Report Industry Investment Rating - Not provided in the report Core Viewpoints - The bottom of the current urea price may gradually become clear. Although urea has rebounded recently, the strength is limited, and the valuation is still at a relatively low level, reflecting the current pattern of strong urea supply and weak demand. From a driving perspective, the new round of export quotas will alleviate the supply pressure in the fourth quarter to a certain extent, and the winter reserve demand will support the price. Low prices may stimulate storage - enterprises to enter the market. The low valuation of urea is the result of the market's consensus on the pressure of oversupply, but from the driving perspective, the urea price is supported at a low level, and the price bottom may gradually become clear [1] - The trading strategy is to take profit on sold options and pay attention to the opportunity of buying on dips in the medium - and long - term [1] Summary by Relevant Catalogs 1. Price Changes - **Futures Prices**: - UR01 in Shanxi closed at 1655 yuan/ton on November 12, up 15 yuan (0.91%) from November 11. UR05 closed at 1728 yuan/ton, up 11 yuan (0.64%); UR09 closed at 1748 yuan/ton, up 10 yuan (0.58%) [1] - The futures price in Shandong on November 12 was 1600 yuan/ton, down 10 yuan (-0.62%) from the previous day [1] - **Domestic Spot Prices (Small - Granule)**: - In Henan, it was 1610 yuan/ton on November 12, down 10 yuan (-0.62%); in Hebei, it remained unchanged at 1630 yuan/ton; in the Northeast, it was 1650 yuan/ton, up 40 yuan (2.48%); in Jiangsu, it was 1600 yuan/ton, down 10 yuan (-0.62%) [1] 2. Basis and Spread - The basis of Shandong spot - UR was - 128 yuan/ton on November 12, down 21 yuan from November 11 [1] - The spread of 01 - 05 was - 73 yuan/ton on November 12, up 4 yuan from November 11 [1] 3. Upstream and Downstream Prices - **Upstream**: The anthracite prices in Henan and Shanxi remained unchanged at 1030 yuan/ton and 930 yuan/ton respectively [1] - **Downstream**: - The prices of compound fertilizer (45%S) in Shandong and Henan remained unchanged at 2980 yuan/ton and 2530 yuan/ton respectively [1] - The prices of melamine in Shandong and Jiangsu remained unchanged at 5076 yuan/ton and 5150 yuan/ton respectively [1] 4. Important Information - The opening price of the main contract 2601 of urea futures was 1643 yuan/ton, the highest price was 1667 yuan/ton, the lowest price was 1634 yuan/ton, the closing price was 1655 yuan/ton, and the settlement price was 1652 yuan/ton. The position of 2601 was 256120 lots [1]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core View of the Report - The short - term judgment on methanol is low - level oscillation. Methanol's absolute price and relative valuation are low, so short - selling is not recommended from a valuation perspective. The short - term upward drive is limited due to factors such as the less - than - expected winter gas restriction in Iran leading to high imports and high inventory pressure at ports, and the high raw material methanol inventory of MTO enterprises resulting in insufficient downstream restocking motivation. Considering the cost support of winter coal, the gas - restriction expectation of inland gas - to - methanol production, and the rising option volatility, selling out - of - the - money put options is appropriate [1] Group 3: Summary According to Relevant Catalogs 1. Methanol Futures and Spot Prices - Futures prices: MA01 closed at 2108 yuan/ton on 2025/11/12, up 26 yuan/ton (1.25%) from the previous day; MA05 closed at 2211 yuan/ton, up 17 yuan/ton (0.77%); MA09 closed at 2233 yuan/ton, up 15 yuan/ton (0.68%) [1] - Spot prices: In regions like Taicang, the price was 2070 yuan/ton on 2025/11/12, up 12.5 yuan/ton (0.61%); in Shandong, it remained unchanged at 2187.5 yuan/ton; in Guangdong, it was stable at 2075 yuan/ton; in Shaanxi, it rose 5 yuan/ton (0.26%) to 1945 yuan/ton; in Sichuan - Chongqing, Hubei, and Inner Mongolia, prices remained unchanged [1] - Price differences: The difference between Taicang spot and MA was - 38 yuan/ton on 2025/11/12, down 13.5 yuan/ton from the previous day [1] 2. Upstream Costs - Coal spot prices: Datong Q5500 remained at 702.5 yuan/ton; Yulin Q6000 decreased 5 yuan/ton (- 0.73%) to 680 yuan/ton [1] - Industrial natural gas prices: In Hohhot and Chongqing, prices remained unchanged at 3.21 yuan/cubic meter and 3.14 yuan/cubic meter respectively [1] 3. Profit Situation - Methanol production profit: Coal - to - methanol profit remained at 100.3 yuan/ton; natural gas - to - methanol profit decreased 30 yuan/ton (- 2.34%) to - 1310 yuan/ton [1] - Downstream profit: Northwest MTO profit remained at 41.2 yuan/ton; East China MTO profit decreased 66 yuan/ton (- 14.00%) to - 537.57 yuan/ton; acetic acid profit decreased 11.81 yuan/ton (- 2.68%) to 428.72 yuan/ton; MTBE profit increased 20 yuan/ton (5.82%) to 363.68 yuan/ton; formaldehyde profit remained at - 265.6 yuan/ton [1] 4. Information - Domestic information: The main methanol contract MA2601 stopped falling and rebounded, opening at 2084 yuan/ton, closing at 2108 yuan/ton, up 14 yuan/ton, with trading volume of 1032752 lots and open interest of 1407320, showing increased volume and decreased open interest [1] - Foreign information: In a Middle - Eastern country, 11 methanol plants maintained their existing load, with an average operating load of 75.82%. As of the previous day, the total methanol loading volume was 27.5 tons, and the loading speed was relatively slow. Attention should be paid to future natural gas supply and local plant operation [1] 5. Trading Strategy - Sell out - of - the - money put options and hold [1]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - For lead, due to high lead prices, downstream purchasing enthusiasm has weakened. Meanwhile, refinery profits are good, and production has recovered, improving the supply shortage. Thus, the lead price is under pressure above [1]. - For zinc, overseas structural risks have weakened, and there is insufficient momentum for the zinc price to continue rising. Attention should be paid to trading opportunities brought by the recovery of the Shanghai-London ratio. In the medium term, the mine end will tighten in the fourth quarter [1]. Summary by Related Catalogs Lead Price - The average price of SMM1 lead ingots increased by 0.14% compared to the previous day, and the closing price of the Shanghai lead main contract rose by 1.26% compared to the previous day [1]. - The LME 3 - month lead futures closing price (electronic trading) was $2,092.00 per ton, up 1.21% [1]. Spread - The basis of Shanghai lead was -335.00 yuan/ton, a decrease of 195.00 yuan [1]. - The spreads of Shanghai lead in different months showed certain changes, such as the spread between the near - month and the continuous first contract being -60.00 yuan/ton, a decrease of 15.00 yuan [1]. Trading Volume and Open Interest - The trading volume of the active futures contract was 55,843.00 lots, an increase of 80.99% [1]. - The open interest of the active futures contract was 50,539.00 lots, a decrease of 8.29% [1]. Inventory - The LME inventory was 225,225.00 tons, with no change [1]. - The Shanghai lead warehouse receipt inventory was 24,686.00 tons, an increase of 3.86% [1]. Fundamental Analysis - On the supply side, there is no expected increase in lead concentrate imports, and processing fees are likely to rise but difficult to fall. Some refineries have maintenance arrangements, and the operation of primary lead has a slight fluctuation. The operation of secondary lead has recovered to over 50%, and the supply has increased, but the inventory accumulation of refineries is not obvious [1]. - On the demand side, the terminal market has improved, the operation of lead - acid battery enterprises is okay, and the demand has increased. However, due to high lead prices, the downstream purchasing enthusiasm has weakened [1]. Trading Strategy - Hold the previous short positions [1]. Zinc Price - The average price of SMM1 zinc ingots decreased by 0.22% compared to the previous day, and the Shanghai zinc main contract rose by 0.02% compared to the previous day [1]. - The LME 3 - month zinc futures closing price (electronic trading) was $3,072.00 per ton, up 0.10% [1]. Spread - The basis of Shanghai zinc was -140.00 yuan/ton, a decrease of 55.00 yuan [1]. - The spreads of Shanghai zinc in different months also had changes, such as the spread between the near - month and the continuous first contract being -70.00 yuan/ton, an increase of 15.00 yuan [1]. Trading Volume and Open Interest - The trading volume of the active futures contract was 71,426.00 lots, a decrease of 12.58% [1]. - The open interest of the active futures contract was 105,905.00 lots, a decrease of 1.46% [1]. Inventory - The LME inventory was 35,875.00 tons, with no change [1]. - The Shanghai zinc warehouse receipt inventory