12月29日，国内期市有色金属板块大面积飘红。其中，沪锡期货盘面表现偏强，截至发稿主力合约震荡 走高1.76%，报343910.00元/吨。 展望后市，广州期货表示，当前市场交易重心仍偏向于全球流动性预期、相对韧性的宏观经济及半导 体、AI等新兴领域带来的需求增长预期，技术上看多头趋势并未结束，但来自缅甸锡矿进口量保持增 长，印尼锡锭出口恢复，且高价对现实消费形成明显抑制，内外锡锭库存继续累增，短期基本面利多相 对有限，维持谨慎偏多，继续关注资金行为，SN2602合约波动参考34-36万。 消息上，据华联期货介绍，锡作为重要的战略金属，其市场稳定对国民经济诸多领域具有深远意义，近 日中国有色金属工业协会锡业分会与中国电子行业协会电子材料锡焊料分会联合呼吁市场各方保持理性 谨慎态度，切忌盲目跟风，客观判断市场行情，提高风险意识，共同营造健康理性的市场环境。 供应端，东海期货指出，云南江西两地冶炼开工率高位持稳，达到69.75%，环比上升0.41%，处于今年 以来高位，数据显示11月我国自缅甸进口锡矿达到7190吨，远高于去年同期的3081吨，已经恢复至22- 23年水平的三分之二左右，缅甸佤邦复产节奏加快，供应 ...

格隆汇12月28日｜中泰证券表示，展望后市，春节前行情整体仍具备上行空间，短期仍有逢低布局机 会。当前阶段，制约市场的主要风险因素已较前期明显弱化，风险偏好有望维持较高水平。从外部环境 看，前期市场对全球流动性预期收紧以及美股高估值AI板块回调的担忧有所缓解。需要强调的是，当 前市场更符合"底部夯实后、为春节前行情做准备"的阶段特征，而非主升浪已正式开启。当前市场资金 更多采取"逢低布局、结构切换"的参与方式，而非在高位进行趋势性加仓。这决定了短期行情更可能 以"震荡中逐步抬高重心、内部结构持续调整"的方式演绎，而非快速拉升并形成单边、持续的赚钱效 应。 ...

广发期货EDP 投资咨询业务资格: 证监许可【2011】1292号 2025年12月18日 欢迎关注微信公众号 | | | | 【每日精选观点】 | | | --- | --- | --- | --- | --- | | | 品种 | 合約 | 观点 | | | | 锡 甲醇 | SN2601 MA2605 | 震荡偏强 短期偏强 | | | | 焦煤 | JM2605 | 底部反弹 | | | | 棕榈洲 | P2605 | 逢高空 | | | | 铂、锂 | PT2606/PD | 逢低多 | | | | | 2606 | 【全品种日评】 | | | 板块 | 品种 | 主力合约 | 点评 | 操作建议 | | | | IF2512 | | 美联储本次会后公布决定继续降息25bp,其发言 态度对通胀乐观,并将启动短债买入,超预期鸽 | | | 股指 | IH2512 | 顺周期领衔反弹,A股明显回暖 | 派,短期全球流动性预期改善,但日央行加息预期 | | | | IC2512 | | 影响叠加下,市场缺乏上涨合力,下方空间亦有限 | | | | IM2512 | | 。当前主线未明,谨慎观望为主。 | ...

Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report [3] Group 2: Core Views of the Report - The Fed decided to cut interest rates by 25bp, with an unexpectedly dovish stance, improving short - term global liquidity expectations, but the market is still affected by the Bank of Japan's interest rate hike expectations and is in a state of shock and correction [3] - Market sentiment has improved, and interest rates have declined slightly. The performance of Treasury bond futures is differentiated, with large expected fluctuations [3] - The US non - farm payroll data is relatively weak. Precious metals rebounded after a decline during the session, with platinum and palladium showing a strong trend [3] - The iron ore inventory at ports has increased as iron - making output has decreased, and iron ore has rebounded in shock [3] - The second round of coke price cuts in December has been implemented, and the port trade price has led the decline [3] Group 3: Summaries by Relevant Catalogs Daily Selected Views - Carbonate lithium (LC2605) is expected to fluctuate strongly; Styrene (EB2602) is expected to fluctuate weakly; Coking coal (JM2605) is expected to rebound from the bottom; Palm oil (P2605) is expected to fluctuate weakly [3] All - Variety Daily Reviews and Operation Suggestions Stock Index Futures - Affected by concerns about Asia - Pacific market liquidity, stock index futures have corrected across the board. With the current market trend unclear, it is recommended to be cautious and wait and see [3] Treasury Bond Futures - The market sentiment has warmed up, and interest rates have declined slightly. The performance of Treasury bond futures is differentiated. It is recommended to wait and see in the short term and look for positive arbitrage and basis widening opportunities in the 2603 contract [3] Precious Metals - Due to the relatively weak US non - farm payroll data, precious metals rebounded after a decline during the session. It is recommended to buy after a correction for gold; be cautious about silver entering the overbought zone; and maintain a low - buying strategy for platinum and palladium [3] Shipping Index (European Line) - The EC2602 contract of the container shipping index (European Line) is expected to fluctuate in the short term [3] Steel and Iron Ore - With iron - making output at a low level, it is recommended to go long on the January rebar - to - iron - ore ratio. Iron ore is expected to fluctuate upwards, with a reference range of 730 - 800 [3] Coking Coal and Coke - Coking coal is expected to rebound from an oversold position, with a reference range of 1000 - 1150, and it is recommended to do a 1 - 5 reverse spread. Coke is expected to rebound in shock, with a reference range of 1450 - 1600, and it is also recommended to do a 1 - 5 reverse spread [3] Non - Ferrous Metals - Copper prices are oscillating at a high level. It is recommended to wait and see in the short term and pay attention to the support at 90000 - 91000. Aluminum prices are oscillating, and it is recommended to go long at low prices. For other non - ferrous metals, different trading strategies are provided according to their fundamentals [3] New Energy - Carbonate lithium is expected to be strongly oscillating, and it is recommended to wait and see. Polysilicon is oscillating at a high level, with a reference range of 50000 - 60000 [3] Chemicals - Different chemical products such as PX, PTA, short - fiber, etc. have different supply - demand situations and price trends. Different trading strategies are recommended for each product, such as short - term high - level oscillation, reverse spread, etc. [3] Agricultural Products - Soybean meal and rapeseed meal are expected to fluctuate narrowly. Hog futures are in a bottom - grinding market. Corn is expected to adjust in shock. Oils are expected to be bearish in the short term. Sugar is expected to decline in shock. Other agricultural products also have corresponding price trends and trading suggestions [3]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The Fed's decision to cut interest rates by 25bp and its dovish stance have improved short - term global liquidity expectations, but the market has not formed an upward force. The Central Economic Working Conference in China has set the tone for a loose fiscal and monetary policy in 2026, which stabilizes confidence. Different futures varieties show various trends and investment opportunities based on their own fundamentals and market conditions [3] Summary by Relevant Catalog Daily Selected Views - For SN2601, the market is expected to be strong; for V2601, there is still an expectation of over - supply, and the price continues to seek the bottom; for rb2505, the market is expected to be weakly volatile; for O1605, the market is expected to be strongly volatile [3] Full - Variety Daily Reviews Financial - **Stock Index**: After the Fed's interest - rate cut and the Central Economic Working Conference in China, the A - share market showed a pattern of rising and then falling. The market trading sentiment is not high, and it is necessary to be cautious about the risk of chasing high in the volatile