智通财经APP获悉，在美国对委内瑞拉采取军事行动后，全球市场周一出现明显的避险资金流动，黄金 与白银成为最大赢家。这一轮涨势也在一定程度上缓解了市场对贵金属在2025年大幅上涨、并可能在新 一年面临回调的担忧。 受地缘政治不确定性刺激，投资者加速配置贵金属，延续了近年来在美国军事行动、制裁政策背景下， 逐步寻找美元与美债替代资产的长期趋势。纽约商品交易所2月交割的黄金价格周一一度上涨近3%，至 约每盎司4450美元，此前黄金在2025年已累计上涨逾60%。下月交割的白银价格则大涨6.6%至75.50美 元/盎司，在2025年价格已实现翻倍的基础上继续走高。 相比之下，另一传统避险资产，美国国债反应则相对温和。2年期至30年期美债仅小幅反弹，收益率略 有回落。与此同时，衡量美元对六种主要货币表现的ICE美元指数下跌约0.1%，回吐了早盘涨幅。 加拿大多伦多AGF Investments固定收益与外汇主管Tom Nakamura表示，过去十余年，美国在制裁与军 事干预方面频繁"展示力量"，引发了全球对过度依赖美元体系的担忧。"如果这种担忧持续扩大，市场 中寻求美元和美国国债替代品的力量也会随之增强。"不过他也强调 ...

国际金价延续连日来的涨势 受此带动 以人民币计价的黄金价格再创新高 12月23日 有品牌足金饰品报价 首次站上每克1400元上方 其中周大福和周生生足金首饰 报价1403元/克 | | 足金 | 1403元 | | --- | --- | --- | | (+) | (饰品、工艺品类) | | | 零售金价 | 工艺金章金条类 | 1230元 | | 黄金增值服务金价 | 1190元 | (金条、金章不作增值服务) | | --- | --- | --- | | 古肥タ | | | | 中国大陆金价(每克) | | | --- | --- | | 英品 | | | 足金饰品 | ¥ 1403 | | 950铂金饰品 | ¥861 | | 生生金宝 | ¥ 1231 | | 换金价(每克) | 点击查看 | | 4 | 1 1 2 | | --- | --- | | | . | 金价银价 每克分别上涨35元和36元 白银期价也在周一延续强劲涨势，受美联储降息、供应紧缺、投资需求和工业需求显著增加等因素综合影响，白银价格近期屡创新高，周一收盘再创历史 新高。截至收盘，纽约商品交易所明年3月交割的白银期价收于每盎司 ...

当地时间周一，市场对美联储明年多次降息的预期升温，叠加美国和委内瑞拉局势引发避险交易活跃，国际金价显著上涨，突破每盎 司4400美元整数关口，创盘中和收盘历史新高。与此同时，受美联储降息、供应紧缺、投资需求和工业需求显著增加等因素综合影 响，白银期价也延续强劲涨势，周一收盘再创历史新高。 22日美国三大股指集体收涨 当地时间周一，随着年末的临近，美股受到季节性与技术性因素支撑，三大股指高开高走。随着美国11月通胀数据意外回落、失业率 反弹，市场更多押注美联储明年至少降息两次，同时也看好美国上市企业明年的盈利增长前景。 受降息预期升温推动，金融、材料和工业等类别的周期股和小盘股领涨美股，同时，此前接连遭抛售的热门AI概念股被部分投资者逢 低买入，七大科技巨头与热门芯片股多数上涨，美国三大股指集体收涨。截至收盘，道指涨0.47%，标普500指数涨0.64%，纳指涨 0.52%。个股方面，特斯拉是美股周一成交额最高的个股，收涨1.56%，股价创盘中新高；存储芯片股周一集体走高，美光科技预计整 个行业供应紧缺的情况可能持续数年，美光科技周一收涨4.01%。 22日欧洲三大股指集体收跌 欧洲方面，随着西方国家传统节假日 ...

