Report Title - The report is titled "Non-ferrous Metals | Daily Report" dated August 1, 2025 [4] Investment Rating - No investment rating for the industry is provided in the report Core Views - **Copper**: Today, copper prices fluctuated within a narrow range. Affected by the weakening sentiment in the commodity market since last Friday, the futures price of Shanghai copper showed weakness. However, due to the limited previous increase in copper prices, the adjustment range in this round was also relatively limited. In the short term, attention should be paid to the change in the overall atmosphere of the commodity market and the long - short game at the 78,000 mark [5] - **Aluminum**: Today, aluminum prices fluctuated within a narrow range. Affected by the weakening sentiment in the commodity market since last Friday, the futures price of Shanghai aluminum showed weakness. Due to the limited previous increase in aluminum prices, the adjustment range in this round was relatively limited. In the short term, with the weakening of the overall sentiment in the commodity market and the relatively loose supply - demand pattern of aluminum, it is expected that aluminum prices will run weakly in the short term [6] - **Nickel**: Today, nickel prices fluctuated weakly and closed slightly lower. Affected by the weakening sentiment in the commodity market since last Friday, the futures prices of nickel and aluminum showed weakness. Due to the limited previous increase in nickel prices, the adjustment range in this round was relatively limited. In the short term, it is expected that Shanghai nickel will fluctuate weakly [7] Industry Dynamics Copper - On the first trading day of August, the procurement and sales sentiment in the spot market both increased. The procurement sentiment of Shanghai electrolytic copper spot was 3.11, and the sales sentiment was 3.16. As it was Friday, downstream buyers stocked up for the weekend and bargained for purchases, causing the spot premium to decline slightly. However, the overall supply of domestic single - piece copper was insufficient recently, and the spread between the inter - month BACK contracts was only 10 - 20 yuan/ton, so the willingness of holders to significantly lower the quotation was low [9] Aluminum - According to SMM statistics on August 1, the total inventory of bauxite in 9 domestic ports was 23.79 million tons, a decrease of 130,000 tons from the previous week [10] - According to data released by the Guinea Geological Bureau, Australia's AMCG Mining Company's Koumbia Mine in the Boke Mining Area shipped two ships of bauxite from the Dapilon Port from July 21 - 27, with a total of 349,973 tons, which was the first shipment since its completion. The Koumbia mining area has a total resource reserve of 2.175 billion tons, with an average Al2O3 content of 43.5% and a silica content of 3.8% [11] Nickel - Recently, the stainless - steel composite material manufacturing project of Fujian Qingtuo Composite New Materials completed the record - filing. The project plans to produce 50,000 tons of stainless - steel composite materials annually, which will further enrich the regional stainless - steel industrial chain layout. The project will purchase a series of equipment, and the equipment installation cost will reach 3 million yuan. After the project is put into production, it will increase the production capacity of stainless - steel composite materials and promote regional industrial upgrading [12] Related Charts Copper - Charts include copper basis, domestic visible inventory of electrolytic copper (social inventory + bonded area inventory), LME copper cancelled warrant ratio, overseas copper exchange inventory, Shanghai copper month - spread, and SHFE warrant inventory [13][15][16] Aluminum - Charts include aluminum basis, aluminum month - spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum (LME + COMEX), alumina trend, and alumina inventory [26][32][30] Nickel - Charts include nickel basis, LME nickel cancelled warrant ratio, LME nickel trend, SHFE inventory, and nickel ore port inventory [39][43][46]