Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The copper price is expected to maintain a volatile pattern, with the price range likely between 85,000 yuan/ton and 89,000 yuan/ton. Physical enterprises can arrange buy or sell hedging based on this range. Arbitrage is on hold, and the option strategy is short put [7]. 3. Summary by Directory Market News and Important Data - **Futures Market**: On November 12, 2025, the main contract of Shanghai copper opened at 86,590 yuan/ton and closed at 86,840 yuan/ton, up 0.24% from the previous trading day's close. In the night session, it opened at 87,100 yuan/ton and closed at 87,410 yuan/ton, up 0.66% from the afternoon close [1]. - **Spot Market**: On the previous day, the spot price of SMM 1 electrolytic copper was 86,630 - 86,960 yuan/ton, with the spot at a premium of 55 yuan/ton to the current - month contract average price, unchanged from the previous day. The cross - month spread was in a Contango structure, and the import loss was about 800 yuan/ton. The procurement and sales sentiment in Shanghai improved slightly [2]. Important Information Summary - **US Politics**: The US House of Representatives will vote on a temporary appropriation bill on Wednesday evening. The 43 - day federal government shutdown crisis may end. The White House press secretary said the shutdown may reduce Q4 economic growth by two percentage points [3]. - **Federal Reserve**: White House National Economic Council Director Hassett said he would accept the nomination to replace Powell as Fed Chairman if nominated. He hopes for a larger - scale interest rate cut in the December policy meeting [3]. Mining End Japanese JX Advanced Metals, its partners, and Mitsubishi Materials plan to integrate Mitsubishi's copper concentrate procurement and copper product sales business into Pan Pacific Copper (PPC). The integration aims to reduce costs and streamline sales operations [4]. Smelting and Import JX, one of Japan's largest copper smelters with an annual capacity of 450,000 tons, may cut copper production by tens of thousands of tons in the 2025 fiscal year. Mitsubishi also warned of reducing copper concentrate processing scale. Japan, Spain, and South Korea expressed concerns about the sharp decline in copper concentrate processing and refining fees (TC/RC) [5]. Consumption A survey of 59 domestic copper strip producers (covering 94.03% of the 3.58 million - ton capacity) showed that the domestic copper strip production in October 2025 was 189,100 tons, a 3.62% month - on - month decrease. The expected production in November is 194,600 tons, a 2.91% month - on - month increase [5]. Inventory and Warehouse Receipts LME warehouse receipts decreased by 25 tons to 136,250 tons. SHFE warehouse receipts increased by 1,124 tons to 44,088 tons. On November 10, the domestic electrolytic copper spot inventory was 1.959 million tons, a decrease of 74,000 tons from the previous week [6]. Price and Basis Data The report provides data on copper prices, spot premiums, inventory, warehouse receipts, and other indicators from different time points (today, yesterday, last week, and one month ago) [23][24][25].