当地时间周一，市场对美联储明年多次降息的预期升温，叠加美国和委内瑞拉局势引发避险交易活跃， 国际金价显著上涨，突破每盎司4400美元整数关口，创盘中和收盘历史新高。与此同时，受美联储降 息、供应紧缺、投资需求和工业需求显著增加等因素综合影响，白银期价也延续强劲涨势，周一收盘再 创历史新高。 22日美国三大股指集体收涨 欧洲方面，随着西方国家传统节假日临近，欧洲多国股市交投清淡，部分科技、零售蓝筹股表现不佳， 欧洲三大股指周一集体收跌。截至收盘，英国股市跌0.32%，法国股市跌0.37%，德国股市微跌0.02%。 22日国际油价显著上涨 原油期货方面，投资者周一聚焦加勒比海，美国自上周末以来，又在委内瑞拉附近海域试图拦截一艘油 轮，引发外界加剧对美委局势扰乱全球原油供应的担忧。据悉，委内瑞拉原油出口约占全球原油供应的 1%。对供应可能收紧的担忧情绪，推动国际油价周一显著上涨。截至收盘，纽约商品交易所明年2月交 货的轻质原油期货价格收于每桶58.01美元，涨幅为2.64%；明年2月交货的伦敦布伦特原油期货价格收 于每桶62.07美元，涨幅为2.65%。 当地时间周一，随着年末的临近，美股受到季节性与技术性因素支撑 ...

市场对美联储明年多次降息的预期升温，叠加美国和委内瑞拉局势引发避险交易活跃，国际金价周一 （22日）显著上涨，突破每盎司4400美元整数关口，创盘中和收盘历史新高。截至收盘，纽约商品交易 所明年2月交割的黄金期价收于每盎司4469.4美元，涨幅为1.87%。 （总台央视记者 高岩） 编辑：王一帆 ...

1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoints of the Report - In the medium - to long - term, central bank gold purchases and the growth prospects of investment demand will boost the price of precious metals. In the short - term, low inventory and potential short - term demand release increase the upward price elasticity. Platinum and palladium prices mainly follow gold and silver [3]. - The arrival of domestic electrolytic copper is scarce, and downstream restocking at low prices has led to a decline in inventory, keeping the futures market strong. However, new downstream orders are growing weakly, and the market will maintain a high - level shock consolidation after the breakthrough [15]. - The Shanghai Aluminum futures are oscillating strongly due to improved macro - sentiment and the impetus from copper and silver. Alumina is in an oversupply situation. Cast aluminum alloy has strong follow - up to Shanghai Aluminum and has strong downside support [34][35]. - Macro - sentiment has improved, and the probability of interest - rate cuts is considered high. On the fundamental side, smelters are competing fiercely for ore, leading to a significant decline in TC. Supply is shrinking, and demand is entering the off - season. The market is in a stalemate and will oscillate strongly in the short - term [65]. - Nickel iron prices have been declining recently, and some iron plants are inclined to cut production. Stainless steel is running strongly, but its upward momentum is expected to be limited [80]. - In the short - term, the supply of tin has raw - material problems and frequent disturbances, so Shanghai Tin will maintain a high - level shock [96]. - In the context of Ningde's resumption of production, the supply - demand game in the lithium carbonate market will intensify, and price fluctuations are expected to widen. There is a short - term pressure at the 100,000 yuan/ton mark, and prices may experience a phased correction [109]. - Industrial silicon is in a situation of weak supply and demand, and its fundamentals are difficult to improve in the short - term. In the long - term, the downward price space is limited. The short - term trading of the polysilicon market focuses on the game between warehouse receipts and open interest, and price fluctuations are expected to increase [121]. 3. Summaries According to Relevant Catalogs Precious Metals - **Price Forecast**: London Silver's target has been raised to 65 after breaking through 55, with the first resistance at 60. London Gold has resistance at 4250 and strong resistance at 4400, with support at 4000 [3]. - **Price Index**: SHFE gold and silver futures prices, COMEX gold prices and gold - silver ratios, and the relationship between gold prices, the US dollar index, and US Treasury real interest rates are presented [4][8][9]. - **Inventory**: SHFE and COMEX gold and silver inventories are shown [14]. Copper - **Market Situation**: The futures market is strong due to low inventory, but new downstream orders are growing weakly. The market will maintain a high - level shock [15]. - **Price Data**: Futures and spot prices, import profits and losses, and refined - scrap price differences are provided [15][22][26][29]. - **Inventory**: SHFE and LME copper inventories are presented [30][31]. Aluminum - **Market Situation**: Shanghai Aluminum is oscillating strongly due to macro - factors and the impetus from other metals. Alumina is in an oversupply situation [34]. - **Price Data**: Futures and spot prices, price differences between different contracts, and import profits and losses are provided [36][43][50][56]. - **Inventory**: SHFE and LME aluminum and alumina inventories are presented [58]. Zinc - **Market Situation**: Macro - sentiment has improved, but the fundamental side is in a stalemate. The market will oscillate strongly in the short - term [65]. - **Price Data**: Futures and spot prices, price differences between different contracts, and LME zinc's 0 - 3m and 3 - 15m spreads are provided [66][71]. - **Inventory**: SHFE and LME zinc inventories are presented [74][76]. Nickel - **Market Situation**: Nickel iron prices are declining, and some iron plants are inclined to cut production. Stainless steel is running strongly, but its upward momentum is limited [80]. - **Price Data**: Futures and spot prices, trading volume, open interest, and basis are provided [81]. - **Related Data**: Nickel ore prices, inventory, and downstream profit margins are presented [87][88][90]. Tin - **Market Situation**: The supply of tin has raw - material problems and frequent disturbances, so it will maintain a high - level shock [96]. - **Price Data**: Futures and spot prices, import profits and losses, and processing fees are provided [97][102][107]. - **Inventory**: SHFE and LME tin inventories are presented [104]. Lithium Carbonate - **Market Situation**: The supply - demand game will intensify, and price fluctuations are expected to widen. There is short - term pressure at the 100,000 yuan/ton mark, and prices may correct [109]. - **Price Data**: Futures and spot prices, price differences between different contracts, and price differences between different grades are provided [110][113]. - **Inventory**: Exchange and social inventories are presented [119]. Industrial Silicon and Polysilicon - **Market Situation**: Industrial silicon is in a weak supply - demand situation, and its fundamentals are difficult to improve in the short - term. The polysilicon market's short - term trading focuses on the game between warehouse receipts and open interest [121]. - **Price Data**: Industrial silicon and polysilicon spot and futures prices are provided [121][131]. - **Related Data**: Production, inventory, and cost data of industrial silicon and polysilicon are presented [145][152][154].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In the precious metals market, although central bank gold purchases and growing investment demand will push up the price center of precious metals in the long - term, short - term macro uncertainties about December interest rate cuts may lead to continued volatile adjustments. It is recommended to pay attention to the retracement of the 60 - day moving average [3]. - In the copper market, concerns about non - farm data affecting interest rate cuts have led to capital reduction and price drops. Inventory increases and narrowing premiums reflect fundamental pressures, with limited short - term repair space [17]. - In the aluminum market, Shanghai aluminum is expected to maintain a long - term oscillatory upward trend, but short - term weak fundamentals and a lower probability of December interest rate cuts may lead to profit - taking by previous funds, resulting in subsequent oscillatory consolidation. Alumina is in an oversupply situation, and the expiration of a large number of warehouse receipts will exacerbate the imbalance between supply and demand [36]. - In the zinc market, the cooling of interest rate cut expectations and a significant drop in November TC due to intense competition for ore in the smelting sector have increased the willingness of smelters to reduce or halt production in November. There is a possibility of inventory reduction, and there are significant differences between bulls and bears [59]. - In the nickel and stainless - steel market, nickel - iron prices have been declining due to weak downstream demand. The downside space for nickel and stainless - steel is greater than the upside space. Stainless - steel spot sales face pressure, and downstream demand remains weak [75]. - In the tin market, due to limited resumption of production in Wabang, refined tin concentrate imports have sharply decreased, and supply is weaker than demand. Shanghai tin is expected to maintain high - level oscillations, with support around 276,000 yuan [88]. - In the lithium carbonate market, strong demand from the new energy vehicle and energy storage sectors, combined with a slowdown in supply growth, may lead to a short - term strong and oscillatory trend in lithium prices, but position fluctuations should be watched out for [104]. - In the silicon industry chain, the supply - demand pattern of industrial silicon is generally weak, with wide - range oscillations. The polysilicon industry chain is experiencing production cuts and inventory accumulation, with a weak fundamental outlook and wide - range, weak oscillations [116]. 