1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core View of the Report The macro - view is expected to be positive, with the Fed's actions and China's central economic work conference setting a good tone. However, the Fed's interest - rate cut expectations are volatile. The raw material supply is tight and may affect the smelting end. The current supply - demand improvement of basic metals has slowed down, but the future supply - demand is expected to be tight. In the short - to - medium term, supply concerns support prices, and positive demand expectations may boost basic metals, but high prices and volatile Fed expectations may limit price increases. In the long term, potential stimulus policies in China and supply disturbances in copper, aluminum, and tin are expected to drive up their prices. It is advisable to focus on opportunities for low - buying and long - holding of copper, aluminum, and tin [2]. 3. Summary of Each Variety Copper - **View**: Inventory continues to accumulate, and copper prices fluctuate at a high level, with a medium - term outlook of being volatile and bullish [7][8][9]. - **Analysis**: The US unemployment rate is high, and the Fed's interest - rate cut and balance - sheet expansion support copper prices. The supply of copper ore is tight, and CSPT plans to reduce production in 2026. Demand is weak in the off - season, and inventory is rising. LME's plan to set position limits weakens the upward momentum of copper prices [7][8][9]. Alumina - **View**: The oversupply situation has not improved significantly, and alumina prices continue to be under pressure, with a medium - term outlook of being volatile [9][10][11]. - **Analysis**: Macro sentiment affects the market. The supply reduction is insufficient, and the cost support is weak. The warehouse receipts are decreasing, but there is pressure on the price due to factors such as expired warehouse receipts and regional premium adjustments. The price may fluctuate more as more funds focus on it [9][10][11]. Aluminum - **View**: Mozal Aluminum Plant may shut down, and aluminum prices fluctuate at a high level, with a medium - term outlook of being volatile and bullish [13][14]. - **Analysis**: The macro - view is positive. Domestically, production capacity and operating rate are high, while overseas power shortages may tighten supply. High prices suppress demand, and inventory is accumulating. Overall, the short - term is volatile and bullish, and the medium - term price center may rise [13][14]. Aluminum Alloy - **View**: Pay attention to demand changes, and the market fluctuates at a high level, with a medium - term outlook of being volatile and bullish [15]. - **Analysis**: The cost is supported by tight scrap aluminum supply. Supply may decrease due to environmental policies and unclear policies. Demand may weaken after the end of the year - end car sales season. With cost support and stable supply - demand, the short - and medium - term prices are expected to be volatile and bullish [15]. Zinc - **View**: LME zinc inventory has risen to nearly 100,000 tons, and zinc prices fluctuate downward, with an overall outlook of being volatile [18][19]. - **Analysis**: The macro - view is positive. The short - term supply of zinc ore is tight, and production costs are rising. Demand is in the off - season. The short - term price may be volatile, and the long - term price may decline due to increased supply and limited demand growth [18][19]. Lead - **View**: LME lead inventory has increased significantly, and lead prices fluctuate downward, with an overall outlook of being volatile [20][21]. - **Analysis**: The spot premium is rising, and the supply is affected by smelter overhauls. Demand is relatively stable with some battery enterprises planning to increase production. However, the increase in LME inventory suppresses the price [20][21]. Nickel - **View**: Indonesia plans to significantly reduce the RKAB of nickel ore, and nickel prices rebound, with an overall outlook of being volatile [21][23][26]. - **Analysis**: The current supply is still under pressure, and demand is weak in the off - season. However, if Indonesia's RKAB plan is implemented, the oversupply situation in 2026 may improve significantly [21][23][26]. Stainless Steel - **View**: The rebound of nickel prices drives up the stainless - steel market, with an overall outlook of being range - bound [27][28]. - **Analysis**: The cost is supported by raw materials, but production is expected to decrease in December. The inventory may accumulate in the off - season, and the price is likely to be range - bound [27][28]. Tin - **View**: The downstream rigid demand is resilient, and tin prices fluctuate upward, with a medium - term outlook of being volatile and bullish [28][29]. - **Analysis**: Supply is restricted by issues such as slow复产 in mines, RKAB approvals in Indonesia, and political instability in Africa. Demand is growing in industries like semiconductors, photovoltaics, and new - energy vehicles, which will drive up the tin price [28][29]. 4. Market Index - **Comprehensive Index**: The comprehensive index, specialty index, and PPI commodity index all showed positive growth on December 17, 2025. For example, the commodity index was 2262.95, up 0.56% [155]. - **Sector Index**: The non - ferrous metals index on December 17, 2025, had a daily increase of 0.74%, a 5 - day increase of 0.25%, a 1 - month increase of 3.62%, and a year - to - date increase of 10.52% [156].

