日内有色回落，午后跌势加剧

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Views of the Report - Copper: Copper prices fluctuated weakly and plunged in the afternoon, hitting the 100,000 yuan mark before rebounding. There is a growing divergence between domestic and foreign markets in the short - term. The cooling macro - atmosphere, increased profit - taking by funds, and weak industrial reality are pressuring prices. Short - term focus is on the long - short battle at the 100,000 yuan level [6]. - Aluminum: Aluminum prices decreased with reduced positions, and the main contract price fell below the 24,000 yuan mark. The cooling macro - atmosphere and weak industrial reality are putting pressure on prices. Technically, aluminum prices face resistance at the 2021 high, leading to strong profit - taking by bulls [7]. - Nickel: Nickel prices decreased with increased positions, dropping over 10,000 yuan/ton from the previous day's closing price. The cooling macro - atmosphere and large short - term rebound followed by a large correction, along with an oversupplied industrial reality, are pressuring prices. However, news from Indonesia has reversed industry expectations, and subsequent industry dynamics should be continuously monitored [8]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - Copper: On January 8th, Mysteel's electrolytic copper social inventory was 284,700 tons, up 37,600 tons from before the New Year's Day holiday. Spot copper prices dropped over 1,000 yuan/ton, improving point - pricing sentiment, but the actual transaction price of spot premiums continued to fall. SMM's electrolytic copper social inventory has been increasing since December 4, 2025, with a cumulative increase of over 100,000 tons, indicating weak domestic terminal consumption [10]. - Aluminum: On January 6, 2026, the aluminum market in Foshan showed a "polarized" situation. The SMM A00 (Foshan) aluminum price jumped 610 yuan/ton to 23,860 yuan/ton, with a cumulative increase of nearly 1,500 yuan/ton (6.7%) after the New Year's Day holiday. However, the processing fee of φ120 aluminum rods (Guangdong) dropped to - 80 yuan/ton, hitting negative territory for the first time this year. On January 8th, Mysteel's electrolytic aluminum social inventory was 718,000 tons, with a pre - holiday inventory increase of 80,000 tons [11][12]. - Nickel: On January 8th, the Indonesian Ministry of Energy and Mineral Resources held a press conference. The Minister did not disclose the specific amount for the 2026 RKAB approval of Indonesian nickel mines, stating that it is still being calculated and will be adjusted according to the total demand of smelting enterprises in 2026 [13]. 3.2 Relevant Charts - Copper: Charts include copper basis, Shanghai electrolytic copper social inventory, LME copper cancelled warrant ratio, global copper exchange inventory (SHFE + LME + COMEX), SHFE warrant inventory, copper monthly spread, and SHFE inventory and inventory warrants [14][16][17]. - Aluminum: Charts include aluminum basis, electrolytic aluminum domestic social inventory, Shanghai - London ratio, aluminum monthly spread, electrolytic aluminum overseas exchange inventory (LME + COMEX), and aluminum rod inventory [25][27][29]. - Nickel: Charts include nickel basis, LME inventory, LME nickel trend, nickel monthly spread, SHFE inventory, and nickel ore port inventory [37][39][41].