Report Investment Ratings No investment ratings for the industry are provided in the report. Core Views The report offers trend judgments and analysis on various commodities, including gold, silver, copper, zinc, etc., based on their respective fundamentals and market news. For example, gold is affected by rising interest - rate cut expectations, while copper is supported by high long - term premium expectations [2][6][10]. Summary by Category Precious Metals - **Gold**: Rising interest - rate cut expectations [2][6] - **Silver**: Oscillating and adjusting [2] Base Metals - **Copper**: High long - term premium expectations support prices. The global copper market is expected to face a supply shortage in 2026 [2][10][12] - **Zinc**: Oscillating weakly [2][13] - **Lead**: Reduced inventory supports prices [2][17] - **Tin**: Supply is disrupted again [2][19] - **Aluminum**: Ranging within a certain interval [2][23] - **Alumina**: Rebounding from a low level [2][23] - **Cast Aluminum Alloy**: Following the trend of electrolytic aluminum [2][23] - **Nickel**: The inventory accumulation pace has slightly slowed down, with short - term disturbances from macro and news factors [2][26] - **Stainless Steel**: Steel prices are under pressure and oscillating at a low level, but the downside is limited [2][26] Energy Metals - **Lithium Carbonate**: The resumption of production by large manufacturers and less - than - expected inventory reduction put pressure on the upside [2][31] Industrial Metals - **Industrial Silicon**: Mainly oscillating within a range [2][34] - **Polysilicon**: Attention should be paid to the position of the 2512 contract [2][35] Ferrous Metals - **Iron Ore**: Limited downstream demand and over - valued [2][38] - **Rebar**: Widely oscillating [2][40] - **Hot - Rolled Coil**: Widely oscillating [2][41] - **Silicon Ferrosilicon**: Widely oscillating due to market sentiment disturbances [2][45] - **Manganese Ferrosilicon**: Widely oscillating with firm ore prices [2][45] - **Coke**: Widely oscillating [2][49] - **Coking Coal**: Widely oscillating [2][49] Forest Products - **Log**: Weakly oscillating [2][51] Chemicals - **Para - Xylene**: Showing a weakening trend [2][55] - **PTA**: Showing a weakening trend [2][55] - **MEG**: Hold a long MEG and short PX position [2][55] - **Rubber**: Oscillating strongly [2][61] - **Synthetic Rubber**: Oscillating with fundamental pressure but valuation support [2][65] - **Asphalt**: Rising production and accelerating inventory reduction in the north [2][69] - **LLDPE**: Positive basis and still abundant supply [2][79] - **PP**: Do not chase short - term short positions, but there is still medium - term pressure [2][82] - **Caustic Soda**: Still under pressure [2][86] - **Pulp**: Oscillating [2][92] - **Glass**: Stable prices of raw sheets [2][99] - **Methanol**: Continuing the short - term rebound pattern [2][102] - **Urea**: Ranging, mainly following spot market sentiment during the day [2][107] - **Styrene**: Oscillating in the short term [2][110] - **Soda Ash**: Little change in the spot market [2][113] Energy - **LPG**: Strong external market and decent demand [2][116] - **Propylene**: Weakening demand support and limited upward driving force [2][117] Plastics - **PVC**: Oscillating at a low level [2][127] Fuels - **Fuel Oil**: Oscillating and consolidating, with short - term fluctuations narrowing [2][128] - **Low - Sulfur Fuel Oil**: Continuing the adjustment trend, with a slight rebound in the price difference between high - and low - sulfur fuels in the external spot market [2][128] Shipping - **Container Freight Index (European Line)**: Oscillating at a low level [2][130] Fibers - **Staple Fiber**: Oscillating in the short term and under pressure in the medium term [2][143] - **Bottle Chip**: Oscillating in the short term and under pressure in the medium term [2][143] Paper - **Offset Printing Paper**: Oscillating at a low level [2][146] Aromatics - **Pure Benzene**: Mainly oscillating in the short term [2][151] Oils and Fats - **Palm Oil**: Reduced trading on high - yield margins and a technical rebound [2][155] - **Soybean Oil**: Ranging within a certain interval [2][155] Grains and Oilseeds - **Soybean Meal**: The US soybean market is closed for Thanksgiving, lacking guidance [2][162] - **Soybean**: Stable spot prices and oscillating futures prices [2][163] - **Corn**: Oscillating strongly [2][166] Sweeteners - **Sugar**: Ranging and consolidating [2][170] Textiles - **Cotton**: Pay attention to the trend of the spot basis [2][175] Livestock and Poultry - **Egg**: Increased elimination volume and expected support [2][180] - **Pig**: Position - limit policies drive the divergence between near - term futures and spot prices [2][182] Nuts - **Peanut**: Pay attention to the spot market [2][186]

今日周五(11月28日)亚盘时段，白银期货目前交投于12635一线上方，今日开盘于12500元/千克，截至发 稿，白银期货暂报12718元/千克，上涨3.14%，最高触及12744元/千克，最低下探12384元/千克，目前来 看，白银期货盘内短线偏向震荡走势。 打开APP，查看更多高清行情>> 尽管有几位竞争者角逐美联储最高职位，但据彭博社报道，凯文·哈塞特已成为鲍威尔任期于5月结束时 继任美联储主席的领跑者。 分析师指出，哈塞特被视为鸽派候选人，支持更激进的降息政策，这将增加货币宽松预期。降息预期削 弱美元吸引力，导致美元指数承压下行（bearish），短期可能进一步走弱。 【最新白银期货行情解析】 沪银再次刷新高点，目前价位在12700，破位了前高，很明显，白银还是绝对的强势，多头趋势下，上 涨不猜顶，无法看到白银的顶部点位在哪里，沪银溢价收敛至310元/克，沪银情绪依旧偏强。沪银主力 合约参考运行区间12200-12700。 【要闻速递】 凯文·哈塞特（Kevin Hassett）是杰罗姆·鲍威尔任期于5月结束时接任美联储主席的领先候选人。 白宫可能随时宣布美国联邦储备委员会下一任主席人选。上周，财政部 ...

