Report Summary - **Report Industry Investment Rating**: Not provided - **Core View**: After the Fed's expected 25bp rate cut last night, although the market had anticipated this, the rate cut still helps to support the macro sentiment. Most assets such as US stocks, crude oil, gold, and copper rose last night, which is also beneficial for the sentiment of the domestic commodity market to be supported. Methanol has limited upward momentum in the short - term due to inventory pressure and cost - profit factors, but it is difficult to fall significantly under the support of macro sentiment and may gradually stabilize [1] Key Data Summary Methanol Futures Prices - MA01 decreased from 2066 yuan/ton on December 9, 2025, to 2053 yuan/ton on December 10, 2025, a decrease of 13 yuan/ton or 0.63% [1] - MA05 decreased from 2143 yuan/ton to 2129 yuan/ton, a decrease of 14 yuan/ton or 0.65% [1] - MA09 decreased from 2143 yuan/ton to 2126 yuan/ton, a decrease of 17 yuan/ton or 0.79% [1] Spot Prices - In Taicang, it increased from 2075 yuan/ton to 2077.5 yuan/ton, an increase of 2.5 yuan/ton or 0.12% [1] - In Shandong, it decreased from 2222.5 yuan/ton to 2220 yuan/ton, a decrease of 2.5 yuan/ton or 0.11% [1] - In Guangdong, it decreased from 2067.5 yuan/ton to 2060 yuan/ton, a decrease of 7.5 yuan/ton or 0.36% [1] Cost and Profit - Coal - to - methanol profit increased from 213.3 yuan/ton to 225.9 yuan/ton, an increase of 12.6 yuan/ton or 5.91% [1] - Northwest MTO profit decreased from -244.2 yuan/ton to -301.8 yuan/ton, a decrease of 57.6 yuan/ton or 23.59% [1] - East China MTO profit decreased from -862.57 yuan/ton to -919.57 yuan/ton, a decrease of 57 yuan/ton or 6.61% [1] Important Information - The domestic methanol main contract MA2601 showed a weak shock, opening at 2082 yuan/ton, closing at 2066 yuan/ton, down 13 yuan/ton, with a trading volume of 787,400 lots and an open interest of 723,600 lots, showing a decrease in volume and open interest [1] - Overseas, several methanol plants in a certain Middle - Eastern country are still under maintenance. As of December 7, the number of methanol shipments loaded at ports in the Middle - Eastern country in December reached around 350,000 tons [1] Trading Strategy - Hold the short put option of 01 contract until expiration (viewpoint score: 0) [1]

Report Industry Investment Rating - Not provided in the report Core Viewpoint - The current low valuation of urea is the result of the market's consensus on the pressure of supply-demand surplus. The recent price decline is affected by cooling sentiment and falling coal prices. From the perspective of driving factors, the urea price is supported at a low level. With the support of macro sentiment, urea may gradually stabilize. It is recommended to go long on far-month contracts at low prices [1] Summary by Relevant Catalogs 1. Price Changes - **Futures Prices**: On December 10, UR01 was 1645 yuan/ton (up 2 yuan or 0.12% from the previous day), UR05 was 1713 yuan/ton (up 2 yuan or 0.12%), UR09 was 1721 yuan/ton (unchanged), Shandong was 1700 yuan/ton (up 10 yuan or 0.59%), and Henan was 1690 yuan/ton (up 10 yuan or 0.60%) [1] - **Spot Prices**: In Hebei, it was 1720 yuan/ton (unchanged), in the Northeast, it was 1740 yuan/ton (unchanged), and in Jiangsu, it was 1680 yuan/ton (unchanged) [1] - **Spreads**: The spread between Shandong spot and UR was -13 yuan/ton (up 8 yuan from the previous day), and the 01 - 05 spread was -68 yuan/ton (unchanged) [1] - **Upstream and Downstream Prices**: The prices of anthracite coal in Henan and Shanxi were 1030 yuan/ton and 930 yuan/ton respectively (both unchanged). The prices of compound fertilizer (45%S) in Shandong and Henan were 3160 yuan/ton and 2670 yuan/ton respectively (both unchanged). The prices of melamine in Shandong and Jiangsu were 5233 yuan/ton and 5250 yuan/ton respectively (both unchanged) [1] 2. Important Information - The opening price