伦敦金属交易所（LME）三个月期镍周二一度飙升逾10%，触及18785美元/吨的高位，创下三年多来最大盘中涨幅，到收盘，涨近9%，报18524美 元/吨。过去两周内，镍价已累计上涨超过20%，自12月中以来三周内涨近30%。 特朗普政府潜在关税政策持续发酵。据一些报道，美国总统特朗普考虑2027年对进口铜征收约15%的关税，2028年提高至30%。投资者对美国提高关 税的预期导致大量铜库存涌入美国。据CME数据，美国铜库存自2025年4月以来增长超过四倍，截至1月2日达到45.345万吨，而全球其他地区供应告 急。 地缘政治风险推升避险需求。据新华社报道，美国1月3日上周六凌晨对委内瑞拉发起大规模军事行动，突袭委首都加拉加斯等地，强行控制委总统 马杜罗及其夫人，并将二人带至美国。美国强行控制马杜罗引发全球紧张局势加剧，支撑贵金属价格上涨。彭博贵金属分类指数过去一个月涨逾 13%，年初以来涨约5%。 伦镍领涨：中国买盘推动三年最大涨幅 本周二，金属市场延续周一涨势全面爆发。伦镍领衔工业金属大涨，盘中一度涨超10%，纽约期银盘中涨超6%，逼近一周前所创的盘中最高纪录， 伦铜在周一史上首次突破1.3万美元关口后进一 ...

本周二，金属市场延续周一涨势全面爆发。伦镍领衔工业金属大涨，盘中一度涨超9%，纽约期银盘中涨超6%，逼近一周前所创的盘中最高纪录，伦 铜在周一史上首次突破1.3万美元关口后进一步走高，周二盘中涨超3%，连续两日创历史新高。纽约期金盘中涨超1%，抹平上周一芝商所（CME） 提高交易保证金以来多数跌幅，向圣诞节前所创的最高纪录靠近。 中国投资者成为本轮金属涨势的重要推手。交易动态显示，包括镍、铜和锡在内的金属价格在亚洲时段大幅跳涨，交易量激增，上海期货交易所夜 盘开盘后再次拉升。周二日间收盘时，沪银涨超7%，沪铜、沪锡、沪镍涨超4%，夜盘开盘，沪镍涨近5%，沪银涨近3%，沪锡涨超2%，沪铜涨超 1%。 特朗普政府潜在关税政策持续发酵。据一些报道，美国总统特朗普考虑2027年对进口铜征收约15%的关税，2028年提高至30%。投资者对美国提高关 税的预期导致大量铜库存涌入美国。据CME数据，美国铜库存自2025年4月以来增长超过四倍，截至1月2日达到45.345万吨，而全球其他地区供应告 急。 地缘政治风险推升避险需求。据新华社报道，美国1月3日上周六凌晨对委内瑞拉发起大规模军事行动，突袭委首都加拉加斯等地，强行控 ...

Core Insights - The Global X Copper Miners ETF (COPX) has achieved an impressive 86% return over the past year, indicating a significant shift in copper's role in the global economy [1] - Factors driving the increase in copper prices are expected to persist into 2026 [1] Group 1: Trade Policy and Market Dynamics - Changes in trade policy have significantly impacted the competitive landscape for domestic copper producers, particularly affecting major holdings like Freeport-McMoRan and Southern Copper, which together represent nearly 10% of COPX's portfolio [2] - Monitoring monthly copper price reports from the London Metal Exchange and quarterly earnings from major miners is essential to assess pricing power [2] Group 2: Performance of Holdings - The strong performance of COPX is not solely attributed to its largest positions; smaller international holdings, including Canadian and Chilean miners, have also contributed to exceptional returns due to tightening global supply constraints [3] - The ETF consists of 41 companies, with the top ten holdings accounting for 59% of the portfolio [4] Group 3: Future Projections - Copper consumption is projected to reach 43 million metric tonnes by 2050, representing a 65% increase from 2022 levels, driven by sectors such as electric vehicles, renewable energy storage, and AI infrastructure [4] - It is important to monitor the fund's monthly holdings updates and quarterly rebalancing to see if management shifts towards higher-conviction positions as valuations adjust [4] Group 4: Alternative Investment Options - For investors looking for broader metals exposure with lower fees, the iShares MSCI Global Metals & Mining Producers ETF (PICK) is a viable alternative, offering a 0.39% expense ratio and 14% copper exposure alongside other metals [6] - PICK holds diversified miners like BHP, Rio Tinto, and Freeport-McMoRan, providing sector exposure without the concentrated risk associated with pure-play copper investments [6] Group 5: Key Factors to Monitor - The primary macro factor for 2026 is whether copper prices remain high amid changing trade policies, while the key micro factor is the performance of COPX's smaller international holdings in the context of ongoing supply deficits [7]

