Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - **沪铜**: The main contract of Shanghai copper increased in position and accelerated its upward movement, approaching the 100,000 mark during the session, but then declined with a reduction in positions at the end of the session. This week, copper prices fluctuated upwards with an increased intraday amplitude and intensified long - short competition. Due to the overseas Christmas holiday, there is a strong willingness for funds to take profits. High copper prices are suppressing downstream consumption, causing the basis and monthly spreads to weaken, and the social inventory of electrolytic copper has risen significantly. With overseas markets closed in the short term and significant domestic industrial pressure, pay attention to the support of the 5 - day moving average when prices decline [6]. - **沪铝**: This week, it showed a volatile trend, with the futures price reaching the high level in early December. There is a strong willingness for short - term long positions to take profits. Overseas markets are closed for Christmas. High aluminum prices are suppressing downstream consumption, and the industry is passively following. The social inventory of electrolytic aluminum has increased. Technically, pay attention to the long - short game around the 22,400 mark in the short term [7]. - **沪镍**: This week, nickel prices rebounded significantly with an increase in positions and broke through the operating center in the second half of the year. This was mainly due to the change in industrial supply - demand expectations, leading to an oversold rebound. On the industrial side, the expectation of policy disturbances in Indonesia has increased, driving up nickel prices. As the main nickel futures contract rose to the 130,000 mark, rebounding nearly 20,000 yuan/ton from the low level, there is a strong willingness for short - term long positions to take profits, and long - short competition has intensified [8]. 3. Summary by Directory 3.1 Industry Dynamics - **铜**: On December 25th, the social inventory of Mysteel electrolytic copper was 202,200 tons, an increase of 22,200 tons compared to the 22nd and 27,700 tons compared to the 18th. In the North China spot market for electrolytic copper, high copper prices have suppressed demand, and as the end of the year approaches, the pressure on holders has increased. The upstream is selling at a lower price to move goods, resulting in a continuous and significant decline in the spot premium in North China to an average discount of 600 yuan/ton, a new low in nearly three years. CSPT held its Q4 2025 general manager's office meeting in Shanghai on December 25th and decided not to set a reference figure for the spot copper concentrate processing fee for Q1 2026 [10]. - **铝**: On December 25th, the social inventory of Mysteel electrolytic aluminum was 612,000 tons, an increase of 24,000 tons compared to the 22nd and 51,000 tons compared to the 18th [11]. 3.2 Related Charts - **铜**: The report includes charts on copper basis, electrolytic copper domestic explicit inventory (social inventory + bonded area inventory), LME copper cancelled warrant ratio, overseas copper exchange inventory, Shanghai Futures Exchange warrant inventory, etc. [12][13][14] - **铝**: The report contains charts on aluminum basis, aluminum monthly spread, electrolytic aluminum domestic social inventory, electrolytic aluminum overseas exchange inventory (LME + COMEX), aluminum - to - London ratio, aluminum rod inventory, etc. [25][27][29] - **镍**: The report has charts on nickel basis, nickel monthly spread, LME inventory, Shanghai Futures Exchange inventory, nickel ore port inventory, etc. [37][39][43]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Report's Core Views - For copper, the long - term TC for copper concentrate is set at $0/ton next year, having little impact on the market. The domestic market may see a slight inventory build - up until the Spring Festival, and the overall idea is to buy on dips with the price expected to range from $10,800 - $12,000 in December [1]. - For aluminum, the import of primary aluminum decreased in November while exports increased. Domestic apparent demand is weak, but the falling inventory supports the price, which is expected to be in a volatile range [1]. - For zinc, the LME zinc 0 - 3M premium declined, and the price dropped. The supply side has a tightening trend, and the demand side is seasonally weak. It's recommended to wait and see for unilateral trading, focus on reverse arbitrage opportunities, and pay attention to 01 - 03 and 03 - 05 spreads [3][4][5]. - For nickel, the pure nickel output decreased slightly. Demand is weak, and inventories are rising. There is a game between short - term policy and fundamentals [8]. - For stainless steel, the steel mills' production is high, demand is mainly for rigid needs, and the fundamentals are weak. The Indonesian policy has a price - supporting motivation [10]. - For lead, the lead price decreased slightly. Supply and demand are in a complex situation, and the price is expected to fluctuate between 16,700 - 17,100 yuan [11][13]. - For tin, the tin price rose rapidly due to macro factors. The supply side may increase production, and the demand side is weak. There are short - term risks and long - term uncertainties [16]. - For industrial silicon, the supply and demand are expected to be balanced in December, with the price fluctuating with costs in the short - term and facing over - capacity in the long - term [17]. - For lithium carbonate, the price increased due to factors like mining rights cancellation. The supply and demand are both strong, but demand may weaken. The price needs certain conditions to rise further [21]. Group 3: Summaries by Metal Copper - **Price and Inventory Changes**: From December 18 - 24, the Shanghai copper spot price changed by - 25, the waste - refined copper spread increased by 431, and the LME inventory decreased by 1,550 tons [1]. - **Market Outlook**: The long - term TC for copper concentrate has little impact. The domestic market may see a slight inventory build - up, and the overall idea is to buy on dips with the price expected to range from $10,800 - $12,000 in December [1]. Aluminum - **Price and Inventory Changes**: From December 18 - 24, the Shanghai aluminum ingot price increased by 150, and the LME inventory increased by 1,450 tons [1]. - **Market Outlook**: The import of primary aluminum decreased in November, domestic apparent demand is weak, but the falling inventory supports the price, which is expected to be in a volatile range [1]. Zinc - **Price and Inventory Changes**: From December 18 - 24, the Shanghai zinc ingot price increased by 170, and the LME inventory increased by 7,900 tons. The LME zinc 0 - 3M premium decreased from $90.6 to - $30.61 [3][4][5]. - **Market Outlook**: The supply side has a tightening trend, and the demand side is seasonally weak. It's recommended to wait and see for unilateral trading, focus on reverse arbitrage opportunities, and pay attention to 01 - 03 and 03 - 05 spreads [5]. Nickel - **Price and Inventory Changes**: From December 18 - 24, the Shanghai nickel spot price increased by 5,350, and the LME inventory increased by 1,092 tons [8]. - **Market Outlook**: The pure nickel output decreased slightly. Demand is weak, and inventories are rising. There is a game between short - term policy and fundamentals [8]. Stainless Steel - **Price and Inventory Changes**: From December 18 - 24, the 304 cold - rolled coil price remained unchanged, and the 304 hot - rolled coil price increased by 55 [10]. - **Market Outlook**: The steel mills' production is high, demand is mainly for rigid needs, and the fundamentals are weak. The Indonesian policy has a price - supporting motivation [10]. Lead - **Price and Inventory Changes**: From December 18 - 24, the lead price decreased slightly, and the LME inventory decreased by 4,200 tons [11][13]. - **Market Outlook**: Supply and demand are in a complex situation, and the price is expected to fluctuate between 16,700 - 17,100 yuan [13]. Tin - **Price and Inventory Changes**: From December 18 - 24, the tin price rose rapidly, and the LME inventory increased by 220 tons [16]. - **Market Outlook**: The tin price rose due to macro factors. The supply side may increase production, and the demand side is weak. There are short - term risks and long - term uncertainties [16]. Industrial Silicon - **Price and Inventory Changes**: From December 18 - 24, the 421 Yunnan and Sichuan basis decreased by 80, and the 553 East China and Tianjin basis decreased by 80. The number of warehouse receipts increased by 84 [17]. - **Market Outlook**: The supply and demand are expected to be balanced in December, with the price fluctuating with costs in the short - term and facing over - capacity in the long - term [17]. Lithium Carbonate - **Price and Inventory Changes**: From December 18 - 24, the SMM electric and industrial lithium carbonate prices increased by 2,000, and the number of warehouse receipts increased by 450 [21]. - **Market Outlook**: The price increased due to factors like mining rights cancellation. The supply and demand are both strong, but demand may weaken. The price needs certain conditions to rise further [21].