was 70,890.00 tons, an increase of 0.53% [1]. Fundamental Analysis - On the supply side, refineries have sufficient raw material stocks, zinc ore processing fees have continued to rise, but there may be a downward trend in domestic TC in October. The supply of refineries is expected to increase, and the export window of zinc ingots is expected to open [1]. - On the demand side, there is no significant improvement [1]. Trading Strategy - Wait for the opportunity to buy on dips after the callback [1]. Other Information - On November 11, the China Zinc Smelters Purchasing Team (CZSPT) held a quarterly meeting in Kunming, Yunnan, and released the guidance price range for the import zinc concentrate procurement US dollar processing fee before the end of the first quarter of 2026: 105 US dollars (average) - 120 US dollars (average) per dry ton [1]. - On November 11, the [LME0 - 3 zinc] was at a premium of $117.04 per ton, and the open interest was 219,916 lots, a decrease of 750 lots [1]. - On November 11, the [LME0 - 3 lead] was at a discount of $20.89 per ton, and the open interest was 153,641 lots, an increase of 2,117 lots [1].

Report Industry Investment Rating - Not provided Core Viewpoints - The silicon market has weak supply and demand, with limited improvement on the demand side. The industrial silicon market remains in an oversupply situation, which may suppress the upper limit of the market. For industrial silicon, pay attention to the pressure level of 9,300 - 9,500 yuan/ton [1]. - For polysilicon, the downstream's willingness to replenish inventory is limited, and there is significant pressure for the spot price to rise further, which restricts the upward space of the market. Holders of previous long - positions should protect their profits [1]. Summary by Related Catalogs Industrial Silicon Price Information - The average price of non - oxygenated 553 (East China) industrial silicon remained flat at 9,350 yuan/ton, and the average price of 421 (East China) industrial silicon remained flat at 9,750 yuan/ton. The closing price of the futures main contract rose 0.16% to 9,195 yuan/ton [1]. Supply and Demand - Supply: In October, the southwest产区 entered the high - cost dry season. Some silicon enterprises stopped production by the end of October, and the silicon enterprise operating rate decreased significantly. In Yunnan, only integrated enterprises or those with long - term orders were in production, while in the north, the number of operating furnaces increased steadily. After offsetting, the industrial silicon output in November is expected to fall below 400,000 tons [1]. - Demand: Polysilicon enterprises continued to cut production, organic silicon enterprises were mostly in a state of reduced load or maintenance, and silicon - aluminum alloy enterprises purchased as needed. The downstream's willingness to stock up at low levels was limited [1]. Investment Strategy - The silicon market has weak supply and demand, and the excess situation may suppress the market. Pay attention to the 9,300 - 9,500 yuan/ton pressure level. Adopt an interval operation strategy and continuously monitor industry policy changes and silicon enterprise production dynamics [1]. Polysilicon Price Information - The price of N - type dense material remained flat at 51 yuan/kg; the price of N - type re - feeding material fell 0.10% to 52.15 yuan/kg; the prices of N - type mixed material and N - type granular silicon remained flat at 50.50 yuan/kg. The closing price of the futures main contract rose 2.95% to 53,460 yuan/ton [1]. Supply and Demand - Supply: Silicon material enterprises continued to cut production, and some silicon material plants may have new production capacity put into operation. After offsetting, the output in October is expected to increase slightly, and the output in November may decline [1]. - Demand: The polysilicon market transactions were light, with few new transactions. Downstream enterprises were resistant to high - priced resources, and the market was waiting for industry policy guidance [1]. Investment Strategy - The downstream's willingness to replenish inventory is limited, and there is pressure for the spot price to rise. Holders of previous long - positions should protect their profits. Before the supply - side reform policy is implemented, try to go long on dips [1]. Automotive Industry Information - In October 2025, the production and sales of passenger cars were 2.995 million and 