Group 1 - International silver prices rose over 2.00%, reaching above $58 per ounce, with the current price at $58.24 per ounce, indicating a short-term upward trend in silver prices [1] - The upcoming PCE data, a key inflation indicator favored by the Federal Reserve, is expected to show an annual rate of 2.8%, a slight rebound from 2.7% in August, marking the highest level since April 2024 [1] - The core PCE annual rate is projected to remain steady at 2.9%, with a monthly rate of 0.2%, which is also unchanged from previous values [1] Group 2 - The delay in data release due to the government shutdown has created significant uncertainty in the market, with investors and analysts eagerly awaiting the report to clarify economic conditions [2] - Recent data showed that initial jobless claims in the U.S. fell to the lowest level in over three years, leading to profit-taking in international silver, which ultimately closed down 2.32% at $57.09 per ounce [3] - The silver price is currently experiencing a consolidation phase below trendline resistance, with a potential for further adjustments, but remains supported by various moving averages, indicating a favorable outlook for bullish positions [3]

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core View of the Report The U.S. employment data affects the interest - rate cut expectations, leading to a slight increase in copper prices. Copper production shows an increasing trend, and as the demand side is transitioning from the peak season to the off - season, the fundamentals limit the rebound space. With the release of U.S. economic data and the approaching of the interest - rate meeting, the trend of copper prices will become clearer [1]. 3) Summary by Relevant Catalogs Market Analysis - The U.S. initial jobless claims for the week ending October 18 were 232,000, and the continued jobless claims were 1.957 million, an increase from the previous week. In November, 5 smelters are expected to undergo maintenance, involving a crude smelting capacity of 1.5 million tons and an expected maintenance impact of 48,000 tons. However, some enterprises that underwent maintenance in October are resuming production, and with the increase in copper prices, production enthusiasm is rising, so output is expected to increase. The supply of scrap copper has increased, making up for the shortage of copper ore resources. The rise in copper prices has restricted downstream consumption, and except for the power and power battery new - energy sectors, downstream demand is weak. In October 2025, China's exports of unwrought copper and copper products were 134,304 tons, a year - on - year increase of 67.8%, and imports were 440,000 tons, a year - on - year decrease of 13.5% [1]. Futures and Spot Market - Futures: Shanghai copper opened lower and moved higher, showing strength during the day. - Spot: The spot premium in East China was 70 yuan/ton, and in South China was 35 yuan/ton. On November 18, 2025, the LME official price was $10,690/ton, and the spot premium was - $41/ton [4]. Supply Side - As of November 17, the spot crude smelting fee (TC) was - $41.82/dry ton, and the spot refining fee (RC) was - 4.37 cents/pound [6]. Fundamental Tracking - Inventory: SHFE copper inventory was 58,400 tons, a decrease of 2,522 tons from the previous period. As of November 17, the copper inventory in the Shanghai Free Trade Zone was 111,200 tons, an increase of 4,300 tons from the previous period. LME copper inventory was 140,500 tons, an increase of 325 tons from the previous period. COMEX copper inventory was 389,300 short tons, an increase of 3,221 short tons from the previous period [9].

1. Report Industry Investment Rating - The outlook for the Canadian dollar is maintained as neutral to bearish [3] 2. Core View of the Report - The global market is in a super interest - rate decision week. The Bank of Canada and the Federal Reserve are expected to cut interest rates by 0.25%, while the Bank of England and the Bank of Japan are expected to keep rates unchanged. The weakening of the Canadian dollar is due to factors such as the poor economic fundamentals of Canada and external risks [1][3] 3. Summary by Related Content Economic Data and Interest - Rate Expectations - US inflation growth in August met economists' expectations, with the CPI rising 2.9% year - on - year and core inflation rising 3.1% year - on - year [1] - The Bank of Canada kept its interest rate at 2.75% in July, the fourth consecutive time. Officials discussed rate cuts but decided to maintain. Traders expect a 0.25 - point rate cut this month due to the shrinking economy and poor employment [2] - Canada's Q2 GDP shrank 1.6% year - on - year, the first contraction in nearly two years and the largest since the COVID - 19 pandemic, worse than the expected 0.6% decline. The unemployment rate in August rose to 7.1% from 6.9% in July, the highest in 9 years [2] Currency Outlook - The Canadian dollar is short - term bearish. The US dollar to Canadian dollar exchange rate is around 1.376 and is expected to fluctuate between 1.372 and 1.392 in the short term [3]

Group 1 - The current gold price is experiencing fluctuations, with a recent drop to around 3320 before rebounding, indicating a potential resistance at 3345-47 and 3362 levels [1][3] - COMEX gold has seen a decline for three consecutive days, closing at 3338.5 USD/oz, reflecting a drop of 1.04% [3] - The recent EU-US trade negotiations resulted in an agreement favoring the US, highlighting the EU's weakened position in global economic negotiations [3] Group 2 - The gold market is currently under bearish pressure, with prices trading below key moving averages, but there is potential for a rebound if support levels are tested [4] - Last week's gold market was influenced by fundamental factors, with a high of 3439.2 and a low of 3324.6, closing at 3336.5, forming a long upper shadow candlestick pattern [4] - Current support levels for gold are identified at 3324 or 3304 USD, while resistance levels are at 3340 or 3357 USD [5]

Core Viewpoint - The Brazilian Central Bank emphasizes the need for caution in the upcoming monetary policy meeting, indicating a careful approach to interest rate decisions amid economic uncertainties [1] Group 1 - The Central Bank's statement reflects concerns over inflationary pressures and economic growth, suggesting that the current economic environment requires a more measured response [1] - The upcoming meeting will focus on evaluating the impact of previous rate adjustments and the overall economic outlook, highlighting the importance of data-driven decision-making [1] - The Central Bank aims to balance the need for economic stimulus with the risks of rising inflation, indicating a complex monetary policy landscape [1]