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Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - No relevant content found Group 3: Summary by Metals Gold (AU) - The closing price of SHFE gold main contract was 6.46 yuan/g on 2025/9/19, compared with 830.56 yuan/g on 2025/8/22 [1] - The closing price of COMEX gold main contract was 3678.20 dollars/ounce on 2025/9/19, 16.40 dollars lower than the previous trading day [1] - The spot price of London gold was 3658.08 dollars/ounce on 2025/9/19, 17.27 dollars lower than the previous trading day [1] Silver (AG) - The closing price of SHFE silver main contract was 9971 yuan/kg on 2025/9/19, 64 yuan lower than the previous trading day [1] - The closing price of COMEX silver main contract was 2.71 dollars/ounce on 2025/9/19, 42.10 dollars lower than the previous trading day [1] - The spot price of London silver was 0.78 dollars/ounce on 2025/9/19, 4.29 dollars higher than the previous trading day [1] Copper (CU, BC) - The closing price of SHFE copper (CU) main contract was 79910 yuan/ton on 2025/9/19, 1.150 yuan lower than the previous trading day [1] - The closing price of LME copper 3M was 9972.50 dollars/ton on 2025/9/19, 31.00 dollars higher than the previous trading day [1] - The SHFE copper warehouse receipt inventory was 31838 tons on 2025/9/19, 631 tons lower than the previous trading day [1] Aluminum and Alumina (AL, AO) - The closing price of SHFE aluminum (AL) main contract was 20795 yuan/ton on 2025/9/19, 165 yuan higher than the previous trading day [1] - The closing price of LME aluminum 3M was 106.50 dollars/ton on 2025/9/19, 2693.50 dollars higher than the previous trading day [1] - The SHFE aluminum warehouse receipt inventory was 71959 tons on 2025/9/19, 510 tons lower than the previous trading day [1] Zinc (ZN) - The closing price of SHFE zinc (ZN) main contract was 22045 yuan/ton on 2025/9/19, 10 yuan higher than the previous trading day [1] - The closing price of LME zinc 3M was 2919 dollars/ton on 2025/9/19, 6 dollars higher than the previous trading day [1] - The SHFE zinc warehouse receipt inventory was 52531 tons on 2025/9/19, 1710 tons lower than the previous trading day [1] Lead (PB) - The closing price of SHFE lead (PB) main contract was 17150 yuan/ton on 2025/9/19, 110 yuan higher than the previous trading day [1] - The closing price of LME lead 3M was 2011.00 dollars/ton on 2025/9/19, 0.00 dollars higher than the previous trading day [1] - The SHFE lead warehouse receipt inventory was -2.086 tons on 2025/9/19, 12196 tons lower than the previous trading day [1] Nickel and Stainless Steel (NI, SS) - The closing price of SHFE nickel (NI) main contract was 121500 yuan/ton on 2025/9/19, 560 yuan higher than the previous trading day [1] - The closing price of LME nickel 3M was 80 dollars/ton on 2025/9/19, -10 dollars lower than the previous trading day [1] - The SHFE nickel warehouse receipt inventory was -23 tons on 2025/9/19, 3.291 tons lower than the previous trading day [1] Tin (SN) - The closing price of SHFE tin (SN) main contract was 268770 yuan/ton on 2025/9/19, 330 yuan lower than the previous trading day [1] - The closing price of LME tin 3M was -205 dollars/ton on 2025/9/19, 33855 dollars higher than the previous trading day [1] - The SHFE tin warehouse receipt inventory was -356 tons on 2025/9/19, 768 tons lower than the previous trading day [1]

Group 1: Report Summary - The report is a daily data briefing on non - ferrous metals and precious metals, covering gold, silver, copper, aluminum, zinc, lead, nickel, stainless steel, and tin [1] Group 2: Gold - The closing price of Shanghai Gold's main contract was - 2.80 yuan/g on May 23, 2025, compared to - 2.80 yuan/g on May 19, 777.30 yuan/g on April 23, and - 6.98 yuan/g on May 26. The COMEX gold main contract's closing price was 3357.70 US dollars/ounce, with changes compared to previous periods [1] Group 3: Silver - The closing price of Shanghai Silver's main contract was 8280 yuan/kg on May 26, 2025, with price changes compared to the previous trading day, last month, and last week. The COMEX silver main contract's closing price was 33.64 US dollars/ounce [1] Group 4: Copper - The closing price of Shanghai Copper's main contract was 78270 yuan/ton on May 26, 2025. The LME copper 3M closing price (15:00) was 9508.50 US dollars/ton. There were also data on inventory, basis, and import and export profits and losses [1] Group 5: Aluminum and Alumina - The closing price of Shanghai Aluminum's main contract was 20155 yuan/ton on May 26, 2025. The alumina main contract's closing price had its own changes. There were also data on inventory, regional spot premiums, and factory profits [1] Group 6: Zinc - The closing price of Shanghai Zinc's main contract was 22185 yuan/ton on May 26, 2025. There were data on inventory, basis, and import and export profits and losses [1] Group 7: Lead - The closing price of Shanghai Lead's main contract was 16795 yuan/ton on May 26, 2025. There were data on inventory, basis, and import and export profits and losses [1] Group 8: Nickel and Stainless Steel - The closing price of Shanghai Nickel's main contract was 122780 yuan/ton on May 26, 2025. The stainless - steel main contract's closing price was 12875 yuan/ton. There were also data on inventory, basis, and import and