Report Investment Ratings - **Macro Finance**: Index futures are bullish in the medium to long term and recommend buying on dips; Treasury bonds are expected to trade sideways [1][5]. - **Black Building Materials**: Coking coal and rebar suggest range trading; glass is expected to continue weakening [1][5][7]. - **Non - ferrous Metals**: Copper, aluminum, tin, gold, and silver recommend range trading; nickel suggests waiting or shorting on rallies; lithium carbonate is expected to trade with a bullish bias [1][9][14]. - **Energy and Chemicals**: PVC, styrene, rubber, urea, and methanol suggest range trading; caustic soda and soda ash recommend waiting and watching; polyolefins are expected to trade with a bearish bias [1][16][18]. - **Cotton Textile Industry Chain**: Cotton and cotton yarn are expected to trade sideways; PTA suggests range - bound trading; apples are expected to trade with a bullish bias; jujubes are expected to trade with a bearish bias [1][25][27]. - **Agriculture and Animal Husbandry**: Live pigs' near - term contracts are expected to adjust weakly at low levels, and long - term contracts should be cautiously chased for rallies; eggs' price increase is limited; corn suggests waiting for a rebound to hedge at high prices; soybean meal suggests range trading; oils and fats suggest buying on dips after a rebound [1][30][34]. Core Views The report analyzes various futures markets, including macro finance, black building materials, non - ferrous metals, energy and chemicals, cotton textile industry chain, and agriculture and animal husbandry. It provides trading suggestions based on current market conditions, supply - demand relationships, and macro - economic factors for each sector. Summary by Category Macro Finance - **Index Futures**: Due to factors such as rising US inflation, weak retail sales, and high - valuation risks in Europe, the market rotation is fast, and index futures are expected to trade sideways in the short term but are bullish in the medium to long term [5]. - **Treasury Bonds**: The bond market is currently "insensitive to positive news and sensitive to negative news" because of the narrow interest - rate fluctuation range, which reduces the attractiveness to institutional investors. Treasury bonds are expected to trade sideways [5]. Black Building Materials - **Double - Coking Coal**: The coal market is in a downward trend with weak demand. Most mines are reducing prices, and the market is in a wait - and - see state. It is recommended to trade within a range [6]. - **Rebar**: With unclear prospects for the Fed's December interest - rate cut and a domestic policy vacuum, steel production and demand have both declined this week. Steel mills' profits are low, and production cuts may increase. Rebar is expected to trade within a range at low levels [7]. - **Glass**: Although there are rumors of production line cold - repairs, most of them are false. Supply remains stable, demand is weak, and glass prices are expected to continue weakening [8]. Non - ferrous Metals - **Copper**: Concerns about supply from Congo (Kinshasa) and the restart of production in Indonesia's Grasberg mine are factors. Consumption has improved, and social inventories have decreased. Copper prices are expected to remain high in the short term, with a trading range of 85,000 - 88,000 yuan, and it is recommended to trade within the range [9]. - **Aluminum**: The price of bauxite is expected to decline, and alumina production capacity is increasing. Aluminum production capacity is relatively stable, and demand is entering the off - season. Aluminum prices are expected to trade sideways [9][10]. - **Nickel**: Indonesia's new RKAB policy may increase supply uncertainty. Nickel is in an oversupply situation, and it is recommended to wait or short on rallies [13]. - **Tin**: Domestic production and imports have changed, and the semiconductor industry is recovering. Supply is expected to improve, and tin prices are expected to be supported. It is recommended to pay attention to supply and demand [14]. - **Silver and Gold**: Affected by the US economic data and the Fed's interest - rate cut expectations, both are expected to trade sideways in the short term and be supported in the medium term [14][15]. - **Lithium Carbonate**: Supply is affected by mine production, and demand is strong. The domestic supply - demand is in a tight balance, and prices are expected to trade with a bullish bias [15]. Energy and Chemicals - **PVC**: High supply, weak domestic demand, and uncertain export growth. PVC is expected to trade with a bearish bias, and it is necessary to pay attention to policies and cost factors [16]. - **Caustic Soda**: Affected by alumina production and inventory, it is recommended to wait and watch [18]. - **Styrene**: The rebound is limited by factors such as pure - benzene supply and demand and port inventory. It is expected to trade sideways [18]. - **Rubber**: Entering the off - season of production, inventory is increasing, and demand is weak. Rubber prices are expected to trade within a range [20]. - **Urea**: Supply is increasing, demand from agriculture is weakening, and industrial demand is strengthening. Urea is expected to trade sideways [21]. - **Methanol**: Supply is increasing, demand from the olefin industry is stable, and traditional demand is weak. Methanol prices are expected to trade sideways [23]. - **Polyolefins**: Supply pressure has eased, demand is improving slightly, and prices are expected to trade with a bearish bias. It is necessary to pay attention to downstream demand and raw - material prices [24]. - **Soda Ash**: Supply is expected to decrease, demand is weak, and it is recommended to wait and watch [24]. Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: Global cotton supply and demand are relatively loose, but yarn prices are firm, and they are expected to trade sideways [27]. - **PTA**: Affected by oil prices and supply - demand, it is expected to trade within a range at low levels [27]. - **Apples**: Warehouse trading is stable, and prices are expected to trade with a bullish bias [28]. - **Jujubes**: Acquisition progress varies by region, and prices are expected to trade with a bearish bias [29]. Agriculture and Animal Husbandry - **Live Pigs**: Short - term supply pressure remains, demand growth is limited, and long - term capacity reduction is accelerating but still above the normal level. Near - term contracts are recommended to be shorted on rallies, and long - term contracts should be cautiously chased for rallies [30][32]. - **Eggs**: Short - term supply and demand are improving marginally, long - term capacity reduction takes time, and price increases are limited [32][33]. - **Corn**: Short - term supply pressure is relieved, long - term supply and demand are relatively loose, and it is recommended to hedge at high prices after a rebound [34]. - **Soybean Meal**: Affected by import policies and weather, it is recommended to trade within a range [35]. - **Oils and Fats**: Short - term prices are rebounding, but there are still many limiting factors. It is recommended to buy on dips and pay attention to palm - oil data [35][40].

