Group 1 - The core issue is the threat of increased tariffs by President Trump on European goods, particularly affecting the automotive sector, leading to significant stock price declines for major manufacturers [1][4] - Mercedes-Benz Group's stock fell by 6.7%, BMW by 7%, and Volkswagen by 5.4% in response to the tariff announcement [1] - The new tariffs will impose a 10% tax starting February 1, escalating to 25% in June, impacting countries like Germany and France that rely heavily on the U.S. market for sales and profits [1] Group 2 - Analysts estimate that the latest tariff measures could reduce the base earnings of German, British, and Swedish car manufacturers by approximately €3 billion (about $3.5 billion) annually [1] - European automakers are also facing challenges from declining sales in China and slower-than-expected transitions to electric vehicles, leading to a reduction in their electrification ambitions [4] - In retaliation, the EU is considering imposing tariffs on $93 billion worth of U.S. goods if the tariffs are enacted, and they plan to pause trade agreement approvals with the U.S. [4]

Group 1 - The article highlights the rising interest in investment copper bars amidst a surge in precious metal prices, particularly gold and silver, which have become popular investment choices [2][3] - In Shenzhen's Shui Bei, the largest gold and jewelry distribution center in China, merchants have started to offer pure copper 999.9 investment bars, with 1000g bars priced between 180 to 280 yuan [3] - However, most merchants do not have copper bars in stock and require pre-orders, with a waiting time of 3 to 7 days, leading to skepticism about the future resale value of these copper bars [4] Group 2 - In Hangzhou, some investors are also beginning to show interest in investment copper bars, although there is a general perception that copper is inexpensive and lacks significant appreciation potential [7] - The price of copper has seen a substantial increase, with a year-on-year rise of over 30%, and the price of copper futures has exceeded 100,000 yuan per ton [10] - The article notes that copper does not possess the same safe-haven and monetary attributes as gold and silver, making it less suitable for personal investment [11] Group 3 - Industry experts predict that potential U.S. tariffs on refined copper could significantly impact copper prices, with a proposed 15% tariff starting in 2027 and a 30% tariff in 2028 [13] - There is a divergence in market outlooks, with UBS warning of a structural shortage in the copper concentrate market, while Goldman Sachs and Citigroup express concerns about a potential price correction in the latter half of the year [15] - Goldman Sachs has adjusted its copper price forecast for the first half of 2026 upward, while Citigroup suggests that current price increases may have already priced in most potential benefits [15]

责任编辑：安东 宝马、梅赛德斯-奔驰和大众汽车都依赖美国市场，是其主要的营收和利润来源。这些汽车制造商向美 国进口S级轿车等车型，本已受到特朗普关税政策的冲击。目前，美国对从欧盟进口的大多数车辆及零 部件征收的关税为15%。去年，特朗普实施的额外关税使这一比例从约 2.5%大幅提高，引发了汽车制 造商的盈利预警。 美股频道更多独家策划、专家专栏，免费查阅>> 来源：金十数据 1月19日，格陵兰岛问题持续发酵，美国总统特朗普威胁要再次提高欧洲商品的关税，导致欧洲汽车制 造商股价大幅下跌。周一早盘，梅赛德斯-奔驰集团在法兰克福市场一度下跌多达6.7%，宝马集团下跌 了7%，大众集团则下跌了5.4%。上周末，特朗普突然宣布计划从2月起对欧洲数个国家的进口商品加征 10%的额外关税，并于6月升至25%，令包括德国和法国在内的多个欧洲国家措手不及。 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The overall trend of rubber has been significantly affected by recent macro - sentiment fluctuations. With the implementation of macro - easing policies from the central bank and changes in the Fed's interest - rate cut expectations, geopolitical situations, and trade policies, the macro - sentiment has retreated, leading to a callback and differentiation in commodities [1][2]. - The price of Shanghai rubber RU is mainly determined by future demand, destocking expectations, and valuation, and is highly influenced by macro - sentiment. Overseas production areas are in the pre - low - season rush to increase production, with sufficient raw materials. High inventory from increased imports in December and downstream inventory pressure will suppress prices. The future trend of rubber prices is expected to fluctuate with sentiment and remain in a wide - range shock pattern [2]. 