3. Summary by Relevant Catalogs Precious Metals - **Price Outlook**: In the short term, due to unclear prospects of December interest rate cuts, precious metals may continue to oscillate and adjust. In the long term, central bank gold purchases and growing investment demand will push up prices [3]. - **Price Charts**: Include SHFE gold and silver futures main - continuous prices, COMEX gold prices and gold - silver ratios, SHFE and SGX gold and silver futures - spot price differences, gold and US Treasury real interest rates, gold long - term fund holdings, and SHFE and COMEX gold and silver inventories [4][12][16]. Copper - **Price Outlook**: Market concerns about non - farm data and inventory increases have led to price drops, with limited short - term repair space [17]. - **Price Data**: Spot prices from various sources (Shanghai Non - ferrous, Shanghai Wumaoyi, etc.) have small daily increases. Futures prices of Shanghai copper and London copper show different trends, with Shanghai copper rising and London copper falling [22][23]. - **Inventory Data**: Shanghai copper warehouse receipts and LME copper inventories show different changes, with some warehouse receipts decreasing and LME copper inventories increasing [32][34]. Aluminum - **Price Outlook**: Shanghai aluminum may oscillate and consolidate in the short term, while alumina is in an oversupply situation [36]. - **Price Data**: Aluminum and alumina futures and spot prices show different trends, with some rising and some falling [38][45]. - **Inventory Data**: Shanghai aluminum and LME aluminum inventories show different changes, and alumina warehouse receipts increase slightly [53]. Zinc - **Price Outlook**: Cooling interest rate cut expectations and a drop in November TC have increased the willingness of smelters to cut production. There is a possibility of inventory reduction, and there are significant differences between bulls and bears [59]. - **Price Data**: Shanghai zinc and LME zinc prices show different trends, with Shanghai zinc rising and LME zinc falling slightly [60]. - **Inventory Data**: Shanghai zinc warehouse receipts decrease, and LME zinc inventories increase [72]. Nickel and Stainless - Steel - **Price Outlook**: Nickel - iron prices decline due to weak downstream demand, and the downside space for nickel and stainless - steel is greater than the upside space. Stainless - steel spot sales face pressure [75]. - **Price Data**: Nickel and stainless - steel futures prices show different trends, with some rising and some falling [76]. - **Inventory Data**: Nickel warehouse receipts decrease [76]. Tin - **Price Outlook**: Due to limited resumption of production in Wabang, refined tin concentrate imports have sharply decreased, and supply is weaker than demand. Shanghai tin is expected to maintain high - level oscillations [88]. - **Price Data**: Shanghai tin and London tin futures prices show different trends, with Shanghai tin rising and London tin falling slightly [89]. - **Inventory Data**: Shanghai tin warehouse receipts decrease, and LME tin inventories remain unchanged [99]. Lithium Carbonate - **Price Outlook**: Strong demand and slow supply growth may lead to a short - term strong and oscillatory trend in lithium prices, but position fluctuations should be watched out for [104]. - **Price Data**: Lithium carbonate futures and spot prices show an upward trend [105][109]. - **Inventory Data**: Guangzhou Futures Exchange warehouse receipts increase slightly, and social and downstream inventories decrease [114]. Silicon Industry Chain - **Price Outlook**: The supply - demand pattern of industrial silicon is generally weak, with wide - range oscillations. The polysilicon industry chain is experiencing production cuts and inventory accumulation, with a weak fundamental outlook [116]. - **Price Data**: Industrial silicon and polysilicon - related product prices show different trends, with some remaining stable and some changing slightly [116]. - **Inventory Data**: Industrial silicon social inventory and polysilicon total inventory show different trends [134][143].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For precious metals, although central bank gold purchases and growing investment demand will push up the price center in the long - term, the unclear prospect of interest rate cuts in December and short - term technical weakness suggest a possible short - term adjustment. Attention should be paid to the retracement of the 200 - day moving average [3]. - For copper, as the delivery date approaches, the registered warrant volume has rapidly increased. The spot price of electrolytic copper has declined, the premium has strengthened, and the purchasing sentiment has increased but not significantly. The futures price has shown narrow - range fluctuations and lacks driving forces [15]. - For aluminum, the expected tightening of overseas electrolytic aluminum supply has given rise to a bullish sentiment among funds, leading to an influx of capital into Shanghai aluminum futures and an increase in prices. However, downstream demand may not support such high prices, so Shanghai aluminum is expected to fluctuate