Industry Investment Rating - No information provided Core Viewpoints - This week, oil prices remained volatile. OPEC+ decided to suspend production increases in Q1 next year. The US EIA commercial crude oil inventory increased by 5.202 million barrels due to increased imports and reduced refining activities, with the increase higher than market expectations. Western sanctions on Russia and Iran have led to a record high in on - board oil storage, and Russian oil in the Indian market has traded at the largest discount in nearly a year. This week, refining profits in European and American refineries rebounded, and Western sanctions and the extended maintenance of Dangote Refinery supported the gasoline and diesel cracking sentiment. The domestic fundamentals are neutral. The global fundamental surplus and sanctions factors support the Dubai market, and Brent crude oil maintains a volatile pattern, expected to fluctuate in the range of $55 - 65 in Q4 [7] Summary by Relevant Catalogs 1. Market Data - From November 5th to 11th, 2025, WTI increased by $0.91, BRENT by $1.10, and DUBAI by $0.59. Other indicators also showed corresponding changes [3] - From November 5th to 11th, 2025, SC decreased by 3.00, OMAN increased by 0.99. Domestic gasoline increased by 20.00, and domestic diesel increased by 5.00. Other related indicators also had corresponding changes [3] - From November 5th to 11th, 2025, Japanese naphtha - BRT decreased by 13.59, Singapore 380 - BRT decreased by 9.96. Other related indicators also showed corresponding changes [3] 2. Daily News - Germany requires SEFE to terminate the long - term natural gas import agreement with Russia. Canceling the contract may cost about 10 billion euros (11.6 billion US dollars), and the annual import volume is about 2.9 million tons with a contract term until 2040 [4] - The key indicator of the North Sea crude oil market has fallen to a low point in more than a year, reflecting concerns about future supply surplus. The international energy agency has predicted a record supply surplus of crude oil [4] - Russia is willing to discuss the preparation of a summit with the US if the US resumes the proposal. Russia is also willing to communicate regarding Trump's doubts about Russia's nuclear test, and Venezuela has not sought military support from Russia [5] - Russia's seaborne crude oil exports have reached a two - month low, and about 35% of the tankers' final destinations are unknown, with most likely heading to Asia [5] 3. Inventory - In the week ending October 31st, US crude oil exports increased by 0.6 barrels/day to 4.367 million barrels/day, domestic production increased by 0.7 barrels to 13.651 million barrels/day, commercial crude oil inventory (excluding strategic reserves) increased by 5.202 million barrels to 421 million barrels, and strategic petroleum reserve (SPR) inventory increased by 498,000 barrels to 409.6 million barrels [6] - From October 31st to November 6th, both gasoline and diesel inventories decreased. Gasoline was 10.5757 million tons, down 0.4%, and diesel was 12.8962 million tons, down 1.82% [7] 4. Weekly Viewpoints - This week, oil prices fluctuated. OPEC+ suspended production increases in Q1 next year. The US EIA commercial crude oil inventory increased. Western sanctions on Russia and Iran affected the market. European and American refinery profits rebounded, and the domestic fundamentals are neutral. Brent crude oil is expected to fluctuate between $55 - 65 in Q4 [7]