All right, joining us now to talk technicals ahead of a shortened uh trading week, Chris Lone, partner and chief market strategist at Strategus uh research partners. How's Trener. >> He's doing much better.>> He is. >> Yeah, really. So, >> give him our best.>> I certainly will. >> Christmas. Um >> interesting stuff.Yeah. That that you're talking about here. We you you say that the rotational tape has been persisting which makes you think 2026 this could be a a sign of it continuing which would be >> really ...

Core Viewpoint - Stocks are popular among ordinary investors, but commodities like copper and silver are seen as better investment opportunities for the new year, with both metals experiencing significant price increases in 2025 and potential for further growth in 2026 due to supply and demand dynamics [1][2]. Group 1: Investment Opportunities - Copper can be invested in through the Global X Copper Miners ETF (NYSEMKT: COPX), which is up 80% this year [1]. - Silver can be invested in via the iShares Silver Trust (NYSEMKT: SLV), which has more than doubled this year, up 119% [2]. - Both metals reached new all-time highs in 2025, with expectations for continued price increases in 2026 [2]. Group 2: Demand Factors - Industrial demand is a significant driver for both copper and silver, as they are essential for AI infrastructure, electric vehicles, and renewable energy applications [3]. - The construction of data centers requires substantial amounts of copper and silver, contributing to increased demand [4]. Group 3: Supply Factors - There is a supply shortage of both copper and silver this year, which is bullish for their prices [5]. - The U.S. Department of the Interior has added silver and copper to its list of critical minerals in response to the growing demand for these metals in AI data center construction [5]. Group 4: ETF Details - The Global X Copper Miners ETF has net assets of approximately $3.5 billion and holds 41 stocks, with its largest positions including Lundin Mining (5.6%), KGHM Polska Miedz (5.1%), Boliden AB (5%), Southern Copper (4.7%), and Freeport-McMoRan (4.7%) [8].

Group 1: Market Overview - The market is struggling to find upward momentum, primarily due to a decline in the tech sector, which has been a key support for the market [2][3] - There is a shift in sentiment from cautiously bullish to slightly bearish, indicating a potential for a larger pullback [3] Group 2: Eaton Corporation - Eaton Corporation is highlighted as a "picks and shovels" trade, benefiting from the infrastructure needed for AI data centers [6][18] - The stock is currently trading down approximately 4.2%, with a notable support level around $312 and resistance at $350 [8][12] - A bullish trade is considered, but it is categorized as a "wait and see" due to the stock closing below the 200-day moving average [15][17] Group 3: Quanta Services - Quanta Services is also positioned as a "picks and shovels" play, focusing on building out power grids for renewable energy [18][28] - The stock is in a long-term uptrend but has recently pulled back below the 50-day moving average, prompting a cautious approach [19][21] - A potential trade is being considered with a strike price of $400 for a long-term option, emphasizing the necessity of infrastructure development [28][29] Group 4: Southern Copper - Southern Copper is noted for its critical role in supplying copper, essential for data centers and electric vehicles [31][32] - The stock is in a long-term uptrend, with a recent pullback to the 10-day moving average, indicating a favorable entry point [32][34] - A long-term trade is suggested with a strike price of $120, allowing for a significant time frame to capitalize on the infrastructure buildout [39][40]

