Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The nickel market has a strong wait - and - see sentiment, with high inventories and a supply - surplus pattern remaining. Nickel prices are expected to remain in a low - level oscillation, but the impact of extreme weather in the Philippines on nickel ore supply and potential nickel price rebounds should be monitored [1][3]. - The stainless - steel market is in the consumption off - season, with inventory starting to accumulate and the cost center shifting downwards. Stainless - steel prices are expected to maintain a low - level oscillation [3][4]. 3. Directory Summaries Nickel Variety - **Market Analysis** - **Futures**: On November 13, 2025, the main contract of SHFE nickel 2512 opened at 119,000 yuan/ton and closed at 118,930 yuan/ton, a 0.03% change from the previous trading day. The trading volume was 80,848 (-17,400) lots, and the open interest was 112,711 (-4,118) lots. The contract showed a weak oscillation pattern with shrinking volume and reducing positions, indicating a strong wait - and - see sentiment. Due to weak fundamentals, the rebound momentum was weak, and it is expected to remain in a low - level oscillation [1]. - **Nickel Ore**: The nickel ore market was calm with stable prices. In the Philippines, some terminals in the Surigao mining area were still recovering from typhoon weather, and the shipping efficiency was delayed. The price of downstream nickel - iron decreased, and iron plants continued to lower their psychological price for nickel ore. In Indonesia, the second - phase domestic trade benchmark price in November decreased by 0.12 - 0.2 dollars/ton, and the current mainstream premium was +26. The Indonesian government announced a 2026 RKAB quota of 3.19 billion tons, but the actual situation depends on next year's policy changes [1]. - **Spot**: Jinchuan Group's sales price in the Shanghai market was 122,600 yuan/ton, unchanged from the previous day. The enthusiasm for spot inquiries improved, and downstream buyers made on - demand purchases. The spot premiums of each brand remained stable. The premium of Jinchuan nickel changed by 100 yuan/ton to 3,800 yuan/ton, the premium of imported nickel was unchanged at 400 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's SHFE nickel warrant volume was 32,694 (870) tons, and the LME nickel inventory was 251,970 (-144) tons [2]. - **Strategy** - The inventory is high, and the supply - surplus pattern remains unchanged. Nickel prices are expected to remain in a low - level oscillation. In the short term, attention should be paid to the impact of extreme weather in the Philippines on nickel ore supply and potential price rebounds. For single - side trading, range - bound operations are recommended, while there are no suggestions for inter - period, inter - variety, spot - futures, or option trading [3]. Stainless - Steel Variety - **Market Analysis** - **Futures**: On November 13, 2025, the main contract of stainless steel 2601 opened at 12,470 yuan/ton and closed at 12,475 yuan/ton. The trading volume was 118,571 (+32,719) lots, and the open interest was 150,646 (-4,171) lots. It showed a narrow - range downward oscillation, similar to the trend of SHFE nickel. Entering the consumption off - season, the stainless - steel inventory showed a slight accumulation trend this week, and the futures market was still at the bottom - grinding stage [3]. - **Spot**: Downstream buyers remained in a wait - and - see state, and the spot trading was light, with on - demand purchases as the main mode. Affected by the downward shift of the cost center and trading conditions, the spot price continued to explore the bottom. The stainless - steel price in the Wuxi market was 12,750 (-75) yuan/ton, and in the Foshan market, it was 12,800 (-50) yuan/ton. The premium of 304/2B was 290 - 590 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron decreased by 2.00 yuan/nickel point to 907.0 yuan/nickel point [3]. - **Strategy** - Due to the arrival of the consumption off - season, inventory accumulation, and the downward shift of the cost center, stainless - steel prices are expected to maintain a low - level oscillation. For single - side trading, a neutral strategy is recommended, while there are no suggestions for inter - period, inter - variety, spot - futures, or option trading [4].