range. It is advisable to appropriately lay out a bull spread at low prices. The expectation of a loose monetary policy at the end of the year may rise again, and the 10 - year Treasury bond interest rate may decline towards 1.75%, with a downward space of about 6BP. In terms of strategies, one can participate in going long on the T contract on dips and try to go long on the TL contract with a light position. Also, pay attention to the positive arbitrage opportunity of the 2603 contract [3] - **Treasury Bonds**: After the Central Economic Working Conference, the expectation of a loose monetary policy has risen. In the short - term, the expectation of a loose monetary policy in the market may improve. One can participate in going long on the T contract on dips and try to go long on the TL contract with a light position. For the spot - futures strategy, pay attention to the positive arbitrage opportunity of the 2603 contract [3] - **Precious Metals**: The short - term gold price is approaching the previous high, and it is mainly recommended to buy on dips. The silver market may enter the over - bought range, and it is necessary to be cautious about chasing high and reduce long positions in a timely manner. The platinum - palladium market follows the fluctuations of gold and silver, and it is recommended to maintain a low - buying strategy [3] - **Container Shipping Index (European Line)**: The EC main contract fluctuates upward, and it is expected to fluctuate in the short - term [3] Metals - **Steel**: Negative feedback affects the steel price to be weak. Pay attention to the decline opportunity of the January rebar - iron ore ratio. For the hot - rolled coil, close the January hot - rolled coil - rebar spread position [3] - **Iron Ore**: With the decline of hot - metal production and the increase of port inventory, the iron ore market turns weakly volatile, and it is viewed as bearish in the range of 730 - 780 [3] - **Coking Coal**: The price - cut range of local coal prices expands, and the Mongolian coal price drops. The futures price shows a weak decline, and it is viewed as bearish in the range of 950 - 1100. One can go long on coke and short on coking coal [3] - **Coke**: The second round of price cuts for coke in December has started, and the port trading price has led the decline. It is viewed as bearish in the range of 1450 - 1600. One can go long on coke and short on coking coal [3] - **Copper**: The Fed cuts interest rates by 25bp. Pay attention to the structural risk of overseas inventory. Hold long positions in the long - term, and the main contract should pay attention to the support at 90000 - 91000 [3] - **Alumina**: Market pessimism spreads, and there is no obvious marginal change in the short - term fundamentals. The main contract operates in the range of 2400 - 2700. Short - term traders can lay out long positions on dips to bet on an emotional rebound [3] - **Aluminum**: The social inventory continues to decline weekly, and the macro - fundamentals resonate, making the market run strongly. The main contract operates in the range of 21700 - 22400. Buy on dips [3] - **Aluminum Alloy**: The futures price rebounds slightly following the aluminum price, and the aluminum - alloy - aluminum price spread expands to 1000. The main contract operates in the range of 20700 - 21400. Conduct an arbitrage of going long on AD03 and short on AL03 [3] - **Zinc**: The US dollar is weakly running. Inventory depletion and the decline of TC boost the zinc price. The main contract should pay attention to the support at 23000 - 23200. Continue to hold the cross - market reverse arbitrage [3] - **Tin**: The fundamentals are strong, and the tin price fluctuates at a high level. Pay attention to the US interest - rate decision. Hold the previous long positions, and adopt a low - buying strategy on dips [3] - **Nickel**: After the macro - factors are settled, the upward space of the price is limited, and the market continues to decline. The main contract operates in the range of 116000 - 120000 [3] - **Stainless Steel**: The market fluctuates and declines slightly. The supply pressure eases slightly, but the inventory depletion is insufficient. The main contract operates in the range of 12400 - 12800 [3] - **Industrial Silicon**: The coking coal futures price continues to decline, and the industrial silicon price fluctuates. The main contract operates in the range of 8000 - 8800 [3] New Energy - **Polysilicon**: The inventory increases slightly, and the polysilicon futures price continues to rise. It fluctuates at a high level, and the main contract operates in the range of 50000 - 60000 [3] - **Lithium Carbonate**: Affected by news and strong capital, the market rise expands. It fluctuates strongly, and it is advisable to wait and see [3] Chemicals - **PX**: The medium - term supply - demand expectation is tight, and the PX price has support at a low level. Treat it as a short - term high - level fluctuation [3] - **PTA**: The supply - demand expectation is strong in the near - term and weak in the long - term, and the driving force is limited. The PTA price mainly fluctuates at a high level in the short - term. Pay attention to the low - level positive arbitrage opportunity of TA5 - 9 [3] - **Short - Fiber**: The supply - demand expectation is weak, and it follows the raw material price fluctuation. The unilateral strategy is the same as that of PTA, and try to reduce the processing margin on the futures price when it is high [3] - **Bottle - Chip**: In December, the supply - demand pattern of bottle - chips remains loose, and it follows the raw material price fluctuation. The processing margin is expected to be squeezed. The unilateral strategy is the same as that of PTA. The processing margin of the main contract is expected to fluctuate in the range of 300 - 450 yuan/ton, and it is recommended to reduce the processing margin in the short - term [3] - **Ethanol**: The cost side drops, dragging the EG price to decline in a fluctuating manner. Wait and see [3] - **Benzene**: The port inventory continues to accumulate, and the supply - demand is weak in the near - term and strong in the long - term. The short - term driving force of BZ2603 is weak, and it may follow the fluctuations of styrene and oil prices [3] - **Styrene**: The supply - demand is in a tight balance, and there is certain support at the bottom. The EB01 fluctuates and consolidates at a low level in the short - term [3] - **LLDPE**: The upstream reduces the price to sell goods, and the transaction improves. Wait and see [3] - **PP**: The spot price is stable, and the basis strengthens slightly. Pay attention to the expansion of PDH profit [3] - **Methanol**: The near - term basis is firm, and the transaction is okay. Try to reduce the MTO margin of the 05 contract [3] - **Caustic Soda**: The supply - demand still has pressure, and it continues to run weakly. Treat it bearishly [3] - **PVC**: The contradiction of oversupply has not improved, and the market further weakens. Treat it bearishly [3] - **Soda Ash**: The production is at a high level, and the oversupply is prominent. The market continues to weaken. Hold short positions [3] - **Glass**: The production - sales ratio declines, and the spot price in some regions weakens. The market continues to explore the bottom. Treat it bearishly [3] - **Natural Rubber**: Pay attention to the geopolitical conflict between Thailand and Cambodia. Wait and see [3] - **Synthetic Rubber**: After the interest - rate cut, the BR price rises, but the supply in the upper and middle reaches is abundant. It is expected that there is pressure above. Adopt a short - selling strategy on rallies for BR2602, and pay attention to the pressure around 10800 [3] Agricultural Products - **Soybean Meal and Rapeseed Meal**: The US soybean market has no bright spots. Pay attention to the domestic soybean customs - clearance policy. The market is strong in the near - term and weak in the long - term [3] - **Pig**: The demand for curing bacon provides support. Pay attention to the epidemic situation. It is in a bottom - grinding market [3] - **Corn**: The increase in supply is limited, and the market fluctuates. It adjusts in a fluctuating manner [3] - **Edible Oil**: The soybean oil price follows the rapeseed oil price to rise. The palm oil price has support at 8000. The P main contract tests the support at 8000 [3] - **Sugar**: The domestic sugar - pressing progress is good. It fluctuates at the bottom [3] - **Cotton**: The purchase of Xinjiang seed cotton is over. Pay attention to the pressure situation around 14000 [3] - **Egg**: The sales at high prices slow down, and the supply is still abundant. It fluctuates weakly. Pay attention to the support strength at the previous low [3] - **Apple**: Traders mainly make inquiries, and the sales of apples slow down. It may fluctuate around 9500 in the short - term [3] - **Jujube**: There is supply pressure, and the market fluctuates at a low level. It runs at a low level [3]

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views of the Report - The Fed cut interest rates by 25bp, with an unexpectedly dovish stance, which is expected to improve global liquidity in the short - term and boost risk assets. A - shares may have short - term upward opportunities, but high - level chasing should be treated with caution [3]. - The pressure on the bond market to decline may have passed its peak, and the bond futures may return to a sideways trend in the short - term. There is a possibility of a phased rebound in the bond market later, and investors are advised to wait and see for now [3]. - Precious metals have increased fluctuations, and short - term gold prices need to build momentum to break the sideways pattern. Silver may face increased trading congestion, and investors should be cautious about chasing high prices [3]. 3. Summary by Categories 3.1 Daily Selected Views - **Bullish**: Tin (SN2601) is expected to be sideways with an upward bias; Methanol (MA2601) and rebar (rb2501) are expected to be sideways with an upward bias at the bottom [3]. - **Bearish**: Corn (C2601) is expected to be sideways with a downward bias [3]. 