Report Investment Rating - Gold: Cautiously bullish [9] - Silver: Cautiously bullish [9] - Arbitrage: Short the gold-silver ratio at high levels [10] - Options: On hold [10] Core View - Market risk sentiment is emerging, and the expectation that Hassett may become the Fed Chairman is rising, which may increase the demand for gold investment. Gold prices are expected to be in a range of 940 - 980 yuan/gram. Silver prices are expected to be in a range of 12300 - 12800 yuan/kilogram, and the gold-silver ratio is expected to continue to narrow [9][10]. Summary by Related Catalogs Market Analysis - The U.S. House of Representatives will vote on a temporary appropriation bill on Wednesday evening, which may end the 43-day government shutdown. The shutdown may reduce Q4 economic growth by two percentage points, and the October CPI and employment reports may not be released. Hassett said he would accept the nomination to replace Powell as Fed Chairman and hopes for a larger rate cut in December [2]. Futures Quotes and Volumes - On November 12, 2025, the Shanghai gold futures closed at 945.76 yuan/gram, down 0.33% from the previous day, with a trading volume of 41087 lots and an open interest of 129725 lots. The night session closed at 963.32 yuan/gram, up 1.86% from the afternoon session. The Shanghai silver futures closed at 12073 yuan/kilogram, up 1.62% from the previous day, with a trading volume of 669617 lots and an open interest of 235542 lots. The night session closed at 12508 yuan/kilogram, up 3.60% from the afternoon session [3]. U.S. Treasury Yield and Spread Monitoring - On November 12, 2025, the U.S. 10-year Treasury yield was 4.069%, up 0.2 BP from the previous day, and the 10-2 year spread was 0.507%, down 0.9 BP from the previous day [4]. SHFE Gold and Silver Positions and Volume Changes - On November 12, 2025, on the Au2512 contract, long positions decreased by 5535 lots and short positions decreased by 879 lots. The total trading volume of gold contracts decreased by 8.42% from the previous day. On the Ag2512 contract, long positions increased by 5210 lots and short positions increased by 1601 lots. The total trading volume of silver contracts increased by 8.09% from the previous day [5]. Precious Metal ETF Holdings Tracking - On November 12, 2025, the gold ETF holdings were 1046.36 tons, unchanged from the previous day, and the silver ETF holdings were 15089 tons, also unchanged from the previous day [6]. Precious Metal Arbitrage Tracking - On November 12, 2025, the domestic gold premium was 2.24 yuan/gram, and the domestic silver premium was -1184.64 yuan/kilogram. The SHFE gold-silver ratio was about 78.34, down 1.92% from the previous day, and the foreign gold-silver ratio was 80.75, down 0.91% from the previous day [7]. Fundamental Analysis - On November 12, 2025, the trading volume of gold on the Shanghai Gold Exchange T+d market was 51666 kilograms, down 18.05% from the previous day, and the trading volume of silver was 870430 kilograms, up 20.04% from the previous day. The gold delivery volume was 11872 kilograms, and the silver delivery volume was 29970 kilograms [8].

Report Investment Ratings - Unilateral: Aluminum: Cautiously bullish; Alumina: Neutral; Aluminum alloy: Cautiously bullish. Arbitrage: SHFE aluminum calendar spread long [9] Core Views - For electrolytic aluminum, overseas supply and demand are not in an oversupply situation, and domestic fundamentals are stable. Although the recent price increase lacks fundamental support, the price is undervalued, and a deep decline is unlikely. If inventory reduction is smooth, the price may break through upwards. For alumina, the supply pressure remains high, the over - supply pattern persists, and the price is undervalued, but there may be overseas disturbances. [6][8] Key Data Summary Aluminum Spot - On November 12, 2025, the East China A00 aluminum price was 21,670 yuan/ton, up 50 yuan/ton from the previous trading day; the Central Plains A00 aluminum price was 21,550 yuan/ton; the Foshan A00 aluminum price was 21,530 yuan/ton, up 40 yuan/ton from the previous trading day [1] Aluminum Futures - On November 12, 2025, the SHFE aluminum main contract opened at 21,660 yuan/ton, closed at 21,880 yuan/ton, up 190 yuan/ton from the previous trading day, with a trading volume of 223,798 lots and a position of 420,066 lots [2] Inventory - As of November 12, 2025, the domestic electrolytic aluminum ingot social inventory was 627,000 tons, up 5,000 tons from the previous period; the warrant inventory was 63,818 tons, down 324 tons from the previous trading day; the LME aluminum inventory was 544,075 tons, down 1,150 tons from the previous trading day [2] Alumina Spot Price - On November 12, 2025, the SMM alumina price in Shanxi was 2,840 yuan/ton, Shandong was 2,795 yuan/ton, Henan was 