1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The medium - and long - term upward trend of copper prices remains unchanged. The future copper price center is expected to rise. It is recommended to gradually go long on Shanghai copper at low prices and consider buying out - of - the - money call options in the far - month [3][13]. - Zinc is expected to continue a relatively strong oscillation pattern. It is advisable to go long at low prices or consider a bull spread [4][13]. - For the aluminum industry chain, it is recommended to take a long - biased approach for Shanghai aluminum, alumina, and recycled aluminum alloy, and use out - of - the - money put options for protection [5][14]. - For tin, it is recommended to wait and see or buy at low prices, and pay attention to the impact of other non - ferrous metals, mine conditions, and policy regulations. Consider buying out - of - the - money put options for protection [7]. - Lead is expected to continue to oscillate. A double - selling strategy can be considered [8][15]. - Nickel and stainless steel are likely to continue a relatively strong trend. It is recommended to go long at low prices, but also pay attention to the impact of the US dollar's rise on non - ferrous metals [9][15]. 3. Summary According to the Directory 3.1 First Part: Non - ferrous Metals Operation Logic and Investment Recommendations - **Macro Logic**: During the New Year's Day holiday, non - ferrous metals in the overseas market showed mixed performance. China's manufacturing industry returned to the expansion range, which is positive for industrial product demand. Geopolitical situations fluctuated, and attention should be paid to whether the safe - haven demand will lead to a rise in the US dollar and affect non - ferrous metals. After the holiday, pay attention to the performance of nickel and aluminum [12]. - **Investment Recommendations for Each Metal** - **Copper**: It is affected by factors such as improved US dollar liquidity, inventory contradictions, and valuation repair. The downstream acceptance of high copper prices is increasing, but the supply of copper concentrates in 2026 may be tight. It is recommended to go long at low prices, with a short - term upper pressure range of 105,000 - 110,000 yuan/ton and a lower support range of 95,000 - 96,000 yuan/ton [3][13]. - **Zinc**: The domestic zinc ingot supply is tightening, and it is expected to continue a relatively strong oscillation. The upper pressure is around 23,500 - 23,800 yuan, and the lower support is around 22,800 - 23,000 yuan. It is advisable to go long at low prices [4][13]. - **Aluminum Industry Chain** - **Shanghai Aluminum**: It is recommended to take a long - biased approach, with an upper pressure range of 23,000 - 24,000 yuan and a lower support range of 21,000 - 21,300 yuan [5][14]. - **Alumina**: It is recommended to short at high prices, with an upper pressure range of 2,800 - 3,000 yuan and a lower support range of 2,000 - 2,200 yuan [5][14]. - **Recycled Aluminum Alloy**: It is recommended to take a long - biased approach, with an upper pressure range of 21,500 - 21,800 yuan and a lower support range of 20,000 - 20,400 yuan [5][14]. - **Tin**: It is recommended to wait and see or buy at low prices, with an upper pressure range of 350,000 - 355,000 yuan and a lower support range of 310,000 - 320,000 yuan [7][14]. - **Lead**: It is expected to continue to oscillate, with a lower support around 16,700 - 16,800 yuan and an upper pressure around 17,500 - 17,700 yuan. A double - selling strategy can be considered [8][15]. - **Nickel and Stainless Steel** - **Nickel**: It is likely to continue a relatively strong trend, with an upper pressure around 135,000 - 136,000 yuan and a lower support around 128,000 - 130,000 yuan. It is recommended to go long at low prices [9][15]. - **Stainless Steel**: It is expected to continue to rise, with an upper pressure around 13,000 - 13,200 yuan and a lower support around 12,400 - 12,500 yuan. It is advisable to go long at low prices [9][15]. 3.2 Second Part: Non - ferrous Metals Market Review - The closing prices and price changes of various non - ferrous metals are presented, such as copper closing at 98,240 yuan with a 0.15% increase, and zinc closing at 23,275 yuan with a 0.45% decrease [16]. 3.3 Third Part: Non - ferrous Metals Position Analysis - The latest position analysis of the non - ferrous metals sector is provided, including the net long - short strength comparison, net long - short position differences, changes in net long and short positions, and influencing factors for each variety [18]. 3.4 Fourth Part: Non - ferrous Metals Spot Market - The spot prices and price changes of various non - ferrous metals are given, such as the Yangtze River Non - Ferrous copper spot price at 99,430 yuan/ton with a 1.63% increase, and the Yangtze River Non - Ferrous 0 zinc spot price at 23,330 yuan/ton with a 0.17% increase [20]. 3.5 Fifth Part: Non - ferrous Metals Industry Chain - Graphs related to the industry chain of each non - ferrous metal are presented, including inventory changes, processing fees, and price trends, which help to analyze the supply - demand relationship and price trends of each metal [22][23][27]. 3.6 Sixth Part: Non - ferrous Metals Arbitrage - Graphs related to the arbitrage of each non - ferrous metal are provided, such as the Shanghai - London ratio changes and the basis spreads of copper, zinc, aluminum, and other metals, which can be used for arbitrage analysis [54][59][62]. 3.7 Seventh Part: Non - ferrous Metals Options - Graphs related to the options of each non - ferrous metal are presented, including historical volatility, implied volatility, trading volume, and open interest, which can be used for options trading analysis [72][74][77].

