Xin Lang Cai Jing·2026-01-26 01:12Group 1: Copper Market - The main copper futures in Shanghai rose over 2% to 102,830 yuan, while London copper increased to approximately 13,134 USD [4][17] - The macroeconomic environment is neutral, with the US threatening to cut dollar supplies to Iraq, leading to a decline in the dollar to 97, which boosted copper prices [4][17] - Global copper inventories increased to 1.015 million tons, with domestic copper stocks rising by about 14,400 tons to 330,000 tons [4][17] - Short-term copper prices are expected to remain high due to tight supply expectations, but high inventory levels may limit price increases [4][17] Group 2: Nickel and Stainless Steel - The nickel and stainless steel market is experiencing short-term high-level fluctuations, influenced by tight policy expectations from Indonesia [18][19] - The supply of nickel from the Philippines is hindered by weather conditions, while Indonesian wet method nickel is relatively abundant [18][19] - Short-term nickel and stainless steel prices are expected to remain high until Indonesian policies are relaxed [18][19] Group 3: Aluminum Market - The aluminum market is seeing weak fluctuations in spot prices, with futures prices rebounding slightly after a decline [20][21] - The supply side is affected by high-cost producers adjusting production, while the production capacity of alumina remains high at 96.55 million tons [20][21] - The expected operational range for alumina futures is between 2,500 and 2,800 yuan per ton, with a bearish outlook on price rebounds [20][21] Group 4: Zinc Market - Zinc prices showed strong fluctuations, supported by improved macroeconomic sentiment and easing trade tensions between the US and Europe [23][24] - The overall supply remains limited despite some production plans being maintained, while demand from the black metal sector is weak [23][24] - The operational range for zinc futures is expected to be between 24,000 and 25,000 yuan per ton [23][24] Group 5: Lead Market - Lead prices are experiencing strong fluctuations, with supply-demand imbalances persisting due to limited domestic ore and insufficient imports [24][25] - The operational range for lead futures is expected to be between 16,800 and 17,800 yuan per ton [24][25] Group 6: Precious Metals - Precious metals are steadily rising, driven by geopolitical tensions and increased demand for safe-haven assets [27][28] - The operational ranges for gold, silver, platinum, and palladium futures are set at 1,120-1,170 yuan per gram, 25,500-27,500 yuan per kilogram, 690-750 yuan per gram, and 510-550 yuan per gram, respectively [27][28]