Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In the electrolytic aluminum sector, recent alternative data indicate a weakening US labor market, and hawkish statements from some Fed officials have dampened market risk appetite. The outcome of the US government's reopening agreement is crucial as post - reopening data may influence market sentiment. Fundamentally, electrolytic aluminum production capacity remains stable, but the proportion of molten aluminum is expected to decline in November, leading to an increase in ingot production. In the consumption aspect, as November marks the transition between peak and off - peak seasons and with high aluminum prices, downstream procurement is mainly for essential needs. Additionally, environmental restrictions on some aluminum processing enterprises in the north have curbed consumption. The supply - demand situation is showing marginal weakness, and it is difficult for the social inventory of aluminum ingots to continue decreasing. Overall, with high macro uncertainty, tight overseas supply, and insufficient domestic supply - demand fundamentals, but high capital attention as evidenced by the record - high position in Shanghai aluminum futures, Shanghai aluminum is expected to perform well. [2][7] - In the cast aluminum sector, on the supply side, capacity release is constrained by uncertainties in raw materials and policies, and short - term cast aluminum operation remains stable. According to SMM, the output of ADC12 in October was 364,000 tons, a decrease of 9,000 tons. On the consumption side, the rapid price increase has made downstream buyers hesitant, leading to a short - term decline in提货 enthusiasm. However, the good growth in terminal automobile production and sales provides demand resilience. The supply of scrap aluminum in the raw material market remains tight, with the price center rising by 100 - 150 yuan/ton compared to last week, and the refined - scrap price difference of crushed primary aluminum in Foshan decreasing from 1,736 yuan/ton to 1,729 yuan/ton. With favorable supply - demand expectations and raw material cost support, cast aluminum is expected to fluctuate at a high level. [2][8] Summary by Directory Transaction Data - LME 3 - month aluminum price decreased from 2,888 yuan/ton on October 31, 2025, to 2,862 yuan/ton on November 7, 2025, a decrease of 26 yuan/ton. [3] - SHFE aluminum continuous third - month contract price increased from 21,320 dollars/ton to 21,630 dollars/ton, an increase of 310 dollars/ton. [3] - The Shanghai - London aluminum ratio increased from 7.4 to 7.6, an increase of 0.2. [3] - LME spot premium decreased from - 5.45 dollars/ton to - 12.91 dollars/ton, a decrease of 7.5 dollars/ton. [3] - LME aluminum inventory decreased from 558,050 tons to 549,225 tons, a decrease of 8,825 tons. [3] - SHFE aluminum warehouse receipt inventory decreased from 64,393 tons to 63,770 tons, a decrease of 623 tons. [3] - The average spot price increased from 21,186 yuan/ton to 21,414 yuan/ton, an increase of 228 yuan/ton. [3] - The spot premium decreased from - 10 yuan/ton to - 30 yuan/ton, a decrease of 20 yuan/ton. [3] - The average South Reserve spot price increased from 21,084 yuan/ton to 21,284 yuan/ton, an increase of 200 yuan/ton. [3] - The Shanghai - Guangdong price difference increased from 102 yuan/ton to 130 yuan/ton, an increase of 28 yuan/ton. [3] - The social inventory of aluminum ingots increased from 61.9 tons to 62.2 tons, an increase of 0.3 tons. [3] - The theoretical average cost of electrolytic aluminum increased from 15,708.59 yuan/ton to 15,751.27 yuan/ton, an increase of 42.7 yuan/ton. [3] - The weekly average profit of electrolytic aluminum increased from 5,477.41 yuan/ton to 5,662.73 yuan/ton, an increase of 185.3 yuan/ton. [3] Market Review - The weekly average price of aluminum ingots in the spot market was 21,414 yuan/ton, an increase of 228 yuan/ton compared to last week; the weekly average price of South Reserve spot was 21,284 yuan/ton, an increase of 200 yuan/ton compared to last week. [4] - In terms of macro - economy, the US ADP employment in October increased by 42,000, significantly exceeding the expected 30,000, and the previous month's data was revised to a decrease of 29,000. The US ISM services PMI in October rose 2.4 points to 52.4, reaching an eight - month high and far exceeding the expected 50.8. The eurozone services PMI final value in October was 53%, better than the initial value of 52.6%, pushing the composite PMI final value to 52.5, the highest since May 2023. The US ISM manufacturing PMI index in October was 48.7, contracting for the eighth consecutive month and falling short of the expected 49.5. The eurozone manufacturing final PMI in October was 50, in line with the initial estimate. In the first three quarters, China's service trade import and export volume was 5.93622 trillion yuan, a year - on - year increase of 7.6%. [4] - In the consumption of electrolytic aluminum, according to SMM, the domestic downstream aluminum processing industry's operating rate decreased by 0.6% to 61.6% month - on - month, mainly due to environmental protection affecting downstream operations and the transition from peak to off - peak seasons weakening consumption. The terminal automobile and power sectors have consumption resilience, which is expected to support consumption. It is expected that the aluminum processing operating rate will decline slightly and fluctuantly in November. [5] - In terms of electrolytic aluminum inventory, according to SMM, on October 23, the social inventory of aluminum ingots decreased by 9,000 tons compared to last Thursday, to 618,000 tons; the aluminum rod inventory was 145,000 tons, a decrease of 3,000 tons compared to last Thursday. [5] - In the cast aluminum sector, the SMM spot price of cast aluminum alloy on Friday was 21,450 yuan/ton, an increase of 150 yuan/ton compared to last Friday. The spot price of Jiangxi Baotai ADC12 was 20,900 yuan/ton, an increase of 100 yuan/ton compared to last Friday. The refined - scrap price difference of Foshan crushed primary aluminum decreased from 1,736 yuan/ton to 1,729 yuan/ton during the week. The refined - scrap price difference of Shanghai machine - made primary aluminum increased by 80 yuan/ton to 2,600 yuan/ton compared to last Friday. The operating rate of leading recycled aluminum enterprises remained stable at 59.1% week - on - week. On November 6, the social inventory of recycled aluminum alloy ingots in domestic mainstream consumption areas was 55,800 tons, an increase of 1,000 tons compared to last Thursday. The exchange warehouse receipt inventory was 55,000 tons, an increase of 4,662 tons compared to last Friday. [6] Market Outlook - Electrolytic aluminum: The market risk appetite is suppressed due to the weakening US labor market and hawkish Fed statements. After the US government reopens, the data may affect market sentiment. Fundamentally, production capacity is stable, but the molten aluminum ratio is expected to decline in November, and the ingot production will increase. Consumption is mainly for essential needs, and environmental restrictions in the north curb consumption. The supply - demand situation is weakening, and the social inventory of aluminum ingots is unlikely to continue decreasing. With high macro uncertainty, tight overseas supply, and insufficient domestic fundamentals, but high capital attention, Shanghai aluminum is expected to perform well. [7] - Cast aluminum: Supply capacity release is constrained by raw materials and policies, and short - term operation is stable. Downstream buyers are hesitant due to high prices, but terminal automobile production and sales support demand. The supply of scrap aluminum is tight, and prices are rising. With favorable supply - demand expectations and cost support, cast aluminum is expected to fluctuate at a high level. [8] Industry News - In October 2025, China's unprocessed aluminum and aluminum product export volume was 503,000 tons. From January to October 2025, the export volume was 5.02 million tons, a decrease of 8.60% compared to 5.49 million tons in the same period last year. [9] - According to SMM, due to significant inventory pressure of aluminum processed products, a southern aluminum plant restarted the electrolytic aluminum ingot business in November. The molten aluminum ratio is expected to drop from 100% to 75%, with the end time undetermined. Also, due to weak demand in the aluminum rod market and intensified regional competition, the enterprise adjusted the aluminum rod production line, with the daily output of aluminum rods decreasing by 70%, and the aluminum rod output also decreased. [9] - Rio Tinto's Bell Bay aluminum plant extended the temporary power agreement with the Tasmanian government and will operate until December 2026, gaining a 14 - month buffer for long - term operation negotiations. Currently, the federal government is promoting the negotiation of a 10 - year power supply agreement and a 2 - billion - dollar green aluminum production credit plan. [9] Related Charts The report provides 10 related charts, including LME 3 - month aluminum and SHFE aluminum continuous third - month contract price trends, the Shanghai - London aluminum ratio, LME aluminum premium, Shanghai aluminum monthly - consecutive first - month spread, Shanghai - Guangdong price difference, physical trade seasonal spot premium, domestic and imported alumina prices, electrolytic aluminum cost - profit, electrolytic aluminum inventory seasonal changes, and aluminum rod inventory seasonal changes. [10][11][14][15][16]

