铜铝锌镍锡铅集体狂飙 “金属风暴”席卷全球商品市场

Group 1: Market Overview - The global metal futures market experienced a strong start in 2026, with significant price increases across major metals including copper, aluminum, zinc, nickel, tin, and lead on January 6 [1] - LME copper futures reached a new high, while LME nickel futures saw intraday gains exceeding 10%, hitting $18,800 per ton [1] - Domestic markets also saw a surge in investment in non-ferrous metals, with notable price increases in nickel, tin, and aluminum [1] Group 2: Supply Concerns - The surge in nickel prices is primarily driven by supply concerns, particularly due to Indonesia's plan to cut its nickel production target from 379 million tons to 250 million tons, a reduction of 34% [2] - The International Nickel Study Group (INSG) projects a global nickel demand of 3.82 million tons and a production of 4.09 million tons in 2026, indicating potential oversupply despite Indonesia's production cuts [3] - High inventory levels, with LME nickel stocks at 254,000 tons and domestic stocks in China significantly above the five-year average, are exerting long-term pressure on prices [3] Group 3: Copper Price Dynamics - LME copper prices rose by 1.9% to $13,238 per ton, with a peak of $13,387.5, marking a cumulative increase of over 5% since the beginning of 2026 [4] - The price increase is attributed to structural supply shortages and accelerating demand driven by investments in electrification and data centers [4] - Recent disruptions, such as strikes at Capstone Copper's Mantoverde mine and delays in Ecuador's copper projects, have heightened supply concerns [5] Group 4: Investment Trends - Significant capital inflow into the non-ferrous metals sector has been observed, with various ETFs seeing substantial net inflows, particularly in the first two trading days of 2026 [6] - The non-ferrous metals sector was a standout performer in 2025, with a 94.73% increase in the A-share market and many stocks doubling in value [7] - Analysts suggest that macroeconomic factors, including lower-than-expected U.S. inflation data and geopolitical uncertainties, are driving investment demand in the sector [7]