2,865 yuan/ton, Guangxi was 2,930 yuan/ton, Guizhou was 2,950 yuan/ton, and the Australian alumina FOB price was 320 US dollars/ton [2] Alumina Futures - On November 12, 2025, the alumina main contract opened at 2,815 yuan/ton, closed at 2,821 yuan/ton, down 5 yuan/ton from the previous trading day, a decrease of 0.18%, with a trading volume of 267,963 lots and a position of 412,758 lots [2] Aluminum Alloy Price - On November 12, 2025, the Baotai civil raw aluminum purchase price was 17,000 yuan/ton, the mechanical raw aluminum purchase price was 17,200 yuan/ton, and the ADC12 Baotai quotation was 21,000 yuan/ton, with no change from the previous day [3] Aluminum Alloy Inventory - The aluminum alloy social inventory was 72,800 tons, and the in - plant inventory was 59,900 tons [4] Aluminum Alloy Cost and Profit - The theoretical total cost was 21,042 yuan/ton, and the theoretical profit was - 142 yuan/ton [5] Market Analysis Electrolytic Aluminum - Overseas supply and demand are not in an oversupply situation, and domestic fundamentals are stable. The recent price increase lacks fundamental support, but the price is undervalued. Be vigilant against short - term corrections, and pay attention to the inventory reduction rhythm [6] Alumina - The supply pressure of bauxite remains high, the over - supply pattern persists, and the price is undervalued. However, there may be overseas disturbances [7][8]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The freight rate continued to be adjusted in the second half of November, and attention should be paid to the definition of the delivery and settlement of the February 2026 contract by the exchange [1]. - The trading of the December 2025 contract focuses on the rhythm, with the overall valuation support constantly rising. The final valuation range of the December contract is initially estimated to be between 1700 - 1850 points [3][4]. - The February 2026 contract may have a large expected difference but is currently suppressed by the resumption of navigation expectation. Attention should be paid to the definition of its delivery and settlement price [4]. - The strategy suggests that the December contract will fluctuate, and the February contract will fluctuate with an upward bias. There is no arbitrage strategy for now [6]. 3. Summary According to the Directory 3.1 Market Analysis - **Online Quotations**: Different shipping companies have different price quotations for the Shanghai - Rotterdam route. For example, Maersk's price for the 47th week is 1365/2280, and the price range for the 48th week is 2000 - 2100 dollars/FEU. Some companies have also issued price increase letters [1]. - **Geopolitical Aspect**: The Houthi armed forces stated that if the enemy resumes aggression against Gaza, they will resume military operations and the ban on Israeli shipping in the Red Sea and the Arabian Sea [2]. - **Dynamic Supply**: The average weekly capacity in the remaining 4 weeks of November is 246,500 TEU, and the average weekly capacity in December is 338,800 TEU. There were 10 blank sailings and 1 TBN in November, and 3 TBNs in December [2]. 3.2 Futures Market Research - **December 2025 Contract**: The trading rhythm of the December contract involves trading price increase expectations and the actual implementation of price increase letters. If there are three rounds of price increase letters and each round is implemented with an increase of 300 dollars/FEU, the price in the second half of December may reach 3000 dollars/FEU, and the valuation ceiling of the December contract may be around 2100 points [3]. - **February 2026 Contract**: There may be a large expected difference, but it is currently suppressed by the resumption of navigation expectation. The traditional definition of the delivery and settlement price may be affected by the Spring Festival holiday, and attention should be paid to the exchange's new definition [4]. 3.3 Strategy - **Unilateral Strategy**: The December contract will fluctuate, and the February contract will fluctuate with an upward bias [6]. - **Arbitrage Strategy**: None [6]. 3.4 Other Data - **Futures Contract Positions and Prices**: As of November 12, 2025, the total open interest of all contracts of the container shipping index European line futures is 74,149.00 lots, and the single - day trading volume is 57,514.00 lots. The closing prices of different contracts are provided [5]. - **Spot Prices**: The SCFI and SCFIS prices of different routes on different dates are given, such as the SCFI (Shanghai - Europe route) price on November 7 being 1323 dollars/TEU [5]. - **Container Ship Deliveries**: 226 container ships with a total capacity of 1.879 million TEU have been delivered in 2025 as of November 9. The number and capacity of ships in different size ranges are also provided [5].

