Xin Lang Cai Jing·2026-02-09 02:13Group 1 - Copper prices continue to rise, with domestic commodity futures opening with Shanghai copper up over 2%. Last week, LME metal futures closed higher, with LME copper rising by $91 to $12,994 per ton and LME aluminum rising by $58 to $3,085 per ton [1] - According to Huayuan Securities, in the medium to long term, insufficient capital expenditure in copper mining and frequent supply-side disruptions may shift the copper supply-demand balance from tight equilibrium to shortage. Additionally, the profit cycle for copper smelting is expected to bottom out amid a "de-involution" backdrop, and with the Federal Reserve entering a rate-cutting cycle, copper prices are likely to break upward [1] - In the context of copper prices reaching historical highs, the process of "aluminum replacing copper" in the air conditioning and home appliance sectors may accelerate. Furthermore, the policy of replacing old consumer goods with new ones is expected to continue until 2026, which may lead to an increase in demand for electrolytic aluminum [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the CSI Industrial Nonferrous Metals Theme Index (H11059) include Luoyang Molybdenum, Northern Rare Earth, China Aluminum, and others, collectively accounting for 55.71% of the index [2]