Investment Rating - The report maintains an investment rating of "Outperform the Market" for the new materials industry [1][8]. Core Insights - The new materials sector underperformed the CSI 300 index in March, with a decline of 11.46%, lagging behind the CSI 300's drop of 4.64% by 6.81 percentage points [8][12]. - The overall market valuation for the new materials index is at a PE (TTM, excluding negative values) of 30.29, which is a decrease of 8.26% from the previous month, indicating a relatively high valuation compared to the overall A-share market PE of 17.84 [21][23]. - The growth potential for the new materials sector is supported by increasing demand from China's manufacturing industry and the integration of technologies such as artificial intelligence [8][21]. Summary by Sections Industry Performance Review - The new materials index's performance in March was weaker than the CSI 300, with a total trading volume of 25,626.40 billion yuan, reflecting a 55.45% increase from the previous month [8][12]. - Most stocks in the new materials sector experienced declines, with only 22 out of 170 stocks rising [16][17]. Important Industry Data Tracking - Basic metal prices saw a general decline in March, with copper down by 7.63% and tin down by 18.37% [31][34]. - Global semiconductor sales continued to grow, with January 2026 sales reaching $82.54 billion, a year-on-year increase of 46.1% [36][37]. - Exports of superhard materials and products increased by 15.13% in volume and 21.15% in value in the first two months of 2026 [44]. Industry Dynamics - The report highlights the establishment of the first industry standard in the field of humanoid robots, indicating ongoing innovation within the sector [1][8]. - The report notes that the domestic new materials sector may gradually enter a prosperous cycle driven by recovery in downstream demand and domestic substitution [8].

Core Viewpoint - The A-share market experienced a significant decline, with all three major indices dropping over 3.4%, indicating a phase of market adjustment as the Shanghai Composite Index fell below 3900 points [4]. Market Performance - A total of 305 stocks rose, while the market showed a broad decline with a涨跌停比 of 38:14, reflecting a significant contraction in market profitability [5][6]. - Key sectors such as computing hardware, AI applications, cloud computing, consumer electronics, semiconductors, cybersecurity, commercial aerospace, fintech, humanoid robots, gold, basic metals, aviation, tourism, agriculture, brokerage, and real estate saw notable declines, while coal stocks performed positively [6]. Trading Volume - The total trading volume across both markets reached 4.43 trillion yuan, an increase of 6.33%, indicating heightened trading activity despite the index adjustments [7]. Capital Flow - There was a net outflow of funds from institutional investors, while retail investors showed a net inflow, indicating contrasting strategies between the two groups [8]. - Institutions displayed a cautious approach, reducing positions in most sectors while selectively allocating to undervalued defensive sectors, focusing on managing exposure to market volatility [9]. Investor Sentiment - Retail investors adopted a reverse strategy, actively participating in the market with significant net inflows, primarily focusing on buying on dips and optimizing their holdings [9].