Report Industry Investment Rating - Unilateral: Cautiously bullish. Arbitrage: Neutral [5] Core View - The support for Shanghai zinc is clear. The TC of domestic and overseas zinc mines has decreased, squeezing the smelting profit, suppressing smelting enthusiasm, and reducing supply - side pressure. Overseas warehouse - receipt inventory is low with risks, and domestic inventory is falling, with micro - data turning from bearish to bullish under a positive macro - background [1][4] Key Points by Content Important Data - **Spot**: LME zinc spot premium is $117.04/ton. SMM Shanghai zinc spot price is 22,610 yuan/ton, down 50 yuan/ton from the previous trading day, with a premium of - 45 yuan/ton. SMM Guangdong zinc spot price is 22,580 yuan/ton, down 50 yuan/ton, with a premium of - 75 yuan/ton. Tianjin zinc spot price is 22,570 yuan/ton, down 50 yuan/ton, with a premium of - 85 yuan/ton [1] - **Futures**: On November 12, 2025, the Shanghai zinc main contract opened at 22,565 yuan/ton and closed at 22,680 yuan/ton, down 40 yuan/ton from the previous trading day. The trading volume was 71,426 lots, and the position was 105,905 lots. The highest price was 22,695 yuan/ton, and the lowest was 22,565 yuan/ton [2] - **Inventory**: As of November 12, 2025, the total inventory of SMM's seven - region zinc ingots was 159,600 tons, up 900 tons from the previous period. The LME zinc inventory was 35,875 tons, up 575 tons from the previous trading day [3] Market Analysis - In November, domestic and overseas zinc mine TC decreased significantly. The smelting comprehensive profit has been compressed from about 1,400 yuan/ton to about 300 yuan/ton, and high - cost areas are facing losses, which will suppress smelting enthusiasm and reduce supply - side pressure. Overseas warehouse - receipt inventory is low with risks, and domestic inventory is falling [4] Strategy - Unilateral: Cautiously bullish. Arbitrage: Neutral [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The futures market of lithium carbonate is in high - level oscillation with light spot trading. While recent inventory reduction supports the futures price, the downstream is reluctant to purchase at 85,000 yuan/ton. With the progress of mine restart, the market may turn from de - stocking to inventory accumulation if consumption weakens, leading to a potential decline in the futures price [1][2][4]. 3. Summary by Related Content Market Analysis - On November 12, 2025, the lithium carbonate main contract 2601 opened at 86,760 yuan/ton and closed at 86,580 yuan/ton, a - 0.21% change from the previous settlement price. The trading volume was 1,145,329 lots, and the open interest was 528,966 lots, up from 526,493 lots the previous day. The basis was - 4,400 yuan/ton, and the number of lithium carbonate warrants was 2,8287 lots, an increase of 188 lots from the previous day [1]. - According to SMM data, the price of battery - grade lithium carbonate was 81,400 - 85,200 yuan/ton, up 1,000 yuan/ton from the previous day, and industrial - grade lithium carbonate was 80,600 - 81,600 yuan/ton, also up 1,000 yuan/ton. The price of 6% lithium concentrate was 1,020 US dollars/ton, up 8 US dollars/ton [2]. - The downstream material factories are cautious, only making rigid - demand purchases. The market trading is mainly post - pricing. Upstream and downstream enterprises are negotiating long - term agreements for next year, focusing on coefficients [2]. - The overall operating rate of lithium salt plants remains high, with both spodumene and salt - lake production ends having an operating rate of over 60%. The domestic lithium carbonate output in November is expected to be similar to that in October [2]. - In terms of demand, the new - energy vehicle market in the power sector and the energy - storage market are both booming, with supply in the energy - storage market remaining tight [2]. Corporate News - On November 12, Haibo Sichuang announced a ten - year strategic cooperation agreement with CATL from January 1, 2026, to December 31, 2035. Haibo Sichuang will purchase battery cells and system products from CATL, and CATL will ensure product quality and provide preferential supply and competitive prices. The cumulative purchase volume from 2026 to 2028 will be no less than 200 GWh [3]. Strategy - Short - term: It is advisable to wait and see, pay attention to inventory and consumption turning points and the restart of mines, and sell hedging at high prices when appropriate. - Options: Sell out - of - the - money call options [4].

