光大期货：1月13日有色金属日报

Copper - LME copper experienced a high and then a pullback, with domestic refined copper imports remaining unprofitable [3][12] - LME inventory decreased by 1,750 tons to 137,225 tons, while Comex inventory increased by 2,215 tons to 472,140 tons [3][12] - Domestic demand for copper is cautious, with transactions primarily based on immediate needs, despite optimistic sentiment in the precious metals market [3][12] Nickel & Stainless Steel - LME nickel rose by 2.12% to $18,075 per ton, while SHFE nickel fell by 0.04% to 141,520 yuan per ton [4][13] - LME inventory decreased by 228 tons to 284,562 tons, and SHFE warehouse receipts increased by 814 tons to 39,670 tons [4][13] - Indonesia plans to adjust nickel quotas based on industry demand to support local prices, but specific quota levels for 2026 remain undisclosed [4][13][14] Alumina, Electrolytic Aluminum & Aluminum Alloys - Alumina prices showed a slight decline, with AO2605 settling at 2,821 yuan per ton, down 0.63% [6][15] - SHFE aluminum fluctuated positively, with AL2603 closing at 24,630 yuan per ton, up 0.18% [6][15] - The aluminum market is experiencing inventory accumulation, with expectations of continued production despite recent export tax adjustments [6][15] Industrial Silicon & Polysilicon - Industrial silicon showed a slight increase, with the main contract at 8,755 yuan per ton, up 0.75% [7][16] - Polysilicon prices weakened, with the main contract at 49,995 yuan per ton, down 2.89% [7][16] - Inventory dynamics are shifting, with hidden stock levels increasing and speculative trading sentiment cooling [7][16] Lithium Carbonate - Lithium carbonate futures hit a limit up at 156,060 yuan per ton, with battery-grade lithium carbonate prices rising by 12,000 yuan to 152,000 yuan per ton [8][17] - Weekly production increased by 115 tons to 22,535 tons, with various lithium extraction methods showing growth [8][17] - Despite rising raw material prices potentially suppressing demand, strong market expectations and low downstream inventory suggest a bullish outlook for lithium prices [8][17]