of the main urea futures contract 2601 was 1650 yuan/ton, the highest price was 1655 yuan/ton, the lowest price was 1640 yuan/ton, the closing price was 1645 yuan/ton, the settlement price was 1647 yuan/ton, and the持仓 volume was 142790 lots [1] 3. Market Logic - **Bullish and Bearish Logic**: The Federal Reserve cut interest rates by 25bp as expected last night, which helped support the macro - sentiment. Most assets such as U.S. stocks, crude oil, gold, and copper rose, which is also beneficial to the sentiment of the domestic commodity market. Urea has a limited rebound from the bottom, and its valuation is still relatively low, reflecting the current pattern of strong supply and weak demand. There is still an expectation of supply reduction in mid - to - late December. On the demand side, export quotas can relieve the domestic supply - demand pressure, and the winter reserve demand can support the price, and low prices may stimulate storage enterprises to enter the market [1] 4. Trading Strategy - Go long on far - month contracts at low prices (viewpoint score: 0) [1]

| 工业硅&多晶硅日评20251211：宽幅整理 | | | | | | --- | --- | --- | --- | --- | | 2025/12/11 | 指标 | 单位 | 今值 | 变动 近期趋势 | | 元/吨 | 不通氧553#（华东）平均价格 | | 9,200.00 | 0.00% | | 工业硅期现价格 | 期货主力合约收盘价 | 元/吨 | 8,250.00 | -1.08% | | 元/吨 | 基差（华东553#-期货主力） | | 950.00 | 90.00 | | 元/千克 | N型多晶硅料 | | 51.00 | 0.00% | | 多晶硅期现价格 | 期货主力合约收盘价 | 元/吨 | 55,915.00 | 0.55% | | -4,915.00 | 基差 | 元/吨 | | -305.00 | | 元/吨 | 不通氧553#（华东）平均价格 | | 9,200.00 | 0.00% | | 元/吨 | 不通氧553#（黄埔港）平均价格 | | 9,300.00 | 0.00% | | 元/吨 | 不通氧553#（天津港）平均价格 | | 9,150.00 | 0.00% ...

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The lead price may fluctuate strongly due to tightened raw material supply and reduced pressure on non - ferrous metals from the Fed's dovish rate cut. The trading strategy is to try to go long at low prices [1]. - The zinc price may rebound in the short - term due to the Fed's dovish rate cut, but the poor demand will limit the upside. The trading strategy is to focus on short - selling opportunities when the price rises and then corrects [1]. Summary by Related Catalogs Lead Market Price Indicators - The average price of SMM1 lead ingots was 16,975.00 yuan/ton, down 0.73% [1]. - The closing price of the main futures contract of Shanghai lead was 17,115.00 yuan/ton, down 0.32% [1]. - The Shanghai lead basis was - 140.00 yuan/ton, down 70.00 yuan [1]. Market Conditions - The daily recycling volume of most northern recycling enterprises decreased significantly compared with the same period last year due to lower lead prices and the off - season of battery scrapping [1]. - The开工 of primary lead and some secondary lead smelters declined. The consumption of electric bicycle batteries weakened, while the automobile battery market was approaching the traditional replacement peak season [1]. Zinc Market Price Indicators - The average price of SMM1 zinc ingots was 23,000.00 yuan/ton, down 0.52% [1]. - The closing price of the main futures contract of Shanghai zinc was 23,075.00 yuan/ton, up 0.02% [1]. - The Shanghai zinc basis was - 75.00 yuan/ton, down 125.00 yuan [1]. Market Conditions - In September 2025, Bolivia's zinc concentrate production was 43,100 metal tons, a year - on - year increase of 5.9%. From January to September, the total production was 376,300 metal tons [1]. - In September 2025, Peru exported 148,600 physical tons of zinc concentrate, a month - on - month decrease of 22%. From January to September, the cumulative export volume was 1,581,400 tons, a year - on - year increase of 11% [1]. - In October 2025, Chile exported 1300 tons of zinc concentrate. From January to October, the cumulative export volume was 50,100 tons, a year - on - year decrease of 17.8% [1]. - The domestic zinc concentrate supply was tight, processing fees were continuously reduced, the smelter production reduction range expanded, and the demand was weak [1].