3. Summary by Directory 3.1 Core Contradictions and Strategy Recommendations 3.1.1 Core Contradictions - Macro - sentiment fluctuations impact the rubber market. The implementation of China's central bank's easing policies and the weakening of the Fed's interest - rate cut expectations, along with geopolitical tensions and trade frictions, have led to a retreat in macro - sentiment and a callback in commodities [1]. - For RU, domestic suspension of tapping, destocking of whole latex, future demand, and valuation expectations are key factors, while being highly influenced by macro - sentiment. Overseas production areas are approaching the low - season, with sufficient raw materials and high inventory from imports suppressing prices. Downstream inventory pressure and uncertain domestic and foreign demand also affect prices [2]. 3.1.2 Trading - type Strategy Recommendations - **Price Range**: The short - term reference shock range for RU2605 is 15,500 - 16,200, with important pressure at 16,000 and support around 15,600. The shock range for NR2603 is 12,500 - 13,200, with important support at 12,600 [15]. - **Trend Judgment**: With stable pre - festival stocking demand downstream and a neutral - to - loose supply upstream, rubber prices are mainly affected by macro - sentiment and policy stimuli, and will mainly fluctuate in the future [15]. - **Strategy Suggestions**: Adopt a neutral view on RU and NR, and be cautious at current price levels. Consider using hedging strategies such as protective options or spread strategies. Pay attention to the high - basis situation of RU and the low - spread expansion opportunity of NR - BR [16]. 3.1.3 Industrial Customer Operation Suggestions - **Inventory Management**: For enterprises with high inventory, short - sell rubber futures (RU2605) to lock in sales profits, buy out - of - the - money put options (RU2605 - P15500), and sell call options (RU2605 - C16750) [29]. - **Procurement Management**: Enterprises with low inventory and future procurement plans can buy rubber far - month futures (NR2603 and subsequent contracts) to lock in procurement costs and buy out - of - the - money call options (RU2605 - C16250) [29]. 3.2 Important Information and Concerns 3.2.1 Last Week's Important Information - **Positive Information**: The central bank announced a series of policies to increase liquidity and stimulate the economy. Tire enterprise开工 rates increased, and vehicle sales showed growth in some segments. Cote d'Ivoire's natural rubber exports increased in 2025. There is a probability of an El Nino event in Q3 2026 [30][31]. - **Negative Information**: Geopolitical risks decreased, leading to a drop in oil prices and dragging down the chemical sector. The Fed may "pause rate cuts". South Korea's natural rubber imports decreased in 2025, and China's natural rubber social inventory increased. Rainfall in Thailand, Malaysia, and Indonesia decreased, increasing raw - material supply expectations [32][33][34]. 3.2.2 This Week's Focus - Monitor weather changes in production areas and the progress of tapping in high - latitude regions. Pay attention to the release of import and export data, port and social inventories, and the registration of whole - latex warehouse receipts. Track downstream tire pre - festival stocking and production - sales rhythms. Keep an eye on macro - sentiment and relevant economic data [35]. 3.3 Disk Interpretation 3.3.1 Price - Volume and Fund Interpretation - **Unilateral Trend**: Last week, commodities continued to fluctuate and adjust, with rubber showing a relatively strong shock, reaching a high point before回调. RU performed relatively strongly [36]. - **Fund Trends**: The net short - position of Shanghai rubber increased, while the short - position of 20 - standard rubber decreased, and profits increased during the week [41]. 