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - Last week, the re - release of US employment data and the sharp decline of US tech stocks led to a fall in precious metal prices. The US dollar index continued to rise, and the RMB depreciated slightly. The gold and silver prices rebounded before the release of US non - farm data but dropped again after the news that the October non - farm data would not be released. The market expects no interest rate cut this year. The Fed's meeting minutes showed serious differences. The Japanese bond market was sold off, and the yen depreciated. The net long position of Shanghai gold began to rise, while that of Shanghai silver continued to decline. This week, attention should be paid to US PCE data, the progress of the US - Ukraine "28 - point plan", and the interest rate decisions of the central banks of New Zealand and South Korea. Overall, the upward momentum of gold and silver has weakened significantly, and they will mainly fluctuate [14]. 3. Summary by Directory 3.1 Last Week's Review - **Precious Metal Price Changes**: Shanghai Gold 2602 closed down 3.65% at a minimum of 920.5 yuan/gram, COMEX Gold closed down 0.77% at a minimum of 3997.4 yuan/ounce, Shanghai Silver 2602 closed down 6.61%, and COMEX Silver closed down 2.02%. The US dollar index rose 0.87% to a maximum of 100.395, and the RMB depreciated 0.07% [4][14]. - **US Economic Data**: The number of initial jobless claims in the US last week decreased by 8,000 to 220,000, and the number of continued jobless claims reached a 4 - year high. The September non - farm employment population increased by 119,000, more than twice the expected value, but the non - farm employment numbers in July and August were revised down by a total of 33,000. The September unemployment rate unexpectedly rose to 4.4%, the highest since October 2021. The labor participation rate unexpectedly increased, pushing up the unemployment rate. Full - time employment recovered, but industries such as manufacturing and transportation and warehousing continued to lay off workers, and wage growth slowed month - on - month. The October non - farm data will not be released, and the November report will be released after the Fed's December meeting [14][15]. - **Fed's Meeting Minutes**: There were serious differences among participants. Many thought it was not suitable to cut interest rates in December, some were worried about the disorderly decline of the stock market, some thought it might be suitable to cut interest rates in December, and many thought it might be suitable to keep interest rates unchanged this year. Most people thought that interest rate cuts might exacerbate inflation risks. Almost all supported ending the balance - sheet reduction in December, and many supported increasing the proportion of short - term bond holdings [14][16]. - **Japanese Market**: The Japanese bond market was sold off due to concerns about the large - scale fiscal expansion plan of the Kishida government. The 40 - year yield soared to a 2007 high, and the 20 - year and 30 - year yields rose by at least 4 basis points. The yen fell below the key psychological level of 155, and the Nikkei 225 index closed down 3.2%. The market expects the stimulus scale to exceed expectations, and the ruling party even pressured for a supplementary budget of 25 trillion yen [14][16]. - **Other News**: Saudi Crown Prince Mohammed bin Salman visited the US for the first time in seven years and confirmed that the investment in the US would increase to $1 trillion. The investment agreement includes nearly $142 billion in US defense equipment sales [17]. 3.2 Weekly Review - This week, attention should be paid to the release of US PCE data, China's November official manufacturing PMI, the fact that Trump set November 27 as the deadline for Ukraine to accept the US "28 - point plan", and the interest rate decisions of the central banks of New Zealand and South Korea [14]. 3.3 Fundamental Data - **Precious Metal Price Indexes**: Data on various precious metal price indexes such as Shanghai Gold 2602, Shanghai Silver 2602, Gold 2512, Silver 2512, SGE Gold T + D, SGE Silver T + D, London Gold Spot, London Silver Spot, the US dollar index, and the US dollar against the offshore RMB are provided, including previous closing prices, highs, lows, changes, and change rates [4]. 3.4 Position Data - **Shanghai Gold Position**: The net long position of Shanghai gold began to rise, with both long and short positions increasing [14]. - **Shanghai Silver Position**: The net long position of Shanghai silver continued to decline, with both long and short positions decreasing [14]. - **CFTC Position**: As of September 23, the net long position of CFTC gold slightly increased, with both long and short positions increasing; the net long position of CFTC silver continued to increase, with both long and short positions decreasing. Due to the US government shutdown, the data has not been updated [32]. - **ETF Position**: The holdings of SPDR Gold ETF and silver ETF have both stopped falling and slightly increased [35][37]. - **Inventory Data**: The inventory of Shanghai gold continued to increase, the inventory of COMEX gold continued to decrease, the inventory of Shanghai silver stopped falling, and the inventory of COMEX silver continued to decrease [39][40][42].

