铜冠金源期货商品日报-20260127

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - Overseas, the US economy shows resilience but trade differentiation intensifies, and metal speculation cools after acceleration; in China, the A - share market enters a stage of shrinking volume and differentiation, with a short - term correction in the upward slope of stock indices but a positive medium - term trend [2][3] - Precious metals are expected to fluctuate sharply in the short term, with an increased risk of a high - level correction in silver, and potential catch - up rallies in platinum and palladium [4][5] - Copper prices are expected to maintain high - level strong oscillations in the short term, supported by AI development and power grid investment [6][7] - Aluminum prices will remain in high - level oscillations due to market uncertainties and inventory accumulation [8][9] - Alumina may stop falling and oscillate, and a rebound depends on more production - cut news [10] - Cast aluminum is expected to oscillate at high levels due to supply - demand imbalance [11] - Zinc prices are expected to oscillate moderately upward, supported by cost increases but pressured by weak demand and inventory accumulation expectations [12][13] - Lead prices will maintain weak and stable oscillations due to weak supply - demand in the industry chain [14] - Tin prices will adjust at high levels in the short term to digest regulatory impacts and are likely to rise easily later [15][16] - Steel prices are expected to oscillate, with attention on the pre - holiday inventory accumulation rhythm [18] - Iron ore prices will oscillate under pressure due to strong supply and weak demand [19] - Coking coal and coke prices are expected to oscillate weakly before the Spring Festival [20] - Bean and rapeseed meal prices will continue to oscillate, affected by international trade and weather [21][23] - Palm oil prices are expected to oscillate moderately upward, supported by production reduction and export increase [24][25] Summary by Related Catalogs Macro - Overseas: In November 2025, US durable goods orders increased by 5.3% month - on - month, with core capital goods orders rising for the eighth consecutive month. Trump plans to raise tariffs on South Korean products, while India and the EU are about to announce a trade agreement. Gold and silver prices fluctuate after reaching highs, and copper prices rise slightly. Crude oil falls slightly, and the OPEC+ may continue to suspend production increases. The market focuses on the progress of the Fed Chairman selection and the risk of a US government shutdown [2] - Domestic: The A - share market oscillates and closes down, with the dividend and value styles outperforming. The trading volume rebounds slightly, but individual stocks generally fall. The margin trading scale continues to flow out, and the market enters a stage of shrinking volume and differentiation. The government will implement more proactive macro - policies [3] Precious Metals - COMEX silver futures show strong intraday gains but then almost give back all the gains. Platinum and palladium prices fall at night after rising during the day. The market has significant differences. The Fed's interest - rate meeting is affected by political factors, and the risk of a high - level correction in silver increases. The catch - up rallies in platinum and palladium are worth noting [4][5] Copper - Shanghai copper and LME copper show strong oscillations. The domestic spot market has poor trading, and inventory rises. The focus of the Fed's interest - rate meeting is on the successor to Powell. Alibaba's AI model release and the 14th Five - Year Plan's power grid investment will support copper consumption. Chilean mine strikes continue, and the market is in a tight - balance state [6][7] Aluminum - Shanghai aluminum and LME aluminum prices rise. Aluminum ingot and aluminum rod inventories increase. The US government faces a shutdown crisis, and the market is uncertain. Consumption is weak during the off - season, and aluminum prices remain in high - level oscillations [8][9] Alumina - Alumina futures and spot prices show different trends. Some production capacity in Guizhou is under maintenance, reducing the supply surplus. The spot price is under pressure, and there may be more production cuts in the future [10] Cast Aluminum - Cast aluminum futures prices rise. The price of scrap aluminum is resistant to decline, and the cost of cast aluminum is strongly supported. The start - up rate of aluminum alloy enterprises is slightly increased, but the supply - demand is light, and prices are expected to oscillate at high levels [11] Zinc - Shanghai zinc and LME zinc prices rise. The spot market has average trading, and inventory decreases. Some overseas mines increase production. The weak US dollar and cost increases support prices, while weak demand and inventory accumulation expectations put pressure on prices [12][13] Lead - Shanghai lead and LME lead prices show different trends. The spot market has poor trading, and inventory increases. Terminal sales are weak, and both upstream and downstream enterprises plan to have an early holiday. The industry chain has weak supply - demand, and prices will maintain weak and stable oscillations [14] Tin - Shanghai tin prices fall back, and the exchange takes regulatory measures. Alphamin's tin production in 2025 meets expectations and is expected to increase in 2026. High prices suppress consumption, and inventory accumulates. Prices will adjust at high levels in the short term and are likely to rise later [15][16] Steel (Screw and Coil) - Steel futures oscillate. The pre - holiday demand is weak, and the inventory accumulates. Steel prices are expected to oscillate, with attention on the inventory accumulation rhythm [18] Iron Ore - Iron ore futures oscillate. Overseas shipments increase slightly, and arrivals decrease significantly. The supply pressure is high, and the demand is weak. Steel mills' inventory replenishment provides some support, and prices will oscillate under pressure [19] Coking Coal and Coke - Coking coal and coke futures oscillate. The coking coal auction flow - rate increases, and the coke production decreases. The upstream supply is stable, and the downstream demand is weak. Prices are expected to oscillate weakly before the Spring Festival [20] Bean and Rapeseed Meal - Bean and rapeseed meal futures prices rise. Brazilian soybean production is expected to be high, and the harvest progresses smoothly. Argentine weather is dry, and the Sino - Canadian trade relationship is uncertain. Prices will continue to oscillate [21][23] Palm Oil - Palm oil, soybean oil, and rapeseed oil futures prices rise. Malaysian palm oil production decreases, and exports increase. The US pressure on Canada and tight domestic rapeseed supply support prices. Palm oil prices are expected to oscillate moderately upward [24][25]