高盛：铜价面临回调风险，铝价预估存上行风险

Group 1 - Goldman Sachs indicates that most of the copper price increase has been completed and is increasingly facing the risk of a correction [2] - The forecast for aluminum prices in the first half of 2026 is $2,575 per ton, with upward risks; however, prices are expected to decline as new supplies from Indonesia enter the market by late 2026 or early 2027 [2] - A tightening of nickel ore quotas in Indonesia to 2.6 million tons could lead to an average nickel price close to $18,000 per ton, exceeding the baseline scenario prediction of $14,800 per ton [2] Group 2 - China, as the world's largest copper consumer, faces three major challenges: increasing dependence on foreign resources in the upstream, overcapacity in the midstream processing sector, and downstream demand being suppressed by high copper prices [2] - To assist the industry in addressing these changes, Shanghai Nonferrous Metals Network has collaborated with copper industry chain enterprises to compile a bilingual version of the "2026 China Copper Industry Chain Distribution Map" [2]