1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Inventory shortages and potential squeeze risks supported a new high in silver, leading to a collective increase in the non - ferrous metals sector. The main contract of Shanghai zinc closed at 22,590 yuan/ton, up 235 yuan or 1.05%. The top 20 positions increased both long and short positions, with net long positions increasing by 3,467 lots. [7] - As the price rose, downstream buyers showed fear of high prices, and market trading weakened. The premium in the Shanghai market for the 01 contract was 130 yuan/ton, the Tianjin market was at a discount of 70 yuan/ton compared to the Shanghai market, and the Guangdong market was at a discount of 20 yuan/ton for the 01 contract, with the price difference between Shanghai and Guangdong widening. [7] - There were limited changes in the industrial chain. The domestic concentrate treatment charge (TC) remained flat this week, while the imported concentrate TC continued to decline. The shortage at the mine end was transmitted to the smelting end, and the refined zinc output in November was expected to decrease by about 20,000 tons month - on - month. The tightening supply strengthened the support for zinc prices. [7] - The export window was still open, and with downstream pick - ups, the domestic social inventory had been decreasing for three consecutive weeks. The expectation of an interest rate cut in December increased, and the bullish sentiment in precious metals remained. Shanghai zinc was boosted and showed a strong performance. [7] 3. Summary by Relevant Catalogs 3.1 Market Review - **Futures Market Quotes**: The opening, closing, highest, and lowest prices, price changes, price change percentages, open interest, and open interest changes of different Shanghai zinc contracts (2512, 2601, 2602) are presented. For example, the 2601 contract opened at 22,450 yuan/ton, closed at 22,590 yuan/ton, up 235 yuan or 1.05%, with an open interest of 105,756 lots and an increase of 4,214 lots. [7] 3.2 Industry News - **Price Ranges in Different Regions**: On December 1, 2025, the mainstream transaction prices of 0 zinc in different regions were as follows: 22,600 - 22,750 yuan/ton in the general market, 22,600 - 22,720 yuan/ton in the Ningbo market, 22,420 - 22,610 yuan/ton in the Tianjin market, and 22,440 - 22,610 yuan/ton in the Guangdong market. Different brands also had corresponding price ranges and premium/discount situations. [8] 3.3 Data Overview - **Graphs**: The report includes graphs such as the price trends of zinc in two markets, SHFE month - to - month spreads, SMM's weekly inventory of zinc ingots in seven regions (in ten thousand tons), and LME zinc inventory (in tons). [10][12]

Core Viewpoint - LME copper prices declined due to concerns over weak demand, despite reaching a near one-month high in the previous trading session [1] Group 1: Market Performance - On November 27, LME three-month copper fell by $35.5, or 0.32%, closing at $10,939.5 per ton [1][2] - Other base metals also experienced price changes, with three-month aluminum down by $32.5 (1.14%), three-month zinc down by $41.5 (1.36%), while three-month lead and nickel saw slight increases [2] Group 2: Supply and Demand Dynamics - Anticipation of a Federal Reserve interest rate cut in December led to a peak copper price of $11,025 on November 26, the highest since October 30 [4] - Supply disruptions in mining contributed to a historical high of $11,200 for copper on October 29 [4] - The focus of the metal market shifted to weak demand from major consuming countries due to the U.S. market being closed for Thanksgiving [4] Group 3: Technical Analysis and Inventory - Technically, copper found support at the 21-day moving average cut-off of $10,813 [5] - Comex copper inventory reached 378,900 tons, continuing to rise from a historical high last week, while LME registered warehouse copper inventory reported at 157,175 tons, down 42% year-to-date [5] - Concerns about tight inventories outside the U.S. have intensified, with LME spot copper contracts showing a premium of $20 per ton at the end of Thursday [5]