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The expected Fed rate cuts and global debt inflation are likely to support precious metal prices in the medium to long - term. However, for platinum and palladium, although there are factors such as the Fed's expected rate cuts and balance - sheet expansion, the supply - demand situation and high prices may lead to price adjustments [1]. 3. Summary by Related Content 3.1 Precious Metal Market Data 3.1.1 Gold - Shanghai gold futures: On December 10, 2025, the closing price was 951.54, with a change of 2.98 from the previous day and 4.86 from the previous week; trading volume was 310489.00, a decrease of 6955.00 from the previous day and 87880.00 from the previous week; open interest was 194493.00, a decrease of 1834.00 from the previous day and 4979.00 from the previous week [1]. - Spot Shanghai Gold T+D: Closing price was 951.13, up 4.44 from the previous day and 2.69 from the previous week; trading volume was 28814.00, a decrease of 7010.00 from the previous day and 12850.00 from the previous week; open interest was 215872.00, a decrease of 15076.00 from the previous day and 1698.00 from the previous week [1]. - COMEX gold futures: Closing price was 4258.30, up 21.70 from the previous week and 19.60 from the previous day; trading volume was 180543.00, an increase of 6122.00 from the previous day and a decrease of 31526.00 from the previous week; open interest was 321283.00, an increase of 1832.00 from the previous day and 3457.00 from the previous week [1]. - London gold spot: The price was 4200.15, up 2.15 from the previous day and down 14.60 from the previous week [1]. 3.1.2 Silver - Shanghai silver futures: Closing price was 766.00; trading volume was 1814842.00, an increase of 505812.00 from the previous day and a decrease of 466045.00 from the previous week; open interest was 450557.00, an increase of 33231.00 from the previous day and a decrease of 1846.00 from the previous week [1]. - Spot Shanghai Silver T+D: Closing price was 14377.00; trading volume was 822474.00, an increase of 47084.00 from the previous day; open interest was 3844778.00, a decrease of 48876.00 from the previous day and 11028.00 from the previous week [1]. - COMEX silver futures: Closing price was 62.20, up 3.05 from the previous day and 1.04 from the previous week; trading volume was 115710.00, an increase of 2658.00 from the previous day and 11107.00 from the previous week; open interest was 117642.00, an increase of 3463.00 from the previous day and 1755.00 from the previous week [1]. - London silver spot: The price was 61.04, up 2.40 from the previous day and 3.60 from the previous week [1]. 3.2 Important Information - The Fed cut interest rates by 25 basis points as expected, but three voting members opposed. It is still expected to cut rates once next year and will buy $40 billion in short - term bonds. Powell said the bond - buying scale may remain at a high level in the next few months, the labor market is gradually cooling but slower than expected, and at the current interest rates, the Fed can wait patiently. The impact of tariffs is expected to gradually fade next year [1]. - Trump is conducting a "final interview for the Fed chairman." Hassett is not yet a certainty, and Bessent still has a chance to succeed. Hassett said Trump will make a final decision on the Fed chairman candidate in the next 1 - 2 weeks and reiterated that the Fed still has a lot of room to cut interest rates [1]. 3.3 Multi - and Short - Side Logic and Trading Strategies 3.3.1 Gold and Silver - **Multi - and short - side logic**: The Fed cut interest rates by 25 basis points in December and is expected to cut rates once each in 2026 and 2027, but the market expects two rate cuts in 2026. The Fed will start monthly reserve management purchases of short - term bonds worth $40 billion on December 12, which may gradually slow down to $20 - 25 billion per month later. Germany, the US, Japan, and the UK have launched fiscal stimulus policies, leading to expectations of debt inflation and fiscal deficit expansion in many countries. The 1 - month lease rate of London silver exceeds 6.4%, indicating a tight supply. Central banks of many countries are continuously buying gold, and geopolitical risks in regions such as Russia - Ukraine, the Middle East, and the US - Venezuela remain unresolved [1]. - **Trading strategy**: Focus on going long on price dips. For London gold, pay attention to the support level around $3900 - 4100 and the resistance level around $4400 - 4600; for Shanghai gold, focus on the support level around 890 - 920 and the resistance level around 1000 - 1050. For London silver, pay attention to the support level around $49 - 54 and the resistance level around $63 - 72; for Shanghai silver, focus on the support level around 11500 - 12500 and the resistance level around 15000 - 16000 [1]. 