锌价预计在2026年小幅回落至2900美元/吨，而镍价则可能回落至15500美元/吨，因需求增速与供应增 速基本持平。 铅价方面，摩根士丹利预测均价将略高于2000美元/吨，伦敦金属交易所库存高企表明市场处于供过于 求状态。 该行同时预计，2025年铜市场将出现26万吨缺口，2026年缺口将扩大至60万吨，因此没有太多容许供应 中断的空间。 12月16日（周二），摩根士丹利调整对铝、锌、镍和铅的2026年价格预期。 该机构在报告中指出，预计2026年第二季度铝价为每吨3250美元。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Gold: Fed cut rates as expected, gold price regained strength, recommended to go long; silver overseas market was tight, but domestic inventory had accumulated for days, recommended to take profit on long positions temporarily [1] - Base Metals: - Copper: Wait for low - buying opportunities [2] - Aluminum: Expected to fluctuate due to overseas supply disruptions, warm macro - environment and low inventory [2] - Alumina: Faced downward pressure, follow the impact of Guinea's election on the ore end [2][3] - Zinc: Go long at low prices and be cautious about chasing highs [3] - Lead: Operate in a range, buy low and sell high [3] - Industrial Silicon: Observe as the market was in a weak oscillation with no clear direction [3] - Lithium Carbonate: Observe in the short - term, pay attention to the resumption of production rhythm and year - end energy storage policy guidance [3][4] - Polysilicon: Expected to fluctuate widely in the range of 50,000 - 58,000 yuan/ton [4] - Tin: Wait for low - buying opportunities [4] - Black Industry: - Rebar: Mainly observe, try to short the RB05 contract [5] - Iron Ore: Mainly observe [5][6] - Coking Coal: Mainly observe [6] - Agricultural Products: - Soybean Meal: US soybeans were weak, domestic market was near - strong and far - weak [6] - Corn: Spot price was expected to weaken, futures price to oscillate and fall [6] - Edible Oils: Oscillate weakly and show variety differentiation [6] - Cotton: Buy low with a price reference range of 13,800 - 14,200 yuan/ton [6] - Eggs: Futures price was expected to oscillate [7] - Pigs: Futures price was expected to oscillate [7] - Energy and Chemicals: - LLDPE: Oscillate weakly in the short - term, go long on far - month contracts at low prices in the long - term [8] - PVC: Conduct reverse arbitrage due to weak supply - demand [8] - Glass: Conduct reverse arbitrage due to weak supply - demand [8][9] - PP: Oscillate weakly in the short - term, go long on far - month contracts at low prices in the long - term [9] - Crude Oil: Be used as a short - position configuration, short at high prices after geopolitical premiums [9] - Styrene: Oscillate weakly in the short - term, go long on styrene or conduct pure benzene reverse arbitrage and long styrene profit in the medium - long term [9] - Soda Ash: Conduct reverse arbitrage due to weak supply - demand [10] 3. Summary by Related Catalogs Precious Metals (Gold) - Market Performance: Gold price oscillated, international gold price basically closed flat [1] - Fundamentals: US November non - farm data was good, but unemployment rate soared; Fed had internal differences; domestic gold ETF had a small inflow, and inventories in different places changed [1] - Trading Strategy: Go long [1] Base Metals Copper - Market Performance: Copper price oscillated weakly [2] - Fundamentals: US non - farm data and unemployment rate affected the dollar index; supply was tight, demand had price differences, and the London structure changed [2] - Trading Strategy: Wait for low - buying opportunities [2] Aluminum - Market Performance: The closing price of the electrolytic aluminum main contract decreased by 0.34% [2] - Fundamentals: High - load production on the supply side, slightly decreased weekly aluminum product start - up rate on the demand side [2] - Trading Strategy: Expected to oscillate [2] Alumina - Market Performance: The closing price of the alumina main contract increased by 0.16% [2] - Fundamentals: Stable production capacity on the supply side, high - load production of electrolytic aluminum plants on the demand side [2] - Trading Strategy: Faced downward pressure, follow Guinea's election impact [2][3] Zinc - Market Performance: The closing price of the SHFE zinc 2601 contract decreased by 1.71% [3] - Fundamentals: Macro - warming and supply tightening; overseas and domestic supply issues; demand was differentiated; import window was closed [3] - Trading Strategy: Go long at low prices, be cautious about chasing highs [3] Lead - Market Performance: The closing price of the SHFE lead 2601 contract decreased by 1.09% [3] - Fundamentals: Mild supply - demand, slightly decreased smelter start - up rate, slightly increased battery start - up rate, possible inventory accumulation [3] - Trading Strategy: Operate in a range [3] Industrial Silicon - Market Performance: The main 05 contract increased by 0.18% [3] - Fundamentals: Increased furnace - opening quantity on the supply side, social inventory accumulated; demand in different industries had different trends [3] - Trading Strategy: Observe as the market was in a weak oscillation [3] Lithium Carbonate - Market Performance: LC2605 decreased by 0.46% [3] - Fundamentals: Increased lithium concentrate price, increased production, decreased demand in some materials; expected to maintain destocking [3][4] - Trading Strategy: Observe in the short - term [3][4] Polysilicon - Market Performance: The main 05 contract increased by 0.18% [4] - Fundamentals: Stable production on the supply side, decreased demand in related industries; expected inventory accumulation [4] - Trading Strategy: Expected to fluctuate widely [4] Tin - Market Performance: Tin price oscillated weakly [4] - Fundamentals: Tight supply, increased supply from Myanmar; demand had delivery and premium situations [4] - Trading Strategy: Wait for low - buying opportunities [4] Black Industry Rebar - Market Performance: The main contract increased by 7 yuan/ton [5] - Fundamentals: Decreased inventory, weak supply - demand, structural differentiation; high - loss of steel mills, possible production reduction [5] - Trading Strategy: Observe, try to short the RB05 contract [5] Iron Ore - Market Performance: The main contract increased by 8.5 yuan/ton [5] - Fundamentals: Increased shipment, decreased port inventory; weak supply - demand, decreased iron - water production; marginal weakening of supply - demand [5][6] - Trading Strategy: Observe [5][6] Coking Coal - Market Performance: The main contract increased by 4 yuan/ton [6] - Fundamentals: Decreased iron - water production, deteriorated steel mill profits; first - round coke price cut implemented, second - round proposed; inventory was at a neutral level [6] - Trading Strategy: Observe [6] Agricultural Products Soybean Meal - Market Performance: CBOT soybeans continued to decline [6] - Fundamentals: Slight reduction in the near - term supply, large supply in the far - term in South America; strong US soybean crushing and slow export [6] - Trading Strategy: US soybeans were weak, domestic market was near - strong and far - weak [6] Corn - Market Performance: Futures price oscillated narrowly, spot price slightly decreased [6] - Fundamentals: Low channel inventory, short - term supply shortage, but downstream losses and reduced procurement enthusiasm [6] - Trading Strategy: Spot price to weaken, futures price to oscillate and fall [6] Edible Oils - Market Performance: Malaysian palm oil continued to fall [6] - Fundamentals: Seasonal production reduction but year - on - year increase on the supply side; weak export on the demand side; near - term inventory accumulation [6] - Trading Strategy: Oscillate weakly and show variety differentiation [6] Cotton - Market Performance: US cotton futures price started to fall, Zhengzhou cotton futures price continued to rise [6] - Fundamentals: Slightly bearish US cotton export data, Brazilian cotton export increased; strong buying support for Zhengzhou cotton but weak yarn price increase [6] - Trading Strategy: Buy low in the range of 13,800 - 14,200 yuan/ton [6] Eggs - Market Performance: Futures price was weak, spot price increased [7] - Fundamentals: Decreased laying - hen inventory, slowed de - capacity; low price could drive demand, but high price reduced downstream purchasing willingness [7] - Trading Strategy: Futures price to oscillate [7] Pigs - Market Performance: Futures price oscillated, spot price slightly decreased [7] - Fundamentals: Sufficient supply, seasonal increase in demand; increased southern curing demand, expected increase in slaughter volume [7] - Trading Strategy: Futures price to oscillate [7] Energy and Chemicals LLDPE - Market Performance: The main contract oscillated slightly [8] - Fundamentals: New device production and some device shutdowns on the supply side, reduced import expected; off - season for downstream demand [8] - Trading Strategy: Oscillate weakly in the short - term, go long on far - month contracts at low prices in the long - term [8] PVC - Market Performance: V05 increased by 1.9% [8] - Fundamentals: Boosted by macro - sentiment, increased supply, decreased downstream start - up rate, high social inventory [8] - Trading Strategy: Conduct reverse arbitrage [8] Glass - Market Performance: FG05 decreased by 