export profits and losses [1] Group 9: Tin - The closing price of Shanghai Tin's main contract was - 550 yuan/ton on May 26, 2025 (compared to other periods). There were data on inventory, basis, and import and export profits and losses [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - No core viewpoints are explicitly presented in the report Group 3: Summary by Metals Gold (AU) - On May 15, 2025, the closing prices of Shanghai Gold futures (both main and near - month contracts) and Comex gold futures (both main and near - month contracts) showed various changes compared to previous periods. For example, the Shanghai Gold main contract closing price was down 23.82 yuan/gram from a previous reference point [1]. - The London gold spot price and Shanghai Gold Exchange spot price also had different fluctuations. The London gold spot price dropped by 29.58 dollars/ounce, and the Shanghai Gold Exchange spot price decreased by 52.65 yuan/gram [1]. - Both domestic and overseas basis had specific values on this day, like the domestic basis (gold T + D - main contract) was 3.44 yuan/gram [1]. Silver (AG) - The closing prices of Shanghai Silver and Comex silver futures (main and near - month contracts) had different changes. The Shanghai Silver main contract closed at 8008 yuan/kilogram, down 187 yuan/kilogram compared to a previous value [1]. - The London silver spot price and Shanghai Gold Exchange silver spot price also showed changes. The London silver spot price was 32.89 dollars/ounce, with a slight change of 0.01 dollars/ounce [1]. - Both domestic and overseas basis had corresponding values, such as the domestic basis (AG(T + D) - main contract) being - 5 yuan/gram [1]. Copper (CU, BC) - The closing prices of Shanghai Copper (both main and continuous contracts), International Copper (both main and continuous contracts), LME copper 3M, and Comex copper main contract had respective changes. For example, the Shanghai Copper main contract closed at 77870 yuan/ton, with a change compared to previous periods [1]. - There were also changes in copper's monthly spreads, LME copper 0 - 3 spreads, and various spot premiums and discounts. The Shanghai Copper monthly spread (CU00 - CU01) was 500 yuan/ton [1]. - Copper's inventory levels in different warehouses (Shanghai, LME, Comex, etc.) and import and export profit - loss situations also had specific values and changes [1]. Aluminum and Alumina (AL, AO) - The closing prices of Shanghai Aluminum (both main and continuous contracts) and Alumina (both main and continuous contracts) changed. The Shanghai Aluminum main contract closed at 20185 yuan/ton, down 90 yuan/ton from a previous value [1]. - The LME aluminum 3M and Comex aluminum main contract closing prices also had fluctuations. The LME aluminum 3M closed at 2509 dollars/ton [1]. - Aluminum and alumina had different monthly spreads, LME aluminum 0 - 3 spreads, and regional spot premiums and discounts across different locations [1]. - Their inventory levels in various warehouses and import - export profit - loss and factory profit situations were also presented with specific data [1]. Zinc (ZN) - The closing prices of Shanghai Zinc (both main and continuous contracts) and LME zinc 3M changed. The Shanghai Zinc main contract closed at 22590 yuan/ton, with a change compared to previous periods [1]. - There were changes in zinc's monthly spreads, LME zinc 0 - 3 spreads, and regional spot premiums and discounts. The Shanghai Zinc monthly spread (ZN00 - ZN01) was 320 yuan/ton [1]. - Zinc's inventory levels in different warehouses and import - export profit - loss and factory profit situations had specific values [1]. Lead (PB) - The closing prices of Shanghai Lead (both main and continuous contracts) and LME lead 3M changed. The Shanghai Lead main contract closed at 16975 yuan/ton, up 200 yuan/ton from a previous value [1]. - There were changes in lead's monthly spreads, LME lead 0 - 3 spreads, and Shanghai lead spot premiums and discounts [1]. - Lead's inventory levels in different warehouses and import - export profit - loss and factory profit situations were presented [1]. Nickel and Stainless Steel (NI, SS) - The closing prices of Shanghai Nickel (both main and continuous contracts) and Stainless Steel (both main and continuous contracts) changed. The Shanghai Nickel main contract closed at 123600 yuan/ton, down 1630 yuan/ton from a previous value [1]. - The LME nickel 3M closing price also had fluctuations. The LME nickel 3M closed at 15630 dollars/ton [1]. - Nickel and stainless steel had different monthly spreads, LME nickel 0 - 3 spreads, and regional spot premiums and discounts [1]. - Their inventory levels in various warehouses and import - export profit - loss situations were also shown with specific data [1]. Tin (SN) - The closing prices of Shanghai Tin (both main and continuous contracts) and LME tin 3M changed. The Shanghai Tin main contract closed at 265210 yuan/ton, with a change compared to previous periods [1]. - There were changes in tin's monthly spreads, LME tin 0 - 3 spreads, and regional spot premiums and discounts. The Shanghai Tin monthly spread (SN00 - SN01) was - 1110 yuan/ton [1]. - Tin's inventory levels in different warehouses and import - export profit - loss and processing fee situations had specific values [1].