PPI同比降幅收窄至-1.4%，国际金属价格上涨成主要推手

Core Viewpoint - The January 2026 economic data indicates a narrowing of the Producer Price Index (PPI) year-on-year from -1.9% to -1.4%, primarily influenced by rising international metal prices [1] Group 1: PPI Trends - The PPI increased by 0.4% month-on-month in January, with the growth rate expanding, indicating stronger input factors driving prices [1] - The rise in international non-ferrous metal prices has led to significant increases in domestic prices for the non-ferrous metal mining and selection industry, as well as the non-ferrous metal smelting and rolling industry, with month-on-month price increases of 5.7% and 5.2% respectively [1] - Specific price increases for smelting include silver up by 38.2%, copper by 8.4%, gold by 4.8%, and aluminum by 2.3% [1] Group 2: External Influences - Geopolitical risks have intensified, pushing up international oil prices, which in turn has led to month-on-month price increases of 0.6% in basic chemical raw material manufacturing and 0.4% in chemical fiber manufacturing [1] - The strong upward trend in international metal prices, particularly for copper, gold, and silver, combined with geopolitical risks affecting oil prices, suggests that short-term input factors may continue to support PPI [1] Group 3: Future Outlook - The annual PPI year-on-year central tendency is expected to rise, but maintaining a trend of recovery will require more policy efforts, such as subsidies, to promote sustained improvement in domestic demand [1]