Core Insights - The cryptocurrency market experienced significant volatility, with Ethereum's price dropping below the critical support level of $3,500, leading to a massive liquidation wave totaling over $570 million in losses [1][2][3] - High leverage trading strategies have been severely impacted, highlighting the risks associated with such practices in the current market environment [4][12] Group 1: Market Dynamics - Over the past 24 hours, 198,110 traders faced liquidation, indicating the widespread impact of the liquidation storm [3][6] - Ethereum's price decline of 18% in the fourth quarter contrasts with Bitcoin's 9.41% drop, suggesting a decrease in capital inflow into Ethereum [6][8] Group 2: Trader Behavior - Notable traders faced significant losses, with one trader, "麻吉大哥," experiencing multiple liquidations and holding a position valued at $7.6 million [2] - A stark contrast in outcomes was observed between two Ethereum traders, with one suffering losses exceeding $15 million due to high leverage, while the other profited over $8.5 million using moderate leverage [2][12] Group 3: Technical Analysis - Technical indicators show that Ethereum's price has turned the critical moving average (EMA) into a resistance level, confirming a downward trend [6] - The liquidation map indicates that the $3,200 to $3,500 range is a critical area, where further price declines could trigger additional liquidations [6][12] Group 4: Macro Environment - The volatility in the cryptocurrency market is closely linked to the current macroeconomic environment, including political uncertainties and Federal Reserve policies [8][9] - Analysts suggest that aggressive Treasury issuance may deplete traditional investors' demand, indirectly affecting the cryptocurrency market [9]

