ab 19 January 2026 Global Research Aluminium Improving fundamentals to support higher prices Diverging S&D outlooks between aluminium & alumina The rally in LME aluminium to >$3,000/t reflects tightening fundamentals due to supply disruptions/tariffs (CBAM), support from the rally in the copper price (ratio >4x) and broader hard asset/debasement trade resulting in increasing net spec positioning. Like copper, we see scope for near-term price consolidation but we remain structurally positive on aluminium fun ...

铜价在宏观利好支撑下稳步攀升的势头正面临微观层面的考验。尽管降息预期、供应紧张和新兴需求主题持续提供支撑，但美国进口动能减弱和 中国春节前的需求真空正在给市场带来短期压力。 据追风交易台消息，摩根士丹利Amy Gower团队22日发布研究报告认为，COMEX-LME价差的收窄正在改变铜流向。在2025年第四季度进口套利 窗口大开后，美国精炼铜进口在去年12月和今年1月初激增，但随着市场对2027年232条款铜关税预期降温，价差收窄消除了进一步进口的经济动 因。本周，LME位于美国的仓库甚至出现了近一年来的首次铜流入，此前LME现货价格短暂升水。 大摩表示，去年12月，中国铜表观需求持平，精炼铜出口保持强劲，库存反季节性累积。随着2月中旬农历春节临近，市场将进入数据真空期，直 到3月中旬才能获得需求状况的进一步信息。 不过，供应端的极度受限将为铜价提供底部支撑。摩根士丹利预计2026年铜矿供应增长仅为0.2%，市场将出现约60万吨赤字。智利Capstone旗下 Mantoverde矿因罢工停产（年产能10.6万吨），而2025年的多项供应中断影响将延续至今年。分析师认为，在供应紧张和强劲宏观背景下，价格 将获得 ...

Core Viewpoint - Copper prices are expected to rise significantly and reach historical highs by 2026 due to supply concerns stemming from project delays and labor strikes, alongside geopolitical risks affecting resource supply chains [1] Supply Side Summary - The import concentrate treatment charge (TC) has decreased to -45.41 USD/ton, indicating ongoing tightness in copper supply [2] - Domestic copper smelting fees remain high, with southern and northern processing fees at 2000 CNY/ton and 1200 CNY/ton respectively, leading to increased recycled copper supply [2] - The production of electrolytic copper saw a month-on-month increase of 75,000 tons in December 2025, but is expected to decrease by 14,500 tons in January due to fewer statistical days [2] - The delay of the Mirador copper mine phase II is expected to reduce global copper mine output by 100,000 tons in 2026, exacerbating supply concerns [2] - The U.S. is considering imposing tariffs on refined copper, which could lead to structural shortages in non-U.S. regions [2] Demand Side Summary - The price difference between refined and scrap copper has surged past 6000 CNY/ton, indicating a significant substitution effect [3] - High copper prices have led to a decrease in operating rates for downstream industries such as scrap copper rods and electrical cables, reflecting weak demand [3] - Despite short-term demand pressures, long-term demand for copper is expected to grow due to its role in electrification and strategic reserves amid rising geopolitical risks [3] Inventory and Macro Environment Summary - Since January, China's social inventory has increased by 54,500 tons, while global total inventory rose by 67,000 tons to 981,000 tons [5] - The LME inventory continues to decline, providing strong support for copper prices, while the price difference between COMEX and LME has narrowed significantly [5] - Geopolitical risks are expected to drive demand for strategic metals, while the short-term strength of the U.S. dollar may limit copper price increases [5] - The current market dynamics reflect a conflict between short-term pressures and mid-term bullish trends, with high prices suppressing demand and leading to inventory accumulation [7]

4 th Quarter Earnings Alcoa Corporation This presentation contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as "aims," "ambition," "anticipates," "believes," "could," "develop," "endeavors," "estimates," "expects," "forecasts," "goal," "intends," "may," "outlook," "potential," "plans," "projects," "reach," ...

Production at our Mexican operations increased 7% in a quarter-to-quarter terms, mainly due to higher production at our Buenavista and La Caridad mine. For 2024, we expect to produce 975,000 tons of copper, an increase of 7% over the 2023 final print. This growth will be fueled by recovery at our SX-EW facilities at Buenavista, higher production in Peru and copper production at our new Buenavista Zinc concentrator, which is operating at full capacity. For molybdenum, it represented 10% of the company's sale ...

At the CEF/ETF Income Laboratory , we manage ~8%-yielding closed-end fund ( CEF ) and exchange-traded fund (ETF) portfolios to make income investing easy for you. Check out what our members have to say about our service.It's been years since I last covered the iShares MSCI Global Metals & Mining Producers ETF (BATS: PICK ), as waning inflation decreased the attractiveness of miners and commodity producers as investments. Inflation has returned to these markets, with metal prices increasingJuan de la Hoz has ...

