Group 1 - The nickel futures market is experiencing a significant downturn, with LME nickel prices dropping by 4.51% to $17,250 per ton, and domestic Shanghai nickel futures also declining by 3.74% to 135,070 CNY per ton [1] - The market is facing a dual impact of macroeconomic factors, including strong U.S. employment data and a potential hawkish Federal Reserve, which have shifted market expectations from rate cuts to a stronger dollar and rising U.S. Treasury yields, negatively affecting metal prices [1] - The overall sentiment in the nickel market is characterized by a wait-and-see approach, with supply remaining stable and demand weakening due to seasonal factors, particularly in the stainless steel sector [2] Group 2 - The nickel industry is witnessing a structural divergence, where the stainless steel sector is significantly impacted by seasonal slowdowns, while the new energy sector maintains some demand for nickel sulfate, leading to a mixed market outlook [2] - Leading companies in the nickel industry are focusing on resource layout and have made progress in overseas wet smelting and high-nickel projects, which enhance their ability to navigate industry cycles [3] - The current market environment suggests a defensive strategy for investors, emphasizing position control and short-term trading due to the influence of macroeconomic sentiment rather than fundamental industry drivers [3][4] Group 3 - Nickel prices are expected to continue a weak and volatile trend, with a key psychological support level at 134,000 CNY per ton, and resistance between 139,000 to 140,000 CNY per ton, indicating limited upward movement without strong positive drivers [4]

Report Summary 1) Report Industry Investment Rating - No industry investment rating was provided in the report [1] 2) Core Viewpoints of the Report - Gold: With the rapid exit of pre - holiday funds, the gold market has adjusted. In January, precious metals are expected to maintain high volatility due to uncertainties such as US economic data's impact on Fed policy and South American geopolitical situations. Gold long positions above $4300 should be held [1] - Silver: Long - position funds have increased holdings through ETFs and physical delivery, driving the price up. Global inventory shortages may not be truly resolved, but high prices may suppress industrial demand. After the CME and other exchanges raise margins, the "irrational" upward trend driven by short - term funds is expected to end. In high - volatility markets, a light - position and low - buying strategy above $70 is recommended [1] - Platinum and Palladium: Due to strong macro and supply - demand fundamentals and undervalued prices relative to gold, funds are driving value re - evaluation. They are expected to continue their upward trend in the medium - to - long - term. In the short - term, with reduced speculative sentiment and narrowing fluctuations, it is advisable to buy on dips near the 20 - day moving average [1] 3) Summary by Relevant Catalogs Domestic Futures Closing Prices - On January 7, 2026, the AU2602 gold contract closed at 998.90 yuan/gram, down 0.60% from the previous day; the AG2604 silver contract closed at 19290 yuan/kilogram, down 0.83%; the PT2606 platinum contract closed at 598.50 yuan/gram, down 2.97%; the PD2606 palladium contract closed at 475.95 yuan/gram, up 0.86% [1] Foreign Futures Closing Prices - On January 7, 2026, the COMEX gold main contract closed at $4467.10, down 0.86%; the COMEX silver main contract closed at $77.98, down 3.99%; the NYMEX platinum main contract closed at $2290.40 per ounce, down 6.74%; the NYMEX palladium main contract closed at $1817.00, down 3.96% [1] Spot Prices - On January 7, 2026, the London gold price was $4456.07, down 0.87%; the London silver price was $78.28, down 3.56%; the spot platinum price was $2297.55 per ounce, down 2.73%; the spot palladium price was $1755.73, down 0.97%. The Shanghai Gold Exchange's gold T + D was 999.20 yuan/gram, down 0.27%; the silver T + D was 19365 yuan/kilogram, down 0.67%; the platinum 9995 was 606 yuan/gram, up 5.56% [1] Basis - As of January 7, 2026, the basis of gold TD - Shanghai gold main contract was 0.30, up 3.36 from the previous value, with a 1 - year historical quantile of 95.10%; the basis of silver TD - Shanghai silver main contract was 75, up 32, with a 1 - year historical quantile of 98.30%; the basis of London gold - COMEX gold was - 11.03, down 0.47, with a 1 - year historical quantile of 68.60%; the basis of London silver - COMEX silver was 0.30, up 0.35, with a 1 - year historical quantile of 91.50% [1] Price Ratios - On January 7, 2026, the COMEX gold/silver ratio was 57.29, up 3.26% from the previous day; the Shanghai Futures Exchange gold/silver ratio was 51.78, up 0.23%. The NYMEX platinum/palladium ratio was 1.26, down 2.89%; the Guangzhou Futures Exchange platinum/palladium ratio was 1.26, down 3.79% [1] Interest Rates and Exchange Rates - On January 7, 2026, the 10 - year US Treasury yield was 4.15%, down 0.7% from the previous day; the 2 - year US Treasury yield was 3.47%, unchanged. The 10 - year TIPS Treasury yield was 1.88%, down 1.6%. The US dollar index was 98.74, up 0.14%; the offshore RMB exchange rate was 6.9935, up 0.18% [1] Inventory and Positions - As of January 7, 2026, the Shanghai Futures Exchange's gold inventory was 97,653, down 0.05%; the silver inventory was 553,429 kilograms, down 4.82%. The COMEX gold inventory remained unchanged at 36,403,452; the silver inventory was 445,737,395, down 0.77%. The COMEX gold registered warehouse receipts remained unchanged at 19,329,396; the silver registered warehouse receipts were 127,185,964, up 0.38%. The SPDR Gold ETF position remained at 1067; the SLV Silver ETF position was 16,100, down 0.11% [1]