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The fundamentals of nickel and stainless steel are weak, and both are continuing to find their bottoms. The nickel market is in a situation of "tightening in the long - term, but loose in the short - term" due to the new Indonesian policy, and stainless steel is affected by factors such as real - estate downturn and slowdown in home appliance exports [1][3]. - It is expected that nickel prices will remain in a low - level oscillation, but attention should be paid to the impact of extreme weather in the Philippines on nickel ore supply, which may cause a rebound in nickel prices. Stainless steel prices are also expected to maintain a low - level oscillation due to low demand, inventory accumulation, and a downward shift in cost centers [3][4]. 3. Summary by Related Catalogs Nickel Variety Market Analysis - **Futures**: On November 12, 2025, the main contract of Shanghai nickel 2512 opened at 119,300 yuan/ton and closed at 118,710 yuan/ton, a change of - 0.62% from the previous trading day. The trading volume was 98,248 (+28,336) lots, and the open interest was 116,829 (1,929) lots. The contract showed a weak oscillation pattern. The new Indonesian policy on nickel smelter investment restrictions may tighten capacity expansion in the long - term, but the short - term production capacity of wet - process intermediate products is still being released. The weak stainless - steel consumption on the demand side leads to insufficient rebound power in the Shanghai nickel market [1]. - **Nickel Ore**: The trading atmosphere in the nickel ore market is calm, and prices are stable. In the Philippines, the Surigao mining area is affected by typhoons, and the shipping efficiency is delayed. The price of downstream nickel - iron is falling, and iron plants have a lower psychological price for nickel ore. In Indonesia, the second - phase domestic trade benchmark price in November is expected to be lowered by 0.12 - 0.2 dollars/wet ton, and the current mainstream premium is +26, with the premium range mostly between +25 - 27 [1]. - **Spot**: The sales price of Jinchuan Group in the Shanghai market is 122,600 yuan/ton, a decrease of 700 yuan/ton from the previous trading day. After the Shanghai nickel price fell below 120,000 yuan, the spot market is more watchful, and trading is light. The spot premiums of various brands have not changed. The previous trading day's Shanghai nickel warehouse receipt volume was 31,824 (-468) tons, and the LME nickel inventory was 252,114 (-1,194) tons [2]. Strategy - It is expected that nickel prices will remain in a low - level oscillation. The strategy is mainly range - bound operation. There are no strategies for inter - period, cross - variety, spot - futures, and options trading. Attention should be paid to the impact of extreme weather in the Philippines on nickel ore supply, which may cause a rebound in nickel prices [3]. Stainless Steel Variety Market Analysis - **Futures**: On November 12, 2025, the main contract of stainless steel 2601 opened at 12,520 yuan/ton and closed at 12,485 yuan/ton. The trading volume was 85,852 (-22,462) lots, and the open interest was 137,838 (-4,171) lots. Affected by the decline in Shanghai nickel prices, the contract continued its weak oscillation. Although domestic steel mills' losses are increasing, the inertia of capacity release remains, and the demand side is still sluggish due to factors such as the real - estate downturn and slowdown in home appliance exports. Overall, stainless steel is still in a bottom - grinding state [3]. - **Spot**: The market sentiment is pessimistic, and spot trading is sluggish. Many traders are selling at low prices to recover funds, and the daily quotes continue to decline slightly. The stainless - steel price in the Wuxi market is 12,825 (-25) yuan/ton, and in the Foshan market, it is 12,850 (+0) yuan/ton. The premium of 304/2B is 335 to 685 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron changed by - 3.00 yuan/nickel point to 909.0 yuan/nickel point [3][4]. Strategy - It is expected that stainless - steel prices will remain in a low - level oscillation. The strategy is neutral. There are no strategies for inter - period, cross - variety, spot - futures, and options trading [4].