3.3.2 Platinum - **Multi - and short - side logic**: On the supply side, high mining costs, unstable power supply, and equipment maintenance may reduce global platinum production to 169 tons in 2025, and recycled platinum production may grow slowly to 50 tons. In 2026, global mined platinum production may be 174 tons, and recycled platinum production may be 53 tons, with total supply increasing to 227 tons. On the demand side, stricter emission standards increase the demand for platinum in traditional fuel and hybrid vehicles, and there is optimistic demand in industrial fields such as hydrogen production, but there is a risk of a decline in jewelry and investment demand. The World Platinum Investment Council (WPIC) predicts supply deficits of 26 and 18 tons in 2025 - 2026, and an average annual deficit of about 19 tons until at least 2029. However, high platinum prices may suppress downstream demand [1]. - **Trading strategy**: Take profits on previous long positions on price rallies and cautiously hold "long platinum, short palladium" positions. For London platinum prices, pay attention to the support level around $1300 - 1500 and the resistance level around $1800 - 2000; for domestic platinum prices, pay attention to the support level around 335 - 385 and the resistance level around 465 - 516 [1]. 3.3.3 Palladium - **Multi - and short - side logic**: On the supply side, deep - mine mining, power shortages, labor disputes, and lower ore grades have affected palladium production, but the scrap cycle of Chinese and global cars from 2026 - 2027 is expected to increase recycled supply. In 2025, mined and recycled palladium production may be 199 and 92 tons respectively, with a total supply of 291 tons. In 2026, mined and recycled palladium production may be 194 and 98 tons respectively, with a total supply of 292 tons. On the demand side, stricter emission standards and the development of new - energy vehicles have reduced the demand for palladium in the automotive sector, while the demand in industrial and medical fields has low elasticity. The World Platinum Investment Council (WPIC) predicts supply deficits of 8 and 3 tons in 2025 - 2026, and the supply - demand situation is expected to ease in 2027 [1]. - **Trading strategy**: Take profits on previous long positions on price rallies. For London palladium prices, pay attention to the support level around $1190 - 1390 and the resistance level around $1600 - 1800; for domestic palladium prices, pay attention to the support level around 305 - 357 and the resistance level around 415 - 465 [1].

1. Report Title - The report is titled "Shanghai Copper Daily Report 20251211: High Prices Suppress Downstream Demand and Pressure Copper Prices" [2] 2. Key Data of Shanghai Copper Futures Active Contracts 2.1 Trading Volume - On December 10, 2025, the trading volume was 143,313 hands, compared with 146,066 hands on December 9, 2025, a decrease of 44,343 hands [3] 2.2 Open Interest - On December 10, 2025, the open interest was 200,373 hands, compared with 210,572 hands on December 9, 2025, a decrease of 10,199 hands [3] 2.3 Inventory - On December 10, 2025, the inventory was 28,931 tons, compared with 29,531 tons on December 9, 2025, a decrease of 600 tons [3] 3. Other Copper - Related Data 3.1 Copper Spot Premium and Discount - SMM 1 electrolytic copper - semi - average price on December 10, 2025, was 92,215, a decrease of 515 compared with the previous day [3] - SMM flat - water copper open - premium/discount - average price on December 10, 2025, was - 55, a decrease of 10 compared with the previous day [3] 3.2 Copper Price Spreads - Shanghai - London copper price ratio on December 10, 2025, was 7.9458 [3] - LME 3 - month copper futures closing price (electronic trading) on December 10, 2025, was 11,559.5 [3] 4. Supply - Demand - Inventory Analysis 4.1 Supply - There are disturbances in the production of multiple copper mines at home and abroad, making the Chinese copper concentrate import index continuously negative, leading to a tight domestic copper concentrate supply - demand expectation. The scrap copper supply has increased, and the domestic processing fees for blister copper or anode plates have risen. The maintenance capacity of copper smelters in December has decreased compared with the previous month [3] 4.2 Demand - The capacity utilization rates of refined copper rods and recycled copper rods have decreased compared with the previous week, while those of copper wires and cables, copper enameled wires, copper strips, copper tubes, and brass rods have increased. High copper prices have led to downstream rigid - demand procurement [3] 4.3 Inventory - The social inventory of Chinese electrolytic copper, the inventory of LME electrolytic copper, and