Group 1: Report Investment Ratings - No investment ratings provided in the report Group 2: Core Views - Copper: After Sino-US negotiations, the copper price dropped to test the 10-day moving average support. The downstream copper开工 rate declined further, but the inventory decreased slightly. Considering the potential medium - scale delivery of LME copper in the near future, maintain a callback - buying strategy and pay attention to the support around $10,300 for LME copper [1] - Aluminum: With good domestic apparent demand, high proportion of molten aluminum, de - stocking of aluminum ingots and various aluminum products, and supply disruptions overseas, the price is pushed up. In the long - term with low inventory, it is advisable to hold on dips [1] - Zinc: The zinc price fluctuated upward this week. The supply of domestic and imported TC is accelerating its decline. The demand is seasonally weak domestically and generally average overseas. Although the domestic fundamentals are poor, there may be a phased reduction in supply at the end of the year, so the price may not fall deeply. Pay attention to anti - arbitrage opportunities and positive arbitrage opportunities for the 12 - 02 spread [2] - Nickel: The supply of pure nickel remains at a high level, the demand is weak, and the inventory is accumulating both at home and abroad. With continuous disturbances in the Indonesian mining end and a motivation to support prices on the policy side, pay attention to short - selling opportunities [3] - Stainless Steel: The supply from steel mills increased slightly in October. The demand is mainly for rigid needs. The cost of ferronickel and ferrochrome remains stable, and the inventory is at a high level. With a motivation to support prices on the Indonesian policy side, pay attention to short - selling opportunities [7] - Lead: The lead price dropped due to downstream production cuts this week. The supply of scrap is weak, and the recovery of recycled lead production is slow. The demand is expected to weaken. It is expected that the lead price will fluctuate narrowly next week, and it is advisable to observe the resumption of recycled production and the increase of warehouse receipts [8] - Tin: The tin price fluctuated this week. The supply is marginally recovering, and the demand is mainly rigid. In the short - term, it follows the macro - sentiment. In the long - term, it is advisable to hold on dips near the cost line [8][10] - Industrial Silicon: The supply of industrial silicon will decline in the fourth quarter, but considering the maintenance of polysilicon enterprises, the supply and demand are in a balanced and slightly loose state. In the short - term, the price is expected to fluctuate, and in the long - term, it will fluctuate at the cycle bottom [11] - Lithium Carbonate: Affected by the rumor of mine resumption in Jiangxi, the lithium carbonate price dropped rapidly on Friday. The supply side has strong price - support motivation, and the demand side is mainly in a wait - and - see state. If the energy storage demand remains high and the power demand is stable, the long - term pattern may change in the next 1 - 2 years [11] Group 3: Summary by Metal Copper - Market: The market is dominated by tariff negotiation progress. After Sino - US negotiations, the copper price dropped [1] - Fundamentals: Downstream copper开工 rate declined, but inventory decreased slightly. Pay attention to the impact of stricter scrap copper policies on the substitution of refined copper [1] - Strategy: Maintain a callback - buying strategy, pay attention to the support around $10,300 for LME copper, and consider selling put options below $10,300 or gradually building virtual inventory [1] Aluminum - Market: Domestic apparent demand is good, and overseas supply is disrupted [1] - Fundamentals: High proportion of molten aluminum, de - stocking of aluminum ingots and various aluminum products [1] - Strategy: Hold on dips in the long - term with low inventory [1] Zinc - Market: The zinc price fluctuated