Investment Rating - The industry rating is "Recommended" [4] Core Views - The report highlights that the escalation of conflicts in the Middle East, combined with high inflation expectations and increased demand for safe-haven assets, is suppressing metal prices [1][5] - Precious metals are under short-term pressure due to concerns about stagflation in the US economy, with gold and silver prices experiencing significant declines [1][3] - The geopolitical tensions are expected to prolong the current economic challenges, making it difficult for the Federal Reserve to resume interest rate cuts in the near term [3][5] Summary by Sections Precious Metals - COMEX gold fell by 10.57% to $4,492.00 per ounce, while COMEX silver dropped by 15.92% to $67.81 per ounce [1][33] - The SPDR gold ETF holdings decreased by 468,564.75 troy ounces, and SLV silver ETF holdings fell by 6,792,686.30 ounces [1] - The gold-silver ratio increased by 6.35% to 66.24, indicating a shift in market dynamics [1] Base Metals - Base metals are facing downward pressure due to expectations of interest rate cuts being suppressed, with copper prices down 7.07% to $11,834.50 per ton on the LME [8][9] - The report notes that the geopolitical situation in the Middle East is causing significant disruptions in energy supply chains, which could further impact metal prices [10][12] - The supply side remains tight, with ongoing strikes and production disruptions expected to continue into 2026 [12][28] Small Metals - The report indicates that small metals like molybdenum are experiencing stable prices due to strong demand from the military and high-tech sectors, despite some downward pressure from the overall market [20][21] - The demand for vanadium is expected to surge due to the growth of vanadium battery applications, driven by energy storage needs [22][24] Investment Opportunities - The report suggests that investors should consider gold and silver mining stocks, as their valuations are currently low and expected to benefit from rising gold prices [26] - Specific companies mentioned as potential beneficiaries include Chifeng Jilong Gold Mining, Shandong Gold Mining, and Zijin Mining [6][26][28]

Group 1: Precious Metals - The financial attributes of precious metals, particularly gold, are expected to continue to shine, driven by ongoing central bank purchases and a shift in global credit dynamics, with gold prices projected to rise significantly [4][13][36] - Central banks' gold purchases are anticipated to increase from 5% to 21% of global gold demand from 2020 to 2024, with a peak of 23% in 2022, indicating a strong demand for gold as a safe asset [13][19] - Gold prices are projected to exceed $6,000 per ounce by 2026, supported by central bank buying and a decline in real interest rates [33][36][46] Group 2: Industrial Metals - The demand for industrial metals, particularly aluminum and copper, is expected to remain robust, with aluminum nearing production capacity limits domestically and limited supply growth internationally [4][54] - The copper market is facing significant supply disruptions, with major mines experiencing production cuts due to various operational challenges, leading to a tight supply outlook [53][54] - The overall copper production is projected to grow modestly, with a year-on-year increase of 2.5% in 2024 and 1.2% in 2025, but supply constraints may limit growth potential [54][72] Group 3: Minor Metals - Strategic minor metals such as lithium, cobalt, and tungsten are experiencing a revaluation due to increasing demand from energy storage and electric vehicle sectors [5][48] - The lithium industry is expected to see a reversal in its cycle earlier than anticipated, driven by high demand for energy storage solutions [5] - Cobalt supply is tightening significantly, leading to a notable price increase, while nickel prices are supported by clear cost structures and increasing supply disruptions [5][48]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall commodity market is affected by multiple factors such as the Middle - East geopolitical situation, supply - demand relationships, and cost changes. Different commodities show various trends and investment opportunities [1][4][5][8]. - The Middle - East geopolitical conflict is a significant factor influencing the prices of many commodities, especially energy - related products. It may lead to supply disruptions and price fluctuations [1][8][9]. 