黄金：降息预期回升白银：再创新高铜：宏观扰动，限制价格上涨

Report Industry Investment Ratings No investment ratings for the industry are provided in the report. Core Viewpoints The report presents the market trends and outlooks for various commodities on November 14, 2025, including precious metals, base metals, energy products, agricultural products, etc. Each commodity has its own specific trend, such as gold seeing a rise in interest rate cut expectations, silver hitting a new high, and copper being restricted by macro - disturbances [2]. Summary by Commodity Precious Metals - Gold: Interest rate cut expectations are rising, with the Shanghai Gold 2512 contract closing at 961.22 yuan with a daily increase of 1.63%. Trend strength is 1 [2][5]. - Silver: It has reached a new high, with the Shanghai Silver 2512 contract closing at 12,588 yuan with a daily increase of 4.34%. Trend strength is 1 [2][5]. Base Metals - Copper: Macro - disturbances limit price increases. The Shanghai Copper main contract closed at 87,550 yuan with a daily increase of 0.82%. Trend strength is 0 [2][9]. - Zinc: It is in a range - bound oscillation. The Shanghai Zinc main contract closed at 22,740 yuan with a daily increase of 0.26%. Trend strength is 0 [2][12]. - Lead: Decreasing overseas inventories support the price. The Shanghai Lead main contract closed at 17,670 yuan with a daily increase of 0.06%. Trend strength is 0 [2][15]. - Tin: It has fallen from a high level. The Shanghai Tin main contract closed at 298,140 yuan with a daily increase of 1.95%. Trend strength is 1 [2][17]. - Aluminum: It is oscillating with a slightly upward trend. The Shanghai Aluminum main contract closed at 22,050 yuan. Trend strength is 1 [2][22]. - Alumina: It is oscillating at the bottom. The Shanghai Alumina main contract closed at 2,840 yuan. Trend strength is 0 [2][22]. - Nickel: High inventories and risks in Indonesia are in a game, resulting in low - level oscillation. The Shanghai Nickel main contract closed at 118,930 yuan. Trend strength is 0 [2][25]. - Stainless Steel: There is a lack of upward drive, and the downside is not extensive. The Stainless Steel main contract closed at 12,475 yuan. Trend strength is 0 [2][25]. Energy and Chemical Products - Carbonate Lithium: It is oscillating at a high level with potential upward pressure. The 2601 contract closed at 87,840 yuan. Trend strength is 0 [2][30]. - Industrial Silicon: Warehouse receipts are continuing to decline, with strong bottom support. The Si2601 contract closed at 9,145 yuan. Trend strength is 1 [2][33]. - Polysilicon: Attention should be paid to the possibility of sentiment decline. The PS2601 contract closed at 54,195 yuan. Trend strength is 0 [2][34]. - Iron Ore: The inventory build - up pressure has materialized, and the price has fallen from a high level. The 12601 contract closed at 774 yuan with a daily increase of 1.44%. Trend strength is 0 [2][37]. - Rebar and Hot - Rolled Coil: The decline in apparent demand data has narrowed, and they are in wide - range oscillations. The RB2601 and HC2601 contracts are the main ones for observation. Trend strength for both is 0 [2][40]. - Ferrosilicon and Silicomanganese: Cost provides bottom support, and they are in wide - range oscillations. Trend strength for both is 0 [2][44]. - Coke: It is following the downward trend. The J2601 contract closed at 1,881 yuan with a daily decrease of 0.2%. Trend strength is - 1 [2][48]. - Coking Coal: Supply expectations are fluctuating, and the valuation has declined. The JM2601 contract closed at 1,214 yuan with a daily decrease of 0.4%. Trend strength is - 1 [2][49]. - Log: It is oscillating repeatedly. The 2601 contract closed at 783.5 yuan with a daily increase of 0.6%. Trend strength is 0 [2][51]. Others There are also various other commodities such as plastics, fibers, and agricultural products, each with their own specific trends and price movements as described in the report [2].