upward this week [2] - Fundamentals: Supply of domestic and imported TC is declining. Demand is seasonally weak domestically and average overseas. Social inventory is fluctuating domestically, and LME inventory is decreasing overseas [2] - Strategy: Although the domestic fundamentals are poor, the price may not fall deeply at the end of the year. Pay attention to anti - arbitrage opportunities and positive arbitrage opportunities for the 12 - 02 spread [2] Nickel - Market: Short - term fundamentals are weak [3] - Fundamentals: Supply of pure nickel is high, demand is weak, and inventory is accumulating both at home and abroad [3] - Strategy: Pay attention to short - selling opportunities with disturbances in the Indonesian mining end and policy support motivation [3] Stainless Steel - Market: Fundamentals are weak [7] - Fundamentals: Supply from steel mills increased slightly in October, demand is mainly rigid, cost is stable, and inventory is high [7] - Strategy: Pay attention to short - selling opportunities with policy support motivation in Indonesia [7] Lead - Market: The lead price dropped due to downstream production cuts [8] - Fundamentals: Supply of scrap is weak, recycled lead production recovery is slow, demand is expected to weaken, and the spot is still in short supply [8] - Strategy: Observe the resumption of recycled production and the increase of warehouse receipts, and the price is expected to fluctuate narrowly between 17,200 - 17,500 [8] Tin - Market: The tin price fluctuated this week [8] - Fundamentals: Supply is marginally recovering, and demand is mainly rigid [8][10] - Strategy: Follow the macro - sentiment in the short - term, and hold on dips near the cost line in the long - term [8][10] Industrial Silicon - Market: Supply will decline in the fourth quarter, and supply - demand is balanced and slightly loose [11] - Fundamentals: Xinjiang enterprises' production is stable, and Sichuan and Yunnan's production will decrease in the dry season [11] - Strategy: The price is expected to fluctuate in the short - term and at the cycle bottom in the long - term [11] Lithium Carbonate - Market: The price dropped on Friday due to the rumor of mine resumption [11] - Fundamentals: Supply side has strong price - support motivation, and demand side is in a wait - and - see state [11] - Strategy: The long - term pattern may change in the next 1 - 2 years if demand conditions are met [11]

Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report. Group 2: Report Core Views - Overall, in the context of continued tightness in the mining end and the growth of infrastructure and power demand in Southeast Asia and the Middle East, maintain a strategy of buying on dips for copper; for aluminum, hold on dips in the long - term due to good domestic apparent demand and potential overseas supply disruptions; for zinc, with poor domestic fundamentals but potential supply reduction at the end of the year, suggest a wait - and - see approach for single - side trading, focus on reverse arbitrage opportunities, and pay attention to the positive spread arbitrage opportunity between December and February; for nickel and stainless steel, due to weak fundamentals and potential policy support in Indonesia, look for short - selling opportunities; for lead, expect narrow - range oscillations in lead prices and suggest cautious operation; for tin, follow the macro - sentiment in the short - term and hold on dips in the medium - to - long - term; for industrial silicon, expect price oscillations in the short - term and cycle - bottom oscillations in the medium - to - long - term; for lithium carbonate, the price may change in the medium - to - long - term if certain demand conditions are met [1][2][3][7][8][10][11] Group 3: Summary by Metal Copper - Market行情受关税谈判进展主导，中美谈判后铜价回落测试10日均线支撑 [1] - 下游开工回落，高价下维持刚需接货，库存小幅去化略超预期，关注废铜政策对精废替代的影响 [1] - 听闻部分矿山在1.1w美金价位入场保值，伦铜近期可能有中等量级交仓到货，短期情绪或转冷静 [1] - 维持回调买入思路，关注伦铜1.03w美金附近支撑，可考虑卖1.03w以下看跌期权或逐步建立虚拟库存 [1] Aluminum - 国内表需好，铝水比例高，铝锭与铝材去库，海外供给有停产扰动推动价格上行 [1] - 