Group 1: Investment Ratings - The report does not explicitly provide an overall industry investment rating. However, for individual commodities, the outlooks are as follows: - Oils and fats: Oscillatory [7][8] - Protein meals: Oscillatory [9] - Corn: Oscillatory [10][11] - Hogs: Oscillatory and weakening [11] - Natural rubber: Oscillatory [12][14] - Synthetic rubber: Oscillatory and strengthening [15] - Cotton: Oscillatory and strengthening [16] - Sugar: Oscillatory [18] - Pulp: Oscillatory [20] - Offset paper: Oscillatory [20][22] - Logs: Oscillatory [23] Group 2: Core Views - The overall agricultural market is currently characterized by complex and diverse trends, with different commodities showing various price movements and supply - demand relationships. The market is significantly influenced by factors such as macroeconomics, geopolitics, and seasonal patterns. For example, the hog market is facing high supply and weak demand, while the oil and fat market is affected by geopolitical tensions and supply - demand dynamics in the international market. Group 3: Summary by Commodity Oils and Fats - **View**: Oils and fats continue to oscillate. Geopolitical factors in the Middle East have pushed up oil prices, affecting the cost of vegetable oils. Different types of oils have their own supply - demand situations. For example, palm oil production in Malaysia decreased in the first half of March, but high prices may suppress demand [7]. - **Outlook**: Oscillatory. It is recommended to pay attention to the strategy of buying at stage - low prices [8]. Protein Meals - **View**: Trading is清淡, and the two major protein meals (soybean meal and rapeseed meal) oscillate in a narrow range. International factors such as inflation concerns in the US, geopolitical tensions, and the progress of Brazilian soybean harvest affect the price of soybeans, which in turn impacts protein meals. Domestically, the import cost has slightly decreased, but the decline in the futures price is limited. The spot market has light trading volume [9]. - **Outlook**: Oscillatory [9]. Corn - **View**: The market maintains a tight balance, and the futures price oscillates. The supply is affected by factors such as farmers' selling rhythm and the increase in wheat supply. The demand from downstream enterprises is mainly for replenishment, and the market is in a state of game between supply and demand [10][11]. - **Outlook**: Oscillatory in the short - term. In the medium - term, it has a bullish tendency based on the annual supply - demand balance [11]. Hogs - **View**: Supply remains high, and hog prices continue to decline. In the short - term, supply exceeds demand due to high inventory and low consumption. In the medium - term, the supply pressure will continue until August 2026. In the long - term, hog prices may gradually pick up in the third quarter of 2026 [11]. - **Outlook**: Oscillatory and weakening. It is recommended that the industrial sector consider short - selling hedging opportunities in the first half of the year and anti - arbitrage strategies [11]. Natural Rubber - **View**: The macro - environment is weak, and rubber prices continue to decline. The market is affected by the macro - economic downturn, the expected high yield in the Yunnan production area, and the decline in tire orders to the Middle East [12][14]. - **Outlook**: Oscillatory. It is recommended to wait and see [14]. Synthetic Rubber - **View**: The futures price is relatively firm. Geopolitical tensions in the Middle East have led to a reduction in the supply of butadiene, driving up the price of synthetic rubber. Although the fundamentals are weak, it is still easy to rise and difficult to fall under the current geopolitical situation [15]. - **Outlook**: Oscillatory and strengthening. The price will remain strong in the short - term if oil prices continue to rise [15]. Cotton - **View**: The macro - sentiment is bearish, and cotton prices continue to correct. The fundamentals are generally good, but there is a lack of new upward drivers. In the long - term, cotton prices