1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - **Steel**: Cost has support, and opportunities to go long can be sought after the basis weakens. The industry is expected to enter a stage of strong supply and demand after the Two Sessions, but price rebound elasticity may be suppressed under high inventory [5]. - **Coking Coal and Coke**: Attention should be paid to the development of geopolitical conflicts. The market is greatly affected by geopolitical factors, and the uncertainty is strong. It is necessary to continue to pay attention to the changes in geopolitical themes [60]. - **Iron Ore**: BHP's iron ore supply is restricted again, and iron ore prices have risen significantly. Policy changes are frequent, and it is not recommended to chase highs or lows. Appropriate dips can be bought [112]. 3. Summary by Relevant Catalogs Steel - **Supply**: Affected by previous environmental protection restrictions, pig iron production continued to decline, with a decrease of 6.4 to 221.2 wt this week. Scrap steel daily consumption is slowly recovering, slightly weaker than the seasonal average. After the Two Sessions, production may gradually increase [5]. - **Demand**: Construction material demand is seasonally rising, with both supply and demand increasing. There is no sign of exceeding the seasonal average. Hot - rolled coil production has decreased following the recent decline in pig iron production, while apparent demand has slightly increased. Cold - rolled and medium - plate supply and demand are slightly stronger [5]. - **Inventory**: The inventory of the five major steel products is still accumulating, but the amplitude is narrowing. Only construction materials (rebar + wire rod) are still accumulating inventory, while plate inventory has begun to decline. The billet inventory also shows signs of reaching the peak and falling. The total inventory level of the five major steel products is at a historical neutral level, with construction material inventory being low and plate and billet inventory being slightly high [5]. - **Basis/Spread**: The basis of hot - rolled coil and rebar has declined. As of Friday, the basis of rb2605 in the East China region (Hangzhou) is 78, a week - on - week decrease of 14; the basis of hc2605 in the East China region (Shanghai) is - 25, a week - on - week decrease of 25 [5]. - **Profit**: After the Spring Festival, the increase in furnace charge prices is slightly higher than that of finished products, and the profitability of steel mills has weakened. The actual production profit is slightly higher than the statistical profit, and the rebar profit is slightly better than that of plates. The profitability rate of steel mills is 41.13%, with a weekly change of 3.03% [5]. - **Valuation**: The basis of hot - rolled coil has returned to a premium, while rebar is mostly in a discount structure. The basis of hot - rolled coil is more suitable for cash - and - carry arbitrage, and the spot liquidity is better. From an industrial perspective, the production profit corresponding to the futures price is meager, and the industrial relative valuation is not high [5]. - **Macro and Risk Appetite**: Geopolitical factors still affect the market. Although the black - metal sector's supply and demand are mainly domestic and less sensitive to geopolitical factors, there is an overflow effect on market sentiment. In the short term, coal may be affected, providing upward impetus through energy substitution and increased logistics costs [5]. - **Investment Viewpoint**: Short - term long. In the context of high inventory, the price rebound elasticity may be suppressed. The derivatives market is currently focused on the price pulse increase in the energy - chemical chain triggered by geopolitical issues. There is no unilateral trend - driving market, and pulse - type rebound bands can be participated in. After the recent basis weakens, attention can be paid to basis long or cash - and - carry arbitrage opportunities, with hot - rolled coil being the best choice [5]. - **Trading Strategy**: Unilateral: Participate in pulse - type rebounds. Arbitrage: The spread between hot - rolled coil and rebar is in the range of [140, 180]. Cash - and - carry: Opportunities for basis long or cash - and - carry arbitrage of hot - rolled coil [5]. Coking Coal and Coke - **Demand**: Downstream demand is gradually recovering, and the inventory accumulation amplitude is slowing down. During the Two Sessions, normal environmental protection restrictions were in place. The average daily pig iron production of 247 steel mills this week was 221.20 (- 6.39), and the profitability rate of steel mills was 41.13% (+ 3.03%). Although pig iron production decreased rapidly this week due to environmental protection restrictions during the Two Sessions, production resumed in the second half of the week, but the data did not reflect it [60]. - **Coking Coal Supply**: