Metal Futures Daily Strategy：有色金属月度策略-20260108

Report Industry Investment Rating The report does not provide an overall industry investment rating. However, it gives specific investment suggestions for each metal variety: - Copper: Buy on dips, with a recommended strength of +1 [13] - Zinc: Buy on dips, with a recommended strength of +1 [15] - Aluminum Industry Chain: Buy on dips, with a recommended strength of +0.5/-0.5/+0.5 [15] - Tin: Buy on dips, with a recommended strength of +0.5 [15] - Lead: Sell both call and put options, with a recommended strength of +0.5 [16] - Nickel: Consider covered call options on rallies, with a recommended strength of +1 [16] - Stainless Steel: Reduce positions on rallies, with a recommended strength of +1 [16] Core Viewpoints - The non - ferrous metal market is generally in a strong position, with low - priced metals showing strong supplementary gains after the general increase. The overall market is supported by factors such as a relatively loose monetary environment, AI technological development, increased emphasis on the supply chain of critical minerals, and enhanced uncertainty in resource supply due to geopolitical disturbances [11]. - In the short term, the market should be cautious about the possible disturbances caused by phased profit - taking of funds. Different metals have different supply - demand situations and price trends, and corresponding investment strategies should be formulated according to their characteristics [11]. Summary of Each Section Part One: Non - ferrous Metal Operation Logic and Investment Recommendations - Macro Logic: In 2026, the non - ferrous metal market is supported by a loose monetary environment, AI development, increased emphasis on critical mineral supply chains, and geopolitical disturbances. China's December manufacturing PMI returned to the expansion range, while the US December ISM manufacturing index unexpectedly shrank to the lowest level since 2024 [11]. - Geopolitical Disturbance: The US military action against Venezuela and discussions about obtaining Greenland have raised concerns about resource supply stability. There are also trade - related policies between China and Japan, and differences within the Federal Reserve regarding interest rate cuts [12]. - Investment Strategies: Different strategies are proposed for each metal variety, considering factors such as supply, demand, cost, and market sentiment [13][15][16] Part Two: Non - ferrous Metal Market Review - The table shows the closing prices and price changes of various non - ferrous metal futures, including copper, zinc, aluminum, alumina, tin, lead, nickel, stainless steel, and cast aluminum alloy [17]. Part Three: Non - ferrous Metal Position Analysis - The table presents the latest position analysis of the non - ferrous metal sector, including the price change, net long - short strength comparison, net long - short position difference, changes in net long and net short positions, and influencing factors for each variety [19]. Part Four: Non - ferrous Metal Spot Market - The table shows the spot prices and price changes of various non - ferrous metals, including copper, zinc, aluminum, alumina, nickel, stainless steel, tin, lead, cast aluminum alloy, etc. [20] Part Five: Non - ferrous Metal Industry Chain - For each metal (copper, zinc, aluminum, alumina, tin, cast aluminum alloy, lead, nickel, stainless steel), relevant industry chain charts are provided, including inventory changes, processing fees, price trends, etc. [21][23][27][34][43][47][53] Part Six: Non - ferrous Metal Arbitrage - For each metal, relevant arbitrage charts are provided, such as the ratio of domestic to international prices, basis, and spreads between different contracts [57][58][61][64][68][70] Part Seven: Non - ferrous Metal Options - For each metal, relevant option charts are provided, including historical volatility, implied volatility, trading volume, and open interest ratio [74][76][79]