3. Summary by Commodity Categories Precious Metals - **Market Performance**: International gold prices rose slightly, while international silver prices fell. Domestic gold and silver prices also showed different trends [1]. - **Fundamentals**: The Middle - East situation is tense, with gas field outages and drone attacks. Gold ETFs had a small outflow, and inventories in different regions changed [1]. - **Trading Strategy**: Suggest reducing gold long positions and maintaining a bearish view on silver [1]. Base Metals Aluminum - **Market Performance**: The price of the electrolytic aluminum main contract decreased, and the price of the alumina main contract increased [1]. - **Fundamentals**: Electrolytic aluminum plants maintained high - load production, and the demand for aluminum products increased slightly. Alumina production capacity increased steadily [1]. - **Trading Strategy**: Aluminum prices are expected to fluctuate widely. Alumina prices may be slightly stronger in the short term but face pressure on the upside [1]. Zinc and Lead - **Market Performance**: Zinc prices decreased, and lead prices increased. Inventories of both increased [1][2]. - **Fundamentals**: The lead market has a mixed fundamental situation, and the zinc market shows an external - strong and internal - weak pattern [2]. - **Trading Strategy**: For zinc, mainly adopt a wait - and - see approach and pay attention to internal - external positive arbitrage opportunities. For lead, adopt a wait - and - see approach [2]. Industrial Metals Industrial Silicon - **Market Performance**: The price of the main contract decreased, and trading volume and open interest increased [2]. - **Fundamentals**: Supply is expected to increase, and demand in related industries is improving [2]. - **Trading Strategy**: The market is affected by macro events, and the price is expected to fluctuate between 8100 - 8900 [2]. Lithium Carbonate - **Market Performance**: The price of the main contract decreased [2]. - **Fundamentals**: Supply and demand are in a tight - balance state, and inventory is at a low level [2]. - **Trading Strategy**: The price is expected to oscillate around 150,000 yuan, and the market is expected to rise after stabilizing [2]. Polysilicon - **Market Performance**: The price of the main contract decreased slightly, and trading volume increased while open interest decreased [2]. - **Fundamentals**: Supply increased slightly, and demand showed a slow - recovery trend [2]. - **Trading Strategy**: The price is expected to fluctuate between 40,000 - 45,000 yuan [2]. Black Industry Rebar - **Market Performance**: The price of the main contract increased [4]. - **Fundamentals**: Inventory increased, demand was weak in the short term, and supply decreased year - on - year. Steel mill profits were poor [4]. - **Trading Strategy**: Adopt a wait - and - see approach and try short - term short - selling of the hot - rolled coil 2605 contract [4]. Iron Ore - **Market Performance**: The price of the main contract increased [4]. - **Fundamentals**: Supply increased, demand was moderately weak, and there was a structural contradiction in inventory [4]. - **Trading Strategy**: Adopt a wait - and - see approach [4]. Coking Coal - **Market Performance**: The price of the main contract increased [4]. - **Fundamentals**: Iron - water production decreased, coke prices were adjusted downwards, and inventory was at a medium level [4]. - **Trading Strategy**: Adopt a wait - and - see approach and try short - term short - selling of the coking coal 2605 contract [4]. Agricultural Products Soybean Meal - **Market Performance**: CBOT soybeans rose [5]. - **Fundamentals**: Global supply is expected to be abundant, and demand in the US is strong [5]. - **Trading Strategy**: Pay attention to crude oil prices and demand fulfillment [5]. Corn - **Market Performance**: Futures prices rebounded slightly, and spot prices mostly fell [5]. - **Fundamentals**: Grain - selling pressure is not large, but the progress is slow. Inventory is low, and the spot price is dominated by the producing area [5]. - **Trading Strategy**: Futures prices are expected to oscillate weakly [5]. Edible Oils - **Market Performance**: Malaysian palm oil prices fell [6]. - **Fundamentals**: Supply is expected to increase seasonally, and demand has increased in the short term [6]. - **Trading Strategy**: Follow the upward trend of crude oil in the short term [6]. Sugar - **Market Performance**: The price of the Zhengzhou sugar 05 contract decreased [6]. - **Fundamentals**: International sugar prices rose due to ethanol production expectations and Indian production. Domestic production increased, and the market is affected by macro funds and policies [6]. - **Trading