Domestic coal mines have resumed production quickly. The customs clearance of Mongolian coal at ports remains at a high level, and the port trade quotes are firm. However, the willingness to accept high - priced Mongolian coal is still insufficient, and most enterprises are still observing the price trend of coking coal and coke. The overseas coking coal price in Australia is weakly stable, and the forward price is slightly stronger due to the tense international situation [60]. - **Coke Supply**: During the Two Sessions, normal environmental protection restrictions were in place for coking plants. This week, the average daily coke production was 110.9 (-), and the coking profit was - 3 (- 20). Affected by the increase in the price of chemical by - products, although the coke price adjustment was implemented and the raw coal price increased, the actual profit of coking plants was relatively good [60]. - **Inventory**: The downstream procurement sentiment has increased. The supply of coal mines in the production areas is sufficient. Although the downstream inventory is still sufficient, affected by the sharp rise in crude oil prices, the market procurement sentiment has increased, and the inventory has shifted from upstream to downstream, which is beneficial to prices [60]. - **Basis/Spread**: After the first round of price cuts was implemented, the sharp rise in crude oil interrupted the price - cut cycle. After the first round of price cuts by steel mills, the warehouse - receipt cost is around 1680, and the trade warehouse - receipt remains around 1730 before the price cuts. The price of Mongolian raw coal has rebounded to around 1090, and the warehouse - receipt cost is around 1200 [60]. - **Profit**: The profitability rate of steel mills is 41.13% (+ 3.03%), and the coking profit is - 3 (- 20) [60]. - **Summary**: Geopolitical conflicts continue to dominate the market trend. The high - level volatility of crude oil has also driven the strengthening of other commodities. The market is mainly concerned about the situation in Iran. The Strait of Hormuz is still in a state of de - facto closure. The storage and continuous production characteristics of crude oil are still the biggest risk points in the future. It is necessary to continue to pay attention to the navigation situation in the strait. In the market, affected by the rise in crude oil prices, the downstream procurement sentiment has recovered, the coking coal and coke auction prices have mostly increased, and the coke price - cut cycle has temporarily stopped. There is no current plan to raise prices [60]. - **Trading Strategy**: Unilateral: Temporarily observe. Arbitrage: Consider gradually establishing cash - and - carry positions. Risk concerns: Changes in coal mine production policies, changes in steel demand, and macro - level disturbances [60]. Iron Ore - **Supply**: The Reuters shipping data this period shows a week - on - week increase of 12.7 tons per day to 417 tons per day. Among them, the shipping volume from Australia increased by 21.5 tons per day, that from Brazil decreased by 2.4 tons per day, and that from non - mainstream mines decreased by 6.4 tons per day to 68 tons per day. In terms of arrivals, the total arrivals in China increased by 24.8 tons per day week - on - week, with arrivals from Australia increasing by 23.4 tons per day, arrivals from Brazil decreasing by 20.3 tons per day, and arrivals from non - mainstream sources increasing by 21.7 tons per day [112]. - **Demand**: This period, the pig iron production of steel mills decreased by 6.39 to 221.2 tons week - on - week, mainly due to the phased emission reduction control requirements during the Two Sessions. After the end of the restrictions, pig iron production is expected to continue to increase in mid - March. The average daily port clearance volume of 47 ports has increased significantly to 332.33 tons, and the port inventory has increased by 52.49 tons, remaining higher than the same period last year and reaching a new high for the year. Affected by the low - inventory operation of steel mills, the in - plant inventory is still at a relatively low level in recent years [112]. - **Inventory**: The port inventory has increased slightly by 52.49 tons to 17947.32 tons, remaining higher than the same period last year and reaching a new high for the year [112]. - **Profit**: The profit of steel mills is at a low level [112]. - **Valuation**: The short - term valuation is neutral [112]. - **Summary**: There are rumors in the market about restrictions on the procurement of Newman powder, which has an impact on the market. Policy changes are frequent, and it is not recommended to chase highs or lows. Appropriate dips can be bought [112]. - **Investment Viewpoint**: Neutral [112]. - **Trading Strategy**: Unilateral: Buy on dips. Arbitrage: Temporarily observe. Risk concerns: Trade frictions and macro - level policies [112].