the COMEX copper inventory have all increased compared with the previous week [3] 5. Core Viewpoint - The expectation of the Fed's interest - rate cut and balance - sheet expansion, and production disturbances in multiple overseas copper mines exist. However, high copper prices suppress downstream demand and lead to the expectation of inventory accumulation, which may cause the Shanghai copper price to adjust [3] 6. Trading Strategy - Wait for the price to fall and then layout long positions. Pay attention to the support level of 85,000 - 90,000 and the resistance level of 97,000 - 107,000 for Shanghai copper; the support level of 10,600 - 11,000 and the resistance level of 12,300 - 13,500 for London copper; the support level of 5.0 - 5.2 and the resistance level of 5.6 - 6.0 for US copper [3]

| 交易日期(日) | 2025-12-09 | 2025-12-03 | 2025-12-10 | 较昨日变化 | 近两周走势 | 期货近月合约 | 收盘价 | 116150.00 | 116900.00 | 117600.00 | -750.00 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货连一合约 | 117090.00 | 收盘价 | 117350.00 | 117870.00 | -260.00 | 期货连二合约 | 118070.00 | 收盘价 | 117240.00 | 117620.00 | -380.00 | | | | | | | 期货连三合约 | 117430.00 | 117750.00 | 118330.00 | -320.00 | 收盘价 | 117090.00 | 收盘价 | 117350.00 | 117870.00 | -260.00 | | | | | | | | M | 上海期 ...

Report Industry Investment Rating - Not provided Core View of the Report - The short - term fundamentals of lithium carbonate show strong supply and weak demand, and the lithium price is expected to fluctuate weakly under position limits. It is recommended to hold short positions [1] Summary by Relevant Content Lithium Carbonate Futures Market - On December 10, 2025, the main contract of lithium carbonate futures oscillated upward. The trading volume was 620,935 hands (+108,720), and the open interest was 605,453 hands (+30,032) [1] - The prices of different contracts (near - month, consecutive - one, consecutive - two, consecutive - three) all increased compared with previous data, with price increases ranging from 3,080 yuan/ton to 3,180 yuan/ton [1] Spot Market - The spot market trading was sluggish, and the basis discount widened. The price of spodumene concentrate increased, while the price of mica also rose [1] Supply and Demand - **Supply**: Last week, the production of lithium carbonate increased. The production of lithium carbonate from salt lakes decreased, while that from other raw materials increased [1] - **Demand**: Last week, the production of lithium iron phosphate and ternary materials decreased. In December, the production plan of lithium iron phosphate and lithium manganate decreased. Last week, the production of power batteries increased. In November, the month - on - month and year - on - year growth rates of new energy vehicle production and sales slowed down; the 3C shipments weakened; the growth of the production plan of energy - storage batteries in December stagnated [1] Inventory - The registered inventory was 13,680 tons (+760), and the social inventory decreased. Refineries and other sectors destocked, while downstream sectors also destocked [1] Industry News - Standard Lithium and Equinor's joint - venture Smackover Lithium project in Arkansas has attracted over $1.1 billion in financing intentions, covering 76% of the $1.45 - billion construction cost of Phase I. The project uses direct lithium extraction (DLE) technology but faces challenges such as the complexity of brine composition and the stability of recovery rates [1]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The methanol 01 contract has limited upward space, and it has been falling continuously after last Tuesday, currently dropping below the 2100 mark. In the short term, attention should be paid to the callback pressure due to high inventory, average MTO profits leading to weak restocking motivation of downstream enterprises, and the decline in coal prices weakening cost support [1] 3. Summary by Relevant Catalogs 3.1 Price Changes - Methanol futures prices: MA01 decreased from 2089 yuan/ton to 2066 yuan/ton, a decline of 1.10%; MA05 decreased from 2177 yuan/ton to 2143 yuan/ton, a decline of 1.56%; MA09 decreased from 2179 yuan/ton to 2143 yuan/ton, a decline of 1.65% [1] - Spot prices in different regions: Prices in most regions decreased slightly, such as a 0.24% decline in Taicang, a 0.11% decline in Shandong. Only Hubei increased by 0.90% [1] - Coal and natural gas prices: Coal prices in some areas decreased, like a 1.21% decline in Datong Q5500. Industrial natural gas prices in Hohhot and Chongqing remained unchanged [1] 3.2 Profit Changes - Methanol production profits: Coal - based methanol profit decreased by 3.35%, while natural gas - based methanol profit remained unchanged [1] - Downstream profits: Northwest MTO profit increased by 6.29%, while East China MTO profit decreased by 0.94%. Profits of some