Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **沪铜**: Last night, copper prices rose and then fell, and today they maintained a volatile trend with a slight increase in positions. There is significant selling pressure above 87,000 yuan. The market's expectation of interest - rate cuts is rising, and the weakening US dollar index is favorable for copper prices. There is a divergence in electrolytic copper inventories at home and abroad, with overseas inventories accumulating marginally and domestic inventories decreasing marginally. Technically, focus on the multi - empty game at the 87,000 yuan mark [7]. - **沪铝**: Last night, aluminum prices rose and then fell, and today they stabilized in a volatile manner. The Fed's expectation of interest - rate cuts is rising again, and non - ferrous metals have generally stabilized and rebounded. Aluminum's rebound is relatively small, positions are continuously decreasing, and market attention is waning. Technically, focus on the pressure at the 21,500 yuan mark [8]. - **沪镍**: Last night, nickel prices rose and then maintained a high - level volatile trend, and today they were strongly volatile, once reaching the 118,000 yuan mark. The Fed's expectation of interest - rate cuts is rising again, leading to a general increase in non - ferrous metals. Last week, nickel prices decreased significantly with increasing positions, and the spot premium continued to strengthen. In the short term, the market has warmed up, and short - covering has pushed up nickel prices. Technically, focus on the pressure at the 120,000 yuan mark [9]. 3. Industry Dynamics - **Copper**: According to SMM, Codelco's benchmark price for the 2026 CIF long - term contract of electrolytic copper in China is set at $350 per ton, a rise of $261 per ton compared to $89 per ton in 2025 [11]. - **Nickel**: On November 26, the price of SMM1 electrolytic nickel was between 117,300 and 122,400 yuan per ton, with an average price of 119,850 yuan per ton, a rise of 1,300 yuan per ton from the previous trading day. The mainstream spot premium for Jinchuan 1 electrolytic nickel was between 4,400 and 4,900 yuan per ton, with an average premium of 4,650 yuan per ton, a rise of 200 yuan per ton from the previous trading day. The spot premium for domestic mainstream brand electrowon nickel was between 0 and 500 yuan per ton [12]. 4. Related Charts - **Copper**: The report presents charts on copper basis, domestic visible inventory of electrolytic copper, LME copper cancelled warrant ratio, overseas copper exchange inventory, SHFE warrant inventory, etc [13][14][15]. - **Aluminum**: Charts include aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, SHFE - LME ratio, overseas exchange inventory of electrolytic aluminum, and aluminum bar inventory [26][28][30]. - **Nickel**: Charts cover nickel basis, LME nickel inventory and cancelled warrant ratio, LME nickel trend, SHFE inventory, and nickel ore port inventory [39][41][42].

Report Industry Investment Ratings - No industry investment ratings are provided in the reports. Core Views Copper - The Fed cut interest rates by 25bp as expected, and the market is watching the Sino-US summit. The copper price was strong yesterday. In the medium to long term, the supply-demand contradiction supports the upward movement of the copper price's bottom center. In the short term, the rapid increase in price suppresses demand. The market should focus on the marginal changes in demand and Sino-US tariffs, with the main contract supported around 87,000 [1]. Aluminum - The alumina market has shown signs of stabilizing at a low level, with futures prices rebounding slightly and spot market trading activity increasing. The supply pressure is significant, and the demand is weak. The alumina price is expected to remain under pressure in the short term, with the main contract oscillating between 2,750 - 2,950 yuan/ton. The aluminum price has continued to be strong, breaking through 21,300 yuan/ton. The market is in a tight balance, and the aluminum price is expected to remain high and volatile in the short term, with the main contract ranging from 20,800 - 21,400 yuan/ton [3]. Aluminum Alloy - The casting aluminum alloy followed the aluminum price and oscillated at a high level. The cost support is strong, and the supply-demand relationship is in a tight balance. The inventory is gradually decreasing. The ADC12 price is expected to remain strongly oscillating in the short term, with the main contract ranging from 20,200 - 20,800 yuan/ton [5]. Zinc - Overseas interest rates were cut as expected, and the macro environment is warm. The zinc price oscillated strongly yesterday. The supply is relatively loose, and the demand is stable. The LME has the risk of a short squeeze, and the export window for zinc ingots is intermittently open. The zinc price is supported in the short term but may continue to oscillate [8]. Tin - The supply of tin ore is tight, and the demand is weak. Powell's hawkish remarks on the December interest rate cut may cause the tin price to fall in the short term. Considering the strong fundamentals, a low-buying strategy on dips is recommended. The market should focus on macro changes and the supply recovery in Myanmar in the fourth quarter [11]. Nickel - The nickel price oscillated yesterday. The macro sentiment has improved, and the ore price is firm, providing cost support. However, the inventory accumulation exerts some pressure. The nickel price is expected to oscillate in the medium term, with the main contract ranging from 118,000 - 126,000 yuan/ton [13]. Stainless Steel - The stainless steel price oscillated and rose slightly yesterday. The macro environment is positive, but the nickel-iron and ferrochrome prices are under pressure. The supply is expected to increase, and the demand is weak. The stainless steel price is expected to oscillate weakly in the short term, with the main contract ranging from 12,500 - 13,000 yuan/ton [14]. Lithium Carbonate - The lithium carbonate price was strong yesterday. The production has increased, and the demand is optimistic. The raw material supply is tight, and the inventory is decreasing. The lithium carbonate price is expected to remain strong in the short term, with the market watching whether it can break through 83,000 yuan/ton [16]. Summary by Directory Copper Price and Basis - SMM 1 electrolytic copper price decreased by 140 yuan/ton to 87,905 yuan/ton, a decline of 0.16%. The SMM 1 electrolytic copper premium decreased by 5 yuan/ton to -60 yuan/ton [1]. Fundamental Data - In September, the electrolytic copper production was 1.121 million tons, a month-on-month decrease of 4.31%. The import volume was 334,300 tons, a month-on-month increase of 26.50% [1]. Aluminum Price and Spread - SMM A00 aluminum price increased by 10 yuan/ton to 21,170 yuan/ton, an increase of 0.05%. The SMM A00 aluminum premium increased by 10 yuan/ton to -30 yuan/ton [3]. Fundamental Data - In September, the alumina production was 7.6037 million tons, a month-on-month decrease of 1.74%. The electrolytic aluminum production was 3.6148 million tons, a month-on-month decrease of 3.16% [3]. Aluminum Alloy Price