商品研究晨报：贵金属及基本金属-20260206

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - Gold is releasing risks, and silver is falling from a high level [2][4]. - Copper is under pressure due to pessimistic sentiment, and zinc is operating weakly [2][10][13]. - Lead prices are under pressure due to increased domestic inventories, and tin is in a sideways consolidation [2][17][19]. - Aluminum is under pressure at high levels, alumina has a slight rebound, and cast aluminum alloy follows electrolytic aluminum [2][23]. - Platinum is following silver and weakening further, and palladium is relatively weak and back to a low level [2][27][28]. - Nickel is dominated by macro - sentiment at the margin, with fundamentals and speculative positions in a game, and stainless - steel has frequent maintenance and production cuts in February, with nickel - iron expectations providing a bottom [2][32][33]. 3. Summaries by Related Catalogs Gold and Silver - Price and Trading Volume: For example, the closing price of Shanghai Gold 2602 was 1,141.70 with a daily increase of 4.38%, and the trading volume decreased by 263,338 compared to the previous day. The closing price of Shanghai Silver 2602 was 23,511 with a daily increase of 8.32%, and the trading volume increased by 12,158 compared to the previous day [4]. - Inventory and ETF Positions: The inventory of Shanghai Gold was 103,032 kilograms with no change, and the position of SPDR Gold ETF decreased by 1. The inventory of Shanghai Silver decreased by 26,412 kilograms, and the position of SLV Silver ETF (the day before yesterday) decreased by 68 [4]. - Macro and Industry News: There were high - level diplomatic interactions, central bank policies, and changes in US economic data such as employment and service industry indices [5][7][8]. Copper - Price and Trading Volume: The closing price of the Shanghai Copper main contract was 100,980 with a daily decline of 3.97%, and the trading volume of the Shanghai Copper index increased by 115,881. The closing price of LME Copper 3M electronic disk was 12,855 with a daily decline of 1.42%, and the trading volume increased by 3,912 [10]. - Inventory and Spread: The inventory of Shanghai Copper increased by 907 tons, and the inventory of LME Copper increased by 1,925 tons. The LME copper spread decreased by 17.59 [10]. - Macro and Industry News: Weak US employment data, AI panic, and various industry - related events such as production declines in Chile and corporate investment adjustments [10][12]. Zinc - Price and Trading Volume: The closing price of the Shanghai Zinc main contract was 24,395 with a daily decline of 1.97%, and the trading volume decreased by 11,838. The closing price of LME Zinc 3M electronic disk was 3,305.5 with a daily decline of 0.53%, and the trading volume decreased by 1,519 [13]. - Inventory and Spread: The inventory of Shanghai Zinc increased by 524 tons, and the inventory of LME Zinc decreased by 400 tons. The Shanghai 0 zinc spread increased by 10 [13]. - News: US job vacancies reached a five - year low in December, and there were issues related to the Fed's nominee hearing [14]. Lead - Price and Trading Volume: The closing price of the Shanghai Lead main contract was 16,555 with a daily decline of 0.21%, and the trading volume decreased by 6,760. The closing price of LME Lead 3M electronic disk was 1,967 with a daily increase of 0.28%, and the trading volume decreased by 3,065 [17]. - Inventory and Spread: The inventory of Shanghai Lead increased by 198 tons, and the LME Lead spread decreased by 1.45 [17]. - News: Weak US employment data, AI panic, and the ECB's decision to keep interest rates unchanged [17]. Tin - Price and Trading Volume: The closing price of the Shanghai Tin main contract was 365,140 with a daily decline of 3.72%, and the trading volume increased by 15,298. The closing price of LME Tin 3M electronic disk was 46,990 with a daily decline of 2.83%, and the trading volume increased by 16 [19][20]. - Inventory and Spread: The inventory of Shanghai Tin decreased by 399 tons, and the LME tin spread increased by 51 [20]. - Macro and Industry News: The daily limit range of tin futures contracts was adjusted, NVIDIA postponed the release of new game chips, and the European Central Bank kept the deposit rate unchanged [22]. Aluminum, Alumina, and Cast Aluminum Alloy - Price and Trading Volume: The closing price of the Shanghai Aluminum main contract was 23,385, and the trading volume of the main contract was 473,671. The closing price of the Shanghai Alumina main contract was 2,790, and the trading volume was 435,829. The closing price of the aluminum alloy main contract was 21,915, and the trading volume was 6,836 [23]. - Inventory and Spread: The domestic aluminum ingot social inventory was 853,000 tons, and the LME aluminum ingot inventory was 493,000 tons. There were various spread data for different contracts [23]. - Comprehensive News: The ECB kept interest rates unchanged, and Amazon's capital expenditure plan led to a significant drop in its stock price [25]. Platinum and Palladium - Price and Trading Volume: The closing price of platinum futures 2606 was 540.30 with a decline of 9.93%, and the trading volume of Shanghai Platinum increased by 16,980. The closing price of palladium futures 2606 was 442.70 with a decline of 3.97%, and the trading volume of Shanghai Palladium increased by 4,491 [27]. - Inventory and Spread: The position of the platinum ETF decreased by 16,265 ounces, and the position of the palladium ETF decreased by 13,635 ounces. There were various spread data for different contracts [27]. - Macro and Industry News: CME raised the margin ratios for gold and silver futures, and there were changes in US employment and international political news [30]. Nickel and Stainless - steel - Price and Trading Volume: The closing price of the Shanghai Nickel main contract was 134,430, and the trading volume was 582,524. The closing price of the stainless - steel main contract was 13,810, and the trading volume was 330,157 [33]. - Industry - related Data: There were various data such as the price of 1 imported nickel, the spread of nickel contracts, and the price of stainless - steel products [33]. - Macro and Industry News: The Indonesian government restricted the issuance of new smelting licenses, and there were policies and events related to the steel and nickel industries [33][34].