Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The price of peanuts is expected to bottom out and rebound after the selling pressure is released. In 2026, the price of peanuts is predicted to fluctuate between 7,500 - 9,000 yuan/ton, with a core range of 8,000 - 8,800 yuan/ton. It is recommended to focus on factors such as oil mill purchases and imports, and adopt a band - trading strategy [1][45]. Summary by Directory 1. 2025 Peanut Price Trend Review - In 2025, peanut prices showed an overall range - bound and slightly upward trend, with the weighted index fluctuating between 7,690 - 8,468 yuan/ton. Compared with three major oils, peanut prices were more affected by domestic fundamentals and had a weaker increase [3]. - The price trend in 2025 can be divided into three stages: from January to May, prices rose due to factors such as limited supply and oil mill restocking; from May to October, prices fell because of reduced oil mill purchasing enthusiasm and increased supply expectations; from October to the present, prices stabilized and fluctuated due to structural supply - demand contradictions caused by quality differentiation [5][6][7]. 2. 2026 Peanut Futures Outlook 2.1 Supply Side: Domestic Peanut Planting Area and Yield Continue to Increase - **2025/26 Peanut Planting Expansion and Yield Increase**: Due to relatively good planting benefits, the peanut planting area has increased for the third consecutive year. In 2025, the national peanut planting area was 47.48 million mu, a year - on - year increase of 2.52%. The yield also increased, with a national peanut fruit output of 13.4516 million tons, a year - on - year increase of 12.7%. However, there were regional differences in quality and yield [8][9]. - **Imported Peanuts**: The global peanut supply - demand pattern is expected to remain loose. China's peanut imports showed characteristics of "decreased quantity, structural transformation, and source change." In the 2024/25 period, peanut imports decreased by 42% year - on - year. In the 2025/26 period, it is expected to maintain a pattern of "more oil and less peanuts," and the total import volume may decline [14][15][16]. - **Sales Progress**: As of the end of November, the remaining peanut inventory in domestic production areas was 72.6%, more than the five - year average of 69%. The selling pressure has shifted to a later period. If there is no selling pressure before the Spring Festival, the post - holiday sales pressure will increase, which is negative for far - month contracts [29]. 2.2 Demand Side: Oil Mill Purchases Remain Crucial - **Oil Mill Purchases**: The factors affecting oil mill purchasing attitudes include current - year peanut yield, previous - year inventory, current - year peanut oil consumption, and profit margins from pressing. In the 2025/26 period, there is no strong driving force for oil mills to enter the market early and continuously raise purchase prices, but the annual purchase volume is expected to increase compared to last year. The overall profit from pressing is expected to improve compared to the previous year, and oil mills' purchasing willingness may increase after the Spring Festival [31][39][41]. - **Inventory Demand Caused by Peanut Quality Differentiation**: The consumption of commercial peanuts remains weak, but the prices of high - quality peanuts are supported. In the 2025/26 period, the supply - demand game around high - quality peanuts will continue [42].

Report Summary 1. Investment Rating The report does not provide an investment rating for the corn industry. 2. Core Viewpoints - In the 2025/26 crop year, the bottom of the corn price is expected to rise, and investors should focus on trading opportunities in price fluctuations. The domestic corn supply will increase due to the growth in both planting area and yield in 2025, while the demand is expected to decline. As a result, the supply - demand situation will be marginally looser, and the overall policy - related substitutes still have room, which restricts the upside of the corn price [2][81][82]. - Before the Spring Festival, the selling pressure on corn may not be significant. After the resolution of the temporary supply - demand mismatch, traders will enter the market to build inventories, and the price correction will be limited. Subsequently, the corn price may fall again due to traders' selling and policy auctions, but the overall price center is expected to move up. Additionally, the situation of the new - season corn should be monitored [2][82]. - In 2026, the corn price is expected to fluctuate between 2000 - 2450 yuan/ton, with a core range of 2100 - 2400 yuan/ton [3][83]. 3. Summary by Directory 3.1 2025 Corn Market Review - In 2025, the corn futures price fluctuated within a large range, and the spot price moved up compared to the beginning of the year. In the first half of the year, the price rose due to factors such as policy - driven stockpiling, tariff counter - measures, wheat drought, and tight supply - demand. After reaching a high, the price declined due to factors like imported corn auctions and high warehouse receipts. After the new grain was on the market, the price rebounded. The overall price center continued to move down compared to the previous year, and the futures were mainly in a negative basis situation, with a "strong expectation, weak reality" tone [6]. 