and Spread - The SMM ADC12 price remained unchanged at 21,200 yuan/ton. The average price difference between refined and scrap aluminum in Foshan decreased by 107 yuan/ton to 1,774 yuan/ton, a decline of 5.69% [5]. Fundamental Data - In September, the production of recycled aluminum alloy ingots was 661,000 tons, a month-on-month increase of 7.48%. The production of primary aluminum alloy ingots was 283,000 tons, a month-on-month increase of 4.43% [5]. Zinc Price and Spread - The SMM 0 zinc ingot price increased by 20 yuan/ton to 22,290 yuan/ton, an increase of 0.09%. The SMM 0 zinc ingot premium increased by 5 yuan/ton to -40 yuan/ton [8]. Fundamental Data - In September, the refined zinc production was 600,100 tons, a month-on-month decrease of 4.17%. The export volume was 2,500 tons, a month-on-month increase of 696.78% [8]. Tin Spot Price and Basis - The SMM 1 tin price increased by 900 yuan/ton to 285,200 yuan/ton, an increase of 0.32%. The SMM 1 tin premium remained unchanged at 200 yuan/ton [11]. Fundamental Data - In September, the domestic tin ore import volume decreased by 15.13% month-on-month. The SMM refined tin production was 10,510 tons, a month-on-month decrease of 31.71% [11]. Nickel Price and Basis - The SMM 1 electrolytic nickel price decreased by 250 yuan/ton to 121,900 yuan/ton, a decline of 0.20%. The 1 Jinchuan nickel premium increased by 100 yuan/ton to 2,400 yuan/ton [13]. Supply and Inventory - China's refined nickel production in September was 32,200 tons, a month-on-month increase of 1.26%. The import volume was 17,010 tons, a month-on-month decrease of 3.00% [13]. Stainless Steel Price and Spread - The 304/2B (Wuxi Hongwang 2.0 coil) price remained unchanged at 12,950 yuan/ton. The 2512 - 2601 spread decreased by 5 yuan/ton to -15 yuan/ton [14]. Fundamental Data - In September, the production of 300-series stainless steel crude steel in China (43 manufacturers) was 1.8217 million tons, a month-on-month increase of 0.38%. The import volume was 120,300 tons, a month-on-month increase of 2.70% [14]. Lithium Carbonate Price and Spread - The SMM battery-grade lithium carbonate average price increased by 650 yuan/ton to 79,150 yuan/ton, an increase of 0.83%. The SMM industrial-grade lithium carbonate average price increased by 650 yuan/ton to 76,950 yuan/ton, an increase of 0.85% [16]. Fundamental Data - In September, the lithium carbonate production was 87,260 tons, a month-on-month increase of 2.37%. The demand was 116,801 tons, a month-on-month increase of 12.28% [16].

1. Report Industry Investment Ratings No relevant information provided. 2. Core Views Copper - The central bank's interest rate cut and the upcoming Sino - US meeting are factors affecting the market. The shortage of copper ore supply supports the price bottom, and the psychological price ceiling of downstream buyers is rising. Although short - term price increases may suppress demand, in the long - term, supply - demand contradictions support the upward movement of the copper price bottom [1]. Aluminum - The alumina market is stabilizing at a low level, but the supply is abundant and the demand is weak, so the price is expected to be under pressure in the short - term. The aluminum price is strong, with a tight - balance fundamentals, and it is expected to maintain a high - level shock in the short - term [3]. Aluminum Alloy - The cost of aluminum alloy is rigidly supported, and the supply - demand is in a tight - balance. The price is expected to be strong in the short - term, but high inventory and policy uncertainties are constraints [5]. Zinc - The macro - environment is warm, and the supply of zinc is gradually increasing, but the increase may be limited. The demand is stable, and the LME has the risk of a short squeeze. The zinc price is expected to fluctuate in the short - term [9]. Tin - The supply of tin ore is tight, and the demand is weak. Due to the hawkish statement on interest rate cuts, the short - term tin price may fall, but it may rise if the supply from Myanmar does not recover well [11]. Nickel - The macro - environment is improving, and the cost is supported by the firm ore price. However, the inventory accumulation restricts the price increase. The price is expected to fluctuate in the short - term [13]. Stainless Steel - The macro - environment is positive, but the supply pressure is increasing, and the demand is weak. The price is expected to be weak and fluctuate in the short - term [14]. Lithium Carbonate - The fundamentals of lithium carbonate are improving, with increasing demand and tight raw material supply. The price is expected to be strong in the short - term, but there is pressure at the 83,000 level [16]. 3. Summary by Directory Copper - **Price and Basis**: SMM 1 electrolytic copper price decreased by 0.16% to 87,905 yuan/ton, and the SMM 1 electrolytic copper premium decreased by 5 yuan/ton [1]. - **Monthly Spread**: The 2511 - 2512 spread decreased by 40 yuan/ton to - 30 yuan/ton [1]. - **Fundamental Data**: In September, the electrolytic copper production decreased by 4.31% to 112.10 million tons, and the import volume increased by 26.50% to 33.43 million tons [1]. Aluminum - **Price and Spread**: SMM A00 aluminum price increased by 0.05% to 21,170 yuan/ton, and the import loss increased by 194.5 yuan/ton [3]. - **Monthly Spread**: The 2511 - 2512 spread increased by 5 yuan/ton to - 35 yuan/ton [3]. - **Fundamental Data**: In September, the alumina production decreased by 1.74% to 760.37 million tons, and the electrolytic aluminum production decreased by 3.16% to 361.48 million tons [3]. Aluminum Alloy - **Price and Spread**: The price of SMM aluminum alloy ADC12 remained unchanged at 21,200 yuan/ton, and the scrap - refined price difference in Foshan decreased [5]. - **Monthly Spread**: The 2511 - 2512 spread decreased by 10 yuan/ton to - 55 yuan/ton [5]. - **Fundamental Data**: In September, the production of recycled aluminum alloy ingots increased by 7.48% to 66.10 million tons, and the production of primary aluminum alloy ingots increased by 4.43% to 28.30 million tons [5]. Zinc - **Price and Spread**: SMM 0 zinc ingot price increased by 0.09% to 22,290 yuan/ton, and the import loss decreased by 205.67 yuan/ton [9]. - **Monthly Spread**: The 2511 - 2512 spread decreased by 15 yuan/ton to - 50 yuan/ton [9]. - **Fundamental Data**: In September, the refined zinc production decreased by 4.17% to 60.01 million tons, and the import volume decreased by 11.61% to 2.27 million tons [9]. Tin - **Spot Price and Basis**: SMM 1 tin price increased by 0.32% to 285,200 yuan/ton, and the LME 0 - 3 premium decreased by 60% [11]. - **Monthly Spread**: The 2511 - 2512 spread decreased by 160 yuan/ton to - 550 yuan/ton [11]. - **Fundamental Data**: In September, the tin ore import decreased by 15.13% to 8714 tons, and the SMM refined tin production decreased by 31.71% to 10,510 tons [11]. Nickel - **Price and Basis**: The price of SMM 1 electrolytic nickel decreased by 0.20% to 121,900 yuan/ton, and the import loss increased by 226 yuan/ton [13]. - **Cost**: The cost of integrated MHP to produce electrowon nickel decreased by 0.62% to 116,448 yuan/ton [13]. - **Supply and Inventory**: China's refined nickel production increased by 1.26% to 32,200 tons, and the SHFE inventory increased by 4.81% to 36,075 tons [13]. Stainless Steel - **Price and Spread**: The price of 304/2B (Wuxi Hongwang 2.0 coil) remained unchanged at 12,950 yuan/ton, and the 2512 - 2601 spread decreased by 5 yuan/ton [14]. - **Fundamental Data**: In September, the production of 300 - series stainless steel crude steel in China increased by 0.38% to 182.17 million tons, and the export volume decreased by 6.55% to 41.85 million tons [14]. Lithium Carbonate - **Price and Spread**: SMM battery - grade lithium carbonate price increased by 0.83% to 79,150 yuan/ton, and the 2511 - 2512 spread decreased by 320 yuan/ton [16]. - **Fundamental Data**: In September, the lithium carbonate production increased by 2.37% to 87,260 tons, and the demand increased by 12.28% to 116,801 tons [16].