Xin Lang Cai Jing·2026-01-23 01:33Group 1: Copper Market Analysis - The main copper futures in Shanghai opened lower and fluctuated, closing at 100,270 yuan, with a low of 99,440 yuan. London copper is around 12,483 USD [4][16] - Macro indicators are neutral to bearish, with the US core PCE rising 2.8% year-on-year and 0.2% month-on-month, aligning with expectations, while initial jobless claims were slightly below expectations, indicating strong economic performance [4][16] - The Shanghai copper warehouse receipts decreased by 2,408 tons to 143,000 tons, while LME copper inventories increased by 8,850 tons to 168,000 tons. Freeport Indonesia announced a restart plan for the Grasberg copper mine, expected to begin in Q2 of this year [4][16] Group 2: Nickel and Stainless Steel - Indonesia's Ministry of Energy and Mineral Resources announced an adjustment of nickel ore RKAB quotas to 250-260 million tons by 2026, which is expected to support nickel prices [5][17] - The nickel market lacks further contradictions in fundamentals, and the tightening quota expectations have already been priced in. Short-term focus should be on market sentiment in the non-ferrous sector [5][17] Group 3: Aluminum Market Insights - The aluminum market saw a slight recovery in spot prices, but overall transaction volumes remain low. Some aluminum plants are beginning maintenance and temporary shutdowns due to high costs and increased inventory [6][19] - The operating range for aluminum oxide contracts is set between 2,500-2,800 yuan/ton, with a bearish outlook for short-term trading [6][20] Group 4: Zinc and Lead Market Overview - Zinc prices showed a strong fluctuation, with macroeconomic data from the US indicating a stable economy. However, the fundamentals do not provide strong support for zinc prices, which are expected to stabilize in the short term [6][22] - Lead prices are expected to remain weak due to a combination of supply and demand factors, with domestic social inventory continuing to increase [6][23] Group 5: Precious Metals Performance - Precious metals are experiencing strong upward momentum, with gold, silver, and platinum reaching historical highs driven by structural safe-haven demand and optimistic sentiment [6][25] - The US PCE core price index met expectations, and initial jobless claims were below expectations, but current US economic data has minimal impact on precious metals, highlighting the core driver of structural safe-haven demand [6][25]