1. First of all, the power restriction policy caused by dual control of energy consumption is still fermenting. Whether it is a company with power cut or a company without power cut, the market is worried that the company's performance will continue to be affected by power cut.

2. Secondly, the continuous power cuts in domestic provinces have cast a shadow on the economic recovery, and the market expects that it will have a major impact on the economy in the future, so the future demand for non-ferrous metals may decrease more than expected, which will drag down the prices of non-ferrous metals that are still at a high level. In other words, although non-ferrous metal futures have not fallen, it is expected that there will be insufficient motivation to continue to rise in the future.

3. Finally, the fundamental reason behind nationwide power rationing and dual control of energy consumption lies in the continuous rise of coal prices and the continuous loss of thermal power generation. In the future, it is not excluded to raise the price of industrial electricity and increase the production cost of non-ferrous metal mining, mineral processing and smelting, thus affecting performance. These are the reasons for the decline of energy metals.