Report Summary 1. Report Industry Investment Rating - Absolute price: Neutral [3] - Option strategy: Sell wide straddle [3] 2. Core View of the Report - Low inventory and tight ore supply support lead prices, but the resumption of secondary lead production, the decline in battery consumption, and the pressure of pre - delivery inventory transfer may cause the price to fall after rising. High - sell and low - buy strategies can be adopted, with the price range between 17,000 yuan/ton and 17,700 yuan/ton. Physical enterprises can choose corresponding selling and buying hedging operations according to their own needs [3]. 3. Summary by Related Catalogs Market News and Important Data - **Spot**: On November 12, 2025, the LME lead spot premium was -$20.89/ton. The SMM1 lead ingot spot price increased by 25 yuan/ton to 17,325 yuan/ton compared with the previous trading day. Different regional spot prices and premiums also had corresponding changes [1]. - **Futures**: On November 12, 2025, the SHFE lead main contract opened at 17,485 yuan/ton, closed at 17,660 yuan/ton, up 220 yuan/ton from the previous trading day. The trading volume was 55,843 lots, an increase of 24,988 lots, and the holding volume was 50,539 lots, a decrease of 4,568 lots. The night - session closed at 17,365 yuan/ton, up 65 yuan/ton from the afternoon close. The SMM1 lead price rose 25 yuan/ton from the previous trading day. Downstream battery enterprises mainly took delivery through long - term contracts, and the market trading was fair [2]. - **Inventory**: On November 12, 2025, the SMM lead ingot inventory was 33,000 tons, an increase of 900 tons compared with last week. As of November 12, the LME lead inventory was 225,225 tons, a decrease of 1,500 tons from the previous trading day [2]. Strategy - **Absolute price strategy**: Adopt a high - sell and low - buy strategy in the price range of 17,000 yuan/ton to 17,700 yuan/ton. Physical enterprises can choose corresponding selling and buying hedging operations [3]. - **Option strategy**: Sell wide straddle [3].

Report Industry Investment Rating - Not provided Core Views - Urea spot new orders follow-up slowed down, and the futures market rose slightly due to export news. Agricultural autumn fertilizer production is ending, compound fertilizer autumn fertilizer production is winding up, and winter storage fertilizer production has not started on a large scale. The overall operating rate remains stable. Melamine operating rate increased slightly, with rigid demand procurement. In the medium and long term, urea supply and demand remain loose due to new capacity release. Gas-based plant maintenance in the fourth quarter is expected to start gradually in December. Affected by the export quota news, urea enterprises' shipments improved, and inventory decreased. The high inventory area is still Inner Mongolia. Attention should be paid to the start-up rate of compound fertilizer plants in the Northeast, raw material procurement rhythm, and the national light storage rhythm. The news of the fourth batch of 600,000 tons of export quotas has improved the year-end export expectation of urea, which is expected to support the spot market. India's IPL issued a new round of urea import tender on November 7, with an intention to tender 2.5 million tons, 1.25 million tons each for the east and west coasts. The tender will close on November 20, be valid until November 28, and the latest shipping date is January 15, 2026. Continuous attention should be paid to the spot procurement sentiment and rhythm [2] Summary by Directory 1. Urea Basis Structure - On November 12, 2025, the urea main contract closed at 1,655 yuan/ton (+15). The ex-factory price of small granular urea in Henan was 1,610 yuan/ton (unchanged), in Shandong was 1,600 yuan/ton (-10), and in Jiangsu was 1,600 yuan/ton (-10). The basis in Shandong was -55 yuan/ton (-25), in Henan was -45 yuan/ton (-25), and in Jiangsu was -55 yuan/ton (-25) [1] 2. Urea Production - As of November 12, 2025, the enterprise capacity utilization rate was 82.71% (up 0.08%). The total inventory of sample enterprises was 1.4836 million tons (-94,500 tons), and the port sample inventory was 79,000 tons (-31,000 tons) [1] 3. Urea Production Profit and Operating Rate - On November 12, 2025, the urea production profit was 70 yuan/ton (-10), and the export profit was 930 yuan/ton (-1) [1] 4. Urea Overseas