We recently published 10 Big Names Crumbling Before 2026. United States Antimony Corporation (NYSEAmerican:UAMY) is one of the worst performers on Tuesday. US Antimony extended its winning streak to a third straight day on Tuesday, shedding 7.66 percent to close at $5.18 apiece mainly due to continued profit-taking from last week’s surge. Last week, the stock climbed back to the $6 territory before profit-taking persisted this week to fall back to the $5 level. US Antimony (UAMY) Loses 7.66% on Profit-Tak ...

All right. First and foremost, Vicki, are you an agre are you a believer, not agreer, a believer in the Santa Claus rally. >> Uh, I think so.But last the last two years, we've had a really nice rally. Even though Santa Claus didn't come to Wall Street, we still we still saw some nice rallies in here. I think the January January barometer, the first five trading days, January effect, all of it combined can be very powerful.I'm not going to panic if Santa doesn't come to Wall Street. I'm expecting really like ...

Core Viewpoint - Copper is experiencing its largest annual price increase in over a decade, influenced by supply disruptions, a weakening U.S. dollar, positive expectations for Chinese economic growth, and significant investments in artificial intelligence [1] Group 1: Price Trends - Three-month copper prices on the London Metal Exchange (LME) increased by 1.5% to $12,405 per metric ton, following a record high of $12,960 [2] - The benchmark copper contract has risen approximately 41% this year, marking its best performance since 2009, when it gained over 140% [3] - In New York, copper prices have surged more than 40% since the beginning of 2025, positioning it for its largest annual increase since 2009, when the contract rose 137.3% [3] Group 2: Demand Drivers - Copper demand is viewed as an indicator of economic health and is essential for the energy transition, electric vehicle manufacturing, power grids, and wind turbines [4] - The electrification process, grid expansion, and the construction of data centers require substantial amounts of copper for wiring, power transmission, and cooling systems [4]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In the short - to medium - term, before the New Year's Day, funds take profits, causing base metals to rise and then fall. However, the logic of weak US dollar expectation and supply disruption concerns remains unchanged. After copper, aluminum, and tin stop falling, low - buying and long - position opportunities can be considered. In the long - term, there are still expectations of potential incremental stimulus policies in China, and supply disruption issues for copper, aluminum, and tin still exist, with expectations of tightening supply and demand, so the price trends of copper, aluminum, and tin are optimistic [1]. - Different metals have different price trends: copper prices are expected to be strong due to strong supply contraction expectations; alumina prices are under pressure with weak cost support; aluminum prices are expected to be oscillating and strong due to positive macro expectations; aluminum alloy prices are expected to be oscillating and strong with cost support; zinc prices will oscillate with non - ferrous metals due to the divergence of domestic and foreign inventory trends; lead prices may weaken in supply and demand despite rebounding with non - ferrous metals; nickel prices will oscillate due to Indonesian policy expectations; stainless steel prices will oscillate as nickel iron prices rise; tin prices will oscillate at a high level due to the resilience of rigid demand [2]. 3. Summary by Relevant Catalogs 3.1行情观点 3.1.1 Copper - Information: China's copper smelters set the 2026 copper concentrate long - term processing fee benchmark at $0/ton and $0/pound. In November 2025, China's electrolytic copper production increased month - on - month and year - on - year, and the cumulative increase from January to November was 11.76%. On December 29, the spot price of 1 electrolytic copper was at a discount to the contract [7]. - Logic: The US economy is resilient, and the Fed's interest - rate cut and balance - sheet expansion support copper prices. Copper mine supply disruptions increase, and the long - term processing fee hits a record low. Chinese copper smelters plan to reduce production, strengthening the supply contraction expectation. Demand is weak in the off - season, and LME's position limit reduces the risk of a short squeeze [7]. - Outlook: Copper prices are expected to be oscillating and strong [7]. 3.1.2 Alumina - Information: On December 29, the northern spot comprehensive price of alumina rose, and the national weighted index also increased. The alumina warehouse receipt decreased [7][8]. - Logic: Macro sentiment amplifies price fluctuations. High - cost production capacity fluctuates, but the supply contraction is insufficient, and the inventory is still accumulating. Raw material prices are weak, and the cost support is general. The warehouse receipt is being destocked, but there is pressure on the upper side of the price [8]. - Outlook: Alumina prices are expected to oscillate [8]. 