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - On Tuesday, the EC2602 contract's price rose due to early rumors of the 02 pricing index, and other contracts were also driven up. However, in the afternoon, the EC2512 contract dropped significantly because MSK opened cabins and lowered prices. The EC2512 contract has a neutral valuation and will gradually follow the delivery logic. The freight rate in late November will determine the implementation of the price - holding strategy in December. It is expected to fluctuate in the short - term following the spot price and shipping companies' announcements. The EC2602 contract's valuation is harder to determine and is expected to mainly follow the EC2512 contract in the short - term. If the shipping volume during the peak season is gradually realized, the EC2602 contract may have more upside potential. The EC2604 contract is a slack - season contract. It will maintain a narrow - range oscillation in the short - term during the peak - season logic. Considering the greater supply pressure and the slack season in April next year, a short - selling strategy is recommended [2]. 3. Summary by Relevant Catalogs 3.1 Futures Contracts - **Contract Prices and Changes**: The EC2512 contract closed at 1746.1, down 1.81%; the EC2602 contract closed at 1690.5, up 5.33%; the EC2604 contract closed at 1187.8, up 1.86%; the FC2606 contract closed at 1423.9, up 2.06%; the EC2608 contract closed at 1545.0, up 3.33%; the EC2610 contract closed at 1137.5, up 0.30% [2]. - **Open Interest Changes**: The open interest of the EC2512 contract decreased by 1475 to 25205; the EC2602 contract increased by 4654 to 29350; the EC2604 contract increased by 279 to 14730; the FC2606 contract decreased by 23 to 1423; the EC2608 contract decreased by 73 to 1213; the EC2610 contract increased by 122 to 1607 [2]. - **Month - to - Month Spreads**: The EC2512 - 2504 spread was 558.3, down 56.8 from the previous day and 109.0 from the previous week; the EC2512 - 2602 spread was 55.6, down 117.7 from the previous day and 203.9 from the previous week; the EC2502 - 2604 spread was 502.7, up 63.9 from the previous day and 94.9 from the previous week [2]. 3.2 Spot Indices - **SCEIS**: Updated every Monday, as of November 10, 2025, it was 1504.80 points, up 24.50% from the previous period and down - 7.92% from two periods ago [2]. - **SCFI (European Line)**: Updated weekly, as of November 7, 2025, it was 1323 dollars/TEU, down - 1.56% from the previous period and up 7.87% from two periods ago [2]. - **CCFI**: Updated weekly, as of November 7, 2025, it was 1366.85 points, up 3.25% from the previous period and up 2.37% from two periods ago [2]. - **NCFI**: Updated weekly, as of November 7, 2025, it was 911.73 points, down - 5.58% from the previous period and up 17.43% from two periods ago [2]. 3.3 Recent European Line Freight Quotes - **45th Week**: The average freight rate was about 2050 US dollars (equivalent to 1450 points on the futures disk) [2]. - **46th Week**: The average freight rate was 2000 US dollars (equivalent to 1400 points on the futures disk) [2]. - **Shipping Companies' Quotes**: Shipping companies announced a price increase to 2365 - 2950 US dollars for mid - to - late November, but MSK opened cabins at 2250 US dollars (a 50 - dollar increase from the previous period). It is expected that other shipping companies will gradually lower their quotes this week and may announce a price increase for December. OOCL lowered its online quote for November by 300 US dollars to 2600 US dollars. MSK's cabin - opening quote for the 48th week was 1900 - 2000 US dollars, equivalent to 1340 - 1400 US dollars on the futures disk [2]. 3.4 Related News - **Geopolitical News**: As of November 10, the first - stage cease - fire agreement in Gaza has expired. Israel and Hamas accused each other of violating the agreement, and the second - stage cease - fire negotiation is still "far from sight" [3]. - **Policy News**: Starting from 13:01 on November 10, 2025, China will suspend the implementation of relevant regulations on charging special port fees for US ships for one year, synchronizing with the US suspension of the final measures of the 301 investigation on China's maritime, logistics, and shipbuilding industries [4].