Report Industry Investment Rating No relevant content provided. Core Views of the Report - Gold is expected to reach a new high, and silver is aiming for 100. Copper prices are likely to be strong due to the decline of the US dollar. Zinc and tin are expected to trade in a high - level range. Lead prices are supported by the decrease in LME inventory. Aluminum is expected to perform strongly, with an increase in alumina maintenance. Cast aluminum alloy will follow the trend of electrolytic aluminum. Platinum is expected to move upward in a volatile manner, and palladium is expected to rise slowly. The situation of nickel in Indonesia remains uncertain, with a game between hedging and speculative positions. Stainless steel prices are supported by the rise of ferronickel due to concerns about nickel ore in Indonesia [2]. Summary by Related Catalogs Gold and Silver - **Fundamental Data**: For gold, Comex gold 2602 rose 2.11% to 4938.40, while Shanghai gold 2602 fell 0.49% to 1083.56. For silver, Comex silver 2602 rose 3.51% to 96.215, and Shanghai silver 2602 rose 0.82% to 23370. Gold ETF holdings increased by 2 to 1079.66. Shanghai gold inventory increased by 2019 to 102009 kg, and Comex gold inventory (previous day) increased by 6979 to 36142880 troy ounces. Shanghai silver inventory decreased by 11727 to 589052 kg, and Comex silver inventory (previous day) decreased by 4162840 to 422313658 troy ounces [4]. - **Macro and Industry News**: Trump downplayed the risk of dollar depreciation, and the euro - US dollar exchange rate broke through 1.20. The US consumer confidence index in January dropped to the lowest level since May 2014. The US will hold an air force combat readiness exercise in the Middle East, causing oil prices to rise 3% and spot gold to rise over 2%. The US government shutdown is approaching [4][6][7][8]. - **Trend Intensity**: Gold and silver both have a trend intensity of 1 [10]. Copper - **Fundamental Data**: Shanghai copper's main contract closed at 102600, up 0.71%, and the night - session price dropped 1.01% to 101560. London copper 3M electronic disk closed at 13024, down 1.21%. Shanghai copper inventory decreased by 406 to 144908, and London copper inventory increased by 1825 to 172350 [11]. - **Macro and Industry News**: The "new Fed newswire" said that the Fed is expected to pause rate cuts this week. Japanese copper smelters are still negotiating TC/RC for 2026. A Chilean copper mine was fined, and a copper - gold mine in northern Chile stopped production. Road blockades at some mines in Chile were lifted [11][13]. - **Trend Intensity**: Copper has a trend intensity of 1 [13]. Zinc - **Fundamental Data**: Shanghai zinc's main contract closed at 24950, up 0.91%. London zinc 3M electronic disk closed at 3351, up 2.51%. Shanghai zinc inventory decreased by 624 to 28312 tons, and London zinc inventory decreased by 775 to 110550 tons [14]. - **News**: The US will hold an air force combat readiness exercise in the Middle East. The "new Fed newswire" said that the Fed is expected to pause rate cuts in January, and there is uncertainty about future rate cuts [15][16]. - **Trend Intensity**: Zinc has a trend intensity of 0 [16]. Lead - **Fundamental Data**: Shanghai lead's main contract closed at 17000, down 0.41%. London lead 3M electronic disk closed at 2036, up 0.05%. LME lead inventory decreased by 2425 to 211175 tons [17]. - **News**: The "new Fed newswire" said that the Fed is expected to pause rate cuts this week [18]. - **Trend Intensity**: Lead has a trend intensity of 0 [18]. Tin - **Fundamental Data**: Shanghai tin's main contract closed at 451160, up 6.07%, and the night - session price dropped 3.26% to 436450. London tin 3M electronic disk closed at 54865, up 0.68%. Shanghai tin inventory decreased by 71 to 8553 [21]. - **Macro and Industry News**: US consumer confidence dropped to the lowest level since 2014. The Japanese finance minister said that they will coordinate with the US to take appropriate actions on exchange - rate fluctuations if necessary [21][23]. - **Trend Intensity**: Tin has a trend intensity of 0 [22]. Aluminum, Alumina, and Cast Aluminum Alloy - **Fundamental Data**: Shanghai aluminum's main contract closed at 24305, up 90. LME aluminum 3M closed at 3213, up 17. The domestic aluminum ingot social inventory was 79.60 million tons, unchanged from the previous day. The average domestic alumina price was 2649, down 4 [24]. - **Comprehensive News**: UBS said that rising metal and memory prices will erode the profits of electric vehicle enterprises. The US government shutdown is approaching [26]. - **Trend Intensity**: Aluminum has a trend intensity of 1, alumina has a trend intensity of 0, and cast aluminum alloy has a trend intensity of 1 [26]. Platinum and Palladium - **Macro and Industry News**: Trump said he is not worried about dollar depreciation. The "Fed newswire" said that the Fed is expected to pause rate cuts, and the path of resuming rate cuts is unclear. Trump said the US has sent a large naval fleet towards Iran. The Hungarian central bank governor said Hungary may consider increasing the proportion of gold in central bank reserves [31]. - **Trend Intensity**: Platinum and palladium both have a trend intensity of 0 [30]. Nickel and Stainless Steel - **Fundamental Data**: Shanghai nickel's main contract closed at 146110, up 730. The stainless - steel main contract closed at 14540, down 105 [33]. - **Macro and Industry News**: The Indonesian government has suspended issuing new smelting licenses. The Chinese government has implemented export license management for some steel products. The Indonesian government may adjust the nickel ore production target and benchmark price formula. Some mines in Indonesia are facing potential fines for illegal land occupation [33][34][36]. - **Trend Intensity**: Nickel and stainless steel both have a trend intensity of 0 [38].