三大指数早盘集体上涨，截至午盘，沪指涨0.16%，深成指涨0.76%，创业板指涨0.85%，北证50指数涨0.65%，科创50指 数涨2.96%，沪深京三市半日成交额16458亿元，较上日缩量2196亿元。全市场超2900只个股上涨。 板块题材上，黄金、有色金属、CPO、半导体、机器人、盐湖提锂、6G概念股涨幅居前；白酒、煤炭、零售、旅游及酒 店、电力、机场航运、电网设备板块跌幅居前。盘面上，半导体、AI算力产业链集体爆发，通富微电、长电科技、海光信息创 出历史新高，此前马斯克言论催化AI芯片需求。有色资源、黄金股亦大幅上涨，招金黄金、湖南白银等多股封板，特朗普称或 对格陵兰岛问题持不同意见国家加征关税，今日国际金价再度大涨并刷新历史新高。此外，机器人、盐湖提锂、化工局部仍有 表现。另一方面，白酒、零售等消费板块集体回调，酒鬼酒、水井坊等下跌。电网设备板块未能延续近日强势，和顺电气、双 杰电气等股下挫。热门股利欧股份复牌一字跌停，盘中封单额超100亿元。 ...

Core Viewpoint - The tin market has experienced explosive growth at the beginning of the year, with prices reaching historical highs, driven by speculative investments despite warnings from industry associations about the unsustainable nature of this surge [1][2][10]. Group 1: Market Performance - Tin prices on the London Metal Exchange (LME) have surged by an astonishing 21% since the beginning of the year, significantly outperforming other metals like nickel and copper [1]. - The trading volume of tin contracts on the Shanghai Futures Exchange exceeded 1 million tons, more than double the global annual physical consumption [2]. Group 2: Supply and Demand Dynamics - Despite the perception of a supply shortage, recent developments indicate an improvement in the supply situation, with key mines in the Democratic Republic of Congo and Myanmar showing signs of increased production [6][8]. - Global refined tin supply is not lacking, as producers and traders have delivered substantial amounts of metal, with combined LME and Shanghai Futures Exchange inventories rising from 11,000 tons to over 19,000 tons [9]. Group 3: Speculative Behavior - The current tin price surge is characterized by speculative behavior, with significant liquidity mismatches in the market, leading to increased volatility [4][11]. - Investment funds have significantly increased their long positions in the tin market, with record levels of 5,753 contracts, equating to 28,765 tons, contributing to the price instability [11]. Group 4: Impact on the Industry - The irrational rise in tin prices has disrupted supply chains, causing challenges for upstream and downstream companies, particularly in sectors like soldering and chemicals, where rising costs have led to operational difficulties [13]. - The influx of funds into the tin market serves as a warning for other metals like copper, indicating potential risks associated with speculative bubbles in industrial metals [14].

