Group 1: Inventory Changes - Copper inventory increased by 2,450 tons, reaching a total of 143,575 tons, reflecting a growth of 1.74% [1] - Aluminum inventory decreased by 2,000 tons, totaling 488,000 tons, which is a decline of 0.41% [1] - Zinc inventory saw a reduction of 175 tons, bringing it down to 106,525 tons, a change of -0.16% [1] - Lead inventory decreased by 5,050 tons, now at 206,350 tons, marking a decline of 2.39% [1] - Tin inventory increased by 10 tons, resulting in a total of 5,935 tons, an increase of 0.17% [1] Group 2: Warehouse Specific Changes - In Kaohsiung, copper inventory rose by 2,250 tons to 77,000 tons, with a registered warrant ratio of 35.94% [4] - Rotterdam experienced a decrease in copper inventory by 125 tons, now at 10,650 tons, with a registered warrant ratio of 8.22% [4] - Aluminum inventory in Port Klang decreased by 2,000 tons to 295,775 tons, with a registered warrant ratio of 13.14% [5] - Singapore's aluminum inventory remained unchanged at 275 tons, with a registered warrant ratio of 0.00% [5] - Zinc inventory in Kaohsiung decreased by 125 tons to 27,375 tons, with a registered warrant ratio of 16.07% [9] Group 3: Registration and Cancellation of Warrants - The registered warrants for copper increased by 94,000 tons, while cancellations decreased by 1.05%, resulting in a cancellation ratio of 34.53% [2] - For aluminum, registered warrants remained unchanged at 446,575 tons, with cancellations decreasing by 4.61%, leading to a cancellation ratio of 8.49% [2] - Tin's registered warrants increased to 5,725 tons, with cancellations rising by 31.25%, resulting in a cancellation ratio of 3.54% [11]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - Overseas, the US job market remains resilient, with initial jobless claims below 200,000 and continuing claims at a low level. The US and Taiwan, China, reached a trade and investment agreement, and the US stock market closed higher. Gold, silver, and copper prices retreated, and oil prices fell about 4%. Domestically, December's financial data was better than expected, but the full - year new RMB loans in 2025 hit a seven - year low. The central bank cut the interest rates of structural tools by 25BP. The A - share market entered a slope correction period after significant volume increases [2][3]. - For precious metals, after the suspension of tariff concerns, prices are expected to oscillate at high levels. Copper prices may adjust in the short - term but will likely see a long - term increase in the valuation center. Aluminum prices are expected to oscillate at high levels due to mixed macro news and weak downstream demand. Alumina prices are under pressure and may oscillate weakly. Cast aluminum prices are under pressure at high levels. Zinc and lead prices are expected to oscillate at high levels. Tin prices may shift to high - level oscillations [4][6][8][10][11]. - For steel products, steel prices are generally oscillating due to limited fundamental drivers. Iron ore prices are expected to be under pressure and oscillate due to strong supply and weak demand. Coking coal and coke prices are expected to continue oscillating due to weak fundamental drivers. For agricultural products, soybean meal prices are expected to oscillate in the short - term, and palm oil prices are expected to oscillate within a range [19][20][21][24][26]. Summary by Related Catalogs Macroeconomy - Overseas: The US job market is resilient, with initial jobless claims below 200,000 and continuing claims at a low level. The US and Taiwan, China, reached a trade and investment agreement, reducing tariffs from 20% to 15% in exchange for semiconductor - related investments in the US. The US stock market closed higher, the US dollar index rose above 99.3, precious metals prices retreated, and oil prices fell about 4% [2]. - Domestic: December's financial data was better than expected, but the full - year new RMB loans in 2025 hit a seven - year low. The central bank cut the interest rates of structural tools by 25BP and retained the possibility of reserve requirement ratio and interest rate cuts. The A - share market entered a slope correction period after significant volume increases [3]. Precious Metals - The Trump administration decided not to impose full - scale tariffs on key minerals such as silver and platinum. After the suspension of tariff concerns, precious metals prices oscillated at high levels. Market expectations suggest that the Fed will maintain interest rates in the January 27 - 28 meeting and cut rates at least twice in 2026 [4][5]. Copper - The Shanghai copper main contract oscillated at a high level, and the London copper found support at $12,800. The domestic electrolytic copper spot market had weak trading. The LME and COMEX inventories increased. Trump may cancel tariffs on rare earths, lithium, and key minerals. The market expects the US to impose a 15% import tariff on refined copper from 2027. In the medium - term, the structural imbalance in fundamentals will raise the valuation center of London copper [6][7]. Aluminum - The Shanghai aluminum main contract closed at 24,320 yuan/ton, down 0.59%. The LME aluminum closed at $3,171.5/ton, down 0.56%. The electrolytic aluminum ingot inventory and domestic mainstream consumption area aluminum rod inventory increased. The strong US employment data supported the US dollar index, and the domestic "structural interest rate cut" showed moderately loose policy characteristics. The downstream demand for aluminum was weak, and the social inventory continued to accumulate, putting pressure on high - level aluminum prices [8][9]. Alumina - The alumina futures main contract closed at 2,766 yuan/ton, down 1.21%. The spot alumina national average price was 2,671 yuan/ton, down 10 yuan/ton. Alumina enterprises have not significantly reduced production, and the supply - demand surplus continues. The inventory continues to increase, and the price is expected to oscillate weakly under pressure [10]. Cast Aluminum - The cast aluminum alloy futures main contract closed at 23,070 yuan/ton, down 0.82%. The supply - side profit inversion restricts production, and the downstream demand is weak due to the seasonal off - season. The cost side has slightly loosened, and the price is expected to adjust under pressure [11]. Zinc - The Shanghai zinc main contract 2603 rose and then fell during the day and oscillated narrowly at night. The LME zinc oscillated narrowly. The LME will not accept certain brands of zinc for delivery from April 14, 2026, but the substantial impact is limited. The downstream consumption is further suppressed, and the social inventory is stagnant at around 118,000 tons. The zinc price is expected to shift to high - level oscillations [12][13]. Lead - The Shanghai lead main contract 2603 oscillated during the day and shifted upward slightly at night. The LME lead oscillated strongly. The LME will not accept certain brands of lead for delivery from April 14, 2026, but the substantial impact is limited. The social inventory increased to 32,500 tons, and the inventory's support for the lead price weakened. The lead price is expected to oscillate widely due to the combination of multiple and short factors [14][15]. Tin - The Shanghai tin main contract 2603 oscillated at a high level during the day and fell at night. The LME tin fell slightly. On January 15, the tin registered warehouse receipts increased by 2,419 tons. The exchange adjusted the trading margin ratio, daily limit range, and trading volume limit for tin to cool down the over - heated market. The tin price is expected to shift to high - level oscillations [16][17][18]. Steel Products - Steel futures oscillated. The five major steel products' supply increased slightly, the total inventory decreased slightly, and the apparent consumption increased. The steel price is expected to oscillate due to limited fundamental drivers [19]. Iron Ore - Iron ore futures oscillated and adjusted slightly. The demand side is restricted by the off - season, and the supply side will see a concentrated arrival of iron ore due to the end - of - year mine production rush. The price is expected to be under pressure and oscillate [20]. Coking Coal and Coke - Coking coal and coke futures oscillated. The coking enterprises' profitability shrank, and the production slowed down. The upstream coal mines resumed production, but the coking coal output was not high. The downstream finished products had high inventory and limited steel mill profits, and the demand for coke price increases was weak. The price is expected to continue oscillating [21]. Soybean Meal and Rapeseed Meal - The soybean meal 05 contract closed down 0.33%, and the rapeseed meal 05 contract closed down 0.74%. The US December soybean crushing volume increased by 8.9% year - on - year. The US biodiesel policy may be finalized in early March. The soybean meal price is expected to oscillate in the short - term [22][23][24]. Palm Oil - The palm oil 05 contract closed down 2.03%. The Malaysian palm oil export volume increased from January 1 - 15. The US biodiesel policy is expected to be finalized in early March, boosting the US soybean oil price. The palm oil price is expected to oscillate within a range [25][26].