3.2 International Grains: Loose Supply - Demand Remains Unchanged - **Global Grains**: In the 2025/26 crop year, the global grain supply - demand remains loose. The global grain planting area increased due to better planting profit compared to soybeans, with production rising by 3.2% year - on - year to 2.946 billion tons. Demand increased by 2.3% year - on - year to 2.947 billion tons, mainly from the feed and industrial sectors. The ending inventory is expected to be 769 million tons, a 0.16% year - on - year decrease [11]. - **International Corn**: - **USA**: In the 2025/26 crop year, the US corn production reached a record high due to the increase in both area and yield. The domestic demand and export demand increased. The supply - demand is in a loose pattern, but the price center is expected to move up due to strong export demand and the possible reduction in the 2026 planting area [12][15]. - **Brazil**: The Brazilian corn production is expected to decline. The planting area increased by 4%, but the yield per hectare decreased by 5.4% due to factors such as high - temperature drought and delayed soybean harvest affecting the second - season corn [17]. - **Ukraine**: The Ukrainian corn production increased, and the export is expected to recover. The production increased by 5.2 million tons year - on - year, and the export is expected to reach 24.5 million tons in the 2025/26 crop year [19]. 3.3 Domestic Corn - **Production Increase in 2025/26**: In 2025, the national corn planting area increased by 940,000 mu (0.15%) to 60.912 million mu. The yield increased due to favorable climate conditions and the promotion of planting techniques. The national corn output was 282.45 million tons, a 4.1% year - on - year increase [21][22]. - **Feed Demand Expected to Decline Slowly**: - **2025/26 Feed Demand Forecast**: The overall feed demand is expected to decline. For pigs, the inventory of sows is expected to decrease, driving the decline in commercial pig inventory after the second quarter of 2026. For poultry, the feed demand for meat - type poultry is expected to increase slightly, while that for egg - laying poultry is expected to decline [24][29][39]. - **Structural Demand for Corn**: The structural demand for corn in feed is expected to decline slightly. The substitution of corn in feed depends on cost - effectiveness and policy. Currently, the substitution of wheat for corn has decreased, and the overall substitution situation is uncertain [41][42]. - **Deep - processing Demand Expected to Increase Slightly**: The deep - processing demand for corn is expected to be relatively rigid, with consumption remaining flat or increasing slightly compared to the previous year. In 2024/25, the consumption of deep - processing enterprises decreased by 5%, mainly in the starch and alcohol industries. Currently, the consumption is showing signs of recovery [45]. - **Supply - Demand Balance: Annual Inventory Accumulation**: In the 2025/26 crop year, the domestic corn market is expected to accumulate inventory. Supply will increase due to higher production and possible import growth, while demand will decline, resulting in a marginally looser supply - demand pattern [52]. 3.4 Range - bound with a Rising Price Floor - **Limited Price Decline and Weak Selling Pressure Before the Spring Festival**: Since November 2025, the corn price has been rising against the season due to factors such as restocking demand, farmers' reluctance to sell, and logistics bottlenecks. The outflow of corn from Northeast China is expected to decrease in the future, the downstream restocking enthusiasm will weaken, and the port inventory will gradually accumulate. After the resolution of the supply - demand mismatch, traders will build inventories, and the selling pressure on farmers may not be significant, with limited price correction [53][55][56]. - **After Grain Sales: Focus on Traders' Selling, Substitutes, and New - season Corn Planting**: - **Domestic Policy Substitutes - Wheat Substitution Limited**: The wheat - corn price spread is currently high, and the substitution volume is expected to remain stable or decrease slightly. The probability of a large - scale substitution of wheat for corn before the first quarter of 2026 is low. Attention should be paid to the new - season wheat production and the possible auction of overdue wheat [68][69]. - **Domestic Policy Substitutes - Possible Rice Auction**: There is still a surplus of brown rice, and attention should be paid to the policy regarding its release time, quantity, and base price [71]. - **Imported Grains May Increase Marginally**: The import of corn is expected to increase slightly, mainly depending on policy and import profit. The import of sorghum and barley is expected to decrease, and attention should be paid to cost - effectiveness and import policies [73][75]. - **Traders' Selling and New - season Corn**: After the Spring Festival, the corn price may fall due to traders' selling and the influence of substitutes. The planting cost of new - season corn may increase, and the price may rise in the third quarter due to inventory reduction and restocking demand [80].