2.961 million respectively, with a month - on - month increase of 3.3% and 3.6%, and a year - on - year increase of 10.7% and 7.5%. From January to October 2025, the production and sales of passenger cars were 24.237 million and 24.209 million respectively, with a year - on - year increase of 13.5% and 12.9% [1]. - In October 2025, the production and sales of commercial vehicles were 364,000 and 361,000 respectively, with a month - on - month decrease of 3.3% and 1.9%, and a year - on - year increase of 25.4% and 21%. From January to October 2025, the production and sales of commercial vehicles were 3.456 million and 3.479 million respectively, with a year - on - year increase of 10.9% and 9% [1]. - In October 2025, the production and sales of new energy vehicles were 1.772 million and 1.715 million respectively, with a year - on - year increase of 21.1% and 20%. From January to October 2025, the production and sales of new energy vehicles were 13.015 million and 12.943 million respectively, with a year - on - year increase of 33.1% and 32.7% [1]. - In October 2025, automobile exports were 666,000, with a month - on - month increase of 2.1% and a year - on - year increase of 22.9%. From January to October 2025, automobile exports were 5.616 million, with a year - on - year increase of 15.7% [1].

Report Title - The report is titled "Shanghai Copper Daily Report 20251113: Tight Supply and Demand of Copper Mines May Support Copper Prices" [1] Industry Investment Rating - The investment rating for the copper industry is cautiously bullish [2] Core View - On the supply side, there are disturbances in the production of multiple copper mines at home and abroad, leading to a negative China copper concentrate import index, indicating a tight supply - demand outlook for domestic copper concentrates. Although the supply of scrap copper has increased and domestic processing fees for blister copper or anode plates have risen, and the maintenance capacity of copper smelters in November has decreased month - on - month. On the demand side, the capacity utilization rates of refined copper rods, recycled copper rods, copper wires and cables, copper enameled wires, copper strips, copper tubes, and brass rods have increased compared to last week. In terms of inventory, China's electrolytic copper social inventory has decreased, while LME and COMEX copper inventories have increased. With the US federal government about to end its shutdown and production disturbances in overseas copper mines, the price of Shanghai copper may show a certain upward trend. It is recommended to hold long positions in Shanghai copper cautiously, paying attention to support and resistance levels [2] Summary by Relevant Catalogs Shanghai Copper Futures - **Price**: The closing price of the active Shanghai copper futures contract on November 12, 2025, was 86,840, up 210 from the previous day [2] - **Trading Volume**: The trading volume was 76,287 lots on November 12, 2025, an increase of 1,648 lots from the previous day [2] - **Open Interest**: The open interest was 200,769 lots on November 12, 2025, a decrease of 1,602 lots from the previous day [2] - **Inventory**: The inventory was 44,088 tons on November 12, 2025, an increase of 1,124 tons from the previous day [2] - **Basis and Premium**: The Shanghai copper basis and various premiums showed different degrees of change. For example, the SMM 1 electrolytic copper - average price difference was - 45 on November 12, 2025, down 180 from the previous day [2] London Copper - **Price**: The closing price of the LME 3 - month copper futures (electronic trading) on November 12, 2025, was 10,897, up 57 from the previous day [2] - **Inventory**: The total registered and cancelled warehouse receipt inventory on November 11, 2025, was 136,250 tons [2] - **Contract Spread**: The LME copper futures 0 - 3 - month contract spread was 0 on November 12, 2025, up 21.28 from the previous day [2] COMEX Copper - **Inventory**: The total COMEX copper inventory on November 12, 2025, was 378,303 tons, an increase of 5,999 tons from the previous relevant data [2] - **Trading Strategy**: Pay attention to the support and resistance levels. For Shanghai copper, focus on the 82,000 - 84,000 support and 88,000 - 90,000 resistance; for London copper, focus on the 10,300 - 10,500 support and 11,000 - 11,200 resistance; for US copper, focus on the 4.5 - 4.8 support and 5.2 - 5.5 resistance [2]