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Content SP Main Contract Information - The closing price of the SP main contract on November 11, 2025, was 5484.00. The closing prices from November 5 - 11 showed fluctuations, with the highest increase of 1.37189% on November 10 compared to the previous day [3]. - The discount to US dollar prices also fluctuated during this period, with the price on November 11 being 671.16 [3]. - The basis of Shandong Yinxing and Jiangsu - Zhejiang - Shanghai Yinxing also changed daily, with the Shandong Yinxing basis on November 11 being 56 and the Jiangsu - Zhejiang - Shanghai Yinxing basis being 81 [3]. Import Pulp Information - For imported pulp from different origins and brands, taking a 13% VAT calculation, the Canadian Golden Lion had a port US dollar price of 780, a Shandong - area RMB price of 6200, and an import profit of - 145.57; the Canadian Lion had a port US dollar price of 730, a Shandong - area RMB price of 5500, and an import profit of - 443.29; the Chilean Silver Star had a port US dollar price of 680, a Shandong - area RMB price of 5540, and an import profit of - 1.01 [4]. Pulp and Paper Price and Margin Information - From November 5 - 11, 2025, the national average prices of softwood pulp, hardwood pulp, natural color pulp, and chemimechanical pulp remained unchanged, and so did the Shandong - area average prices [4]. - The prices of cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) also remained unchanged from November 6 - 11 [4]. - However, the estimated profit margins of these papers changed. For example, the double - offset profit margin decreased from - 0.2151% on November 6 to - 1.0753% on November 11, a decrease of 0.3527; the double - copper profit margin decreased from 12.9032% to 12.1935%, a decrease of 0.2904; the white - card profit margin decreased from - 7.6381% to - 8.1551%, a decrease of 0.2115; and the living paper profit margin decreased from 6.5730% to 4.7968%, a decrease of 0.4583 [4]. Pulp Price Difference Information - From November 5 - 11, 2025, the price differences between softwood and hardwood pulp, softwood and natural color pulp, softwood and chemimechanical pulp, and softwood and waste paper pulp all showed certain changes. For example, the softwood - hardwood price difference decreased from 1250 on November 5 to 1180 on November 11 [4].

Price Performance - London Gold's latest price is 4090.25 with no change [1] - London Silver's latest price is 50.04 with no change [1] - London Platinum's latest price is 1554.00 with no change [1] - London Palladium's latest price is 1414.00, up 18.00 [1] - WTI Crude's latest price is 60.13 with no change [1] - LME Copper's latest price is 10809.00, up 29.50 [1] - US Dollar Index's latest value is 99.62 with no change [1] - Euro to US Dollar's latest exchange rate is 1.16 with no change [1] - British Pound to US Dollar's latest exchange rate is 1.32 with no change [1] - US Dollar to Japanese Yen's latest exchange rate is 154.13 with no change [1] - US 10 - year TIPS's latest value is 1.84 with no change [1] Trading Data - COMEX Silver inventory is 14901.82 with no change [1] - SHFE Silver inventory is 591.88, down 18.10 [1] - Gold ETF holdings are 1042.06 with no change [1] - Silver ETF holdings are 15088.63 with no change [1] - SGE Silver inventory is 905.24 with no change [1] - SGE Gold deferred - fee payment direction is 1 with no change [1] - SGE Silver deferred - fee payment direction is 2 with no change [1]

