光大期货：12月31日有色金属日报

Copper - LME copper rose by 3.99% to $12,673.5 per ton, while Shanghai copper main contract increased by 1.85% to 99,220 yuan per ton [10] - LME copper inventory decreased by 5,100 tons to 149,475 tons, while SHFE copper warehouse receipts increased by 5,860 tons to 71,738 tons [10] - Domestic refined copper imports remain unprofitable, and downstream enterprises are cautious in purchasing, focusing on just-in-time needs [10] Nickel & Stainless Steel - LME nickel increased by 6.47% to $16,780 per ton, and Shanghai nickel rose by 3.64% to 134,400 yuan per ton [11] - LME nickel inventory remained at 255,186 tons, while SHFE warehouse receipts decreased by 712 tons to 37,798 tons [11] - Indonesian nickel miners' association indicated a significant reduction in nickel ore production target for 2026, down to 250 million tons from 379 million tons in 2025 [11] Aluminum & Alumina - Alumina prices showed a slight increase, with AO2602 closing at 2,752 yuan per ton, up 0.47% [12] - Shanghai aluminum main contract AL2602 rose by 0.87% to 22,615 yuan per ton, while aluminum alloy AD2603 increased by 0.14% to 21,510 yuan per ton [12] - The supply of aluminum is expected to face pressure due to increased inventory and reduced downstream operations as the New Year approaches [14] Industrial Silicon & Polysilicon - Industrial silicon prices increased slightly, with the main contract closing at 8,915 yuan per ton, up 1.08% [15] - Polysilicon prices showed a slight decline, with the main contract at 57,890 yuan per ton, down 0.19% [15] - There are expectations of production cuts in the polysilicon sector due to rising costs and environmental regulations [15] Lithium Carbonate - Lithium carbonate futures fell by 3.77% to 121,580 yuan per ton, while battery-grade lithium carbonate prices remained stable at 118,000 yuan per ton [16] - Weekly lithium production increased by 116 tons to 22,161 tons, with lithium spodumene production rising by 60 tons [16] - Inventory levels showed a mixed trend, with downstream inventory decreasing while upstream inventory increased [16]