Report Summary 1) Industry Investment Rating The report does not provide an industry investment rating. 2) Core View On November 12, the main contract of lithium carbonate futures fluctuated widely, with an increase in trading volume and open interest. The spot market trading was sluggish, and the basis discount narrowed. The prices of cost - related lithium concentrate and lithium mica increased. Last week, lithium carbonate production rose, as did the production of lithium iron phosphate and ternary materials. In November, the estimated production of lithium carbonate increased while the scheduled production decreased. The production of power batteries increased last week. Terminal demand showed a slowdown in the year - on - year and month - on - month growth rates of new energy vehicle production and sales in October, general 3C shipments, and an increase in the estimated production of energy - storage batteries in November. In terms of inventory, registered warehouse receipts increased, and there was destocking in smelters, downstream, and other sectors. Currently, both supply and demand are strong, with repeated news of the resumption of lithium mines in Jiangxi. High prices have intensified downstream wait - and - see sentiment, and the power demand is expected to weaken. The game between bulls and bears has intensified, and it is expected that lithium prices will fluctuate widely [1]. 3) Summary by Related Content Futures Market - On November 12, the main contract of lithium carbonate futures fluctuated widely, with a trading volume of 1,145,329 lots (+242,839) and an open interest of 528,966 lots (+2,473) [1]. - The price differences between different contracts showed various changes, such as the spread between the near - month and the first - consecutive contract being - 1,720 yuan/ton, and the basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) being - 3,280 yuan/ton, with a change of +1,360 yuan/ton [1]. Spot Market - The spot market trading was sluggish, and the basis discount narrowed. The prices of lithium concentrate and lithium mica increased. The average price of SMM battery - grade lithium carbonate was 83,300 yuan/ton, an increase of 1,000 yuan/ton [1]. Supply and Demand - Supply side: Last week, lithium carbonate production increased, and the production of lithium carbonate from various raw materials all rose. In November, the estimated production of lithium carbonate increased while the scheduled production decreased [1]. - Demand side: Last week, the production of lithium iron phosphate and ternary materials increased. In October, the year - on - year and month - on - month growth rates of new energy vehicle production and sales slowed down, 3C shipments were general, and the estimated production of energy - storage batteries in November increased [1]. Inventory - Registered warehouse receipts were 28,287 tons (+188 tons), and there was destocking in smelters, downstream, and other sectors. The total SMM lithium carbonate inventory was 127,358 tons, a decrease of 3,405 tons compared to the previous week [1]. Industry News - Mineral Resources will sell 30% of its lithium business stake to POSCO for $765 million, aiming to reduce debt and repair the balance sheet. POSCO will enter the Australian lithium mining field for the first time [1]. - Ningde Times' Yichun Guanshixia lithium mine has new progress in resuming production. It may need to pay an additional 177 million yuan in mining rights transfer income [1]. - Core Lithium optimized the mining plan for the Grants deposit of the Finniss project, reducing pre - production capital expenditure by A$35 - 45 million, advancing the production time of the first batch of ore, increasing the ore reserve by 33% to 1.53 million tons, and increasing the lithium chloride content by 44% [1]. Investment Strategy - Production enterprises can conduct sell - hedging at high prices, and speculators can try short positions lightly after the upward trend encounters resistance [1].

| 2025-11-11 2025-11-05 交易日期(日) 2025-11-12 较昨日变化 近两周走势 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货近月合约 收盘价 118300.00 119050.00 119720.00 -750.00 1 | | | | | | | | | 1 期货连一合约 收盘价 118710.00 119380.00 120030.00 -670.00 | | | | | | | | | 1 期货连二合约 收盘价 118890.00 119530.00 120230.00 -640.00 | | | | | | | | | m | | | | | | | | | 收盘价 119070.00 119740.00 120410.00 -670.00 期货连三合约 | | | | | | | | | 收盘价 118710.00 119380.00 120030.00 -670.00 1 | | | | | | | | | 28.336.00 3 上海期银 成交量(手) 98248.00 ...

