1. Investment Ratings - No investment ratings for the industries are provided in the reports. 2. Core Views Tin - Considering the strong fundamentals, tin prices are expected to remain strong within the year. It is recommended to maintain a bullish view on tin prices, hold existing long positions, and consider buying on dips. Keep an eye on macro - level changes and supply - side dynamics [1]. Nickel - Macro conditions are temporarily stable. After the valuation of nickel prices is repaired, the price drivers weaken. With the decline of the nickel ore benchmark price in Indonesia and the accelerating inventory accumulation in China, the medium - term fundamentals are loose, restricting the upside potential of prices. In the short term, the market is expected to fluctuate within a range, with the main contract reference range of 116,000 - 120,000. Pay attention to macro expectations and Indonesian industrial policy news [3]. Stainless Steel - Macro conditions are temporarily stable, and the supply pressure eases slightly. However, demand is weak in the off - season, and inventory reduction is difficult. In the short term, there is an expectation of price repair due to low valuation and improved market sentiment, but the driving force is limited. The market is expected to fluctuate and adjust, with the main contract reference range of 12,400 - 12,800. Follow up on the implementation of steel mill production cuts and nickel - iron transactions [5]. Lithium Carbonate - Last week, the center of the lithium carbonate futures price moved down, with large intraday fluctuations and increased market divergence. The fundamentals remain generally stable with strong supply and demand. The market is expected to be weak and fluctuate in the short term, with the main contract reference range of 90,000 - 95,000. Pay attention to the resumption of production by large manufacturers and the sustainability of off - season demand [7]. Industrial Silicon - The market is expected to maintain a weak supply - demand situation in December. Industrial silicon prices are expected to fluctuate at a low level, with the main price range of 8,500 - 9,500 yuan/ton. Consider buying on dips if the price falls to 8,500 - 8,700 yuan/ton [9]. Polysilicon - The current contradiction lies between the strong futures market with low warehouse receipts and the weak spot market with oversupply. Polysilicon futures may continue to fluctuate at a high level, but considering the weak demand, the probability of price decline is high. It is recommended to wait and see, and those with short positions can hold them [11]. Zinc - As TC gradually declines, smelting profits are compressed, and production is limited. The opening of the zinc ingot export space eases the domestic supply pressure, and the demand side shows structural improvement. In the short term, the downside space of zinc prices is limited, and the Shanghai zinc price may be stronger than the London zinc price. Pay attention to the TC inflection point and refined zinc inventory changes, with the main contract reference range of 22,500 - 23,500 [13]. Copper - The high copper price is mainly driven by supply and inventory imbalances. In the short term, the price may fluctuate sharply, and in the medium - to - long term, the supply - demand contradiction will support the price to gradually move up. Pay attention to the structural changes in domestic and overseas inventories and the risk of cornering the market, with the main contract reference range of 90,000 - 91,000 [15]. Alumina - The oversupply situation of alumina remains unchanged, and the price is expected to remain at the bottom and fluctuate. The key to a market rebound lies in the actual production cuts of enterprises and the inflection point of inventory, with the main contract reference range of 2,550 - 2,800 yuan/ton [17]. Aluminum - The electrolytic aluminum market is expected to remain strong in the short term, but there is a risk of a pull - back after the price rises. Pay attention to the Fed's interest - rate decision and the actual inventory reduction in China, with the main contract reference range of 21,700 - 22,500 yuan/ton [17]. Aluminum Alloy - The casting aluminum alloy market is expected to fluctuate narrowly at a high level in the short term. The ADC12 price has limited downside space due to cost support, but high inventory and high prices restrict upward breakthroughs. Pay attention to the improvement of scrap aluminum supply and downstream procurement rhythm, with the main contract reference range of 20,800 - 21,600 yuan/ton [18]. 