Report Summary 1) Report Industry Investment Rating - No information provided 2) Core Viewpoints - No information provided 3) Summary by Relevant Catalogs Price and Profit - The report presents the spot prices of various steel products in different regions from November 5th to 11th, 2025, including Beijing, Shanghai, Chengdu, etc. For example, the price of Beijing's rebar increased from 3130 on November 5th to 3200 on November 11th, with a change of 10. The price of Shanghai's hot - rolled coil decreased by 40, while the price of Le Cong's hot - rolled coil increased by 110 [1] Basis and Spread - No information provided Output and Inventory - No information provided

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View - The report presents the performance of global asset markets on November 12, 2025, including data on bonds, currencies, stock indices, and futures transactions [1][2][3][4]. 3. Summary by Relevant Catalogs Global Asset Market Performance - **Bond Yields**: 10 - year bond yields of major economies such as the US (4.117%), UK (4.387%), and Japan (1.685%) are reported, along with 2 - year bond yields like the US (3.592%) and UK (3.720%) [2]. - **Exchange Rates**: The latest exchange rates of the US dollar against major emerging - economy currencies are given, e.g., the US dollar to Brazilian real is 5.273, and it also shows on - shore and off - shore RMB exchange rates [2]. - **Stock Indices**: It lists the latest values of major global stock indices, such as the S&P 500 (6846.610), Dow Jones Industrial Index (47927.960), and Shanghai Composite Index (4002.758) [2]. - **Credit Bond Indices**: The latest values of various credit bond indices are provided, including US investment - grade (3523.740) and high - yield (2880.940) credit bond indices [2]. Stock Index Futures Trading Data - **Index Performance**: The closing prices and percentage changes of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 are presented, with CSI 300 down 0.91% and ChiNext down 1.40% [3]. - **Valuation**: PE (TTM) and its环比 changes are given for indices like CSI 300 (14.27, - 0.09) and S&P 500 (28.46, 0.05) [3]. - **Risk Premium**: The risk premium and its环比 changes are shown for S&P 500 (- 0.60, 0.00) and German DAX (2.36, - 0.02) [3]. - **Fund Flows**: The latest and 5 - day average fund flows for A - shares, main board, SME board, ChiNext, and CSI 300 are reported, with A - shares' latest fund flow at - 1048.10 [3]. - **Transaction Amount**: The latest transaction amounts and环比 changes of Shanghai and Shenzhen stock markets and related indices are given, e.g., the latest transaction amount of Shanghai and Shenzhen stock markets is 19935.86, with a环比 change of - 1808.68 [4]. - **Main Contract Basis**: The basis and basis percentage for IF, IH, and IC are provided, with IF's basis at - 25.37 and a basis percentage of - 0.55% [4]. Treasury Bond Futures Trading Data - The closing prices and percentage changes of T2303 (108.48, - 0.01%), TF2303 (105.94, - 0.00%), T2306 (108.24, - 0.02%), and TF2306 (105.89, - 0.02%) are reported [4]. Money Market - The latest domestic money market rates (R001: 1.5361%, R007: 1.5145%, SHIBOR - 3M: 1.5800%) and their daily changes (4.00 BP, 1.00 BP, 0.00 BP) are given [4].

油脂油料早报 研究中心农产品团队 2025/11/12 隔 夜 市 场 信 息 ： Anec预计巴西11月大豆出口量为426万吨 巴西全国谷物出口商协会（ANEC）表示，巴西11月大豆出口量料为426万吨，上周预测为377万吨。巴西11月豆粕出 口量料为247万吨，上周预测为223万吨。 Secex：巴西11月第一周出口大豆1,177,456.20吨 巴西对外贸易秘书处（Secex）公布的出口数据显示，巴西11月第一周出口大豆1,177,456.20吨，日均出口量为 235,491.24吨，较上年11月全月的日均出口量134,370.20吨增加75%。上年11月全月出口量为2,553,033.89吨。 Conab：截至11月8日当周，巴西2025/26年度大豆种植率为58.4% Conab公布的数据显示，截至11月8日当周，巴西2025/26年度大豆种植率为58.4%，此前一周为47.1%，上年同期为 66.1%，五年均值为57.0%。 主 产 国 降 水 情 况 进 口 大 豆 盘 面 压 榨 利 润 油 脂 进 口 利 润 | 现 货 价 格 | | | | | | | --- | --- | --- | ...

