, imports increased by 21.86%, and exports increased by 63.05% [20]. - **Inventory**: Total lithium carbonate inventory decreased by 10.90%, downstream inventory decreased by 13.50%, and smelter inventory decreased by 6.03% [20]. Polysilicon - **Prices and Spreads**: Polysilicon spot prices stabilized with a slight decrease, silicon wafer prices decreased, and component prices increased slightly. The futures price oscillated, and the spread structure was in a backwardation [22]. - **Fundamentals**: Weekly polysilicon production increased by 1.12%, and monthly production increased by 3.08%. Imports increased by 11.96%, and exports decreased by 27.99% [22]. - **Inventory**: Polysilicon inventory increased by 1.50%, and silicon wafer inventory increased by 1.63%. Polysilicon warrants decreased by 3.07% [22].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views - **Copper**: The price of copper rebounded slightly yesterday. In the medium and long term, the supply - demand contradiction supports the upward shift of the bottom center of copper prices. The main contract is expected to be in the range of 85,500 - 87,500 yuan/ton. Pay attention to the marginal changes in demand and overseas liquidity [1]. - **Zinc**: The Shanghai zinc market oscillated at a high level yesterday. The supply - side pressure may be limited, and the demand is not outstanding. The LME zinc price has an upper limit, while the Shanghai zinc may be stronger than LME zinc, with the main contract reference range of 22,300 - 23,000 yuan/ton [3]. - **Industrial Silicon**: The spot price of industrial silicon is stable, and the futures price oscillates downward. The market still faces inventory accumulation pressure in November, but the pressure is reduced compared with October. It is expected to oscillate at a low level, with the main price range of 8,500 - 9,500 yuan/ton [4]. - **Polysilicon**: The spot price of polysilicon is stable, and the futures price oscillates downward. It is expected to oscillate in a high - level range. Pay attention to the support of the spot price, the establishment of platform companies, production control, and the increase in demand orders. The futures should focus on the support at 50,000 yuan/ton [5]. - **Tin**: The supply of tin ore is tight, and the demand is weak. The market sentiment has improved, and long positions can be held. If the supply from Myanmar recovers well, the tin price may weaken; otherwise, it is expected to continue to be strong [7]. - **Aluminum (Alumina)**: The alumina market oscillated at a low level yesterday. The supply pressure is high, and the cost support is weakening. It is expected to maintain a weak oscillation, with the main contract reference range of 2,750 - 2,900 yuan/ton [9]. - **Aluminum (Electrolytic Aluminum)**: The electrolytic aluminum market oscillated at a high level yesterday. The macro - drive is strong, but the fundamental support is weak. It is expected to fluctuate between event - driven and weak fundamentals, with the main contract range of 21,000 - 21,800 yuan/ton [9]. - **Nickel**: The Shanghai nickel market oscillated narrowly yesterday. The market is mixed with long and short factors. It is expected to oscillate in a range, with the main contract reference range of 118,000 - 124,000 yuan/ton. Pay attention to macro - expectations and Indonesian industrial policies [10]. - **Stainless Steel**: The stainless - steel market continued to weaken yesterday. The supply pressure remains, the demand is not boosted, and the social inventory is slowly decreasing. It is expected to continue to oscillate weakly, with the main contract range of 12,400 - 12,800 yuan/ton. Pay attention to macro - expectations and steel mill supply [12]. - **Lithium Carbonate**: The lithium carbonate market was strong yesterday. The short - term fundamentals provide support, but the upward movement is mainly driven by funds. The main contract LC2601 is expected to oscillate and adjust. Pay attention to the marginal changes in demand after the peak season and the progress of large - factory复产 [14]. - **Aluminum Alloy**: The casting aluminum alloy market oscillated strongly yesterday. With cost support and a tight supply - demand balance, the ADC12 price is expected to oscillate strongly, with the main contract range of 20,400 - 21,200 yuan/ton. Pay attention to the improvement of scrap aluminum supply, downstream procurement rhythm, and inventory reduction [16]. 