3.2 All - Variety Daily Reviews 3.2.1 Financial Products - **Stock Index Futures**: Due to the Fed's interest rate cut, short - term global liquidity expectations will improve, and A - shares have short - term upward opportunities. It is recommended to go long intraday but be cautious about high - level chasing, and consider using protective options or bull spread strategies [3]. - **Bond Futures**: The pressure on the bond market to decline may have passed, and bond futures may return to a sideways trend. It is recommended to wait and see for now and pay attention to the outcome of the Central Economic Work Conference. Positive arbitrage opportunities between TL and TF2603 contracts can be gradually considered [3]. - **Precious Metals**: Gold prices are fluctuating in the range of $4150 - 4260 and need to build momentum to break the sideways pattern. Silver may face increased trading congestion after a rapid rise. It is recommended to use a virtual option double - selling strategy for gold and be cautious about chasing high prices for silver [3]. 3.2.2 Industrial Products - **Steel and Iron Ore**: Steel prices have stopped falling and are expected to continue to move sideways. Iron ore is expected to weaken from its high - level sideways movement, and coking coal and coke are also expected to be bearish [3]. - **Non - ferrous Metals**: For copper, long - term long positions can be held. Aluminum prices are affected by the Fed's interest rate decision, and it is recommended to take profits for previous long positions and then go long again. For other non - ferrous metals, different trading strategies are provided according to their respective fundamentals [3]. - **New Energy and Chemicals**: Polysilicon futures are rising, while industrial silicon prices are falling. PX has support at low levels, while PTA and short - fiber are expected to be weak in the short - term. Different trading strategies are recommended for various chemical products based on their supply - demand situations [3]. 3.2.3 Agricultural Products - **Grains and Oils**: Corn is expected to be sideways with a downward bias, while soybean meal and rapeseed meal are expected to move in a narrow range. Palm oil has broken through support levels, and its main contract is testing the support at 8500 [3]. - **Livestock and Poultry**: The spot price of live pigs is expected to be sideways with an upward bias in the short - term due to pickling demand [3]. - **Other Agricultural Products**: Sugar is expected to move sideways at the bottom, cotton is expected to be sideways with an upward bias, and eggs are expected to be sideways with a downward bias [3].

Core Viewpoint - The remarkable 80% increase in the Shenwan primary industry non-ferrous metals index in the A-share market this year is driven by global liquidity expectations, supportive "anti-involution" policies, and new demands from AI and renewable energy [1][3]. Group 1: Market Performance - The non-ferrous metals index has surged by 80.45% year-to-date, with the copper index skyrocketing over 103% [5]. - Eight non-ferrous metal ETFs have attracted a total of 18.5 billion yuan in inflows this year, indicating strong investor interest [5]. - In the first week of December alone, nearly 1.2 billion yuan flowed into these ETFs, suggesting sustained buying momentum [5]. Group 2: Fund Flows and Sentiment - Recent data shows a net inflow of 394 million yuan into the non-ferrous metals sector, including rare earths and tungsten [5]. - There are signs of short-term speculative funds exiting the market, indicating a potential overheat in market sentiment [5]. - The enthusiasm for non-ferrous metal ETFs has created a "sentiment peak" as ETF subscription rates rise alongside stock price increases [5]. Group 3: Sector Differentiation - Copper is identified as the "king of metals," driven by its essential role in new energy and AI data center construction, making it a primary focus for investors [6]. - Precious metals like gold and silver are benefiting from increased global central bank purchases and expectations of interest rate cuts, showing strong independent performance [6]. - Aluminum is supported by supply-side constraints and demand trends towards lightweight materials, leading to a widely recognized valuation recovery [6]. Group 4: Future Drivers - The expectation of loose global liquidity is a core driver for the strong performance of non-ferrous metals, with a weak dollar expected to support a commodity bull market [8]. - Supply constraints are evident, particularly in copper, where major mining companies face challenges such as declining ore grades and rising extraction costs [8]. - Emerging demands from sectors like renewable energy and AI are anticipated to lead to explosive growth in the demand for metals such as copper, aluminum, lithium, and tin [8]. Group 5: Investment Outlook - Institutional investors remain bullish on non-ferrous metals, with predictions for copper prices to range between $10,000 and $12,000 per ton by 2026 [9]. - The overall market sentiment supports the likelihood of a cross-year rally in non-ferrous metals, with a focus on strong-performing varieties [9]. - The driving forces behind the rise in non-ferrous metals remain unchanged, suggesting continued upward potential in the coming year [9].