Strategy**: Adopt a wait - and - see approach [6]. Cotton - **Market Performance**: ICE US cotton prices rose, and Zhengzhou cotton prices oscillated weakly [6]. - **Fundamentals**: There are concerns about drought in the US cotton - producing area, and domestic consumption has increased [6]. - **Trading Strategy**: Adopt a wait - and - see approach, with a price range of 15,100 - 15,600 yuan/ton [6]. Eggs - **Market Performance**: Futures and spot prices were weak [6]. - **Fundamentals**: Supply is sufficient, and demand is in the off - season [6]. - **Trading Strategy**: Futures prices are expected to oscillate weakly [6]. Pigs - **Market Performance**: Futures prices of near - month contracts were weak, and spot prices fell slightly [6]. - **Fundamentals**: Supply is strong, and demand is in the off - season [6]. - **Trading Strategy**: Near - month futures prices are expected to be weak [6]. Energy and Chemicals LLDPE - **Market Performance**: The main contract oscillated slightly, and the basis was weak [8]. - **Fundamentals**: Supply is expected to decrease, and demand is improving [8]. - **Trading Strategy**: Follow crude oil in the short term and short - sell at high prices in the medium term [8]. PVC - **Market Performance**: The price of the V05 contract increased [8]. - **Fundamentals**: Prices are oscillating at a high level, production is increasing, and inventory is at a high level [8]. - **Trading Strategy**: Suggest positive arbitrage [8]. Glass - **Market Performance**: The price of the FG05 contract decreased [8]. - **Fundamentals**: Supply is decreasing, demand is weak, and inventory is high [8]. - **Trading Strategy**: Suggest buying glass and selling soda ash [8]. PP - **Market Performance**: The main contract oscillated slightly, and the basis was weak [8]. - **Fundamentals**: Supply pressure is reduced, and demand is improving [8]. - **Trading Strategy**: Follow crude oil in the short term and short - sell at high prices in the medium - long term [8]. Crude Oil - **Market Performance**: Oil prices rose, and the situation in the Strait of Hormuz is critical [9]. - **Fundamentals**: Iranian production and exports are affected, and the global supply is under pressure [9]. - **Trading Strategy**: Participate in trading through options to control risks [9]. Styrene - **Market Performance**: The main contract rose slightly [9]. - **Fundamentals**: Supply is expected to be tight in the short term, and demand is improving [9]. - **Trading Strategy**: Follow crude oil in the short term and face weakening supply - demand in the long term [9]. Soda Ash - **Market Performance**: The price of the sa05 contract decreased [9]. - **Fundamentals**: Supply is recovering, and demand is weak [9]. - **Trading Strategy**: Adopt a wait - and - see approach [9].

Core Viewpoint - The article discusses the impact of geopolitical events in the Middle East on the basic metals market, suggesting a cautious trading strategy for copper and tin while maintaining a bullish outlook on aluminum and nickel due to potential supply disruptions [3][5]. Group 1: Geopolitical Impact on Basic Metals - The geopolitical tensions have led to a decrease in macroeconomic drivers, negatively affecting demand narratives for basic metals [4][9]. - The blockade of transportation routes, particularly the Strait of Hormuz, poses a risk to the supply of aluminum and nickel, which could lead to production cuts [12][14]. - Rising oil prices are increasing production costs, particularly for alumina, but this does not fundamentally change the oversupply situation in the market [29][30]. Group 2: Supply and Demand Dynamics - The current trading narrative is centered around the geopolitical disruptions, with a bearish macroeconomic outlook for basic metals due to limited demand and increased costs [5][6]. - For aluminum and nickel, which face potential supply cuts, a low-buy strategy is recommended, while other metals should be observed until the geopolitical situation stabilizes [5][20]. - The aluminum market is particularly sensitive to supply disruptions, with significant reliance on imports for raw materials, leading to potential production halts if the blockade continues [14][18]. Group 3: Cost Implications - The increase in oil prices has led to higher shipping and energy costs, which are expected to raise the production costs for aluminum significantly [29][31]. - The energy cost for aluminum production is approximately 45%, and the recent oil price surge could increase costs by around 2200 RMB per ton [31][34]. - The overall impact of rising costs on other metals like copper, zinc, and nickel is expected to be limited in the short term due to their lower energy cost elasticity [31][34].