20251118-国投期货-有色金属日报_3页_3mb

报告摘要

Copper Market: Prices declining, LME inventory adjustments expected, support levels around 84,800-85,000 CNY, influenced by US inflation risks and macro sentiment.
Aluminum Market: Inventory increases in key regions, negative TC/spot spreads, casting aluminum and alumina prices fluctuating, overall bearish due to supply excess and demand concerns.
Oxide Market: High inventory levels, continuous supply surplus, weak fundamentals, price declines moderated but uncertain.
Zinc Market: Fund withdrawals, TC tightening, LME inventory rise, export opportunities, support around 60-day MA.
Lead Market: LME inventory surge, weak fundamental support, price below 171,000 CNY, demand constraints from mines and smelters.
Nickel Market: Loss of bullish trend, high inventories, weak demand from stainless steel, nickel-iron prices stabilizing but still bearish.
Tin Market: Price decline below MA10, key factors: Freiberger production and Indonesian capacity adjustments, bears control.
Lithium Market: Inventory reduction, strong demand from EVs and energy storage, prices rising, support at high levels.
Industrial Silicon Market: Inventory adjustments, weak demand from organic silicon sectors, prices influenced by production cuts.
Polycrystalline Silicon Market: Mild fluctuation, demand weakening, inventory drawdown, uncertain production recovery.