Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry, indicating an expected performance above the market average [2][12]. Core Insights - The report highlights ongoing geopolitical tensions affecting the industry, while also noting a seasonal recovery in demand [1]. - It emphasizes the tightening supply of copper concentrate, with a significant drop in treatment charges (TC) to -56.0 USD per dry ton, reflecting a supply shortage [4]. - The report discusses the potential for gold prices to rise due to fluctuations in non-farm employment data, with current prices at 1140.8 CNY per gram and 5168.0 USD per ounce [4]. - It notes a recovery in aluminum demand post-Spring Festival, with LME aluminum prices increasing by 7.2% week-on-week [4]. - The report also mentions the positive signals from the "Two Sessions" in China, suggesting an improvement in supply and demand dynamics for the steel industry [5]. Summary by Sections Copper - The report indicates a significant tightening in copper concentrate supply, with TC dropping sharply, suggesting a focus on companies with rich copper resources such as Zijin Mining and China Molybdenum [4][8]. Precious Metals - The report anticipates a potential increase in gold prices due to employment data volatility, recommending companies like Zhongjin Gold and Shandong Gold for investment [4][8]. Aluminum - The report highlights the ongoing impact of Middle Eastern supply issues and a seasonal demand recovery, suggesting investment in companies like China Aluminum and Nanshan Aluminum [4][8]. Minor Metals - The report discusses the geopolitical situation affecting minor metals, recommending investments in rare earth companies and tungsten producers due to rising demand [4][8]. Steel - The report notes positive developments from China's "Two Sessions," indicating a potential recovery in domestic demand for steel, recommending companies like Baosteel and Shougang [5][8].

成文日期: 20260302 报告周期:日报 究员：杜宇（从业资格号：F3075043; 投资咨询从业证书号：Z0017815) 沪铜期货日报 1 期货市场 中国最新制造业 PMI 数据显示, 2026 年 1 月制造业 PMI 为 49.3%,较 2025 年 12 月的 50.1%有所回落,低于荣枯线 50%,表 明制造业活动略有收缩。这一数据可能对铜价形成一定压力,但市 场已较充分消化这一利空因素。LME 铜库存近期呈现持续上升趋势, 国内总库存亦呈现增加状态，显示国内供应充足。 4 行情展望 技术面来看,铜期货价格在经历连续上涨后,于 3 月 2 日出现 小幅调整、但整体趋势未改。基本面方面,库存持续增加对铜价形 研究咨询: 028 6130 3163 邮箱: institute@gjqh.com.cn 投诉热线: 4006821188 请务必阅读文末风险揭示及免责声明 成一定压力,但宏观经济政策预期和需求季节性回暖可能提供支撑。 需密切关注后续宏观经济数据及库存变化情况。 风险揭示及免责声明 2026年 3 月 2 日,上海期货交易所铜期货(CU.SHF) 呈现震 荡整理态势。当日开盘价为 10.4 ...