Core Viewpoint - The domestic non-ferrous metal market experienced a decline in most sectors, with notable drops in polysilicon and industrial silicon prices, while zinc saw a slight increase [1][2]. Price Movements - As of December 2, the main contracts for various non-ferrous metals showed the following price changes: - Industrial silicon decreased by 1.14% to 9070.00 CNY/ton - Polysilicon fell by 2.92% to 56185.00 CNY/ton - Shanghai tin dropped by 1.16% to 304170.00 CNY/ton - Shanghai zinc increased by 0.80% to 22700.00 CNY/ton [1][2]. Futures Market Data - The opening, previous closing, and settlement prices for key contracts on December 2 are as follows: - Aluminum oxide: Opened at 2687.00, previous close 2677.00, settlement 2682.00 - Lithium carbonate: Opened at 96840.00, previous close 96940.00, settlement 97260.00 - Copper: Opened at 89410.00, previous close 89280.00, settlement 88830.00 - International copper: Opened at 80070.00, previous close 79990.00, settlement 79500.00 - Shanghai aluminum: Opened at 21870.00, previous close 21865.00, settlement 21780.00 - Lead: Opened at 17145.00, previous close 17075.00, settlement 17085.00 - Nickel: Opened at 117800.00, previous close 117850.00, settlement 117480.00 - Zinc: Opened at 22650.00, previous close 22590.00, settlement 22520.00 - Industrial silicon: Opened at 9120.00, previous close 9145.00, settlement 9175.00 - Polysilicon: Opened at 56505.00, previous close 57705.00, settlement 57875.00 - Shanghai tin: Opened at 305000.00, previous close 306580.00, settlement 307730.00 [2]. Warehouse Data - As of December 1, the warehouse receipts for various metals showed the following changes: - International copper futures receipts remained stable at 5502 tons - Copper futures receipts decreased by 3749 tons to 31495 tons - Zinc futures receipts decreased by 1839 tons to 65778 tons - Lead futures receipts decreased by 6241 tons to 20019 tons - Tin futures receipts increased by 27 tons to 6290 tons - Aluminum futures receipts decreased by 102 tons to 66833 tons - Nickel futures receipts decreased by 587 tons to 32722 tons - Lithium carbonate futures receipts increased by 2781 hands to 8222 hands - Polysilicon futures receipts increased by 10 hands to 1340 hands - Industrial silicon futures receipts remained stable at 6596 hands [3]. Basis and Spot Prices - The basis and spot prices for selected metals are as follows: - Copper: Spot price 89221.7, futures price 88830, basis 391, basis rate 0.44% - Zinc: Spot price 22542, futures price 22520, basis 22, basis rate 0.10% - Aluminum: Spot price 21740, futures price 21780, basis -40, basis rate -0.18% - Lead: Spot price 17081.2, futures price 17085, basis -3.8, basis rate -0.02% - Nickel: Spot price 120117, futures price 117480, basis 2637, basis rate 2.20% - Tin: Spot price 309050, futures price 307730, basis 1320, basis rate 0.43% - Industrial silicon: Spot price 9750, futures price 9175, basis 575, basis rate 5.90% - Lithium carbonate: Spot price 94266.7, futures price 97260, basis -2993, basis rate -3.18% - Polysilicon: Spot price 52000, futures price 57875, basis -5875, basis rate -11.30% - International copper: Spot price 79967, futures price 79990, basis -23, basis rate -0.03% [4][5].