商 品 研 究 2026 年 01 月 27 日 铜：美元承压，价格偏强 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 【基本面跟踪】 铜基本面数据 请务必阅读正文之后的免责条款部分 1 泰 君 安 期 货 研 究 所 期货研究 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪铜主力合约 | 101,880 | 0.53% | 103460 | 1.55% | | | 伦铜3M电子盘 | 13,183 | 0.42% | - | - | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | 沪铜指数 | 578,567 | 134,700 | 664,313 | 6,070 | | | 伦铜3M电子盘 | 28,382 | -1,865 | 330,000 | 7,465 | | | | 昨日期货库存 | 较前日变动 | 注销仓单比 | 较前日变动 | | | 沪铜 | 145,314 | -1,479 | - | - | | ...

Core Viewpoint - Sendero Resources Corp. has successfully closed a private placement, raising approximately C$2 million through the sale of 1,739,131 common shares at C$1.15 per share, which is a premium to previous financing rounds [1][3] Group 1: Offering Details - The private placement was conducted with a single significant institutional investor, resulting in total proceeds of C$6.06 million from both financings [1] - The shares issued are subject to a four-month and one-day statutory hold period, and the closing is contingent upon necessary regulatory approvals [4] - The purchaser will hold approximately 6.7% of the issued and outstanding common shares of Sendero on a non-diluted basis after the offering [2] Group 2: Use of Proceeds - Proceeds from the offering will be allocated towards drilling and broader exploration efforts at the Peñas Negras property, as well as for general working capital purposes [1][5] - Further details regarding the exploration efforts at Peñas Negras are expected to be provided soon [5] Group 3: Company Background - Sendero Resources Corp. is focused on copper-gold exploration at its 100% owned Peñas Negras Project located in the Vicuña Belt, Argentina [8] - The Peñas Negras Project has identified multiple porphyry and high-sulfidation epithermal targets and is situated near other significant mining projects [8]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Copper Market - **Date**: January 22, 2026 Core Insights 1. **Macro Factors Supporting Copper Prices**: The macroeconomic environment remains favorable for copper, with anticipated interest rate cuts and demand for real assets driving support. New demand themes, such as data centers, are also contributing to this trend [2][4][9] 2. **Supply Tightness**: Limited growth in copper mine supply is expected in 2026, with a forecasted deficit of approximately 600,000 tonnes. This is due to minimal supply growth (0.2%) being offset by strong demand growth (1.8%) from emerging sectors [4][42] 3. **US Import Demand Moderating**: There has been a recent moderation in US copper import demand, with rising LME inventories. The narrowing of the COMEX-LME spread has reduced financial incentives for further imports [3][10][11] 4. **Chinese Demand Weakness**: China's apparent copper demand has weakened, with exports increasing and inventories rising counterseasonally. This trend is expected to continue into the Lunar New Year, leading to seasonal demand weakness [3][25][26] 5. **Short-term Volatility Expected**: While the overall market remains tight, short-term price volatility is anticipated due to uncertainties regarding US import trajectories and limited data from China until March [4][9] Additional Important Insights 1. **Impact of Tariffs**: The potential for US tariffs on refined copper remains a significant factor for the market. The decision on tariffs will be crucial for the outlook in the second half of 2026 and into 2027 [11][24] 2. **China's Refined Output Growth**: Despite tight global copper concentrate markets, China's refined copper output grew by 10% in 2025, reaching record levels. This growth is supported by increased scrap imports and domestic production [37][41] 3. **Future Supply Recovery**: There is potential for recovery in copper supply in the latter half of 2026 and into 2027, with several mines expected to restart operations [43] 4. **Data Void Ahead**: The upcoming Lunar New Year will limit data availability from China, complicating demand assessments until mid-March [26] Conclusion The copper market is currently characterized by a supportive macroeconomic backdrop and tight supply conditions, but faces challenges from moderating US demand and weakening Chinese consumption. The outlook remains cautiously optimistic, with potential for volatility and significant developments related to tariff decisions and supply recovery in the coming months.