0.2% [8] - Fundamentals: Decreased price, increased production reduction, seasonal inventory decline, weak supply - demand, low valuation [8][9] - Trading Strategy: Conduct reverse arbitrage [8][9] PP - Market Performance: The main contract oscillated slightly [9] - Fundamentals: New device production and some device shutdowns on the supply side, opened export window; decreased downstream start - up rate [9] - Trading Strategy: Oscillate weakly in the short - term, go long on far - month contracts at low prices in the long - term [9] Crude Oil - Market Performance: Oil price continuously fell to a five - year low [9] - Fundamentals: Supply was affected by sanctions and production increases; demand was in the off - season; inventory was above the five - year average [9] - Trading Strategy: Be used as a short - position configuration, short at high prices after geopolitical premiums [9] Styrene - Market Performance: The main contract oscillated slightly [9] - Fundamentals: High pure benzene and styrene inventories; decreased downstream demand [9] - Trading Strategy: Oscillate weakly in the short - term, go long on styrene or conduct pure benzene reverse arbitrage and long styrene profit in the medium - long term [9] Soda Ash - Market Performance: sa05 increased by 1.4% [10] - Fundamentals: New device production, price decline, high inventory, weak downstream demand [10] - Trading Strategy: Conduct reverse arbitrage [10]

Core Viewpoint - Morgan Stanley has revised its price forecasts for aluminum, zinc, nickel, and lead for 2026, indicating significant changes in the metals market [1] Aluminum - The forecast for aluminum prices is set to reach $3,250 per ton by the second quarter of 2026 [1] Zinc - Zinc prices are expected to slightly decline to $2,900 per ton by 2026 [1] Nickel - Nickel prices are projected to fall to around $15,500 per ton, attributed to the balance between demand and supply growth [1] Lead - Morgan Stanley predicts that the average price for lead will be just above $2,000 per ton, influenced by high LME inventories indicating an oversupply in the market [1] Copper - A supply deficit of 260,000 tons is anticipated in the copper market for 2025, which is expected to increase to 600,000 tons in 2026 [1]

Group 1: Commodity Market Overview - The domestic commodity futures market experienced a general decline on December 16, with energy and basic metals showing weakness. The China Securities Commodity Futures Price Index closed at 1505.54 points, down 4.24 points or 0.28% from the previous trading day [1] - The China Securities Commodity Futures Index closed at 2079.05 points, down 6.57 points or 0.32% from the previous trading day [1] Group 2: Precious Metals Performance - Platinum and palladium continued to rise, with palladium futures increasing over 4%, becoming the leading commodity in the market, while platinum also reached new highs [3] - Despite a strong performance, the prices of platinum and palladium faced pressure due to a pullback in gold and silver prices, leading to a narrowing of their daily gains [3] - Analysts remain cautiously optimistic about platinum's future performance due to a tight supply-demand situation expected in 2025, while palladium's demand growth is limited [3] Group 3: PVC Market Dynamics - PVC futures rebounded on December 16, closing with a 2.16% increase, ranking third in terms of gains, following palladium and platinum [4] - The PVC market is characterized by a strong supply and weak demand, with high industry operating rates and elevated social inventory levels [4] - Despite the weak demand, PVC prices are at historical lows, prompting a potential for a rebound, although the overall market remains cautious [4] Group 4: Base Metals Trends - The basic metals sector saw a general decline, with tin prices dropping significantly due to easing supply concerns from Indonesia, which reported a 25.59% year-on-year increase in refined tin exports for November [5] - The demand for tin remains weak, exacerbated by a downturn in the technology sector, leading to a bearish outlook for tin prices [5] Group 5: Energy and Chemical Products - The energy and chemical sector showed mixed results, with products like PVC rebounding while others like asphalt and low-sulfur fuel oil faced declines due to falling crude oil prices [6] - Asphalt prices approached their annual lows, driven by oversupply expectations and weak demand, with inventories rising despite lower production rates [6]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report On December 15th, the domestic commodity futures market closed with mixed results. New energy materials, shipping futures, black commodities, precious metals, non - metallic building materials, most chemicals, energy products, and most agricultural and sideline products showed gains, while basic metals and all oilseeds and fats declined. Industrial products had a differentiated performance, and agricultural products were also mixed [1]. 