Report Industry Investment Ratings - Copper: ★☆☆ (One star, indicating a bullish/bearish bias, with a driving force for price increase/decrease, but limited operability on the trading floor) [1] - Aluminum: ★★★ (Three stars, representing a clearer bullish/bearish trend and a relatively appropriate investment opportunity) [1] - Alumina: ★★★ [1] - Zinc: ☆☆☆ (White stars, suggesting a relatively balanced short - term bullish/bearish trend, with poor operability on the trading floor, and it is advisable to wait and see) [1] - Nickel and Stainless Steel: ☆☆☆ [1] - Tin: ★★★ [1] - Lithium Carbonate: ★☆☆ [1] - Industrial Silicon: ★★★ [1] - Polysilicon: ★★★ [1] Core Views - The copper market has greater adjustment pressure from domestic spot supply and demand, but raw material shortages may be transmitted to refined copper, and the price difference is favorable for exports. Hold the previous long positions with the support level raised to 94,000, and set a dynamic stop - profit between 97,000 and a certain level [1]. - The aluminum market is mainly driven by the macro - environment. The long positions can be held with the 40 - day moving average as the support, and pay attention to the resistance at the previous high. For cast aluminum alloy, consider the opportunity to narrow the price difference when it expands to over a thousand yuan [2]. - The alumina market has an oversupply situation, and it will remain weak before large - scale production. The decline of the spot price is more certain due to the large basis [2]. - The zinc market is expected to fluctuate in the range of 22,800 - 23,800 yuan/ton, with the support of downstream consumption and the expectation of loose monetary policies [3]. - The nickel market is dominated by policy - induced sentiment. Wait for the market to stabilize and adopt a short - term wait - and - see strategy [6]. - For tin, pay attention to the reduction of positions and emphasize the high - level risks. Consider allocating out - of - the - money long put options for spring contracts [7]. - The lithium carbonate futures price is in a strong oscillation, with strong fundamentals and the short side at a disadvantage [8]. - The industrial silicon futures are expected to maintain a relatively strong oscillation, with market expectations centered on the expected centralized production cuts in the north at the end of the month [9]. - The polysilicon market has a co - existence of strong expectations and weak reality. The short - term trading floor may oscillate and correct under the adjustment of trading rules [10]. Summaries by Related Catalogs Copper - On Wednesday, the open interest of Shanghai copper increased to near the record level, and the price rose at the end of the session. The domestic spot price difference widened, and the refined - scrap price difference was average. The domestic spot supply and demand put pressure on the copper price, but raw material shortages may affect refined copper [1]. Aluminum & Alumina & Aluminum Alloy - The Shanghai aluminum price fluctuated. The spot discounts in East, Central, and South China remained stable. The aluminum market fundamentals had limited contradictions, and the social inventory fluctuated slightly. The market was mainly driven by the macro - environment, and the long positions could be held with the 40 - day moving average as the support [2]. - The price of Baotai ADC12 spot increased by 200 yuan to 21,500 yuan. The inventory of the cast aluminum industry and the exchange warehouse receipts fluctuated slightly. The tax adjustment may increase the cost in some areas [2]. - The operating capacity of alumina was at a historical high, with an oversupply situation. The industry inventory continued to rise. The cost of alumina had room to decline, and it would remain weak before large - scale production [2]. Zinc - The long positions in the intraday market continued to cover, and the open interest increased. The LME zinc inventory decreased slightly, and the external market rose along the 60 - day moving average. The zinc export window was closed, and the consumption in 2026 was not overly pessimistic [3]. Nickel and Stainless Steel - The Shanghai nickel price rose sharply, and the market trading was active. The price movement was mainly due to the stop - loss of industrial short positions, and the irrational trend was expected to be short - lived. The nickel ore quota in 2026 was significantly reduced, and the mineral benchmark price formula would be modified [6]. - The inventory of refined nickel increased, the nickel - iron inventory decreased, and the stainless - steel inventory decreased [6]. Tin - The Shanghai tin open interest decreased, and the price fluctuated greatly. The domestic spot tin price had a large discount to the delivery month. The short - term moving average still provided support. The supply was expected to turn around and resume in the first quarter of 2026 [7]. Lithium Carbonate - The lithium carbonate price broke through the 120,000 - yuan integer mark, and the market trading was active. The market inventory decreased, and the mid - stream was enthusiastic. The futures price was in a strong oscillation, and the fundamentals were strong [8]. Industrial Silicon - The industrial silicon futures price continued to rise slightly. The market expectation focused on the expected production cuts in the north at the end of the month. Although the operating rate in Xinjiang decreased slightly, the actual production cuts had not occurred. The downstream demand showed some changes [9]. Polysilicon - The polysilicon futures price continued to decline slightly. The market was waiting for the storage plan to be announced, and the production quota in 2026 might be tightened. The actual price was stable, but new orders were limited. The trading rules were adjusted, and the short - term trading floor may oscillate and correct [10].

Report Industry Investment Ratings No relevant information provided. Core Views of the Report Tin - Short - term fundamentals remain strong. Tin prices are expected to maintain a strong trend within the year. Adopt a bullish approach, hold long positions, and consider buying on dips. Monitor subsequent macro and supply - side changes [2]. Aluminum Alloy - The strong cost and weak demand situation restricts the upward and downward space of ADC12 prices. It is expected to continue high - level range - bound oscillations in the short term, with the main contract reference range of 20,800 - 21,600 yuan/ton. Focus on changes in scrap aluminum supply, regional environmental policies, and downstream orders [4]. Polysilicon - Polysilicon prices remain high - level and volatile, and futures prices are still at a significant premium to the spot market. Adopt a wait - and - see strategy, and pay attention to the reduction in production and the acceptance of price adjustments. Remind investors to manage their positions [5]. Industrial Silicon - Industrial silicon is expected to maintain a weak supply - demand situation in December. The price is expected to oscillate at a low level, with the main price fluctuation range between 8,000 - 9,000 yuan/ton. If production drops significantly, it may break through 10,000 yuan/ton; otherwise, the price will fall [6]. Zinc - TC has stopped falling and stabilized, and zinc prices are oscillating. Pay attention to the support level of 22,850 - 22,950 for the main contract [8]. Copper - In the long - term, the bottom center of copper prices may continue to move up. Pay attention to the support level of 92,500 - 95,000 for the main contract. Consider upward and downward driving factors for future trends [12]. Alumina - Alumina prices are expected to oscillate at a low level around the cash cost line. The main contract reference range is 2,450 - 2,650 yuan/ton. Pay attention to environmental protection and production reduction policies [15]. Aluminum - Aluminum prices are expected to maintain a wide - range oscillation in the short term, with the main contract reference range of 21,800 - 22,600 yuan/ton. Focus on macro expectations and inventory changes [15]. Nickel - The short - term market is expected to continue to oscillate and repair, but the upward driving force is limited. The main contract reference range is 116,000 - 124,000. Pay attention to the callback possibility after news digestion [16]. Stainless Steel - The stainless - steel market is expected to oscillate and adjust in the short term, with the main contract reference range of 12,300 - 13,000. Pay attention to nickel ore news and the implementation of steel mill production cuts [18]. Lithium Carbonate - Lithium carbonate prices are expected to oscillate widely in the short term. They may continue to test highs and then retreat and adjust. Pay attention to policy and news changes [19]. Summary by Relevant Catalogs Tin - **Price and Spread**: SMM 1 tin price increased by 3,500 yuan/ton to 340,600 yuan/ton, with a growth rate of 1.04%. The LME 0 - 3 spread increased by 51.00 dollars/ton to - 11.00 dollars/ton, with an increase of 82.26% [2]. - **Fundamentals**: In October, tin ore imports increased by 33.49%, SMM refined tin production increased by 53.09%, and refined tin imports decreased by 58.55% [2]. - **Inventory**: SHEF inventory increased by 9.53%, and social inventory increased by 8.65% [2]. Aluminum Alloy - **Price and Spread**: SMM aluminum alloy ADC12 prices in various regions increased by 100 yuan/ton, with a growth rate of 0.46%. The refined - scrap price difference of aluminum in Foshan increased [4]. - **Fundamentals**: In November, the production of recycled aluminum alloy ingots increased by 5.74%, and the production of primary aluminum alloy ingots increased by 5.84% [4]. - **Inventory**: The weekly social inventory of recycled aluminum alloy decreased by 2.38% [4]. Polysilicon - **Price and Spread**: The main contract price decreased by 1,400 to 58,845, with a decline of 2.32%. The N - type silicon wafer price increased by 2 - 4%, and the battery cell price increased by 5% [5]. - **Fundamentals**: Weekly silicon wafer production decreased by 12.18%, and monthly polysilicon production decreased by 14.48% [5]. - **Inventory**: Polysilicon inventory remained unchanged, and silicon wafer inventory decreased by 7.73% [5]. Industrial Silicon - **Price and Spread**: Some industrial silicon spot prices increased by 50 yuan/ton. The futures price decreased by 95 yuan/ton to 8,595 yuan/ton [6]. - **Fundamentals**: National industrial silicon production decreased by 11.17% in the month, and the national start - up rate decreased by 4.84% [6]. - **Inventory**: The weekly social inventory decreased by 1.43% [6]. Zinc - **Price and Spread**: SMM 0 zinc ingot price decreased slightly, and the import loss increased [8]. - **Fundamentals**: In November, refined zinc production decreased by 3.56%, and exports increased by 402.59% [8]. - **Inventory**: Chinese zinc ingot social inventory decreased by 0.95%, and LME inventory decreased by 0.65% [8]. Copper - **Price and Spread**: SMM 1 electrolytic copper price increased by 1,325 yuan/ton to 93,675 yuan/ton, with a growth rate of 1.43%. The import loss increased [12]. - **Fundamentals**: In November, electrolytic copper production increased by 1.05%, and imports decreased by 3.90% [12]. - **Inventory**: Domestic social inventory increased by 2.37%, and the SHFE inventory increased by 7.18% [12]. Alumina - **Price and Spread**: Alumina prices in various regions decreased slightly. The electrolytic aluminum import loss increased [15]. - **Fundamentals**: In November, alumina production decreased by 4.44%, and domestic electrolytic aluminum production decreased by 2.82% [15]. - **Inventory**: The total inventory of the whole industry chain increased by 5.6 tons to a new high [15]. Aluminum - **Price and Spread**: SMM A00 aluminum price increased by 110 yuan/ton to 21,930 yuan/ton, with a growth rate of 0.50%. The spot discount widened [15]. - **Fundamentals**: In November, domestic electrolytic aluminum production decreased by 2.82%, and exports increased by 116.23% [15]. - **Inventory**: Chinese electrolytic aluminum social inventory increased by 0.67% [15]. Nickel - **Price and Spread**: SMM 1 electrolytic nickel price increased by 1,700 yuan/ton to 121,800 yuan/ton, with a growth rate of 1.42%. The futures import loss decreased [16]. - **Fundamentals**: Chinese refined nickel production decreased by 9.38%, and imports decreased by 65.66% [16]. - **Inventory**: SHFE inventory increased by 1.35%, and the social inventory increased by 0.41% [16]. Stainless Steel - **Price and Spread**: The price of 304/2B stainless steel coil in Foshan increased by 50 yuan/ton, with a growth rate of 0.39%. The spot - futures spread decreased [18]. - **Fundamentals**: Chinese 300 - series stainless steel crude steel production decreased by 0.72%, and exports increased by 13.18% [18]. - **Inventory**: The 300 - series social inventory in Wuxi and Foshan decreased by 2.30% [18]. Lithium Carbonate - **Price and Spread**: SMM battery - grade lithium carbonate price increased by 1,350 yuan/ton to 99,000 yuan/ton, with a growth rate of 1.38%. The inter - month spread changed [19]. - **Fundamentals**: In November, lithium carbonate production increased by 3.35%, and demand increased by 5.11% [19]. - **Inventory**: Lithium carbonate total inventory decreased by 23.36% [19].