3.3.2 Spot Market and Spread Analysis - **Spot Price Changes**: The prices of some rubber varieties changed slightly, with some showing small increases or decreases [45][47]. - **Delivery - Product Price Trends**: The price trends of 20 - standard rubber delivery products are presented in relevant charts [49]. - **Term Structure Analysis**: The basis of whole latex is regressing, and the term structure of NR and the spread between different varieties and contracts show certain characteristics [50][58]. - **External Market Conditions**: The unilateral trends and term - spread structures of external markets such as Tocom RSS3 and Sicom 20 - standard rubber are presented, and the internal - external spreads between RU and Japanese rubber and NR and Singapore rubber are analyzed [63][65][67]. - **Virtual - to - Physical Ratio and Sentiment Indicators**: The virtual - to - physical ratio of rubber is higher than the historical average, and the bullish sentiment has declined, while the downstream tire sentiment has returned to neutral [74]. - **Variety Spread Analysis**: The spread between dark and light rubber has widened, and the spread between natural and synthetic rubber has narrowed. The reasons are related to supply - demand and inventory situations [78][92]. 3.4 Valuation and Profit Analysis 3.4.1 Industry Chain Profit Tracking - **Raw - Material Costs**: Domestic production areas have suspended tapping, and the price of Yunnan rubber blocks has remained stable. In Thailand, raw - material prices have increased slightly due to the end of the harvesting season and competition for procurement [96]. - **Processing Profits**: The processing profits of domestic and imported rubber have shown different trends, with some showing slight decreases [103][106]. 3.5 Supply - Demand and Inventory Deduction 3.5.1 Supply Side - **Main - Producing Country Output**: The global natural - rubber production in 2025 is expected to increase by 1.3%, with different growth rates in each country [108]. - **Domestic Import Situation**: China's imports of natural and synthetic rubber (including latex) increased in 2025 [111]. 3.5.2 Demand Side - **Main - Producing Country Total Demand**: China's demand rebounded in November, and the total demand of most overseas main - producing countries also increased month - on - month [117]. - **Tire Production and Sales**: Tire enterprise开工 rates increased last week, mainly due to pre - festival stocking. Tire exports showed different trends in different segments, and the EU's anti - dumping investigation may affect future exports [119]. - **Replacement Demand**: The domestic logistics industry has been stable, but the slowdown in fixed - asset investment may suppress the growth of replacement demand [127][128]. - **Supporting Demand - Automobiles**: Domestic automobile sales have been strong, but the inventory pressure has increased. The export of new - energy vehicles and semi - trailers has been strong [131]. - **Supporting Demand - Heavy - Duty Trucks and Construction Machinery**: The sales of heavy - duty trucks and construction machinery have increased, but the long - term growth of demand may be limited by the slowdown in fixed - asset investment [134]. - **Overseas Tire Production**: The production of Japanese tires has been stable, and Thailand's tire shipment index has increased year - on - year [136]. - **Overseas Tire Demand**: US tire imports have increased despite weakening auto sales. European passenger - car production and sales have been stable [138]. - **Other Rubber Product Demand**: The PMI data in December showed an increase, and the开工 of other rubber downstream industries has further improved [144]. 3.5.3 Inventory Side - **Futures Inventory**: As of January 16, 2026, the rubber warehouse - receipt inventory increased by 0.52 million tons, and the 20 - standard rubber warehouse - receipt inventory decreased slightly by 0.02 million tons [146]. - **Social Inventory**: As of January 11, 2026, the total inventory of natural rubber in Qingdao increased, with changes in the inventory and turnover rates of bonded and general - trade warehouses [148].

坐拥吉普、道奇、菲亚特、克莱斯勒及标致等知名汽车品牌的斯特兰蒂斯集团，其米兰上市股价最终下 跌2%。 此番市场波动的导火索，是特朗普于上周六作出的表态——他宣称将在2月1日起对英国、丹麦、挪威、 瑞典、法国、德国、荷兰及芬兰这八个国家加收10%的关税，以此加码施压，推动将丹麦自治领地格陵 兰岛收归美国。 特朗普还表示，从6月1日起，对上述国家的关税税率将上调至25%。 欧洲多国政治领导人预计将在未来几天召开紧急会议，商讨应对之策。 汽车行业被普遍认为极易受到关税政策冲击，尤其是该行业供应链高度全球化，且对北美地区的生产制 造业务存在较强依赖。 责任编辑：李肇孚 美国总统唐纳德・特朗普以格陵兰岛相关事宜为由，扬言要对多个欧洲国家加收关税，受此消息影响， 欧洲多家头部车企的股价在周一早盘大幅下挫。 伦敦时间当日早间8点18分左右（北京时间凌晨3点18分），欧洲斯托克汽车及零部件指数下跌2.3%。 开盘后不久，德国大众、BMWYY>宝马及梅赛德斯-奔驰集团的股价跌幅在2.5%至4%之间；米兰证券 交易所上市的法拉利股价在早盘交易中下跌约2%。 伦敦时间当日早间8点18分左右（北京时间凌晨3点18分），欧洲斯托克汽车 ...