are expected to rise, but the upside is limited in the short - term [16]. - **Outlook**: Oscillatory and strengthening. It is recommended to wait and see in the short - term and maintain a long - term buying strategy on dips [16]. Sugar - **View**: Short - term domestic and international sugar prices oscillate with oil prices. The global sugar market is expected to have a supply surplus in the 25/26 season, but oil price fluctuations may affect the sugar - to - ethanol ratio in Brazil, thereby influencing sugar supply [18]. - **Outlook**: Oscillatory. The domestic price range can be moderately widened to 5100 - 5500 yuan/ton [18]. Pulp - **View**: Pulp shows signs of stabilizing after continuous decline. The fundamentals are weak, with high inventory and low downstream demand. However, the cost provides a certain support [20]. - **Outlook**: Oscillatory. It is expected to maintain an interval - oscillation strategy, with support at 4950 - 5050 yuan/ton and resistance at 5250 - 5350 yuan/ton [20]. Offset Paper - **View**: It oscillates weakly. The market is generally stable, with some price increases. The paper mills have inventory pressure, and the demand from downstream printers is average. The price is expected to rise first and then fall from March to May [20][22]. - **Outlook**: Oscillatory. It is recommended to operate within the range of 4000 - 4400 yuan/ton [22]. Logs - **View**: Geopolitical factors increase the volatility of logs. The price is mainly driven by cost factors, such as the increase in freight and exchange rate. In the short - term, the futures price oscillates strongly, but in the medium - term, it may face pressure due to increased supply [23]. - **Outlook**: Oscillatory. It is recommended to operate within the range of 780 - 830 yuan/cubic meter [23]. Group 4: Commodity Index Data - On March 19, 2026, the comprehensive commodity index was 2569.19, with a change of - 0.50%; the commodity 20 index was 2885.41, with a change of - 1.06%; the industrial products index was 2567.44, with a change of + 0.39%. - The agricultural product index on March 19, 2026 was 968.39, with a daily change of - 0.19%, a 5 - day change of - 1.96%, a one - month change of + 4.04%, and a year - to - date change of + 3.79% [185][187].

Core Viewpoint - The domestic PVC powder market is experiencing weak fundamentals, with prices expected to decline further after the holiday period [1][4]. Group 1: Market Performance - The domestic PVC powder market price fluctuated within a range, with an average price of 4720 yuan/ton as of February 26, down by 38 yuan/ton or 0.80% compared to pre-holiday levels [1][3]. - Downstream demand is in a recovery phase, with some improvement in transactions during price declines, but overall trading atmosphere remains average [1][3]. Group 2: Influencing Factors - The market trends are primarily influenced by a macroeconomic environment that shifted from strong to weak, alongside weak fundamentals in the PVC sector [3]. - During the holiday, the price of crude oil fluctuated upwards, initially supporting chemical products, including PVC futures, but the overall macroeconomic environment weakened afterward, leading to a correction in PVC futures [3]. Group 3: Supply and Demand Outlook - Supply and demand fundamentals are expected to remain weak, although there may be some macroeconomic support; prices are anticipated to fluctuate within a range next week [4]. - On the supply side, limited maintenance of enterprises is expected, with high operational rates in the industry, and sales pressure is manageable due to pre-holiday order fulfillment [4]. - On the demand side, production enterprises are gradually resuming operations, but operating rates may remain low, leading to cautious raw material procurement [4]. Group 4: Inventory and Price Expectations - Social inventory is expected to continue increasing, with high inventory levels putting pressure on the market [4]. - The average price of PVC powder is projected to range between 4680 and 4800 yuan/ton, with a slight downward shift in price focus [4].