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - For nickel, due to high inventory and oversupply, the nickel price is expected to remain in low - level fluctuations, but recent mining disruptions in Indonesia and the Philippines should be monitored for potential price rebounds [4] - For stainless steel, with the end of the consumption peak season, lower - than - expected demand growth, and weakening cost support, the stainless - steel price is expected to stay in low - level oscillations [5] Group 3: Nickel Market Analysis Futures - On November 10, 2025, the main contract 2512 of Shanghai nickel opened at 119,670 yuan/ton and closed at 119,680 yuan/ton, a 0.01% change from the previous trading day. The trading volume was 82,864 (-9,186) lots, and the open interest was 117,784 (-4,095) lots [1] - The main contract of Shanghai nickel showed a low - opening and high - walking oscillatory repair pattern. Affected by macro - sentiment and the metal sector, it rebounded during the day session and slightly closed up. The high - level oscillation of the US dollar index still suppresses nickel prices. The domestic commodity sector rose collectively, and Shanghai nickel rebounded accordingly [2] Nickel Ore - The nickel - ore market trading atmosphere was calm, and prices remained stable. There was strong market wait - and - see sentiment, and there was a supply - demand price gap. Factory procurement enthusiasm was low [2] - In the Philippines, the Surigao mining area's shipping efficiency was delayed due to continuous rainfall, while the northern mining area had stable local supply. Indonesian November (Phase II) domestic trade benchmark prices are expected to be lowered by 0.12 - 0.2 dollars/wet ton, with a current mainstream premium of +26 [2] - Due to the rainy season and typhoons, shipping in the southern Surigao area of the Philippines has stopped, and nickel - ore exports are expected to sharply decline from November to December [2] Spot - Jinchuan Group's Shanghai market sales price was 123,300 yuan/ton, unchanged from the previous trading day. Spot trading was average, and the spot premium of each brand did not change [3] - The premium of Jinchuan nickel changed by 600 yuan/ton to 3,600 yuan/ton, the premium of imported nickel remained at 400 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton [3] - The previous trading day's Shanghai nickel warehouse receipt volume was 32,533 (-101) tons, and the LME nickel inventory was 253,404 (+300) tons [3] Group 4: Nickel Strategy - Unilateral: Mainly conduct range operations - No strategies for inter - period, cross - variety, spot - futures, and options trading are provided [4] Group 5: Stainless Steel Market Analysis Futures - On November 10, 2025, the main contract 2512 of stainless steel opened at 12,545 yuan/ton and closed at 12,605 yuan/ton. The trading volume was 100,514 (+26,181) lots, and the open interest was 46,429 (-4,171) lots [4] - The main contract of stainless steel showed an oscillatory and slightly stronger trend. It rebounded in the afternoon driven by the rise of the black - metal sector [4] Spot - Affected by the futures' stop - falling and rebound, spot inquiries increased, but actual trading activity was still low, and quotes were basically flat [5] - The stainless - steel price in the Wuxi market was 12,850 (+0) yuan/ton, and in the Foshan market was also 12,850 (+0) yuan/ton. The 304/2B premium was 305 - 605 yuan/ton [5] - The ex - factory tax - included average price of high - nickel pig iron changed by - 1.50 yuan/nickel point to 914.5 yuan/nickel point [5] Group 6: Stainless Steel Strategy - Unilateral: Neutral - No strategies for inter - period, cross - variety, spot - futures, and options trading are provided [5]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The nickel market is in a pattern of high inventory and oversupply, with nickel prices expected to remain in low - level oscillations. A significant reduction in Philippine nickel ore supply in the fourth quarter may lead to a nickel price rebound [1][2]. - The stainless - steel market shows weak demand recovery and loose cost support, and stainless - steel prices are expected to maintain a weak oscillation [4]. Summary by Related Catalogs Nickel Variety Market Analysis - **Futures**: On November 5, 2025, the main contract of Shanghai nickel opened at 119,860 yuan/ton and closed at 120,030 yuan/ton, a - 0.24% change from the previous trading day. The trading volume was 123,448 (+577) lots, and the open interest was 115,164 (-3296) lots. The price fluctuated within a range of about 1,390 yuan, with a significant narrowing compared to previous days. The SHFE nickel inventory increased by 1,977 tons to 32,929 tons, and the LME nickel inventory, although unchanged at 252,750 tons, had a cumulative increase of 20,300 tons in the past month and an 8.79% year - on - year increase [1]. - **Nickel Ore**: The nickel ore market has been calm with stable prices. There is a gap between supply and demand, and market sentiment is cautious. In the Philippines, increased rainfall