Report Information - Report Date: 2025/11/12 [1] - Report Type: Ferroalloy Morning Report Core Viewpoints - The report provides a comprehensive overview of the ferroalloy market, including price, supply, demand, inventory, cost, and profit data for silicon iron and silicon manganese from 2021 to 2025 [2][4][5][6][7] Key Points by Category Price - **Silicon Iron**: Prices vary by region and grade, with daily and weekly changes. For example, the latest price of Ningxia 72 silicon iron natural block is 5180 yuan, up 30 yuan daily and weekly [2] - **Silicon Manganese**: Similar to silicon iron, prices vary by region and grade, with different daily and weekly changes. For instance, the latest price of Inner Mongolia 6517 silicon manganese is 5620 yuan, unchanged daily and weekly [2] Supply - **Silicon Iron**: Production data includes monthly and weekly output, capacity utilization, and开工率 of 136 silicon iron production enterprises in China from 2021 - 2025 [4] - **Silicon Manganese**: Production data such as weekly output, procurement volume, and开工率 of silicon manganese in China are presented from 2021 - 2025 [6] Demand - **Silicon Iron**: Demand - related data includes exports, consumption in industries like steel and magnesium production, and procurement by enterprises such as Hebei Iron and Steel Group from 2021 - 2025 [4] - **Silicon Manganese**: Demand data includes domestic demand in China (steel - related) and export volume from 2021 - 2025 [7] Inventory - **Silicon Iron**: Inventory data covers 60 sample enterprises in China, including total inventory, regional inventory, and warehouse receipts + effective forecasts from 2021 - 2025 [5] - **Silicon Manganese**: Inventory data includes warehouse receipts, effective forecasts, and inventory of 63 sample enterprises in China from 2021 - 2025 [7] Cost and Profit - **Silicon Iron**: Cost factors include electricity prices, raw material prices (such as semi - coke), and profit data includes production profit, export profit, and profit after conversion to the main contract [5] - **Silicon Manganese**: Cost factors involve raw material prices (such as manganese ore) and profit data includes regional profit and profit after conversion to the main contract from 2021 - 2025 [6][7]

Group 1: Report Information - Report Name: Coke Daily Report [1] - Date: November 12, 2025 [1] - Research Team: Black Team of the Research Center [1] Group 2: Price Information - Shanxi Standard First - Wet Quenching Coke Price: 1591.62, with daily change 0.00, weekly change 54.61, monthly change 109.23, and year - on - year change - 15.71% [2] - Hebei Standard First - Dry Quenching Coke Price: 1845.00, with daily change 0.00, weekly change 55.00, monthly change 110.00, and year - on - year change 1.93% [2] - Shandong Standard First - Dry Quenching Coke Price: 1770.00, with daily change 0.00, weekly change 55.00, monthly change 110.00, and year - on - year change - 14.29% [2] - Jiangsu Standard First - Dry Quenching Coke Price: 1810.00, with daily change 0.00, weekly change 55.00, monthly change 110.00, and year - on - year change - 14.01% [2] Group 3: Production and Utilization Information - Blast Furnace Operating Rate: 87.81, with weekly change - 0.80, monthly change - 2.74, and year - on - year change - 0.67% [2] - Average Daily Hot Metal Output: 234.22, with weekly change - 2.14, monthly change - 7.32, and year - on - year change 0.07% [2] - Coking Capacity Utilization Rate: 72.74, with weekly change - 0.42, monthly change - 2.26, and year - on - year change - 0.49% [2] - Average Daily Coke Output: 53.14, with weekly change - 0.16, monthly change 0.83, and year - on - year change 5.19% [2] Group 4: Inventory Information - Coking Plant Inventory: 36.50, with weekly change - 1.02, monthly change - 6.04, and year - on - year change - 17.16% [2] - Port Inventory: 202.11, with weekly change - 8.99, monthly change 7.02, and year - on - year change 16.73% [2] - Steel Mill Inventory: 626.64, with weekly change - 2.41, monthly change - 24.18, and year - on - year change 7.76% [2] - Steel Mill Inventory Days: 11.07, with weekly change - 0.50, monthly change - 0.35, and year - on - year change - 0.81% [2] Group 5: Futures Market Information - Futures Contract 05 Price: 1856.5, with daily change - 18.50, weekly change - 26.00, monthly change 59.50, and year - on - year change - 8.61% [2] - Futures Contract 09 Price: 1939.5, with daily change - 13.50, weekly change - 