3. Summaries by Relevant Catalogs Copper - **Price and Basis**: The prices of various copper products increased slightly, with the SMM 1 electrolytic copper rising 0.27% to 86,765 yuan/ton. The refined - scrap price difference decreased by 0.97% to 3,367 yuan/ton [1]. - **Fundamentals**: In October, the electrolytic copper production decreased by 2.62% to 109.16 million tons, and in September, the import volume increased by 26.50% to 33.43 million tons. The domestic mainstream port copper concentrate inventory increased by 0.57% to 62.97 million tons [1]. Zinc - **Price and Spread**: The SMM 0 zinc ingot price rose 0.40% to 22,660 yuan/ton. The import loss increased to 4,958 yuan/ton [3]. - **Fundamentals**: In October, the refined zinc production increased by 2.85% to 61.72 million tons. The zinc ingot social inventory in seven regions decreased by 1.30% to 15.96 million tons [3]. Industrial Silicon - **Price and Basis**: The prices of different grades of industrial silicon were stable. The basis of some products increased, such as the basis of SI4210 increasing by 32.35% [4]. - **Fundamentals**: In November, the national industrial silicon production increased by 7.46% to 45.22 million tons, and the export volume decreased by 8.36% to 7.02 million tons [4]. Polysilicon - **Price and Spread**: The spot price of polysilicon was stable, and the futures price decreased by 3.33% to 51,930 yuan/ton. The silicon wafer price decreased significantly [5]. - **Fundamentals**: In the week, the silicon wafer production decreased by 5.55% to 13.45 GW, and the polysilicon production decreased by 4.26% to 2.70 million tons [5]. Tin - **Price and Basis**: The SMM 1 tin price rose 0.66% to 287,700 yuan/ton. The import loss decreased by 1.13% to 14,819.94 yuan/ton [7]. - **Fundamentals**: In September, the domestic tin ore import decreased by 15.13% to 8,714 tons, and in October, the SMM refined tin production increased by 53.09% to 16,090 tons [7]. Aluminum (Alumina) - **Price and Spread**: The average price of alumina in Shandong increased by 0.36% to 2,795 yuan/ton. The import loss increased to 2,320 yuan/ton [9]. - **Fundamentals**: In October, the alumina production increased by 2.39% to 778.53 million tons [9]. Aluminum (Electrolytic Aluminum) - **Price and Spread**: The SMM A00 aluminum price rose 0.60% to 21,620 yuan/ton. The import loss increased slightly [9]. - **Fundamentals**: In October, the electrolytic aluminum production increased by 3.52% to 374.21 million tons, and the import volume increased by 13.57% to 24.68 million tons [9]. Nickel - **Price and Basis**: The SMM 1 electrolytic nickel price rose 0.08% to 121,300 yuan/ton. The futures import loss increased by 1.86% to 1,859 yuan/ton [10]. - **Fundamentals**: The Chinese refined nickel production increased by 0.84% to 35,900 tons, and the import volume increased by 124.36% to 38,164 tons [10]. Stainless Steel - **Price and Basis**: The price of 304/2B stainless - steel coils decreased. The price of 8 - 12% high - nickel pig iron decreased by 0.27% to 912 yuan/nickel point [12]. - **Fundamentals**: The production of 300 - series stainless - steel crude steel in China increased by 0.38% to 182.17 million tons. The social inventory of 300 - series decreased slightly [12]. Lithium Carbonate - **Price and Basis**: The SMM battery - grade lithium carbonate price rose 1.92% to 82,300 yuan/ton. The basis decreased by 858.62% [14]. - **Fundamentals**: In October, the lithium carbonate production increased by 5.73% to 92,260 tons, and the total inventory decreased by 10.90% to 84,234 tons [14]. Aluminum Alloy - **Price and Spread**: The SMM aluminum alloy ADC12 price rose 0.23% to 21,500 yuan/ton. The scrap - refined price difference of some products changed [16]. - **Fundamentals**: In October, the regenerated aluminum alloy ingot production decreased by 2.42% to 64.50 million tons, and the social inventory increased by 1.82% to 5.58 million tons [16].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports Copper - The price of copper rebounded slightly yesterday. In the medium - long term, the supply - demand contradiction supports the upward shift of the bottom center of copper prices. The main contract is expected to trade between 85,500 - 87,500 yuan/ton, and future attention should be paid to demand - side marginal changes and overseas liquidity [1]. Zinc - The Shanghai zinc futures oscillated at a high level yesterday. The supply - side pressure may be limited in the future, and the demand side has no outstanding performance. The LME zinc has upward pressure, while the export of zinc ingots may boost domestic zinc prices. The main contract is expected to trade between 22,300 - 23,000 yuan/ton [3]. Industrial Silicon - The spot price of industrial silicon stabilized, while the futures price oscillated downward. In November, the market still faces inventory accumulation pressure, but it is less than that in October. The price is expected to oscillate at a low level, mainly in the range of 8,500 - 9,500 yuan/ton [4]. Polysilicon - The spot price of polysilicon stabilized, the component quotation increased, but the silicon wafer price dropped significantly, and