Group 1: Stock Movements - Emperor International (00163) rose nearly 6% after reaching an agreement with banks to restore existing loan arrangements based on previously agreed commercial terms [1] - Gaming stocks generally increased, with MGM China (02282) up 3.43%, Melco International Development (00200) up 2.24%, Sands China (01928) up 2.32%, and Galaxy Entertainment (00027) up 1.81%. Morgan Stanley reported that total gaming revenue for the first 23 days of the month was MOP 15.6 billion, averaging MOP 678 million per day [1] - Dongyue Group (00189) increased nearly 5% as PVDF market prices rose from CNY 49,000 per ton at the beginning of November to CNY 52,000 per ton as of November 20 [1] - UBTECH Robotics (09880) surged over 4% after announcing a successful bid for a humanoid robot data collection and training center project in Jiangxi, valued at CNY 143 million [1] Group 2: Strategic Partnerships and Collaborations - China Energy Storage Technology (02399) fell over 6% after announcing a non-binding memorandum of understanding for strategic cooperation with Guo Heng Group Pte. Ltd. [2] - Yujian Technology (02432) rose over 6% after signing a strategic cooperation framework agreement with Green Source Group (02451) to promote the application of 5,000 robotic dogs in smart store upgrades [2] - Junsheng Electronics (00699) and Hezhima Intelligent (02533) continued to rise, with Junsheng up 4.14% after announcing a strategic cooperation to jointly develop robot control systems and solutions [3] Group 3: Market Trends and Consumer Behavior - Gold stocks collectively rose, with Zhenfeng Gold (01815) up 5.8%, China Silver Group (00815) up 2.99%, Lingbao Gold (03330) up 4.66%, Chifeng Gold (06693) up 3.3%, and China Gold International (02099) up 5.38%. Recent comments from Federal Reserve officials and delayed economic data have supported expectations for interest rate cuts [2] - Mixue Group (02097) saw a nearly 3% increase amid speculation about launching a breakfast menu, with initial trials in select cities [3] - Pop Mart (09992) rose nearly 4% following a government initiative aimed at enhancing consumer goods supply and promoting diverse consumption [4]

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - For gold, the short - term view is "oscillation", the mid - term view is "oscillation", the intraday view is "oscillation with a slight upward bias", and the reference view is "wait - and - see". The core logic is the rising expectation of interest rate cuts and the easing of the Russia - Ukraine situation. Also, the short - term market has fully priced in the December interest rate cut, and there is significant technical pressure at the previous high levels [1][3]. - For copper, the short - term view is "oscillation", the mid - term view is "strong", the intraday view is "oscillation with a slight upward bias", and the reference view is "long - term bullish". The core logic is the macro - level easing and mine - end production cuts. There is significant selling pressure at certain price levels, and there is a divergence in electrolytic copper inventories at home and abroad [1][4]. 3. Summary According to Relevant Catalogs Gold - Price movement: Recently, the gold price has been oscillating with a slight upward bias. The rising expectation of interest rate cuts and the weakening US dollar index provide upward momentum, but the upward trend has slowed down. It may tend to oscillate [3]. - Technical analysis: New York gold faces significant technical pressure near the previous high of $4200, corresponding to the 950 - yuan mark of domestic Shanghai gold [3]. Copper - Price movement: Recently, Shanghai copper has been oscillating with a slight upward bias, and the trading volume has increased significantly. There is significant selling pressure above 87,000 yuan for domestic copper and at the $11,000 mark for London copper [4]. - Macro - level: The US dollar index has stabilized and rebounded, putting pressure on copper prices, but it faces significant pressure at the 100 mark [4]. - Industry situation: There is a divergence in electrolytic copper inventories at home and abroad, with overseas marginal inventory accumulation and domestic marginal inventory reduction. The spot premium of Shanghai copper has strengthened slightly [4].