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Views of the Report - **Copper**: Overnight, both domestic and international copper prices rose and then fell, with domestic refined copper spot imports remaining in a loss state. The New York Fed's data shows that the manufacturing sector is in a contraction state, but the outlook for the next six months has significantly improved. In China, the November economic data indicates that exports remain resilient, but domestic demand is weak, highlighting the need for policy support. With the upcoming Bank of Japan meeting, there are macro - level disturbances, and short - term caution is advised [1]. - **Aluminum**: Overnight, alumina trended weakly, while aluminum alloy trended strongly. The end - of - year negotiation of new quarterly order prices for alumina is ongoing, and there is still downward pressure on alumina prices. With the Fed's interest rate cut implemented and the end - of - year macro - pricing almost in place, the market is gradually setting a new tone of weak supply and strong demand for aluminum prices next year. Coupled with shipping disruptions in Xinjiang and a decline in inventory arrivals, it is expected that the de - stocking process will continue, and aluminum prices will remain at a high level [1][2]. - **Nickel**: Overnight, both LME nickel and Shanghai nickel prices fell. In terms of inventory, both LME and SHFE inventories increased. The traditional nickel - iron industry has stable prices, and the stainless - steel market's trading atmosphere has improved. In the new - energy industry chain, the price center has been dragged down, and the demand has weakened marginally. Fundamentals are dragging down nickel prices, which are trending weakly [2]. 3. Summary by Directory 3.1 Research Views - **Copper**: Macro data shows a contraction in the US manufacturing sector, but an improved outlook. In China, domestic demand is weak. LME copper inventory decreased by 25 tons, COMEX copper warehouse receipts increased by 1995 tons, SHFE copper warehouse receipts increased by 9663 tons, and BC copper increased by 301 tons. With the upcoming Bank of Japan meeting, short - term caution is needed [1]. - **Aluminum**: Alumina trended weakly, with AO2601 closing at 2527 yuan/ton, a 0.75% decline. Aluminum trended weakly, with AL2602 closing at 21865 yuan/ton, a 0.11% decline. Aluminum alloy trended strongly, with AD2602 closing at 20945 yuan/ton, a 0.12% increase. The SMM alumina price dropped to 2790 yuan/ton. There is still downward pressure on alumina, while aluminum prices are expected to remain high [1][2]. - **Nickel**: LME nickel fell 2.22% to 14295 US dollars/ton, and Shanghai nickel fell 2.15% to 112530 yuan/ton. LME inventory increased by 360 tons, and SHFE warehouse receipts increased by 2622 tons. The traditional nickel - iron industry has stable prices, and the new - energy industry chain's demand has weakened. Nickel prices are trending weakly [2]. 3.2 Daily Data Monitoring - **Copper**: On December 15, 2025, compared with December 12, 2025, the price of flat - water copper decreased by 1320 yuan/ton, and the price of 1 bright scrap copper in Guangdong decreased by 1000 yuan/ton. SHFE copper warehouse receipts increased by 9663 tons, and the active - contract import loss increased by 977.1 yuan/ton [3]. - **Lead**: The average price of 1 lead in the Yangtze River decreased by 50 yuan/ton. SHFE lead warehouse receipts decreased by 1366 tons, and the inventory decreased by 2508 tons [3]. - **Aluminum**: On December 15, 2025, compared with December 12, 2025, the Wuxi and Nanhai aluminum prices decreased. The SHFE aluminum total inventory decreased by 3635 tons, and the electrolytic aluminum social inventory increased by 1.2 tons [4]. - **Nickel**: The price of Jinchuan nickel decreased by 850 yuan/ton. The SHFE nickel warehouse receipts increased by 2622 tons, and the social inventory increased by 2122 tons [4]. - **Zinc**: The main - contract settlement price decreased by 0.4%. The SHFE zinc inventory increased by 793 tons, and the social inventory decreased by 0.44 tons [6]. - **Tin**: The main - contract settlement price increased by 0.2%. The SHFE tin inventory increased by 526 tons [6]. 3.3 Chart Analysis - **Spot Premium**: The report provides charts of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025, showing the historical trends of these metals' spot premiums [8][12]. - **SHFE Near - Far Month Spread**: Charts of SHFE near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 are presented, reflecting the historical trends of these spreads [13][20]. - **LME Inventory**: Charts of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 are provided, showing the historical trends of these metals' LME inventories [21][27]. - **SHFE Inventory**: Charts of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 are presented, reflecting the historical trends of these metals' SHFE inventories [28][33]. - **Social Inventory**: Charts of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series stainless steel are provided, showing the historical trends of these metals' social inventories [34][40]. - **Smelting Profit**: Charts of copper concentrate index, copper smelting processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit margin are presented, reflecting the historical trends of these metals' smelting - related indicators [41][46]. 3.4 Team Introduction - **Zhan Dapeng**: A science master, currently the director of non - ferrous research at Everbright Futures Research Institute, a senior researcher in precious metals, a gold intermediate investment analyst, and an outstanding metal analyst of the Shanghai Futures Exchange. He has over a decade of commodity research experience [48]. - **Wang Heng**: A finance master from the University of Adelaide, Australia, currently a non - ferrous researcher at Everbright Futures Research Institute, mainly researching aluminum and silicon [48]. - **Zhu Xi**: A science master from the University of Warwick, UK, currently a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on lithium and nickel [49].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views of the Reports Industrial Silicon - Industrial silicon spot prices are stable, and futures prices are expected to fluctuate at a low level in the range of 8000 - 9000 yuan/ton, with attention paid to the support at 8000 yuan/ton and the impact of coal price changes [1]. Polysilicon - Polysilicon futures may remain volatile at a high level. However, considering the weak demand and significant decline in production, the spot price is still under pressure. The newly added delivery brands are beneficial for increasing the deliverable volume and warehouse receipts [2]. Aluminum Alloy - Cast aluminum alloy prices are expected to remain in a narrow - range high - level oscillation in the short term, with the main contract reference range of 20700 - 21400 yuan/ton. Attention should be paid to the improvement progress of scrap aluminum supply and the change in downstream procurement rhythm [3]. Aluminum - Alumina prices are expected to remain at the bottom and fluctuate, with the main contract reference range moving down to 2400 - 2700 yuan/ton. Aluminum prices are expected to remain strong in the short term, with the main contract of Shanghai Aluminum expected to oscillate in the range of 21700 - 22400 yuan/ton [4]. Tin - The market sentiment is positive, and the fundamentals are strong. Tin prices are expected to remain strong within the year, suggesting a bullish view on tin prices [6]. Zinc - In the short term, the downside space of zinc prices is limited. The export of refined zinc drives the spot market to tighten, boosting domestic zinc prices. The short - term trend of Shanghai zinc prices may be stronger than that of London zinc prices, with the main contract focusing on the support at 23000 - 23200 [8]. Copper - In the short term, the imbalance of global copper supply and inventory drives copper prices to rise rapidly, and price fluctuations may intensify. In the long - term, the supply - demand contradiction of copper still exists, supporting the upward movement of the bottom center of copper prices [10]. Nickel - In the short term, the nickel price is expected to oscillate within a range, with the main contract reference range of 116000 - 120000. Attention should be paid to changes in macro - expectations and Indonesian industrial policy news [13]. Stainless Steel - In the short term, the stainless - steel market is expected to adjust through oscillation, with the main contract operating range of 12400 - 12800. Attention should be paid to the implementation of steel mill production cuts and changes in raw material prices [15]. Lithium Carbonate - In the short term, the lithium carbonate market may remain strongly volatile under the drive of capital sentiment. Attention should be paid to the resumption of production by large manufacturers and the sustainability of off - season demand [18]. 