光大期货：2月26日有色金属日报

Copper - Copper prices showed a strong fluctuation overnight, with the domestic refined copper import window closing [2][11] - LME copper inventory increased by 6,475 tons to 249,650 tons, while SHFE copper warehouse receipts rose by 10,717 tons to 287,806 tons [2][11] - The core logic driving copper prices upward remains the insufficient global copper mine capital expenditure leading to a supply gap, alongside increased demand from new energy and AI infrastructure [2][11] Nickel & Stainless Steel - LME nickel rose by 0.73% to $18,045 per ton, while SHFE nickel increased by 0.11% to 141,680 yuan per ton [12][13] - LME nickel inventory increased by 480 tons to 287,808 tons, and SHFE warehouse receipts rose by 1,253 tons to 53,177 tons [12][13] - The approved nickel ore production quota in Indonesia is significantly lower than last year's target, raising concerns about supply tightness [12][13] Aluminum & Alumina & Aluminum Alloys - Alumina prices showed a slight increase, with AO2605 closing at 2,874 yuan per ton, up 0.77% [14][15] - SHFE aluminum prices rose to 23,980 yuan per ton, reflecting a 1.18% increase, while aluminum alloy prices also saw gains [14][15] - The pressure from social inventory and expiring warehouse receipts continues to suppress the upward momentum of alumina prices [14][15] Industrial Silicon & Polysilicon - Industrial silicon prices showed a slight increase, with the main contract closing at 8,430 yuan per ton, up 0.3% [15] - Polysilicon prices weakened, with the main contract dropping to 47,630 yuan per ton, down 0.76% [15] - The market is currently facing a supply narrative support for industrial silicon, but demand constraints limit upward price movement [15] Lithium Carbonate - Lithium carbonate futures rose by 3.4% to 166,480 yuan per ton, with significant increases in both battery-grade and industrial-grade lithium carbonate prices [16] - Social inventory of lithium carbonate decreased by 2,019 tons to 105,463 tons, indicating a tightening supply situation [16] - Supply disruptions from Zimbabwe and strong auction prices for lithium ore are expected to positively influence market conditions in the short term [16]