Group 1 - The international gold market is experiencing a slight upward trend, primarily driven by increasing expectations for a Federal Reserve interest rate cut in December [2] - As of the latest trading data, the spot gold price has risen by 0.3%, reaching $4,170.80 per ounce, reflecting market sensitivity to policy direction [2] - The Australian and New Zealand Banking Group's research indicates that dovish comments from several Federal Reserve decision-makers earlier this week were key in boosting rate cut expectations [2] Group 2 - Current swap traders have priced in an 80% probability of a 25 basis point rate cut at the Federal Reserve's December meeting, a significant increase from previous estimates [2] - The relationship between gold prices and U.S. dollar interest rates is closely linked, with lower interest rates reducing the opportunity cost of holding gold, thereby enhancing its investment appeal [2] - Additionally, news regarding personnel changes at the Federal Reserve, particularly the potential nomination of Kevin Hassett as the next chair, has positively influenced market sentiment and supported gold buying [3]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The market shows mixed trends across various commodities, with geopolitical factors, supply - demand dynamics, and policy expectations influencing prices. Each commodity has its own unique supply - demand situation and price - influencing factors, and the overall market lacks a unified trend [2][4][21] - For financial products such as stocks and bonds, geopolitical and macro - economic factors also play important roles, and short - term caution is recommended [48][49] Summary by Commodity Categories Energy - **Crude Oil**: Night - time international oil prices rose slightly. Market expectations for a cease - fire in the Russia - Ukraine conflict are still wavering. OPEC may maintain its production policy, and the increasing expectation of a December Fed rate cut boosts oil prices [2] - **Fuel Oil & Low - sulfur Fuel Oil**: The fuel oil market showed a differentiated performance overnight. High - sulfur fuel oil rose slightly with the cost of crude oil, while low - sulfur fuel oil was weak. In the future, the overall contradiction is limited, with high - sulfur fuel oil affected by geopolitical risks and low - sulfur fuel oil having sufficient supply [22] - **Asphalt**: The commercial inventory of asphalt is decreasing faster. The December production plan is lower year - on - year and month - on - month. The demand will decline seasonally, and the market is expected to be loose at the end of the year, putting pressure on prices [23] Metals - **Precious Metals**: Overnight, precious metals showed a volatile performance. The uncertainty of interest rate cuts and geopolitical prospects led to high - level oscillations. On the first day of the listing of platinum futures, the price fluctuated sharply, and attention should be paid to the strategy of shorting volatility [3] - **Base Metals**: - **Copper**: The average copper price this year was strong. Next year, the growth rate gap between supply and demand may narrow, and the price increase will be supported by factors such as liquidity and demand for green carbon and intelligent computing. Short - term, a small amount of chasing up can be attempted [4] - **Aluminum**: Overnight, Shanghai aluminum continued to oscillate. The inventory decreased, and the demand has resilience but lacks highlights. The industry has limited contradictions, and the price will mainly oscillate [5] - **Zinc**: Overseas funds have a strong influence. The domestic ore supply is tightening, and the bottom support is strong, but the consumption outlook is under pressure. The short - term price will oscillate in the range of 22,200 - 23,000 yuan/ton [8] - **Lead**: The LME lead inventory is at a high level, and the decline of the external market has slowed down. The domestic supply and demand are relatively balanced, and the price will oscillate in the range of 16,800 - 17,500 yuan/ton [9] - **Nickel & Stainless Steel**: Shanghai nickel oscillated, and the market sentiment was cold. The cost support of stainless steel continued to decline, and the price is recommended to be shorted on rebounds [10] - **Tin**: Overnight, LME tin turned down. Shanghai tin broke through 300,000 yuan and then adjusted. Pay attention to the inventory changes this week. It is recommended to short on rallies and hedge risks with call options [11] - **Ferroalloys**: - **Silicon Manganese**: The market has an increasing expectation of coal mine supply guarantee. The production is at a relatively high level, the inventory is slowly increasing, and the bottom support is expected to move down [19] - **Silicon Iron**: The market has an increasing expectation of coal mine supply guarantee. The demand has resilience, the supply is at a high level, and the bottom support will be tested [20] Chemicals - **Urea**: The urea futures price continued to rise, and the spot market rose slightly. The supply is sufficient, and the demand has increased in the short term, but the supply - demand surplus pattern is expected to continue [24] - **Methanol**: There is a game between strong expectations and weak reality. The short - term can consider unilateral long or positive spread trading, but the high inventory in ports may suppress the price increase [25] - **Pure Benzene**: The US gasoline crack spread has weakened. The domestic device load has been slightly adjusted down, and the price will oscillate [26] - **Benzene Ethylene**: The supply - demand structure has been slightly improved, the profit has been repaired, and the price will continue