Macro News - The UK government has expanded its sanctions list against Russian entities, which now includes Chinese entities. The Chinese Foreign Ministry expressed strong dissatisfaction with this unilateral sanction, emphasizing that normal Sino-Russian cooperation should not be disrupted. China will take necessary measures to protect its legitimate rights and interests [1] - The U.S. Trade Representative, Katherine Tai, stated that the U.S. will continue its investigation into China's compliance with the Phase One trade agreement and may impose tariffs. The Chinese Ministry of Commerce urged the U.S. to view the implementation of the agreement objectively and rationally, and to avoid shifting blame or creating conflicts. China is willing to work with the U.S. to focus on existing economic and trade consensus and explore mutual interests [1] Institutional Views - After the Spring Festival, gold prices have shown a fluctuating trend, with international prices around $5,200 and domestic prices around 1,150 yuan. The macroeconomic environment has improved post-holiday, leading to a rebound in global stock markets, which has put pressure on gold prices. However, geopolitical factors continue to support gold prices [1] - On February 25, the U.S. Treasury announced sanctions against over 30 entities, oil tankers, and individuals to combat what it termed Iran's "illegal oil sales" and its production of ballistic missiles and drones. Technically, attention should be paid to the $5,200 level for London gold, indicating a battle between bulls and bears [1]

1. Report Industry Investment Rating - Not provided 2. Core View of the Report - On January 16, new maintenance devices such as Guoneng Yulin LDPE were added, and the plastic operating rate dropped to around 85%, which is at a neutral level. The downstream operating rate of PE decreased by 0.28 percentage points to 40.93%, and orders for agricultural films continued to decline. The overall downstream operating rate of PE is at a low level in the same period in recent years. The petrochemical inventory is at a low level in the same period in recent years. The cost of crude oil has fallen due to the easing of the situation in Iran. There has been new plastic production capacity put into operation recently, and the operating rate is higher than that of PP. The plastic supply - demand pattern has limited improvement, and it is expected to fluctuate in a range in the near future. The L - PP spread is expected to narrow [1]. 3. Summary by Relevant Catalogs 3.1 Market Analysis - New maintenance devices such as Guoneng Yulin LDPE were added on January 16, and the plastic operating rate dropped to around 85%. The downstream operating rate of PE decreased by 0.28 percentage points to 40.93%. Agricultural film orders continued to decline, and packaging film orders decreased slightly. After the New Year's Day, petrochemical inventory reduction was good, and the current inventory is at a low level in the same period in recent years. The situation in Iran has cooled down, and the crude oil price has fallen. There has been new plastic production capacity put into operation recently. The plastic supply - demand pattern has limited improvement, and it is expected to fluctuate in a range. The L - PP spread is expected to narrow [1]. 3.2 Futures and Spot Market Conditions - **Futures**: The plastic 2605 contract increased positions and fluctuated downward, closing at 6695 yuan/ton, a decrease of 1.78%. The trading volume was between 6685 - 6857 yuan/ton, and the open interest increased by 3981 lots to 471487 lots [2]. - **Spot**: The PE spot market mostly declined, with the range of increase or decrease between - 150 to +0 yuan/ton. LLDPE was reported at 6650 - 6970 yuan/ton, LDPE at 8900 - 9210 yuan/ton, and HDPE at 6870 - 8290 yuan/ton [3]. 3.3 Fundamental Tracking - **Supply**: On January 16, new maintenance devices such as Guoneng Yulin LDPE were added, and the plastic operating rate dropped to around 85%, which is at a neutral level [1][4]. - **Demand**: As of the week of January 16, the downstream operating rate of PE decreased by 0.28 percentage points to 40.93%. Agricultural film orders continued to decline, and the overall downstream operating rate of PE is at a low level in the same period in recent years [1][4]. - **Inventory**: The petrochemical early inventory on Friday decreased by 40,000 tons to 490,000 tons, 15,000 tons lower than the same period last year. The inventory reduction after the New Year's Day was good, and the current inventory is at a low level in the same period in recent years [4]. - **Raw Materials**: The Brent crude oil 03 contract fell below $64/barrel. The price of Northeast Asian ethylene remained flat at $725/ton, and the price of Southeast Asian ethylene remained flat at $745/ton [4].