Core Viewpoint - Luoyang Molybdenum announced the approval of a proposal to use idle self-owned funds for purchasing wealth management or entrusted financial products, with a maximum investment balance of RMB 20 billion [1] Group 1: Proposal Details - The company and its wholly-owned and controlling subsidiaries plan to invest in high-security, high-liquidity financial products, excluding structured deposits [1] - The investment balance for these financial products must not exceed RMB 20 billion (or equivalent foreign currency) and can be rolled over [1] - The proposal is subject to approval at the company's shareholder meeting, with the effective period from the approval date at the 2025 annual shareholder meeting until the 2026 annual shareholder meeting, not exceeding 12 months [1]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002171 | 楚江新材 | 13.89 | -3.14% | 110.86万 | 15.43 Z | | 000688 | 国城矿业 | 25.61 | -2.88% | 27.46万 | 7.11亿 | | 300337 | 银邦股份 | 16.79 | -2.78% | C 80.14万 | 13.37 乙 | | 002501 | 利源股份 | 2.65 | -2.21% | 101.37万 | 2.70亿 | | 002203 | 海亮股份 | 15.45 | -1.84% | 68.36万 | 10.67 乙 | | 000603 | 盛达资源 | 40.19 | -1.78% | 43.25万 | 17.51亿 | | 600531 | 豫光金铅 | 13.85 | -1.28% | 148.45万 | 20.70亿 | | 600490 | 鹏欣资源 | 8.17 | -1.21% | 100.56万 | 8.31亿 | | 00 ...