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The report highlights that geopolitical conflicts are causing supply chain risks in the aluminum sector, particularly affecting electrolytic aluminum production [5] - Precious metals are currently experiencing a downturn due to a strong US dollar, but their investment value is expected to recover as liquidity concerns ease [5] - Copper prices are under pressure due to macroeconomic concerns, despite a recovery in downstream demand, with a significant increase in operating rates in the copper strip industry [6] - Aluminum prices are on an upward trend, driven by supply disruptions from geopolitical tensions and a recovery in demand as businesses resume operations post-holiday [7] - Lithium prices are supported by long-term energy security considerations, with increasing demand from the energy storage sector [7] - Tungsten prices have surged due to tight supply, and the market is closely monitoring the impact of geopolitical conflicts on future pricing [8] Summary by Sections Industry Overview - The closing index for the industry is at 9585.63, with a 52-week high of 11180.33 and a low of 4295.55 [2] Price Movements - LME copper decreased by 1.45%, while aluminum increased by 1.58% this week [20] - Precious metals saw COMEX gold drop by 2.44% and silver by 7.67% [20] Inventory Levels - Global visible copper inventories increased by 8758 tons, and aluminum inventories rose by 16815 tons this week [32][34]

Investment Rating - Industry Rating: Recommended [4] Core Insights - Precious metals are under short-term pressure due to rising oil prices exacerbating inflation concerns in the US, with COMEX gold down 3.05% to $5,023.10 per ounce and COMEX silver down 4.78% to $80.65 per ounce [1][5] - The geopolitical tensions in the Middle East, particularly regarding Iran, are driving oil prices higher, which in turn is impacting inflation expectations and suppressing metal prices [10][12] - The report highlights a potential long-term bullish trend for gold due to the declining status of the US dollar and increasing global debt concerns, with the US national debt exceeding $38.5 trillion [6][27] Summary by Sections Precious Metals - Gold and silver prices have seen significant declines, with gold down 3.05% and silver down 4.78% this week [1] - The gold-silver ratio increased by 1.82% to 62.29, indicating a shift in market dynamics [1] - SPDR Gold ETF holdings decreased by 56,476.13 ounces, while SLV Silver ETF holdings fell by 9,691,604 ounces [1] Base Metals - Copper prices fell by 1.04% to $12,735.50 per ton on the LME, while aluminum rose by 0.23% to $3,439.00 per ton [8] - The report notes that macroeconomic expectations are weakening, leading to downward pressure on copper prices [10] - Domestic copper production has decreased due to the Spring Festival holiday, and demand remains weak, contributing to price pressures [11] Small Metals - Magnesium prices increased slightly to 18,420 yuan per ton, but demand recovery is slower than expected [20] - Molybdenum prices remain under pressure due to lower steel bidding prices, despite a strong demand outlook in military applications [21][22] - Vanadium prices are stable, but market sentiment is cautious as downstream demand has not fully recovered [23][24]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Gold is affected by geopolitical conflicts, silver requires attention to liquidity contraction, copper's price increase is restricted by inventory growth, zinc shows a weak oscillating trend, lead's price is pressured by domestic inventory increase, tin is in an oscillating adjustment, aluminum is in a high - level oscillation, alumina's cost is rising, casting aluminum alloy follows electrolytic aluminum, platinum is pressured by geopolitical disputes, palladium is hovering at a low level, nickel's reality is supported by tight ore supply but its elasticity is restricted by smelting inventory accumulation, and stainless steel is affected by macro - risk preference with an upward - shifted cost center [2]. Summary by Related Catalogs Gold - **Price and Trading Volume**: The closing price of Shanghai Gold 2602 was 1,153.06 with a daily decline of 2.45%, and the night - session closing price was 1,144.20 with a decline of 0.22%. The trading volume of Shanghai Gold 2602 was 418,498, an increase of 25,719 from the previous day, and the position was 126,419, a decrease of 13,351 [5]. - **Inventory**: