光大期货：2月4日有色金属日报

Copper - Copper prices stabilized and increased overnight, with domestic refined copper maintaining an import window closure [2] - LME copper inventory rose by 1,450 tons to 176,125 tons, Comex inventory increased by 2,284 tons to 528,252 tons, and SHFE copper warehouse receipts grew by 494 tons to 153,021 tons [2] - Demand for copper has rebounded significantly as purchasing willingness increased with price adjustments [2] - The China Nonferrous Metals Industry Association suggested enhancing the copper resource reserve system, including expanding national copper strategic reserves [2] - Despite a significant rebound in copper prices, the market faces challenges such as weak fundamentals, accumulating inventories, and a demand vacuum around the Spring Festival [2] Nickel & Stainless Steel - LME nickel rose by 2.05% to $17,395 per ton, while SHFE nickel increased by 2.34% to 135,770 yuan per ton [13] - LME nickel inventory remained at 285,528 tons, and SHFE warehouse receipts increased by 1,606 tons to 48,180 tons [13] - Nickel ore and nickel pig iron prices showed strong transactions, indicating potential supply tightness [13] Aluminum & Aluminum Alloys - Aluminum oxide prices showed a slight decline, with AO2605 settling at 2,806 yuan per ton, down 0.14% [15] - SHFE aluminum prices increased, with AL2603 rising by 1.47% to 23,865 yuan per ton [15] - Recent maintenance in various regions has led to a gradual accumulation of aluminum oxide inventory [15] Industrial Silicon & Polysilicon - Industrial silicon prices showed a slight decline, with the main contract settling at 8,815 yuan per ton, down 0.62% [16] - Polysilicon prices increased, with the main contract rising by 6.61% to 50,000 yuan per ton [16] - The supply of silicon ore is expected to shrink as companies enter winter maintenance [16] Lithium Carbonate - Lithium carbonate futures rose by 4.63% to 148,100 yuan per ton, while spot prices for battery-grade lithium carbonate fell by 2,000 yuan to 153,500 yuan per ton [17] - Weekly production of lithium decreased by 648 tons to 21,569 tons, with lithium spodumene production down by 670 tons [17] - Market sentiment has improved slightly, but caution is advised due to recent price declines and potential supply disruptions from U.S. strategic mineral reserve projects [17]