at a high level. Alumina has seen price - increasing orders due to environmental production restrictions and short - covering, but it still follows an oversupply logic. Cast aluminum alloy has strong follow - up characteristics with Shanghai aluminum and has strong downside support [33][34]. - For zinc, the expectation of interest rate cuts has cooled down, and the smelting sector's willingness to reduce or halt production in November has increased due to intense competition for ores and a significant decline in TC. The impact needs to be observed through inventory changes in November. There is a possibility of inventory reduction if demand remains stable. Currently, there are significant differences between bulls and bears, and the bottom space can be observed at the end of the month [57]. - For nickel, the expectation of interest rate cuts in December is uncertain, and the progress of Sino - US tariffs has affected risk preferences. Nickel ore prices may remain strong in the short term due to the approaching rainy season in the Philippines and the impact of typhoons on production and shipping. The prices of nickel - iron and stainless steel have declined due to weak downstream demand, and both are experiencing inventory accumulation [73]. - For tin, although there has been some resumption of production in Yunnan, the supply is still weaker than demand due to the under - expected resumption of production in Wa State and a sharp reduction in concentrate imports. Shanghai tin is expected to maintain a high - level oscillation, with support predicted around 276,000 yuan [88]. - For lithium carbonate, the price has far exceeded expectations, and downstream buyers have no intention to replenish inventory. There is an expectation of a decline in production in December. Technically, the price has broken through the 90,000 - yuan mark and reached 95,000 yuan, posing a high risk for chasing the price. There is an over - rising sentiment, and the risk of chasing the price should be vigilant [104]. - For the silicon industry chain, the supply - demand pattern of industrial silicon is generally weak, and it is expected to have wide - range fluctuations. The polysilicon industry chain is experiencing production cuts and inventory accumulation, with a weak fundamental outlook and wide - range weak fluctuations [115]. 3. Summaries by Related Catalogs Precious Metals - **Price Outlook**: Short - term adjustment possible, long - term upward trend supported by central bank purchases and investment demand [3]. - **Market Data**: Included price trends of SHFE and COMEX gold and silver, their ratios, and relationships with the US dollar index, US Treasury real interest rates, and long - term fund holdings [4][8][11]. Copper - **Spot Market**: Spot prices of copper have declined, with different degrees of decline in various regions. The premium has also decreased [18]. - **Futures Market**: Futures prices have declined, and the trading volume and open interest have shown certain trends. The registered warrant volume has increased significantly [16][19][29]. - **Import and Processing**: Copper import losses have increased, and the TC of copper concentrates has remained unchanged [24]. - **Scrap - to - Refined Spread**: The scrap - to - refined spread has decreased, indicating a reduced price advantage of scrap copper [28]. Aluminum - **Futures Prices**: The prices of Shanghai aluminum, alumina, and aluminum alloy futures have declined to varying degrees [35]. - **Price Spreads**: There are differences in price spreads between different contracts of aluminum and alumina, as well as between aluminum and alumina [38][40]. - **Spot Market**: Spot prices of aluminum in different regions have declined, and the basis has also changed [44]. - **Inventory**: The inventory of Shanghai aluminum and LME aluminum has changed, and the alumina warehouse receipt inventory has remained stable [51]. Zinc - **Futures Prices**: The prices of Shanghai zinc futures have generally declined, except for the second - consecutive contract which has increased slightly [58]. - **Spot Market**: Spot prices of zinc have declined, and the premium has changed significantly [66]. - **Inventory**: The inventory of Shanghai zinc and LME zinc has increased [70]. Nickel - **Futures Market**: The prices of Shanghai nickel and LME nickel have declined, and the trading volume has increased while the open interest has decreased. The warehouse receipt volume has increased [74]. - **Downstream Market**: The prices of nickel - iron and stainless steel have declined, and the downstream demand is weak. Both are experiencing inventory accumulation [73]. Tin - **Futures Market**: The prices of Shanghai tin and LME tin have changed slightly, with Shanghai