3) Summary by Related Catalogs Black Commodities - Most black commodities rose. Recently, the supply and demand of steel were both weak, and the steel futures market remained weak. Affected by the cold wave, outdoor construction was further restricted, and the apparent demand for the five major steel products last week dropped to 839.72 million tons, the lowest in the same period in recent years, with a month - on - month decline of 2.83%. Although the fundamentals were not strongly driven, policy factors might cause fluctuations. In the short term, due to positive domestic and foreign macro - expectations, steel trading was active, and steel prices still had the impetus to rebound, but the upward space was limited, with a medium - term weak outlook [1]. Basic Metals - This category had the largest decline. For copper, after the Fed's interest rate cut and restart of Treasury bond purchases, the liquidity expectation was marginally relaxed, and the tone of the Central Economic Work Conference was positive. Although the short - term bullish sentiment cooled, the risk of continuous decline in copper prices was small, and it might shift to a volatile trend. The supply of copper ore remained tight, the supply of refined copper in China was expected to increase, but the downstream operating rate was stable, and the surplus pressure was not significant. - Lithium carbonate first fell and then rose. The arrival volume of lithium ore at ports was expected to increase month - on - month in the next month, and the tight supply situation at the mine end was expected to ease marginally. The resumption of production at lithium mines was in progress. The high - growth demand for energy storage continued, the supply - demand pattern of lithium carbonate had not changed, and social inventories continued to decline, which supported the strong operation of futures prices [1]. Energy and Chemical Products - The movement of energy and chemical products was volatile. On Monday, the main contract of SC crude oil was hesitant, and the market sentiment became more cautious. In the short term, crude oil inventories decreased while refined oil inventories increased significantly, and the fundamentals remained under pressure. Geopolitical and macro - factors were still uncertain, and oil prices were under pressure and volatile. In the medium term, the contradiction of oversupply was predominant, and the center of oil prices might decline. However, there was a risk of upward correction in oil prices from December to January due to the resonance of geopolitical risks, cold wave impacts, and low - inventory destocking [1]. Oilseeds and Fats - All oilseeds and fats declined. Due to weak US export demand and the upcoming harvest in Brazil, traders closed their long positions, and US soybeans fell to a seven - week low. In the domestic market, both soybean meal and rapeseed meal were weak. The main contract of soybean meal increased in positions and declined, and the main contract of rapeseed meal also slightly declined. The market lacked the impetus to continue rebounding. In addition to the weak external market suppressing the cost of soybean imports, the domestic soybean meal market fundamentals were also bearish. Although the short - term spot prices were supported, the far - month contracts were still suppressed by the loose supply pattern. The electronic trading of CBOT soybean oil oscillated at a low level. The uncertainty of the US biodiesel policy was bearish for the soybean oil market, and the decline of US soybeans also dragged down the domestic oil market. The main contracts of soybean oil and palm oil both declined, and the decline of rapeseed oil futures was obvious. The abundant international supply continued to pressure the market. Although the news of strict customs inspections on non - genetically modified rapeseed oil imports briefly boosted the market sentiment, the impact on actual supply and demand was limited, and the speculation sentiment in the rapeseed oil market cooled. The near - term supply should focus on the crushing rhythm of Australian rapeseeds [1].