3. Summary by Directory Tin - **Spot Prices and Basis**: SMM 1 tin price decreased by 0.88% to 314,800 yuan/ton, and SMM 1 tin premium decreased by 75% to 50 yuan/ton [1]. - **Internal - External Price Ratio and Import Profit/Loss**: The import loss improved by 4.56% to - 16,618.50 yuan/ton, and the Shanghai - London ratio was 7.87 [1]. - **Monthly Spread**: The spread between 2512 - 2601 contracts increased by 22.54% to - 550 [1]. - **Fundamental Data**: In October, tin ore imports increased by 33.49%, SMM refined tin production increased by 53.09%, and refined tin imports decreased by 58.55% [1]. - **Inventory Changes**: SHEF weekly inventory increased by 7.96%, and social inventory increased by 2.39% [1]. Nickel - **Prices and Basis**: SMM 1 electrolytic nickel price decreased by 0.29% to 120,050 yuan/ton [3]. - **Electrolytic Nickel Production Cost**: The cost of integrated MHP - produced electrolytic nickel increased by 0.19% to 111,026 yuan/ton [3]. - **New Energy Material Prices**: The average price of battery - grade nickel sulfate decreased by 0.04% to 27,530 yuan/ton [3]. - **Monthly Spread**: The spread between 2601 - 2602 contracts increased by 20 to - 160 yuan/100 [3]. - **Supply - Demand and Inventory**: China's refined nickel production decreased by 9.38%, and SHFE inventory increased by 4.23% [3]. Stainless Steel - **Prices and Basis**: The price of 304/2B (Foshan Hongwang 2.0 coil) increased by 0.40% to 12,700 yuan/ton [5]. - **Raw Material Prices**: The average price of Philippine laterite nickel ore (1.5%, CIF) remained unchanged at 57 US dollars/wet ton [5]. - **Monthly Spread**: The spread between 2601 - 2602 contracts increased by 5 to - 90 yuan/ton [5]. - **Fundamental Data**: China's 300 - series stainless steel crude steel production decreased by 0.72% to 178.70 million tons [5]. Lithium Carbonate - **Prices and Basis**: SMM battery - grade lithium carbonate average price decreased by 0.80% to 93,250 yuan/ton [7]. - **Monthly Spread**: The spread between 2512 - 2601 contracts increased by 1,500 to - 80 yuan/ton [7]. - **Fundamental Data**: In November, lithium carbonate production increased by 3.35%, and demand increased by 5.11% [7]. - **Inventory**: In November, total lithium carbonate inventory decreased by 23.36% [7]. Industrial Silicon - **Spot Prices and Main Contract Basis**: The price of East China oxygen - containing SI5530 industrial silicon remained unchanged at 9,450 yuan/ton [9]. - **Monthly Spread**: The spread between 2512 - 2601 contracts increased by 105 to 155 [9]. - **Fundamental Data (Monthly)**: National industrial silicon production decreased by 11.17% to 40.17 million tons [9]. Polysilicon - **Spot Prices and Main Contract Basis**: The average price of N - type re -投料 remained unchanged at 52,300 yuan/kg [11]. - **Futures Prices and Monthly Spread**: The main contract price decreased by 2.47% to 55,510 [11]. - **Fundamental Data (Weekly and Monthly)**: Weekly polysilicon production increased by 7.50% to 2.58 million tons, and monthly production decreased by 14.48% to 11.46 million tons [11]. - **Inventory Changes**: Polysilicon inventory increased by 3.56% to 29.10 million tons [11]. Zinc - **Prices and Basis**: SMM 0 zinc ingot price increased by 0.61% to 23,130 yuan/ton [13]. - **Monthly Spread**: The spread between 2512 - 2601 contracts increased by 5 to - 40 yuan/ton [13]. - **Fundamental Data**: In November, refined zinc production decreased by 3.56% to 59.52 million tons [13]. - **Inventory**: China's zinc ingot seven - region social inventory decreased by 5.27% to 14.03 million tons [13]. Copper - **Prices and Basis**: SMM 1 electrolytic copper price increased by 0.37% to 91,282 yuan/ton [15]. - **Monthly Spread**: The spread between 2512 - 2601 contracts decreased by 40 to - 60 yuan/ton [15]. - **Fundamental Data**: In November, electrolytic copper production increased by 1.05% to 110.31 million tons [15]. - **Inventory**: Domestic social inventory decreased by 8.41% to 15.89 million tons [15]. Alumina - **Prices and Spread**: SMM A00 aluminum price increased by 0.32% to 22,090 yuan/ton [17]. - **Monthly Spread**: The spread between AL 2512 - 2601 contracts decreased by 10 to - 15 yuan/ton [17]. - **Fundamental Data**: In November, alumina production decreased by 4.44% to 743.94 million tons [17]. - **Inventory**: National alumina explicit inventory continued to accumulate [17]. Aluminum Alloy - **Prices and Spread**: SMM aluminum alloy ADC12 price remained unchanged at 21,700 yuan/ton [18]. - **Monthly Spread**: The spread between 2601 - 2602 contracts increased by 5 to - 50 yuan/ton [18]. - **Fundamental Data**: In November, recycled aluminum alloy ingot production increased by 5.74% to 68.20 million tons [18]. - **Inventory**: Recycled aluminum alloy weekly social inventory decreased by 0.54% to 5.53 million tons [18].