Group 1 - The core viewpoint of the article highlights the significant market movements, particularly the strong performance of China National Petroleum Corporation (CNPC), which has seen a market capitalization of 2 trillion yuan and achieved two consecutive limit-ups, a rare occurrence in its 19 years of listing [4][6] - The article notes that the recent surge in oil prices is driven by geopolitical tensions, with predictions from Goldman Sachs suggesting that if the situation in Iran continues, oil prices could rise to $120 per barrel [6] - The South China Sea crude oil LOF (listed open-end fund) was suspended and then quickly hit the limit-up again, indicating high demand despite a 30% premium in the market, which may not be sustainable in the long term [8][10] Group 2 - The article discusses the extreme market conditions and suggests an arbitrage opportunity by transferring shares from the off-market to the on-market, although current limits on subscriptions may restrict this strategy [10] - It emphasizes the importance of caution for investors looking to buy and sell in the market, as the premium may eventually disappear, leading to potential price corrections [8] - The overall market sentiment remains uncertain, with opportunities still present for those willing to analyze and navigate the complexities of the current investment landscape [11]

Group 1: Report Industry Investment Rating - The investment rating for copper is neutral, and the recommendation for arbitrage is to hold off, while the option strategy is to sell put options [8] Group 2: Core Viewpoints - As the Spring Festival approaches, downstream demand is decreasing, and the price of precious metals is still volatile. The price of copper is expected to range between 97,800 yuan/ton and 106,600 yuan/ton. It is not recommended to hold heavy positions during the Spring Festival holiday [8] Group 3: Summary by Directory 1. Market News and Important Data Futures Quotes - On February 11, 2026, the opening price of the main Shanghai copper contract was 101,660 yuan/ton, and the closing price was 102,180 yuan/ton, a 0.61% increase from the previous trading day's close. The opening price of the main Shanghai copper contract in the night session was 103,620 yuan/ton, and the closing price was 101,840 yuan/ton, a 0.26% increase from the afternoon close [1] Spot Situation - According to SMM, the spot price of SMM 1 electrolytic copper was at a discount of 100 yuan/ton to par against the current 2602 contract, with an average discount of 50 yuan/ton, a 55 yuan/ton decrease from the previous trading day. The price of SMM 1 electrolytic copper ranged from 101,100 to 101,530 yuan/ton [2] 2. Important Information Summary Macro and Geopolitical Aspects - In January, the US seasonally adjusted non - farm payrolls increased by 130,000, the largest increase since April last year. The unemployment rate was 4.3%, and the average hourly wage increased by 3.7% year - on - year. Traders now fully expect the Fed to cut interest rates in July, instead of June as previously expected. There are uncertainties regarding the North American trade agreement due to Trump's potential withdrawal [3] Mine End - Codelco's El Teniente project will have low production for about the next five years after a fatal accident last year. It is expected to produce 301,000 tons of copper this year. In December 2025, Codelco's copper production increased by 3.7% to 181,400 tons, while Escondida's production decreased by 16.5% to 111,500 tons, and Collahuasi's production decreased by 12.1% to 36,200 tons [4] Smelting and Import - The US has built up its largest copper inventory in decades. Traders are shipping copper to the US due to concerns about potential import tariffs. As of February 6, Comex copper inventory was about 534,405 tons, more than five times the level of a year ago. The total US copper reserve is estimated to be about 1 million tons, which