Group 1 - The gold market is in a "pre-war state" with international spot gold reaching $3998 per ounce, just shy of the $4000 mark, and domestic gold contracts rising to 918 yuan per gram, up 1.3% from the previous day [1] - The upcoming U.S. GDP data is expected to be a significant catalyst for gold prices, with mixed market sentiment as some anticipate a breakout above $4050 while others expect a dip [3] - Central bank gold purchases are providing strong support for gold prices, with the Chinese central bank increasing its gold holdings for 12 consecutive months and global central banks buying 634 tons in the first three quarters of 2025 [4] Group 2 - Retail investors are often making poor trading decisions, such as chasing prices without considering transaction costs, which can lead to losses even when gold prices rise [5] - Practical advice for gold purchases includes waiting for potential price dips after the GDP announcement and being cautious with investment strategies, such as not exceeding 15% of total assets in gold [6] - Maintaining a long-term perspective is crucial, as short-term fluctuations may not indicate a sustained bull market, and investors should focus on meeting their price expectations rather than trying to time the market perfectly [6] Group 3 - The market is at a critical juncture, and maintaining composure is more valuable than gold itself, as emotional trading can lead to poor decisions [7]

伦敦金属交易所的铜价最近有点"蔫"，单日跌了1.8%，收在每吨10663.50美元。 不光是铜，铝价跌了1.5%，锌价也跌了0.4%，整个基本金属板块都跟着没了精气神。 作为工业领域的"晴雨表"，铜价这波波动可不是小事，背后牵扯的因素说起来还真有点复杂。 铜价今年其实挺给力，累计涨幅已经超20%。 本来以为这涨势能接着延续，没成想半路杀出个"程咬金"，美元突然走强把这股势头给摁住了。 现在美元指数都快摸到5月以来的最高水平，手里拿着其他货币的投资者想买铜，成本一下就上去了。 成本高了，大家自然就会犹豫，市场需求也就跟着被抑制住了。 美元这波强势，说到底还是美联储在背后"搅局"。 美联储主席鲍威尔之前说了，12月降息这事儿还没定死。 芝加哥联储主席古尔斯比更直接，他觉得通胀问题比就业市场更值得担心。 这些偏鹰派的言论一出来，美元立马就有了支撑。 美联储的政策风向历来都是大宗商品市场的"指挥棒"，这次也不例外。 美元与政策博弈，铜价短期承压难逆转 全球大宗商品大多用美元计价，这是行业内的默认规则。 美元一值钱，大宗商品的吸引力自然就会下降，铜作为其中的代表，受到的影响尤为明显。 本来想单纯归因于需求疲软，但后来发 ...

