有色金属行业报告（2026.2.2-2026.2.6）：高波行情渐退，逢低布局有色板块

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [2] Core Views - The report indicates that the volatility in precious metals has reached its peak, with gold stabilizing around 4,400 USD and domestic gold at approximately 1,000 CNY. The report suggests that the recent fluctuations in precious metals have created a potential buying opportunity for gold [5] - Copper prices have seen a decline of 3.45%, but there is positive feedback from downstream demand, indicating a potential recovery as prices stabilize around 100,000 CNY per ton [6] - Aluminum prices dropped by 5.07%, yet there are signs of improved demand from downstream sectors, suggesting a buying opportunity in the context of supply disruptions and increased storage needs [6] - Tantalum prices have risen significantly due to supply shocks, with prices reaching 3.57 million CNY per ton, reflecting a 6.57% weekly increase and a 26.6% increase year-to-date [7] - Tungsten prices have also increased, driven by supply tightness and pre-holiday stocking, with long-term prices rising significantly [8] Summary by Relevant Sections Industry Performance - The industry index for non-ferrous metals has decreased by 7.58%, ranking 32nd among sectors [17] Prices - Basic metals: LME copper decreased by 0.08%, aluminum by 0.81%, zinc increased by 0.39%, lead decreased by 1.48%, and tin decreased by 6.81% - Precious metals: COMEX gold increased by 1.65%, silver decreased by 9.06%, NYMEX palladium increased by 0.65%, and platinum decreased by 3.71% [20] Inventory - Global visible inventories for basic metals: copper increased by 22,978 tons, aluminum by 5,712 tons, zinc by 220 tons, lead by 33,662 tons, tin decreased by 1,818 tons, and nickel increased by 3,396 tons [34]