can meet about 7 months of demand [5] Consumption - Spot trading was dull yesterday. Downstream enterprises are on holiday and inventory preparation is almost complete, leading to weak demand. The futures spread is in a contango structure, and holders are selling casually. In January 2026, the domestic copper rod production was 107,800 tons, a 3.21% decrease from December, with a comprehensive capacity utilization rate of 54.89%, a 1.83% decrease from the previous month [6] Inventory and Warehouse Receipts - LME warehouse receipts changed by 4,800 tons to 192,100 tons, SHFE warehouse receipts changed by 12,958 tons to 178,897 tons. On February 11, the domestic electrolytic copper spot inventory was 331,300 tons, a decrease of 4,500 tons from the previous week [7]

Core Viewpoint - The article discusses the challenges and perceptions surrounding investment and stock trading, particularly in the context of familial expectations and societal views on success and financial stability [1][2]. Group 1: Personal Experience and Perception - The author reflects on the misconception that simply attending university and moving to a big city guarantees financial success, highlighting the struggles faced in the workforce and entrepreneurship [1][4]. - There is a contrast between the author's current success in stock trading and the traditional views held by relatives, who equate investing with gambling and view it as a lack of ambition [2][3]. Group 2: Strategies for Managing Family Expectations - The author employs two main strategies to navigate family perceptions: 1. Downplaying income and expenses to avoid raising expectations and maintain a humble image [5][6]. 2. Involving relatives in small-scale investment opportunities, which allows them to perceive the author as a source of financial benefit, thus enhancing social standing within the family [8][10]. - The effectiveness of these strategies is noted, as they help to mitigate negative gossip and reinforce a positive reputation among relatives [7][9].

Core Viewpoint - The article discusses the dramatic collapse of silver prices, highlighting the role of retail investors and institutional players in creating a volatile market environment that led to significant losses for many individual investors [6][10][43]. Group 1: Market Dynamics - Retail investors injected a record $1 billion into silver ETFs in January, with trading volumes reaching $39.4 billion on January 26, nearly matching the S&P 500 ETF [15][16]. - The surge in interest was fueled by social media platforms, particularly Reddit, where discussions about silver reached 20 times the five-year average [19]. - Analysts noted that silver became severely overvalued, likening its rise to a speculative bubble detached from industrial demand [19][20]. Group 2: Triggering the Collapse - On January 30, silver experienced a massive sell-off, with prices dropping significantly before the announcement of Kevin Warsh's nomination as Fed Chair, which was incorrectly blamed for the crash [21][22][24]. - The real catalyst for the collapse was the Chicago Mercantile Exchange's (CME) decision to raise margin requirements for silver futures by 50%, forcing many retail investors to liquidate their positions [27][36]. Group 3: Institutional Advantage - While retail investors faced forced liquidations due to margin calls, institutional players were positioned to benefit from the chaos, utilizing emergency liquidity from the Federal Reserve [30][32]. - Institutions like JPMorgan were able to exploit the situation by buying silver at depressed prices during the sell-off, showcasing a structural advantage over retail investors [39][42]. Group 4: Conclusion on Market Fairness - The article concludes that financial markets are not a level playing field, with retail investors often at a disadvantage against institutional players who can leverage their resources and market knowledge [44][46].