3. Summaries According to Relevant Catalogs Price and Basis - For industrial silicon, the spot price of East China oxygen - permeable S15530 industrial silicon remained unchanged at 9200 yuan/ton on December 11th compared to the previous day. The basis of various types of industrial silicon decreased to varying degrees [1]. - For polysilicon, the average price of N - type re -投料 remained unchanged at 52300 yuan/ton on December 11th, and the basis of N - type materials increased by 4.15% [2]. - For aluminum alloy, on December 12th, the price of SMM aluminum alloy ADC12 increased by 100 yuan/ton to 21600 yuan/ton, with a rise of 0.47% [3]. - For aluminum, on December 12th, the price of SMM A00 aluminum increased by 120 yuan/ton to 21890 yuan/ton, with a rise of 0.55%. The average price of alumina in various regions decreased to varying degrees [4]. - For tin, on December 12th, the price of SMM 1 tin increased by 3300 yuan/ton to 320000 yuan/ton, with a rise of 1.04% [6]. - For zinc, on December 12th, the price of SMM 0 zinc ingot increased by 40 yuan/ton to 23110 yuan/ton, with a rise of 0.17% [8]. - For copper, on December 12th, the price of SMM 1 electrolytic copper increased by 965 yuan/ton to 92665 yuan/ton, with a rise of 1.05% [10]. - For nickel, on December 12th, the price of SMM 1 electrolytic nickel decreased by 300 yuan/ton to 118850 yuan/ton, with a decline of 0.25% [13]. - For stainless steel, on December 12th, the price of 304/2B (Wuxi Hongwang 2.0 coil) remained unchanged at 12800 yuan/ton, and the price of 304/2B (Foshan Hongwang 2.0 coil) increased by 50 yuan/ton to 12800 yuan/ton [15]. - For lithium carbonate, on December 12th, the average price of SMM battery - grade lithium carbonate increased by 800 yuan/ton to 93500 yuan/ton, with a rise of 0.86% [18]. Monthly Spread - For industrial silicon, the monthly spreads of contracts such as 2512 - 2601, 2601 - 2602, etc. changed significantly on December 11th [1]. - For polysilicon, the monthly spreads of contracts such as the main contract, the current month - the first continuous contract, etc. changed on December 11th [2]. - For aluminum alloy, the monthly spreads of contracts such as 2601 - 2602, 2602 - 2603, etc. changed on December 12th [3]. - For aluminum, the monthly spreads of contracts such as AL 2512 - 2601, AL 2601 - 2602, etc. changed on December 12th [4]. - For tin, the monthly spreads of contracts such as 2512 - 2601, 2601 - 2602, etc. changed on December 12th [6]. - For zinc, the monthly spreads of contracts such as 2512 - 2601, 2601 - 2602, etc. changed on December 12th [8]. - For copper, the monthly spreads of contracts such as 2512 - 2601, 2601 - 2602, etc. changed on December 12th [10]. - For nickel, the monthly spreads of contracts such as 2601 - 2602, 2602 - 2603, etc. changed on December 12th [13]. - For stainless steel, the monthly spreads of contracts such as 2601 - 2602, 2602 - 2603, etc. changed on December 12th [15]. - For lithium carbonate, the monthly spreads of contracts such as 2601 - 2602, 2601 - 2603, etc. changed on December 12th [18]. Fundamental Data - For industrial silicon, in November, the national industrial silicon output was 40.17 million tons, a decrease of 5.05 million tons compared to the previous month, with a decline of 11.17%. The开工 rate also decreased to varying degrees [1]. - For polysilicon, in November, the polysilicon output was 11.46 million tons, a decrease of 1.94 million tons compared to the previous month, with a decline of 14.48%. The import and export volumes also changed [2]. - For aluminum alloy, in November, the output of recycled aluminum alloy ingots was 68.20 million tons, a decrease of 3.7 million tons compared to the previous month, with a decline of 5.74%. The开工 rate increased to varying degrees [3]. - For aluminum, in November, the alumina output was 743.94 million tons, a decrease of 34.6 million tons compared to the previous month, with a decline of 4.44%. The output and开工 rate of electrolytic aluminum also changed [4]. - For tin, in October, the tin ore import was 11632 tons, an increase of 2918 tons compared to the previous month, with a rise of 33.49%. The output and import/export volumes of refined tin also changed [6]. - For zinc, in November, the refined zinc output was 59.52 million tons, a decrease of 2.20 million tons compared to the previous month, with a decline of 3.56%. The import and export volumes also changed [8]. - For copper, in November, the electrolytic copper output was 110.31 million tons, an increase of 1.15 million tons compared to the previous month, with a rise of 1.05%. The import volume decreased [10]. - For nickel, in November, the refined nickel output was 33345 tons, a decrease of 3453 tons compared to the previous month, with a decline of 9.38%. The import volume decreased significantly [13]. - For stainless steel, in November, the output of 300 - series stainless steel crude steel in China was 178.70 million tons, a decrease of 1.30 million tons compared to the previous month, with a decline of 0.72%. The import and export volumes and inventory also changed [15]. - For lithium carbonate, in November, the lithium carbonate output was 92350 tons, an increase of 3090 tons compared to the previous month, with a rise of 3.35%. The demand and inventory also changed [18]. Inventory Changes - For industrial silicon, the weekly factory - warehouse inventories in Xinjiang, Yunnan, and Sichuan increased slightly, and the weekly social inventory increased by 0.30 million tons to 56.10 million tons, with a rise of 0.54% [1]. - For polysilicon, the polysilicon inventory increased by 0.20 million tons to 29.30 million tons, and the silicon wafer inventory increased by 2.00 million GW to 23.30 million GW [2]. - For aluminum alloy, the weekly social inventory of recycled aluminum alloy ingots decreased by 0.10 million tons to 5.47 million tons, with a decline of 1.08% [3]. - For aluminum, the social inventory of Chinese electrolytic aluminum decreased by 1.20 million tons to 58.40 million tons, with a decline of 2.01% [4]. - For tin, the SHEF weekly inventory increased by 506 tons to 6865 tons, with a rise of 7.96%, and the social inventory increased by 187 tons to 8012 tons, with a rise of 2.39% [6]. - For zinc, the seven - region social inventory of Chinese zinc ingots decreased by 1.21 million tons to 12.82 million tons, with a decline of 8.62% [8]. - For copper, the domestic social inventory increased by 0.41 million tons to 16.30 million tons, with a rise of 2.58%, and the SHFE inventory decreased by 0.90 million tons to 8.89 million tons, with a decline of 9.22% [10]. - For nickel, the SHFE inventory increased by 1726 tons to 40782 tons, with a rise of 4.23%, and the social inventory increased by 1499 tons to 26848 tons, with a rise of 2.71% [13]. - For stainless steel, the 300 - series social inventory (Wuxi + Foshan) increased by 0.34 million tons to 49.54 million tons, with a rise of 0.69% [15]. - For lithium carbonate, in November, the total lithium carbonate inventory decreased by 19674 tons to 64560 tons, with a decline of 23.36% [18].