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The supply - demand pattern of polyolefins has limited improvement, and the upward space for polyolefins is expected to be limited. Due to new plastic production capacity coming on - stream recently and the end of the agricultural film peak season, the L - PP spread is expected to narrow. [4] 3. Summary by Relevant Catalogs 3.1 Market Analysis - Plastic开工率 remains around 87% (neutral level), while PP开工率 drops to around 79% (neutral - low level). After the New Year's Day holiday as of the week of January 9, PE下游开工率 increased 0.06 percentage points to 41.21% (still at a relatively low level in the same period in recent years), and PP下游开工率 decreased 0.10 percentage points to 52.6% (at a relatively low level in the same period over the years). The inventory accumulation during the New Year's Day this year was not significant, and the petrochemical inventory is at a neutral level in the same period in recent years. The crude oil price rebounded slightly due to geopolitical factors. There are new production capacities for both PE and PP. With the end of the agricultural film peak season and reduced demand in the north, the downstream开工率 is expected to decline. Although the macro environment is positive, it has limited impact on the polyolefin supply - demand pattern. [4] 3.2 Plastic and PP开工率 - Plastic: The number of maintenance devices has changed little, and the开工率 remains around 87% (a neutral level). - PP: With the addition of maintenance devices such as the second line of Fujian United, the enterprise开工率 dropped 3 percentage points to around 79% (a relatively low level). [16] 3.3 Plastic and PP下游开工率 - PE demand: As of the week of January 9, after the New Year's Day holiday, the downstream开工率 increased 0.06 percentage points to 41.21%. The agricultural film is gradually exiting the peak season, with orders and raw material inventory decreasing, while packaging film orders increased slightly. The overall downstream开工率 is still at a relatively low level in the same period in recent years. - PP demand: As of the week of January 9, after the New Year's Day holiday, the downstream开工率 decreased 0.10 percentage points to 52.6%. Among them, the plastic weaving开工率 of the main downstream of drawing decreased 0.22 percentage points to 42.92%, and orders continued to decline slightly, slightly lower than the same period last year. [22] 3.4 Plastic Basis - The spot price has increased to catch up, and the basis of the 05 contract has risen to - 24 yuan/ton, still at a relatively low level. [26] 3.5 Plastic and PP Inventory - The petrochemical early inventory on Friday decreased 0.5 tons to 57 tons week - on - week, 1 ton higher than the same period last year. The inventory accumulation during the New Year's Day this year was not significant, and the petrochemical inventory is at a neutral level in the same period in recent years. [30]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - Today, Shanghai copper opened higher, with the main contract price approaching the 104,000 mark and then showing a high - level oscillation. The trading volume increased significantly, approaching 700,000 contracts. After the weekend, the macro - environment remained positive, with both commodities and the stock market rising across the board. On the industrial side, high copper prices have significantly suppressed downstream procurement sentiment, and domestic electrolytic copper social inventory has increased for six consecutive weeks [5]. - Shanghai aluminum rose first and then fell today, with a significant increase in trading volume. On Monday, the macro - environment was positive, but aluminum underperformed. This is mainly due to strong industrial constraints and technical pressure at the 2021 high, leading to intensified long - short capital games [6]. - Shanghai nickel opened higher and maintained a strong oscillation, with little change in trading volume. After the weekend, the macro - environment remained positive, and nickel prices continued their strength from last Friday. Supply disruption news from Indonesia has reversed industrial expectations. In the industry, the nickel monthly spread has weakened significantly, reflecting a pattern of weak current situation but strong future expectations [7]. Group 3: Summary of Industrial Dynamics Copper - High copper prices have significantly suppressed downstream procurement sentiment, and domestic electrolytic copper social inventory has increased for six consecutive weeks. As of January 12, 2026, electrolytic copper social inventory increased by 185,300 tons year - on - year, a growth rate of 171.42%, indicating significantly weaker domestic terminal consumption compared to the