Group 1 - The iMoutai app experienced significant access issues on February 5, with users unable to log in and purchase Moutai due to server overload, leading to speculation about server failure [1] - The market price of Moutai has seen a recent surge, with a price difference of 150 to 200 yuan per bottle between the iMoutai purchase price and the market price, causing a doubling in the price of proxy purchasing services [1] - The wholesale price of Feitian Moutai stabilized at 1665 yuan per bottle, while retail prices returned to around 1750 yuan per bottle, indicating volatility in the market [3] Group 2 - iMoutai reported significant user growth after launching the 1499 yuan Moutai, with 6.28 million new users in the first month and over 1.53 million monthly active users [3] - The total number of transactions exceeded 2.12 million, with over 1.43 million orders for the 500ml Guizhou Moutai, indicating strong demand [3] - The price for reselling Moutai on secondary platforms has increased, with sellers listing prices between 1650 and 1699 yuan per bottle, creating an arbitrage opportunity of around 200 yuan [3]

Group 1 - The article discusses the divergence between silver and copper prices and the potential for a market crash, emphasizing the risks of short-selling in such a volatile environment [2][8]. - It highlights the importance of not giving unsolicited investment advice, as it can lead to misunderstandings and potential blame if the advice does not yield positive results [9][10]. - The article mentions the challenges of timing market movements, particularly in relation to the Federal Reserve's actions, which can significantly impact commodity prices [8][14]. Group 2 - The piece reflects on the emotional burden of advising friends on investments, particularly when outcomes are uncertain, and the potential for regret if the advice leads to losses [3][4]. - It suggests that the best approach to discussing investments is to focus on general strategies rather than specific actions, to avoid the pitfalls of accountability for others' financial decisions [7][10]. - The article concludes with a sentiment that emphasizes the unpredictability of market downturns and the necessity of being cautious in investment discussions [8][14].

Core Viewpoint - The domestic stock market is currently facing significant pressure, with a notable trend of manipulation by major players leading to a bearish sentiment and a lack of viable investment opportunities [1][3]. Market Analysis - The market is experiencing a structural bear phase, with a significant number of stocks in continuous decline, indicating a potential systemic risk [3]. - The buy-side strength recorded over 3000, suggesting that the market is adapting to the pressure from major players, focusing on specific breakout points rather than broad-based recovery [3]. - Excluding the performance of gold and silver stocks, the market has effectively entered a bear market, highlighting the concentration of buying power in select sectors [3]. Trading Strategies - The article suggests that trading strategies should pivot towards commodities like gold and silver, which are experiencing price increases, rather than remaining focused on the domestic stock market [1][5]. - The use of T+0 trading strategies for ETFs is recommended, as it allows for easier execution of low buy and high sell transactions within a defined range [1]. Hotspot Analysis - The current market hotspots are concentrated in gold and non-ferrous metals, with 25 and 23 stocks respectively hitting the daily limit up, contrasting sharply with other sectors that show limited activity [5]. - The article emphasizes that the market is not conducive to traditional investment strategies, as major players are manipulating prices, making it difficult for retail investors to find profitable opportunities [5]. Continuity Data - Recent data indicates a significant increase in the number of stocks experiencing consecutive declines, with 1504 stocks showing three consecutive down days, suggesting a deteriorating market environment [7]. - The success rate for buying into stocks that have recently declined is low, with only a 20% success rate for stocks that have dropped for three consecutive days, indicating a challenging trading environment [7].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views - The market has complex trends with different varieties showing various performances such as oscillation, strength, or weakness, and is affected by multiple factors including geopolitical situations, supply - demand relationships, and cost changes [3]. 