每经AI快讯，2月2日消息，法国1月制造业PMI终值为51.2，预期51，前值51。 ...

每经AI快讯，2月2日消息，意大利1月制造业PMI为48.1，预期47.9，前值47.9。 ...

西班牙1月制造业PMI为49.2，预期49.3，前值49.6。 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Gold is releasing risks, and silver is falling from a high level. Copper is waiting for guidance with price fluctuations. Zinc is in a range - bound oscillation. Lead has weak supply and demand with price fluctuations. Aluminum's volatility is increasing, and attention should be paid to the equity market trend. Alumina's oscillation is converging, and cast aluminum alloy follows electrolytic aluminum. Platinum should be wary of panic selling, and palladium is following a weak adjustment. Nickel is dominated by macro - sentiment at the margin, with a game between fundamentals and speculative positions. Stainless steel has frequent maintenance and production cuts in February, and the nickel - iron expectation provides support at the bottom [2]. Summary by Related Catalogs Gold and Silver - **Price Performance**: Yesterday, the closing prices of various gold and silver products all declined significantly. For example, the daily decline of Comex gold 2602 was 9.30%, and that of Comex silver 2602 was 26.37%. The night - trading prices also showed large drops, with the night - trading decline of Shanghai silver 2602 reaching 17.00% [4]. - **Trading Volume and Position**: The trading volume of some products increased, while the positions decreased. For example, the trading volume of Shanghai gold 2602 increased by 372,766, and the position decreased by 24,521 [4]. - **Inventory**: The inventory of some products decreased. For example, the inventory of Shanghai silver decreased by 26,940 kg, and the inventory of Comex silver decreased by 3,431,295 ounces [4]. - **Macro and Industry News**: Trump nominated Kevin Warsh as the next Fed chairman, which led to a sharp rise in the US dollar and a sell - off of gold and silver. The US Senate passed a $1.2 trillion government spending bill, but a short - term government shutdown was inevitable. The CME raised the trading margins for gold and silver [4][7]. Copper - **Price Performance**: The closing prices of Shanghai copper and London copper both declined. The daily decline of Shanghai copper's main contract was 4.98%, and that of London copper 3M electronic disk was 4.25% [8]. - **Trading Volume and Position**: The trading volume of Shanghai copper index increased by 606,369, and the position decreased by 29,840. The trading volume of London copper 3M electronic disk decreased by 52,697, and the position increased by 1,459 [8]. - **Inventory and Warehouse Receipts**: The inventory of Shanghai copper increased by 5,223 tons, and the inventory of London copper decreased by 1,100 tons. The注销仓单 ratio of London copper was 23.89%, with a decrease of 0.87% [8]. - **Macro and Industry News**: Trump nominated a new Fed chairman, and some copper mines in Chile had production problems. For example, the Mantoverde copper - gold mine in northern Chile basically stopped production, and Lundin Mining lowered its 2026 copper production guidance [8][10]. Zinc - **Price Performance**: The closing prices of Shanghai zinc and London zinc both declined. The daily decline of Shanghai zinc's main contract was 0.44%, and that of London zinc 3M electronic disk was 2.22% [11]. - **Trading Volume and Position**: The trading volume of Shanghai zinc's main contract increased by 172,422, and the position decreased by 8,962. The trading volume of London zinc decreased by 23,075, and the position increased by 5,365 [11]. - **News**: The US Senate passed a $1.2 trillion government spending bill, but a short - term government shutdown was inevitable [12][13]. Lead - **Price Performance**: The closing prices of Shanghai lead and London lead both declined. The daily decline of Shanghai lead's main contract was 1.86%, and that of London lead 3M electronic disk was 0.77% [14]. - **Trading Volume and Position**: The trading volume of Shanghai lead's main contract increased by 34,910, and the position decreased by 2,608. The trading volume of London lead decreased by 4,770, and the position increased by 3,394 [14]. - **News**: Trump nominated a new Fed chairman, and some candidates called for interest rate cuts [14]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price Performance**: The closing prices of Shanghai aluminum, LME aluminum, Shanghai alumina, and aluminum alloy all showed certain changes. For example, the closing price of Shanghai aluminum's main contract decreased by 1,030 compared with T - 1 [16]. - **Trading Volume and Position**: The trading volume and position of each product also changed. For example, the trading volume of Shanghai aluminum's main contract increased by 254,608 compared with T - 1, and the position decreased by 57,628 [16]. - **News**: The global AI computing power construction has led to a surge in transformer orders, and Wall Street is focusing on Warsh's potential Fed policies [18]. Platinum and Palladium - **Price Performance**: The closing prices of platinum and palladium products all declined. For example, the decline of platinum futures 2606 was 11.70%, and the decline of palladium futures 2606 was 11.88% [19]. - **Trading Volume and Position**: The trading volume of some products increased, and the positions decreased. For example, the trading volume of Guangzhou platinum increased by 12,277, and the position decreased by 2,505 [19]. - **News**: The US federal government entered a partial "shutdown" state, and there were various international news such as Russia - US talks and SpaceX's satellite deployment plan [22]. Nickel and Stainless Steel - **Price Performance**: The closing prices of Shanghai nickel and stainless steel's main contracts both declined. The closing price of Shanghai nickel's main contract decreased by 7,470 compared with T - 1, and that of stainless steel's main contract decreased by 445 [25]. - **Trading Volume and Position**: The trading volume of Shanghai nickel's main contract increased by 229,168 compared with T - 1, and the trading volume of stainless steel's main contract increased by 167,856 [25]. - **Industry Chain**: The prices and spreads of various products in the nickel industry chain changed. For example, the price of 8 - 12% high - nickel pig iron remained unchanged, and the nickel plate - high - nickel iron spread decreased by 20 [25]. - **News**: The Indonesian government has taken a series of measures, such as suspending the issuance of new smelting licenses, revising the benchmark price formula of nickel ore, and adjusting the nickel ore production target. There were also news about steel product export license management and ship accidents [25][26][28].