1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core Viewpoints - Copper prices are strengthening due to increased disturbances in copper mines. The trend strength of copper is rated 1, indicating a relatively positive outlook [1][3]. 3. Summary by Relevant Catalogs 3.1 Copper Fundamental Data - **Futures Prices**: The closing price of the Shanghai Copper main - contract was 101,340 with a daily increase of 0.64%, and the night - session closing price was 102,830 with a night - session increase of 1.47%. The LME Copper 3M electronic - trading price was 13,129 with a daily increase of 2.25% [1]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai Copper index was 443,867, an increase of 122,137 from the previous day, and the open interest was 658,243, an increase of 10,968. The LME Copper 3M electronic - trading volume was 30,247, an increase of 2,046, and the open interest was 326,000, an increase of 9,606 [1]. - **Futures Inventory**: The Shanghai Copper futures inventory was 146,793, an increase of 3,620. The LME Copper inventory was 171,700, an increase of 3,450. The LME Copper注销仓单 ratio was 26.95%, a decrease of 1.04% [1]. - **Price Spreads**: The LME Copper cash - to - 3M spread was - 66.06, an increase of 16.78 from the previous day. The Shanghai 1 bright copper price was 89,400, an increase of 300. The spot - to - near - month futures spread was - 180, a decrease of 10 [1]. 3.2 Macro and Industry News - **Macro News**: In January, the US S&P Global Manufacturing and Services PMIs both expanded but slightly missed expectations. The Eurozone's January Manufacturing PMI unexpectedly rose to 49.4. The EU announced a six - month suspension of retaliatory tariffs against the US [1]. - **Industry News**: The union of the Mantoverde copper - gold mine in Chile owned by Capstone Copper condemned the company for illegally replacing workers during a 15 - day strike. China's December 2025 imports of copper ore and concentrates increased by 7.05% month - on - month and 7.32% year - on - year. The Mantoverde copper - gold mine in northern Chile has basically stopped production, and Lundin Mining has lowered its 2026 copper production guidance [1][3]. 3.3 Import Data - In December 2025, China's copper ore and concentrate imports were 2,704,298.42 tons, up 7.05% month - on - month and 7.32% year - on - year. Refined copper imports were 298,027.32 tons, down 2.19% month - on - month and 27.00% year - on - year. Waste copper imports were 239,000 tons, up 14.81% month - on - month and 9.90% year - on - year [3]. 3.4 Other Industry Events - Japanese copper smelters are still negotiating 2026 processing and refining fees (TC/RC) with global miners. The Chilean environmental regulator fined Antofagasta Minerals about $775,000 for non - compliance with water resource management regulations. Striking workers blocked key access roads to two major mines, disrupting operations [3].