3.1.3 Aluminum - Information: On December 29, the average price of SMM AOO aluminum increased, and the inventory of aluminum ingots and aluminum rods rose. In November 2025, China's unforged aluminum and aluminum product exports decreased year - on - year but increased month - on - month. South32 raised the offer price of aluminum ingot premiums to Japan [9]. - Logic: The macro outlook is positive. Domestic production capacity is high, while overseas power shortages may tighten supply in the long term. High aluminum prices suppress demand, and inventory accumulates [9][10]. - Outlook: In the short - term, aluminum prices are expected to be oscillating and strong. In the medium - term, the price center may rise [10]. 3.1.4 Aluminum Alloy - Information: On December 29, the price of Baotai ADC12 increased, and the warehouse receipt increased. An Indonesian electrolytic aluminum project started trial production [11]. - Logic: The supply of scrap aluminum is tight, providing strong cost support. The weekly operating rate increased, but there are still risks of production cuts in the medium - term. Demand may weaken marginally after the end of the automotive seasonal sales rush [11]. - Outlook: In the short - and medium - term, aluminum alloy prices are expected to be oscillating and strong [11]. 3.1.5 Zinc - Information: On December 29, the spot prices of zinc in different regions had different premiums to the main contract. As of December 29, SMM's seven - region zinc ingot inventory decreased. In November 2025, China's zinc concentrate imports increased [12][13]. - Logic: The macro outlook is positive. Short - term zinc ore supply is tight, and smelter profits decline, reducing zinc ingot production. Domestic consumption is in the off - season, and demand is average. In the short - term, zinc ingot exports will continue, and social inventory may decline. In the long - term, supply may increase while demand growth is limited [13]. - Outlook: In the short - term, zinc prices will oscillate at a high level. In the long - term, there is a possibility of price decline [13]. 3.1.6 Lead - Information: On December 29, the price of waste electric vehicle batteries increased, and the price of lead ingots also rose. The social inventory of lead ingots decreased, and the futures warehouse receipt increased slightly [14]. - Logic: The spot premium decreased, and the original - recycled price difference increased. The price of waste batteries rose, expanding the smelting profit of recycled lead, and production is expected to increase. Demand from electric bicycles weakens, and the battery factory's operating rate declines marginally [14][15]. - Outlook: Lead prices are expected to oscillate [15]. 3.1.7 Nickel - Information: On December 29, the Shanghai nickel warehouse receipt increased, and the LME nickel inventory decreased. The average price of high - nickel pig iron rose. Indonesia plans to revise the nickel ore RKAB and the mineral benchmark price calculation formula [15][16][17]. - Logic: Domestic nickel production decreased in November, but Indonesian production increased, and overall supply pressure remains. Demand is in the off - season, and the market is weak. If Indonesia's RKAB plan is implemented, the supply - demand balance will improve [18]. - Outlook: Nickel prices are expected to oscillate, and attention should be paid to policy implementation [18]. 3.1.8 Stainless Steel - Information: The stainless steel futures warehouse receipt decreased. The average price of high - nickel pig iron rose. Some Indonesian nickel mines face fines [19]. - Logic: Nickel iron prices rise, providing cost support. Stainless steel production is expected to decline in December. Inventory may accumulate in the off - season, and the warehouse receipt is at a low level [20]. - Outlook: Stainless steel prices are expected to oscillate, and attention should be paid to Indonesian policy changes [21]. 3.1.9 Tin - Information: On December 29, the LME tin warehouse receipt increased, and the Shanghai tin warehouse receipt decreased. The spot price of tin ingots rose [21]. - Logic: Tin supply is a major concern. Chinese imports from Myanmar increase, but there are still risks. Indonesian supply may be restricted in Q1 2026. African production is limited. Demand is expected to increase due to the global economic environment and the growth of related industries [21]. - Outlook: Tin prices are expected to be oscillating and strong [21]. 3.2行情监测 - Copper: No specific monitoring information provided [24]. - Alumina: No specific monitoring information provided [39]. - Aluminum: No specific monitoring information provided [52]. - Aluminum Alloy: No specific monitoring information provided [65]. - Zinc: No specific monitoring information provided [76]. - Lead: No specific monitoring information provided [89]. - Nickel: No specific monitoring information provided [103]. - Stainless Steel: No specific monitoring information provided [119]. - Tin: No specific monitoring information provided [129]. 3.3中信期货商品指数 - On December 29, 2025, the comprehensive index was 2339.89, down 0.59%; the commodity 20 index was 2687.93, down 0.42%; the industrial products index was 2258.87, down 0.70%. The non - ferrous metals index was 2676.44, with a daily decline of 0.01%, a 5 - day increase of 3.18%, a 1 - month increase of 6.45%, and a year - to - date increase of 15.95% [147][149].

