20251121-宝城期货-有色日报_有色下行_6页_888kb

非ferrous metals daily report summary for 2025-11-21 focuses on copper, aluminum, and nickel futures. The overall market sentiment is bearish due to weak macro factors, including US non-farm data leading to market downturn, with prices generally downtrending and support levels identified from technical and industry perspectives.

• Copper (沪铜):

  • Price fell below 86,000 yuan/ton, with copper spot demand increasing but some观望 due to price weakness.
  • Potential recovery with slight shakeout, key support at 85,500 yuan/ton.
  • Factors: Weak macro sentiment, good demand in auto wire, but increasing inventories may weigh.

• Aluminum (沪铝):

  • Price dropped below 21,500 yuan/ton, with significant decrease likely due to downward trend.
  • Support at 40-day moving average, down energy demand warmed slightly but inventories remain stable.
  • Influenced by macro weakness and potential supply-demand balance shifts.

• Nickel (沪镍):

  • Price broken through 115,000 yuan/ton, showing strong downtrend with bearish momentum from technical charts.
  • Spot prices potentially sticky due to higher prices, but market liquidity weakening.
  • Contributed by macro concerns and unchanged fundamentals in downstream sectors.

This report is authored by Long Aoming, with investment qualifications from China Futures Association. Risks and support levels are key priorities based on current data trends.