The inventory of Shanghai Gold was 105,033 kilograms, a decrease of 27 kilograms from the previous day [5]. - **News**: Iran's new leader stated that revenge will not be given up, the Strait of Hormuz will remain closed, and new battlefronts may be opened if necessary. Bond traders are no longer certain that the Fed will cut interest rates this year [5]. Silver - **Price and Trading Volume**: The closing price of Shanghai Silver 2602 was 21,854 with a daily increase of 0.86%, and the night - session closing price was 21,546.00 with an increase of 1.53%. The trading volume of Shanghai Silver 2602 was 526,514, a decrease of 187,374 from the previous day, and the position was 150,089, a decrease of 11,077 [5]. - **Inventory**: The inventory of Shanghai Silver was 294,823 kilograms, a decrease of 12,661 kilograms from the previous day [5]. - **News**: Similar to gold, there are geopolitical and interest - rate - related news [5]. Copper - **Price and Trading Volume**: The closing price of the Shanghai Copper main contract was 101,010 with a daily decline of 0.14%, and the night - session closing price was 100,860 with a decline of 0.15%. The trading volume of the Shanghai Copper index was 199,621, an increase of 28,612 from the previous day, and the position was 581,288, a decrease of 4,115 [10]. - **Inventory**: The inventory of Shanghai Copper was 326,327, an increase of 5,911 from the previous day, and the inventory of London Copper was 312,350, an increase of 275 [10]. - **News**: The US - Iran conflict is intensifying, Brent crude oil has closed above $100 per barrel for the first time in 13 months, and the private credit market is under redemption pressure, causing a sharp decline in US stocks. The US has made some progress in obtaining strategic minerals in the Democratic Republic of the Congo, but there are issues such as regional conflicts and license disputes. Mongolia is seeking to renegotiate the "unfair" business terms of the Oyu Tolgoi copper mine. Zambia aims to triple its copper production by 2031 [10][12]. Zinc - **Price and Trading Volume**: The closing price of the Shanghai Zinc main contract was 24,300 with a daily decline of 0.35%, and the closing price of the London Zinc 3M electronic disk was 3,313.5 with a decline of 0.81%. The trading volume of the Shanghai Zinc main contract was 109,003, an increase of 34,199 from the previous day, and the position was 72,726, a decrease of 1,494 [13]. - **Inventory**: The inventory of Shanghai Zinc was 85,695 tons, an increase of 4,622 tons from the previous day, and the inventory of London Zinc was 98,750 tons, a decrease of 150 tons [13]. - **News**: The Trump administration plans to issue a 30 - day exemption order for the Jones Act to ease the logistics bottleneck of domestic fuel circulation. The shutdown of the Ras Laffan facility in Qatar has affected 20% of the global LNG supply, and Asian countries are facing a serious LNG shortage. The market no longer expects the Fed to cut interest rates this year [14][15]. Lead - **Price and Trading Volume**: The closing price of the Shanghai Lead main contract was 16,615 with a daily decline of 0.39%, and the closing price of the London Lead 3M electronic disk was 1,937.5 with a decline of 0.39%. The trading volume of the Shanghai Lead main contract was 30,328, a decrease of 10,640 from the previous day, and the position was 62,266, an increase of 1,183 [16]. - **Inventory**: The inventory of Shanghai Lead was 63,269 tons, an increase of 6,371 tons from the previous day, and the inventory of London Lead was 284,500 tons, a decrease of 375 tons [16]. - **News**: The US - Iran conflict is intensifying, Brent crude oil has closed above $100 per barrel for the first time in 13 months, and the private credit market is under redemption pressure, causing a sharp decline in US stocks. The expectation of the Fed's easing policy is suppressed [17]. Tin - **Price and Trading Volume**: The closing price of the Shanghai Tin main contract was 393,500 with a daily decline of 0.89%, and the night - session closing price was 387,730 with a decline of 0.65%. The trading volume of the Shanghai Tin main contract was 215,161, a decrease of 24,104 from the previous day, and the position was 33,098, a decrease of 884 [20]. - **Inventory**: The inventory of Shanghai Tin was 12,360, an increase of 2,329 from the previous day, and the inventory of London Tin was 8,630, an increase of 25 [20]. - **News**: Similar to other metals, there are geopolitical and macro - economic news [22]. Aluminum, Alumina, and Casting Aluminum Alloy - **Price and