same period last year [9]. Aluminum - In the US physical aluminum market, the "premium" (covering logistics, insurance, taxes, etc.) on top of the LME futures price has increased. The tariff cost per ton of aluminum has risen from about $1,300 in June to $1,550. This week, the aluminum premium in the US Midwest reached a record high of 96 cents per pound ($2,116 per ton), a 65% increase from June. The premium contains strong expectations of future price increases but has deviated from fundamental support. In 2023, many exporters redirected aluminum products to the European market, causing US domestic aluminum inventory to drop from 750,000 tons at the beginning of 2025 to less than 300,000 tons. If the supply chain fails to adjust in time, high aluminum prices may continue to affect downstream industries and push up inflation [10]. Nickel - SMM predicts that the HPM of Indonesian domestic - trade nickel ore will increase significantly in the second half of January 2026, with an expected month - on - month increase of 12.28%. The HMA in the second half of January is $16,427 per dry ton, an increase of $1,796.54 per dry ton. The HPM of different - grade nickel ores is also expected to rise [11]. Group 4: Summary of Relevant Charts Copper - Charts include copper basis, Shanghai electrolytic copper social inventory, LME copper cancelled warrant ratio, global copper exchange inventory (SHFE + LME + COMEX), SHFE warrant inventory, and copper monthly spread [12][14][16][18][20][21]. Aluminum - Charts include aluminum basis, aluminum monthly spread, domestic electrolytic aluminum social inventory, electrolytic aluminum overseas exchange inventory (LME + COMEX), Shanghai - London ratio, and aluminum rod inventory [23][25][27][29][31][33]. Nickel - Charts include nickel basis, nickel monthly spread, LME inventory, SHFE inventory, LME nickel price trend, and nickel ore port inventory [35][41][37][43][39][45].

Group 1: Report Industry Investment Ratings - No relevant information provided Group 2: Core Views of the Report - For the gold 2602 contract, the short - term view is oscillatory, the medium - term view is strong, the intraday view is oscillatory and slightly bullish, and the reference view is to wait and see due to the cooling macro - atmosphere and the rising short - term hedging demand [1][3] - For the copper 2602 contract, the short - term view is oscillatory, the medium - term view is strong, the intraday view is oscillatory and slightly bearish, and the reference view is long - term bullish as the cooling macro - atmosphere makes short - term bulls more willing to close their positions [1][4] Group 3: Summary by Related Catalogs Gold (AU) - Last week, the gold price oscillated upwards. Shanghai gold reached above 1000 yuan again, and New York gold reached above 4500 US dollars. The cooling macro - atmosphere increased the hedging demand for gold, providing support for the price. Technically, attention can be paid to the support at 1000 yuan for Shanghai gold and 4500 US dollars for New York gold [3] Copper (CU) - After the New Year's Day holiday, the copper price rose first and then fell, generally running above 100,000 yuan. The short - term macro - atmosphere dominated the copper price trend. Since Wednesday, the cooling macro - atmosphere made funds more willing to close positions, leading to the decline of the copper price from its high. At the industrial level, as the copper price rose above 100,000 yuan, the social inventory of domestic electrolytic copper increased significantly, reflecting the industry's resistance to high copper prices. In the short term, the divergence between bulls and bears intensified, and the copper price fluctuated at a high level. Attention can be paid to the support at 100,000 yuan [4]

Report Industry Investment Ratings - The investment rating of soybeans (domestic), soybean meal, soybean oil, palm oil, rapeseed meal, rapeseed oil, corn, live pigs, and eggs is ★★★, indicating a clearer long - term trend and a relatively appropriate investment opportunity currently. The rating system is based on the star - level description where red stars represent a predicted trend of rising, and three stars mean a clearer long/short trend and a suitable investment opportunity [1][10]. Core Viewpoints - The overall situation of the agricultural products market is affected by various factors such as policies, weather, and market sentiment. Different agricultural products have different trends and investment strategies, and continuous attention should be paid to fundamental and policy changes [2][3][4]. Summary by Related Categories Soybeans (Domestic) - Domestic soybeans are oscillating strongly. The auction this week shows good trading volume, strong trading prices, and premium