and the typhoon "Seagull" may cause delays in shipping. Downstream nickel - iron prices are under pressure, and iron plants are reluctant to accept high - priced nickel ore. In Indonesia, the November (first - phase) domestic trade benchmark price is expected to drop by 0.12 - 0.18 dollars, and the current mainstream premium is +26, with a premium range of +25 - 27 [1][2]. - **Spot**: Jinchuan Group's Shanghai market sales price was 122,400 yuan/ton, a decrease of 1,100 yuan/ton from the previous day. Due to the large price drop, spot trading was good, and the spot premium of each brand remained stable. Jinchuan nickel's premium changed to 2,800 yuan/ton, imported nickel's premium remained at 400 yuan/ton, and nickel beans' premium was 2,450 yuan/ton [2]. Strategy - Unilateral: Mainly use range - bound operations. - Others: No operations for inter - period, cross - variety, spot - futures, and options [2]. Stainless - steel Variety Market Analysis - **Futures**: On November 5, 2025, the main stainless - steel contract opened at 12,555 yuan/ton and closed at 12,535 yuan/ton. The trading volume was 90,380 (-21,042) lots, and the open interest was 74,412 (-4,171) lots. Affected by Shanghai nickel and the black - metal sector, the price showed a weak oscillation, with a fluctuation range of about 100 yuan, further narrowing from the previous day [2][3]. - **Spot**: Market pessimism intensified, spot prices were generally lowered, but trading remained weak. The stainless - steel price in Wuxi market was 12,850 (-50) yuan/ton, and in Foshan market was 12,900 (-50) yuan/ton. The 304/2B premium was 315 - 615 yuan/ton, and the ex - factory tax - included average price of high - nickel pig iron decreased by 2.00 yuan/nickel point to 919.5 yuan/nickel point [4]. Strategy - Unilateral: Neutral. - Others: No operations for inter - period, cross - variety, spot - futures, and options [4].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The nickel market has an oversupply situation with high inventories, and the nickel price is expected to remain in a low - level oscillation. However, the sharp reduction in nickel ore supply from the Philippines in the fourth quarter may lead to a rebound in nickel prices [2]. - The stainless - steel market has weak demand, accumulating inventories, and weakening cost support, and the stainless - steel price is expected to continue the bottom - level oscillation trend [4]. 3. Summary by Related Catalogs Nickel Variety Market Analysis - **Futures**: On November 4, 2025, the Shanghai nickel main contract 2512 opened at 120,800 yuan/ton and closed at 119,700 yuan/ton, a - 0.99% change from the previous trading day. The trading volume was 122,871 (+25,519) lots, and the open interest was 118,460 (9,789) lots. The contract showed a weak oscillation trend due to macro - factors such as the rising US dollar index, the Fed's hawkish remarks, and the uncertainty of Sino - US tariffs [1]. - **Nickel Ore**: The nickel ore market was calm, with stable prices. There was a supply - demand gap, and the market was in a wait - and - see state. In the Philippines, rainfall and typhoons may cause shipment delays. In Indonesia, the November (first - phase) domestic trade benchmark price is expected to drop by 0.12 - 0.18 US dollars, and the current mainstream premium is +26 [1]. - **Spot**: Jinchuan Group's Shanghai market sales price was 123,500 yuan/ton, a 200 - yuan increase from the previous trading day. The spot transaction was okay, and the spot premiums of each brand remained unchanged. The previous trading day's Shanghai nickel warehouse receipt volume was 30,952 (-254) tons, and the LME nickel inventory was 252,750 (0) tons [2]. Strategy - The nickel price is expected to remain in a low - level oscillation, but the situation of price rebound needs attention due to the sharp reduction in Philippine nickel ore supply in the fourth quarter. The recommended strategy is mainly range - trading for single - side operations, and there are no recommended strategies for inter - period, inter - variety, spot - futures, and options operations [2]. Stainless - steel Variety Market Analysis - **Futures**: On November 4, 2025, the stainless - steel main contract 2511 opened at 12,625 yuan/ton and closed at 12,545 yuan/ton. The trading volume was 111,422 (+3,760) lots, and the open interest was 76,075 (-4,171) lots. It showed a weak oscillation trend, similar to the Shanghai nickel trend, affected by macro - factors and the weakening nickel - iron price [2][3]. - **Spot**: Affected by the continuous decline in futures prices, the downstream's wait - and - see sentiment increased, and the actual transaction was still weak. The stainless - steel prices in Wuxi and Foshan markets remained unchanged, and the high - nickel pig iron ex - factory tax - included average price decreased by 1.00 yuan/nickel point to 921.5 yuan/nickel point [3][4]. Strategy - The stainless - steel price is expected to continue the bottom - level oscillation trend. The single - side strategy is neutral, and there are no recommended strategies for inter - period, inter - variety, spot - futures, and options operations [4].