工业金属供应偏紧格局不改，有色金属ETF国泰（159881）大涨超3%

Group 1 - The supply of industrial metals remains tight, with the Cathay Nonferrous Metals ETF (159881) rising over 3% on February 11 [1] - As the Spring Festival approaches, downstream processing enterprises are starting to take holidays, leading to a decline in operating rates and weakening demand, while copper and aluminum prices remain stable [1] - In the copper market, prices initially fell, which stimulated an increase in the operating rate of wire and cable production, but overall copper inventories are increasing [1] Group 2 - The supply-demand fundamentals indicate a short-term easing within a tight balance, but the long-term supply from mines remains constrained [1] - After a significant price correction, the spot market has shown a structural recovery characterized by "price drop and volume increase," with downstream enterprises showing a stronger willingness to replenish inventory [1] - The Cathay Nonferrous Metals ETF tracks the CSI Nonferrous Metals Index (930708), which includes listed companies involved in the mining, smelting, and processing of nonferrous metals, covering various sectors such as copper, aluminum, lithium, and rare metals [1]