Report Industry Investment Ratings Not provided in the content. Core Views - The overall market shows a complex situation with different trends in various sectors. Some sectors like copper have long - term driving factors but face short - term adjustments, while others like烧碱 (caustic soda) have short - term rebounds but long - term pressure [9][11]. - The global economic and political situation, such as the potential change of the Fed chair, China's economic policies, and international conflicts, has an impact on the commodity futures market [19][21][159]. Summary by Related Catalogs Metals - **Gold and Silver**: Gold is experiencing expected interest rate cuts, and silver is in a high - level adjustment. The prices of both showed certain fluctuations in the previous trading day, with changes in trading volume, open interest, and inventory [19]. - **Copper**: The long - term driving logic for copper remains. Although the price had a significant callback on Friday night, the long - term demand from AI computing centers, new energy, and developing countries, along with the tight supply of copper concentrates, supports the price. The short - term adjustment provides a good entry point for long - term buying [9][23]. - **Zinc**: The domestic zinc market is in a state of continuous inventory reduction, which has a certain supporting effect on the price [26]. - **Lead**: The reduction in lead inventory supports the price [29]. - **锡**: There are new disturbances in the tin supply, and the price showed an upward trend in the previous trading day [30]. - **Aluminum, Alumina, and Cast Aluminum Alloy**: The aluminum market faces increased macro - level disturbances. Alumina requires continuous attention to production capacity reduction, and cast aluminum alloy is in high - level oscillation [34]. - **Platinum and Palladium**: Platinum has broken through the previous high and started to catch up in price, while palladium has seen significant ETF holdings increase and is expected to reach the previous high [37]. - **Nickel and Stainless Steel**: The nickel market is experiencing a structural shift from surplus, and attention should be paid to Indonesian policy risks. The stainless - steel market has weak supply and demand, and the steel price is oscillating at a low level [41]. Energy and Chemicals - **PTA, MEG, and PX**: PX is in a high - level oscillation market with seasonal demand weakening but still tight supply. PTA is also in a high - level oscillation, and its upside is limited due to the situation of polyester. MEG has improved its inventory accumulation pressure through unplanned production cuts and has short - term support at the bottom [73][79][80]. - **Rubber**: The rubber market is oscillating, with changes in trading volume, open interest, and price differentials [81]. - **Synthetic Rubber**: The synthetic rubber market has an upward - moving oscillation center, with changes in price, trading volume, and production - related indicators [84]. - **Asphalt**: The situation in Venezuela has heated up again, and the asphalt market shows certain price fluctuations and changes in inventory and production capacity utilization [88][99]. - **LLDPE and PP**: LLDPE is in a one - sided decline with limited basis strengthening. PP faces upstream selling pressure, and the price difference between powder and granular materials is inverted, with both facing supply - demand pressure [102][106]. - **Caustic Soda**: Caustic soda had a short - term rebound but still faces long - term pressure due to high production, high inventory, and weak demand [11][110]. - **Paper Pulp**: The paper - pulp market is in a wide - range oscillation, affected by factors such as external - market costs and domestic inventory [113][116]. - **Glass**: The glass original - sheet price is stable, and the market shows certain regional price differences and trading - volume changes [121]. - **Methanol**: Methanol is in an oscillatory rebound, with changes in inventory and price, and is affected by factors such as port - unloading speed and macro - policies [124][127]. - **Urea**: Urea is in short - term oscillatory operation, with changes in inventory, price, and production - related indicators, and is affected by factors such as demand and policy [129][130]. - **Styrene**: Styrene is in short - term oscillation, affected by factors such as the pure - benzene market and downstream demand [132][133]. - **Soda Ash**: The domestic soda - ash market has little change, with stable production and weak downstream demand [135]. - **LPG and Propylene**: LPG is in short - term oscillation with a downward trend in the long run. Propylene is in short - term narrow - range adjustment, with changes in price and production - related indicators [138][139]. - **PVC**: PVC is in a low - level oscillation, with high production and high inventory, but there is a short - term rebound expectation