Group 1: Precious Metals Futures - New York gold futures surpassed $4,340 per ounce, with a daily increase of 0.09% [1][9] - Spot gold also rose, breaking through $4,310 per ounce, with a daily gain of 0.10% [2][10] Group 2: Energy and Shipping Futures - International crude oil prices faced downward pressure, with WTI crude futures closing down 1.08% at $56.82 per barrel, and Brent crude futures down 0.92% at $60.56 per barrel [3][11] - During the trading session, WTI crude briefly exceeded $57 per barrel but ultimately fell 0.27% [4][12] - Progress in Russia-Ukraine peace talks further pressured oil prices, with U.S. crude futures dropping by $1 during the day [5][13] Group 3: Base Metals Futures - Goldman Sachs raised its 2026 copper price forecast from $10,650 per ton to $11,400 per ton, maintaining the 2027 forecast at $10,750 per ton, noting that copper prices are susceptible to pullbacks related to artificial intelligence [6][14] - Bank of America anticipates a supply shortage for aluminum next year, with prices expected to exceed $3,000 per ton [7][15] Group 4: Macro and Market Impact - U.S. stock indices collectively declined, with the Dow Jones down 0.09%, Nasdaq down 0.59%, and S&P 500 down 0.16%; the Nasdaq Golden Dragon China Index fell 2.17%, with several Chinese concept stocks, including Furlong Group and Neng Chain Smart Electric, dropping over 6% [8][16] - In terms of Federal Reserve policy, Williams expressed support for last week's rate cut decision but indicated that January's actions would require further observation; meanwhile, Fed chair candidate Hassett faces internal opposition due to close ties with Trump [8][16] - Geopolitically, positive developments in the U.S.-Ukraine negotiations were reported, with both sides nearing consensus on security guarantees, and Trump stated that a conflict resolution agreement is closer than ever [8][16]

Group 1: Market Overview - The domestic commodity futures market showed overall strength on December 15, with the China Securities Commodity Futures Price Index closing at 1512.37 points, up 0.64 points or 0.04% from the previous trading day [1] - The commodity futures index closed at 2089.21 points, with a slight increase of 0.06 points, reflecting a stable market [1] Group 2: Precious Metals Performance - Platinum prices surged to a limit-up, marking a 7.00% increase and reaching a historical high, driven by supply shortages and strong demand from the hydrogen energy sector [2] - Palladium also saw a significant rise of over 4%, benefiting from the bullish trend in platinum [2] - Gold's strong performance laid the foundation for the overall strength in the precious metals sector, despite silver experiencing volatility [2] Group 3: Silicon Market Dynamics - The main contract for polysilicon rose by 3.61%, nearing its historical high from earlier in the month, primarily due to the announcement of a capacity integration acquisition platform [3] - However, the supply-demand dynamics for polysilicon remain weak, with inventory levels reaching 293,000 tons, sufficient for nearly two months of production [3] - Production cuts in the silicon wafer segment were noted, with a significant reduction of over 10% in November and a further expected decrease in December [3] Group 4: Agricultural Products and Copper - The new season apples faced downward pressure, dropping over 3% due to an oversupply in the market and weak demand ahead of the holidays [4] - Copper prices experienced a decline of over 1% after reaching historical highs, influenced by increased inventories and expectations of weakened demand [5] - Domestic electrolytic copper inventories rose to 177,200 tons, indicating a supply surplus that may pressure prices further [5]

1. Report Industry Investment Ratings The document does not provide industry investment ratings. 2. Core Views - Gold: Interest rates were cut as expected [2][4]. - Silver: Adjusting at a high level [2][4]. - Copper: The long - term driving logic remains, and the price decline is limited [2][8]. - Zinc: Domestic inventory is continuously decreasing [2][11]. - Lead: Inventory reduction supports the price [2][14]. - Tin: Supply is disrupted again [2][16]. - Aluminum: Macroeconomic disturbances are increasing [2][19]. - Alumina: Continuously monitor production capacity cuts [2][19]. - Cast aluminum alloy: Fluctuating at a high level [2][19]. - Platinum: Breaking through the previous high and starting to make up for lost ground [2][22]. - Palladium: ETF holdings have increased significantly, and it is expected to hit the previous high [2][22]. - Nickel: The structural surplus has changed, and attention should be paid to policy risks in Indonesia [2][26]. - Stainless steel: Supply and demand are both weak, and steel prices are fluctuating at a low level [2][26]. 