the futures price oscillated downward. The market is expected to oscillate at a high level, and attention should be paid to the spot support strength, platform company establishment, production control, and demand - side order increase [5]. Tin - The supply of tin ore remains tight, and the demand shows no obvious improvement. The market sentiment has improved, and long positions should be held. If the supply in Myanmar recovers smoothly, the tin price may weaken; otherwise, it is expected to continue to run strongly [7]. Alumina - The alumina futures oscillated at a low level yesterday. The supply pressure is high, and the cost support is gradually shifting down. The price is expected to continue to oscillate weakly, with the main contract reference range of 2,750 - 2,900 yuan/ton [9]. Electrolytic Aluminum - The electrolytic aluminum futures continued to oscillate at a high level yesterday. The market shows a pattern of strong macro - drive and weak fundamental support. The price is expected to fluctuate between 21,000 - 21,800 yuan/ton, and attention should be paid to LME warehouse receipt flow, domestic inventory changes, and overseas macro - trends [9]. Nickel - The Shanghai nickel futures oscillated narrowly yesterday. The market is mixed with long and short factors. The price is expected to oscillate in a range, with the main contract reference range of 118,000 - 124,000 yuan/ton, and attention should be paid to macro - expectations and Indonesian industrial policies [10]. Stainless Steel - The stainless - steel futures continued to weaken yesterday. The policy and macro - drive are gradually weakening, and the fundamentals have not improved significantly. The price is expected to oscillate weakly in the short term, with the main contract reference range of 12,400 - 12,800 yuan/ton, and attention should be paid to macro - expectations and steel mill supply [12]. Lithium Carbonate - The lithium carbonate futures ran strongly yesterday. The short - term fundamentals provide support for the price, but the upward movement of the futures is mainly driven by funds. The futures may oscillate and adjust in the short term, and attention should be paid to the end - of - year resumption of large factories and downstream marginal changes [14]. Aluminum Alloy - The cast aluminum alloy market oscillated strongly yesterday. Supported by cost and with a tight supply - demand balance, the ADC12 price is expected to oscillate strongly, with the main contract reference range of 20,400 - 21,200 yuan/ton. Attention should be paid to scrap aluminum supply, downstream procurement, and inventory reduction [16]. 3. Summaries According to Relevant Catalogs Price and Basis - **Copper**: SMM 1 electrolytic copper price was 86,765 yuan/ton, up 0.27% from the previous day. The spot - futures basis and other price - related indicators showed different changes [1]. - **Zinc**: SMM 0 zinc ingot price was 22,660 yuan/ton, up 0.40% from the previous day. The import profit and loss, month - to - month spread, etc. also changed [3]. - **Industrial Silicon**: The price of East China oxygen - passing S15530 industrial silicon remained unchanged at 9,500 yuan/ton, and the basis increased by 52.38% [4]. - **Polysilicon**: The average price of N - type re - feeding material remained at 52,200 yuan/kg, and the main futures contract dropped 3.33% to 51,930 yuan/ton [5]. - **Tin**: SMM 1 tin price was 287,700 yuan/ton, up 0.66% from the previous day. The LME 0 - 3 premium increased by 11.10% [7]. - **Aluminum**: SMM A00 aluminum price was 21,620 yuan/ton, up 0.60% from the previous day. The import profit and loss and month - to - month spread changed accordingly [9]. - **Nickel**: SMM 1 electrolytic nickel price was 121,300 yuan/ton, up 0.08% from the previous day. The LME 0 - 3 decreased by 2.68% [10]. - **Stainless Steel**: The price of 304/2B (Wuxi Hongwang 2.0 coil) was 12,750 yuan/ton, down 0.39% from the previous day. The spot - futures spread increased by 24.66% [12]. - **Lithium Carbonate**: SMM battery - grade lithium carbonate average price was 82,300 yuan/ton, up 1.92% from the previous day. The basis decreased by 858.62% [14]. - **Aluminum Alloy**: SMM aluminum alloy ADC12 price was 21,500 yuan/ton, up 0.23% from the previous day. The month - to - month spread and other indicators changed [16]. Fundamental Data Production and Import/Export - **Copper**: In October, the electrolytic copper production was 109.16 million tons, a month - on - month decrease of 2.62%. In September, the import volume was 33.43 million tons, a month - on - month increase of 26.50% [1]. - **Zinc**: In October, the refined zinc production was 61.72 million tons, a month - on - month increase of 2.85%. In September, the import volume was 2.27 million tons, a month - on - month decrease