贵金属有色金属产业日报-20251109

Group 1: Report Overview - The report is a daily outlook on the precious metals and non - ferrous metals industries dated November 5, 2025 [2] Group 2: Precious Metals Core View - Although central bank gold purchases and growing investment demand will push up the precious metals price in the long - term, prices are in a short - term adjustment phase with no strong drivers expected in November [3] Key Points - SHFE gold and silver futures prices, COMEX gold price and gold - silver ratio are presented in graphs [4] - Gold is related to factors like the US dollar index, 10Y US Treasury real interest rate, and long - term fund holdings [8][9][12] - SHFE and SGX gold and silver futures - spot price differences are shown [6][15] - SHFE and COMEX gold and silver inventories are reported [17] Group 3: Copper Core View - Copper prices declined with reduced positions, and both long and short funds are cautious. A price drop may increase spot trading volume and stabilize futures prices; otherwise, futures prices will continue to adjust [18] Key Points - Copper futures data shows that the latest price of SHFE copper main contract is 85,670 yuan/ton, down 70 yuan or 0.08% [19] - Copper spot data indicates that Shanghai Non - ferrous 1 copper is at 85,335 yuan/ton, down 1,255 yuan or 1.45% [24] - Copper import profit and loss, concentrate TC, and refined - scrap price difference are provided [29][33] - Copper warehouse receipts and LME copper inventories are updated [34][36] Group 4: Aluminum Core View - Aluminum price increase is driven by speculative funds due to supply - demand mismatch concerns, but the current fundamentals show weak demand and stable supply. Alumina prices may be weak due to oversupply [38] Key Points - Aluminum and alumina futures prices are reported, with SHFE aluminum main contract at 21,395 yuan/ton, down 70 yuan or 0.33% [40] - Aluminum and alumina price differences, spot data, and inventory information are presented [42][47][55] Group 5: Zinc Core View - Zinc smelters' willingness to cut production in November has increased due to intense ore - grabbing and a decline in TC. With stable demand, there is a possibility of inventory reduction, and prices have upward drivers in November [61] Key Points - Zinc futures prices show that SHFE zinc main contract is at 22,650 yuan/ton, down 0.09% [62] - Zinc spot data and inventory information are provided [70][74] Group 6: Nickel Core View - Nickel ore prices may be supported in the rainy season. Nickel iron prices have been falling due to weak demand, and stainless steel spot trading is sluggish with some mills announcing production cuts [77] Key Points - Nickel and stainless steel futures prices and related data are reported [78] - Nickel ore prices, inventory, and downstream profit information are presented [84][86] Group 7: Tin Core View - The supply of tin is weaker than demand, and SHFE tin prices are expected to remain strong in the short - term with support around 276,000 yuan/ton [92] Key Points - Tin futures prices show that SHFE tin main contract is at 283,730 yuan/ton, unchanged [93] - Tin spot data and inventory information are provided [100][104] Group 8: Lithium Carbonate Core View - The lithium carbonate sector has the potential for short - term recovery as the Wenhua Commodity Index is falling. Downstream replenishment demand has increased, and the price is supported by stable demand in November [109] Key Points - Lithium carbonate futures prices and spot data are reported [110][114] - Lithium carbonate inventory information is presented [118] Group 9: Silicon Core View - Industrial silicon supply may be cut, and demand is weak. Polysilicon prices may fluctuate due to market meetings and policies [120] Key Points - Industrial silicon futures prices show that the main contract is at 9,020 yuan/ton, up 1.52% [121] - Industrial silicon spot data, price differences, and related product prices are provided [120][126] - Industrial silicon production, inventory, and cost information are presented [133][146]