3. Summary by Directory Gold - **Fundamentals**: The closing prices of various gold products such as Shanghai Gold 2602, Gold T + D, etc. showed different degrees of increase, and trading volumes and positions also changed. ETF and inventory data also had corresponding changes [4]. - **News**: Trump prefers to appoint Warsh or Hassett as the Fed Chairman; China's November new social financing, new RMB loans, and M2 - M1 scissors - gap data are released; multiple Chinese ministries respond to the Central Economic Work Conference [4][6]. - **Trend Intensity**: Neutral [7]. Silver - **Fundamentals**: The closing prices of Shanghai Silver 2602 and other products had significant price fluctuations, and trading volumes, positions, ETF holdings, and inventory data also changed [4]. - **Trend Intensity**: Neutral [7]. Copper - **Fundamentals**: The closing prices of Shanghai Copper and London Copper had different trends, and trading volumes, positions, inventory, and price spreads all changed. China's November copper - related import data and Chile's copper - related export and production data are released [8][10]. - **News**: The Chinese central bank will flexibly use various monetary policy tools; Trump hopes the interest rate will be 1% or lower in a year; the US is negotiating to provide over $1 billion for key mineral and railway projects in Central Africa [8][10]. - **Trend Intensity**: Neutral [10]. Zinc - **Fundamentals**: The closing prices of Shanghai Zinc and London Zinc changed, and trading volumes, positions, inventory, and price spreads also had corresponding changes [11]. - **News**: Three Chinese ministries will strengthen business - finance cooperation to boost consumption [11]. - **Trend Intensity**: Strongly bullish [11]. Lead - **Fundamentals**: The closing prices of Shanghai Lead and London Lead decreased slightly, and trading volumes, positions, inventory, and price spreads all changed [14]. - **News**: The Chinese central bank will flexibly use various monetary policy tools; Trump hopes the interest rate will be 1% or lower in a year [14]. - **Trend Intensity**: Neutral [14]. Tin - **Fundamentals**: The closing prices of Shanghai Tin and London Tin showed different trends, and trading volumes, positions, inventory, and price spreads all changed. Spot and industrial chain prices also increased [16]. - **News**: Trump prefers to appoint Warsh or Hassett as the Fed Chairman; China's November new social financing, new RMB loans, and M2 - M1 scissors - gap data are released; multiple Chinese ministries respond to the Central Economic Work Conference [16][17]. - **Trend Intensity**: Bearish [18]. Aluminum, Alumina, Cast Aluminum Alloy - **Fundamentals**: The closing prices, trading volumes, positions, inventory, and price spreads of Shanghai Aluminum, LME Aluminum, Shanghai Alumina, and cast aluminum alloy all changed. Data on related premiums, processing fees, and corporate profits are also updated [19]. - **News**: Global monetary policy is at a critical turning point; the Fed's asset - liability purchase may push up inflation in 2026 [21]. - **Trend Intensity**: Aluminum is neutral, Alumina is bearish, and Cast Aluminum Alloy is neutral [21]. Platinum and Palladium - **Fundamentals**: The closing prices of platinum and palladium products increased, and trading volumes, positions, ETF holdings, and price spreads all changed [22]. - **News**: Multiple international events such as the US - Mexico water resource agreement and Zelensky's decision to abandon NATO membership are reported [25]. - **Trend Intensity**: Both are strongly bullish [24]. Nickel and Stainless Steel - **Fundamentals**: The closing prices of Shanghai Nickel and stainless steel had different trends, and industrial chain - related prices, profits, and spreads all changed [26]. - **News**: There are multiple events in Indonesia related to nickel production, including government sanctions, policy changes, and production restrictions. The Fed has dovish remarks, and China will implement export license management for some steel products [26][29]. - **Trend Intensity**: Both are neutral [30].