tin showing a slight decline [89]. - **Spot Market**: The spot prices of tin and tin concentrates have declined slightly, and the prices of solder products have remained stable [93]. - **Inventory**: The inventory of Shanghai tin has increased, while the LME tin inventory has decreased [99]. Lithium Carbonate - **Futures Prices**: The prices of lithium carbonate futures have generally increased compared to the previous week, but there has been a slight decline on the day [105]. - **Spot Market**: The prices of various lithium - related products have increased, and the price differences between different grades have also changed [109]. - **Inventory**: The warehouse receipt inventory of the Guangzhou Futures Exchange and the social inventory of lithium carbonate have decreased [113]. Silicon Industry Chain - **Industrial Silicon**: The spot prices of industrial silicon in different regions have changed slightly, and the basis has increased. The futures prices have declined [115]. - **Polysilicon and Downstream Products**: The prices of polysilicon, silicon wafers, battery chips, and components have shown certain trends, and the inventory of polysilicon has increased [123][133].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - In the medium - to long - term, central bank gold purchases and growing investment demand will push up the price of precious metals [3]. - The potential end of the US government shutdown and the weakening labor market indicators have increased the market's expectation of a December interest rate cut, weakening the US dollar index and boosting copper prices. Meanwhile, the average price in the domestic spot market has risen, and the premium has slowed [12]. - For aluminum, funds are the core factor affecting prices. There is a contradiction between funds and the industry, and the upward trend of Shanghai aluminum depends on continuous fund inflows. For alumina, it is still in an oversupply situation [32]. - In November, due to intense competition for zinc ore in the smelting sector and a decrease in TC, the willingness to reduce or halt production has increased. If demand remains stable, there is a possibility of inventory reduction, and zinc prices are expected to have upward momentum [56]. - For the nickel industry chain, weak demand in the off - season suppresses the upward space. The price of nickel ore may remain strong in the short term, while nickel iron prices have been decreasing, and stainless steel faces pressure [72]. - For tin, supply is weaker than demand due to limited resumption of production in Wa State and a sharp decline in concentrate imports. Shanghai tin will maintain high - level volatility, but there is a risk of price decline [87]. - For lithium carbonate, it is currently in a state of being prone to rise but difficult to fall, maintaining a strong - side oscillation, but there is a risk of correction [103]. - For the silicon industry chain, the overall supply - demand pattern of industrial silicon and the polysilicon industry chain is weak, and they are expected to show wide - range oscillations [114]. Summary by Related Catalogs Precious Metals - Price trends: Presented data on SHFE and COMEX gold and silver futures prices, as well as price - to - ratio relationships [4][10]. - Price differences: Showed SHFE and SGX gold and silver futures - spot price differences [5][7]. - Correlation: Illustrated the relationship between gold and US Treasury real interest rates and the US dollar index [8][9]. - Fund positions: Displayed the positions of gold and silver long - term funds [10]. - Inventory: Showed SHFE and COMEX gold and silver inventories [11]. Copper - Futures data: Provided data on copper futures prices, including Shanghai and London copper, with details such as the latest price, daily change, and daily change rate [13]. - Spot data: Presented copper spot prices and premium data from different regions, as well as import profit and loss and processing fee data [17][23]. - Scrap price difference: Gave the difference between refined and scrap copper prices [27]. - Warehouse receipts: Showed the quantity and change of copper warehouse receipts in the Shanghai Futures Exchange and international markets [28][30]. Aluminum and Alumina - Price data: Provided price data for aluminum, alumina, and aluminum alloy futures, including the latest price, daily change, and daily change rate [34]. - Price difference: Showed the price differences between different contracts of aluminum, alumina, and aluminum alloy [36][38]. - Spot data: Presented aluminum spot prices, basis, and price differences in different regions, as well as alumina basis data [42][44]. - Inventory: Showed the inventory data of aluminum and alumina futures, including Shanghai