Core Viewpoint - The non-ferrous metal sector is experiencing a significant sell-off, driven by falling gold and silver prices, with major futures contracts hitting their daily limits down [1] Group 1: Market Performance - As of the close on Monday, major contracts for copper, aluminum, tin, nickel, and aluminum alloy all hit their daily limit down, with other varieties also experiencing declines [1] - The trading volume in the non-ferrous metal sector reached a recent high last Friday but saw a decline on Monday, although it remained elevated compared to previous days [2] Group 2: Price Movements - During the night trading session, international copper futures fell by 1.11%, while domestic copper futures dropped by 1.01%. Other metals like aluminum and nickel also saw declines of 2.12% and 2.83%, respectively [3] - Year-to-date, absolute inventories of copper, aluminum, and nickel are significantly higher than in previous years, indicating weak price support from supply-demand dynamics [4] Group 3: Analyst Insights - Analysts suggest that the nomination of Kevin Warsh as the new Federal Reserve Chair has strengthened expectations for tighter monetary policy, leading to a stronger dollar and increased pressure on non-ferrous metals [3] - The market is currently observing marginal changes in Federal Reserve policy, with high volatility in related commodities likely to continue [3][5] Group 4: Inventory and Demand - Global copper inventories exceed 1.3 million tons, indicating upward pressure on prices, while domestic aluminum inventories have reached 1 million tons, reflecting weaker supply-demand dynamics compared to previous years [4][5] - Seasonal demand suppression is expected around the Chinese New Year, which may lead to price pressure due to seasonal accumulation [6] Group 5: Future Outlook - Post-Chinese New Year, if downstream production resumes faster than expected and domestic growth policies take effect, the non-ferrous metal sector may stabilize and rebound by early March [5] - The precious metals sector is anticipated to wait for clearer signals from the Federal Reserve's March meeting before determining its trajectory [5]

Group 1 - The domestic commodity futures market opened with most main contracts declining, particularly in the precious and non-ferrous metals sectors, which saw significant drops [1] - Following the sharp decline of silver futures last Friday, other metals such as platinum, palladium, and tin also hit their daily limit down today [1] Group 2 - Specific price movements include: - Silver (沪银2604) at 24,832, down 17.00% - Palladium (舞2606) at 413.70, down 16.00% - Platinum (铂2606) at 552.15, down 16.00% - Gold (沪金2604) at 1,060.38, down 11.41% - Tin (沪锡2603) at 392,650, down 11.00% - Copper (沪铜2603) at 100,580, down 7.16% - Nickel (沪镇2603) at 135,340, down 7.10% - International Copper (国际铜2603) at 89,100, down 7.07% - Lithium Carbonate (碳酸锂2605) at 145,180, down 5.72% - Aluminum (沪铝2603) at 23,975, down 5.29% - Aluminum Alloy (铝合金2603) at 22,385, down 4.68% [3]