有色金属日报-20260213

Report Industry Investment Ratings - Copper: ★★★ [1] - Aluminum: ★★★ [1] - Alumina: ★★★ [1] - Cast Aluminum Alloy: ★★★ [1] - Zinc: ★★★ [1] - Nickel and Stainless Steel: ★★★ [1] - Tin: ★★★ [1] - Lithium Carbonate: ★★★ [1] - Industrial Silicon: ★★★ [1] - Polysilicon: ★★★ [1] Core Views - The market anticipates a continued increase in domestic copper inventories during the holiday, and there is a risk of the copper price adjusting to the MA60 moving average. The aluminum market has adjustment pressure around the Spring Festival, and the supply - demand of aluminum both decline during the long holiday. The zinc market is expected to be high - volatile in the short term, with a supply - demand imbalance. The nickel and stainless - steel market is dominated by policy sentiment, and the tin market awaits post - holiday supply and consumption guidance. The lithium carbonate market has high short - term uncertainty, and the industrial silicon market is expected to continue to fluctuate. The polysilicon market price is expected to maintain a volatile trend [2][3][4][7][8][9][10][11] Summary by Relevant Catalogs Copper - On the last trading day before the holiday, some buyers of Shanghai copper were active below the MA40 moving average. The market expects domestic copper inventories to continue to accumulate during the holiday. There is a risk of the copper price adjusting to the MA60 moving average, and the inter - period reverse arbitrage strategy is continued [2] Aluminum, Alumina, and Aluminum Alloy - Shanghai aluminum declined with non - ferrous metals. Social inventories continued to increase, and there is adjustment pressure around the Spring Festival. Cast aluminum alloy follows the fluctuation of Shanghai aluminum, with low market activity. The operating capacity of domestic alumina has decreased, but the oversupply situation remains unchanged. The cash cost support of alumina is below 2500 yuan, and it is in a range - bound state [3] Zinc - As the holiday approaches, Shanghai zinc rebounded near the 5 - day moving average and then fell sharply. The downstream procurement basically stopped, and funds mainly reduced positions. The long sentiment in the non - ferrous and precious metal sectors disappeared. The short - term outlook is high - volatility, but the expectation of oversupply of zinc ingots remains unchanged, and the strategy of shorting on rebounds is continued [4] Nickel and Stainless Steel - The rebound of Shanghai nickel was blocked, and market trading was dull. The social inventory of nickel and stainless steel continued to increase. The market confidence declined, and the transaction was light. The market is in a pre - holiday state, waiting for a clear direction [7] Tin - The decline of Shanghai tin expanded during the day, and the relative support of the tin price is at the MA60 moving average. It awaits the guidance of post - holiday supply trends and peak - season consumption rhythms [8] Lithium Carbonate - Lithium carbonate rebounded sharply, and market trading was dull. The overall inventory reduction speed of the market slowed down. There may be spot dumping, and the short - term uncertainty is high [9] Industrial Silicon - Industrial silicon rebounded at the end of the session. The supply side has a phased contraction, and there is a resumption expectation after the holiday. The downstream demand may be dragged down. The inventory is differentiated, and it is expected to continue to fluctuate [10] Polysilicon - The polysilicon futures rose slightly, and the price fluctuation narrowed. In February, the polysilicon production decreased by more than 20% month - on - month, and the downstream silicon wafer production is expected to be reduced by 3%. The market is expected to maintain a volatile trend [11]