Xin Lang Cai Jing·2026-01-27 01:16Group 1: Copper Market - The main copper futures in Shanghai fluctuated around 103,400 CNY, while London copper traded near 13,200 USD [4][19] - U.S. durable goods orders for November increased by 5.3%, marking the largest growth in six months, which weakened expectations for interest rate cuts and put pressure on copper prices [5][19] - The Shanghai Futures Exchange copper warehouse receipts decreased by 1,479 tons to 145,000 tons, while LME copper inventories fell by 1,175 tons to 170,000 tons [5][19] - Short-term copper prices are expected to remain high due to tight supply expectations, but high inventory levels may limit price increases [5][19] Group 2: Nickel and Stainless Steel - The nickel and stainless steel market continues to react to Indonesian policy developments, with prices expected to remain high in the short term [6][20] - The Indonesian policy outlook remains tight, with concerns over monopolistic behavior in logistics affecting market sentiment [6][20] - The reference trading range for nickel is set between 140,000 and 160,000 CNY per ton [7][21] Group 3: Aluminum Market - The aluminum market is experiencing weak fluctuations, with spot prices stabilizing [8][22] - Supply-side adjustments are being made by high-cost producers, and logistics are tightening ahead of the Spring Festival, limiting further price declines [8][22] - The reference trading range for aluminum is projected between 23,500 and 24,500 CNY per ton [9][24] Group 4: Zinc Market - Zinc prices showed strong fluctuations, supported by low treatment charges (TC) and market sentiment [10][25] - The reference trading range for zinc is set between 24,500 and 26,000 CNY per ton [10][25] Group 5: Lead Market - The lead market is experiencing weak fluctuations, with supply-demand imbalances persisting [11][25] - The reference trading range for lead is projected between 16,800 and 17,800 CNY per ton [11][25] Group 6: Precious Metals - Precious metals experienced a significant pullback after reaching new highs, driven by profit-taking and heightened market volatility [12][27] - The reference trading ranges for gold, silver, platinum, and palladium are set at 1,120-1,160 CNY per gram, 27,000-29,500 CNY per kilogram, 660-720 CNY per gram, and 480-530 CNY per gram, respectively [12][27]