Report Industry Investment Ratings - No industry investment ratings are provided in the reports. Core Views Industrial Silicon - Industrial silicon spot prices are stable, while futures prices fluctuate and decline. The arbitrage window remains closed. In December, the supply - demand situation is expected to be weak. Although the output decline is adjusted downward, demand is also expected to fall. In the short term, prices will remain in a low - level oscillation, with the main price range shifting to 8,000 - 9,000 yuan/ton. Attention should be paid to the support at 8,000 yuan/ton and coal price changes [1]. Polysilicon - Although the futures price has risen, there is still no official announcement about the storage platform. After the storage platform is established, whether subsequent capacity acquisition and output regulation can be implemented will affect whether the industrial supply - demand can return to balance. Currently, the number of warehouse receipts is increasing. Polysilicon futures may still be in a high - level oscillation. Considering the weak demand, if there is no substantial production cut, the spot price has little upward momentum. It is recommended to wait and see [3]. Tin - Macro - sentiment is positive. The supply of tin ore remains tight, and the improvement in supply within the year is expected to be limited. The demand in the South China region shows certain resilience, while the demand in the East China region is more obviously suppressed. The tin price is expected to remain strong within the year. It is advisable to hold existing long positions and go long on dips [4]. Copper - The Fed has cut interest rates, and there is still a risk of structural imbalance in global inventories. Terminal demand is suppressed, and copper prices are oscillating at a high level. In the short term, the imbalance in supply and inventory drives the rapid increase in copper prices, and price fluctuations may intensify. In the long term, the supply - demand contradiction still exists, supporting the upward movement of the bottom center of copper prices [5]. Zinc - The Fed has cut interest rates as expected, and the export space has opened up, but spot transactions are average, and zinc prices are oscillating. Supply pressure has eased, and demand has improved. The short - term price has limited downward space. Refined zinc exports drive the spot market to tighten, boosting domestic zinc prices. In the future, the repair of the Shanghai - London ratio may drive zinc prices higher. Attention should be paid to the inflection point of TC and changes in refined zinc inventories [8]. Aluminum and Alumina - Alumina supply is in excess, and prices are expected to remain at the bottom and oscillate. The key to the market's rebound lies in the actual production cut scale and the inflection point of inventory. For electrolytic aluminum, in the short term, prices are expected to remain strong, but high prices will suppress terminal consumption, and there is a risk of a pull - back after a sharp rise. Attention should be paid to macro - expectations and inventory changes [10]. Nickel - The supply pressure is still strong, and the upward space is limited. Macro - sentiment has improved slightly. The spot transaction of refined nickel is okay. The price of nickel ore is stable, and the price of nickel iron has increased slightly. Stainless steel demand is weak, and the price of nickel sulfate has declined slightly. Overall, the price driver is weak after the valuation repair. In the short term, the market is expected to oscillate within a range [11]. Aluminum Alloy - The casting aluminum alloy market is oscillating strongly due to the game between strong cost support and weak demand. The cost is strongly supported by the shortage of scrap aluminum raw materials and the increase in the price of auxiliary materials. The demand is weak because high aluminum prices suppress downstream purchasing willingness. The price is expected to remain in a high - level narrow - range oscillation in the short term [14]. Stainless Steel - The stainless steel market is oscillating. Macro - factors are temporarily stable. The supply pressure has slightly eased, but the demand in the off - season is weak, and inventory reduction is difficult. In the short term, the market has a certain repair expectation, but the driving force is limited [18]. Lithium Carbonate - The lithium carbonate market is running strongly. The fundamentals remain in a situation of strong supply and demand. The output has increased slightly, and downstream demand is optimistic. However, there are issues such as the resumption of production by large manufacturers and the sustainability of off - season demand. The market is expected to oscillate widely [21]. Summary by Directory Industrial Silicon - **Spot Prices and Basis**: The prices of East China oxygen - permeable S15530 industrial silicon, East China SI4210 industrial silicon, and Xinjiang 99 - grade industrial silicon remained unchanged on December 10 compared with December 9. The basis of some varieties has changed significantly [1]. - **Monthly Spread**: The monthly spread of some contracts has changed significantly, such as the 2512 - 2601 contract with a 120% increase [1]. - **Fundamental Data (Monthly)**: National industrial silicon production decreased by 11.17%, and the production in some regions such as Yunnan and Sichuan decreased significantly. The production of organic silicon DMC increased by 3.82%, while the production of polysilicon decreased by 14.48% [1]. - **Inventory Changes**: Xinjiang factory - warehouse inventory increased by 2.82%, and social inventory increased by 1.45% [1]. Polysilicon - **Spot Prices and Basis**: The average prices of N - type re -投料 and N - type granular silicon remained unchanged. The N - type material basis decreased by 9.21% [3]. - **Futures Prices and Monthly Spread**: The main contract price increased by 0.55%. The monthly spread of some contracts has changed significantly, such as the 录月 - 连一 contract with a - 102.17% change [3]. - **Fundamental Data (Weekly and Monthly)**: Weekly polysilicon production increased by 7.50%, and monthly production decreased by 14.48%. The import and export volumes of polysilicon and silicon wafers have also changed [3]. - **Inventory Changes**: Polysilicon inventory increased by 3.56%, and silicon wafer inventory increased by 9.23% [3]. Tin - **Spot Prices and Basis**: The price of SMM 1 tin increased by 0.22%, and the LME 0 - 3 premium decreased by 10.87% [4]. - **Import - Export Parity and Ratio**: The import loss decreased by 2.15%, and the Shanghai - London ratio remained unchanged [4]. - **Monthly Spread**: The monthly spread of some contracts has changed, such as the 2512 - 2601 contract with a 35% increase [4]. - **Fundamental Data (Monthly)**: In October, tin ore imports increased by 33.49%, and SMM refined tin production increased by 53.09% [4]. - **Inventory Changes**: SHEF inventory increased by 7.96%, and LME inventory increased by 19.84% [4]. Copper - **Prices and Basis**: The price of SMM 1 electrolytic copper decreased by 0.56%, and the premium of some varieties has changed [5]. - **Import - Export Parity and Ratio**: The import loss decreased by 132.28 yuan/ton, and the Shanghai - London ratio increased by 0.16 [5]. - **Monthly Spread**: The monthly spread of some contracts has changed, such as the 2512 - 2601 contract with a 10 - yuan increase [5]. - **Fundamental Data**: In November, electrolytic copper production increased by 1.05%. The import volume of copper concentrate decreased by 0.26%, and the inventory of copper concentrate in domestic mainstream ports increased by 3.75% [5]. - **Inventory Changes**: Domestic social inventory increased by 0.82%, and SHFE inventory decreased by 9.22% [5]. Zinc - **Prices and Spreads**: The price of SMM 0 zinc ingot decreased by 0.52%, and the import loss decreased by 61.84 yuan/ton [8]. - **Monthly Spread**: The monthly spread of some contracts has changed, such as the 2512 - 2601 contract with a 50 - yuan increase [8]. - **Fundamental Data**: In November, refined zinc production decreased by 3.56%. The import volume decreased by 16.94%, and the export volume increased by 243.79% [8]. - **Inventory Changes**: The seven - region social inventory of zinc ingots in China decreased by 5.75%, and LME inventory increased by 2.84% [8]. Aluminum and Alumina - **Prices and Spreads**: The price of SMM A00 aluminum decreased by 0.50%, and the price of alumina in some regions remained unchanged [10]. - **Import - Export Parity and Ratio**: The import loss of electrolytic aluminum decreased by 76.1 yuan/ton, and the Shanghai - London ratio increased by 0.02 [10]. - **Monthly Spread**: The monthly spread of some contracts has changed, such as the AL 2512 - 2601 contract with a 35 - yuan decrease [10]. - **Fundamental Data**: In November, alumina production decreased by 4.44%, and domestic electrolytic aluminum production decreased by 2.82% [10]. - **Inventory Changes**: The social inventory of Chinese electrolytic aluminum decreased by 0.17%, and LME inventory decreased by 0.48% [10]. Nickel - **Prices and Basis**: The price of SMM 1 electrolytic nickel decreased by 1.00%, and the premium of 1 Jinchuan nickel increased by 3.06% [11]. - **Cost of Electrowinning Nickel**: The cost of some electrowinning nickel production methods has changed, such as the cost of integrated MHP production of electrowinning nickel increasing by 0.19% [11]. - **New Energy Material Prices**: The average price of battery - grade lithium carbonate increased by 0.95%, and the average price of battery - grade nickel sulfate decreased by 0.04% [11]. - **Monthly Spread**: The monthly spread of some contracts has changed, such as the 2601 - 2602 contract with a 120 - yuan increase [11]. - **Supply - Demand and Inventory**: Chinese refined nickel production decreased by 9.38%, and the import volume decreased by 65.66%. SHFE inventory increased by 4.23% [11]. Aluminum Alloy - **Prices and Spreads**: The price of SMM aluminum alloy ADC12 decreased by 0.46%, and the refined - scrap price difference of some varieties has changed [14]. - **Monthly Spread**: The monthly spread of some contracts has changed, such as the 2601 - 2602 contract with a 20 - yuan decrease [14]. - **Fundamental Data**: In November, the production of recycled aluminum alloy ingots increased by 5.74%, and the production of primary aluminum alloy ingots increased by 5.84% [14]. - **Inventory Changes**: The weekly social inventory of recycled aluminum alloy ingots decreased by 0.54% [14]. Stainless Steel - **Prices and Spreads**: The price of 304/2B (Wuxi Hongwang 2.0 roll) remained unchanged, and the futures - spot price difference decreased by 11.70% [18]. - **Raw Material Prices**: The price of 8 - 12% high - nickel pig iron increased by 0.11%, and the price of Wenzhou 304 scrap stainless steel increased by 0.55% [18]. - **Monthly Spread**: The monthly spread of some contracts has changed, such as the 2601 - 2602 contract with a 70 - yuan decrease [18]. - **Fundamental Data**: The production of 300 - series stainless steel crude steel in China decreased by 0.72%, and the export volume decreased by 14.43% [18]. - **Inventory Changes**: The 300 - series social inventory (Wuxi + Foshan) decreased by 2.06%, and SHFE warehouse receipts decreased by 0.09% [18]. Lithium Carbonate - **Prices and Basis**: The average price of SMM battery - grade lithium carbonate decreased by 0.05%, and the average price of lithium spodumene concentrate increased by 1.12% [21]. - **Monthly Spread**: The monthly spread of some contracts has changed, such as the 2601 - 2602 contract with a 140 - yuan increase [21]. - **Fundamental Data**: In November, lithium carbonate production increased by 3.35%, and the demand increased by 5.11% [21]. - **Inventory Changes**: In November, the total inventory of lithium carbonate decreased by 23.36%, and the inventory of downstream enterprises decreased by 21.13% [21].