Core Viewpoint - The market is currently stable with major currency pairs showing little movement, while key economic data and events are expected to influence market dynamics in the near term [1][2]. Economic Data Summary - Key economic data to be released includes: - China's January RatingDog Manufacturing PMI - UK's January Nationwide House Price Index month-on-month - Switzerland's December actual retail sales year-on-year - Eurozone and major economies' January Manufacturing PMI final values, including France, Germany, the UK, and the Eurozone - US's January S&P Global Manufacturing PMI final value and January ISM Manufacturing PMI [1][7]. Currency Pair Analysis - **US Dollar Index (DXY)**: Currently in a consolidation phase with balanced bullish and bearish forces, showing a price near the middle Bollinger Band [3]. - **GBP/USD**: Slight increase observed, trading within a narrow range, with potential resistance at 1.3710 [3]. - **EUR/USD**: Continued upward trend, reaching levels not seen since 2021, but showing signs of overbought conditions [4]. - **USD/JPY**: Experiencing a rebound from recent lows, but facing limitations due to interest rate differentials and potential interventions [4]. Geopolitical and Market Events - Notable geopolitical events include: - US-Iran negotiations potentially taking place in Turkey - Statements from the US House Speaker regarding confidence in ending parts of the government shutdown - Upcoming trilateral talks involving Ukraine, the US, and Russia [5][6][7].

每经AI快讯，中国1月RatingDog制造业PMI为50.3，预期50.3，前值50.1。 ...