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views Copper - The Fed cut interest rates by 25bp as expected, and there is still room for further monetary policy easing, but the subsequent rate - cut rhythm may slow down. The upcoming Sino - US high - level meeting in Busan, South Korea may bring changes to tariffs. - The shortage of copper ore supply strengthens the bottom center of prices. If the prices of by - products such as sulfuric acid continue to fall and TC remains low, smelters may face cash - flow losses and experience phased production cuts. It is expected that the domestic refined copper output in October may decline month - on - month. - Downstream demand for copper is resilient. Although there is a fear of high prices, more purchase orders will be released after the price drops. In the long - term, the supply - demand contradiction supports the upward movement of the bottom center of copper prices, but short - term rapid increases may suppress demand [1]. Aluminum - The alumina market has shown signs of stabilizing at a low level, with futures prices rebounding slightly and spot market trading activity increasing. However, the supply pressure is still significant, and the demand is weak. The full - caliber inventory has increased by 64,000 tons this week. The cost support of bauxite is gradually weakening, and the profit margin of the industry has shrunk. It is expected that the alumina price will continue to be under pressure in the short term, with the main contract oscillating between 2750 - 2950 yuan/ton. - The aluminum price has continued to be strong, and the spot market discount has gradually widened, indicating that high prices are suppressing actual purchases. The macro - environment is generally favorable, and the fundamentals are in a tight - balance pattern. It is expected that the aluminum price will maintain a high - level oscillation in the short term, with the main contract ranging from 20800 - 21400 yuan/ton [3]. Aluminum Alloy - The casting aluminum alloy followed the high - level oscillation of the aluminum price. The cost support is prominent, and the supply of scrap aluminum is tight, pushing up the procurement cost. The supply - demand is in a tight - balance pattern. The inventory is in a slow de - stocking process. It is expected that the ADC12 price will maintain a relatively strong oscillation in the short term, with the main contract ranging from 20200 - 20800 yuan/ton [5]. Zinc - Overseas interest rates were cut as expected, and the macro - atmosphere is warm. The supply - side logic of zinc has shifted from zinc ore to zinc ingots, and the subsequent supply increase may be limited due to compressed smelting profits. The demand is stable without exceeding expectations. The LME has a risk of a short squeeze, and the export window of zinc ingots is intermittently open. The zinc price may be supported in the short term but will likely maintain an oscillation without a clear turning point in the supply - side logic [8]. Tin - The supply of tin ore remains tight, and the smelting processing fee is at a low level. The demand is still weak, and although AI computing power and the photovoltaic industry have driven some tin consumption, it is difficult to make up for the decline in traditional consumption. Powell's hawkish statement on the December interest - rate cut may cause the tin price to fall in the short term. If the supply in Myanmar recovers well, the tin price may weaken; otherwise, it may continue to be strong [11]. Nickel - The Fed cut interest rates by 25bp and ended the balance - sheet reduction. The Sino - US meeting will boost the market. The production of refined nickel remains high, and the ore price is firm. The nickel - iron price is under pressure, and the stainless - steel demand is weak. The downstream ternary still has inventory - building demand, but the medium - term supply may increase. The inventory is accumulating. It is expected that the nickel price will oscillate in the medium term, with the main contract ranging from 118000 - 126000 [13]. Stainless Steel - The Fed cut interest rates by 25bp and ended the balance - sheet reduction. The Sino - US meeting will boost the market. The ore price is firm, and the nickel - iron price is under pressure. The chromium - iron market is weak and stable. The supply pressure of stainless steel is increasing, and the demand is not significantly boosted. The social inventory is slowly decreasing. It is expected that the stainless - steel price will oscillate weakly in the short term, with the main contract ranging from 12500 - 13000 [14]. Lithium Carbonate - The lithium - carbonate futures price has been relatively strong, with the main price center moving up. The production has been increasing, and the downstream demand is optimistic. The raw - material inventory is being depleted quickly, and the supply of concentrate is tight. It is expected that the short - term market will remain strong, and attention should be paid to whether the price can break through 83,000 yuan/ton [16]. 3. Summary by Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price decreased by 140 yuan/ton to 87,905 yuan/ton, a decline of 0.16%. - The SMM 1 electrolytic copper premium decreased by 5 yuan/ton to - 60 yuan/ton. - The SMM Guangdong 1 electrolytic copper price decreased by 290 yuan/ton to 87,850 yuan/ton, a decline of 0.33%. - The SMM wet - process copper price decreased by 155 yuan/ton to 87,660 yuan/ton, a decline of 0.18%. - The refined - scrap price difference increased by 324.15 yuan/ton to 4299 yuan/ton, an increase of 8.15% [1]. Fundamental Data - In September, the electrolytic copper production was 1.121 million tons, a decrease of 50,500 tons or 4.31% compared with the previous month. - The electrolytic copper import volume was 334,300 tons, an increase of 70,000 tons or 26.50% compared with the previous month [1]. Aluminum Price and Spread - The SMM A00 aluminum price increased by 10 yuan/ton to 21,170 yuan/ton, an increase of 0.05%. - The import loss increased by 194.5 yuan/ton to 2914 yuan/ton [3]. Fundamental Data - In September, the alumina production was 7.6037 million tons, a decrease of 135,000 tons or 1.74% compared with the previous month. - The electrolytic aluminum production