Everbright Securities released a research report saying that rising oil prices have strengthened expectations of interest rate hikes. Currently, the market has basically raised interest rates once more within 2026; the central bank continues to increase its gold holdings and is optimistic that gold prices will rise. Global copper mining is still tight; the US copper tariff policy has not been implemented, and COMEX copper inventories continue to reach new highs. Global copper supply continues to be tight. In September, China's electrolytic copper smelting operating rate hit a new low in the same period since 2014; domestic cable operating rates rebounded month-on-month, demand for Q4 power grids and air conditioning is expected to improve, and the contradiction between tight supply and demand remains unchanged in 2026.

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