分析认为，短期多重"降温"信号共振，令金属市场有对近期涨幅修正的可能。但短期波动不改金属板块 长期易涨难跌的格局。 新华财经北京1月15日电（吴郑思） 2026年以来，金属市场再迎多头狂欢。在供应紧张、人工智能及新 能源远期需求预期等一系列因素作用下，以白银、锡、镍、铜等为代表的金属板块多头热情高涨，国际 银价先后突破93美元／盎司关口，锡价本月飙升超35%、沪锡一度突破44万元／吨关口，镍也在不到一 个月时间内完成了对此前一年半下跌行情的修正。 不过，随着短期内部分利多因素发生变化，15日早盘，银锡镍等强势金属不同程度迎来回调。盘面上 看，截至15日早盘收盘时，国际银价大幅回落近6%，低点至87美元/盎司下方，伦铜回落至13000美元/ 吨以下，锡镍铝等主要金属也均自隔夜高点回落。国内沪银由涨转跌，铜铝锌镍锡等也不同程度收窄涨 幅。 短期多重"降温"信号共振 事实上，近期市场多个层面都在释放出"降温"的信号。 从宏观层面看，国内方面，1月14日，沪深北三大交易所同步发布通知，宣布经中国证监会批准，将投 资者融资买入证券时的融资保证金最低比例从现行的80%上调至100%。通知明确表明，此举旨在适当 降低杠杆水 ...

Global metals prices extended their searing rally Wednesday, with gold, silver, and copper all hitting fresh all-time highs amid a surge in demand tied to geopolitical risks, currency debasement and industrial demand. ...

| | | COMEX黄金 | COMEX白银 | | Nymex铂金 | | Nymex把金 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (截至1月6日) | 吨 | 跟上周比较 | 吨 | 跟上周比较 | 吨 | 跟上周比较 | 吨 | 跟上周比较 | | 里资金的净多头量 | 386 | -2. 1% | 2. 746 | +6. 4% | 11 | +79.8% | | +129.0% | | 多头量 | 451 | -2. 2% | 4, 102 | -10.8% | 31 | +5. 6% | 21 | +4. 5% | | 空头量 | २व | -2 8% | 1, 356 | -32 7% | 19 | -15. 3% | 20 | -12. 3% | 欧洲天然资源基金特约分析师李冈峰称，至1月6号为止，除了黄金和铜外其他各金属的基金净多均出现 环比增长，当中钯金合约经历了2周基金净空后，再次升回净多头。美期黄金基金净多环比跌2%至386 吨，为过去5周最低水平。美铜基金空头已经跌至自2007年有记录以来最低水平， ...