Core Viewpoint - The article discusses the recent fluctuations in the silver market and the impact of U.S. economic policies, particularly the nomination of Kevin Warsh as the Federal Reserve Chairman by Trump, which has led to significant volatility in precious metals prices. Group 1: Market Data - The current trading price of silver is approximately $80.26 per ounce, with T+D silver trading around 23,420 yuan per kilogram and the Shanghai silver main contract at 24,832 yuan per kilogram [1] - On January 30, the dollar index rose by 1.02% to close at 97.136, while silver closed at $84.63 per ounce, down 26.93% [1] - The SLV silver ETF held 15,523.36 tons as of January 30, unchanged from the previous trading day [2] Group 2: Economic Policies and Predictions - Trump has nominated Kevin Warsh for the Federal Reserve Chairman position, indicating that he believes it is inappropriate for the White House to pressure for interest rate cuts, although Warsh is expected to receive support from Democrats and may advocate for rate cuts [2] - The market anticipates that the Federal Reserve will implement more than two rate cuts this year, each by 25 basis points [2] Group 3: Market Analysis - The silver market opened at 71.182 at the beginning of January, reached a historical high of 121.794, and then experienced a strong pullback, closing at 84.619 [6] - The market is expected to have a demand for a pullback in February, with potential targets set at 86 and 80, and further levels at 78.7, 76, and 75 if broken [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The sharp decline in precious metals suppresses the atmosphere of non - ferrous metals, and short - term panic still has a suppressing effect. However, in the long run, the outlook is not pessimistic. Copper prices are expected to gradually stabilize, aluminum prices may stabilize under certain conditions, and different metals have different supply - demand situations and price trends [3][5][6]. - The market may return to real - world trading. Tin prices may face a significant correction risk in the short term, nickel prices have a large risk of decline, and lithium prices face pressure but may have short - term support at the bottom [15][17][19]. - The stainless steel price has strong support at the bottom, and a long - position layout can be considered at around 14,000 yuan/ton [25]. 3. Summary by Metal Copper - **Market Information**: On Friday, LME copper 3M closed down 4.63% to $13,070/ton, and the Shanghai copper main contract closed at 103,190 yuan/ton. LME copper inventory decreased by 1,100 to 174,975 tons, and the domestic Shanghai Futures Exchange weekly inventory increased by 0.7 to 233,000 tons [2]. - **Strategic Viewpoint**: The supply of copper mines remains tight, the supply of refined copper in China maintains high growth, and the downstream consumption willingness recovers after the copper price drops. The expected surplus is alleviated, and copper prices are expected to gradually stabilize. The reference range for the Shanghai copper main contract today is 102,000 - 106,000 yuan/ton; the reference range for LME copper 3M is $12,600 - $13,500/ton [3]. Aluminum - **Market Information**: On Friday, LME aluminum closed down 3.03% to $3,135/ton, and the Shanghai aluminum main contract closed at 24,600 yuan/ton. The weighted contract position of Shanghai aluminum decreased by 63,000 to 742,000 lots, and the futures warehouse receipts increased by 2,000 to 145,000 tons. Domestic aluminum ingot and aluminum rod inventories increased slightly [4]. - **Strategic Viewpoint**: Domestic inventories are accumulating, but it does not constitute a major negative for prices. LME aluminum inventory is at a relatively low level, and the US aluminum spot premium remains high, providing support for aluminum prices. If the volatility of precious metals decreases and domestic inventories perform better than the seasonal average, aluminum prices are expected to stabilize. The reference range for the Shanghai aluminum main contract today is 24,300 - 25,000 yuan/ton; the reference range for LME aluminum 3M is $3,080 - $3,180/ton [5][6]. Cast Aluminum Alloy - **Market Information**: On Friday, the price of cast aluminum alloy dropped sharply. The main AD2603 contract closed down 4.32% to 22,820 yuan/ton. The weighted contract position increased to 23,900 lots, and the trading volume was 45,500 lots. The warehouse receipts decreased by 400 to 68,200 tons [8]. - **Strategic Viewpoint**: Although the demand is relatively average, in the context of continuous supply - side disturbances and seasonal tightness of raw material supply, the price has short - term support [8]. Lead - **Market Information**: Last Friday, the Shanghai lead index closed down 1.69% to 16,918 yuan/ton. LME lead 3S fell by $42 to $2,004/ton. The SMM1 lead ingot average price was 16,675 yuan/ton, and the refined - scrap lead price difference was 50 yuan/ton. The Shanghai Futures Exchange lead ingot futures inventory was 29,400 tons [10]. - **Strategic Viewpoint**: The visible inventory of lead ore has increased, the smelting profit is supported by high - priced silver, the TC is at a low level, the primary lead production rate remains relatively high, and the primary lead ingot inventory is accumulating. The inventory of recycled waste has increased, the recycled smelting profit has slightly declined, but the recycled lead production rate has increased marginally. The downstream battery enterprise production rate has slightly declined. The industry situation is weak. Pay attention to the impact of the ISM manufacturing PMI data on February 2 on the sector sentiment [11][12]. Zinc - **Market Information**: Last Friday, the Shanghai zinc index closed down 0.46% to 25,860 yuan/ton. LME zinc 3S fell by $62.5 to $3,399/ton. The SMM0 zinc ingot average price was 25,790 yuan/ton. The Shanghai