Trading Volume**: The closing price of the Shanghai Aluminum main contract was 25,240, an increase of 25 from the previous day. The closing price of the Shanghai Alumina main contract was 2,865, a decrease of 4 from the previous day. The closing price of the aluminum alloy main contract was 23,990, an increase of 105 from the previous day [23]. - **Inventory**: The domestic social inventory of aluminum ingots was 131.00 million tons, an increase of 3.00 million tons from the previous day. The inventory of LME aluminum ingots was 44.73 million tons, a decrease of 0.28 million tons from the previous day [23]. - **News**: The US will launch a 301 investigation against 16 trading partners including China, the EU, India, and Japan. The US Treasury Secretary said that escorting will be carried out as soon as the situation allows, and the Energy Secretary said it may be this month [25]. Platinum and Palladium - **Price and Trading Volume**: The closing price of platinum futures 2606 was 564.65 with a decline of 0.16%. The closing price of palladium futures 2606 was 416.60 with a decline of 1.80%. The trading volume of Shanghai Platinum was 3,510 kilograms, a decrease of 2,485 from the previous day, and the position was 25,777, a decrease of 412 [26]. - **Inventory**: The inventory of Shanghai Platinum was 1 kilogram, and the inventory of NYMEX platinum was 582,441 ounces (previous day) [26]. - **News**: There are geopolitical news such as Trump's remarks on oil prices and Iran's stance [29]. Nickel and Stainless Steel - **Price and Trading Volume**: The closing price of the Shanghai Nickel main contract was 138,100, an increase of 940 from the previous day. The closing price of the stainless steel main contract was 14,285, an increase of 70 from the previous day. The trading volume of the Shanghai Nickel main contract was 491,504, an increase of 182,325 from the previous day, and the trading volume of the stainless steel main contract was 253,505, an increase of 44,161 from the previous day [30]. - **Industry News**: The Indonesian Nickel Miners Association (APNI) revealed that the Ministry of Energy and Mineral Resources (ESDM) will revise the benchmark price formula for nickel ore products in early 2026. The Solway Investment Group plans to restart its nickel mine business in Guatemala. There are also news about production quotas, accidents, and sanctions in the nickel industry [30][31][35].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Gold is affected by geopolitical conflicts; silver requires attention to liquidity contraction; the upward movement of the US dollar restricts the price increase of copper; zinc is in a range - bound oscillation; lead lacks driving forces and oscillates at a low level; tin is in an oscillatory adjustment; aluminum shows a strong - leaning oscillatory trend; the cost of alumina is rising; cast aluminum alloy follows the trend of electrolytic aluminum; platinum follows the retracement of gold and silver; palladium oscillates at a low level; the tight ore supply of nickel supports the current situation, while the inventory accumulation in smelting restricts its upward potential; stainless steel is affected by macro - risk preferences, and the actual cost center has shifted upward [2]. Summary by Relevant Catalogs Gold - **Price and Trading Volume**: The closing price of Shanghai Gold 2602 was 1,153.06, with a daily decline of 2.45%, and the night - session closing price was 1144.20, with a decline of 0.22%. The trading volume of Shanghai Gold 2602 was 418,498, an increase of 25,719 from the previous day, and the position was 126,419, a decrease of 13,351 [5]. - **Macro and Industry News**: US inflation continued to cool down, with the CPI in February rising 2.4% year - on - year and the core CPI rising 2.5%, the smallest increase in nearly five years. Trump hinted that the military action against Iran was "about to end", and the IEA approved the release of a record - high 4 - billion - barrel crude oil reserve [7]. - **Trend Intensity**: Gold trend intensity is 0 [7]. Silver - **Price and Trading Volume**: The closing price of Shanghai Silver 2602 was 21854, with a daily increase of 0.86%, and the night - session closing price was 21546.00, with an increase of 1.53%. The trading volume of Shanghai Silver 2602 was 526,514, a decrease of 187,374 from the previous day, and the position was 150,089, a decrease of 11,077 [5]. - **Macro and Industry News**: Similar to gold, including US inflation data, Trump's remarks on Iran, and the IEA's release of crude oil reserves [7]. - **Trend Intensity**: Silver