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - In the short - term, under the background of the decline in interest rate cut and tariff expectations, the upward pace of copper prices may slow down, and the volatility remains high due to the game of the Fed Chairman candidate and geopolitical disturbances. In the medium - to - long - term, the logic of tight supply and demand supports the price. It is recommended to pay attention to the opportunity of layout on dips and do a good job in risk control, with a strategy of buying on dips during the oscillatory operation [11]. 3. Summary According to the Directory 3.1 Part 01: Weekly Review - **Supply - side Data (1.12 - 1.16)**: - Copper concentrate spot TC decreased from - 45.41 to - 46.53 dollars/ton, a decrease of 2.47%. The spot trading activity of copper concentrate was cold, and the negotiation between Capstone Copper and striking miners failed, with the strike at Mantoverde Copper Mine continuing [8]. - The refined - scrap copper price difference decreased from 5312 to 4692 yuan/ton, a decrease of 11.67%. The price of recycled copper raw materials was firm, and the price difference narrowed slightly. Recycled copper rod enterprises made bargain purchases when copper prices fell [8]. - The southern crude copper processing fee remained at 2000 yuan/ton. The production profit of recycled copper rods was less than that of anode plates, causing some enterprises to switch to anode plate production, which supported the crude copper processing fee [8]. - The operating rate of refined copper rods increased from 48% to 57%, an increase of 20.18%. It was mainly affected by the resumption of production after the holiday and the phased decline of copper prices, and downstream released a small amount of rigid - demand orders [8]. - The operating rate of recycled copper rods increased from 13% to 14%, an increase of 4.08%. Although copper prices declined, the actual transaction of recycled copper rods remained sluggish, and the increase in the operating rate was limited due to the uncertainty of fiscal and tax policies [8]. - The operating rate of wire and cable decreased from 57% to 56%, a decrease of 1.04%. The improvement of new orders was limited, some small enterprises started holidays in advance, and the market was in a wait - and - see state [8]. - **Inventory Data (1.12 - 1.16)**: - The available days of copper concentrate port inventory increased from 5.3 to 5.7 days, an increase of 7.81%. Global visible inventory increased, mainly from the accumulation of COMEX and domestic inventories [8]. - The social inventory of electrolytic copper increased from 27.38 to 32.09 million tons, an increase of 17.20%. High copper prices inhibited downstream purchasing and sales sentiment, and the market delivery volume was limited [8]. - The bonded area inventory increased from 7.88 to 8 million tons, an increase of 1.52%. The export window opened, and smelters' exports continued to increase [8]. - The total social and bonded inventory increased from 35.26 to 40.09 million tons, an increase of 13.70% [8]. - The SHFE copper inventory increased from 28.00 to 124.42 million tons, an increase of 344.36% [8]. - The LME copper inventory increased from 13.90 to 14.36 million tons, an increase of 3.31%. The COMEX - LME copper price difference decreased, but US copper was still difficult to flow out, and both COMEX and LME inventories entered the accumulation stage [8]. - The COMEX copper inventory increased from 517,999 to 542,914 short tons, an increase of 4.81% [8]. - The global total inventory increased from 93.57 to 98.58 million tons, an increase of 5.35% [8]. - **Profit Data (1.12 - 1.16)**: - The smelting comprehensive profit (spot) increased from - 4470 to - 2732 yuan/ton, an increase of 38.87%. The smelting loss was repaired due to the relatively weak performance of the external market and the strengthening of the exchange rate [8]. - The smelting comprehensive profit (long - term contract) increased from - 2213 to - 424 yuan/ton, an increase of 80.86% [8]. - The import profit decreased from - 1248 to - 1627 yuan/ton, a decrease of 30.36% [8]. - **Macro and Fundamental Analysis**: - Macro: The US employment market remained resilient, strengthening the expectation that the Fed would keep interest rates unchanged in the next few months. The change of the next Fed Chairman candidate cooled the interest rate cut expectation, the