transactions. Policy - side transactions support the price, which is stable and strong. Continuous attention to fundamentals and policies is needed [2]. Soybeans & Soybean Meal - CBOT soybeans were closed for the Christmas holiday, and the U.S. soybeans opened at 22:30 Beijing time today. The market is worried about import clearance speed, causing the price to rise. Attention should be paid to U.S. soybean exports and the impact of South American La Nina weather. Recently, soybean meal prices will follow U.S. soybeans to oscillate, waiting for South American weather changes [3]. Soybean Oil & Palm Oil - Soybean and palm oil are rising with a reduction in positions. The macro - sentiment of commodities is improving, and attention should be paid to price rebounds due to the macro - atmosphere. There are concerns about tightened soybean clearance policies. Palm oil's high - frequency data shows a mitigation of the bearish fundamental atmosphere. After recent declines and the release of negative factors, U.S. soybeans have stabilized and rebounded. The short - term risk of South American crop weather is low, which requires continuous attention [4]. Rapeseed Meal & Rapeseed Oil - Domestic rapeseed futures prices are rising as the market expects stricter import inspection and quarantine policies for oilseeds. The demand for Canadian rapeseed crushing has only slightly increased compared to the same period last year, and poor exports still suppress its prices. Australian rapeseed imports have not been crushed yet. The continuous inventory decline of domestic rapeseed supports near - month futures prices. Attention should be paid to the possibility of improved China - Canada relations and the opening of Australian rapeseed commercial purchases. Overall, economic and trade trends are the biggest variable for rapeseed. In a state of global rapeseed oversupply, the medium - term strategy is to short on rebounds, and the short - term strategy is to wait and see [6]. Corn - Today, the spot prices of corn in Northeast China and North Ports are stable and strong. The weather affects farmers' reluctance to sell in the Northeast, and downstream enterprises have partially established safety stocks. The number of remaining vehicles at corn deep - processing enterprises this morning is 314, showing a decline. After the phased supply - demand mismatch is alleviated, there is no obvious increase in downstream purchases. Future attention should be on the Northeast grain - selling progress and corn and wheat auctions. The Dalian corn futures 03 contract will oscillate in the short term [7]. Live Pigs - The main live - pig futures contract 03 rose sharply today and closed above the 60 - day moving average. The overall index showed a situation of increased trading volume. After two months of low - level consolidation, beware of the price entering a rebound channel. In the long - term, the industry is still in the process of increasing slaughter due to previous production capacity recovery, and pig prices are expected to remain low. The current price increase is regarded as a rebound [8]. Eggs - The egg futures prices strengthened again during trading. On the spot side, the price in Hebei was raised for the second consecutive day. The real - world fundamentals of the egg - laying hen industry are gradually improving, and the long - term egg - laying hen inventory is expected to decline. The market has gradually accepted the change from a pessimistic to an optimistic expectation for eggs, which is likely to form a consensus. In the long - term, a long - position thinking should be adopted, while being vigilant against the risk of a rapid increase in futures prices due to pre - emptive trading by funds [9].

Group 1: Report Investment Ratings - There is no information about the report industry investment rating in the provided content Group 2: Core Viewpoints - Gold is expected to be strong in the short - term, with a core logic of a weakening macro atmosphere and rising risk - aversion demand [1][3] - Copper is expected to be strong in the long - term, due to a macro - easing environment, mine - end production cuts, and the implementation of interest rate cuts [1][4] Group 3: Summary by Variety Gold (AU) - Short - term view: Strong; Medium - term view: Oscillating; Intraday view: Oscillating and tending to be strong; Overall reference view: Strong in the short - line. The price has been rising since last week, reaching near the $4400 mark on Monday night. After a dovish Fed meeting, the short - term market risk preference and liquidity increased, but on Friday night, the macro atmosphere worsened. The short - term impact of the meeting has been digested, and risk - aversion demand has risen rapidly, so the price may remain strong. Tonight's