Core Insights - Solis Minerals Ltd has received final exploration permitting to commence drilling at its 100%-owned Cinto copper project in southern Peru, with 17 drill pads approved and equipment mobilization underway [1][6]. Project Overview - The Cinto project is located in a highly prospective copper belt adjacent to Southern Copper's Toquepala operation and Anglo American's Quellaveco project, along the Incapuquio fault zone known for major copper discoveries [2][8]. - The company plans to drill approximately 2,500 metres in the initial program, targeting three porphyry anomalies identified through recent geophysical work [2][9]. Preparatory Work - The drilling follows two years of preparatory work, including surface geophysics, geochemistry, and IP surveys, with initial updates expected before year-end and potential assay results anticipated from January 2026 [3][10]. Future Updates - The company expects to provide updates on drilling commencement and mobilization before the end of the year, with assay results from other assets expected in the coming days [11].

Core Insights - Freeport-McMoRan (FCX) shares experienced a significant increase following the announcement of a multiyear plan to boost copper and gold production after a tragic incident at its Grasberg mine in Indonesia, where seven employees lost their lives [1] - The stock's performance is closely tied to key support levels within the S&P 500 index, indicating potential recovery and investor interest [1] Company Developments - Freeport-McMoRan is focusing on ramping up copper and gold output as part of its strategic response to the recent operational challenges [1] - The company’s stock performance has been positively impacted by rising copper prices, which have shown a strong upward trend [4] Industry Trends - The mining sector, particularly copper and aluminum, is experiencing a rally, with Southern Copper also receiving an upgrade in its relative strength rating, reflecting improved market performance [4] - The overall market sentiment is influenced by inflation data and developments in the defense and mining sectors, indicating a broader economic context affecting stock performance [4]

Industry Insights - Copper is increasingly recognized as essential for AI infrastructure, with its price serving as a barometer for global economic health [1] - The demand for copper in AI data centers is projected to increase sixfold, contributing to a rise in global data center electricity consumption from 2% to 9% by 2050 [2] - Analysts predict a growing deficit of copper as demand outpaces supply, leading to a significant increase in copper prices [8] Investment Opportunities - The Global X Copper Miners ETF (COPX) offers a diversified investment in copper mining companies, with net assets of approximately $3.37 billion and 41 stocks [5] - The ETF's expense ratio is 0.65%, lower than the category average of 0.95%, making it an attractive option for investors [6] - The ETF has seen a 66% increase in 2025, reflecting investor anticipation of higher copper demand and prices [8] Key Holdings - The five largest positions in the Global X Copper Miners ETF include: 1. Lundin Mining (5.55%) 2. Southern Copper (4.94%) 3. Boliden AB (4.89%) 4. Glencore PLC (4.88%) 5. KGHM Polska Miedz (4.84%) [9]

Core Insights - Versamet Royalties Corporation reported record operating and financial results for Q3 2025, driven by strong performance across its asset portfolio, new acquisitions, and high commodity prices [2][4]. Financial Performance - Revenue reached $8.1 million, a 155% increase compared to Q3 2024 [7]. - Attributable gold equivalent ounces (GEOs) totaled 2,699, marking a 110% increase from the previous year [7]. - Operating cash flow before working capital changes was $6.1 million, up 206% year-over-year [7]. - Net income for the quarter was $3.3 million, slightly down from $3.9 million in Q3 2024 [6][17]. Asset Acquisitions and Updates - The company completed its largest transaction to date by acquiring a significant silver stream on the Rosh Pinah Zinc mine in Namibia and a royalty on the Santa Rita nickel-sulphide mine in Brazil [4]. - The addition of these assets is expected to significantly impact GEOs and accelerate growth towards becoming a mid-tier precious metals royalty and streaming company [4]. Production Highlights - Greenstone mine produced 1,050 GEOs in Q3, with improvements in mining rates and processing grades [8]. - Kiaka mine produced 32,869 ounces of gold, with ongoing work on power connections and ramp-up activities [8]. - Blackwater mine produced 60,985 ounces of gold, on track to meet its 2025 production guidance [8]. - Santa Rita mine began generating royalty revenue following its acquisition [8]. Future Outlook - The company anticipates achieving approximately 10,000 GEOs in 2025, with growth to about 20,000 GEOs in 2026, driven by contributions from newly acquired assets and ongoing ramp-ups at existing mines [5].