28.00, monthly change 60.00, and year - on - year change - 6.71% [2] - Futures Contract 01 Price: 1722, with daily change - 26.00, weekly change - 18.50, monthly change 73.50, and year - on - year change - 11.76% [2] - 05 Basis: 48.47, with daily change 18.50, weekly change 26.00, monthly change 74.08, and year - on - year change - 71.21 [2] - 09 Basis: - 34.53, with daily change 13.50, weekly change 28.00, monthly change 73.58, and year - on - year change - 106.71 [2] - 01 Basis: 182.97, with daily change 26.00, weekly change 18.50, monthly change 60.08, and year - on - year change - 16.71 [2] - 5 - 9 Spread: - 134.50, with daily change - 7.50, weekly change 7.50, monthly change 14.00, and year - on - year change - 54.50 [2] - 9 - 1 Spread: - 83.00, with daily change - 5.00, weekly change 2.00, monthly change - 0.50, and year - on - year change - 35.50 [2] - 1 - 5 Spread: 217.50, with daily change 12.50, weekly change - 9.50, monthly change - 13.50, and year - on - year change 90.00 [2]

Group 1: Report Industry Investment Rating - There is no information provided about the report's industry investment rating in the given content. Group 2: Core Views of the Report - Copper prices made a slight correction this week, finding support at the 85,000 level from downstream concentrated price fixing. The current slow inventory accumulation pattern may continue until the first quarter of next year, with the fundamentals remaining stable but weak. The 85,000 level is a psychological price for downstream price fixing, and the industry support at this level should be monitored [1]. - The long - term reduction of electrolytic aluminum production in Iceland has been finalized, and the high electricity prices overseas have increased the expectation of production cuts in other capacities. Aluminum prices have strengthened significantly, but the domestic demand for aluminum ingots and aluminum products has weakened, and the inventory has increased month - on - month. The future supply and demand of aluminum may remain in a tight balance, and it is likely to rise in the long - term, but the actual performance may fall short of expectations [2]. - The center of zinc prices has risen this week. The supply of domestic and imported zinc concentrates is tightening, and the demand is seasonally weak. The export window has opened under the current pattern of stronger overseas and weaker domestic markets. Given the weak domestic consumption and potential short - term supply reduction at the end of the year, the price may not fall deeply. In the short - term, it is advisable to wait and see, and pay attention to reverse arbitrage and positive arbitrage opportunities [5]. - The fundamentals of stainless steel remain weak. Steel mills increased production slightly in October, demand is mainly driven by rigid needs, and inventory remains at a high level. With the Indonesian policy having a certain motivation to support prices, short - selling opportunities on rallies should be monitored [9]. - Lead prices fluctuated at a high level this week, and the near - term spread strengthened. The supply - demand mismatch has been partially alleviated, but the demand is expected to weaken. It is predicted that lead prices will fluctuate narrowly next week, and cautious operation is recommended [12]. - Tin prices fluctuated this week. The supply has marginally recovered, and the demand is mainly supported by rigidity. The domestic fundamentals are in a state of weak supply and demand in the short - term. In the short - term, it is advisable to wait and see, and in the long - term, it is recommended to hold at low prices near the cost line [15]. - For industrial silicon, the supply and demand in Q4 are expected to be in a slightly loose balance, and the price is expected to fluctuate. In the long - term, the price is expected to fluctuate at the bottom of the cycle based on the seasonal marginal cost [16]. - The price of lithium carbonate fluctuated widely. The short - term supply and demand are both strong, and the inventory is generally decreasing. The upward potential in the future depends on inventory reduction, the emergence of speculative demand, or stronger holding willingness [16]. - The supply of nickel is slightly reduced, the demand is weak, and the inventory is continuously increasing. With ongoing disturbances in the Indonesian nickel ore market and policy motivation to support prices, short - selling