Prices and Export Profit - Not specifically summarized in the text, but the export profit is mentioned in the price and basis section, with an export profit of 930 yuan/ton (-1) on November 12, 2025 [1] 5. Urea Downstream Operating Rate and Orders - As of November 12, 2025, the compound fertilizer capacity utilization rate was 31.04% (unchanged), the melamine capacity utilization rate was 53.20% (up 3.22%), and the pre - received order days of urea enterprises were 7.71 days (+0.42) [1] 6. Urea Inventory and Warehouse Receipts - As of November 12, 2025, the total inventory of sample enterprises was 1.4836 million tons (-94,500 tons), and the port sample inventory was 79,000 tons (-31,000 tons) [1] Strategies - Unilateral: Range - bound oscillation, opportunistic cash - and - carry arbitrage - Inter - delivery: Wait - and - see - Inter - commodity: None [3]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - Overseas, the US government is about to end its shutdown, the US dollar has risen and then fallen, and funds have started to shift between high - and low - risk assets, leading to a divergence in the trends of the Dow and the Nasdaq. Domestically, the rotation rhythm in the market has accelerated, the dividend sector has become active again, driving the Shanghai Composite Index to recover after hitting a low, and it still fluctuates around 4000 points. The recent phased adjustment of the technology sector is closely related to the new fund regulations. The requirement that the investment style of funds should not deviate has prompted funds to be re - allocated from the popular technology field [1][2] Summary by Directory Market Analysis - China and Spain strengthen cooperation. After the meeting between the Chinese President and the King of Spain, the two sides witnessed the signing of 10 cooperation documents in economic, trade, scientific, and educational fields. The US House of Representatives will vote on a temporary appropriation bill, and the longest - ever federal government shutdown in US history may end [1] - In the spot market, A - share indices recovered after hitting a low. The Shanghai Composite Index fell 0.07% to close at 4000.14 points, and the ChiNext Index fell 0.39%. Most sector indices declined, with home appliances, textile and apparel, and petroleum and petrochemical industries leading the gains, while power equipment, machinery, and computer industries leading the losses. The trading volume of the Shanghai and Shenzhen stock markets was about 1.9 trillion yuan. Overseas, the three major US stock indices closed mixed, with the Dow rising 0.68% to a new high [1] - In the futures market, the basis of stock index futures rebounded, and both the trading volume and open interest of stock index futures increased [1] Strategy - Overseas, the US government's impending end of the shutdown and the shift of funds between high - and low - risk assets have led to a divergence in the trends of the Dow and the Nasdaq. Domestically, the rotation rhythm in the market has accelerated, the dividend sector has driven the Shanghai Composite Index to recover after hitting a low, and the technology sector's adjustment is related to new fund regulations [2] Macro - economic Charts - The charts include the relationship between the US dollar index and A - share trends, the US Treasury yield and A - share trends, the RMB exchange rate and A - share trends, and the US Treasury yield and A - share style trends [6][7] Spot Market Tracking Charts - The daily performance of major domestic stock indices on November 12, 2025: the Shanghai Composite Index was at 4000.14, down 0.07% from the previous day; the Shenzhen Component Index was at 13691.38, up 1.95%; the ChiNext Index was at 3122.03, down 0.39%; the CSI 300 Index was at 4645.91, down 0.13%; the SSE 50 Index was at 3044.30, up 0.32%; the CSI 500 Index was at 7243.25, down 0.66%; the CSI 1000 Index was at 7486.38, down 0.72% [12] Futures Market Tracking Charts - The trading volume and open interest of stock index futures increased. For example, the trading volume of IF was 120690 (an increase of 10290), and the open interest was 273421 (an increase of 10237) [14] - The basis of stock index futures showed different changes. For example, the current - month contract basis of IF was - 0.91 (an increase of 11.06) [39] - The inter - period spreads of stock index futures also had various changes, such