and London inventory changes [50]. Zinc - Price data: Provided zinc futures price data, including Shanghai and LME zinc, with details such as the latest price, daily change, and daily change rate [57]. - Spot data: Presented zinc spot prices and premium data, as well as LME zinc premium data [65]. - Inventory: Showed the inventory data of zinc futures, including Shanghai and LME inventory changes [69]. Nickel Industry Chain - Price data: Provided price data for nickel and stainless steel futures, including the latest price, change, and change rate, as well as trading volume, open interest, and warehouse receipt data [73]. - Downstream profit: Showed the profit data of downstream products in the nickel industry chain, such as the profit rate of producing nickel sulfate and stainless steel [82][84]. Tin - Futures data: Provided tin futures price data, including Shanghai and LME tin, with details such as the latest price, daily change, and daily change rate [88]. - Spot data: Presented tin spot prices and premium data, as well as the price data of tin - related products [93]. - Inventory: Showed the inventory data of tin futures, including Shanghai and LME inventory changes [98]. Lithium Carbonate - Futures price: Provided the price data of lithium carbonate futures, including the latest price, daily change, and weekly change, as well as the price difference between different contracts [104][106]. - Spot data: Presented lithium spot prices, including the prices of different types of lithium products and their price differences [108]. - Inventory: Showed the inventory data of lithium carbonate, including exchange inventory, social inventory, and inventory in different sectors [112]. Silicon Industry Chain - Industrial silicon: Presented industrial silicon spot prices, basis, and price differences, as well as futures price data and price differences between different contracts [115][116]. - Polysilicon and related products: Showed the price data of polysilicon, silicon wafers, battery cells, components, and other products in the silicon industry chain [123][125]. - Production and inventory: Displayed the production, inventory, and cost data of industrial silicon and polysilicon, as well as the production capacity and output data of silicon wafers [130][134].

1. Report Industry Investment Rating No relevant content provided in the report. 2. Core Views of the Report - **Precious Metals**: In the medium - to long - term, central bank gold purchases and growing investment demand will push up the price of precious metals, but in the short - term (November), there is no strong driving force, and the market is in an adjustment phase [3]. - **Copper**: The spot market's purchasing sentiment is high, and the average price of 1 electrolytic copper is 86,535 yuan/ton with an expanding premium. However, when the price breaks through 86,000 yuan/ton, downstream counter - offer willingness increases. Whether the copper price can break through the trading - intensive area remains to be seen [12]. - **Aluminum**: Funds are the core factor affecting aluminum prices. There is a contradiction between funds and the industry. For alumina, it is on an over - supply path despite some price increases due to environmental restrictions [33]. - **Zinc**: In November, the TC dropped significantly due to intense competition for mines and limited domestic mine increments. There is a possibility of inventory reduction, and low inventory supports the price. There is some upward driving force in November, and export and macro factors need to be monitored [58]. - **Nickel**: Weak demand in the off - season suppresses the upward space. The Philippines' nickel mine production and shipment are affected by the rainy season and typhoons, and the price may remain strong in the short - term. Nickel iron prices are falling, and stainless - steel demand needs attention [74]. - **Tin**: Supply is weaker than demand due to limited resumption in Wabang and reduced concentrate imports. The Shanghai tin price will maintain a high - level shock, with a predicted support at around 276,000 yuan. There is a risk of price decline due to potential inventory accumulation [89]. - **Lithium Carbonate**: The supply increment is stable, and demand is strong in November. The market sentiment is positive. Technically, it is easy to rise and difficult to fall, maintaining a shock - upward trend [104]. - **Silicon**: The supply - demand pattern of industrial silicon and the polysilicon industry chain is weak, and both are expected to have wide - range fluctuations. Attention should be paid to market sentiment and policies [116]. 