EBSCN·2026-01-25 12:09Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals sector [6] Core Viewpoints - The copper market is expected to remain tight in 2026, supporting upward price movement. As of January 23, 2026, SHFE copper closed at 101,340 CNY/ton, up 0.57% from January 16, while LME copper closed at 13,129 USD/ton, up 2.54% from January 16 [1] - The report highlights that the TC spot price has reached a historical low, indicating ongoing tightness in copper concentrate procurement. Although cable manufacturers' operating rates have improved, domestic social inventory continues to rise, which may suppress demand due to rising copper prices. However, the outlook for 2026 remains optimistic for copper price increases [1][4] Summary by Sections Supply and Demand - Domestic copper social inventory increased by 2.9%, while LME copper inventory rose by 16.9% as of January 23, 2026. The main port copper concentrate inventory in China was 719,000 tons, up 4.1% from the previous week [2] - The TC spot price was recorded at -50 USD/ton, marking a historical low. In December 2025, China's electrolytic copper production was 1.1781 million tons, up 6.8% month-on-month and 7.5% year-on-year [3][4] Futures Market - As of January 23, 2026, the active SHFE copper contract had a position of 231,000 lots, an increase of 6.4% from the previous week, indicating strong market interest [4] Investment Recommendations - The report suggests that with tightening supply and improving demand, copper prices are likely to continue rising. Recommended stocks include Zijin Mining, Western Mining, Luoyang Molybdenum, and Jincheng Mining, with a focus on Tongling Nonferrous Metals [4][5]