Group 1 - The global market has entered a volatile phase, with US stock index futures declining and spot gold rising above $4000 per ounce, reflecting a shift towards defensive assets as risk appetite diminishes [1][4] - Recent positive data from the US ISM services index and ADP employment figures initially boosted investor confidence in an economic "soft landing," but concerns over high valuations in the tech sector have resurfaced, leading to a cautious market sentiment [3] - The return of risk-averse capital has made gold a focal point, with its price driven by safe-haven buying and asset allocation needs, indicating a potential structural adjustment in the market [4][8] Group 2 - The recent rise in gold prices above $4000 is attributed to a decrease in the 10-year US Treasury yield and a slight dip in the US dollar index, signaling a flow of funds into safe-haven assets [4] - The upcoming changes in domestic gold taxation and the clarification of "investment" versus "non-investment" uses are expected to enhance market liquidity and shift the industry structure towards a focus on gold recycling [5][6] - The gold recovery market is anticipated to become a crucial link between the financial and physical gold sectors, potentially influencing future price volatility [6]

★美联储理事术兰：继续降息仍然是合理的;（评ADP）政府停摆前的就业市场趋势似乎依然存在。 ★克宫：普京与特朗普近期无对话计划。 本报告版权属于国投期货有限公司 | Millio | > 國授期货 | 贵金属日报 | | --- | --- | --- | | | 操作评级 | 2025年11月06日 | | 黄金 | 女女女 | 刘冬博 高级分析师 | | 白银 | ☆☆☆ | F3062795 Z0015311 | | | | 吴江 高级分析师 | | | | F3085524 Z0016394 | | | | 010-58747784 gtaxinstitute@essence.com.cn | 隔夜美国公布10月ADP就业人数增加4.2万人高于预期为7月以来最大增幅，10月ISM非制造业PMI 升至52.4为2 月以来最高水平，美国经济表现稳健但史上最长的政府停摆令经济和美联储政策前景存在不确定性。市场等 待新的驱动出现，贵金属构筑高位震荡平台，暂时保持观望。 ★美最高法院关税案辩论开幕，保守派首席大法官等人对关税合理性发出质疑，特朗普胜诉概率降低。贝森 特对胜诉持乐观态度。 ★民主党轻松击败共和党候 ...

Core Insights - The gold market in November 2025 is characterized by "high-level consolidation and tug-of-war between bulls and bears," with international gold prices testing the $4000 per ounce mark repeatedly [1] - The recent tax policy changes and brand premium differentiation have led to a three-tier pricing system in the domestic market, impacting the wholesale market significantly [4] Group 1: Market Dynamics - The new tax policy exempts standard gold traded through the Shanghai Gold Exchange and futures exchanges from VAT, while off-market transactions incur a 13% VAT, affecting the Shenzhen Shui Bei wholesale market [4] - The price gap between Shui Bei market gold and brand retail prices has narrowed to approximately 90 yuan per gram due to increased costs for some merchants [4] - Major banks like ICBC and CCB have paused gold accumulation services, raising concerns about liquidity tightening, although ICBC quickly resumed operations, indicating a focus on "regulating transactions" rather than "suppressing the market" [4] Group 2: Investment Sentiment - Despite ongoing uncertainties in the Middle East, market pricing of "extreme risks" has become more rational, with gold ETF holdings decreasing for four consecutive weeks, equivalent to a reduction of 69 tons of physical gold [4] - Speculative long positions have dropped to a three-month low, and the RSI indicator has decreased from 82 to 54, indicating a release of short-term overbought pressure [4] Group 3: Central Bank Support - Central bank gold purchases have become a long-term support factor, with global central banks acquiring 220 tons in Q3 2025, bringing the total for the year to 634 tons, nearing record levels from 2024 [4] - This "structural demand" effectively smooths out short-term volatility in the gold market [4] Group 4: Price Levels and Future Outlook - In the short term, gold prices need to test the support level of $3800 per ounce; a drop below this level could trigger programmatic selling [4] - The market is currently in a phase of "macro support versus technical pressure," with key variables to watch: 1. Federal Reserve policy: December rate cut probabilities have decreased by 25 basis points, but forward rate futures are pricing in a cumulative 50 basis point cut in 2025 [4] 2. Geopolitical risks: An escalation in the Middle East could reignite safe-haven demand [4] 3. Inflation persistence: The U.S. debt-to-GDP ratio has reached 123%, and if secondary inflation expectations rise, gold's inflation-hedging properties will become more pronounced [4]