Core Insights - The domestic futures market for non-ferrous metals shows mixed performance, with polysilicon futures rising nearly 5% while other metals like alumina and lead experience declines [1] Price Movements - Polysilicon futures increased by 4.93% to 58,640.00 CNY/ton - Alumina futures decreased by 1.36% to 2,681.00 CNY/ton - Shanghai copper futures rose by 2.32% to 89,230.00 CNY/ton - International copper futures increased by 2.66% to 79,900.00 CNY/ton [1][2] Futures Market Data - The opening and closing prices for various contracts on December 1 include: - Alumina: Opened at 2,701.00 CNY, closed at 2,718.00 CNY - Lithium carbonate: Opened at 96,980.00 CNY, closed at 96,400.00 CNY - Shanghai copper: Opened at 87,630.00 CNY, closed at 87,210.00 CNY - International copper: Opened at 78,180.00 CNY, closed at 77,830.00 CNY - Polysilicon: Opened at 57,000.00 CNY, closed at 55,885.00 CNY [2] Warehouse Inventory Changes - As of November 28, warehouse receipts for various metals showed the following changes: - Aluminum: Increased by 26 tons to 66,935 tons - Copper: Decreased by 629 tons to 35,244 tons - Alumina: Increased by 1,130 tons to 258,413 tons - Nickel: Decreased by 239 tons to 33,309 tons - Zinc: Decreased by 1,501 tons to 67,617 tons - Tin: Increased by 44 tons to 6,263 tons - Lead: Decreased by 1,235 tons to 26,260 tons - Lithium carbonate: Decreased by 21,340 contracts to 5,441 contracts - Polysilicon: Decreased by 5,960 contracts to 1,330 contracts - Industrial silicon: Decreased by 32,959 contracts to 6,596 contracts [3] Basis and Basis Rate - The basis and basis rates for selected metals indicate the following: - Copper: Spot price at 87,403.3 CNY, futures price at 87,210 CNY, basis of 193 CNY, basis rate of 0.22% - Zinc: Spot price at 22,356 CNY, futures price at 22,355 CNY, basis of 1 CNY, basis rate of 0.00% - Aluminum: Spot price at 21,460 CNY, futures price at 21,510 CNY, basis of -50 CNY, basis rate of -0.23% [4][5]

Core Insights - The domestic precious metals market experienced a collective rise on December 1, with significant increases in gold, silver, platinum, and palladium prices [1][2]. Price Movements - The main contract for gold (沪金) reached 963.50 CNY per gram, marking a 1.35% increase - The main contract for silver (沪银) was reported at 13,310.00 CNY per kilogram, with a rise of 6.11% - Platinum (铂) main contract was priced at 454.00 CNY per kilogram, up by 4.51% - Palladium (钯) main contract stood at 383.20 CNY per kilogram, reflecting a 2.67% increase [1]. Futures Market Data - Opening and closing prices for December 1 were as follows: - Gold opened at 951.92 CNY and closed at 963.50 CNY - Silver opened at 12,720.00 CNY and closed at 13,310.00 CNY - Platinum opened at 447.70 CNY and closed at 454.00 CNY - Palladium opened at 380.75 CNY and closed at 383.20 CNY [2]. Warehouse Inventory Changes - As of November 28, silver futures warehouse receipts totaled 558,882 kilograms, an increase of 11,906 kilograms from the previous trading day - Gold futures warehouse receipts reached 90,873 kilograms, up by 450 kilograms from the previous trading day [3]. Basis Data - As of November 28, the following basis data was reported: - Gold: Spot price at 948.59 CNY, futures price at 950.62 CNY, basis at -2.03 CNY, basis rate at -0.21% - Silver: Spot price at 12,649.30 CNY, futures price at 12,543 CNY, basis at 106.00 CNY, basis rate at 0.84% - Platinum: Spot price at 432.36 CNY, futures price at 435.55 CNY, basis at -3.19 CNY, basis rate at -0.74% - Palladium: Spot price at 372.50 CNY, futures price at 371.55 CNY, basis at 0.95 CNY, basis rate at 0.26% [3].

Group 1 - The coal sector in the domestic futures market experienced significant gains on December 1, with coking coal futures rising over 2% [1] - As of the report, coking coal futures increased by 1.74%, reaching 1082.50 CNY/ton, while coke futures rose by 2.45%, reaching 1613.00 CNY/ton [1] Group 2 - On December 1, the coal futures price data showed the following: coking coal opened at 1066.00 CNY, closed at 1067.00 CNY, and the previous settlement price was 1064.00 CNY [2] - The coking coal and coke contracts exhibited a 'backwardation' phenomenon, where spot prices exceeded futures prices, with a basis of 494 CNY for coking coal and a basis rate of 31.69% [2] - The spot price for coking coal was reported at 1558.75 CNY, while the futures price was 1064 CNY, indicating a significant discrepancy [2]