有色贵金属与新能源团队 | 作者： | 杨莉娜 | | --- | --- | | 从业资格证号： | F0230456 | | 投资咨询证号： | Z0002618 | | 联系方式： | 010-68573781 | | 作者： | 胡彬 | | 从业资格证号： | F0289497 | | 投资咨询证号： | Z0011019 | | 联系方式： | 010-68576697 | | 作者： | 梁海宽 | | 从业资格证号： | F3064313 | | 投资咨询证号： | Z0015305 | | 联系方式： | 010-68518650 | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2025年12月30日星期二 更多精彩内容请关注方正中期官方微信 有色板块在铜带领下有所调整，但铝产业链相关品种跌幅不大，临 近假日建议减仓观望为主，上方压力区间23000-24000，下方支撑 区间21000-21300，可买入虚值看跌期权做保护。氧化铝现货价格 暂时企稳，在产产能环比持平，建议节前轻仓操作，上方压力区间 2800-3000，下方支撑区间2000-2200，可买入虚值看涨期权做保 护。 ...

有色贵金属与新能源团队 | 作者： | 杨莉娜 | | --- | --- | | 从业资格证号： | F0230456 | | 投资咨询证号： | Z0002618 | | 联系方式： | 010-68573781 | | 作者： | 胡彬 | | 从业资格证号： | F0289497 | | 投资咨询证号： | Z0011019 | | 联系方式： | 010-68576697 | | 作者： | 梁海宽 | | 从业资格证号： | F3064313 | | 投资咨询证号： | Z0015305 | | 联系方式： | 010-68518650 | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2025年12月15日星期一 更多精彩内容请关注方正中期官方微信 期货研究院 有色金属日度策略 Metal Futures Daily Strategy 摘要 铜： 美联储12月如期降息25BP，为年内连续第三次降息，同时将启动 扩表，本月开始进行400亿美元规模的短债购买。鲍威尔表态比市 场预期偏鸽。近期铜金融属性开始显现，金铜比修复。但市场担忧 日本央行加息，引发铜价短期承压。美国市场的虹吸效应进一 ...

期货研究院 有色金属日度策略 Metal Futures Daily Strategy 有色贵金属与新能源团队 | 作者： | 杨莉娜 | | --- | --- | | 从业资格证号： | F0230456 | | 投资咨询证号： | Z0002618 | | 联系方式： | 010-68573781 | | 作者： | 胡彬 | | 从业资格证号： | F0289497 | | 投资咨询证号： | Z0011019 | | 联系方式： | 010-68576697 | | 作者： | 梁海宽 | | 从业资格证号： | F3064313 | | 投资咨询证号： | Z0015305 | | 联系方式： | 010-68518650 | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2025年12月09日星期二 更多精彩内容请关注方正中期官方微信 摘要 铜： 市场预计美联储12月鹰派降息，风险资产日间集体下挫，沪铜短期 承压下行。近期铜金融属性开始显现，金铜比修复。美国总统特朗 普11月24日签署行政令，正式启动代号为"创世使命"的国家级人 工智能计划，打开了市场对未来美国铜需求增长的想象空间。 ...