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The nickel market is facing a situation of high inventory and oversupply, and nickel prices are expected to remain in a low - level oscillation. The stainless - steel market is also under the dual pressure of high inventory and weak demand, and its price is expected to maintain a low - level oscillation [1][3]. 3. Summary by Related Catalogs Nickel Variety - **Market Analysis** - **Futures**: On October 30, 2025, the main contract 2512 of Shanghai nickel opened at 121,770 yuan/ton and closed at 120,980 yuan/ton, a change of - 0.03% from the previous trading day's close. The trading volume was 99,113 (- 10,149) lots, and the open interest was 107,897 (- 1,789) lots. The main contract showed a volatile downward trend. The Fed's 25 - basis - point interest rate cut and Powell's cautious statement on the December rate cut led to a short - term rebound of the US dollar, pressuring commodities, and Shanghai nickel closed slightly lower in the late session [1]. - **Nickel Ore**: The mine side still has a strong attitude of holding prices, and the overall nickel ore price remains firm. The CIF tender price of 1.4% nickel ore from Indonesia's purchases in the Philippines was 49.5 - 50.5, down 1 dollar month - on - month. The FOB tender price of 1.4% nickel ore from the northern Philippine mine LNL was 43.5, unchanged month - on - month. The Surigao mining area in the Philippines is about to enter the rainy season, and the shipping is coming to an end; the northern mines are in the tender and shipping stage. The price of downstream nickel iron is under pressure, and iron plants are not willing to accept the high price of raw material nickel ore. The domestic trade benchmark price in Indonesia in November (phase one) is expected to fall by 0.12 - 0.18 dollars, and the current mainstream premium is + 26, with the premium range mostly between + 25 - 27 [1]. - **Spot**: The sales price of Jinchuan Group in the Shanghai market was 123,700 yuan/ton, up 600 yuan/ton from the previous trading day. Spot trading was dull, and the spot premiums and discounts of each brand remained stable. Among them, the premium of Jinchuan nickel changed by 50 yuan/ton to 2,450 yuan/ton, the premium of imported nickel changed by 0 yuan/ton to 400 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 31,532 (99) tons, and the LME nickel inventory was 251,640 (- 66) tons [2]. - **Strategy** - The nickel market has high inventory and the oversupply pattern remains unchanged. It is expected that nickel prices will remain in a low - level oscillation. The recommended strategy is mainly range - bound operation for the single - side, and no operations are recommended for the inter - period, inter - variety, spot - futures, and options [3]. Stainless - Steel Variety - **Market Analysis** - **Futures**: On October 30, 2025, the main contract 2512 of stainless steel opened at 12,805 yuan/ton and closed at 12,725 yuan/ton. The trading volume was 105,051 (+ 11,210) lots, and the open interest was 89,093 (- 4,171) lots. Similar to the trend of Shanghai nickel, the main contract showed a volatile weakening trend. Overseas, the rebound of the US dollar pressured commodities; domestically, although the adjustment of real - estate policies released certain positive signals, the demand transmission of stainless steel in the real - estate field was lagging, and it was difficult to boost market confidence in the short term [3]. - **Spot**: The price was basically stable, and trading was still difficult. The price of stainless steel in the Wuxi market was 13,000 (+ 100) yuan/ton, and that in the Foshan market was 13,000 (+ 50) yuan/ton. The premium and discount of 304/2B were 250 to 550 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron remained unchanged at 924.5 yuan/nickel point [3]. - **Strategy** - In the short term, stainless steel will still face the dual pressure of high inventory and weak demand, and it is expected to maintain a low - level oscillation. The single - side strategy is neutral, and no operations are recommended for the inter - period, inter - variety, spot - futures, and options [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - For the nickel market, due to high inventory and a persistent supply - surplus situation, nickel prices are expected to remain in a low - level oscillation [3]. - For the stainless steel market, with weak downstream demand recovery, inventory accumulation, and weakening cost support, stainless steel prices are expected to maintain an oscillating and weakening trend [4]. 