In the current market session, Newmont Inc. (NYSE:NEM) stock price is at $99.76, after a 5.69% decrease. However, over the past month, the company's stock spiked by 10.26%, and in the past year, by 168.03%. Shareholders might be interested in knowing whether the stock is overvalued, even if the company is not performing up to par in the current session. A Look at Newmont P/E Relative to Its CompetitorsThe P/E ratio measures the current share price to the company's EPS. It is used by long-term investors to a ...

据数据显示，12 月 29 日沪期铜价格走势强劲，价格重心再度上移，刷新历史新高。其中，沪铜主连铜均价强势攀升至101290 元 / 吨，较上一交易日大幅上 涨3.31%，涨势迅猛。现货市场同样表现亮眼，单日每吨狂涨2000 元，最终报收87500 元 / 吨，一举创下历史最高纪录。国际市场上，铜价涨势同样惊人。 伦敦金属交易所（LME）三个月期铜价格大幅飙升，单日涨幅高达5.83%，不仅领跑全球基本金属市场，更创下年内最大单日涨幅纪录，彰显铜市全球范围 内的强劲热度。 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Last week, the lead price of the main SHFE contract rebounded. The US economic data showed strong resilience, and the employment data was moderate, leading to a slight increase in the expectation of the Fed's interest rate cut and a weak US dollar, which was beneficial to the lead price. The lead concentrate market had little trading, and the processing fee was weakly stable. The scrap battery recyclers' reluctance to sell increased, and the quotation was slightly raised. The primary lead smelters had both production cuts and restarts, and the supply improved marginally. The secondary lead supply was still tight due to environmental protection and raw material shortages. The terminal consumption acceptance declined after the end of the new national standard transition period and stricter supervision, and the spot trading was weak. Overall, the warm macro - sentiment and tight domestic spot supported the lead price rebound, but the open lead ingot import window and the expected transfer of overseas high - inventory pressure restricted the rebound height. In the short term, the lead price was expected to remain oscillating strongly, but the risk of a pullback after the New Year's Day holiday should be vigilant [3][6][7] Summary by Relevant Catalog Transaction Data - From December 19th to December 26th, the SHFE lead price rose from 16,880 yuan/ton to 17,555 yuan/ton, an increase of 675 yuan/ton; the LME lead price rose from 1,984.5 dollars/ton to 1,999.5 dollars/ton, an increase of 15 dollars/ton; the SHFE - LME ratio rose from 8.51 to 8.78, an increase of 0.27. The SHFE inventory decreased by 780 tons to 27,095 tons, the LME inventory decreased by 9,725 tons to 248,900 tons, and the social inventory decreased by 0.26 million tons to 1.79 million tons. The spot premium decreased by 5 yuan/ton to - 75 yuan/ton [4] Market Review - Last week, the main SHFE lead contract PB2602 rebounded strongly, closing at 17,555 yuan/ton with a weekly increase of 4%. The LME lead continued to rebound, closing at 1,999.5 dollars/ton with a weekly increase of 0.76%. In the spot market, as of December 26th, the Jiangxi lead in the Jiangsu and Zhejiang regions was reported at 17,300 - 17,330 yuan/ton, with a premium of 30 yuan/ton to the SHFE lead 2601 contract. The spot market had few circulating supplies, and the transaction was sluggish. As of December 26th, the LME weekly inventory was 248,900 tons, a weekly decrease of 9,725 tons. The SHFE inventory was 27,095 tons, a decrease of 780 tons from last week. As of December 25th, the SMM five - region social inventory was 1.79 million tons, a decrease of 0.23 million tons from Monday and 0.26 million tons from last Thursday [5] Industry News - In January 2026, the domestic and foreign lead concentrate processing fees were 300 yuan/metal ton and - 145 dollars/dry ton respectively, with the average remaining flat month - on - month. In November, the lead concentrate import volume was 109,800 