was 3.6148 million tons, a decrease of 118,000 tons or 3.16% compared with the previous month [3]. Aluminum Alloy Price and Spread - The SMM aluminum alloy ADC12 price remained unchanged at 21,200 yuan/ton. - The refined - scrap price difference of Foshan crushed primary aluminum decreased by 107 yuan/ton to 1774 yuan/ton, a decrease of 5.69% [5]. Fundamental Data - In September, the production of recycled aluminum alloy ingots was 661,000 tons, an increase of 46,000 tons or 7.48% compared with the previous month. - The production of primary aluminum alloy ingots was 283,000 tons, an increase of 12,000 tons or 4.43% compared with the previous month [5]. Zinc Price and Spread - The SMM 0 zinc ingot price increased by 20 yuan/ton to 22,290 yuan/ton, an increase of 0.09%. - The import loss decreased by 205.67 yuan/ton to 5088 yuan/ton [8]. Fundamental Data - In September, the refined zinc production was 600,100 tons, a decrease of 26,100 tons or 4.17% compared with the previous month. - The refined zinc import volume was 227,000 tons, a decrease of 30,000 tons or 11.61% compared with the previous month [8]. Tin Spot Price and Basis - The SMM 1 tin price increased by 900 yuan/ton to 285,200 yuan/ton, an increase of 0.32%. - The LME 0 - 3 premium decreased by 60 dollars/ton to 40 dollars/ton, a decrease of 60% [11]. Fundamental Data - In September, the tin ore import volume was 8714 tons, a decrease of 1553 tons or 15.13% compared with the previous month. - The SMM refined tin production was 10,510 tons, a decrease of 4880 tons or 31.71% compared with the previous month [11]. Nickel Price and Basis - The SMM 1 electrolytic nickel price decreased by 250 yuan/ton to 121,900 yuan/ton, a decrease of 0.20%. - The 8 - 12% high - nickel pig iron price decreased by 2 yuan/ton to 925 yuan/ton, a decrease of 0.16% [13]. Fundamental Data - The Chinese refined nickel production was 32,200 tons, an increase of 400 tons or 1.26% compared with the previous month. - The refined nickel import volume was 17,010 tons, a decrease of 526 tons or 3.00% compared with the previous month [13]. Stainless Steel Price and Spread - The 304/2B (Wuxi Hongwang 2.0 coil) price remained unchanged at 12,950 yuan/ton. - The 8 - 12% high - nickel pig iron ex - factory average price decreased by 2 yuan/ton to 925 yuan/ton, a decrease of 0.16% [14]. Fundamental Data - The Chinese 300 - series stainless - steel crude steel production (43 enterprises) was 1.8217 million tons, an increase of 6900 tons or 0.38% compared with the previous month. - The Indonesian 300 - series stainless - steel crude steel production (Qinglong) was 423,500 tons, an increase of 1500 tons or 0.36% compared with the previous month [14]. Lithium Carbonate Price and Spread - The SMM battery - grade lithium carbonate average price increased by 650 yuan/ton to 79,150 yuan/ton, an increase of 0.83%. - The SMM industrial - grade lithium carbonate average price increased by 650 yuan/ton to 76,950 yuan/ton, an increase of 0.85% [16]. Fundamental Data - In September, the lithium carbonate production was 87,260 tons, an increase of 2020 tons or 2.37% compared with the previous month. - The lithium carbonate demand was 116,801 tons, an increase of 12,778 tons or 12.28% compared with the previous month [16].

1. Report Industry Investment Ratings No relevant information provided. 2. Core Views of the Reports Copper - The preliminary consensus between China and the US boosts market optimism. In the long - term, supply - demand contradictions support the upward movement of the copper price bottom, but short - term rapid increases may suppress demand. The main contract price is expected to range between 87,000 - 89,000 yuan/ton. [1] Aluminum - The alumina price is expected to be under pressure in the short - term, with the main contract oscillating between 2,750 - 2,950 yuan/ton. The aluminum price is likely to maintain a high - level oscillation, with the main contract in the range of 20,800 - 21,400 yuan/ton. [3] Aluminum Alloy - Cost support and supply - demand balance drive the price up, but high inventory and policy uncertainties are constraints. The ADC12 price is expected to maintain a strong oscillation, with the main contract between 20,200 - 20,800 yuan/ton. [5] Zinc - Zinc prices are supported by macro - level interest - rate cut expectations and LME squeeze risks. However, the supply is relatively loose, and the price may oscillate without a clear inflection point in the supply logic. The main contract is expected to range from 21,800 - 22,800 yuan/ton. [9] Tin - Strong supply fundamentals support the tin price to oscillate strongly. Future trends depend on macro - level changes and the supply recovery in Myanmar. [11] Nickel - Macro - level sentiment weakens slightly, but cost support exists. With inventory accumulation, the price is expected to oscillate in the range of 118,000 - 126,000 yuan/ton. [13] Stainless Steel - The policy is stable, demand during the peak season is weak, and supply pressure may increase. The short - term price is expected to oscillate weakly, with the main contract between 12,500 - 13,000 yuan/ton. [14] Lithium Carbonate - The fundamentals have improved, with a supply - demand gap during the peak season. The short - term price is expected to be strong, with the main focus on whether it can break through 83,000 yuan/ton and 85,000 yuan/ton. [17] 3. Summaries According to Related Catalogs Copper Price and Basis - SMM 1 electrolytic copper price decreased by 0.35% to 87,905 yuan/ton. The refined - scrap price difference decreased by 9.22% to 3,975 yuan/ton. [1] Monthly Fundamental Data (September) - Electrolytic copper production decreased by 4.31% to 112.10 million tons, while imports increased by 26.50% to 33.43 million tons. [1] Weekly Fundamental Data - The import copper concentrate index decreased by 4.22% to - 42.70 dollars/ton, and domestic mainstream port copper concentrate inventory decreased by 0.38% to 67.81 million tons. [1] Daily Fundamental Data - LME inventory decreased by 1.03% to 13.46 million tons, and COMEX inventory decreased by 0.06% to 34.77 million short tons. [1] Aluminum Price and Spread - SMM A00 aluminum price remained unchanged at 21,160 yuan/ton. The alumina prices in Shandong, Guangxi, and Guizhou decreased. [3] Monthly Fundamental Data (September) - Alumina production decreased by 1.74% to 760.37 million tons, and electrolytic aluminum production decreased by 3.16% to 361.48 million tons. [3] Weekly Fundamental Data - The aluminum profile开工率 increased by 0.37% to 53.70%, and the aluminum foil开工率 decreased by 0.55% to 71.90%. [3] Daily Fundamental Data - LME inventory decreased by 0.77% to 46.6 million tons. [3] Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 prices remained unchanged. The refined - scrap price differences in various regions increased. [5] Monthly Fundamental Data (September) - The production of recycled aluminum alloy ingots increased by 7.48% to 66.10 million tons, and the production of primary aluminum alloy ingots increased by 4.43% to 28.30 million tons. [5] Weekly Fundamental Data - The recycled aluminum alloy开工率 increased by 7.73% to 57.54%. [5] Daily Fundamental