镍价走强

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Copper: Copper prices fluctuated upward with a slight increase in open interest. The US dollar index weakened during the day, leading to a strong performance in the non - ferrous sector. Near the Spring Festival, market participation declined, and the trading atmosphere was light. Short - term capital driving was weak [5] - Aluminum: Aluminum prices fluctuated upward. The US dollar index weakened during the day, and the non - ferrous sector was strong. Near the Spring Festival, the spot market trading was inactive. Technically, the amplitude of aluminum prices narrowed significantly, and short - term driving was not strong [6] - Nickel: Nickel prices rose significantly, continuing the strength of the previous night session. The main contract price reached the 140,000 mark. The US dollar index weakened during the day, and the non - ferrous sector was strong. The new progress of the Indonesian nickel ore quota policy boosted market sentiment. Technically, it was in the range of 130,000 - 140,000, and short - term attention should be paid to the pressure at the 140,000 mark [7] Industry Dynamics - Copper: Shandong Province's 13 departments jointly issued a work plan for the stable growth of the non - ferrous metal industry, aiming to promote the extension, supplementation, and strengthening of the industrial chain. Downstream, it will focus on key copper - based materials in the new energy and electronic information fields, such as photovoltaic copper strips, power battery copper foils, etc. [9] - Nickel: The Indonesian Ministry of Energy and Mineral Resources released the 2026 nickel ore RKAB quota on February 10, with the approved production of 260 - 270 million tons [10] Relevant Charts Copper - Spot Premium and Discount: Chart 1 shows copper spot premium and discount [11] - Shanghai Electrolytic Copper Social Inventory: Chart 3 shows Shanghai electrolytic copper social inventory [12] - LME Copper Cancellation Ratio: Chart 5 shows the LME copper cancellation ratio [13] - Global Copper Exchange Inventory: Chart 17 shows the global copper exchange inventory (SHFE + LME + COMEX) [17] - SHFE Warehouse Receipt Inventory: Chart 18 shows the SHFE warehouse receipt inventory [18] - Copper Month - to - Month Spread: Chart 23 shows the copper month - to - month spread and the main continuous contract of Shanghai copper [23] Aluminum - Aluminum Basis: Chart 7 shows the aluminum basis [24] - Aluminum Month - to - Month Spread: Chart 30 shows the aluminum month - to - month spread [30] - Domestic Social Inventory of Electrolytic Aluminum: Chart 26 shows the domestic social inventory of electrolytic aluminum [26] - Overseas Exchange Inventory of Electrolytic Aluminum: Chart 32 shows the overseas exchange inventory of electrolytic aluminum (LME + COMEX) [32] - Shanghai - London Ratio: Chart 28 shows the Shanghai - London ratio [28] - Aluminum Rod Inventory: Chart 34 shows the aluminum rod inventory [34] Nickel - Nickel Basis: Chart 37 shows the nickel basis [37] - LME Nickel Inventory and Cancellation Ratio: Chart 39 shows the LME nickel inventory and cancellation ratio [39] - LME Nickel Trend: Chart 40 shows the LME nickel trend [40] - Nickel Month - to - Month Spread: Chart 42 shows the nickel month - to - month spread [42] - SHFE Inventory: Chart 44 shows the SHFE inventory [44] - Nickel Ore Port Inventory: Chart 46 shows the nickel ore port inventory [46]