due to potential production cuts [147]. - **Fuel Oil and Low - Sulfur Fuel Oil**: Fuel oil rebounded at night and temporarily got rid of the weak situation. Low - sulfur fuel oil is weaker than high - sulfur fuel oil, and the price difference between high - and low - sulfur fuel oil in the external market has a small rebound [150]. Agricultural Products - **Palm Oil and Soybean Oil**: Palm - oil production reduction is not clear, and the rebound height is limited. Soybean oil lacks driving factors from US soybeans and is in an oscillatory state [173]. - **Soybean Meal and Soybeans**: CBOT soybeans closed lower, and domestic soybean meal may follow the adjustment. Soybeans are in an adjustment and oscillation state [181]. - **Corn**: Attention should be paid to the corn spot market, with changes in spot and futures prices and trading - related indicators [184]. - **Sugar**: Sugar is in low - level consolidation, affected by factors such as global and domestic production and consumption [188]. - **Cotton**: Cotton is oscillating strongly, and attention should be paid to downstream demand, with changes in spot and futures prices and trading - related indicators [193]. - **Peanuts**: Attention should be paid to peanut purchases by oil mills, with changes in spot and futures prices and trading - related indicators [199]. Shipping - **Container Freight Index (European Line)**: The short - term sentiment is optimistic, and it is in an oscillatory state in the medium term, with changes in futures prices and shipping - related indicators [152].

2025年12月15日 国泰君安期货商品研究晨报-黑色系列 观点与策略 | 铁矿石：下游需求空间有限，估值偏高 | 2 | | --- | --- | | 螺纹钢：市场讯息扰动，低位震荡 | 3 | | 热轧卷板：市场讯息扰动，低位震荡 | 3 | | 硅铁：主产区工厂检修，价格走势坚挺 | 5 | | 锰硅：港口矿报价坚挺，盘面宽幅震荡 | 5 | | 焦炭：宽幅震荡 | 7 | | 焦煤：宽幅震荡 | 7 | | 原木：低位震荡 | 9 | 国 泰 君 安 期 货 研 究 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 所 商 品 研 究 2025 年 12 月 15 日 【基本面跟踪】 铁矿石基本面数据 | | | | 昨日收盘价(元/吨) | 涨跌(元/吨) | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 期货 | | | 782. 5 | 2. 5 | 0. 32% | | | 12601 | | | 昨日持仓(手) | 持仓变动(手) | | | | | | 125. 074 | -11.810 | | | | | 昨日价格(元/吨) ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The price of CBOT soybeans closed lower on December 12, 2025, mainly due to concerns about the slowdown of US soybean export demand and the upcoming harvest of Brazilian soybeans, which triggered a wave of long - position liquidation [1][3]. - The DCE soybean meal may follow the adjustment of the US soybean price, and the DCE soybeans are in a state of adjustment and oscillation [1]. - The trend intensity of both soybean meal and soybeans is -1, indicating a bearish outlook on the report - day's daytime main - contract futures price fluctuations [3]. 3. Summary According to the Directory 3.1 Fundamental Data Tracking - **Futures Data**: The closing price of DCE soybeans 2601 was 4138 yuan/ton, down 29 yuan (-0.70%) during the day session and also down 29 yuan (-0.70%) during the night session. The closing price of DCE soybean meal 2605 was 2770 yuan/ton, up 16 yuan (+0.58%) during the day session and down 8 yuan (-0.29%) during the night session. The closing price of CBOT soybeans 01 was 1076.25 cents/bushel, down 17.25 cents (-1.58%), and the closing price of CBOT soybean meal 01 was 302 dollars/short ton, down 0.1 dollars (-0.03%) [1]. - **Spot Data**: In Shandong, the spot price of soybean meal (43%) was 3070 - 3130 yuan/ton, up 10 - 30 yuan compared to the previous day. In the East China region, the price was 3060 - 3130 yuan/ton, up 20 - 40 yuan. In the South China region, the price was 3090 - 3190 yuan/ton, up 20 - 30 yuan. Different regions and time - periods had different basis levels compared to futures contracts [1]. - **Industrial Data**: The trading volume of soybean meal was 7.6 tons/day on the previous trading day, compared with 12.85 tons/day on the day before the previous trading day. The inventory was 104.55 tons/week on the day before the previous trading day, and the data for the previous trading day was not available [1]. 3.2 Macro and Industry News - On December 12, 2025, CBOT soybean futures closed lower. Traders were worried that the US soybean export window was about to close, and the upcoming harvest of Brazilian soybeans led to a long - position liquidation. Although the US Department of Agriculture confirmed a sale of 13.2 tons of US soybeans to China, analysts were concerned that US soybean export demand might dry up as South American soybean supplies increased [1][3]. - The weather outlook in South America is "nearly ideal" for crops in Brazil and Argentina. Brazil has near - normal or above - normal rainfall and no extreme heat, and in Argentina, there may be showers and thunderstorms starting from December 19, with more regular rainfall later. If the rainy weather pattern persists until the first half of January, private institutions may raise their South American production forecasts [3].

