Core Viewpoint - The domestic non-ferrous metal market shows mixed performance, with nickel futures experiencing a decline amid macroeconomic pressures and stable spot prices for nickel sulfate [1] Macroeconomic Factors - The expectation for a Federal Reserve interest rate cut has sharply decreased, with several officials signaling a hawkish stance, leading to a reduced probability of a rate cut in December [1] - The Fed's bond-buying plan in December may help alleviate dollar liquidity pressures [1] Spot Market Analysis - On November 14, the prices for nickel sulfate remained stable, with battery-grade nickel sulfate crystal price at 28,150 yuan/ton, battery-grade liquid nickel sulfate at 27,750 yuan/ton, and electroplating-grade nickel sulfate at 29,700 yuan/ton, all unchanged from the previous day [1] - The price for electroplating-grade nickel chloride was also stable at 33,500 yuan/ton [1] Supply and Demand Dynamics - Domestic and Indonesian pure nickel production capacity is still in an expansion phase, maintaining high overall nickel supply, while demand remains stable with no significant improvement expected [1] - The widening gap between supply and demand has led to a substantial increase in global nickel inventories, contributing to weaker nickel prices [1] Market Outlook - The planned reduction of nickel ore quotas in Indonesia for next year is expected to have a limited impact on the market, with refined nickel inventories showing a trend of accumulation, leading to short-term price fluctuations [1]

Group 1 - The international spot gold price opened at $3,397.25, reached a high of $3,404.19, and closed at $3,342.20, down $56.41 or 1.66% on the day, indicating a significant downward trend [1] - The COMEX gold futures price hit a historical high of $3,534.10, with a premium of $126.08 per ounce over London spot gold, creating a unique arbitrage opportunity [8] - Following the announcement that gold would not be subject to tariffs, the COMEX gold price dropped by over 2%, reflecting a strong market reaction to the news [11] Group 2 - The U.S. dollar index opened at 98.26 points, closing at 98.49 points, up 240 points or 0.24%, indicating a slight recovery in the dollar [3] - The Wellxin precious metals index opened at 6,962.51 points and closed at 6,884.46 points, down 78.52 points or 1.13%, showing a downward trend in precious metals [4] - Concerns over liquidity in the market have increased due to the U.S. Treasury's issuance of approximately $328 billion in treasury bills to replenish cash reserves, which may impact market stability [12]