Group 1: Report Industry Investment Rating - No information provided in the given content Group 2: Core Views of the Report - Overnight, copper prices at home and abroad fluctuated weakly. Before the Fed's interest - rate meeting, the market remained cautious. Although a December rate cut has reached a consensus, the future rate - cut path and how the Fed replenishes market liquidity are the focus. With the LME inventory problem hard to solve, the market sentiment may keep copper prices high and even make them continue to strengthen, so a prudent and optimistic outlook is held [1]. - Overnight, alumina and Shanghai aluminum fluctuated weakly, while aluminum alloy fluctuated strongly. After the end of environmental inspections in the north, domestic mines resumed production, and ore supply increased. Alumina supply remained high, and inventory pressure continued to build. Affected by macro - sentiment and copper prices, aluminum followed the upward trend and hit a new high. The end - of - year demand did not decline significantly, and the seasonal pressure on aluminum ingot shipments in Xinjiang helped extend the destocking cycle. Currently, the upward strength of aluminum prices is weakening, and attention should be paid to downstream high - price stocking sentiment [1][2]. - Overnight, LME nickel fell 0.57% to $14,885 per ton, and Shanghai nickel fell 0.19% to 117,800 yuan per ton. The LME nickel inventory increased, and the SHFE nickel warehouse receipts decreased. The nickel - iron price center moved up, and the raw - material support strengthened marginally, but the price upside was limited. In the new - energy industry chain, the raw - material supply was tight, but the output of ternary precursors decreased in December, and the finished - product side was under pressure. In the short term, nickel may still fluctuate, and attention should be paid to macro and overseas industrial - policy changes [2]. Group 3: Summary by Relevant Catalogs 1. Research Views - **Copper**: Macro factors include the Fed's rate - policy stance and China's economic - policy orientation. LME copper inventory increased by 2,000 tons to 164,550 tons, COMEX copper warehouse receipts increased by 2,410 tons to 398,720 tons, and SHFE copper warehouse receipts decreased by 980 tons to 29,956 tons. The market is cautious before the Fed's meeting, but LME inventory issues may support high copper prices [1]. - **Aluminum**: Overnight, AO2601 closed at 2,574 yuan per ton, down 0.27%, and AL2601 closed at 22,120 yuan per ton, down 0.11%. AD2601 closed at 21,060 yuan per ton, up 0.07%. The SMM alumina price dropped to 2,809 yuan per ton, and the aluminum - ingot spot discount widened. After the end of environmental inspections, ore supply increased, and alumina supply remained high. Aluminum prices followed the upward trend but may face downward pressure [1][2]. - **Nickel**: LME nickel fell 0.57% to $14,885 per ton, and Shanghai nickel fell 0.19% to 117,800 yuan per ton. The LME nickel inventory increased by 228 tons to 253,344 tons, and the SHFE warehouse receipts decreased by 264 tons to 34,500 tons. The nickel - iron price center moved up, and the new - energy industry chain faced some pressure. In the short term, nickel may fluctuate [2]. 2. Daily Data Monitoring - **Copper**: The price of flat - water copper increased by 710 yuan per ton, and the flat - water copper premium decreased by 45 yuan per ton. The price of 1 bright scrap copper in Guangdong increased by 1,500 yuan per ton. LME copper inventory increased by 2,000 tons, SHFE copper warehouse receipts decreased by 980 tons, and the total domestic + bonded - area social inventory decreased by 0.4 million tons [4]. - **Lead**: The average price of 1 lead remained unchanged at 17,310 yuan per ton, and the 1 lead - ingot premium in East China increased by 5 yuan per ton. The price of lead concentrates at some locations increased by 100 yuan per ton. The LME lead inventory remained unchanged, and the SHFE lead warehouse receipts decreased by 547 tons [4]. - **Aluminum**: The Wuxi and Nanhai aluminum prices increased, and the Nanhai - Wuxi price difference decreased by 10 yuan per ton. The aluminum - alloy ADC12 price in South China increased by 200 yuan per ton. The LME aluminum inventory decreased by 2,500 tons, and the total SHFE aluminum inventory decreased by 8,439 tons. The alumina social inventory increased by 1 million tons [5]. - **Nickel**: The price of Jinchuan nickel plate increased by 425 yuan per ton. The LME nickel inventory increased by 126 tons, and the SHFE nickel warehouse receipts increased by 2,501 tons. The stainless - steel warehouse receipts decreased by 253 tons, and the nickel social inventory increased by 3,090 tons [5]. - **Zinc**: The main - contract settlement price increased by 0.4% to 22,840 yuan per ton. The LME zinc inventory remained unchanged, and the social inventory decreased by 0.36 million tons. The active - contract import loss decreased [7]. - **Tin**: The main - contract settlement price increased by 2.9% to 318,380 yuan per ton. The LME tin price decreased by 2.1% to $27,540 per ton. The SHFE tin inventory increased by 130 tons, and the active - contract import loss decreased [7]. 3. Chart Analysis - **3.1 Spot Premium**: Charts show the spot premiums of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [9][11][12] - **3.2 SHFE Near - Far Month Spread**: Charts display the near - far month spreads of copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [13][17][18] - **3.3 LME Inventory**: Charts present the LME inventories of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [20][22][24] - **3.4 SHFE Inventory**: Charts show the SHFE inventories of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [26][28][30] - **3.5 Social Inventory**: Charts display the social inventories of copper (including bonded areas), aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [32][34][36] - **3.6 Smelting Profit**: Charts present the copper - concentrate index, rough - copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit rate from 2019 - 2025 [39][41][43] 4. Non - Ferrous Metals Team Introduction - Zhan Dapeng, a master of science, is the director of non - ferrous research at Everbright Futures Research Institute, a senior precious - metals researcher, and has multiple professional titles. He has over a decade of commodity - research experience, serves many leading spot enterprises, and has published many professional articles. His team has won multiple awards [46]. - Wang Heng, a master of finance from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures Research Institute, focusing on aluminum and silicon research [46]. - Zhu Xi, a master of science from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures Research Institute, focusing on lithium and nickel research [47].

1. Investment Ratings - No investment ratings for the industries are provided in the reports. 2. Core Views Tin - Considering the strong fundamentals, tin prices are expected to remain strong within the year. It is recommended to maintain a bullish view on tin prices, hold existing long positions, and consider buying on dips. Keep an eye on macro - level changes and supply - side dynamics [1]. Nickel - Macro conditions are temporarily stable. After the valuation of nickel prices is repaired, the price drivers weaken. With the decline of the nickel ore benchmark price in Indonesia and the accelerating inventory accumulation in China, the medium - term fundamentals are loose, restricting the upside potential of prices. In the short term, the market is expected to fluctuate within a range, with the main contract reference range of 116,000 - 120,000. Pay attention to macro expectations and Indonesian industrial policy news [3]. Stainless Steel - Macro conditions are temporarily stable, and the supply pressure eases slightly. However, demand is weak in the off - season, and inventory reduction is difficult. In the short term, there is an expectation of price repair due to low valuation and improved market sentiment, but the driving force is limited. The market is expected to fluctuate and adjust, with the main contract reference range of 12,400 - 12,800. Follow up on the implementation of steel mill production cuts and nickel - iron transactions [5]. Lithium Carbonate - Last week, the center of the lithium carbonate futures price moved down, with large intraday fluctuations and increased market divergence. The fundamentals remain generally stable with strong supply and demand. The market is expected to be weak and fluctuate in the short term, with the main contract reference range of 90,000 - 95,000. Pay attention to the resumption of production by large manufacturers and the sustainability of off - season demand [7]. Industrial Silicon - The market is expected to maintain a weak supply - demand situation in December. Industrial silicon prices are expected to fluctuate at a low level, with the main price range of 8,500 - 9,500 yuan/ton. Consider buying on dips if the price falls to 8,500 - 8,700 yuan/ton [9]. Polysilicon - The current contradiction lies between the strong futures market with low warehouse receipts and the weak spot market with oversupply. Polysilicon futures may continue to fluctuate at a high level, but considering the weak demand, the probability of price decline is high. It is recommended to wait and see, and those with short positions can hold them [11]. Zinc - As TC gradually declines, smelting profits are compressed, and production is limited. The opening of the zinc ingot export space eases the domestic supply pressure, and the demand side shows structural improvement. In the short term, the downside space of zinc prices is limited, and the Shanghai zinc price may be stronger than the London zinc price. Pay attention to the TC inflection point and refined zinc inventory changes, with the main contract reference range of 22,500 - 23,500 [13]. Copper - The high copper price is mainly driven by supply and inventory imbalances. In the short term, the price may fluctuate sharply, and in the medium - to - long term, the supply - demand contradiction will support the price to gradually move up. Pay attention to the structural changes in domestic and overseas inventories and the risk of cornering the market, with the main contract reference range of 90,000 - 91,000 [15]. Alumina - The oversupply situation of alumina remains unchanged, and the price is expected to remain at the bottom and fluctuate. The key to a market rebound lies in the actual production cuts of enterprises and the inflection point of inventory, with the main contract reference range of 2,550 - 2,800 yuan/ton [17]. Aluminum - The electrolytic aluminum market is expected to remain strong in the short term, but there is a risk of a pull - back after the price rises. Pay attention to the Fed's interest - rate decision and the actual inventory reduction in China, with the main contract reference range of 21,700 - 22,500 yuan/ton [17]. Aluminum Alloy - The casting aluminum alloy market is expected to fluctuate narrowly at a high level in the short term. The ADC12 price has limited downside space due to cost support, but high inventory and high prices restrict upward breakthroughs. Pay attention to the improvement of scrap aluminum supply and downstream procurement rhythm, with the main contract reference range of 20,800 - 21,600 yuan/ton [18]. 