Zhong Guo Neng Yuan Wang·2026-01-06 02:33Group 1 - Precious metals are experiencing a correction due to increased margin requirements by CME, leading to a decrease in speculative sentiment and a drop in prices for silver, platinum, and palladium, with gold also following suit. Short-term outlook remains positive due to potential political events in the Americas around New Year's that may trigger safe-haven demand, alongside inflows into ETFs driven by interest rate cuts [1][2] - Copper prices have risen, supported by a supply-demand imbalance expected in 2026 due to lowered production forecasts from Freeport and Teck Resources. The expectation of increased fiscal spending by the U.S. government further strengthens this outlook, suggesting that current price adjustments present buying opportunities [2] - Aluminum is recommended for buying on dips, with macroeconomic support expected from the implementation of a national subsidy plan in 2026 aimed at stimulating demand. Supply disruptions are anticipated due to maintenance at the Mozal aluminum plant, while demand remains constrained by high prices and environmental production limits [2] Group 2 - Cobalt prices have increased across the board, with electrolytic cobalt prices rising significantly due to tight supply conditions. The domestic raw material market remains structurally tight, providing solid support for prices [3] - Lithium prices have surged, driven by favorable signals from domestic new energy vehicle subsidies and expected production resumption from a key mine. The overall demand for lithium hexafluorophosphate remains strong, suggesting that carbonated lithium will continue to deplete inventories, making it a buy on dips [3] - Investment recommendations include companies such as Xingye Silver Tin, Xiyang Co., Huaxi Nonferrous, and Zijin Mining, among others, indicating a focus on firms within the precious metals and base metals sectors [4]