to oscillate [27] - **Polypropylene, Plastic & Propylene**: The supply of propylene in Shandong is slightly tight, and the price has risen, but the cost pressure on downstream products may limit the increase. The supply of polyethylene is stable, and the demand is weakening [28] - **PVC & Caustic Soda**: PVC is oscillating. The export situation may improve, and the price may stop falling and stabilize. Caustic soda is also oscillating, with high inventory and weak demand [29] - **PX & PTA**: The short - term supply - demand of PX is weakening, but the medium - term is expected to be strong. PTA is driven by cost, and the processing margin is expected to be repaired [30] - **Ethylene Glycol**: The weekly output has decreased, and the supply has improved marginally, but the medium - term is still weak [31] - **Short - fiber & Bottle - grade Chip**: Short - fiber has no new investment pressure, and the price fluctuates with raw materials. Bottle - grade chip demand is weakening, and the cost is the main driving factor [32] Agricultural Products - **Grains & Oilseeds**: - **Soybeans & Soybean Meal**: The domestic soybean supply is sufficient, the soybean meal inventory is at a high level, and the supply is loose. Pay attention to the signing and implementation of the Sino - US economic and trade agreement and South American weather [36] - **Soybean Oil & Palm Oil**: The overseas supply - demand of palm oil is weak, but the marginal negative factors have eased. Soybean oil is affected by the price of US soybeans, and attention should be paid to US soybean exports and South American weather [37] - **Rapeseed Meal & Rapeseed Oil**: The focus of the rapeseed market is on the customs clearance and crushing of Australian rapeseeds. The external market has a short - term boost to rapeseed meal, and a wait - and - see strategy is recommended [38] - **Corn**: The north port corn price is firm, and the supply and transportation of northeast corn are a concern. The downstream inventory is low, and the replenishment intention has increased. Wait for the signing of the Sino - US trade agreement and pay attention to the sales progress of new corn in the northeast [40] - **Livestock & Poultry Products**: - **Hogs**: The number of fertile sows has decreased, and the industry is reducing production capacity. The short - term price is weak, and the long - term may form a double - bottom pattern [41] - **Eggs**: The market is trading on the expectation of a decline in future inventory. The long - term supply pressure is expected to ease, and the fundamentals are expected to improve [42] - **Cash Crops**: - **Cotton**: US cotton has rebounded. The domestic cotton cost provides support, and the sales progress is fast. The cotton yarn market is weak, and a wait - and - see strategy is recommended [43] - **Sugar**: The international sugar supply is sufficient. The expected sugar production in Guangxi in the 25/26 season is relatively good, and attention should be paid to the production situation [44] - **Apples**: The futures price is oscillating at a high level. The short - term price is strong, but the long - term may face inventory pressure. Pay attention to the de - stocking situation [45] - **Wood**: The futures price is oscillating. The low inventory provides support, and a wait - and - see strategy is recommended [46] - **Paper Pulp**: The futures price has continued to fall. The domestic port inventory is at a high level, the supply is loose, and the demand is weak. A wait - and - see strategy is recommended [47] Others - **Shipping**: The container shipping index (European line) shows a differentiated trend. The far - month contract is under pressure from the resumption of navigation expectations, and the near - month contract is dragged down by the weak spot market. Consider the reverse spread strategy for near - month contracts [21] - **Financial Products**: - **Stock Index**: The stock market closed down, and the futures index also fell. Geopolitical and macro - economic factors have an impact. A wait - and - see and defensive strategy is recommended [48] - **Treasury Bonds**: The treasury bond futures closed down, and the market is trading lightly. The price will oscillate weakly in the range, and cautious operation is recommended [49]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - Gold: Expectations of interest rate cuts are rising [2]. - Silver: In a range - bound adjustment [2]. - Copper: High expectations for long - term contract premiums support prices [2]. - Zinc: Oscillating weakly [2]. - Lead: Reduced inventory supports prices [2]. - Tin: Supply is facing new disruptions [2]. - Aluminum: Trading within a range [2]. - Alumina: Rebounding from a low level [2]. - Cast aluminum alloy: Following the trend of electrolytic aluminum [2]. - Nickel: The pace of inventory accumulation has slightly slowed, with short - term macro and news - based disturbances [2]. - Stainless steel: Steel prices are under pressure and oscillating at a low level, but the downside is limited [2]. Summary by Related Catalogs Gold and Silver - **Fundamentals**: For gold, Comex gold 2512 had a 0.74% daily increase, and SPDR gold ETF holdings increased by 5 to 1045.43. For silver, Comex silver 2512 rose 3.88%, and SLV silver ETF holdings remained unchanged at 15582.33. The inventories of both decreased [4]. - **Macro and Industry News**: OPEC+ will maintain the suspension of production increases in Q1 2026, and Putin will discuss the peace plan with the US [4][7]. - **Trend Intensity**: Gold and silver both have a trend intensity of 0 [6]. Copper - **Fundamentals**: The Shanghai copper main contract rose 0.46%, and LME copper 3M