Copper - Overnight copper prices fluctuated and then retreated, with domestic refined copper imports maintaining losses. The New York Federal Reserve reported a significant drop in the general business conditions index by about 23 points to -3.9, indicating a contraction in manufacturing, although the outlook for the next six months improved significantly, with the outlook index rising 16.6 points to its highest level since the beginning of the year, reflecting increased optimism about orders and shipments [3][9] - Domestic economic data for November showed resilient exports but weak domestic demand, with consumption declining rapidly month-on-month and fixed asset and real estate investments under pressure, highlighting the need for policy intervention [3][9] - LME copper inventory decreased by 25 tons to 165,875 tons, while COMEX copper warehouse receipts increased by 1,995 tons to 410,792 tons, and SHFE copper warehouse receipts rose by 9,663 tons to 42,226 tons [3][9] Nickel & Stainless Steel - LME nickel fell by 2.22% to $14,295 per ton, while SHFE nickel dropped by 2.15% to 112,530 yuan per ton. LME inventory increased by 360 tons to 253,392 tons, and SHFE warehouse receipts rose by 2,622 tons to 37,872 tons [10] - The stainless steel market showed improved transaction sentiment, with total social inventory of stainless steel in major markets decreasing by 1.55% week-on-week to 1,063,600 tons [10] - The nickel price is under pressure due to weak demand and inventory accumulation, with attention on overseas industrial policies and macroeconomic sentiment [10] Alumina & Aluminum - Overnight alumina prices showed a slight decline, with AO2601 settling at 2,527 yuan per ton, down 0.75%. SHFE aluminum also experienced a slight decline, with AL2602 closing at 21,865 yuan per ton, down 0.11% [11] - The market is currently negotiating new quarterly order prices for alumina, with companies showing a strong willingness to maintain production despite losses [11] - The aluminum price is expected to continue to run at high levels due to supply constraints and the impact of the Federal Reserve's interest rate decisions [11] Industrial Silicon & Polysilicon - Industrial silicon prices showed a slight increase, with the main contract settling at 8,350 yuan per ton, up 1.15%. Polysilicon prices also increased, with the main contract at 58,030 yuan per ton, up 3.61% [13] - The market is currently experiencing a disconnect between spot and futures prices due to excess supply in crystalline silicon and a shortage of warehouse receipts [13] - The trading environment remains cautious, with a focus on the dynamics of production capacity and market responses to recent production cuts [13] Lithium Carbonate - Lithium carbonate futures rose by 1.4% to 101,060 yuan per ton, with both battery-grade and industrial-grade lithium carbonate prices increasing by 650 yuan per ton [14] - Weekly production increased by 59 tons to 21,998 tons, with expectations for a 3% increase in December production [14] - The market is experiencing a reduction in inventory levels, with social inventory continuing to decline, indicating strong demand despite potential seasonal price weaknesses [14]