Data - The daily inventory of recycled aluminum alloy in Foshan decreased by 0.20% to 33,257 tons. [5] Zinc Price and Spread - SMM 0 zinc ingot price increased by 0.27% to 22,270 yuan/ton. The import loss increased to - 5,294 yuan/ton. [9] Monthly Fundamental Data (September) - Refined zinc production decreased by 4.17% to 60.01 million tons, and imports decreased by 11.61% to 2.27 million tons. [9] Weekly Fundamental Data - The galvanizing开工率 decreased by 0.57% to 57.48%. [9] Daily Fundamental Data - LME inventory decreased by 4.86% to 3.5 million tons. [9] Tin Price and Spread - SMM 1 tin price increased by 0.28% to 284,300 yuan/ton. The import loss decreased by 8.14% to - 14,746.45 yuan/ton. [11] Monthly Fundamental Data (September) - Tin ore imports decreased by 15.13% to 8,714 tons, and SMM refined tin production decreased by 31.71% to 10,510 tons. [11] Inventory Data - SHEF inventory increased by 1.32% to 5,766 tons, and social inventory decreased by 2.69% to 6,828 tons. [11] Nickel Price and Spread - The price of SMM 1 electrolytic nickel decreased by 0.734% to 122,150 yuan/ton. The import loss increased by 18.314% to - 898 yuan/ton. [13] Production and Inventory Data - China's refined nickel production increased by 1.26% to 32,200 tons, and SHFE inventory increased by 4.81% to 36,075 tons. [13] Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 roll) decreased by 0.38% to 12,950 yuan/ton. [14] Raw Material Prices - The price of 8 - 12% high - nickel pig iron decreased by 0.22% to 927 yuan/nickel point. [14] Monthly Fundamental Data - The production of 300 - series stainless steel crude steel in China increased by 0.38% to 182.17 million tons. [14] Weekly Fundamental Data - The 300 - series social inventory (Wuxi + Foshan) decreased by 1.37% to 49.49 million tons. [14] Lithium Carbonate Price and Spread - The SMM battery - grade lithium carbonate price increased by 2.55% to 78,500 yuan/ton. The lithium spodumene concentrate CIF average price decreased by 2.10% to 825 dollars/ton. [17] Monthly Fundamental Data (September) - Lithium carbonate production increased by 2.37% to 87,260 tons, and demand increased by 12.28% to 116,801 tons. [17] Inventory Data - The total lithium carbonate inventory decreased by 0.38% to 84,539 tons, and the downstream inventory increased by 15.29% to 60,998 tons. [17]

Report Industry Investment Rating - There is no information provided in the report regarding the industry investment rating. Core Viewpoints - **Copper**: Copper prices declined from high levels today, accelerating the decline in the afternoon with a continuous decrease in open interest. After a short - term market rebound, there is a strong willingness among long - position holders to close their positions. Macroscopically, stock indices, non - ferrous metals, and precious metals all declined. It is expected that copper prices will stabilize with fluctuations, and attention should be paid to the support at the 84,000 yuan mark [4]. - **Aluminum**: Aluminum prices also declined from high levels today, accelerating the decline in the afternoon with little change in overall open interest. After a short - term market rebound, there is a strong willingness among long - position holders to close their positions. Macroscopically, stock indices, non - ferrous metals, and precious metals all declined. It is expected that aluminum prices will stabilize with fluctuations [5]. - **Nickel**: Nickel prices significantly declined with an increase in open interest today, and the main contract price fell below the 121,000 yuan mark. The short - term decline was caused by long - position holders in the non - ferrous sector closing their positions, and nickel may be used as a short - allocation position in the sector. Technically, attention should be paid to the support at the 120,000 yuan mark [6]. Summary by Directory 1. Industry Dynamics - **Copper**: SMM predicts that the comprehensive operating rate of the enameled wire industry in October will drop to 67.66%, a month - on - month decrease of 0.46 percentage points. Although it is a year - on - year increase of 2.44 percentage points, the overall operation is slow. The National Day holiday led to some enameled wire enterprises having holidays or reducing production, directly dragging down the industry's operating rate. From the demand side, the demand for enameled wires from power transformers and new - energy - related end - users is stable and improving, and there is also an expectation of warming in the end - user home appliance demand. However, high copper prices significantly suppress orders, and enterprises are cautious about order growth expectations [8]. - **Aluminum**: Rio Tinto (RIO) achieved significant growth in the production of key products in the third quarter. Bauxite production climbed to 16.4 million tons, a year - on - year increase of 9%; alumina production increased by 7% to 1.9 million tons; copper production also increased by 10% to 204,000 tons. The company's CEO pointed out that its bauxite business and the Oyu Tolgoi mine both set production records. The underground expansion project of the Oyu Tolgoi mine is expected to increase this year's copper production by more than 50%, and the Simandou project has also made important progress. Currently, Rio Tinto is enhancing shareholder value by improving operational efficiency and controlling capital expenditures and maintaining its 2025 production targets [9]. - **Nickel**: On October 14, the price of SMM1 electrolytic nickel was in the range of 120,700 - 123,500 yuan/ton, with an average price of 122,100 yuan/ton, a decrease of 350 yuan/ton compared to the previous trading day. The mainstream spot premium quotation range of Jinchuan 1 electrolytic nickel was 2,300 - 2,500 yuan/ton, with an average premium of 2,400 yuan/ton, remaining the same as the previous trading day. The spot premium and discount quotation range of domestic mainstream brand electrowon nickel was - 100 - 100 yuan/ton, showing a decrease [10]. 2. Related Charts - **Copper**: The report provides charts including copper basis, copper monthly spread, domestic visible inventory of electrolytic copper (social inventory + bonded area inventory), overseas copper exchange inventory, LME copper cancelled warrant ratio, and SHFE warrant inventory [11][13][14] - **Aluminum**: The report includes charts such as aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum (LME + COMEX), alumina inventory, and aluminum rod inventory [25][27][29] - **Nickel**: The report presents charts like nickel basis, LME nickel inventory and cancelled warrant ratio, LME nickel trend, SHFE inventory, and nickel ore port inventory [37][38][40]

