镍：冶炼端累库压制，矿端不确定性支撑不锈钢：钢价低位窄幅震荡运行

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - Nickel: The nickel market is in a state of intense long - short game, with nickel prices oscillating in a range. The bearish logic lies in the high - level accumulation of smelting inventory and the expected supply pressure, while the bullish support comes from the uncertainty of Indonesian nickel ore supply policies and the limited downward space of short - term pyrometallurgical costs [5]. - Stainless steel: The stainless - steel price shows a narrow - range oscillation at a low level. There is a lack of effective upward drivers and limited downward space. It is recommended to focus on a conservative low - level range strategy in the short term and a bottom - seeking long - entry strategy in the long term [6]. - Industrial silicon: The industrial silicon futures warehouse receipts are being depleted, providing a bottom support. The supply is expected to decrease from November, and the demand is also weakening. It is advisable to take a long - position layout on dips [34]. - Polysilicon: There may be policy announcements next week, and the futures price is expected to rise and then fall. The supply and demand are both weak, and it is recommended to take profit on long positions at high levels [35]. - Lithium carbonate: In the short term, there is an expectation of a power - demand off - season, while in the long term, there is an expectation of growth in energy storage. The price is expected to correct in the short term, and it is recommended to increase the proportion of short - hedging [70][73]. - Palm oil: The inventory de - stocking process in the producing areas is slow, and there may be a second downward exploration. The price may return to the range of 8200 - 8400 [84]. - Soybean oil: The U.S. soybean price has rebounded, and soybean oil remains relatively strong among oil varieties. However, it lacks an independent upward driver and is recommended for long - allocation [86]. 3. Summaries by Related Catalogs Nickel and Stainless Steel - Fundamentals: For nickel, the smelting - end inventory accumulation suppresses the price, while the uncertainty of the ore end provides support. For stainless steel, the price oscillates in a narrow range at a low level due to the lack of upward drivers and limited downward space [5][6]. - Inventory Tracking: The social inventory of refined nickel in China has increased, and the inventory of nickel - related products such as stainless steel has also shown certain changes [8]. - Market News: There are various news events related to the nickel market, including Indonesian ore - mining sanctions and policy announcements, as well as trade - related news [9][10][11]. - Data Tracking: Weekly key data of nickel and stainless steel futures, including prices, trading volumes, and related product prices, are tracked [13]. Industrial Silicon and Polysilicon - Price Trends: This week, the industrial silicon futures price oscillated strongly, and the spot price increased. The polysilicon futures price continued to rise, while the spot price remained stable [29]. - Supply - Demand Fundamentals: For industrial silicon, the supply shows a decreasing trend, and the demand is also weakening. For polysilicon, the supply is expected to contract, and the demand may decrease [30][33]. - Market Outlook: Industrial silicon has bottom support due to the depletion of warehouse receipts, and polysilicon may experience a price increase and then a fall due to possible policy announcements [34][35]. Lithium Carbonate - Price Trends: The lithium carbonate futures contract first rose and then fell, and the spot price increased [68]. - Supply - Demand Fundamentals: The raw material price has increased, the inventory is being depleted at an accelerated pace, the supply has decreased, and the demand shows a seasonal change [69]. - Market Outlook: The price is expected to correct in the short term, and it is recommended to increase the proportion of short - hedging [70][73]. Palm Oil and Soybean Oil - Previous Week's Views: Palm oil was expected to test the support at 8200 - 8400, and soybean oil was expected to oscillate weakly following the oil sector [83]. - This Week's Views: Palm oil may have a second downward exploration due to slow inventory de - stocking in the producing areas. Soybean oil remains relatively strong among oil varieties but lacks an independent upward driver [84][86].