CITIC Construction Investment pointed out that the US launched a large-scale military operation against Venezuela in the early morning of January 3. This move was strongly condemned by the international community, making the international situation even more tense, driving the continuation of safe-haven funds and the central bank's allocation of gold, and strengthening the precious metals bull market pattern. In terms of basic metals, at the beginning of the new year, there was a strike by miners on the copper supply side, making the already tight supply conflict even more prominent; the supply of the electrolytic aluminum end faced hidden production cuts, and Lunan aluminum took the lead in opening up space above integer prices; Indonesian nickel miners proposed to cut nickel ore quotas, and Vale Indonesia delayed the suspension of mining operations due to approval of the 2026 production plan, supporting a recovery in nickel prices at the bottom.

CITIC Construction Investment pointed out that the US launched a large-scale military operation against Venezuela in the early morning of January 3. This move was strongly condemned by the international community, making the international situation even more tense, driving the continuation of safe-haven funds and the central bank's allocation of gold, and strengthening the precious metals bull market pattern. In terms of basic metals, at the beginning of the new year, there was a strike by miners on the copper supply side, making the already tight supply conflict even more prominent; the supply of the electrolytic aluminum end faced hidden production cuts, and Lunan aluminum took the lead in opening up space above integer prices; Indonesian nickel miners proposed to cut nickel ore quotas, and Vale Indonesia delayed the suspension of mining operations due to approval of the 2026 production plan, supporting a recovery in nickel prices at the bottom.