Core Viewpoint - Copper prices are facing short-term pressure despite macroeconomic support due to weakening U.S. import momentum and a demand vacuum ahead of the Chinese New Year [1][5]. Group 1: U.S. Import Dynamics - The surge in U.S. refined copper imports observed in December and early January has cooled down as the narrowing COMEX-LME price spread has eliminated financial incentives for continued large-scale imports [5][6]. - The market's adjustment to the expectations regarding Section 232 tariffs on refined copper has contributed to this change, as the anticipated tariffs were not implemented following the January 14 investigation results [5]. - Recent data indicates a significant inflow of copper into LME warehouses in the U.S., marking the first occurrence in nearly a year, which is suppressing LME prices and cross-period spreads [5][6]. Group 2: Chinese Demand Trends - China's apparent copper demand showed negative growth in December, while refined copper exports remained strong, leading to a seasonal increase in inventory [7]. - The upcoming data vacuum due to the Lunar New Year will add uncertainty to market conditions, with limited information on demand until mid-March [7]. - Despite global supply constraints, China's refined copper production is expected to grow by 10% in 2025, reaching a record high, supported by increased imports of copper concentrate and scrap [7]. Group 3: Supply Constraints - The supply side is extremely constrained, with Morgan Stanley projecting only a 0.2% growth in copper mine supply for 2026, resulting in an estimated market deficit of around 600,000 tons [2][9]. - Significant supply disruptions, such as the strike at Capstone's Mantoverde mine, are expected to extend into 2026, limiting refined copper supply growth [2][9]. - Historical data indicates that copper mine supply growth rates have been volatile, with 2025 and 2026 expected to be at historical lows [9]. Group 4: Market Outlook - Morgan Stanley anticipates a market deficit of approximately 600,000 tons in 2026 due to limited mine supply growth (0.2%) not keeping pace with strong demand growth (1.8%) driven by new factors like data centers and energy storage systems [10]. - The macroeconomic backdrop remains supportive of metal prices, with expectations of further interest rate cuts bolstering demand for non-yielding assets [10]. - Despite a positive outlook for metals, including copper, prices have exceeded initial forecasts, and short-term volatility may arise due to uncertainties in U.S. import trends [10].

Core Viewpoint - ATEX Resources Inc. has announced the accelerated expiry date of its common share purchase warrants, allowing warrant holders to exercise their warrants earlier than initially planned due to the trading performance of the company's shares [1][4]. Group 1: Warrant Details - On November 1, 2024, the company issued 21,057,477 warrants with an exercise price of C$2.50 per common share, originally set to expire on November 1, 2029 [2]. - The company can accelerate the expiry date of the warrants if the common shares trade at a volume-weighted average price (VWAP) of at least C$3.00 for 20 consecutive trading days [3]. - An acceleration notice was delivered to warrant holders, allowing them until February 20, 2026, to exercise their warrants, after which any unexercised warrants will be cancelled [4]. Group 2: Financial Implications - If all warrants are exercised, the company will receive gross proceeds of approximately C$52.6 million [5]. Group 3: Company Overview - ATEX is exploring the Valeriano Copper-Gold Project located in the Atacama Region, Chile, which is part of a mineral belt known for copper-gold porphyry deposits [6]. - The Valeriano project hosts a significant mineral resource, including an indicated resource of 475 million tonnes at 0.88% CuEq and an inferred resource of 1,511 million tonnes at 0.75% CuEq, as reported on September 23, 2025 [6].