Futures Exchange zinc ingot futures inventory was 28,500 tons, and the LME zinc ingot inventory was 109,800 tons [13]. - **Strategic Viewpoint**: In the industrial sector, the zinc ore raw material inventory has increased, the decline rate of zinc ore has slowed down. The LME zinc ingot inventory accumulation has slowed down, and the LME zinc 3 - 15 month spread has increased. The overseas natural gas price has increased, causing concerns about the cost of European smelting enterprises. The zinc price is still in the process of following the sector to make up for the macro - attribute increase. Pay attention to the impact of the ISM manufacturing PMI data on February 2 on the sector sentiment [13]. Tin - **Market Information**: On January 30, the tin price冲高回落, and the Shanghai tin main contract closed at 409,000 yuan/ton, down 8.32% from the previous day. The SHFE inventory increased by 30 to 8,524 tons, and the LME inventory remained unchanged at 7,095 tons [14]. - **Strategic Viewpoint**: In the context of the marginal relaxation of tin ingot supply and demand and the recent steady increase in inventory, it is expected that the tin price may have a large correction risk in the short term. It is recommended to wait and see. The reference operating range for the domestic main contract is 370,000 - 430,000 yuan/ton, and the reference operating range for overseas LME tin is $47,000 - $51,000/ton [15]. Nickel - **Market Information**: On January 30, the nickel price dropped significantly, and the Shanghai nickel main contract closed at 140,000 yuan/ton, down 5.07% from the previous day. The spot market premiums remained stable. The nickel ore price remained stable, and the nickel iron price fluctuated upward [16]. - **Strategic Viewpoint**: The nickel price has a large risk of decline in the short term. The market may return to real - world trading, and the high premium of refined nickel over nickel iron and the significant increase in domestic nickel inventory put pressure on the nickel price. It is recommended to sell short on rallies. The short - term reference operating range for Shanghai nickel is 120,000 - 150,000 yuan/ton, and the reference operating range for LME nickel 3M is $16,000 - $18,000/ton [17]. Lithium Carbonate - **Market Information**: Last Friday, the Wuganglian lithium carbonate spot index (MMLC) closed at 155,107 yuan, down 5.71% from the previous working day and 11.28% for the week. The LC2605 contract closed at 148,200 yuan, down 10.08% from the previous day's closing price and 18.36% for the week [18][19]. - **Strategic Viewpoint**: Last week, the bullish sentiment cooled down, and the stop - profit orders increased significantly, causing the lithium price to decline rapidly. The total position of lithium carbonate contracts decreased by 15.9% for the week. Although the fundamentals of lithium carbonate are expected to improve, the sustainability of supply - side contraction is uncertain, and there is significant pressure on the upside of the lithium price. In the context of low downstream inventories, there may be short - term support at the bottom. It is recommended to wait and see or try with a light position. The reference operating range for the Guangzhou Futures Exchange lithium carbonate main contract is 136,000 - 158,000 yuan/ton [19]. Alumina - **Market Information**: On January 30, 2026, the alumina index fell 1.64% to 2,768 yuan/ton, and the unilateral trading total position decreased by 32,900 to 613,500 lots. The Shandong spot price was 2,555 yuan/ton, at a discount of 213 yuan/ton to the main contract. The overseas MYSTEEL Australia FOB price was $304/ton, and the import profit and loss was - 79 yuan/ton. The Friday futures warehouse receipts were 171,100 tons, an increase of 9,600 tons from the previous day [21]. - **Strategic Viewpoint**: After the rainy season, the shipments from Guinea are gradually recovering, and the AXIS mine is resuming production. The ore price is expected to decline oscillatingly. The over - capacity pattern of the alumina smelting end is difficult to change in the short term, and the inventory accumulation trend continues. The market has increased expectations for the implementation of supply - contraction policies, but there are still three difficulties for continuous rebound. It is recommended to wait and see in the short term. The reference operating range for the domestic main contract AO2605 is 2,700 - 2,950 yuan/ton, and attention should be paid to supply - side policies, Guinea ore policies, and the Fed's monetary policy [22]. Stainless Steel - **Market Information**: On Friday at 15:00, the stainless steel main contract closed at 14,585 yuan/ton, up 0.83% (+120). The unilateral position was 293,500 lots, a decrease of 1,534 lots from the previous trading day. The spot prices in Foshan and Wuxi markets changed slightly. The raw material prices were relatively stable, and the futures inventory increased by 4,641 to 43,579 tons. The social inventory decreased to 904,500 tons, a 2.91% increase month - on - month, and the 300 - series inventory was 616,700 tons, a 2.86% increase month - on - month [24]. - **Strategic Viewpoint**: Last week, the market volatility increased significantly. The sharp decline in precious metal prices on Friday dragged down the non - ferrous metal sector, and the market sentiment was affected. The downstream procurement enthusiasm was not high, and the inventory turnover speed slowed down. The supply side has significantly contracted. The core upward logic has not changed, and the price has strong support at the bottom. It is recommended to lightly lay out long positions at around 14,000 yuan/ton. The reference range for the main contract is 13,800 - 14,700 yuan/ton [25].

中国1月RatingDog制造业PMI 50.3，前值 50.1。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

每经AI快讯，2月2日，澳大利亚1月标普全球制造业PMI终值报52.3，前值52.4。 ...