Group 1: Report Information - Report title: Nickel Stainless Steel Industry Chain Weekly Report [2] - Report date: January 16, 2026 [2] - Research author: Chen Naixuan Z0023138 [3] - Reviewer: Tang Yun Z0002422 [3] Group 2: Core Views Bullish factors - Indonesia tightens nickel ore quotas, reducing potential supply gaps and providing cost - side support for prices [4] - Market funds flow into base metals, with sufficient commodity capital liquidity, boosting market sentiment [4] Bearish factors - Weak demand: limited boost from new energy vehicles, and downstream purchases on demand, resulting in insufficient consumption - side support [4] - High inventory and long - term oversupply situation remain unchanged, with high levels of LME and domestic visible inventories [4] Trading advisory view - Pay attention to the implementation of Indonesian policies, observe market fluctuations, and avoid blind position - building [4] Group 3: Market Data Nickel futures - The latest value of SHFE Nickel main contract is 146,750 yuan/ton, with a weekly increase of 2,550 yuan and a weekly increase rate of 1.77% [5] - The latest value of SHFE Nickel continuous contract 1 is 146,750 yuan/ton, with a weekly increase of 7,660 yuan and a weekly increase rate of 5.51% [5] - The latest value of SHFE Nickel continuous contract 2 is 147,020 yuan/ton, with a weekly increase of 7,800 yuan and a weekly increase rate of 5.60% [5] - The latest value of SHFE Nickel continuous contract 3 is 147,320 yuan/ton, with a weekly increase of 7,740 yuan and a weekly increase rate of 5.60% [5] - The latest value of LME Nickel 3M is 18,590 US dollars/ton, with a weekly increase of 890 US dollars and a weekly increase rate of 5.55% [5] Nickel trading volume and positions - The position volume is 101,617 lots, a decrease of 22,531 lots or 18.2% [5] - The trading volume is 1,738,133 lots, an increase of 654,931 lots or 60.46% [5] - The number of warehouse receipts is 41,972 tons, an increase of 3,116 tons or 8.02% [5] - The basis of the main contract is - 520 yuan/ton, an increase of 1,100 yuan or a decrease of 67.90% [5] Stainless steel futures - The latest value of stainless steel main contract is 14,415 yuan/ton, with a weekly increase of 560 yuan and a weekly increase rate of 4% [5] - The latest value of stainless steel continuous contract 1 is 14,410 yuan/ton, with a weekly increase of 635 yuan and a weekly increase rate of 4.61% [5] - The latest value of stainless steel continuous contract 2 is 14,415 yuan/ton, with a weekly increase of 555 yuan and a weekly increase rate of 4.00% [5] - The latest value of stainless steel continuous contract 3 is 14,440 yuan/ton, with a weekly increase of 525 yuan and a weekly increase rate of 3.77% [5] Stainless steel trading volume and positions - The trading volume is 489,832 lots, an increase of 233,153 lots or 90.83% [5] - The position volume is 145,444 lots, an increase of 16,708 lots or 12.98% [5] - The number of warehouse receipts is 46,118 tons, a decrease of 1,417 tons or 2.98% [5] - The basis of the main contract is 355 yuan/ton, an increase of 45 yuan or 14.52% [5] Nickel spot prices - The latest value of Jinchuan Nickel is 153,900 yuan/ton, with a daily increase of 3,350 yuan and a daily increase rate of 2.23% [5] - The latest value of imported nickel is 146,500 yuan/ton, with a daily increase of 4,100 yuan and a daily increase rate of 2.88% [5] - The latest value of 1 electrolytic nickel is 150,050 yuan/ton, with a daily increase of 3,600 yuan and a daily increase rate of 2.46% [5] - The latest value of nickel beans is 148,350 yuan/ton, with a daily increase of 4,100 yuan and a daily increase rate of 2.84% [5] - The latest value of electrowon nickel is 146,050 yuan/ton, with a daily increase of 4,050 yuan and a daily increase rate of 2.85% [5] Inventory data - The domestic social inventory of nickel is 61,046 tons, an increase of 2,126 tons [6] - The LME nickel inventory is 285,282 tons, an increase of 624 tons [6] - The stainless steel social inventory is 843.7 thousand tons, a decrease of 10.9 thousand tons [6] - The nickel pig iron inventory is 29,346 tons, a decrease of 879 tons [6] Group 4: Charts and Graphs - Stainless steel futures main contract closing price chart from February 24 to December 25 [7] - Nickel spot average price chart including nickel beans, 1 imported nickel, and SMM 1 electrolytic nickel [9] - Nickel internal and external market trend chart including SHFE Nickel futures main contract closing price and LME Nickel (3 - month) electronic - trading closing price [11] - China's refined nickel monthly production seasonal chart [12] - China's primary nickel monthly total supply (including imports) seasonal chart [12] - Domestic social inventory (nickel plate + nickel beans) seasonal chart [13] - LME nickel inventory seasonal chart [13] - Philippine laterite nickel ore 1.5% (FOB) average price chart [15] - China's port nickel ore inventory by port seasonal chart [15] - China's 8 - 12% nickel pig iron ex - factory price (national average) chart [16] - Ni≥14% Indonesian high - nickel pig iron (arrival duty - paid) average price chart [16] - China's nickel iron monthly production seasonal chart [17] - Indonesia's nickel pig iron monthly production seasonal chart [18] - Battery - grade nickel sulfate average price chart from February 24 to December 25 [20] - Battery - grade nickel sulfate premium chart [22] - Nickel bean production of nickel sulfate profit margin seasonal chart [23] - China's externally - purchased nickel sulfate production of electrowon nickel profit seasonal chart [23] - China's nickel sulfate monthly production (metal tons) chart [24] - Ternary precursor monthly production capacity seasonal chart [24] - China's 304 stainless steel cold - rolled coil profit margin seasonal chart [26] - Stainless steel monthly production seasonal chart [28] - Stainless steel inventory seasonal chart [29]

Core Viewpoint - IperionX has secured nearly A$7 million in funding from the U.S. Department of War, part of a larger US$50 million package, along with a delivery of approximately 290 tonnes of scrap titanium metal from the U.S. government, which is crucial for its Titanium Manufacturing Campus in Virginia [1][2][4]. Group 1: Funding and Material Supply - The funding from the U.S. Department of War is the final tranche of a US$50 million package aimed at supporting IperionX's operations [1][4]. - The delivery of 290 tonnes of scrap titanium provides essential feedstock for the Titanium Manufacturing Campus, representing about 1.5 years of material throughput [2][4]. - IperionX plans to produce at least 1,400 tonnes of titanium annually to support U.S. defense supply chain goals [4]. Group 2: Market Context and Challenges - The critical mineral supply chain, particularly for titanium, is transitioning from a narrative to a structural reality, indicating a growing market interest in tensile metals [3]. - Despite positive developments, short selling pressure on IperionX shares has increased, with nearly 8% of shares currently shorted [5][8]. - The funding assurance from the U.S. government has not significantly deterred short sellers, indicating ongoing market skepticism [8].