有色日报：有色高开低走-20260126

Report Industry Investment Rating - Not provided in the content Core Views - Copper: Today, copper prices opened high and closed low, with a slight decline in open interest. The weakening US dollar index is favorable for copper prices. Although precious metals were strong in the morning and drove the non - ferrous metals to open high, there was a clear divergence between non - ferrous metals and precious metals later. On the industrial side, as copper prices rebounded, the downstream purchasing willingness declined again. On Monday, the inventory of electrolytic copper increased slightly, and the spread between February and March contracts weakened significantly [6]. - Aluminum: Aluminum prices also opened high and closed low, with a decline in open interest in the afternoon. The weak US dollar index is beneficial to non - ferrous metals. On the industrial side, the social inventory of electrolytic aluminum continued to rise on Monday, the downstream remained in a wait - and - see mood, and the spread between February and March contracts weakened significantly [7]. - Nickel: Nickel prices first rose and then fell, breaking through the 150,000 - yuan mark during the session. Open interest changed in the same direction as the price. The weak US dollar index is positive for non - ferrous metals. Although nickel prices declined with the non - ferrous metal sector in the afternoon, they were significantly stronger than the sector, possibly due to the expected decline in Indonesian supply. On the industrial side, the port nickel ore inventory increased seasonally, and the inventory on the Shanghai Futures Exchange continued to rise [8]. Industry Dynamics - Copper: On January 26, the social inventory of electrolytic copper was 341,400 tons, an increase of 6,200 tons compared to January 22 [10]. - Aluminum: On January 26, the social inventory of electrolytic aluminum was 796,000 tons, an increase of 28,000 tons compared to January 22 [11]. - Nickel: On January 26, from the supply side, due to the high futures prices, under the influence of macro - sentiment and cost support, the quotes of upstream smelters continued to rise, and the market quotes had reached over 1,000 yuan per nickel point, with an intended price range of 1,120 - 1,140 yuan per nickel point. From the demand side, downstream buyers still found it difficult to accept prices above 1,100 yuan per nickel point, and the actual market transactions were still below 1,100 yuan per nickel point. Overall, the price of high - nickel pig iron continued to rise [12]. Relevant Charts Copper - Copper Basis: The chart shows the relationship between the basis and the spot含税均价 of 1 electrolytic copper [13]. - Copper Monthly Spread: The chart presents the monthly spread of Shanghai copper [18]. - Shanghai Electrolytic Copper Social Inventory: It shows the social inventory of Shanghai electrolytic copper [15]. - Global Copper Exchange Inventory: The chart displays the combined inventory of SHFE, LME, and COMEX [19]. - LME Copper Cancellation Ratio: It shows the cancellation ratio of LME copper [16]. - SHFE Warehouse Receipt Inventory: The chart presents the warehouse receipt inventory on the Shanghai Futures Exchange [20]. Aluminum - Aluminum Basis: The chart shows the relationship between the aluminum basis and the average price of aluminum premium/discount in the Yangtze River spot market and the futures closing price [26]. - Aluminum Monthly Spread: The chart presents the monthly spread of aluminum [32]. - Domestic Social Inventory of Electrolytic Aluminum: It shows the domestic social inventory of electrolytic aluminum [28]. - Electrolytic Aluminum Overseas Exchange Inventory: The chart displays the combined inventory of LME and COMEX [34]. - Aluminum - to - LME Ratio: It shows the ratio of Shanghai aluminum to LME aluminum [30]. - Aluminum Bar Inventory: The chart presents the inventory of aluminum bars [36]. Nickel - Nickel Basis: The chart shows the relationship between the nickel basis and the spot含税均价 of 1 electrolytic nickel [39]. - LME Inventory: It shows the LME inventory of nickel and the cancellation ratio [40]. - LME Nickel Trend: The chart presents the trend of LME nickel [42]. - Monthly Spread of Shanghai Nickel: The chart shows the monthly spread of Shanghai nickel [44]. - SHFE Inventory: It shows the inventory on the Shanghai Futures Exchange [45]. - Nickel Ore Port Inventory: The chart presents the port inventory of nickel ore [48].