trend intensity is 0 [7]. Copper - **Price and Trading Volume**: The closing price of the Shanghai Copper main contract was 101,150, with a daily decline of 0.36%, and the night - session closing price was 101310, with an increase of 0.16%. The trading volume of the Shanghai Copper index was 171,009, a decrease of 75,827 from the previous day, and the position was 585,403, a decrease of 2,930 [8]. - **Macro and Industry News**: US inflation continued to cool down, and the IEA announced the release of a record - high crude oil reserve. The US made some progress in obtaining strategic minerals in the Democratic Republic of the Congo, but faced challenges. Mongolia sought to renegotiate the "unfair" business terms of the Oyu Tolgoi copper mine, and Zambia aimed to triple its copper production by 2031 [8][10]. - **Trend Intensity**: Copper trend intensity is 0 [10]. Zinc - **Price and Trading Volume**: The closing price of the Shanghai Zinc main contract was 24385, with a daily decline of 0.12%. The trading volume of the Shanghai Zinc main contract was 74804, a decrease of 29887 from the previous day, and the position was 74220, a decrease of 527 [11]. - **News**: The IEA approved the release of a record - high 4 - billion - barrel crude oil reserve, and the Trump administration was reported to start a trade investigation [12][14]. - **Trend Intensity**: Zinc trend intensity is 0 [14]. Lead - **Price and Trading Volume**: The closing price of the Shanghai Lead main contract was 16680, with a daily increase of 0.18%. The trading volume of the Shanghai Lead main contract was 40968, a decrease of 5562 from the previous day, and the position was 61083, an increase of 2926 [15]. - **News**: US inflation continued to cool down, and the IEA announced the release of a record - high crude oil reserve. Trump tried to downplay the threat of mining in the Strait of Hormuz, but the market still worried about the Middle East situation [15]. - **Trend Intensity**: Lead trend intensity is 0 [15]. Tin - **Price and Trading Volume**: The closing price of the Shanghai Tin main contract was 392,740, with a daily decline of 0.71%, and the night - session closing price was 391,610, with a decline of 1.37%. The trading volume of the Shanghai Tin main contract was 239,265, a decrease of 49,429 from the previous day, and the position was 33,982, a decrease of 994 [18]. - **Macro and Industry News**: US inflation continued to cool down, the IEA approved the release of a record - high crude oil reserve, and China's Ministry of National Defense called for an end to military actions in the Middle East [18][20]. - **Trend Intensity**: Tin trend intensity is 0 [19]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Trading Volume**: The closing price of the Shanghai Aluminum main contract was 25215, with an increase of 335 compared to T - 1. The closing price of the Shanghai Alumina main contract was 2869, with an increase of 30 compared to T - 1. The closing price of the aluminum alloy main contract was 23885, with an increase of 205 compared to T - 1 [21]. - **Comprehensive News**: US inflation continued to cool down, but the Middle East conflict led to an increase in oil prices, and the market expected the Fed to keep interest rates unchanged. The Iranian president proposed three conditions for ending the war [23]. - **Trend Intensity**: Aluminum trend intensity is 1; alumina trend intensity is 1; aluminum alloy trend intensity is 1 [23]. Platinum and Palladium - **Price and Trading Volume**: The closing price of platinum futures 2606 was 565.55, with an increase of 0.53%. The closing price of palladium futures 2606 was 424.25, with an increase of 0.17% [25]. - **Macro and Industry News**: US inflation data met market expectations, Trump said the war with Iran would end soon, and the IEA released 4 billion barrels of emergency oil reserves [28]. - **Trend Intensity**: Platinum trend intensity is 0; palladium trend intensity is 0 [27]. Nickel and Stainless Steel - **Price and Trading Volume**: The closing price of the Shanghai Nickel main contract was 137,160, with an increase of 110 compared to T - 1. The closing price of the stainless - steel main contract was 14,215, with a decrease of 10 compared to T - 1 [29]. - **Macro and Industry News**: Indonesia planned to revise the benchmark price formula for nickel ore, some nickel mines in different regions had production - related news such as restarts, suspensions, and production quota adjustments [29][30][34]. - **Trend Intensity**: Nickel trend intensity is 0; stainless - steel trend intensity is 0 [36].