Core Viewpoint - The black metal futures market in China shows mixed performance, with iron ore prices rising over 1% while other metals experience varied changes in their prices [1]. Group 1: Price Movements - As of November 25, iron ore futures increased by 1.14%, reaching 799.00 CNY/ton [1] - Rebar futures rose by 0.78%, priced at 3108.00 CNY/ton [1] - Hot-rolled coil futures saw a rise of 0.76%, now at 3313.00 CNY/ton [1] - Stainless steel futures increased by 0.49%, priced at 12385.00 CNY/ton [1] - Silicon manganese futures decreased by 0.15%, now at 5472.00 CNY/ton [1] Group 2: Futures Market Data - The opening and closing prices for rebar were 3089.00 CNY and 3084.00 CNY respectively [2] - Iron ore opened at 791.00 CNY and closed at 790.00 CNY [2] - Stainless steel opened at 12350.00 CNY and closed at 12325.00 CNY [2] - Hot-rolled coil opened at 3297.00 CNY and closed at 3288.00 CNY [2] - The data indicates a phenomenon of "backwardation" for rebar, hot-rolled coil, stainless steel, and iron ore, where spot prices exceed futures prices [2] Group 3: Spot Prices and Basis - The spot price for rebar is 3174 CNY, with a basis of 90 CNY and a basis rate of 2.84% [3] - Hot-rolled coil has a spot price of 3326.67 CNY, with a basis of 38 CNY and a basis rate of 1.14% [3] - The spot price for stainless steel is 12473.3 CNY, with a basis of 148 CNY and a basis rate of 1.19% [3] - Iron ore's spot price is 808.22 CNY, with a basis of 18 CNY and a basis rate of 2.23% [3] - Silicon manganese has a negative basis of -204 CNY, indicating a spot price of 5442 CNY [3]

Group 1 - The domestic futures market for agricultural products saw a collective rise on November 25, with apples leading the increase by over 1% [1] - As of the latest data, the main contracts for various agricultural products showed the following price changes: live pigs up 0.04% to 11,415.00 CNY/ton, apples up 1.19% to 9,460.00 CNY/ton, red dates up 0.87% to 9,225.00 CNY/ton, and eggs up 0.37% to 3,223.00 CNY/500 kg [1] - The futures prices for eggs opened at 3,220.00 CNY, live pigs at 11,350.00 CNY, red dates at 9,230.00 CNY, and apples at 9,379.00 CNY, with respective closing prices reflecting slight variations [2] Group 2 - The basis data as of November 24 indicated that red dates and live pigs experienced a 'backwardation' phenomenon, where spot prices exceeded futures prices [2] - The basis and basis rate for various products were as follows: apples had a basis of -1,229 CNY and a basis rate of -15.08%, red dates had a basis of 675 CNY and a basis rate of 6.82%, eggs had a basis of -111 CNY and a basis rate of -3.58%, and live pigs had a basis of 390 CNY and a basis rate of 3.31% [3]

Group 1 - The domestic futures market for non-ferrous metals showed significant gains on November 25, with polysilicon futures rising over 2% [1] - As of the latest data, polysilicon futures increased by 2.35% to 54,495.00 CNY/ton, while nickel futures rose by 0.95% to 116,390.00 CNY/ton [1] - Lead futures experienced a decline of 0.61%, settling at 17,060.00 CNY/ton, while international copper futures increased by 0.80% to 77,260.00 CNY/ton [1] Group 2 - The opening prices for various non-ferrous metal futures on November 25 included alumina at 2,736.00 CNY, lithium carbonate at 91,000.00 CNY, and copper at 86,080.00 CNY [2] - The data indicates that there is a phenomenon of "backwardation" for copper, zinc, aluminum, nickel, casting aluminum alloy, industrial silicon, lithium carbonate, and international copper, where spot prices exceed futures prices [2] Group 3 - The spot price for copper was reported at 86,285 CNY, with a futures price of 86,040 CNY, resulting in a basis of 245 CNY and a basis rate of 0.28% [3] - Nickel's spot price was 118,250 CNY, significantly higher than its futures price of 115,300 CNY, leading to a basis of 2,950 CNY and a basis rate of 2.49% [3] - Polysilicon's spot price was 52,000 CNY, while its futures price was 53,245 CNY, resulting in a negative basis of -1,245 CNY and a basis rate of -2.39% [3]