electronic trading decreased 0.21%. The global refined copper market had a 5.1 - million - ton deficit in September, and the market is expected to face a 15 - million - ton shortage in 2026 [8][10]. - **Macro and Industry News**: China's industrial enterprise profits in October decreased 5.5% year - on - year, and the cost - determination meeting for price competition was held [8][10]. - **Trend Intensity**: Copper has a trend intensity of 1 [10]. Zinc - **Fundamentals**: The Shanghai zinc main contract rose 0.27%, and LME zinc 3M electronic trading increased 1.85%. The inventory situation was mixed [11]. - **News**: The ECB official warned that it's too early to discuss interest rate cuts, and the cryptocurrency winter may threaten the financial market [12]. - **Trend Intensity**: Zinc has a trend intensity of 0 [14]. Lead - **Fundamentals**: The Shanghai lead main contract decreased 0.64%, and LME lead 3M electronic trading decreased 0.40%. The inventories of both decreased [15]. - **News**: China's industrial enterprise profits in October decreased 5.5% year - on - year, and relevant regulatory meetings were held [15]. - **Trend Intensity**: Lead has a trend intensity of 0 [15]. Tin - **Fundamentals**: The Shanghai tin main contract rose 0.20%, and LME tin 3M electronic trading increased 1.05%. Spot prices increased [17]. - **Macro and Industry News**: The US consumer spending decreased, and China promoted the development of new business forms [18]. - **Trend Intensity**: Tin has a trend intensity of 0 [20]. Aluminum, Alumina, and Cast Aluminum Alloy - **Fundamentals**: The Shanghai aluminum main contract rose 45, alumina rebounded from a low level, and cast aluminum alloy followed electrolytic aluminum. Various indicators such as inventory and price differentials changed [21]. - **Comprehensive News**: The price - competition cost - determination meeting was held, and China's industrial enterprise profits in October decreased 5.5% year - on - year [23]. - **Trend Intensity**: Aluminum, alumina, and cast aluminum alloy all have a trend intensity of 0 [23]. Nickel and Stainless Steel - **Fundamentals**: The Shanghai nickel main contract decreased 360, and the stainless - steel main contract decreased 45. The pace of nickel inventory accumulation slowed [24]. - **Macro and Industry News**: There were issues with Indonesian nickel mines, and Fed officials made dovish remarks [24][27]. - **Trend Intensity**: Nickel and stainless steel both have a trend intensity of 0 [28].

Report Industry Investment Ratings No information provided regarding industry investment ratings in the reports. Core Views Tin - Consider the strong fundamentals and maintain a bullish view on tin prices. Hold existing long positions and monitor macro - level changes and the recovery of supply from Myanmar [1][2] Polysilicon - Expect a situation of both supply and demand decline, with inventory accumulation in each link. However, strong spot support will keep prices oscillating in a high - level range. The reverse market structure may continue. Advise cautious trading [4] Industrial Silicon - Anticipate that industrial silicon prices will oscillate at a low level. There will be a decline in both supply and demand in November, with a relatively large supply decline, but there is still pressure for inventory accumulation. The main price fluctuation range is expected to be between 8500 - 9500 yuan/ton [6] Zinc - The price is boosted by interest - rate cut expectations. The supply - side pressure is limited, and the demand side shows a structural improvement. The LME inventory starts to accumulate, and attention should be paid to structural risks. The price is expected to oscillate, with the main reference range of 22200 - 22800 yuan/ton [7] Copper - The probability of a December interest - rate cut is increasing, and social inventory is continuously decreasing. The medium - and long - term supply - demand contradiction supports the upward movement of the copper price bottom. Pay attention to macro - level drivers such as overseas interest - rate cut expectations. The main reference range is 86000 - 88000 yuan/ton [8] Lithium Carbonate - The market maintains a situation of both strong supply and demand. The downstream demand is optimistic, and social inventory is decreasing. However, there may be pressure from high hidden inventory of traders. The short - term disk is expected to oscillate widely [11] Aluminum - The alumina market is expected to maintain a bottom - oscillating trend, with the main contract reference range of 2700 - 2850 yuan/ton. The electrolytic aluminum market is in a pattern of strong expectations and weak reality, and the price is expected to oscillate at a high level, with the main reference range of 21300 - 21800 yuan/ton [13] Nickel - The macro - level is stable, and the fundamentals are weak. The short - term upward drive is limited, and the medium - term supply is abundant. The price is expected to oscillate within a range, with the main reference range of 116000 - 120000 yuan/ton [14] Aluminum Alloy - The ADC12 price is expected to maintain an oscillating pattern under cost support and demand resilience. The main contract reference range is 20500 - 21000 yuan/ton [15] Stainless Steel - The policy - driven effect is difficult to be directly transmitted in the short term, the cost support is weakening, and the fundamentals have not improved significantly. The price is expected to oscillate, with the main reference range of 12300 - 12700 yuan/ton [16] Summaries by Related Catalogs Tin - **Price Changes**: The spot price of SMM 1 tin increased by 2.24% to 301800 yuan/ton, and the price of长江 1 tin increased by 