Copper: On May 8th, the average price of SMM 1 # electrolytic copper was 67200 yuan (545), and the average price of A00 aluminum was 18470 yuan (110); LME copper inventory is 70425 (+3.91%) tons, and aluminum inventory is 561925 (-0.24%) tons; Investment suggestion: According to Mysteel, market holders are reluctant to sell at higher prices, resulting in an upward trend in spot price increases; However, traders are cautious in receiving goods, and downstream entry is not active. They purchase according to demand, and the overall situation is on a wait-and-see basis. Coupled with limited price adjustments by nearby delivery holders, Pingshui copper remains at a premium of 50-60 yuan/ton, indicating average overall demand. Fundamentally, the State Council has issued a package of economic stabilization measures to hedge the dual forces of economic, monetary, and fiscal policies, increase investment in infrastructure, increase support for real estate, and actively promote fiscal efforts to stabilize the economy. In the medium term, domestic demand is returning and overall inventory is low, providing support for prices. The interference at the mining end has eased. Currently, the copper mine TC has rebounded to $85.5 per ton, and the US non farm sector is better than expected. The market is concerned about the US economic recession and the weakening risk sentiment of European and American banks, and it is recommended to buy cautiously in operation. Zinc: On May 8th, the average price of SMM 0 # zinc ingot was 21570 yuan (270), and the average price of 1 # lead was 15175 yuan (0); LME zinc inventory is 52000 (-0.24%) tons, and lead inventory is 32600 (+0%) tons; Investment suggestion: According to Mysteel, the zinc price rose yesterday, and downstream delivery sentiment was not high. Most of them were on the sidelines, and the overall market transaction was average. In terms of fundamentals, there has been a significant decline in energy prices in Europe, with refineries resuming production. The zinc mines in domestic smelters have eased, the zinc supply side has rebounded, LME inventory has remained low, and the social inventory of zinc ingots in China is at a low level in the past five years. In the medium term, the government will increase economic stimulus efforts, improve infrastructure, increase support for real estate policies, and provide multiple policies to support just in need housing purchases. Last week, social inventory of zinc ingots continued to decline, and China's economy is improving, but zinc supply has rebounded. It is recommended to wait and see in operation.

Nickel: The futures price fluctuated in the early trading session yesterday and continued to consolidate in the evening. The huge macro uncertainty has led to a recent increase in market risk, including a series of multifaceted issues such as European and American banking, geopolitical issues across the Taiwan Strait, and domestic urban investment bonds. On the positive side, in the process of promoting a valuation system with Chinese characteristics, the domestic banking industry has been highly sought after, which is conducive to refinancing. There has been no significant change in fundamentals, and the expected volatility pattern of futures prices continues.