Report Industry Investment Rating - Not provided in the document Core Viewpoint of the Report - The bottom of the current urea price may gradually become clear. Although urea has rebounded recently, the strength is limited, and the valuation is still relatively low, reflecting the current pattern of strong supply and weak demand. The new round of export quotas will alleviate the supply pressure in the fourth quarter to some extent, and the winter reserve demand will support the price. Low prices may stimulate storage enterprises to enter the market. It is recommended to take profit on sold options and pay attention to the opportunity of buying on dips in the medium and long term [3][29] Summary by Related Catalogs 1. Market Review - From late October to now, the urea price has rebounded from the bottom, which is essentially a rebound and repair under low valuation. The new round of export quotas has boosted market sentiment, and the spot market's low - price transactions have improved. However, domestic supply pressure still suppresses the bullish sentiment, so the rebound strength is limited [3][8][29] 2. Basis and Spread - After the previous continuous decline in urea prices, the spot sentiment has improved, especially after the issuance of export quotas, which has promoted a slight strengthening of the basis. On October 20, the basis in Shandong was - 50 yuan/ton, and on November 11, it was - 30 yuan/ton. The 01 - 05 spread fluctuated. On October 20, the UR01 - 05 spread was - 75 yuan/ton, and on November 11, it was - 77 yuan/ton [9] 3. Supply - Side Analysis 3.1 Supply - The recent rebound in urea prices has slightly improved upstream profits, but they are still at a poor level, lower than the previous two years. Urea prices are still weak compared to coal prices. The upstream urea start - up has slightly increased. As of the week of November 6, the weekly urea start - up rate in China was 83.55%, a month - on - month increase of 2.61 percentage points and a year - on - year increase of 4.92 percentage points. The gas - head start - up rate was 72.89%, a month - on - month increase of 2.29 percentage points and a year - on - year increase of 1.09 percentage points. The weekly coal - head urea output was 1130000 tons, a month - on - month increase of 40000 tons and a year - on - year increase of 140000 tons. The estimated daily output is expected to remain at a high level of about 190000 - 200000 tons next week [11] 3.2 Inventory - Due to the continuous release of high supply, domestic urea inventory has always been at a high level in the past five years. Since June, there has been an obvious phenomenon of export container gathering at ports, which has alleviated the domestic supply - demand pressure to some extent. After the new round of export quotas, there may be another round of container gathering. As of the week of November 6, the weekly enterprise inventory of urea in China was 1342000 tons, a month - on - month increase of 25000 tons and a year - on - year increase of 170000 tons. The weekly port inventory was 205000 tons, a month - on - month decrease of 13000 tons and a year - on - year decrease of 66000 tons. The new round of export quotas and winter storage demand may reduce the inventory accumulation pressure in the fourth quarter [16] 4. Demand - Side Analysis 4.1 Export - Since June, domestic urea exports have begun to relax, and the export volume has increased significantly. The new round of export quota is about 600000 tons, which will help alleviate the current domestic supply pressure. Even if the urea price drops again, it will probably stimulate the storage demand of enterprises, and there is support at the previous low price [20][22] 4.2 Domestic - The fourth quarter is the off - season for domestic demand, and the relatively concentrated demand is mainly winter storage demand. The current pattern of strong supply and weak demand may make storage enterprises relatively cautious. However, the supply - demand pressure has been reflected in the current urea price, and the price is at a low level. It is a good choice for storage enterprises to gradually build inventories at the current price. As of November 6, the weekly inventory of compound fertilizers was 630000 tons, a month - on - month decrease of 60000 tons and a year - on - year decrease of 80000 tons. The weekly output was 1070000 tons, a month - on - month increase of 73000 tons and a year - on - year decrease of 66000 tons. The weekly start - up rate of melamine was 52.23%, a month - on - month decrease of 0.43 percentage points and a year - on - year decrease of 5.27 percentage points [23] 5. Summary and Outlook - The market review is consistent with the previous content. The price bottom of urea may gradually become clear. It is recommended to take profit on sold options and pay attention to the opportunity of buying on dips in the medium and long term [29][30]