3. Summary by Variety Metals - **Zinc (ZN2603)**: Oscillation with a bullish bias, overseas smelting cost increase drives the price up, hold cross - market reverse arbitrage [3]. - **Methanol (MA2605)**: Oscillation with a bullish bias, pay attention to geopolitical changes and take profit on long positions when the situation eases [3]. - **Iron Ore (I2605)**: Weak adjustment, Vale's accident but the price is still under pressure, short positions can be set up around 800 [3]. - **Palm Oil (P2605)**: Short - term bullish, may try to break through 9300 [3]. - **Gold (AU2604)**: Bullish oscillation, take profit on long positions at high prices, buy out - of - the - money call options [3]. - **Copper (CU2603)**: CL premium narrows and spot discount widens, take profit on long positions at high prices, and focus on the 99000 - 100000 support level [3]. - **Aluminum (AL2603)**: The dollar drops to a four - year low, driving the price up strongly. Wait for a pullback to set up long positions in the 23500 - 25000 range [3]. - **Tin (SN2603)**: The price rises at the end of the session but spot trading is cold. Be cautious in the short - term, consider low - buying after the sentiment stabilizes [3]. - **Nickel (NI2602)**: The driving force is limited after the news is digested, conduct range - bound trading in the 140000 - 150000 range [3]. - **Stainless Steel (SS2603)**: Oscillation adjustment, the main contract ranges from 14200 to 15000 [3]. - **Industrial Silicon (Si2605)**: Spot price stabilizes, futures price rises and then falls, the main contract ranges from 8200 to 9200 [3]. Energy and Chemicals - **PX (PX2603)**: High - level oscillation before the holiday, short - term range is 7100 - 7500, bullish in the medium - term [3]. - **PTA (TA2605)**: High - level oscillation before the holiday, short - term range is 5100 - 5400, bullish in the medium - term [3]. - **Short - fiber (PF2603)**: Follow raw materials, do positive arbitrage in TA5 - 9, shrink processing fees at high levels [3]. - **Bottle Chips (PR2603)**: Multiple devices are under maintenance and factories are destocking, processing fees are supported, ranging from 400 - 550 yuan/ton [3]. - **Ethanol (EG2605)**: Positive arbitrage opportunity, sell out - of - the - money put options EG2605 - P - 3800 at high prices [3]. - **Pure Benzene (BZ2603)**: Supply - demand improves but high inventory suppresses, wait and see, shrink the EB - BZ spread at high prices [3]. - **Styrene (EB2603)**: Supply - demand weakens and high valuation pressures the price, wait and see, shrink the EB - BZ spread at high prices [3]. - **LLDPE (L2605)**: Trading volume decreases, wait and see [3]. - **PP (PP2605)**: Supply - demand is weak, price oscillates, wait and see [3]. - **Caustic Soda (SH2603)**: Supply pressure is high, price center moves down, short on rebounds [3]. - **PVC (V2605)**: May enter wide - range oscillation, short - term low - buying, wait and see on short positions [3]. - **Urea (UR2605)**: Take profit on long positions, short at high prices [3]. - **Soda Ash (SA2605)**: Oscillation is weak, wait and see [3]. - **Glass (FG2605)**: Supply - demand is weak, pay attention to production lines and inventory changes, wait and see [3]. Agricultural Products - **Soybean Meal (M2605)**: Strong bottom support, range oscillation [3]. - **Live Pigs (FH2603)**: Supply - demand game intensifies, range oscillation [3]. - **Corn (C2603)**: Oscillation [3]. - **Sugar (SR2605)**: Spot trading slows down, range - bound with a bearish bias [3]. - **Cotton (CF2605)**: Spot is stable, pay attention to the support at 14400 - 14500 [3]. - **Eggs (JD2603)**: Spot is stable with a bullish bias, range oscillation [3]. - **Apples (AP2605)**: Demand increases, participate in the rebound with a light position [3]. - **Red Dates (CJ2605)**: Stocking is nearing the end, range - bound with a bearish bias [3]. Financial Futures - **Stock Index Futures (IF2603, IC2603, IH2603, IM2603)**: Broad - based indexes oscillate in a range, theme industries rise structurally, control portfolio risks and reduce long positions [3]. - **Treasury Bond Futures (T2603, TF2603, TS2603, TL2603)**: The bond market is in an oscillatory pattern, conduct range - bound operations, and pay attention to positive arbitrage in TL and T contracts [3]. - **Precious Metals Futures (AU2604, AG2604, PT2606, PD2606)**: The price trends of precious metals diverge, take profit on gold long positions at high prices, and be careful with silver and platinum [3]. Building Materials - **Steel (RB2605)**: Steel price is stable, the spread between hot - rolled coil and rebar widens, hold long positions on the spread [3]. - **Coking Coal (JM2605)**: Coal prices in Shanxi loosen, Mongolian coal price falls from a high, take a bearish view on single - side trading, do long coking coal and short coke [3]. - **Coke (J2605)**: Coke price increase is hard to implement, take a bearish view on single - side trading, do long coking coal and short coke [3]. - **Silicon Ferrosilicon (SF603)**: No major supply - demand contradiction, cost may rise, wide - range oscillation [3]. - **Manganese Silicon (SM605)**: Ore replenishment is nearly over, supply - demand improves, wide - range oscillation [3]. - **Alumina (AO2605)**: Local alumina plants have frequent overhauls, sell out - of - the - money put options at the price lower limit and short at high prices [3].