3. Summary by Directory Tin - **Spot Prices and Basis**: SMM 1 tin price decreased by 0.88% to 314,800 yuan/ton, and SMM 1 tin premium decreased by 75% to 50 yuan/ton [1]. - **Internal - External Price Ratio and Import Profit/Loss**: The import loss improved by 4.56% to - 16,618.50 yuan/ton, and the Shanghai - London ratio was 7.87 [1]. - **Monthly Spread**: The spread between 2512 - 2601 contracts increased by 22.54% to - 550 [1]. - **Fundamental Data**: In October, tin ore imports increased by 33.49%, SMM refined tin production increased by 53.09%, and refined tin imports decreased by 58.55% [1]. - **Inventory Changes**: SHEF weekly inventory increased by 7.96%, and social inventory increased by 2.39% [1]. Nickel - **Prices and Basis**: SMM 1 electrolytic nickel price decreased by 0.29% to 120,050 yuan/ton [3]. - **Electrolytic Nickel Production Cost**: The cost of integrated MHP - produced electrolytic nickel increased by 0.19% to 111,026 yuan/ton [3]. - **New Energy Material Prices**: The average price of battery - grade nickel sulfate decreased by 0.04% to 27,530 yuan/ton [3]. - **Monthly Spread**: The spread between 2601 - 2602 contracts increased by 20 to - 160 yuan/100 [3]. - **Supply - Demand and Inventory**: China's refined nickel production decreased by 9.38%, and SHFE inventory increased by 4.23% [3]. Stainless Steel - **Prices and Basis**: The price of 304/2B (Foshan Hongwang 2.0 coil) increased by 0.40% to 12,700 yuan/ton [5]. - **Raw Material Prices**: The average price of Philippine laterite nickel ore (1.5%, CIF) remained unchanged at 57 US dollars/wet ton [5]. - **Monthly Spread**: The spread between 2601 - 2602 contracts increased by 5 to - 90 yuan/ton [5]. - **Fundamental Data**: China's 300 - series stainless steel crude steel production decreased by 0.72% to 178.70 million tons [5]. Lithium Carbonate - **Prices and Basis**: SMM battery - grade lithium carbonate average price decreased by 0.80% to 93,250 yuan/ton [7]. - **Monthly Spread**: The spread between 2512 - 2601 contracts increased by 1,500 to - 80 yuan/ton [7]. - **Fundamental Data**: In November, lithium carbonate production increased by 3.35%, and demand increased by 5.11% [7]. - **Inventory**: In November, total lithium carbonate inventory decreased by 23.36% [7]. Industrial Silicon - **Spot Prices and Main Contract Basis**: The price of East China oxygen - containing SI5530 industrial silicon remained unchanged at 9,450 yuan/ton [9]. - **Monthly Spread**: The spread between 2512 - 2601 contracts increased by 105 to 155 [9]. - **Fundamental Data (Monthly)**: National industrial silicon production decreased by 11.17% to 40.17 million tons [9]. Polysilicon - **Spot Prices and Main Contract Basis**: The average price of N - type re -投料 remained unchanged at 52,300 yuan/kg [11]. - **Futures Prices and Monthly Spread**: The main contract price decreased by 2.47% to 55,510 [11]. - **Fundamental Data (Weekly and Monthly)**: Weekly polysilicon production increased by 7.50% to 2.58 million tons, and monthly production decreased by 14.48% to 11.46 million tons [11]. - **Inventory Changes**: Polysilicon inventory increased by 3.56% to 29.10 million tons [11]. Zinc - **Prices and Basis**: SMM 0 zinc ingot price increased by 0.61% to 23,130 yuan/ton [13]. - **Monthly Spread**: The spread between 2512 - 2601 contracts increased by 5 to - 40 yuan/ton [13]. - **Fundamental Data**: In November, refined zinc production decreased by 3.56% to 59.52 million tons [13]. - **Inventory**: China's zinc ingot seven - region social inventory decreased by 5.27% to 14.03 million tons [13]. Copper - **Prices and Basis**: SMM 1 electrolytic copper price increased by 0.37% to 91,282 yuan/ton [15]. - **Monthly Spread**: The spread between 2512 - 2601 contracts decreased by 40 to - 60 yuan/ton [15]. - **Fundamental Data**: In November, electrolytic copper production increased by 1.05% to 110.31 million tons [15]. - **Inventory**: Domestic social inventory decreased by 8.41% to 15.89 million tons [15]. Alumina - **Prices and Spread**: SMM A00 aluminum price increased by 0.32% to 22,090 yuan/ton [17]. - **Monthly Spread**: The spread between AL 2512 - 2601 contracts decreased by 10 to - 15 yuan/ton [17]. - **Fundamental Data**: In November, alumina production decreased by 4.44% to 743.94 million tons [17]. - **Inventory**: National alumina explicit inventory continued to accumulate [17]. Aluminum Alloy - **Prices and Spread**: SMM aluminum alloy ADC12 price remained unchanged at 21,700 yuan/ton [18]. - **Monthly Spread**: The spread between 2601 - 2602 contracts increased by 5 to - 50 yuan/ton [18]. - **Fundamental Data**: In November, recycled aluminum alloy ingot production increased by 5.74% to 68.20 million tons [18]. - **Inventory**: Recycled aluminum alloy weekly social inventory decreased by 0.54% to 5.53 million tons [18].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - For copper, with the approaching Fed interest - rate meeting likely to continue the rate - cut rhythm and China's year - end economic meeting expected to release clearer policy signals, the sentiment is slightly positive. The expected reduction in production due to tight mine supply and the tightening of spot supply support copper prices to reach new historical highs. In the short term, copper prices may rise further under the expectation of policy easing [5]. - For aluminum, with the domestic aluminum ingot inventory decreasing, the high premium of US spot aluminum, the continuous decrease of LME aluminum ingot inventory at a relatively low level, combined with supply disruptions, stable downstream operating rates, and the rise of copper prices, aluminum prices may strengthen further [8]. - For lead, the port inventory of lead ore is decreasing marginally, and the factory inventory is accumulating normally. The operating rates of primary and recycled lead are rising, and the downstream battery enterprises' operating rate is also increasing. Although the smelter's factory inventory is rising, the domestic social inventory of lead ingots has decreased to a low level, and the deliverable products in circulation are relatively scarce. In the short term, lead prices are expected to be strong [10]. - For zinc, in the medium term, the good profits of zinc mines will turn into a definite increase in supply, and the oversupply cycle of the zinc industry remains unchanged, so the upward space is expected to be limited. In the short term, with the supply of zinc ore and zinc ingots narrowing and the positive atmosphere in the non - ferrous sector, zinc prices are expected to follow copper and aluminum to run strongly after breaking through the pressure level [12]. - For tin, although the current demand in the tin market is weak, the bargaining power is limited due to the low downstream inventory. Supply disruptions are the determining factor for short - term prices, so the probability of short - term tin price increase is high [13]. - For nickel, the oversupply pressure of nickel remains large, but with the stabilization of ferronickel prices and the warming of the macro - atmosphere, nickel prices may turn to a volatile trend in the short term. It is recommended to wait and see in the short term [16]. - For lithium carbonate, the supply - demand mismatch in the domestic lithium carbonate market has not been reversed. The market's concerns about the sustainability of lithium mica production have been digested. The supply is less likely to have additional reduction, and the expectation of good consumption is strengthening. In the short term, the futures price is expected to fluctuate within a range [20]. - For alumina, after the rainy season, the shipment will gradually resume, and the ore price is expected to decline. The over - capacity pattern in the alumina smelting end is difficult to change in the short term, and the inventory accumulation trend continues. However, the current price is close to the cost line of most manufacturers, and the expectation of subsequent production reduction is strengthening. It is recommended to wait and see in the short term [23]. - For stainless steel, although the sales improved in November, the high inventory pressure is still significant. The focus of the market should be on the actual implementation of steel mill production cuts. If the supply can be effectively controlled and the production cut intensity increases, or combined with positive policy signals and the release of downstream low - level restocking demand, it is expected to break the current supply - demand deadlock [26]. - For cast aluminum alloy, the cost price is relatively firm, and the policy continues to disrupt the supply side, so there is strong support at the bottom. However, the demand is relatively unstable and the delivery pressure forms an upper - level suppression. In the short term, the price may continue to fluctuate with aluminum prices [29]. Summary by Metals Copper - **Market Information**: On Friday, the domestic equity market strengthened, and copper prices continued to rise. LME copper 3M contract rose 2.02% to $11,665/ton, and SHFE copper main contract closed at 92,380 yuan/ton. LME copper inventory decreased by 275 tons to 162,550 tons, the proportion of cancelled warrants declined, and the Cash/3M premium fell to $23/ton. The weekly inventory of SHFE decreased by 0.9 tons to 8.9 tons, and the daily warehouse receipts decreased by 0.1 tons to 3.1 tons. The spot premium in Shanghai was stable at 170 yuan/ton, and the market supply was tight. The inventory in Guangdong increased, and the spot premium rose to 85 yuan/ton. The domestic copper spot import loss was about 1,300 yuan/ton, and the refined - scrap price difference was 5,510 yuan/ton [4]. - **Strategy**: The expected reduction in production due to tight mine supply and the tightening of spot supply support copper prices to reach new historical highs. In the short term, copper prices may rise further under the expectation of policy easing. The reference range for SHFE copper main contract is 91,000 - 93,000 