as the next - month minus current - month spread of IF with a current value of - 17.00 and a change of - 3.60 [47]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The fundamentals of nickel and stainless steel are weak, and both are continuing to find their bottoms. The nickel market is in a situation of "tightening in the long - term, but loose in the short - term" due to the new Indonesian policy, and stainless steel is affected by factors such as real - estate downturn and slowdown in home appliance exports [1][3]. - It is expected that nickel prices will remain in a low - level oscillation, but attention should be paid to the impact of extreme weather in the Philippines on nickel ore supply, which may cause a rebound in nickel prices. Stainless steel prices are also expected to maintain a low - level oscillation due to low demand, inventory accumulation, and a downward shift in cost centers [3][4]. 3. Summary by Related Catalogs Nickel Variety Market Analysis - **Futures**: On November 12, 2025, the main contract of Shanghai nickel 2512 opened at 119,300 yuan/ton and closed at 118,710 yuan/ton, a change of - 0.62% from the previous trading day. The trading volume was 98,248 (+28,336) lots, and the open interest was 116,829 (1,929) lots. The contract showed a weak oscillation pattern. The new Indonesian policy on nickel smelter investment restrictions may tighten capacity expansion in the long - term, but the short - term production capacity of wet - process intermediate products is still being released. The weak stainless - steel consumption on the demand side leads to insufficient rebound power in the Shanghai nickel market [1]. - **Nickel Ore**: The trading atmosphere in the nickel ore market is calm, and prices are stable. In the Philippines, the Surigao mining area is affected by typhoons, and the shipping efficiency is delayed. The price of downstream nickel - iron is falling, and iron plants have a lower psychological price for nickel ore. In Indonesia, the second - phase domestic trade benchmark price in November is expected to be lowered by 0.12 - 0.2 dollars/wet ton, and the current mainstream premium is +26, with the premium range mostly between +25 - 27 [1]. - **Spot**: The sales price of Jinchuan Group in the Shanghai market is 122,600 yuan/ton, a decrease of 700 yuan/ton from the previous trading day. After the Shanghai nickel price fell below 120,000 yuan, the spot market is more watchful, and trading is light. The spot premiums of various brands have not changed. The previous trading day's Shanghai nickel warehouse receipt volume was 31,824 (-468) tons, and the LME nickel inventory was 252,114 (-1,194) tons [2]. Strategy - It is expected that nickel prices will remain in a low - level oscillation. The strategy is mainly range - bound operation. There are no strategies for inter - period, cross - variety, spot - futures, and options trading. Attention should be paid to the impact of extreme weather in the Philippines on nickel ore supply, which may cause a rebound in nickel prices [3]. Stainless Steel Variety Market Analysis - **Futures**: On November 12, 2025, the main contract of stainless steel 2601 opened at 12,520 yuan/ton and closed at 12,485 yuan/ton. The trading volume was 85,852 (-22,462) lots, and the open interest was 137,838 (-4,171) lots. Affected by the decline in Shanghai nickel prices, the contract continued its weak oscillation. Although domestic steel mills' losses are increasing, the inertia of capacity release remains, and the demand side is still sluggish due to factors such as the real - estate downturn and slowdown in home appliance exports. Overall, stainless steel is still in a bottom - grinding state [3]. - **Spot**: The market sentiment is pessimistic, and spot trading is sluggish. Many traders are selling at low prices to recover funds, and the daily quotes continue to decline slightly. The stainless - steel price in the Wuxi market is 12,825 (-25) yuan/ton, and in the Foshan market, it is 12,850 (+0) yuan/ton. The premium of 304/2B is 335 to 685 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron changed by - 3.00 yuan/nickel point to 909.0 yuan/nickel point [3][4]. Strategy - It is expected that stainless - steel prices will remain in a low - level oscillation. The strategy is neutral. There are no strategies for inter - period, cross - variety, spot - futures, and options trading [4].