Report Summary of the Metal Industry 1. Industry Investment Rating No investment rating information is provided in the reports. 2. Core Views - **Copper**: The copper price may rise in the short - term due to mine - end disturbances, and the medium - to long - term supply - demand contradiction provides bottom support. The price center may gradually increase. The main price range to watch is 81000 - 81500 yuan/ton [1]. - **Aluminum and Alumina**: Alumina is in a "high - supply, high - inventory, weak - demand" situation. The spot price is expected to be under pressure, with the main contract oscillating between 2850 - 3150 yuan/ton. For aluminum, the macro environment is relatively warm, and the price is supported by peak - season demand and inventory inflection points, with the main contract expected to oscillate between 20600 - 21000 yuan/ton [3]. - **Aluminum Alloy**: The price of ADC12 is expected to maintain a high - level oscillation, with the main contract's operating range between 20200 - 20600 yuan/ton, supported by cost and pre - holiday stocking but restricted by weak demand recovery and inventory accumulation [5]. - **Zinc**: The supply of zinc is in a loose situation, and the price may be driven up in the short - term by the macro environment but lacks upward momentum from the fundamentals. The main price range is 21500 - 22500 yuan/ton [9]. - **Tin**: If the supply in Myanmar recovers smoothly, the tin price may weaken; otherwise, it is expected to maintain a high - level oscillation in the range of 265000 - 285000 yuan/ton [11]. - **Nickel**: The nickel price is expected to oscillate in the range of 120000 - 125000 yuan/ton. The macro situation is stable, and there are more disturbances at the mine end, with cost support, but the medium - term supply is loose [12]. - **Stainless Steel**: The stainless - steel price is expected to oscillate in the range of 12600 - 13200 yuan/ton. The raw material price provides cost support, but the peak - season demand has not been fully realized, and inventory de - stocking is under pressure [14]. - **Lithium Carbonate**: The lithium carbonate price is expected to oscillate and consolidate, with the main price center in the range of 70000 - 75000 yuan/ton, supported by strong peak - season demand [16]. 3. Summary by Catalog Copper - **Price and Basis**: SMM 1 electrolytic copper price dropped to 82210 yuan/ton, a decrease of 0.33%. The SMM 1 electrolytic copper premium remained unchanged at - 5 yuan/ton [1]. - **Monthly Spread**: The spread between 2510 - 2511 contracts increased by 50 yuan/ton [1]. - **Fundamental Data**: In August, the electrolytic copper production was 117.15 million tons, a decrease of 0.24% compared to the previous month, and the import volume was 26.43 million tons, a decrease of 10.99% [1]. Aluminum and Alumina - **Price and Spread**: SMM A00 aluminum price dropped to 20690 yuan/ton, a decrease of 0.39%. The monthly spread between 2510 - 2511 contracts increased by 5 yuan/ton [3]. - **Fundamental Data**: In August, the alumina production was 773.82 million tons, an increase of 1.15% compared to the previous month, and the electrolytic aluminum production was 373.26 million tons, a slight increase [3]. Aluminum Alloy - **Price and Spread**: The price of SMM aluminum alloy ADC12 remained unchanged at 20900 yuan/ton. The monthly spread between 2511 - 2512 contracts increased by 15 yuan/ton [5]. - **Fundamental Data**: In August, the production of recycled aluminum alloy ingots was 61.50 million tons, a decrease of 1.60% compared to the previous month [5]. Zinc - **Price and Spread**: SMM 0 zinc ingot price dropped to 21630 yuan/ton, a decrease of 1.46%. The monthly spread between 2510 - 2511 contracts decreased by 15 yuan/ton [9]. - **Fundamental Data**: In August, the refined zinc production was 62.62 million tons, an increase of 3.88% compared to the previous month, and the import volume was 2.57 million tons, an increase of 43.30% [9]. Tin - **Spot Price and Basis**: SMM 1 tin price dropped to 271400 yuan/ton, a decrease of 0.84%. The LME 0 - 3 premium remained unchanged at - 50 dollars/ton [11]. - **Fundamental Data (Monthly)**: In August, the tin ore import was 10267 tons, a decrease of 0.11% compared to the previous month, and the SMM refined tin production was 15390 tons, a decrease of 3.45% [11]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel price dropped to 122000 yuan/ton, a decrease of 0.37%. The LME 0 - 3 decreased to - 187 dollars/ton [12]. - **Supply and Inventory**: China's refined nickel production in August was 32200 tons, an increase of 1.26% compared to the previous month, and the import volume was 17536 tons, a decrease of 8.46% [12]. Stainless Steel - **Price and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 roll) dropped to 13050 yuan/ton, a decrease of 0.38%. The monthly spread between 2511 - 2512 contracts increased by 15 yuan/ton [14]. - **Fundamental Data**: In August, the production of 300 - series stainless - steel crude steel in China was 171.33 million tons, a decrease of 3.83% compared to the previous month [14]. Lithium Carbonate - **Price and Basis**: SMM battery - grade lithium carbonate average price dropped to 73550 yuan/ton, a decrease of 0.07%. The monthly spread between 2510 - 2511 contracts increased by 100 yuan/ton [16]. - **Fundamental Data**: In August, the lithium carbonate production was 85240 tons, an increase of 4.55% compared to the previous month, and the demand was 104023 tons, an increase of 8.25% [16].

Industry Investment Ratings No investment ratings for the industries are provided in the reports. Core Views Copper - Short - term copper prices may rise due to mine - end disturbances, and in the medium - long term, the supply - demand contradiction provides a bottom support. The price center may gradually rise. Pay attention to whether the macro - market style switches to recovery trading and the marginal changes in the demand side. The main contract is supported at 81000 - 81500 [1]. Aluminum - The short - term alumina spot price will remain under pressure, with the main contract oscillating between 2850 - 3150 yuan/ton. The short - term aluminum price will oscillate at a high level after a decline, with the main contract in the range of 20600 - 21000 yuan/ton [4]. Aluminum Alloy - The short - term ADC12 price will maintain a high - level oscillation, with the main contract running in the range of 20200 - 20600 yuan/ton [6]. Zinc - The supply - relaxation logic has spread from the zinc - mine end to the zinc - ingot end. The zinc price will continue to be under pressure, but the impact of interest - rate cuts on the macro - trading logic needs to be noted [10]. Tin - If the supply from Myanmar recovers smoothly, the tin price is expected to weaken; if the supply recovery is poor, the tin price will continue to oscillate at a high level, in the range of 265000 - 285000 [13]. Nickel - The short - term nickel price will maintain an interval oscillation, with the main contract in the range of 120000 - 125000 [15]. Stainless Steel - The short - term stainless - steel price will oscillate and adjust, with the main contract running in the range of 12600 - 13200 [17]. Lithium Carbonate - The short - term lithium - carbonate price will oscillate and sort out, with the main - contract price center in the range of 70000 - 75000 yuan/ton [19]. Summary by Directory Copper Price and Basis - SMM 1 electrolytic copper was at 82485 yuan/ton, down 0.02% from the previous value. SMM Guangdong 1 electrolytic copper was at 82490 yuan/ton, up 0.13%. SMM wet - process copper was at 82385 yuan/ton, down 0.04% [1]. Monthly Spread - The spread