中美经贸关系好转，美联储降息后停止缩表，需求边际好转 [1] - 低库存下长期以逢低持有为主 [1] Zinc - 本周锌价震荡上行，供应端国产和进口TC加速下滑，四季度至明年一季度国产矿边际走紧，11月火烧云锌锭投产但增量兑现待考察 [2] - 需求端内需季节性疲软，海外欧洲需求一般，部分炼厂生产有阻力，国内社库震荡，海外LME库存去化，出口窗口打开 [2] - 国内基本面现实较差，但年底供应端有阶段性减量，价格重心难深跌，短期单边建议观望，关注反套和12 - 02月差正套机会 [2] Nickel - 供应端纯镍产量高位维持，需求端整体偏弱，升水平稳，库存端国内外持续累库，短期基本面偏弱 [3] - 印尼矿端扰动持续，政策端有挺价动机，关注逢高空配机会 [3] Stainless Steel - 供应端钢厂10月排产环比小幅增加，需求端以刚需为主，成本方面镍铁、铬铁价格维持，库存高位维持 [7] - 印尼政策端有挺价动机，关注逢高空配机会 [7] Lead - 本周铅下游减产致铅价下跌，供应侧报废量同比偏弱，再生利润恢复激励复产但进度慢，精矿开工增加但供应紧张 [8] - 需求侧电池开工率下滑，成品库存高，需求有走弱预期，精废价差变化，再生复产出料 [8] - 预计下周内外铅价在17200 - 17500区间窄幅震荡，建议观望再生复产和仓单增加情况谨慎操作 [8] Tin - 本周锡价震荡，供应端矿端加工费低位，云锡检修结束，海外佤邦产出有分歧，印尼短期部分停产 [10] - 需求端高价下由刚性支撑，下游接单心理价位提高，海外LME库存低位震荡恢复 [10] - 国内基本面短期供需双弱，短期跟随宏观情绪，若宏观有系统性风险锡价下行空间大，中长期贴近成本线逢低持有 [10] Industrial Silicon - 本周新疆头部企业开工稳定，后续川滇开工数量将减少，枯水期供给环比下滑，但Q4供需处于平衡偏宽松状态，月度累库约3万吨 [11] - 短期价格预计震荡运行，中长期价格走势预计以季节性边际成本为锚的周期底部震荡为主 [11] Lithium Carbonate - 本周五受江西矿山复产传闻影响价格快速回落，原料端海外矿端挺价，市场可流通精矿现货偏紧 [11] - 锂盐端企业惜售，市场低价货源少，期现商难补库，下游在价格上行时观望，回调后买盘增强 [11] - 基差调整有限，成交集中在01 - 400至01 + 0元区间，若储能需求高景气且动力需求稳定，中长期格局转变时点可能在未来1 - 2年出现 [11]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - For copper, maintain a strategy of buying on dips considering the ongoing tightness in the mining end and the growth in infrastructure and power demand in Southeast Asia and the Middle East. Pay attention to the support around $10,300 for LME copper and consider selling put options below $10,300 or gradually building virtual inventories [1]. - For aluminum, with good domestic apparent demand, high proportion of molten aluminum, de - stocking of aluminum ingots and various aluminum products, and supply disruptions overseas, hold long - term on dips [1]. - For zinc, due to the poor domestic fundamentals but potential short - term supply reduction at the end of the year, the price may not fall deeply. In the short term, it is recommended to wait and see for single - side trading, pay attention to reverse arbitrage opportunities between domestic and overseas markets, and consider positive arbitrage opportunities for the 12 - 02 spread [2]. - For nickel, with a weak short - term fundamental situation and continuous disturbances in the Indonesian mining end, look for opportunities to short on rallies [3]. - For lead, expect the domestic and overseas lead prices to maintain a narrow - range oscillation next week. It is recommended to operate cautiously while observing the resumption of secondary lead production and the increase in warehouse receipts [7]. - For tin, in the short term, follow the macro sentiment and wait and see. If there is a systemic risk in the macro - environment, the tin price may decline significantly. In the long - term, buy on dips near the cost line [8]. - For industrial silicon, in the short term, the supply and demand are in a balanced and slightly loose state, and the price is expected to oscillate. In the long - term, the price is expected to oscillate at the bottom of the cycle based on the seasonal marginal cost [9]. - For lithium carbonate, in the context of "anti - involution", the price has high elasticity after supply - side disturbances are realized, and strong downward support before the disturbances. If the energy storage demand remains high and the power demand is stable, the long - term pattern of lithium carbonate may change in the next 1 - 2 years [9]. - For stainless steel, with a generally weak fundamental situation and potential price - supporting motivation from Indonesian policies, look for opportunities to short on rallies [13]. Summary by Metal Copper - **Market Data**: From October 27 to 31, 2025, the spot premium of SHFE copper changed from - 35 to 0, the scrap - refined copper spread decreased by 82, and the LME inventory decreased by 325 [1]. - **Market Analysis**: The market is dominated by tariff negotiation progress. The overall copper price has declined, and the downstream copper开工 has further decreased. The de - stocking of inventory is slightly better than expected. Consider the impact of the tightening of scrap copper policies on