黄金：降息预期回升白银：震荡调整铜：内外库存增加，价格承压

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views of the Report - The report presents the trend judgments and fundamental data of various commodities, including precious metals, base metals, energy, chemicals, and agricultural products, on November 19, 2025. These judgments are based on factors such as inventory changes, supply - demand relationships, and macro - industry news [2][5]. 3. Summaries by Commodity Precious Metals - Gold: The expectation of interest rate cuts has rebounded. The trend strength is 0, indicating a neutral view. Yesterday, the prices of domestic and foreign gold futures showed different trends, and the inventory of Comex gold decreased [6]. - Silver: It is in a state of shock adjustment. The trend strength is 0. The prices of domestic and foreign silver futures also had different performances, and the inventory of Comex silver decreased significantly [6]. Base Metals - Copper: The increase in domestic and foreign inventories has put pressure on prices. The trend strength is 0. Peru's copper production increased in September, while China's copper product output in October decreased [10][12]. - Zinc: It is in a range - bound shock. The trend strength is 0. The prices of domestic and foreign zinc futures declined, and LME zinc inventory increased [13][14]. - Lead: The decrease in inventory limits the price decline. The trend strength is 0. The prices of domestic and foreign lead futures fell, and both domestic and LME lead inventories decreased [17]. - Tin: It has fallen from a high level. The trend strength is - 1, indicating a bearish view. The prices of domestic and foreign tin futures decreased slightly, and the inventory of Shanghai tin decreased [20]. - Aluminum: It has slightly stabilized. The trend strength is 0. The price of electrolytic aluminum decreased slightly, and the inventory of LME aluminum decreased [23]. - Alumina: It is in a range - bound shock. The trend strength is 0. The price of alumina decreased, and the inventory data showed different trends [23]. - Nickel: The nickel price has broken through the support level and is under pressure to fluctuate. The trend strength is 0. The prices of domestic and foreign nickel futures declined, and some nickel - related news affected the market [26][27]. - Stainless Steel: The weak reality suppresses the steel price, but the downward space is limited. The trend strength is 0. The price of stainless - steel futures decreased, and the market was affected by multiple factors [27]. Energy and Chemicals - Carbonate Lithium: It may have a short - term correction. The trend strength is - 1. The prices of carbonate lithium futures decreased, and the inventory of warehouse receipts decreased [32][33]. - Industrial Silicon: Organic silicon may cut production to support prices in the future. The trend strength is 0. The price of industrial silicon futures decreased, and the inventory of industrial silicon decreased [37][38]. - Polysilicon: It is in a weak shock pattern. The trend strength is - 1. The price of polysilicon futures decreased, and the inventory of polysilicon increased [38]. - Iron Ore: The downstream demand space is limited, and the valuation is high. The trend strength is - 1. The price of iron - ore futures increased slightly, and the prices of imported and domestic iron ores decreased [41]. - Rebar: It is in a wide - range shock. The trend strength is 0. The price of rebar futures increased, and the inventory of rebar decreased [44][45]. - Hot - Rolled Coil: It is in a wide - range shock. The trend strength is 0. The price of hot - rolled coil futures increased slightly, and the inventory of hot - rolled coil increased slightly [45]. - Silicon Iron and Manganese Silicon: The market sentiment has weakened, and the alloys are making up for the decline. The trend strength of both is - 1. The prices of silicon - iron and manganese - silicon futures decreased, and the price differences showed different trends [51][52]. - Coke and Coking Coal: Both are in a wide - range shock. The trend strength of both is 0. The prices of coke and coking - coal futures decreased, and the prices of spot coking coal and coke were stable [55]. - Log: It is in a repeated shock. The trend strength is 0. The prices of log futures showed different trends, and the inventory data was not provided [57][58]. - Para - Xylene and PTA: Both are in a single - sided shock market, and it is not recommended to chase high. The trend strength is not provided. The prices of para - xylene and PTA futures decreased [62][64]. - MEG: There is still supply pressure, and the trend is weak. The trend strength is not provided. The price of MEG futures decreased [62][64]. Agricultural Products - Palm Oil: The short - term negative factors have been fully reflected, and attention should be paid to the inventory reduction process in the producing areas. The trend strength is not provided [5]. - Soybean Oil: The price of US soybeans has stabilized, and soybean oil is in a relatively strong shock. The trend strength is not provided [5]. - Soybean Meal and Soybean No. 1: Both are in an adjustment shock. The trend strength is not provided [5]. - Corn: It is in a shock operation. The trend strength is not provided [5]. - Sugar: It is in a range adjustment. The trend strength is not provided [5]. - Cotton: The pressure of new cotton listing still suppresses the futures price. The trend strength is not provided [5]. - Egg: The near - term is weak, and the far - term is strong, showing a reverse - spread pattern. The trend strength is not provided [5]. - Live Pig: The expectation of price increase due to cooling has failed, and the pressure is gradually being released. The trend strength is not provided [5]. - Peanut: Attention should be paid to the spot market. The trend strength is not provided [5].