between 2510 - 2511 was 0 yuan/ton, up 50 yuan/ton from the previous value [1]. Fundamental Data - In August, the electrolytic copper production was 117.15 million tons, down 0.24% month - on - month; the import volume was 26.43 million tons, down 10.99% [1]. Aluminum Price and Spread - SMM A00 aluminum was at 20770 yuan/ton, up 0.44%. The average price of alumina in Shandong was 2905 yuan/ton, down 0.17% [4]. Monthly Spread - The spread between 2510 - 2511 was 10 yuan/ton, down 5 yuan/ton from the previous value [4]. Fundamental Data - In August, the alumina production was 773.82 million tons, up 1.15% month - on - month; the electrolytic aluminum production was 373.26 million tons, up 0.30% [4]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 was at 20900 yuan/ton, up 0.24%. The refined - scrap price difference of Foshan crushed primary aluminum was 1460 yuan/ton, down 4.58% [6]. Monthly Spread - The spread between 2511 - 2512 was - 55 yuan/ton, down 35 yuan/ton from the previous value [6]. Fundamental Data - In August, the production of recycled aluminum - alloy ingots was 61.50 million tons, down 1.60% month - on - month; the production of primary aluminum - alloy ingots was 27.10 million tons, up 1.88% [6]. Zinc Price and Spread - SMM 0 zinc ingot was at 21950 yuan/ton, up 0.37%. The import profit and loss was - 3556 yuan/ton, up 7.35 yuan/ton from the previous value [10]. Monthly Spread - The spread between 2510 - 2511 was - 30 yuan/ton, down 15 yuan/ton from the previous value [10]. Fundamental Data - In August, the refined zinc production was 62.62 million tons, up 3.88% month - on - month; the import volume was 2.57 million tons, up 43.30% [10]. Tin Spot Price and Basis - SMM 1 tin was at 273700 yuan/ton, up 0.85%. The LME 0 - 3 premium was - 105 dollars/ton, down 7.14% [13]. Monthly Spread - The spread between 2510 - 2511 was - 470 yuan/ton, down 20.51% from the previous value [13]. Fundamental Data - In July, the tin - ore import was 10278 tons, down 13.71% from the previous value; the SMM refined - tin production was 15940 tons, up 15.42% [13]. Nickel Price and Basis - SMM 1 electrolytic nickel was at 122450 yuan/ton, down 1.29%. The 8 - 12% high - nickel pig - iron price was 855 yuan/ton, unchanged [15]. Monthly Spread - The spread between 2511 - 2512 was - 220 yuan/ton, down 50 yuan/ton from the previous value [15]. Supply - Demand and Inventory - The domestic refined - nickel production was 32200 tons, up 1.26% month - on - month; the import volume was 17536 tons, down 8.46% [15]. Stainless Steel Price and Basis - The 304/2B (Wuxi Hongwang 2.0 coil) was at 13100 yuan/ton, down 0.38%. The Philippine laterite nickel ore 1.5% (CIF) average price was 51 dollars/wet ton, unchanged [17]. Monthly Spread - The spread between 2511 - 2512 was - 40 yuan/ton, unchanged from the previous value [17]. Fundamental Data - The production of 300 - series stainless - steel crude steel in China was 171.33 million tons, down 3.83% month - on - month; the import volume was 11.72 million tons, up 60.48% [17]. Lithium Carbonate Price and Spread - SMM battery - grade lithium carbonate average price was 73600 yuan/ton, down 0.20%. The lithium - spodumene concentrate CIF average price was 857 dollars/ton, up 0.12% [19]. Monthly Spread - The spread between 2510 - 2511 was - 200 yuan/ton, up 100 yuan/ton from the previous value [19]. Fundamental Data - In August, the lithium - carbonate production was 85240 tons, up 4.55% month - on - month; the demand was 104023 tons, up 8.25% [19].

Report Industry Investment Rating - Not provided in the content Core Views - **Copper**: On Friday night, Shanghai copper opened high and went higher. Today, copper prices maintained a strong shock, with a slight decline in open interest. After the Fed's September interest rate cut last week, short - term long - position closing was over. High copper prices previously led to strong downstream wait - and - see sentiment. The decline in copper prices and pre - holiday stocking demand boosted industrial restocking willingness, supporting copper prices. Technically, pay attention to the long - short game at the 80,000 mark [4]. - **Aluminum**: Today, aluminum prices fluctuated, with open interest continuously declining. After the Fed's September interest rate cut last week, short - term long - position closing was over. In September, aluminum prices generally remained high, and downstream restocking willingness was weak. As futures prices declined, the accumulation of electrolytic aluminum social inventory slowed down. Technically, Shanghai aluminum pulled back after hitting a high in March, facing significant technical pressure. Pay attention to the support of the 60 - day moving average [5]. - **Nickel**: Today, Shanghai nickel rose and then fell, with open interest continuously rising. In the morning, the main futures price reached the 122,000 mark. After the Fed's September interest rate cut last week, short - term long - position closing was over. On the industrial side, disruptions at the Indonesian mine end were positive for nickel prices, while the continuous increase in domestic nickel ore port inventory and SHFE nickel inventory was negative for nickel prices. Technically, nickel prices were still in the shock range. Pay attention to the 120,000 - 123,000 range [6]. Summary by Relevant Catalogs 1. Industry Dynamics Copper - In August 2025, China's copper enameled wire exports were 12,806 tons, a year - on - year increase of 25.82% and a month - on - month increase of 2.09%. From January to August, China's copper enameled wire exports totaled 94,935.7 tons, a cumulative year - on - year increase of 25.41% [8]. - In August 2025, China's copper clad laminate (HS code: 74102110) imports were 3,417.14 tons, a year - on - year decrease of 18.12% and a month - on - month increase of 5.68%. From January to August, the cumulative imports were 26,439.07 tons, a year - on - year decrease of 2.23%. In August, exports were 8,377.20 tons, a year - on - year increase of 4.22% and a month - on - month increase of 15.87%. From January to August, the cumulative exports were 59,867.55 tons, a year - on - year decrease of 8.85% [8]. Aluminum - In August 2025, the imports of unwrought aluminum alloy were 71,000 tons, a year - on - year decrease of 16.7% and a month - on - month increase of 2.6%. From January to August, the cumulative imports were 682,500 tons, a year - on - year decrease of 14.2%. In August, the exports were 29,100 tons, a year - on - year increase of 28.3% and a month - on - month increase of 16.7%. From January to August, the cumulative exports were 174,300 tons, a year - on - year increase of 10.7% [9]. - In August 2025, the exports of domestic aluminum profiles were 84,300 tons, a month - on - month increase of 0.17% and a year - on - year decrease of 14.94% [9]. Nickel - On September 22, the price of SMM1 electrolytic nickel was 121,300 - 124,100 yuan/ton, with an average price of 122,700 yuan/ton, a decrease of 50 yuan/ton from the previous trading day. The mainstream spot premium quotation range of Jinchuan 1 electrolytic nickel was 2,300 - 2,400 yuan/ton, with an average premium of 2,350 yuan/ton, unchanged from the previous trading day. The spot premium and discount quotation range of domestic mainstream brand electrowon nickel was - 100 - 200 yuan/ton [10]. 2. Relevant Charts Copper - Charts include copper basis, electrolytic copper domestic visible inventory (social inventory + bonded area inventory), LME copper cancelled warrant ratio, overseas copper exchange inventory, and SHFE warrant inventory [11][13][14] Aluminum - Charts include aluminum basis, aluminum monthly spread, electrolytic aluminum domestic social inventory, electrolytic aluminum overseas exchange inventory (LME + COMEX), alumina inventory, and aluminum rod inventory [22][24][26] Nickel - Charts include nickel basis, LME nickel inventory and cancelled warrant ratio, LME nickel trend, SHFE nickel monthly spread, SHFE inventory, and nickel ore port inventory [34][37][38]