3. Summary by Related Catalogs Nickel Variety Market Analysis - **Futures**: On October 22, 2025, the main contract of Shanghai nickel 2512 opened at 121,180 yuan/ton and closed at 121,380 yuan/ton, a change of - 0.11% from the previous trading day's close. The trading volume was 73,851 (+13,460) lots, and the open interest was 121,311 (+5,022) lots. The main contract changed to 2512, showing an oscillating and declining pattern. Fed officials' hawkish signals strengthened the expectation of a continuous high - interest - rate environment, and the stronger US dollar index pressured LME nickel [1]. - **Nickel Ore**: A 1.4% nickel ore tender in the northern Philippines' Eramen mine was settled at FOB 43. There is a price difference between domestic supply and demand, and domestic factories are mostly on the sidelines. The rainy season in the Surigao mining area in the Philippines is approaching, and northern mines are mostly tendering for shipments. Iron plants are under cost pressure and have a price - pressing attitude towards nickel ore procurement. In Indonesia, the October (Phase II) domestic trade benchmark price increased by 0.06 - 0.11 US dollars, and the current mainstream premium is +26, with the premium range mostly between +25 - 27. Indonesian factories are actively purchasing raw materials recently [1]. - **Spot**: Jinchuan Group's Shanghai market sales price was 123,400 yuan/ton, a decrease of 500 yuan/ton from the previous trading day. Spot trading was fair, and the spot premiums of each brand remained stable. Jinchuan nickel's premium changed by 50 yuan/ton to 2,500 yuan/ton, imported nickel's premium remained unchanged at 400 yuan/ton, and nickel beans' premium was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipts were 26,953 (-73) tons, and LME nickel inventory was 250,878 (+402) tons [2]. Strategy - Unilateral: Mainly conduct range operations. - Other strategies (cross - period, cross - variety, spot - futures, options): None [3]. Stainless Steel Variety Market Analysis - **Futures**: On October 22, 2025, the main contract of stainless steel 2512 opened at 12,660 yuan/ton and closed at 12,710 yuan/ton. The trading volume was 99,210 (-26,868) lots, and the open interest was 179,530 (-4,171) lots. The contract followed the upward trend of the black sector, showing an oscillating and rising pattern. Stimulated by the decline in inventory in the afternoon, the price quickly rose to an intraday high of 12,730 yuan/ton but fell back slightly after failing to break through 12,750 yuan/ton [3]. - **Spot**: Due to the continuous upward exploration of futures prices in the past two days, downstream inquiries increased slightly, but actual trading was light, and market quotes remained low. The stainless steel price in Wuxi market was 13,000 (+0) yuan/ton, and in Foshan market was 13,000 (+0) yuan/ton. The premium of 304/2B was 310 - 610 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron decreased by 0.50 yuan/nickel point to 935.5 yuan/nickel point the previous day [3]. Strategy - Unilateral: Neutral. - Other strategies (cross - period, cross - variety, spot - futures, options): None [4].

Report Industry Investment Rating - Not provided in the given content Core Views - Due to high inventory and persistent supply surplus, nickel prices are expected to remain in a low - level oscillation [3] - With increasing production schedules and slower - than - expected demand recovery, stainless steel prices are forecasted to stay in a weak oscillation, but recent policy guidance from the Fourth Plenary Session of the 20th CPC Central Committee and the results of China - US trade talks need to be observed [5] Market Analysis of Nickel Market Data - On October 20, 2025, the main contract 2511 of Shanghai nickel opened at 120,830 yuan/ton and closed at 120,710 yuan/ton, a change of - 0.52% from the previous trading day. The trading volume was 68,844 (- 7,491) lots, and the open interest was 58,658 (- 1,803) lots [1] Influence of Macro Data - China's macro data for the first three quarters showed that the GDP in Q3 was 3.545 trillion yuan, with a year - on - year increase of 4.8% (previous value: 5.2%), and other data indicated a situation of "strong supply and weak demand", causing Shanghai nickel prices to oscillate weakly [1] Nickel Ore Situation - The trading atmosphere in the nickel ore market was fair, and prices remained stable. The Eramen mine in the Philippines launched a new tender. In the Philippines, the shipping volume from the Surigao mining area decreased, while northern mines started to load and ship. Downstream iron plants, with reduced profits, were cautious in purchasing nickel ore. In Indonesia, the supply of the nickel ore market remained abundant. The domestic trade benchmark price in October (Phase II) increased by 0.06 - 0.11 US dollars, and the current mainstream premium was + 26, with a premium range of + 25 - 27. Due to the approaching rainy season, Indonesian factories had low enthusiasm for raw material procurement despite production pressure [1] Spot Market - Jinchuan Group's sales price in the Shanghai market was 123,400 yuan/ton, a decrease of 200 yuan/ton from the previous day. Spot trading was fair, and the spot premiums of each brand remained stable. The premium of Jinchuan nickel changed by 50 yuan/ton to 2,450 yuan/ton, the premium of imported nickel remained unchanged at 400 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipts were 26,868 (- 174) tons, and the LME nickel inventory was 250,476 (- 54) tons [2] Strategy for Nickel - Unilateral: Mainly conduct range operations - Other strategies (cross - period, cross - variety, spot - futures, options): None [3] Market Analysis of Stainless Steel Market Data - On October 20, 2025, the main contract 2512 of stainless steel opened at 12,620 yuan/ton and closed at 12,595 yuan/ton. The trading volume was 124,780 (+ 7,866) lots, and the open interest was 198,194 (- 4,171) lots [3] Influence of Macro Data - The real estate investment growth rate widened by 1 percentage point to - 13.9%, and the overall industry was still at the bottom - building stage. The recovery of stainless steel demand remained a long - term task [3] Spot Market - The market trading continued the light situation of the previous week, and prices remained basically stable. Under the pressure of sales, there were occasional lower quotes. The price of stainless steel in the Wuxi market was 13,000 (+ 0) yuan/ton, and in the Foshan market was 13,000 (+ 0) yuan/ton. The premium of 304/2B was 390 - 690 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron remained unchanged at 938.0 yuan/nickel point [3] Strategy for Stainless Steel - Unilateral: Neutral - Other strategies (cross - period, cross - variety, spot - futures, options): None [5]

Group 1: Gold Market Analysis - The current upward trend in gold prices is supported by dovish signals from the Federal Reserve and a weakening dollar, creating a strong bullish momentum [2] - Gold prices have effectively broken through the $4200 level, indicating a dominant bullish sentiment in the market [2] - The daily RSI indicator has entered the overbought territory (>80), suggesting a potential short-term technical pullback [2] - Key support levels to watch are $4200-$4195, with further support at $4180-$4172 if the first level fails [2] - The upward target is set at $4250, with a potential move towards $4300 if this level is surpassed [2] - The overall bullish trend remains intact as long as prices hold above the $4180 support level, amidst a weak dollar and high global uncertainty [2] Group 2: Trading Strategy for Gold - The trading strategy focuses on a bullish layout, recommending to enter long positions when prices pull back to the $4218-$4115 range [4] - The $4200 level is identified as a critical defense line for both long and short positions; a break below this level suggests exiting the market [4] - The primary focus is on the breakout of the $4250 level, as the market remains in an upward trend [4] Group 3: Oil Market Analysis - The oil market is currently facing mixed factors, with short-term supply abundance putting pressure on prices, while declining Russian oil exports and cautious OPEC+ production increases may provide some support [5] - The technical outlook for WTI crude oil shows a clear bearish structure, with prices operating within a descending channel and moving averages indicating a bearish trend [5] - Key price levels to monitor include a potential drop below $58, which would lead to further support