Group 1: Industry Investment Rating - No industry investment rating information is provided in the report. Group 2: Core View - There is no clear core view presented in the report. Group 3: Summary of Related Catalogs 1. Fundamental Tracking - **Price and Volume**: The closing price of Shanghai Zinc main contract was 23,605 yuan/ton, up 2.65%; the closing price of LME Zinc 3M electronic disk was 3,139 dollars/ton, down 1.84%. The trading volume of Shanghai Zinc main contract was 189,030 lots, an increase of 95,968 lots; the trading volume of LME Zinc was 18,374 lots, a decrease of 1,756 lots. The open interest of Shanghai Zinc main contract was 91,374 lots, an increase of 2,875 lots; the open interest of LME Zinc was 223,499 lots, an increase of 3,372 lots [1]. - **Premium and Discount**: The premium of Shanghai 0 zinc was 65 yuan/ton, unchanged; the premium of LME CASH - 3M was 83 dollars/ton, down 87 dollars/ton. The premium of Guangdong 0 zinc was -15 yuan/ton, unchanged; the import bill of lading premium was 135 dollars/ton, unchanged. The premium of Tianjin 0 zinc was -45 yuan/ton, unchanged; the spot import profit and loss of zinc ingots was -4,080.64 yuan/ton, a decrease of 283.09 yuan/ton [1]. - **Inventory**: Shanghai Zinc futures inventory was 51,282 tons, a decrease of 1,520 tons; LME zinc inventory was 61,925 tons, an increase of 1,575 tons. The LME zinc cancelled warrants were 4,225 tons, a decrease of 225 tons; the LME off - warrant (T + 3) was 34,540 tons, an increase of 3,761 tons [1]. - **Related Products**: The tax - included price of 1.0mm hot - dipped galvanized coil was 4,113 yuan/ton, down 4 yuan/ton. The price of Shanghai Zamak - 5 zinc alloy was 24,925 yuan/ton, an increase of 590 yuan/ton; the price of Shanghai Zamak - 3 zinc alloy was 24,375 yuan/ton, an increase of 590 yuan/ton. The price of zinc oxide ≥99.7% was 22,600 yuan/ton, an increase of 500 yuan/ton [1]. 2. News - The Ministry of Commerce and other three departments will strengthen the coordination between commerce and finance to boost consumption. They will strengthen consumer finance services for large durable consumer goods and digital products, encourage the use of digital RMB smart contract red envelopes, and explore the use of various methods such as financing guarantee, loan discount, and risk compensation to guide credit funds to key consumption areas [2]. 3. Trend Intensity - The trend intensity of zinc was 1, indicating a relatively positive trend, with the range of trend intensity being integers in the [-2, 2] interval [2][3].

所 铝、氧化铝、铸造铝合金基本面数据更新 | | T | T-1 | T-5 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | | 沪铝主力合约收盘价 | 22170 | 200 | -175 | 775 | 1580 | | 沪铝主力合约夜盘收盘价 | 21775 | ー | l | l | ー | | LME铝3M收盘价 | 2875 | -20 | -26 | 30 | 282 | | 沪铝主力合约成交量 | 229202 | 39321 | -32360 | 35853 | 104679 | | 沪铝主力合约持仓量 | 314803 | 20227 | 69468 | 89667 | 80901 | | 电解铝 LME铝3M成交量 | 22871 | 2430 | 120 | 2658 | 11433 | | LME注销仓单占比 | 6. 74% | 0. 31% | -1. 38% | -1. 16% | 3. 81% | | LME %cash-3M 价差 | -26. 68 | 0. 00 | 2. 54 | -19. 22 | -26. ...