3. Summary by Relevant Catalogs Precious Metals - **Price Outlook**: Medium - to long - term upward trend, short - term adjustment in November [3]. - **Price Data**: SHFE gold and silver futures prices, COMEX gold and silver prices, and their ratios are presented in the report [4]. - **Spread Data**: SHFE and SGX gold and silver futures - spot spreads are shown [5][7]. - **Inventory Data**: SHFE and COMEX gold and silver inventories are provided [11]. Copper - **Spot Market**: High purchasing sentiment, average 1 electrolytic copper price at 86,535 yuan/ton, and expanding premium [12]. - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai and London copper futures are given. For example, the latest price of Shanghai copper's main contract is 86,630 yuan/ton, with a daily increase of 0.17% [13]. - **Spot Data**: The latest prices, daily changes, and daily change rates of various domestic copper spot prices and premiums are presented [19][21]. - **Import and Processing**: Copper import profit is - 585.37 yuan/ton, and copper concentrate TC is - 42 dollars/ton [24]. - **Scrap - to - Refined Spread**: The current refined - scrap spread (tax - included) is 3,393.51 yuan/ton, with a daily increase of 13.58% [28]. - **Warehouse Receipts and Inventory**: Shanghai copper's total warehouse receipts are 42,964 tons, a decrease of 1.88% [29]. Aluminum - **Aluminum**: Funds drive the price, but there is a contradiction with the industry. Domestic supply is stable, and demand is weak [33]. - **Alumina**: Some price increases due to environmental restrictions, but overall in an over - supply situation [33]. - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai and London aluminum futures, alumina futures, and aluminum alloy futures are provided [35]. - **Spread Data**: Various spreads between different contracts of aluminum and alumina are presented [37][39]. - **Spot Data**: The latest prices, daily changes, and daily change rates of domestic and international aluminum spot prices and premiums are given [43]. - **Inventory Data**: Shanghai and London aluminum warehouse receipts and inventories, as well as alumina warehouse receipts, are reported [52]. Zinc - **Market Outlook**: TC dropped in November, and there is a possibility of inventory reduction. Low inventory supports the price, and there is upward driving force [58]. - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai and London zinc futures are provided [59]. - **Spot Data**: The latest prices, daily changes, and daily change rates of domestic and international zinc spot prices and premiums are presented [67]. - **Inventory Data**: Shanghai and London zinc warehouse receipts and inventories are reported [71]. Nickel - **Market Situation**: Weak demand in the off - season, affected by macro factors. Nickel mine prices may be strong, and nickel iron and stainless - steel demand need attention [74]. - **Price and Volume Data**: The latest prices, trading volumes, open interests, and warehouse receipt numbers of Shanghai and London nickel futures, as well as stainless - steel futures, are given [75]. Tin - **Market Outlook**: Supply is weaker than demand, and the price will maintain a high - level shock. There is a risk of price decline due to potential inventory accumulation [89]. - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai and London tin futures are provided [90]. - **Spot Data**: The latest prices, daily changes, and daily change rates of various tin spot products are presented [95]. - **Inventory Data**: Shanghai tin's warehouse receipts and London tin's inventory are reported [99]. Lithium Carbonate - **Market Outlook**: Supply is stable, demand is strong, and it is in a shock - upward trend [104]. - **Price Data**: The latest prices, daily changes, and weekly changes of lithium carbonate futures contracts are given [105]. - **Spot Data**: The latest prices, daily changes, and weekly changes of various lithium - related spot products, as well as their price differences, are presented [110]. - **Inventory Data**: The latest numbers, daily and weekly changes of Guangzhou Futures Exchange's lithium carbonate warehouse receipts and various social inventories are reported [114]. Silicon - **Market Outlook**: The supply - demand pattern of industrial silicon and the polysilicon industry chain is weak, with wide - range fluctuations expected [116]. - **Price Data**: The latest prices, daily changes, and daily change rates of industrial silicon spot and futures are provided [116]. - **Industry Chain Price**: The prices of polysilicon, silicon wafers, battery cells, components, and other products in the silicon industry chain are presented [123][124][125]. - **Production and Inventory**: The weekly production, inventory, and cost data of industrial silicon in Xinjiang and Yunnan, as well as the polysilicon inventory, are reported [130][134][143].