at $56.20, while a stabilization and breakout above $60 could signal a short-term rebound [5] - The current market is constrained by "oversupply" and "high inventory" pressures [5] Group 4: Demand Recovery and OPEC+ Monitoring - Short-term observations should focus on the demand recovery pace in Asian countries and the U.S.; continued weakness in demand may keep oil prices under pressure [7] - Mid-term trends will depend on OPEC+ meetings and whether stronger supply adjustment measures will be implemented, which could be a key variable in changing the current trend [7]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report Core Views - The nickel market has an oversupply situation, with high inventories. The nickel price is expected to remain in a low - level oscillation. For trading strategies, a range - based operation is recommended for single - side trading, while no specific strategies are proposed for cross - period, cross - variety, spot - futures, and options trading [1][3]. - The stainless steel market is facing inventory accumulation, weakening material cost support, and lower - than - expected demand. The stainless steel price is also expected to stay in a low - level oscillation. The single - side trading strategy is neutral, and no strategies are given for cross - period, cross - variety, spot - futures, and options trading [3][5]. 3. Summary by Related Catalogs Nickel Variety - **Market Analysis** - **Futures**: On October 14, 2025, the Shanghai nickel main contract 2511 opened at 121,500 yuan/ton and closed at 120,830 yuan/ton, a change of - 0.67% from the previous trading day. The trading volume was 110,084 (- 38,918) lots, and the open interest was 73,107 (- 1,593) lots. The oversupply pattern persists, and concerns about the escalation of China - US tariff friction have intensified. The LME inventory continues to increase, suppressing the nickel price. The trading volume and open interest both decreased, indicating reduced market trading activity and capital participation [1]. - **Nickel Ore**: The nickel ore market has a fair trading range, and the price remains stable. The domestic 1.3% nickel ore is quoted at CIF 44, with no transactions concluded. In the Philippines, the bidding result of the 1.4% nickel ore from the Eramen mine in Zambales has not been released. The downstream nickel - iron price has declined, squeezing the profit of iron plants, leading to cautious procurement of nickel ore. Some northern domestic factories have started stockpiling raw materials for winter. The supply in the Indonesian market remains loose, and the October (second phase) domestic trade benchmark price is expected to increase by 0.06 - 0.11 US dollars, with the current mainstream premium at +26 [1]. - **Spot**: The Shanghai market sales price of Jinchuan Group is 123,000 yuan/ton, a decrease of 600 yuan/ton from the previous trading day. The decline in refined nickel prices has increased downstream procurement enthusiasm, and the intraday trading volume is fair. The premiums of various brands are mainly stable. The Jinchuan nickel premium remains unchanged at 2,400 yuan/ton, the imported nickel premium increases by 25 yuan/ton to 350 yuan/ton, and the nickel bean premium is 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 25,027 (- 245) tons, and the LME nickel inventory was 243,258 (+ 1,164) tons [2]. - **Strategy** - **Single - side**: Mainly use range - based operations [3]. - **Cross - period**: None [3]. - **Cross - variety**: None [3]. - **Spot - futures**: None [3]. - **Options**: None [3]. Stainless Steel Variety - **Market Analysis** - **Futures**: On October 14, 2025, the stainless steel main contract 2512 opened at 12,920 yuan/ton and closed at 12,565 yuan/ton. The trading volume was 150,756 (- 59,233) lots, and the open interest was 190,251 (- 4,171) lots. It shows a similar trend to Shanghai nickel, continuing the low - level oscillation pattern and reaching a low of 12,050 yuan/ton, close to the three - month low [3]. - **Spot**: Market pessimism has intensified, and spot prices have decreased, but trading remains sluggish. The stainless steel price in the Wuxi market is 13,000 (- 150) yuan/ton, and in the Foshan market, it is 13,000 (- 100) yuan/ton. The 304/2B premium ranges from 455 to 755 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron changed by - 3.50 yuan/nickel point to 947.5 yuan/nickel point [3]. - **Strategy** - **Single - side**: Neutral [5]. - **Cross - period**: None [5]. - **Cross - variety**: None [5]. - **Spot - futures**: None [5]. - **Options**: None [5].