2.23% to 302300 yuan/ton [1] - **Fundamental Data (Monthly)**: In October, tin ore imports increased by 33.49% to 11632 tons, SMM refined tin production increased by 53.09% to 16090 tons, and refined tin imports decreased by 58.55% to 526 tons [1] - **Inventory Changes**: The SHEF weekly inventory decreased by 0.46% to 6229 tons, and the social inventory increased by 2.83% to 7654 tons [2] Polysilicon - **Price and Basis**: The average price of N - type polysilicon feedstock increased by 0.10% to 52300 yuan/ton, and the average price of N - type granular silicon remained unchanged at 50500 yuan/ton [4] - **Fundamental Data (Weekly and Monthly)**: The weekly polysilicon production decreased by 11.44% to 2.40 million tons, and the monthly polysilicon production increased by 3.08% to 13.40 million tons [4] - **Inventory Changes**: The polysilicon inventory increased by 3.69% to 28.10 million tons, and the silicon wafer inventory increased by 4.17% to 19.50 million tons [4] Industrial Silicon - **Price and Spread**: The price of East China oxygen - containing S15530 industrial silicon increased by 0.53% to 9550 yuan/ton, and the 2512 - 2601 spread decreased by 233.33% to - 50 yuan/ton [6] - **Fundamental Data (Monthly)**: The national industrial silicon production increased by 7.46% to 45.22 million tons, and the Xinjiang industrial silicon production increased by 15.94% to 23.56 million tons [6] - **Inventory Changes**: The Xinjiang factory - warehouse inventory increased by 1.95% to 12.04 million tons, and the social inventory increased by 0.36% to 55.00 million tons [6] Zinc - **Price and Spread**: The price of SMM 0 zinc ingot increased by 0.22% to 22450 yuan/ton, and the 2512 - 2601 spread decreased by 35 yuan/ton to - 35 yuan/ton [7] - **Fundamental Data**: In October, refined zinc production increased by 2.85% to 61.72 million tons, and refined zinc imports decreased by 16.94% to 1.88 million tons [7] - **Inventory Changes**: The Chinese zinc ingot seven - region social inventory decreased by 3.01% to 14.81 million tons, and the LME inventory increased by 1.75% to 5.1 million tons [7] Copper - **Price and Basis**: The price of SMM 1 electrolytic copper increased by 0.50% to 87085 yuan/ton, and the SMM 1 electrolytic copper premium increased by 25 yuan/ton to 105 yuan/ton [8] - **Fundamental Data**: In October, electrolytic copper production decreased by 2.62% to 109.16 million tons, and electrolytic copper imports decreased by 15.61% to 28.21 million tons [8] - **Inventory Changes**: The domestic social inventory decreased by 10.80% to 17.35 million tons, and the LME inventory increased by 0.43% to 15.72 million tons [8] Lithium Carbonate - **Price and Spread**: The average price of SMM battery - grade lithium carbonate increased by 0.54% to 93300 yuan/ton, and the 2512 - 2601 spread increased by 200 yuan/ton to - 40 yuan/ton [11] - **Fundamental Data**: In October, lithium carbonate production increased by 5.73% to 92260 tons, and lithium carbonate demand increased by 8.70% to 126961 tons [11] - **Inventory Changes**: In October, the total lithium carbonate inventory decreased by 10.90% to 84234 tons, and the downstream inventory decreased by 13.50% to 53291 tons [11] Aluminum - **Price and Spread**: The price of SMM A00 aluminum increased by 0.28% to 21460 yuan/ton, and the 2512 - 2601 spread decreased by 5 yuan/ton to - 30 yuan/ton [13] - **Fundamental Data**: In October, alumina production increased by 2.39% to 778.53 million tons, and electrolytic aluminum production increased by 3.52% to 374.21 million tons [13] - **Inventory Changes**: The Chinese electrolytic aluminum social inventory decreased by 4.03% to 59.60 million tons, and the LME inventory decreased by 0.12% to 54.1 million tons [13] Nickel - **Price and Basis**: The price of SMM 1 electrolytic nickel decreased by 0.71% to 119000 yuan/ton, and the LME 0 - 3 decreased by 15.74% to - 220 dollars/ton [14] - **Cost of Electrolytic Nickel Production**: The cost of integrated MHP - based electrolytic nickel production decreased by 4.84% to 110810 yuan/ton, and the cost of integrated high - grade nickel matte - based electrolytic nickel production increased by 3.75% to 129484 yuan/ton [14] - **Supply, Demand, and Inventory**: Chinese refined nickel production increased by 0.84% to 35900 tons, and refined nickel imports decreased by 65.66% to 9741 tons. The SHFE inventory decreased by 1.92% to 39795 tons [14] Aluminum Alloy - **Price and Spread**: The price of SMM aluminum alloy ADC12 remained unchanged at 21350 yuan/ton, and the 2512 - 2601 spread increased by 55 yuan/ton to 0 yuan/ton [15] - **Fundamental Data**: In October, the production of recycled aluminum alloy ingots decreased by 2.42% to 64.50 million tons, and the production of primary aluminum alloy ingots increased by 1.06% to 28.60 million tons [15] - **Inventory Changes**: The weekly social inventory of recycled aluminum alloy ingots decreased by 1.59% to 5.56 million tons [15] Stainless Steel - **Price and Spread**: The price of 304/2B (Wuxi Hongwang 2.0 coil) remained unchanged at 12700 yuan/ton, and the 2601 - 2602 spread decreased by 15 yuan/ton to - 70 yuan/ton [16] - **Fundamental Data**: The production of Chinese 300 - series stainless steel crude steel (43 manufacturers) decreased by 0.72% to 178.70 million tons, and the production of Indonesian 300 - series stainless steel crude steel (Qinglong) increased by 0.36% to 42.35 million tons [16] - **Inventory Changes**: The 300 - series social inventory (Wuxi + Foshan) increased by 1.92% to 50.24 million tons, and the 300 - series cold - rolled social inventory (Wuxi + Foshan) increased by 1.77% to 30.25 million tons [16]