tons, a month - on - month increase of 11.7% and a year - on - year increase of 15.78%. The silver concentrate import volume was 181,000 tons, a month - on - month increase of 21.13% and a year - on - year increase of 26.51%. The import volume of refined lead and lead products was 26,000 tons, a month - on - month increase of 42.04%. The export volume of refined lead and lead products was 3,675 tons, a month - on - month decrease of 7.7% and a year - on - year decrease of 4.3% [8] Related Charts - The content includes multiple charts showing the SHFE and LME lead prices, SHFE - LME ratio, SHFE and LME inventories, lead ingot premiums, price differences between primary and secondary lead, scrap battery prices, secondary lead enterprise profits, lead ore processing fees, electrolytic lead and secondary refined lead production, lead ingot social inventory, and refined lead import profit and loss [10][12][14]

Report Title - Copper Weekly Report [1][2] Investment Rating - No investment rating information is provided in the report. Core Viewpoints - Copper prices are supported at high levels by macro - liquidity and exchange rates, but the weak fundamental reality limits their upside potential. In the short term, copper prices may enter a high - level shock phase, and the risk of a correction is increasing [4][5] Summary by Directory Copper Futures Market Data (Weekly) - The latest price of Shanghai Copper Main Contract is 98,720 yuan/ton, with a weekly increase of 5.95%. The position is 252,097 lots, with a weekly increase of 14,445 lots, and the trading volume is 286,978 lots [6] - The latest price of Shanghai Copper Index Weighted is 98,776 yuan/ton, with a weekly increase of 6.09%. The position is 651,557 lots, with a weekly increase of 29,521 lots, and the trading volume is 477,230 lots [6] - The latest price of International Copper is 88,630 yuan/ton, with a weekly increase of 5.71%. The position is 2,830 lots, with a weekly decrease of 1,145 lots, and the trading volume is 8,081 lots [6] - The latest price of LME Copper 3 - month contract is 12,133 US dollars/ton, with a weekly increase of 3.33%. The position is 239,014 lots, with a weekly decrease of 38,282 lots, and the trading volume is 18,195 lots [6] - The latest price of COMEX Copper is 557.3 US dollars, with a weekly increase of 2.7%. The position is 148,392 lots, with a weekly increase of 4,858 lots, and the trading volume is 31,214 lots [6] Copper Spot Market Data (Weekly) - The latest price of Shanghai Non - ferrous 1 copper is 97,740 yuan/ton, with a weekly increase of 5,390 yuan and a weekly increase rate of 5.84% [11] - The latest price of Shanghai Wumaotrade copper is 97,865 yuan/ton, with a weekly increase of 5,385 yuan and a weekly increase rate of 5.82% [11] - The latest price of Guangdong Nanchu copper is 98,000 yuan/ton, with a weekly increase of 5,330 yuan and a weekly increase rate of 5.75% [12] - The latest price of Yangtze Non - ferrous copper is 98,030 yuan/ton, with a weekly increase of 5,390 yuan and a weekly increase rate of 5.82% [12] Copper Advanced Data (Weekly) - The copper import profit and loss is - 1,732.18 yuan/ton, with a weekly decrease of 683.5 yuan and a weekly decrease rate of 65.18% [13] - The copper concentrate TC is - 43.8 US dollars/ton, with a weekly decrease of 0.55 US dollars and a weekly decrease rate of 1.27% [13] - The copper - aluminum ratio is 4.3348, with a weekly increase of 0.1055 and a weekly increase rate of 2.49% [13] - The refined - scrap copper price difference is 3,943.88 yuan/ton, with a weekly decrease of 348.63 yuan and a weekly decrease rate of - 8.12% [13] Copper Inventory (Weekly) - The total Shanghai Copper warehouse receipts are 59,083 tons, with a weekly increase of 14,433 tons and a weekly