downstream products like MTBE decreased, while those of acetic acid and formaldehyde increased [1] 3.3 Important Information - Domestic futures: The main methanol contract MA2601 showed a weak oscillation, opening at 2082 yuan/ton, closing at 2066 yuan/ton, down 13 yuan/ton, with 787,400 lots traded and 723,600 lots held, showing a decrease in volume and positions [1] - Foreign information: Multiple methanol plants in a Middle - Eastern country are still under maintenance, and as of December 7, the quantity of methanol shipments loaded in the Middle - Eastern country in December reached around 350,000 tons [1] 3.4 Trading Strategy - Hold the 01 short put option until expiration (viewpoint score: 0) [1]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The lithium carbonate futures main contract declined on December 9, with a trading volume of 512,215 lots (-87,152) and an open interest of 575,421 lots (-17,708). The spot market trading was light, and the basis discount narrowed [1] - On the cost side, the price of spodumene concentrate remained flat, and the price of lepidolite remained flat. On the supply side, the production of lithium carbonate increased last week, the production of lithium carbonate from salt lakes decreased, and the production of lithium carbonate from other raw materials increased. In terms of downstream demand, the production of lithium iron phosphate decreased last week, and the production of ternary materials decreased. In December, the production reduction of lithium carbonate increased, and the production schedule of lithium carbonate decreased. The production of power batteries increased last week. In terms of terminal demand, the year - on - year and month - on - month growth rates of new energy vehicle production and sales slowed down in November; the 3C shipments weakened; the production growth of energy storage batteries stagnated in December [1] - In terms of inventory, the registered warehouse receipts were 12,920 tons (-200 tons). The smelters and other sectors reduced their inventories, and the downstream increased their inventories. In summary, the news of lithium mine restart was repeated. The weekly production of lithium carbonate was at a high level. The downstream wait - and - see sentiment remained strong. The spot market trading was light, and the demand growth stagnated. In the short term, the fundamentals showed strong supply and weak demand. Under the position limit, the lithium price is expected to fluctuate weakly [1] - The trading strategy is to hold short positions [1] 3. Summary by Relevant Content Futures Market - **Prices**: The closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures decreased compared with previous days. For example, the near - month contract closed at 92,580 yuan/ton on December 8, down 220 yuan from the previous day [1] - **Trading Volume and Open Interest**: On December 9, the trading volume of the lithium carbonate futures main contract was 512,215 lots, a decrease of 87,152 lots, and the open interest was 575,421 lots, a decrease of 17,708 lots [1] Spot Market - **Lithium - related Products**: The prices of various lithium - related products showed different trends. For example, the average price of SMM battery - grade lithium carbonate was 94,400 yuan/ton, the price of spodumene concentrate (6%, CIF China) was 1,165 - 1,184 US dollars/ton, and the price of lithium mica (Li2O: 1.5% - 2.0%) averaged 1,610 - 1,645 yuan/ton [1] - **Other Battery - related Materials**: The prices of ternary precursors, ternary materials, lithium iron phosphate, and other battery - related materials also changed. For example, the average price of ternary precursor 523 (polycrystalline/consumer - type) was 105,000 - 105,750 yuan/ton [1] Supply and Demand - **Supply**: Last week, the production of lithium carbonate increased, the production of lithium carbonate from salt lakes decreased, and the production of lithium carbonate from other raw materials increased [1] - **Demand**: The production of lithium iron phosphate and ternary materials decreased last week. In December, the production reduction of lithium carbonate increased, and the production schedule of lithium carbonate decreased. The production of power batteries increased last week. The year - on - year and month - on - month growth rates of new energy vehicle production and sales slowed down in November, the 3C shipments weakened, and the production growth of energy storage batteries stagnated in December [1] Inventory - The registered warehouse receipts were 12,920 tons, a decrease of 200 tons. The smelters and other sectors reduced their inventories, and the downstream increased their inventories [1] News - In November, Chile's copper exports fell to 4.28 billion US dollars, and lithium exports were 167.41 million US dollars [1]