scrap - refined substitution. There may be medium - scale deliveries of LME copper in the near future, and the short - term sentiment may turn calm [1]. Aluminum - **Market Data**: From October 27 to 31, 2025, the Shanghai aluminum ingot price increased by 80, the domestic alumina price decreased by 1, and the SHFE aluminum social inventory decreased by 4,594 [1]. - **Market Analysis**: The domestic apparent demand is good, the proportion of molten aluminum is high, and there is de - stocking. Overseas supply is facing disruptions. The improvement of Sino - US economic and trade relations and the Fed's policy adjustment have led to a marginal improvement in demand [1]. Zinc - **Market Data**: From October 27 to 31, 2025, the spot premium of zinc remained at - 40, the SHFE zinc social inventory remained unchanged, and the LME zinc inventory increased by 400 [2]. - **Market Analysis**: The zinc price has oscillated upward. The supply of domestic and imported TC is accelerating downward, and the domestic mining supply will be tight from the fourth quarter to the first quarter of next year. The demand is seasonally weak domestically and generally average overseas. The export window has opened, and there has been some delivery overseas [2]. Nickel - **Market Data**: From October 27 to 31, 2025, the price of 1.5% Philippine nickel ore remained unchanged, the SHFE nickel spot price decreased by 350, and the LME inventory remained unchanged [3]. - **Market Analysis**: The supply of pure nickel remains at a high level, the demand is weak, and the inventories at home and abroad are continuously increasing. There are continuous disturbances in the Indonesian mining end [3]. Lead - **Market Data**: From October 27 to 31, 2025, the spot premium of lead remained at - 210, the social inventory decreased by 334, and the LME inventory decreased by 3,875 [7]. - **Market Analysis**: The lead price has declined due to downstream production cuts. The supply of secondary lead is recovering slowly, and the demand for batteries is weakening. The supply - demand mismatch is serious, and the spot is still in short supply [7]. Tin - **Market Data**: From October 27 to 31, 2025, the LME C - 3M of tin changed from 100 to 40, and the LME inventory increased from 2,725 to 2,875 [7][8]. - **Market Analysis**: The tin price has oscillated. The processing fee at the mining end is at a low level, and the supply has marginally recovered. Overseas production is still uncertain, and the demand is mainly supported by rigidity [8]. Industrial Silicon - **Market Data**: From October 27 to 31, 2025, the 421 Yunnan basis increased by 55, the 421 Sichuan basis increased by 55, and the number of warehouse receipts decreased by 157 [9]. - **Market Analysis**: The production of leading enterprises in Xinjiang is stable, and the production in Sichuan and Yunnan will decrease significantly in the dry season. In the fourth quarter, the supply and demand are in a balanced and slightly loose state, and the price is expected to oscillate [9]. Lithium Carbonate - **Market Data**: From October 27 to 31, 2025, the SMM electric - grade lithium carbonate price increased by 550, the SMM industrial - grade lithium carbonate price increased by 550, and the number of warehouse receipts decreased by 20 [9]. - **Market Analysis**: The overseas mining end is firm in price - holding, the market supply of concentrated ore is tight, and the lithium salt producers are reluctant to sell. The downstream is mostly on the sidelines, and the buying is strong after the price correction on Friday [9]. Stainless Steel - **Market Data**: From October 27 to 31, 2025, the price of 304 cold - rolled coil remained unchanged, the price of 304 hot - rolled coil remained unchanged, and the price of scrap stainless steel decreased by 50 [13]. - **Market Analysis**: The steel mills' production in October increased slightly month - on - month, the demand is mainly for rigid needs, and the inventory is at a high level. The Indonesian policies may support the price [13].