opportunities on rallies should be monitored [19]. Group 3: Summary by Metal Copper - **Price and Inventory Data**: From November 5 - 11, the spot premium of Shanghai copper fluctuated, the waste - refined copper price difference increased by 6, the Shanghai Futures Exchange inventory decreased by 825, and the LME inventory decreased by 25 [1]. - **Market Analysis**: This week, copper prices corrected slightly. The market is generally not pessimistic about next year's demand. The current slow inventory accumulation pattern may continue until Q1 next year, and the 85,000 level may be a psychological price for downstream price fixing [1]. Aluminum - **Price and Inventory Data**: From November 5 - 11, the prices of Shanghai, Yangtze River, and Guangdong aluminum ingots increased, the domestic and imported alumina prices remained unchanged, the domestic social inventory of aluminum was not provided in the table, and the LME inventory decreased by 2000 [2]. - **Market Analysis**: The long - term reduction of electrolytic aluminum production in Iceland has been finalized, and high overseas electricity prices have increased the expectation of production cuts. Aluminum prices have strengthened, but the domestic demand has weakened, and the inventory has increased. The future supply and demand may remain in a tight balance [2]. Zinc - **Price and Inventory Data**: From November 5 - 11, the spot premium of zinc changed, the prices of zinc ingots in Shanghai, Tianjin, and Guangdong increased, the domestic social inventory remained unchanged, and the LME inventory increased by 400 [5]. - **Market Analysis**: The supply of zinc concentrates is tightening, and the demand is seasonally weak. The export window has opened. Given the weak domestic consumption and potential short - term supply reduction at the end of the year, the price may not fall deeply [5]. Stainless Steel - **Price and Inventory Data**: From November 5 - 11, the price of 304 hot - rolled coils decreased by 50, and the prices of other products remained unchanged [9]. - **Market Analysis**: The fundamentals of stainless steel remain weak. Steel mills increased production slightly in October, demand is mainly driven by rigid needs, and inventory remains at a high level [9]. Lead - **Price and Inventory Data**: From November 5 - 11, the spot premium of lead remained unchanged, the social inventory was not clearly presented in the table, and the LME inventory increased by 24,525 [12]. - **Market Analysis**: Lead prices fluctuated at a high level this week. The supply - demand mismatch has been partially alleviated, but the demand is expected to weaken. It is predicted that lead prices will fluctuate narrowly next week [12]. Tin - **Price and Inventory Data**: From November 5 - 11, the spot import and export earnings of tin changed, the LME inventory decreased by 20 [15]. - **Market Analysis**: The supply of tin has marginally recovered, and the demand is mainly supported by rigidity. The domestic fundamentals are in a state of weak supply and demand in the short - term [15]. Industrial Silicon - **Price and Inventory Data**: From November 5 - 11, the basis of industrial silicon in different regions changed, and the number of warehouse receipts decreased by 176 [16]. - **Market Analysis**: The supply and demand of industrial silicon in Q4 are expected to be in a slightly loose balance, and the price is expected to fluctuate. In the long - term, the price is expected to fluctuate at the bottom of the cycle [16]. Lithium Carbonate - **Price and Inventory Data**: From November 5 - 11, the prices of SMM electric and industrial lithium carbonate increased, the basis of the main and near - term contracts changed, and the number of warehouse receipts increased by 608 [16]. - **Market Analysis**: The price of lithium carbonate fluctuated widely. The short - term supply and demand are both strong, and the inventory is generally decreasing [16]. Nickel - **Price and Inventory Data**: From November 5 - 11, the price of 1.5% Philippine nickel ore remained unchanged, the price of Shanghai nickel increased by 150, and the LME inventory decreased by 96 [19]. - **Market Analysis**: The supply of nickel is slightly reduced, the demand is weak, and the inventory is continuously increasing. With ongoing disturbances in the Indonesian nickel ore market and policy motivation to support prices, short - selling opportunities on rallies should be monitored [19].