of 11.61% [3]. - **Industrial Silicon**: In October, the national industrial silicon production was 45.22 million tons, a month - on - month increase of 7.46%. The export volume in October was 7.02 million tons, a month - on - month decrease of 8.36% [4]. - **Polysilicon**: In October, the polysilicon production was 13.40 million tons, a month - on - month increase of 3.08%. In September, the import volume was 0.13 million tons, a month - on - month increase of 28.46% [5]. - **Tin**: In September, the tin ore import was 8,714 tons, a month - on - month decrease of 15.13%. In October, the SMM refined tin production was 16,090 tons, a month - on - month increase of 53.09% [7]. - **Aluminum**: In October, the alumina production was 778.53 million tons, a month - on - month increase of 2.39%. The electrolytic aluminum production was 374.21 million tons, a month - on - month increase of 3.52% [9]. - **Nickel**: In October, the Chinese refined nickel production was 35,900 tons, a month - on - month increase of 0.84%. The import volume was 38,164 tons, a month - on - month increase of 124.36% [10]. - **Stainless Steel**: In October, the production of Chinese 300 - series stainless steel crude steel (43 manufacturers) was 182.17 million tons, a month - on - month increase of 0.38%. The import volume was 12.03 million tons, a month - on - month increase of 2.70% [12]. - **Lithium Carbonate**: In October, the lithium carbonate production was 92,260 tons, a month - on - month increase of 5.73%. The import volume in September was 19,597 tons, a month - on - month decrease of 10.30% [14]. - **Aluminum Alloy**: In October, the production of recycled aluminum alloy ingots was 64.50 million tons, a month - on - month decrease of 2.42%. The production of primary aluminum alloy ingots was 28.60 million tons, a month - on - month increase of 1.06% [16]. Operating Rates - **Copper**: The electrolytic copper rod operating rate was 61.97%, up 1.54 percentage points from the previous week [1]. - **Zinc**: The galvanizing operating rate was 55.13%, down 2.41 percentage points from the previous week [3]. - **Industrial Silicon**: The national operating rate was 68.12%, up 6.18 percentage points from the previous month [4]. - **Tin**: The SMM refined tin average operating rate in September was 43.60%, down 20.3 percentage points from the previous month [7]. - **Aluminum**: The aluminum profile operating rate was 52.60%, down 0.9 percentage points from the previous week [9]. - **Nickel**: There is no significant information about the operating rate in the nickel report. - **Stainless Steel**: There is no significant information about the operating rate in the stainless - steel report. - **Lithium Carbonate**: In October, the lithium carbonate operating rate was 56%, up 1.82 percentage points from the previous month [14]. - **Aluminum Alloy**: The recycled aluminum alloy operating rate was 55.84%, down 1.7 percentage points from the previous week [16]. Inventory - **Copper**: The domestic social inventory was 19.59 million tons, down 2.10% from the previous week; the SHFE inventory was 11.50 million tons, down 0.95% from the previous week [1]. - **Zinc**: The seven - region social inventory of Chinese zinc ingots was 15.96 million tons, down 1.30% from the previous week; the LME inventory remained unchanged at 3.5 million tons [3]. - **Industrial Silicon**: The Xinjiang inventory was 11.21 million tons, up 3.70% from the previous week; the social inventory was 55.20 million tons, down 1.08% from the previous week [4]. - **Polysilicon**: The polysilicon inventory was 25.90 million tons, down 0.77% from the previous week; the silicon wafer inventory was 17.52 million tons, down 7.45% from the previous week [5]. - **Tin**: The SHEF inventory was 5,992 tons, up 1.23% from the previous week; the social inventory was 7,033 tons, up 5.22% from the previous week [7]. - **Aluminum**: The social inventory of Chinese electrolytic aluminum remained unchanged at 62.70 million tons; the LME inventory was 54.5 million tons, down 0.37% from the previous day [9]. - **Nickel**: The SHFE inventory was 37,187 tons, up 1.19% from the previous week; the social inventory was 49,133 tons, up 2.14% from the previous week [10]. - **Stainless Steel**: The 300 - series social inventory (Wuxi + Foshan) was 48.89 million tons, down 0.65% from the previous week; the SHFE warehouse receipt was 7.17 million tons, down 0.41% from the previous day [12]. - **Lithium Carbonate**: In October, the total lithium carbonate inventory was 84,234 tons, down 10.90% from the previous month; the downstream inventory was 53,291 tons, down 13.50% from the previous month [14]. - **Aluminum Alloy**: The weekly social inventory of recycled aluminum alloy ingots was 5.58 million tons, up 1.82% from the previous week [16].