yuan/ton, and for LME copper 3M is $11,400 - $11,800/ton [5]. Aluminum - **Market Information**: On Friday, precious metals and non - ferrous metals were strong, and aluminum prices rose. LME aluminum rose 0.45% to $2,900/ton, and SHFE aluminum main contract closed at 22,165 yuan/ton. The open interest of SHFE aluminum weighted contract increased significantly by 42,000 to 727,124 lots. The domestic inventory of aluminum ingots in three regions decreased, and the inventory of aluminum rods in two regions also decreased. The processing fee of aluminum rods continued to decline, and the market buying sentiment was weak. The spot of electrolytic aluminum in East China was at a discount of 80 yuan/ton to the futures, and the trading sentiment was light. The LME aluminum inventory decreased by 0.3 tons to 528,300 tons, the proportion of cancelled warrants declined, and the Cash/3M remained at a discount [7]. - **Strategy**: With the domestic aluminum ingot inventory decreasing, the high premium of US spot aluminum, the continuous decrease of LME aluminum ingot inventory at a relatively low level, combined with supply disruptions, stable downstream operating rates, and the rise of copper prices, aluminum prices may strengthen further. The reference range for SHFE aluminum main contract is 22,000 - 22,400 yuan/ton, and for LME aluminum 3M is $2,870 - $2,930/ton [8]. Lead - **Market Information**: On Friday, the SHFE lead index rose 0.33% to 17,298 yuan/ton, and the total open interest for unilateral trading was 80,900 lots. As of 15:00 on Friday, LME lead 3S rose $12.5 to $2,017.5/ton, and the total open interest was 174,500 lots. The average price of SMM1 lead ingot was 17,175 yuan/ton, the average price of recycled refined lead was 17,125 yuan/ton, and the refined - scrap price difference was 50 yuan/ton. The inventory of lead ingots in SHFE was 16,078 tons, the domestic primary basis was - 105 yuan/ton, and the spread between continuous contracts and the first - month contract was - 10 yuan/ton. The LME lead ingot inventory was 243,550 tons, and the cancelled warrants were 119,225 tons. The basis of the outer - market cash - 3S contract was - 49.15 dollars/ton, and the 3 - 15 spread was - 91.5 dollars/ton. The ex - exchange ratio of the SHFE and LME lead was 1.215, and the import profit and loss of lead ingots was 157.21 yuan/ton. According to Steel Union data, the domestic social inventory decreased to 21,600 tons [9]. - **Strategy**: The port inventory of lead ore is decreasing marginally, and the factory inventory is accumulating normally. The operating rates of primary and recycled lead are rising, and the downstream battery enterprises' operating rate is also increasing. Although the smelter's factory inventory is rising, the domestic social inventory of lead ingots has decreased to a low level, and the deliverable products in circulation are relatively scarce. In the short term, lead prices are expected to be strong [10]. Zinc - **Market Information**: On Friday, the SHFE zinc index rose 1.87% to 23,311 yuan/ton, and the total open interest for unilateral trading was 208,060 lots. As of 15:00 on Friday, LME zinc 3S rose $56 to $3,116.5/ton, and the total open interest was 221,900 lots. The average price of SMM0 zinc ingot was 23,130 yuan/ton, the Shanghai basis was 75 yuan/ton, the Tianjin basis was - 55 yuan/ton, the Guangdong basis was - 45 yuan/ton, and the Shanghai - Guangdong spread was 120 yuan/ton. The inventory of zinc ingots in SHFE was 60,729 tons, the domestic Shanghai basis was 75 yuan/ton, and the spread between continuous contracts and the first - month contract was - 40 yuan/ton. The LME zinc ingot inventory was 55,375 tons, and the cancelled warrants were 5,075 tons. The basis of the outer - market cash - 3S contract was 163 dollars/ton, and the 3 - 15 spread was 61.01 dollars/ton. The ex - exchange ratio of the SHFE and LME zinc was 1.062, and the import profit and loss of zinc ingots was - 4,383 yuan/ton. According to Shanghai Non - ferrous data, the social inventory of zinc ingots decreased by 4,000 tons to 140,300 tons [11]. - **Strategy**: In the medium term, the good profits of zinc mines will turn into a definite increase in supply, and the oversupply cycle of the zinc industry remains unchanged, so the upward space is expected to be limited. In the short term, with the supply of zinc ore and zinc ingots narrowing and the positive atmosphere in the non - ferrous sector, zinc prices are expected to follow copper and aluminum to run strongly after breaking through the pressure level [12]. Tin - **Market Information**: On December 5, 2025, the closing price of SHFE tin main contract was 316,230 yuan/ton, a 0.10% decrease from the previous day. The registered warehouse receipts in SHFE increased by 185 tons to 6,576 tons. In terms of supply, the import of tin concentrate in China increased significantly in October, and the shortage of raw material supply was slightly alleviated. However, the conflict in the Democratic Republic of the Congo has worsened recently, disturbing tin ore transportation, and the market's concerns have increased. Media reported that the northern region of Nigeria will suspend all mining activities for six months. If implemented, it may further widen the supply gap of domestic tin ore. Historically, Nigeria exports about 700 metal tons of tin ore to China per month, accounting for about 4 - 5% of China's monthly tin production [13]. - **Strategy**: Although the current demand in the tin market is weak, the bargaining power is limited due to the low downstream inventory. Supply disruptions are the determining factor for short - term prices, so the probability of short - term tin price increase is high. It is recommended to go long at an appropriate time. The reference range for the domestic main contract is 300,000 - 340,000 yuan/ton, and for overseas LME tin is $40,000 - $44,000/ton [13]. Nickel - **Market Information**: On Friday, nickel prices fluctuated within a narrow range. The SHFE nickel main contract closed at 117,790 yuan/ton, a 0.03% increase from the previous day. In the spot market, the premiums of various brands were stable. The average premium of Russian nickel to the near - month contract was 400 yuan/ton, unchanged from the previous day, and the average premium of Jinchuan nickel was 4,900 yuan/ton, a 50 - yuan increase from the previous day. In terms of cost, nickel ore prices were stable. The ex - factory price of 1.6% - grade Indonesian domestic laterite nickel ore was $52.02/wet ton, and the ex - factory price of 1.2% - grade Indonesian domestic laterite nickel ore was $23/wet ton, both unchanged from the previous day. The CIF price of 1.5% - grade nickel ore from the Philippines was $52.7/ton, unchanged from the previous week. The decline of ferronickel prices slowed down, and the ex - factory price of domestic high - nickel pig iron was 881 yuan/nickel point, with the average price unchanged from the previous day [15]. - **Strategy**: The oversupply pressure of nickel remains large, but with the stabilization of ferronickel prices and the warming of the macro - atmosphere, nickel prices may turn to a volatile trend in the short term. It is recommended to wait and see in the short term and make a decision after the ferronickel prices stabilize. The reference range for SHFE nickel prices is 113,000 - 118,000 yuan/ton, and for LME nickel 3M contract is $13,500 - $15,500/ton [16]. Lithium Carbonate - **Market Information**: On December 5, the evening quotation of the Wuganglian Lithium Carbonate Spot Index (MMLC) was 90,669 yuan, a 0.11% decrease from the previous working day and a 2.89% decrease within the week. The quotation of MMLC battery - grade lithium carbonate was 90,200 - 91,600 yuan, with the average price decreasing by 100 yuan (- 0.11%) from the previous working day. The quotation of industrial - grade lithium carbonate was 89,200 - 89,700 yuan, with the average price decreasing by 0.11% from the previous day. The closing price of the LC2601 contract was 92,160 yuan, a 1.64% decrease from the previous closing price and a 4.42% decrease within the week. The average premium of battery - grade lithium carbonate in the trading market was - 2,000 yuan. The CIF quotation of SMM Australian imported SC6 lithium concentrate was $1,135 - $1,180/ton, with the average price decreasing by 1.49% from the previous day and 4.93% within the week [19]. - **Strategy**: The supply - demand mismatch in the domestic lithium carbonate market has not been reversed. The market's concerns about the sustainability of lithium mica production have been digested. The supply is less likely to have additional reduction, and the expectation of good consumption is strengthening. In the short term, the futures price is expected to fluctuate within a range. The reference range for the main contract of Guangzhou Futures Exchange lithium carbonate is 95,980 - 98,860 yuan/ton [20]. Alumina - **Market Information**: On December 5, 2025, as of 15:00, the alumina index decreased by 1.99% to 2,607 yuan/ton, and the total open interest for unilateral trading was 673,000 lots, an increase of 21,000 lots from the previous trading day. In terms of basis, the spot price in Shandong decreased by 15 yuan/ton to 2,740 yuan/ton, with a premium of 160 yuan/ton to the 01 contract. Overseas, the MYSTEEL Australian FOB price remained at $312/ton, and the import profit and loss was - 3 yuan/ton. In terms of futures inventory, the futures warehouse receipts on Friday were 253,300 tons, unchanged from the previous trading day. In the ore end, the CIF price in Guinea remained at $70.5/ton, and the CIF price in Australia remained at $68/ton [22]. - **Strategy**: After the rainy season, the shipment will gradually resume, and the ore price is expected to decline. The over - capacity pattern in the alumina smelting end is difficult to change in the short term, and the inventory accumulation trend continues. However, the current price is close to the cost line of most manufacturers, and the expectation of subsequent production reduction is strengthening. It is recommended to wait and see in the short term. The reference range for the domestic main contract AO2601 is 2,450 - 2,700 yuan/ton, and attention should be paid to supply - side policies, Guinea's ore policies, and the Fed's monetary policy [23]. Stainless Steel - **Market Information**: At 15:00 on Friday, the stainless - steel main contract closed at 12,500 yuan/ton, a 0.60% increase (+ 75) on the day, and the unilateral open interest was 202,700 lots, a decrease of 4,455 lots from the previous trading day. In the spot market, the price of Delong 304 cold - rolled coil in Foshan market was 12,600 yuan/ton, an increase of 50