Market Performance - The three major US stock indices opened slightly higher, with the Dow Jones up by 0.49%, the S&P 500 up by 0.51%, and the Nasdaq Composite up by 0.65% [1] - The Nasdaq China Golden Dragon Index increased by 1.5% [1] Individual Stock Movements - Netflix's stock initially dropped by 4.4% but later turned positive after announcing a deal to acquire Warner Bros. Discovery's film studio and streaming business for $27.75 per share, valuing the company at approximately $82.7 billion [2] - In the tech sector, Facebook and Google saw gains of over 1%, while Apple and Nvidia experienced slight declines [2] - Intel rose by over 5%, with Micron Technology and AMD increasing by over 4%, and Broadcom and TSMC up by over 2% [2] Chinese Tech Stocks - Baidu led the Chinese tech stocks with a nearly 5% increase, while Dingdong Maicai surged over 11%, Huya rose by 8%, and New Oriental and Zhihu both increased by over 3% [3] - Xpeng Motors saw a rise of over 2% [3] Commodity Market - Precious metals experienced significant gains, with spot gold rising by 0.72% to nearly $4,240, and silver increasing by over 2.5% to $58.5 per ounce [6] - Copper prices surged by 2% to $11,679.5 per ton, driven by strong demand in the renewable energy and AI sectors [6] - WTI crude oil rose by 0.7% to $60 per barrel [6] Cryptocurrency Market - Bitcoin fell below the $90,000 mark, dropping over 2% to a low of $89,953.38, while Ethereum decreased by 2% and Solana by 5% [6] - Over 110,000 traders faced liquidation, with a total liquidation amount of $365 million [6] Economic Indicators - The US core PCE price index unexpectedly fell to 2.8%, below market expectations of 2.9% [7] - The probability of a 25 basis point rate cut by the Federal Reserve next week is estimated at 87.2% [8]

Market Overview - US stock indices opened slightly higher, with the Dow Jones up 0.49%, S&P 500 up 0.51%, and Nasdaq up 0.65% [1] - The Nasdaq China Golden Dragon Index increased by 1.5% [1] Stock Performance - Notable stock movements include Netflix, which initially dropped 4.4% but later turned positive after announcing a deal to acquire Warner Bros. Discovery's film studio and streaming business for $27.75 per share, valuing the company at approximately $82.7 billion [2] - In the tech sector, Facebook and Google saw gains of over 1%, while Apple and Nvidia were down [2] - Chinese tech stocks showed strong performance, with Baidu rising nearly 5%, Dingdong Maicai up over 11%, and Huya up 8% [3][4] Commodity Market - Precious metals experienced significant gains, with spot gold rising 0.72% to nearly $4,240 and silver increasing over 2.5% to $58.5 per ounce [6] - Copper prices surged by 2% to $11,679.5 per ton, driven by strong demand in the renewable energy and AI sectors [8] - The WTI crude oil price rose by 0.7% to $60 per barrel [8] Cryptocurrency Market - Bitcoin fell below $90,000, dropping over 2% to a low of $89,953.38, with Ethereum and Solana also experiencing declines [8][9] - Over 110,000 traders faced liquidation, totaling approximately $365 million [8] Economic Indicators - The US core PCE price index for September unexpectedly fell to 2.8%, below the expected 2.9%, indicating potential easing in inflation [10] - Market expectations suggest an 87.2% probability of a 25 basis point rate cut by the Federal Reserve next week [10]

Core Viewpoint - The non-ferrous metals sector has experienced a remarkable 80% increase in the Shenwan first-level industry index this year, driven by global liquidity expectations, supportive policies, and new demands from AI and renewable energy [1][3]. Group 1: Market Performance - The Shenwan non-ferrous metals index has risen by 80.45% year-to-date, with the copper index soaring over 103% [3]. - Eight themed ETFs in the non-ferrous metals sector have attracted a total of 18.5 billion yuan in investments this year, indicating strong market interest [1][3]. - In the first week of December alone, the non-ferrous metals index surged by 5.35%, outperforming all other sectors [1]. Group 2: Investment Trends - Institutional consensus is reflected in the significant net inflow of 18.5 billion yuan into non-ferrous metals ETFs, with the Southern Non-Ferrous Metals ETF alone attracting approximately 7.5 billion yuan [3]. - Recent data shows a net inflow of 394 million yuan into the non-ferrous metals industry over the past five days, including rare earths, tungsten, and copper [4]. Group 3: Supply and Demand Dynamics - The supply constraints in the copper market are expected to persist, with major copper companies facing challenges such as declining ore grades and rising extraction costs [6][7]. - The demand for metals like copper and aluminum is anticipated to surge due to emerging industries such as renewable energy and AI data centers, creating a favorable long-term outlook [7]. Group 4: Future Outlook - Analysts predict that basic metals like copper, aluminum, and tin will see improved performance by 2026 due to the combination of new demand and supply constraints [5]. - The market is currently optimistic about non-ferrous metals, with expectations of continued strong performance driven by solid fundamentals and a bullish market atmosphere [6][8].