【黄金期货最新行情】 | 11月6日 | 收盘价（元/克） | 当日涨跌幅 | 成交量（手） | 持仓量（手） | | --- | --- | --- | --- | --- | | 沪金主力 | 917.80 | 0.79% | 238433 | 137883 | 打开APP，查看更多高清行情>> 【基本面消息】 数据显示，11月6日上海黄金现货价格报价913.80元/克，相较于期货主力价格（917.80元/克）贴水4元/ 克。 美国就业市场在经历两个月连续下滑后出现企稳迹象，美国10月ADP就业人数增加4.2万人，大幅超过 预期的3万人，也扭转了上月修正后减少3.2万人（本次修正为2.9万人）的局面。 美国就业市场在经历两个月连续下滑后出现企稳迹象，但整体劳动力需求仍在放缓，薪资增长持续停 滞，这为美联储12月是否继续降息增添不确定性。 亚马逊、星巴克和塔吉特等大型企业近期宣布的高调裁员计划，仍在加剧市场对就业前景的担忧。尽管 初请失业金人数总体保持低位，但低裁员环境存在恶化风险，可能在未来数月推高失业率。 美联储上周连续第二次会议降息后，主席鲍威尔表示，他看到劳动力市场正在"非常缓慢地降温，但仅 此而已 ...

Group 1 - The Federal Reserve officials' speeches provide key guidance for future interest rate cuts, while government shutdowns create safe-haven buying pressure, but a strong dollar continues to exert short-term pressure on gold prices [2] - Short-term gold prices are constrained by both the strong dollar and interest rate expectations, with safe-haven sentiment providing a floor, likely maintaining a range-bound oscillation pattern [2] - Recent observations show gold prices faced resistance at the $4000 level and have retreated to the $3950-$3970 support range [2] Group 2 - The K-line remains below the 20-day moving average, with weakening MACD momentum indicating a bearish short-term trend; the RSI is in a neutral to weak zone without clear divergence signals [3] - If gold prices break below the $3950 support, they may test the critical $3920 level; conversely, if prices stabilize above $4000 and break the recent downtrend line, bullish momentum may regain control [3] - The current gold market is in a triangular consolidation phase, with the $4050 level being a key battleground for bulls and bears [3] Group 3 - Today's gold trading focuses on two key ranges: a larger range of $4050-$3950 and a smaller range of $4000-$3962; a breakout above $3990 could signal a buying opportunity [5] - In a volatile market, the strategy should focus on high-low rhythm management, executing high sell and low buy strategies, and waiting for effective breakouts to follow the trend [5] Group 4 - WTI crude oil prices have retreated to a critical support area, with significant weakening of bullish momentum and ongoing short-term downside risks [7] - A recent inventory increase of 5.202 million barrels has negated previous bullish signals, leading to heightened market caution regarding oil price outlook [7] - If oil prices break below the $59 support level, further downside may open up, potentially testing $58 and $56.8 levels; only a recovery above $61.50 would provide a basis for reversing the downtrend [7] Group 5 - The overall trend for oil prices is leaning towards a downward direction, with a focus on inventory trends and import changes; continued inventory increases could widen the downside potential for oil prices [9]

Core Viewpoint - Gold prices are currently trading around $3970 per ounce, influenced by recent U.S. employment data and the Federal Reserve's policy direction [1] Group 1: Employment Data Impact - The U.S. private sector added 42,000 jobs, exceeding market expectations and reversing a decline from the previous two months, signaling stabilization in the labor market [1] - This positive employment data has put pressure on interest rate cut expectations, contributing to a stronger U.S. dollar [1] Group 2: Market Dynamics - A stronger dollar has increased the cost of gold for holders of other currencies, suppressing global demand [1] - Gold, which does not yield interest, faces higher holding costs in an environment of a strong dollar or high interest rate expectations, making its price vulnerable [1] Group 3: Federal Reserve Policy Uncertainty - The uncertainty surrounding the Federal Reserve's future policy has heightened market volatility, with recent comments from Chairman Powell indicating that future decisions will be data-dependent [1] - This has led to mixed market sentiment regarding potential rate cuts in December [1] Group 4: Government Shutdown and Safe-Haven Demand - The ongoing U.S. government shutdown, which has reached a historical record duration, is a significant source of market risk aversion [1] - The uncertainty surrounding the shutdown and economic risks may provide important support for gold prices as demand for safe-haven assets increases [1] Group 5: Technical Analysis - Technically, gold prices have faced resistance near the $4000 mark and are currently in a range between $3950 and $3970 [3] - If gold prices fall below the $3950 support level, they may further decline to $3920; conversely, a rebound above $4000 could signal a potential upward trend [3]