Report Industry Investment Rating - Not provided in the report Core View - The weak performance of the US private - sector employment supports the precious metal prices. The expected end of the US federal government shutdown, the decrease in US private - sector employment data, and the increase in the probability of the Fed's December interest - rate cut, along with geopolitical risks and central banks' gold - buying, may support precious metal prices [1] Summary by Relevant Catalogs Precious Metal Market Data - **Gold**: Shanghai gold's closing price was 933.02 yuan/g, with a trading volume of 63,048. COMEX futures active contract's closing price was 4,133.20 dollars/ounce, and the London gold spot price was 4,123.30 dollars/ounce. SPDR gold ETF holding was 1,041.78 tons [1] - **Silver**: Shanghai silver's closing price was 11,865 yuan/10g, COMEX futures active contract's closing price was 51.08 dollars/ounce, and the London silver spot price was 51.24 dollars/ounce. US iShare silver ETF holding was 15,088.63 tons [1] Important Information - From Oct 25, the US private sector lost an average of 11,250 jobs per week in four weeks. The White House National Economic Council Director said some US October data might be lost forever [1] Multi - and Short - Logic - Republicans' agreement to vote on extending ACA subsidies may end the government shutdown, leading to cash - outflow expectations. Weak employment data in October has increased the probability of the Fed's December interest - rate cut. Geopolitical risks and central banks' gold - buying may support precious metal prices [1] Trading Strategy - It is advisable to go long when prices fall. For London gold, pay attention to the support at 3,850 - 3,950 and resistance at 4,180 - 4,384; for Shanghai gold, support at 870 - 890 and resistance at 960 - 1,000. For London silver, support at 38 - 45 and resistance at 55 - 60; for Shanghai silver, support at 9,500 - 10,500 and resistance at 12,000 - 12,500 [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View - Supply - Domestic and overseas copper mines face production disruptions, leading to a negative China copper concentrate import index and a tight supply - demand outlook for domestic copper concentrates. The supply of scrap copper has increased, domestic processing fees for crude copper or anode plates have risen, and the maintenance capacity of copper smelters in November has decreased month - on - month. [2] - Demand - The capacity utilization rates of refined copper rods, recycled copper rods, copper wires and cables, copper enameled wires, copper strips, copper tubes, and brass rods have increased compared to last week. [2] - Inventory - China's electrolytic copper social inventory has decreased compared to last week, while LME and COMEX copper inventories have increased. [2] - Market Outlook - With the increasing expectation of a Fed rate cut in December and the end of the US federal government shutdown, the production disruptions in overseas copper mines may cause the Shanghai copper price to be cautiously bullish. [2] 3. Summary by Relevant Catalogs 3.1. Price and Trading Volume Data - **Shanghai Copper Futures**: On November 11, 2025, the closing price was 86,630, up 150 from the previous day. The trading volume was 74,639 hands, a decrease of 23,450. The open interest was 202,371 hands, a decrease of 1,756. The inventory was 42,964 tons, a decrease of 825. The Shanghai copper basis was 135, up 80. [2] - **London Copper**: On November 11, 2025, the LME 3 - month copper futures closing price (electronic trading) was 10,840, down 34.5. The LME copper futures 0 - 3 - month contract spread was - 21.28, down 6.43, and the 3 - 15 - month contract spread was 0, down 80.63. [2] - **COMEX Copper**: On November 11, 2025, the closing price of the copper futures active contract was 5.0635, up 0.11. The total inventory was 376,631, an increase of 7,262. [2] 3.2. Trading Strategy - Short - term traders are advised to go long on the main contract at low prices with a light position. Pay attention to the support level around 82,000 - 84,000 and the resistance level around 87,000 - 89,000 for Shanghai copper. For London copper, pay attention to the support level around 10,300 - 10,500 and the resistance level around 10,800 - 11,200. For US copper, pay attention to the support level around 4.5 - 4.8 and the resistance level around 5.2 - 5.5. [2]