1. Report Industry Investment Rating - Copper: Neutral - Arbitrage: Suspended - Options: Sell put options [8] 2. Core View of the Report In the context of strong precious metals, the non - ferrous sector is unlikely to experience a significant correction. Even at the end of the year with high inventories, copper prices mainly fluctuate strongly. As the Spring Festival approaches, inventory accumulation is expected to continue. For enterprises with hedging needs, if copper prices hover around 100,000 yuan/ton, it is recommended to conduct hedging operations on a two - week usage cycle and not to build excessive virtual inventories for now [8] 3. Summary by Relevant Catalogs 3.1 Market News and Important Data 3.1.1 Futures Quotes On January 26, 2026, the opening price of the main Shanghai copper contract was 102,800 yuan/ton, and the closing price was 101,880 yuan/ton, a 0.53% decrease from the previous trading day's close. The opening price of the main Shanghai copper contract in the night session was 103,260 yuan/ton, and the closing price was 103,460 yuan/ton, a 0.68% increase from the afternoon close [1] 3.1.2 Spot Situation The spot price of SMM 1 electrolytic copper was at a discount of 300 - 160 yuan/ton to the 2602 contract, with an average discount of 230 yuan, a 50 - yuan decrease from the previous day. The spot price ranged from 102,200 to 102,670 yuan/ton. It is expected that the spot discount will remain under pressure. If downstream purchasing willingness remains weak, the market may continue the pattern of deep discounts and low trading volumes [2] 3.1.3 Important Information Summary On Monday, the precious metals market fluctuated sharply. COMEX silver once soared by over 16%, and spot silver rose by nearly 14%, but then both fell back. COMEX gold and spot gold once broke through the 5000 - dollar and 5100 - dollar marks, and finally closed up 0.5%. Spot palladium once rose 7% but ended up falling over 3%. Geopolitically, the European Parliament has not decided whether to resume the approval process of the EU - US trade agreement. Economically, in November 2025, US durable goods orders increased by 5.3% month - on - month, far exceeding expectations [3] 3.2 Mining End On the evening of January 23, Zangge Mining announced that the second - phase project of Julong Copper Mine of its subsidiary was officially put into operation on January 23, 2026. After reaching production capacity, the annual ore mining and processing scale will increase from 45 million tons to 105 million tons, and the annual output of copper ore will increase from 190,000 tons in 2025 to about 300,000 - 350,000 tons [4] 3.3 Smelting and Import From the close of trading on January 28, 2026, the daily price limit range of listed international copper futures contracts will be adjusted to 9%, the trading margin ratio for hedging positions to 10%, and the general trading margin ratio to 11%. Last week, LME copper inventories accelerated accumulation, reaching 171,700 tons, the highest in eight months. SHFE copper inventories also continued to accumulate, reaching 225,937 tons, the highest in nine and a half months [5] 3.4 Consumption In the past week, the operating rate of domestic refined copper rod enterprises was 67.98%, a 10.51 - percentage - point increase from the previous week and a 16.03 - percentage - point increase year - on - year. The operating rate of copper cable enterprises was 58.71%, a 2.72 - percentage - point increase from the previous week and a 15.87 - percentage - point increase year - on - year. It is expected that next week, the operating rate of refined copper rod enterprises will rise to 71.20%, and that of copper cable enterprises to 60.23% [6][7] 3.5 Inventory and Warehouse Receipts LME warehouse receipts changed by 3450 tons to 170,525 tons, SHFE warehouse receipts changed by - 1479 tons to 145,314 tons. On January 26, the domestic electrolytic copper spot inventory was 324,500 tons, a decrease of 5700 tons from the previous week [7]