Performance Summary - The Massif Capital Real Assets Strategy achieved a 9.6% net return in Q4 2025, resulting in a full-year performance of 50.0% net of fees [2] - Gross gains from the long book were 13.3%, while the short book detracted 1.64% [2] - The strategy has a since-inception annualized return of 15.6% net of fees over 28 consecutive quarters [2] Key Contributors - Equinox Gold (EQX) was the largest contributor, adding 11.8% to the portfolio, followed by G-Mining Ventures (GMINF) at 10.1% and Lundin Mining (LUNMF) at 8.6% [3] - Gold equities were the dominant source of returns, contributing 23.7% to the portfolio, with base and critical metals close behind at 19.5% [4] Sector Performance - Oil and natural gas holdings generated a modest positive contribution of 1.5%, primarily from dividend income [4] - Sector-level losses were confined to industrials, while gold equities and base metals showed strong performance [4] Market Sentiment - The equity market enters 2026 with a constructive tone, though a sizable bearish minority remains, indicating mixed investor sentiment [5][6] - Investor conviction is heavily tilted toward US equities, despite strong global performance, with expectations of US outperformance dominating [6] Geopolitical and Economic Context - Concerns about long-term monetary and fiscal policy trajectories, as well as geopolitical instability, are influencing investor behavior [8][9] - Central bank gold accumulation, particularly from emerging markets and China, is expected to continue, reinforcing gold's role as a monetary asset [9] Oil Market Outlook - Oil enters 2026 with bearish sentiment, influenced by geopolitical risks and a surplus market [10][32] - The International Energy Agency estimates that global oil production could decline by approximately 5.5 mb/d annually without new investment [38] Copper Market Dynamics - Copper miners and developers represent the largest single investment theme, with core holdings showing significant gains [43] - The copper market is characterized by structural tightness due to supply constraints and strong demand dynamics, with spot treatment charges collapsing to record lows [44][45] Portfolio Adjustments - The portfolio's exposure to gold has narrowed, with a single 10% position in Equinox Gold, which rose 179% in 2025 [26] - The company is actively searching for another gold miner that meets its investment criteria [31] Future Investment Strategy - The company anticipates a shift towards a more eclectic mix of real-asset businesses, including opportunities in wind power and niche chemical manufacturers [58] - A rebalancing away from a mining-centric portfolio is expected as the current commodity upswing broadens [57]

Core Viewpoint - TNR Gold Corp. has appointed Leopold Sutton to its Board of Directors, bringing valuable expertise in business transformation consulting, while Tobias Higgins has resigned to pursue new professional commitments [1][4]. Company Overview - TNR Gold Corp. aims to become a leading player in the green energy metals royalty and gold sector, focusing on creating supply chains for critical materials that support the energy transition [5]. - The company holds a diverse portfolio of assets that provide exposure to various aspects of the mining cycle, including partnerships with industry leaders to generate royalty cash flows [6]. Recent Developments - Leopold Sutton's appointment is expected to enhance the company's governance practices and support the Audit Committee, leveraging his extensive experience in financial transformation consulting [4]. - The company has successfully generated high-quality global exploration projects over the past twenty-nine years, with notable potential in the Mariana Lithium Project and Los Azules Copper Project in Argentina [7]. Royalty Holdings - TNR Gold holds a 1.5% NSR royalty on the Mariana Lithium Project, with a potential repurchase arrangement that could adjust its holdings to 0.45% [8]. - The Mariana Lithium Project is fully owned by Ganfeng Lithium and has commenced production with a capacity of 20,000 tons per annum of lithium chloride [9]. - Additionally, TNR Gold holds a 0.4% NSR royalty on the Los Azules Copper Project, which is being developed by McEwen Inc., and a 7% NPR on the Batidero I and II properties of the Josemaria Project, developed by Lundin Mining and BHP [10]. Strategic Focus - The company is actively seeking joint venture partnerships for its Shotgun Gold porphyry project in Alaska, which is strategically located near significant gold projects [11]. - TNR Gold's strategy emphasizes diversification across gold, copper, silver, and lithium, with a commitment to generating in-demand projects and enhancing shareholder value [12].

[T报ab告le_日R期an：k] 2026-01-14 宏观策略（美国股指期货） 美国 12 月 CPI 同比上涨 2.7%符合预期 美国 12 月 CPI 符合预期，缓解市场通胀担忧，周期板块相对跑 赢，指数高位震荡。 宏观策略（黄金） 美联储穆萨勒姆：通胀水平更接近 3%而非 2% 综 金价震荡收跌，鲍威尔被刑事诉讼以及地缘政治风险推动的上 涨势头缓解，美国 12 月核心 CPI 略低于预期，但美联储萨勒姆 的讲话表明短期降息意愿不高，金价回吐涨幅。 日度报告——综合晨报 美国 12 月 CPI 同比上涨 2.7%符合预期 合 宏观策略（股指期货） 晨 A 股放量回调，止步 17 连阳 报 A 股市场放量调整，前期热门的商业航天概念普跌，但创新药概 念涨幅较大。近期股市热度较高，监管层面出手稳定市场，A 股 或有震荡，但中期上涨趋势仍在。 农产品（棉花） USDA1 月报告:美国及全球棉花期末库存下调 USDA1 月报告下调 25/26 美及全球期末库存，但报告调整幅度 不大，未改变美棉偏宽松、全球松平衡的供需格局，且市场更 关注需求及新作种植意向，报告利多影响有限。 有色金属（锌） 1 月 12 日【 ...