Core Insights - The domestic futures market for crude oil-related products shows mixed performance, with asphalt futures declining over 2% while other products like liquefied petroleum gas see slight gains [1] Price Movements - As of November 6, 2023, the main crude oil futures contract decreased by 0.82% to 458.30 CNY per barrel, while low-sulfur fuel oil fell by 0.27% to 3268.00 CNY per ton. Asphalt futures dropped by 2.14% to 3106.00 CNY per ton, and liquefied petroleum gas rose by 0.16% to 4254.00 CNY per ton [1][2] Warehouse Inventory Data - As of November 5, 2023, the inventory data indicates a decrease of 732,000 barrels in medium-sulfur crude oil futures, totaling 3,470,000 barrels. The inventory for asphalt futures remained stable at 3,000 tons, while warehouse stocks for asphalt futures decreased by 5,230 tons to 4,690 tons. Low-sulfur fuel oil warehouse stocks increased by 29,770 tons to 34,730 tons, and fuel oil futures saw a reduction of 8,150 tons to 29,740 tons. Liquefied petroleum gas futures inventory rose by 1,098 contracts [3] Basis Data - The basis data as of November 5, 2023, shows that fuel oil, liquefied petroleum gas, and low-sulfur fuel oil contracts are experiencing a 'backwardation' phenomenon, where spot prices exceed futures prices. The basis for fuel oil is 2,610 CNY, with a basis rate of 48.90%. For asphalt, the basis is -20 CNY, indicating a slight negative basis rate of -0.63%. Liquefied petroleum gas has a basis of 253 CNY with a basis rate of 5.62%, while low-sulfur fuel oil shows a basis of 74 CNY and a basis rate of 2.19% [3]

Group 1 - The coal futures market in China saw most contracts rise on November 6, with coking coal futures increasing by over 2% [1] - As of the report, coking coal futures rose by 2.14% to 1287.50 CNY per ton, while coke futures increased by 1.78% to 1771.50 CNY per ton [1] - The opening prices for coking coal and coke futures were 1269.00 CNY and 1753.50 CNY respectively, with previous closing prices of 1268.50 CNY and 1753.00 CNY [2] Group 2 - As of November 5, coking coal futures warehouse receipts increased by 900 contracts compared to the previous trading day, while coke futures warehouse receipts remained unchanged at 2070 contracts [3] - There is a phenomenon of "backwardation" in the coking coal market, where the spot price (1581.25 CNY) is higher than the futures price (1260.50 CNY), resulting in a basis of 320 CNY and a basis rate of 20.24% [3]

Core Insights - The domestic futures market for oilseeds and oils showed significant gains on November 6, with the main soybean futures rising nearly 2% [1] - The main contracts for various oilseed products experienced mixed performance, with some increasing while others, like peanuts, saw a slight decline [1] Price Movements - Soybean oil futures opened at 8138.00 and closed at 8120.00, while palm oil opened at 8582.00 and closed at 8618.00 [2] - The main contracts for canola meal and soybean meal also showed upward trends, with canola meal rising to 2547.00 and soybean meal to 3073.00 [1][2] Warehouse Receipt Data - As of November 5, the number of warehouse receipts for canola oil decreased by 702 to 8738, while palm oil receipts increased by 650 to 650 [3] - Soybean meal receipts decreased by 210 to 42122, and soybean oil receipts decreased by 200 to 27444 [3] Basis and Spot Prices - The basis for canola oil was reported at 302, with a basis rate of 3.10%, indicating that the spot price is higher than the futures price [4] - Other products like soybean and palm oil also showed positive basis values, reflecting a similar trend in the market [4]