伦敦金属交易所（LME）锡价一度涨近6%至52，495美元，超越2022年创下的前高位。这种用于焊接的 金属长期以来被视为衡量计算机行业景气度的一个风向标，对人工智能和数据中心的强劲投资也使得大 量资金涌入锡市场。 在LME六种主要金属中流动性最差的锡去年上涨近40%，2026年迄今涨幅已超过25%。此轮飙升源于中 国投资者涌入金属市场以及股票基金押注今年大宗商品期货将随股市走高。交易员正关注第二大锡生产 国印尼的供应情况，此前该国军方主导打击了印尼主要锡产区的非法采矿活动。 伦敦锡价飙升至每吨52，000美元以上创新高，延续三年来的牛市行情，投资者的疯狂买盘推动金属市 场节节攀升。 伦敦锡价飙升至每吨52，000美元以上创新高，延续三年来的牛市行情，投资者的疯狂买盘推动金属市 场节节攀升。 伦敦金属交易所（LME）锡价一度涨近6%至52，495美元，超越2022年创下的前高位。这种用于焊接的 金属长期以来被视为衡量计算机行业景气度的一个风向标，对人工智能和数据中心的强劲投资也使得大 量资金涌入锡市场。 在LME六种主要金属中流动性最差的锡去年上涨近40%，2026年迄今涨幅已超过25%。此轮飙升源于中 国投 ...

矿业价值链包括勘探、采选、冶炼加工、精加工、运输与分销、回收与终端处置等环节，链条深长、工 艺复杂，任何节点的干扰都可能波及上下游，形成供应链风险。特别是，与能源转型相关的锂、镍、钴 等金属矿呈现种类多、品位低、资源分布分散等特征，造成其供应在资源禀赋和技术能力等方面更受限 制，安全保障难度显着提高。在多重不确定性叠加下，能源转型金属矿的产业链比较脆弱，投资风险偏 高。 我国虽在能源转型金属矿的加工精炼环节具有优势，但矿种来源主要依赖进口。以锂、钴为例，我国 2022年消费量在全球占比分别为65.9%和42.8%，但国内矿山产量在全球占比仅约为14%和1%，绝大部 分由外部供应。为强化供应链韧性，近年国内矿产公司积极涉足能源转型金属矿的海外投资，紫金矿 业、赣锋锂业、洛阳钼业、华友钴业等都在此列。 值得注意的是，随着全球矿产投资的增加，各方对矿产资源的争夺更为加剧，资源国地区的地缘政治冲 突与资源民族主义也同步兴起。尤其，全球矿产资源禀赋分布不均，矿业投资多发生于资源国，而资本 约束与终端消费主要来自国际市场与下游工业国，故单一国家的法律对跨国矿业投资的约束存在天然边 界。在资源国监管能力不足与跨境执法不易的 ...

Core Viewpoint - China Minmetals Corporation integrates party character deeply into the political quality assessment system, applying assessment results rigidly in the selection and appointment of cadres, with nine cadres being temporarily suspended since 2025 for political incompetence [1]. Group 1: Political Assessment and Cadre Selection - The company emphasizes the evaluation of cadres based on their value orientation and decision-making during significant challenges, establishing a negative evaluation list with 15 indicators across seven areas related to political quality [1]. - A mechanism involving three forms—cadre research recommendation, annual assessment recommendation, and organizational recommendation—ensures a continuous discovery of cadres, focusing on their political attitudes and practical performance [1]. - The results of the assessments are strictly applied in cadre selection, leading to a "one-vote veto" for those deemed politically unqualified [1]. Group 2: Practical Performance and Training - The focus is on practical performance in major tasks as a key criterion for evaluating cadres' public spirit, promoting a work style centered on "action and effectiveness" [2]. - The company has implemented the "Metal Mining Pioneer Plan" and a "training through work" mechanism to break down business barriers and enhance strategic collaboration [2]. - Since 2025, newly appointed cadres have significant experience in major projects or challenging positions, with 45.3% familiar with metal mining and new energy materials [2]. Group 3: Company Overview - China Minmetals Corporation, established in 1950, is a key state-owned enterprise directly managed by the central government, focusing on metal minerals and serving as a pilot for state capital investment companies [3]. - The company aims to become a "resource guarantee national team" and a main force in serving new national strategies, striving to build a globally competitive world-class metal mineral enterprise group [3]. - Currently, the company employs 180,000 staff and operates in over 60 countries and regions worldwide [3].