Summary of Key Points from Conference Call Records Industry Overview: Non-Ferrous Metals - The non-ferrous metals market is significantly influenced by macroeconomic sentiment, with the Federal Reserve's easing policies being a key driver. Despite uncertainties in future interest rate cuts, a liquidity-rich environment is expected to support rising commodity prices, similar to the market performance from 2019 to 2021 [1][5] - Concerns regarding AI investments and interest rate hikes in Japan have emerged, but liquidity easing reduces de-leveraging risks, making the likelihood of a bubble burst low in the short term. If Japan's interest rates exceed expectations, it may create downward pressure, but any pullback could present a good investment opportunity due to supply-demand imbalances and demand recovery expected by 2026 [1][6] Precious Metals Market - Gold is not advisable to short due to geopolitical factors, weakening of the dollar credit system, and increased central bank purchases. Historically, gold experiences two phases of price increases during easing cycles, and it is expected to rise post-RMP implementation [1][7] - Silver may face short-term pullback pressure but is expected to maintain a long-term upward cycle due to supply shortages and its industrial properties. The market for silver has been in a state of shortage for the past few years, and its investment demand is likely to increase during economic recovery [1][8] Price Projections - Gold prices are projected to reach $4,800 by 2026, driven by liquidity easing and rising inflation. Companies like Lingbao Gold, through acquisitions, are expected to see their valuations rise to 15-20 times [1][9] - The copper market is currently experiencing weak supply and demand, with low inventories. High copper prices are suppressing demand, but liquidity easing is expected to mitigate negative impacts. The copper price is projected to be between $11,000 and $12,000 in the first half of 2026, making valuations of related A-share and H-share companies attractive [2][11] Aluminum Market - The aluminum market shows a favorable supply-demand balance, with profit margins exceeding 5,500 yuan per ton. The current valuation levels are considered attractive for investment, especially as the U.S. easing cycle lowers dividend yield requirements [4][12] Lithium Market - The lithium carbonate market is expected to experience a slight shortage in 2025, with a total supply of around 1.6 million tons. In 2026, a slight surplus is anticipated, with prices sensitive to rapid increases in supply. The price may reach between 90,000 to 100,000 yuan, but rapid price increases could stimulate supply and create pressure [13][14] Small Metals: Tungsten and Cobalt - Tungsten and cobalt are expected to maintain a trend of price increases due to ongoing shortages. Tungsten's price is unlikely to drop significantly due to its importance in technology and military applications, while cobalt prices may rise due to export quota issues from the Democratic Republic of Congo [15] Copper Foil and Aluminum Foil Processing Fees - Recent surveys indicate that processing fees for copper and aluminum foils in lithium battery materials have bottomed out and are beginning to recover. This sector is highlighted as an important area for investors, with overall supply-demand dynamics remaining balanced [16][17]