1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - **Copper**: Next week, domestic downstream industries will gradually enter the holiday period, global high - inventory pressure is evident, and macro - level disturbances still exist. It is expected that the high - volatility situation of copper prices will continue, and it is recommended to wait and see [7]. - **Lithium Carbonate**: The continuous decline in total futures positions will weaken the impact of the capital side, while the strengthening of the fundamental support may lead to the stop of the decline in futures prices before the Spring Festival [24]. - **Aluminum**: Recently, the fundamental changes in aluminum prices are relatively limited. High prices and the long - holiday factor lead to insufficient support on the demand side. Aluminum prices continue to be driven by macro and capital sentiment. It is advisable to wait and see in the short term and pay attention to macro - level pricing and the fulfillment of post - holiday demand expectations [41]. - **Nickel**: The nickel price's operating center may gradually rise under the stimulation of global resource competition and Indonesian policy disturbances. In the short term, affected by macro - level sentiment and the long - holiday factor, the nickel price has fallen from a high level for adjustment. It is recommended to wait and see before the holiday, and pay close attention to Indonesian policy statements and quota implementation [71]. 3. Summary by Directory Copper 3.1 Market Review and Operation Suggestions - This week, the main contract of Shanghai copper operated in the range of (97,920, 105,810), with a total position of 584,000 lots, a decrease of 11.2% from last week. The spot market changed from a discount to a premium of 40. LME copper operated in the range of (12,414.5, 13,526). Overseas funds' enthusiasm for going long has declined recently. It is recommended to wait and see due to supply pressure, weakening downstream demand during the holiday, high inventory, and macro - level disturbances [7]. 3.2 Fundamental Analysis - **Supply Side**: The import TC of copper concentrates continues to decline, but the supply of scrap copper is abundant, and domestic refined copper production remains at a high level. The import window for refined copper is closed, and the import loss has narrowed [7][10][12]. - **Demand Side**: The weekly operating rates of scrap copper rods, refined copper rods, wire and cable, and enameled wire have different changes. With the approach of the Spring Festival, downstream enterprises are gradually entering the holiday, and the demand is expected to weaken [13][14][15]. - **Spot Side**: Domestic inventories have increased by 1.05 to 405,200 tons, and LME + COMEX inventories have increased by 13,497 tons to 713,000 tons [16][18]. Lithium Carbonate 3.1 Market Review and Operation Suggestions - This week, the lithium carbonate futures price continued to decline weakly, with the main contract operating in the range of (124,100, 152,820), and the total position decreased by 11.9% to 637,000 lots. The spot price of battery - grade lithium carbonate also declined. It is expected that the supply - side pressure will ease, and the demand will recover, so the futures price may stop falling before the Spring Festival [23][24]. 3.2 Fundamental Analysis - **Supply Side**: The weekly output of lithium carbonate decreased by 3.8% to 20,744 tons, and it is expected to continue to decline. The import loss of lithium carbonate has turned negative and continued to expand [24][27]. - **Demand Side**: The production of cathode materials has decreased, but the production of power cells has increased. The demand for energy storage is still strong, and the production of cathode materials is expected to recover [24]. - **Spot Side**: The difference between battery - grade and industrial - grade lithium carbonate is at a low level, and the spot - futures spread fluctuates greatly. The inventory of lithium carbonate has decreased by 2,019 tons to 105,463 tons [31]. Aluminum 3.1 Market Review and Operation Suggestions - This week, the aluminum price fluctuated downward. The main reason was the changes in the macro - market and capital sentiment. The import window is closed, and the inventory has continued to accumulate. It is recommended to wait and see in the short term and pay attention to macro - level and post - holiday demand [37][41]. 3.2 Fundamental Changes - **Bauxite Market**: The supply of domestic and overseas bauxite is abundant, and the ore price is weak. Some domestic alumina plants plan to change to imported ore production lines, and the price of imported ore has declined [42][43]. - **Alumina**: The price of alumina is under pressure, and the industry's operating rate has increased. The overseas price is higher than the domestic index price [45][46]. - **Electrolytic Aluminum**: The cost of the industry has increased, and the profit has decreased. The import window is closed, and the net import in December 2025 has increased. The downstream operating rate has declined, and the inventory of aluminum ingots has increased significantly [53][56][63]. Nickel 3.1 Market Review and Operation Suggestions - This week, the nickel price fell from a high level, mainly affected by the macro - market and capital sentiment. The import window is closed. The price of nickel ore has risen, and the price of nickel salt has fallen. It is recommended to wait and see before the holiday and pay attention to Indonesian policies [68][70][71]. 3.2 Fundamental Changes - **Nickel Ore Market**: The prices of Philippine and Indonesian nickel ores have increased significantly. The import volume of nickel ore in December 2025 decreased month - on - month but increased year - on - year [72]. - **Nickel Iron Market**: The production of nickel iron in Indonesia and China has decreased. The import volume of nickel iron in December 2025 decreased slightly month - on - month but increased year - on - year [80][83]. - **Electrolytic Nickel Market**: The production capacity of electrowon nickel has been rapidly released. The production of electrolytic nickel in January increased month - on - month and year - on - year. The import and export volumes of refined nickel in December 2025 have changed [85][86]. - **Nickel Sulfate Market**: The price of nickel salt has continued to fall. The production of nickel sulfate in January decreased month - on - month but increased year - on - year. It is expected to decline slightly in February [89][92]. - **Stainless Steel Market**: The inventory of the stainless steel market has continued to increase. The market transaction is light during the Spring Festival, and the terminal procurement has basically ended [94].