2025 年 12 月 15 日 品 研 究 硅铁：主产区工厂检修，价格走势坚挺 锰硅：港口矿报价坚挺，盘面宽幅震荡 | 李亚飞 | 投资咨询从业资格号：Z0021184 | liyafei2@gtht.com | | --- | --- | --- | | 金园园（联系人） | 期货从业资格号：F03134630 | jinyuanyuan2@gtht.com | 【基本面跟踪】 | | 项 目 | | 价 格 | 较前一交易日 | 单 位 | | --- | --- | --- | --- | --- | --- | | 货 | 硅铁:FeSi75-B:汇总价格:内蒙 | | 5120 | - | 元/吨 | | | 硅锰:FeMn65Si17:内蒙 | | 5520 | - | 元/吨 | | 现 | 锰矿:Mn44块 | | 43.0 | - | 元/吨度 | | | 兰炭:小料:神木 | | 820 | - | 元/吨 | | | 期现价差 | 硅铁 （现货-03期货） | -350 | -52 | 元/吨 | | | | 锰硅 （现货-03期货） | -210 | -18 | 元/吨 | | 差 ...

商 品 研 究 2025 年 12 月 15 日 铂：突破前高开启补涨 钯：ETF 增持明显，有望冲击前高 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 期货研究 【基本面跟踪】 铂钯基本面数据 | | | 昨日收盘价 | | 涨幅 | | | --- | --- | --- | --- | --- | --- | | | 铂金期货2606 | 452. 05 | | 2. 18% | | | | 金交所铂金 | 445. 54 | | 2. 16% | | | | 纽约铂主连 | 1764. 20 | | 2. 93% | | | | 伦敦现货铂金 | 1742. 30 | | 2. 73% | | | | 锂金期货2606 | 389. 45 | | 1. 09% | | | | 人民币现货纪金 | 365. 00 | | 2. 53% | | | 价格 | 纽约锂主连 | 1,519.80 | | 1.93% | | | | 伦敦现货纪金 | 1. 490. 33 | | -0.11% | | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoint - The long - term driving logic for copper still exists, and the price decline is limited [1] Summary by Related Catalogs Fundamental Tracking - **Futures Data**: The closing price of the Shanghai copper main contract was 94,080 with a daily increase of 2.03%, and the night - session closing price was 91,550 with a decline of 2.69%. The price of the LME copper 3M electronic disk was 11,553 with a decline of 2.37%. The trading volume and open interest of the Shanghai copper index and LME copper 3M electronic disk both increased compared to the previous day. The inventory of Shanghai copper increased by 1,102 to 32,563, and the inventory of LME copper increased by 50 to 165,900. The cancellation warrant ratio of LME copper was 39.78% with a decline of 0.40% [1] - **Spot Data**: The price of Shanghai 1 bright copper increased by 500 to 82,900. The spot - to - near - month futures spread was - 20, a decrease of 25 compared to the previous day. The near - month contract - to - consecutive - first - contract spread was - 60, a decrease of 30 compared to the previous day [1] Macro and Industry News - **Macro News**: The People's Bank of China will flexibly and efficiently use various monetary policy tools such as reserve requirement ratio cuts and interest rate cuts. Trump prefers to let Warsh or Hassett serve as the Fed chair and hopes the interest rate will be 1% or lower in a year [1] - **Industry News**: China's imports of copper ore and concentrates in November were 252.6 million tons, and the cumulative imports from January to November were 2.7614 billion tons, a year - on - year increase of 8.0%. The US is negotiating with Central African countries to provide over $1 billion for two key mineral and railway projects. Chile's copper export value in November was $4.282 billion, a year - on - year increase of 4.57%. In October, the copper production of Chile's state - owned miner Codelco decreased by 14.3% year - on - year to 111,000 tons. The mining investment in Chile from this year to 2034 is expected to reach $104.549 billion, higher than the previous forecast [1][3] Trend Intensity - The trend intensity of copper is 0, indicating a neutral state [3]