increase rate of 32.32% [20] - The total International Copper warehouse receipts are 1,053 tons, with no change [20] - The Shanghai Copper inventory is 95,805 tons, with a weekly increase of 6,416 tons and a weekly increase rate of 7.18% [20] Copper Mid - stream Production (Monthly) - In November 2025, the refined copper production was 123.60 million tons, a year - on - year increase of 11.9%. The cumulative production was 1,332.30 million tons, a year - on - year increase of 9.8% [24] - In November 2025, the copper product production was 222.60 million tons, a year - on - year decrease of 0.8%. The cumulative production was 2,259.30 million tons, a year - on - year increase of 4.9% [24] Copper Mid - stream Capacity Utilization (Monthly) - In November 2025, the capacity utilization rate of refined copper rods was 63.31%, with a monthly increase of 7.11 percentage points and a year - on - year decrease of 5.5 percentage points [26] - In November 2025, the capacity utilization rate of scrap copper rods was 23.59%, with a monthly decrease of 0.52 percentage points and a year - on - year decrease of 3.73 percentage points [26] - In November 2025, the capacity utilization rate of copper strips was 66.44%, with a monthly increase of 2.6 percentage points and a year - on - year decrease of 6.62 percentage points [26] - In November 2025, the capacity utilization rate of copper rods was 54.08%, with a monthly increase of 3.95 percentage points and a year - on - year decrease of 1.98 percentage points [26] - In November 2025, the capacity utilization rate of copper tubes was 59.69%, with a monthly increase of 7.12 percentage points and a year - on - year decrease of 18.42 percentage points [26] Copper Element Imports (Monthly) - In November 2025, the import volume of copper concentrates was 2.526194 million tons, a year - on - year increase of 13%. The cumulative import volume was 27.615499 million tons, a year - on - year increase of 8% [30] - In November 2025, the import volume of anode copper was 58,333 tons, a year - on - year decrease of 16%. The cumulative import volume was 688,621 tons, a year - on - year decrease of 15% [30] - In November 2025, the import volume of cathode copper was 269,205 tons, a year - on - year decrease of 25%. The cumulative import volume was 3,085,712 tons, a year - on - year decrease of 8% [30] - In November 2025, the import volume of scrap copper was 208,143 tons, a year - on - year increase of 20%. The cumulative import volume was 2,103,603 tons, a year - on - year increase of 4% [30] - In November 2025, the import volume of copper products was 430,000 tons, a year - on - year decrease of 19%. The cumulative import volume was 4,880,000 tons, a year - on - year decrease of 4.7% [30]

镍金属市场近期情况如何？ 镍价在 12 万元/吨附近形成阶段性底部，主要受印尼政府下调 2026 年镍矿配 额影响，从 2025 年的 3.7 亿吨降至 2.5 亿吨。印尼政府意图挺价，但不追求 暴涨，目前政策决心明显。在湿法镍方面，由于硫磺价格上涨导致成本增加， 其成本优势减弱。预计镍价有望突破 16,000 美元/吨，但需关注印尼政府政策 执行情况。推荐关注华友钴业、立勤资源和格林美。 Q&A 请介绍一下近期锂金属市场的表现及未来预期。 碳酸锂价格自 2025 年 12 月 5 日触及 9 万元/吨的低点后，开始反弹。主要原 因是宁德复产进度延后，导致短期供需紧平衡。当前市场情绪高涨，尤其是下 游需求强劲。预计 2026 年储能和动力电池需求将持续增长，碳酸锂价格中枢 可能达到 15 万元/吨，高点或达 20 万元/吨。目前配置锂矿股票是最佳时机， 推荐关注大众矿业、盛新锂能、赣锋锂业和天齐锂业。 金属牛市：战略金属(锂镍钴钨稀土)20151223 摘要 2026 年储能和动力电池需求预计持续增长，碳酸锂价格中枢或达 15 万 元/吨，高点可能触及 20 万元/吨。当前是配置锂矿股票的有利时机。 镍价在 ...

By Hyunjoo Jin, Heejin Kim and Heekyong Yang SEOUL , Dec 24 (Reuters) - A South Korean court on Wednesday rejected a request by two major shareholders of Korea Zinc - MBK ​Partners and YoungPoong - to block the zinc refiner's plan to issue new shares to ‌help fund a $7.4 billion U.S. smelter project, a spokesperson for Korea Zinc said. The ruling, which should clear the way for ‌the project, sent Korea Zinc shares up as much as 5%, while YoungPoong share fell as much as 10%. Last week, Korea Zinc, the ...