TNMG(SZ:000630) Wen Hua Cai Jing·2026-01-07 00:48Core Viewpoint - The London Metal Exchange (LME) has seen significant increases in industrial metal prices, with copper reaching a record high and nickel prices surging due to supply concerns [1][3]. Group 1: Price Movements - On January 6, LME three-month copper rose by $246.5, or 1.9%, closing at $13,238.0 per ton, having earlier peaked at $13,387.50, a record high [1][2]. - LME three-month nickel increased by $1,521, or 8.95%, closing at $18,524.0 per ton, with an earlier high of $18,785, the highest since June 5, 2024 [1][2]. - Other metals also saw price increases, with three-month aluminum up by $43.5 (1.41%), zinc up by $56 (1.75%), lead up by $52.5 (2.59%), and tin up by $2,060 (4.85%) [2][4]. Group 2: Supply Concerns - Copper prices have risen approximately 6.5% in 2026, driven by structural supply tightness and increased demand from electrification and data center investments [3]. - A strike at Capstone Copper's Mantoverde copper-gold mine in northern Chile has exacerbated supply concerns [3]. - The delay in the second phase of the Mirador copper mine project by China Copper has further intensified supply pressures [3]. Group 3: Market Predictions - Citigroup has raised its first-quarter copper price target from $12,000 to $14,000, while maintaining a baseline forecast of $13,000 for the remainder of the year [3]. - Analysts suggest that while current supply restrictions may boost prices in the short term, a significant surplus is expected by 2026 unless supply constraints deepen or demand improves meaningfully [4].