US dollar index strengthened, and geopolitical risks rose. Trump announced a 10% tariff on goods imported from multiple countries starting from February 1st, increasing market uncertainty and the risk of copper price fluctuations [11]. - Fundamental: Trump postponed the tariff on key minerals (copper is on the US key minerals list), which eased the tariff expectation, narrowed the price difference, and weakened the siphon effect. The pressure of domestic inventory accumulation increased, suppressing the upward momentum of copper prices. In the medium - to - long - term, the tight supply pattern of copper mines remained unchanged, supporting the central price of copper [11]. 3.2 Part 02: Copper Industry Chain - **Price, Spread, Cost, and Profit**: - The report presents historical data on SMM1 electrolytic copper premium/discount, Shanghai copper term structure, Shanghai copper main contract closing price, Shanghai - London ratio, LME3 closing price, LME (0 - 3) premium/discount, electrolytic copper comprehensive profit, spot copper import profit, feed - in processing spot export profit, and electrolytic copper comprehensive profit (long - term contract) [13][16][18][20][22]. - **Supply and Demand**: - **Supply**: It includes data on the production of copper concentrates in Chile and Peru, copper concentrate imports, scrap copper imports, crude copper imports, electrolytic copper production, and electrolytic copper imports [28][32][33]. - **Demand**: - **Copper Rod - Cable**: It shows data on the operating rate of refined copper rods, copper rod raw material inventory, copper rod finished product inventory ratio, wire and cable operating rate, and enameled wire operating rate [34]. - **Cable Terminal - Power Grid**: It provides data on cumulative and monthly power grid investment completion and power source investment completion [36]. - **Copper Tube - Air Conditioner**: It includes data on the operating rate of copper tubes, copper tube raw material inventory ratio, copper tube finished product inventory, household air - conditioner production, domestic sales, and export volume [45]. - **Copper Plate and Strip**: It shows data on the operating rate of copper plates and strips, copper plate and strip raw material inventory, and copper plate and strip raw material inventory ratio [47]. - **Terminal - Automobile**: It provides data on automobile production, new - energy automobile production, automobile sales, and new - energy automobile sales [53]. - **Brass Rod - Real Estate**: It includes data on the operating rate of brass rods, 30 - city commercial housing transaction area, cumulative and monthly housing completion area [57]. - **Copper Inventory**: It presents data on China's electrolytic copper social inventory, global refined copper inventory, LME cancelled warrants and their proportion, SHFE copper inventory warrants, COMEX electrolytic copper inventory, and LME electrolytic copper inventory [61]. 3.3 Part 03: Capital Positions - **Copper External Market Positions**: - On January 13th, the non - commercial long - position ratio of CFTC was 36.1%, showing a weakening trend recently [68]. - On January 9th, the net long position of LME investment funds was 49,251.04 lots, a week - on - week decrease of 9087.96 lots [69]. - **Shanghai Copper Capital Positions**: Last week, the total position of Shanghai copper decreased by 37,691 lots to 643,590 lots (one - side) [73].

Core Viewpoint - The report from CICC indicates that the Trump administration's decision to postpone tariffs on critical minerals may lead to a cooling of speculative sentiment in the precious metals market, with a more stable upward movement expected for gold prices this year [1] Group 1: Precious Metals Market Dynamics - The prices of precious metals like silver and gold have shown strong performance since December, driven by expectations of Federal Reserve rate cuts and inventory tightness during delivery periods [1] - Silver inventory at the London Bullion Market Association (LBMA) increased to 27,800 tons by the end of last year, but actual inventory levels remain constrained due to simultaneous increases in U.S. and European silver ETFs [1][2] - The market anticipates the U.S. government's tariff policy on critical minerals to be finalized soon, with a significant increase in actual delivery demand for COMEX silver futures observed in early January [2] Group 2: Geopolitical and Economic Factors - Global macroeconomic uncertainties and geopolitical risks have led to a rise in safe-haven trading, supporting demand for precious metals [2] - The Trump administration's announcement on January 14 to delay tariff decisions may reduce short-term trade disruption risks, potentially cooling speculative sentiment in the silver market [3] Group 3: Future Outlook for Gold and Silver - CICC believes that gold prices may experience a more stable upward trend compared to silver, with potential adjustments providing investment opportunities [4] - The market's cautious pricing of interest rate cuts by the Federal Reserve suggests limited adjustment space for gold, while silver faces ongoing inventory concerns and tariff risks, indicating greater price volatility [4]

贝森特上周日表示，最高法院"不太可能"推翻特朗普利用紧急权力征收关税的决定。"我认为最高法院 不太可能否决总统标志性的经济政策。他们没有否决奥巴马医改，我相信最高法院也不想制造混乱。" 今日周一(1月19日)亚盘时段，白银期货目前交投于22837一线上方，今日开盘于22200元/千克，截至发 稿，白银期货暂报23040元/千克，上涨2.09%，最高触及23577元/千克，最低下探21447元/千克，目前来 看，白银期货盘内短线偏向震荡走势。 打开APP，查看更多高清行情>> 【要闻速递】 美国最高法院正在权衡他利用《1977年国际紧急经济权力法》（IEEPA）来为其诸多针对特定国家的关 税辩护是否合法。下级法院已裁定特朗普在使用该法时超越了权限，反对者表示该法规文本中并未提及 关税。 沪银预判的支撑在21000，沪银最低在21500附近，继续等待调整结束，沪银溢价迅速收敛至2100元/ 克。银价看涨情绪依旧强劲。沪银主力合约参考运行区间22200-23500区间。 贝森特表示，特朗普对欧洲针对格陵兰岛征收的新关税是对紧急情况的回应。"国家的紧急状态就是要 避免一场国家级的紧急状态，"贝森特说。"这是总统的战略 ...

Group 1 - The World Economic Forum (WEF) is experiencing heightened interest this year, largely due to the presence of U.S. President Trump and his administration, marking a significant shift in the forum's dynamics [1][4][5] - Trump's agenda, including trade policies and geopolitical maneuvers, is expected to dominate discussions at the forum, overshadowing traditional topics like climate change and diversity [2][7] - The forum will feature a record number of attendees, including over 3,000 participants, 850 CEOs, and more than 60 heads of state, indicating a strong focus on global leadership and corporate influence [6][9] Group 2 - The official agenda includes discussions on innovation, economic growth, and balancing economic development with climate protection, but the focus may shift towards U.S. policies under Trump's administration [2][5] - The forum's theme, "Spirit of Dialogue," aims to address issues like polarization and the changing global power dynamics, reflecting the current geopolitical landscape [7][8] - The impact of artificial intelligence on employment and skills is anticipated to be a significant topic of discussion, highlighting the intersection of technology and labor markets [8] Group 3 - Companies are eager to shift focus from cost-cutting to growth strategies, with many CEOs expressing a desire to explore mergers and new investment opportunities at the forum [9][10] - The transformation of the venue, "America House," into a central hub for U.S. government activities reflects the increased involvement of American officials and the strategic importance of the forum this year [3][6] - The ongoing geopolitical tensions, including conflicts in Ukraine and Gaza, are also expected to be key discussion points among global leaders [2][4]

Report Industry Investment Rating No relevant content provided. Report's Core View - Gold is affected by the resurgence of risk aversion, while silver is influenced by tariff expectation fluctuations. Copper prices are under pressure due to the strengthening of the US dollar. Zinc is in a range - bound oscillation. The decrease in overseas lead inventories restricts price declines. Attention should be paid to tin resource stockpiling. Aluminum is grinding at a high level, and alumina is in a resonant decline. Cast aluminum alloy follows the trend of electrolytic aluminum. Platinum faces upward pressure due to a significant outflow from ETFs, and palladium follows a range - bound oscillation. Nickel prices fluctuate widely due to repeated statements from Indonesia, and stainless - steel prices are supported by the rise in nickel - iron prices [2]. Key Points by Commodity Gold and Silver - **Core view**: Gold is affected by risk aversion, and silver by tariff expectations [2]. - **Market data**: For gold, the Shanghai gold 2602 contract closed at 1,035.20 yuan with a daily decline of 0.52%, and the night - session price rose 0.04%. The Comex gold 2602 closed at 4,620.50 dollars with a 0.29% decline. The SPDR gold ETF increased its position by 1 ton. For silver, the Shanghai silver 2602 contract closed at 22,713 yuan with a 0.41% decline, and the night - session price rose 1.40%. The Comex silver 2602 closed at 92.210 dollars with a 1.05% decline. The SLV silver ETF reduced its position by 180 tons [4]. - **News**: Trump plans to impose tariffs on eight European countries from February 1st, and the EU may counter - impose tariffs on 93 billion euros of US goods. The hottest candidate for the Fed chairmanship has changed [4]. Copper - **Core view**: Copper prices are under pressure due to the strengthening of the US dollar [2]. - **Market data**: The Shanghai copper main contract closed at 100,770 yuan with a 1.75% decline, and the night - session price rose 2.87%. The LME copper 3M electronic disk closed at 12,809 dollars with a 2.59% decline. The inventory of Shanghai copper decreased by 2,300 tons, and that of LME copper increased by 2,450 tons [7]. - **News**: The production of Codelco in November decreased by 3% year - on - year. The US government may lift the mining ban in Minnesota. Codelco plans to extend the life of the Radomiro Tomic copper mine. The State Grid's "15th Five - Year Plan" investment is expected to reach 4 trillion yuan, a 40% increase [7][9]. Zinc - **Core view**: Zinc is in a range - bound oscillation [2]. - **Market data**: The Shanghai zinc main contract closed at 24,750 yuan with a 1.36% decline, and the LME zinc 3M electronic disk closed at 3,207.5 dollars with a 3.20% decline. The inventory of Shanghai zinc decreased by 252 tons, and that of LME zinc decreased by 175 tons [10]. - **News**: Canada will import 49,000 Chinese electric vehicles at a preferential tariff rate. The hottest candidate for the Fed chairmanship has changed [11]. Lead - **Core view**: The decrease in overseas lead inventories restricts price declines [2]. - **Market data**: The Shanghai lead main contract closed at 17,475 yuan with a 0.43% decline, and the LME lead 3M electronic disk closed at 2,037.5 dollars with a 2.81% decline. The inventory of Shanghai lead increased by 1,191 tons, and that of LME lead decreased by 5,050 tons [13]. - **News**: The hottest candidate for the Fed chairmanship has changed. Trump postponed the decision to use force against Iran [14]. Tin - **Core view**: Attention should be paid to tin resource stockpiling [2]. - **Market data**: The Shanghai tin main contract closed at 405,240 yuan with a 6.41% decline, and the night - session price fell 8.42%. The LME tin 3M electronic disk closed at 47,708 dollars with a 9.60% decline. The inventory of Shanghai tin decreased by 64 tons, and that of LME tin increased by 10 tons [17]. - **News**: Trump plans to impose tariffs on eight European countries, and France may use EU anti - coercion tools [19]. Aluminum, Alumina, and Cast Aluminum Alloy - **Core view**: Aluminum is grinding at a high level, alumina is in a resonant decline, and cast aluminum alloy follows the trend of electrolytic aluminum [2]. - **Market data**: The Shanghai aluminum main contract closed at 23,925 yuan with a 450 - yuan decline. The LME aluminum 3M closed at 3,129 dollars with a 43 - dollar decline. The Shanghai alumina main contract closed at 2,751 yuan with a 38 - yuan decline. The aluminum alloy main contract closed at 22,735 yuan with a 420 - yuan decline [20]. - **News**: The hottest candidate for the Fed chairmanship has changed. Trump plans to impose tariffs on eight European countries [22]. Platinum and Palladium - **Core view**: Platinum faces upward pressure due to a significant outflow from ETFs, and palladium follows a range - bound oscillation [2]. - **Market data**: No specific price data provided. - **News**: China will expand both exports and imports during the "15th Five - Year Plan" period. US - led coalition fighter jets flew over the conflict area in northern Syria [24]. Nickel and Stainless Steel - **Core view**: Nickel prices fluctuate widely due to repeated statements from Indonesia, and stainless - steel prices are supported by the rise in nickel - iron prices [2]. - **Market data**: The Shanghai nickel main contract closed at 141,350 yuan with a 5,400 - yuan decline. The stainless - steel main contract closed at 14,275 yuan with a 140 - yuan decline. The price of 8 - 12% high - nickel pig iron increased by 5 yuan [26]. - **News**: Indonesia has suspended issuing new smelting licenses. The Chinese government has implemented export license management for some steel products. Indonesia may revise the benchmark price formula for nickel ore [26][27].