US non - farm data may affect short - term trends, and the $4400 mark is a technical resistance in the medium - to - long - term [1][3] Copper (CU) - Short - term view: Oscillating; Medium - term view: Strong; Intraday view: Oscillating and tending to be strong; Overall reference view: Strong in the long - line. After the Asian session yesterday, LME copper soared close to $11,900, and SHFE copper opened higher at night, approaching the 94,000 yuan mark. Then the price fell back, and the long - position closing intention was strong. The non - ferrous sector declined, but copper was resilient due to its strong financial properties. The sharp drop last Friday stimulated downstream replenishment demand, and the spot premium in Guangdong increased, indicating actual demand resilience. The short - term price volatility is large, and both sides tend to close positions. Tonight's US non - farm employment data may affect short - term trends, and the 5 - day moving average can be monitored [1][4]

Report Overview - Report Title: Futures Research Report - Non-ferrous Metals [1][2] - Date: December 15, 2025 [5] Industry Investment Rating - No industry investment rating information provided. Core Views Copper - Friday night, due to weak overseas macro - atmosphere, copper prices dropped sharply by over 3000 yuan/ton, and the trading volume decreased significantly. Today, copper prices stabilized and rebounded to the 92,500 yuan mark. As copper prices fell, the spot premium rose, indicating strong restocking willingness among downstream industries. Short - term copper price trends are dominated by the macro - atmosphere, and continuous attention should be paid to macro changes. Technically, copper stabilized and rebounded above the 10 - day moving average and stood above the 5 - day moving average, and the support of the 5 - day moving average can be continuously monitored [7]. Aluminum - Friday night, due to weak overseas macro - atmosphere, aluminum prices dropped to the 21,600 yuan mark, and the trading volume decreased significantly. Today, aluminum prices stabilized and rebounded to the 21,900 yuan mark, but the trading volume continued to decline, showing strong short - term profit - taking willingness among funds. Short - term aluminum price trends are dominated by the macro - atmosphere, and continuous attention should be paid to macro changes. Technically, the pressure at the 22,000 yuan mark should be monitored [8]. Nickel - Friday night, nickel prices rose and then fell. Today, nickel prices fluctuated within a narrow range, and the trading volume continued to increase. Macroscopically, the non - ferrous metals sector rebounded after reaching the bottom, but nickel prices showed little reaction. Industrially, the high inventory of port nickel ore decreased slowly, and the increase in the inventory of electrolytic nickel on the Shanghai Futures Exchange put pressure on futures prices. In the short term, the multi - empty game in the non - ferrous metals sector has intensified, and nickel is under pressure with increased positions, and is expected to maintain a weak operation [9]. Industry Dynamics Copper - As of December 15, 2025, the average price of SMM flat - copper premium was about 54 yuan/ton, and the average price of SMM1 electrolytic copper premium was about 82 yuan/ton, up 94 yuan/ton and 110 yuan/ton respectively compared with the annual average in 2024. The 2026 long - term order price of domestic trade electrolytic copper in East China increased by over 50 yuan/ton compared with 2025 [11]. Aluminum - On December 15, the social inventory of electrolytic aluminum was 577,000 tons, a decrease of 14,000 tons compared with last Monday [12]. Nickel - On December 15, the price of SMM1 electrolytic nickel was 114,500 - 120,200 yuan/ton, with an average price of 117,350 yuan/ton, a decrease of 850 yuan/ton compared with the previous trading day. The mainstream spot premium of Jinchuan 1 electrolytic nickel was in the range of 5,100 - 5,500 yuan/ton, with an average premium of 5,300 yuan/ton, an increase of 100 yuan/ton compared with the previous trading day. The spot premium of domestic mainstream brand electrowon nickel was in the range of - 100 - 400 yuan/ton [13]. Related Charts Copper - Charts include copper basis, copper monthly spread, domestic visible inventory of electrolytic copper, overseas copper exchange inventory, LME copper cancelled warrant ratio, and SHFE warrant inventory [14][15][16]. Aluminum - Charts include aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum (LME + COMEX), Shanghai - London ratio, and aluminum rod inventory [26][28][30]. Nickel - Charts include nickel basis, nickel monthly spread, SHFE inventory, LME nickel trend, and nickel ore port inventory [49][38][50].