Report Industry Investment Ratings - No investment ratings are provided in the reports. Core Views Copper - The Fed cut interest rates by 25bp as expected. The impact of rate cuts on copper prices depends on the reason and macro - background. The previous loose trading may end, and attention should be paid to whether the macro - market style switches to recovery trading. The copper market is in a state of "weak reality + stable expectation". In the short - term, it will at least maintain a volatile trend, and the main contract reference range is 79,000 - 81,000 [1]. Aluminum - The alumina futures price was volatile last week. The supply pressure is prominent, and the demand pull from electrolytic aluminum is limited. The alumina price is expected to fluctuate between 2900 - 3200 yuan/ton. The electrolytic aluminum price is expected to be volatile in the short - term, with the main contract reference range of 20,600 - 21,000 yuan/ton, and attention should be paid to the double - festival stocking and inventory inflection point [3]. Aluminum Alloy - The casting aluminum alloy futures price declined last week. The cost support is significant, and the demand is in a mild recovery. The short - term spot price is expected to remain firm, and the inventory accumulation rate will slow down. The main contract reference range this week is 20,200 - 20,600 yuan/ton [4]. Zinc - The import TC is rising steadily, and the supply side is expected to be loose. The demand side shows differentiation at home and abroad. The zinc price is expected to be mainly volatile in the short - term, with the main contract reference range of 21,500 - 22,500 [7]. Tin - The Fed cut interest rates in September. The tin ore supply is tight, and the demand is weak. The tin price is expected to remain volatile at a high level, with the reference range of 265,000 - 285,000. Attention should be paid to the tin ore import from Myanmar [9]. Nickel - The nickel price was volatile last week. After the Fed's rate cut, the macro - sentiment was digested. There is no obvious change in the spot transaction of refined nickel. The price is expected to fluctuate within the range of 120,000 - 125,000, and attention should be paid to the macro - expectation and ore news [11]. Stainless Steel - The stainless steel price declined slightly last week. The raw material price is firm, but the peak - season demand has not been realized. The short - term price is expected to be in an oscillatory adjustment, with the main contract reference range of 12,800 - 13,200. Attention should be paid to the steel mill dynamics and peak - season demand [13]. Lithium Carbonate - The lithium carbonate futures price was volatile last week. The macro - sentiment has been digested, and the supply - demand is in a tight balance. The short - term price is expected to be in an oscillatory arrangement, with the main price center of 70,000 - 75,000 yuan/ton [15]. Summaries by Catalog Copper Price and Basis - SMM 1 electrolytic copper remained at 79,990 yuan/ton. SMM Guangdong 1 electrolytic copper's premium increased by 15 yuan/ton. The refined - scrap spread increased by 110 yuan/ton to 1752 yuan/ton, with a 6.70% increase [1]. Fundamental Data - In August, the electrolytic copper production was 117.15 million tons, a month - on - month decrease of 0.24%. The domestic mainstream port copper concentrate inventory increased by 3.18 million tons to 72.45 million tons, with a 4.59% increase [1]. Aluminum Price and Spread - SMM A00 aluminum increased by 30 yuan/ton to 20,810 yuan/ton. The import loss increased by 209 yuan/ton to 1850 yuan/ton [3]. Fundamental Data - In August, the alumina production was 773.82 million tons, a month - on - month increase of 1.15%. The electrolytic aluminum production was 373.26 million tons, a month - on - month increase of 0.30% [3]. Aluminum Alloy Price and Spread - The prices of SMM ADC12 in different regions remained unchanged. The scrap - new spreads in different regions increased, with the largest increase of 2.43% in the Foshan profile aluminum scrap - new spread [4]. Fundamental Data - In August, the regenerative aluminum alloy ingot production was 61.50 million tons, a month - on - month decrease of 1.60%. The primary aluminum alloy ingot production was 27.10 million tons, a month - on - month increase of 1.88% [4]. Zinc Price and Spread - SMM 0 zinc ingot decreased by 20 yuan/ton to 22,010 yuan/ton. The import loss increased by 15.17 yuan/ton to 3120 yuan/ton [7]. Fundamental Data - In August, the refined zinc production was 62.62 million tons, a month - on - month increase of 3.88%. The galvanizing starting rate increased by 1.99 percentage points to 58.05% [7]. Tin Spot Price and Basis - SMM 1 tin decreased by 900 yuan/ton to 269,300 yuan/ton. The SMM 1 tin premium increased by 50 yuan/ton to 400 yuan/ton [9]. Fundamental Data - In July, the tin ore import was 10,278 tons, a month - on - month decrease of 13.71%. The SMM refined tin production was 15,940 tons, a month - on - month increase of 15.42% [9]. Nickel Price and Basis - SMM 1 electrolytic nickel increased by 50 yuan/ton to 122,750 yuan/ton. The LME 0 - 3 decreased by 2 yuan/ton to - 179 yuan/ton [11]. Supply - Demand and Inventory - The Chinese refined nickel production was 32,200 tons, a month - on - month increase of 1.26%. The SHFE inventory increased by 547 tons to 26,986 tons, with a 2.07% increase [11]. Stainless Steel Price and Spread - The price of 304/2B (Wuxi Hongwang 2.0 coil) remained at 13,100 yuan/ton. The price of 304/2B (Foshan Hongwang 2.0 coil) decreased by 50 yuan/ton to 13,200 yuan/ton [13]. Fundamental Data - The Chinese 300 - series stainless steel crude steel production was 171.33 million tons, a month - on - month decrease of 3.83%. The 300 - series social inventory decreased by 0.60 million tons to 47.20 million tons, with a 1.26% decrease [13]. Lithium Carbonate Price and Basis - The SMM battery - grade lithium carbonate average price increased by 50 yuan/ton to 73,500 yuan/ton. The lithium spodumene concentrate CIF average price increased by 1 dollar/ton to 858 dollars/ton [15]. Fundamental Data - In August, the lithium carbonate production was 85,240 tons, a month - on - month increase of 4.55%. The lithium carbonate demand was 104,023 tons, a month - on - month increase of 8.25% [15].