有色早报 研究中心有色团队 2025/12/08 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/12/01 100 3573 115035 31495 -1332.99 -112.30 31.0 47.0 69.10 159425 6475 2025/12/02 120 3264 115035 30568 -1557.87 -95.77 38.0 48.0 69.18 161800 6300 2025/12/03 155 3604 115035 28969 -1649.33 -113.35 38.0 48.0 88.38 162150 56875 2025/12/04 220 4473 115035 32139 -1611.35 -281.23 38.0 48.0 50.44 162825 64325 2025/12/05 210 4659 115035 30936 -860.77 -63.25 38.0 46.0 23.05 162550 6385 ...

Core Viewpoint - The company, Zhongjin Lingnan, has introduced a new strategy called "One Body, Two Wings" aimed at enhancing its operational efficiency and contributing to national supply chain security through the development of various metal processing industries [1] Group 1: Strategic Focus - The "One Body" aspect refers to the company being a leading enterprise with abundant metal resources [1] - The "Two Wings" focus on the vigorous development of copper, lead, and zinc smelting and deep processing industries, as well as the deep processing of rare and precious metals such as gold, silver, gallium, germanium, indium, selenium, tellurium, bismuth, platinum, palladium, and rhodium [1] Group 2: Development Approach - The company emphasizes both "external development" and "internal development" to drive growth [1] - A dual approach of "focusing on core business + capital operation" is adopted to enhance industry chain layout and optimize product structure [1] - The company aims to promote high-quality and efficient development through project construction, investment mergers and acquisitions, and capital operations [1]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - In the short - term, alumina is expected to operate in a weak and volatile manner, and it is recommended to go long on Shanghai aluminum at low prices while being cautious about the ebb of bullish macro - sentiment. In the long - term, Shanghai aluminum will operate with a bullish bias under the quantitative easing environment, and alumina will operate in a weak and volatile manner without large - scale production cuts [58][59]. - For copper, in the short - term, it is treated as a breakthrough market. In the long - term, there is long - term positive support for demand, and it is advisable to take a long - term bullish position [62][63][64]. - Regarding lithium carbonate, in the short - term, it may fluctuate repeatedly at high levels, and attention should be paid to the resumption progress of mines. In the long - term, energy storage provides strong demand support, and it is advisable to make long - term bullish allocations [66][67][68]. 3. Summary According to Relevant Catalogs 3.1 Domestic Main Metal Spot Price Trends - Copper: The futures price of the main contract CU2601 rose from 87430 to 92780, a weekly increase of 5350 (6.12%), and the spot price rose from 87340 to 91180, a weekly increase of 3840 (4.40%) [3]. - Aluminum: The futures price of the main contract AL2602 rose from 21650 to 22400, a weekly increase of 750 (3.46%), and the spot price rose from 21440 to 22010, a weekly increase of 570 (2.66%) [3]. - Zinc: The futures price of the main contract ZN2601 rose from 22425 to 23305, a weekly increase of 880 (3.92%), and the spot price rose from 22370 to 22990, a weekly increase of 620 (2.77%) [3]. - Lead: The futures price of the main contract PB2601 rose from 17090 to 17290, a weekly increase of 200 (1.17%), and the spot price rose from 16975 to 17175, a weekly increase of 200 (1.18%) [3]. - Nickel: The futures price of the main contract NI2601 rose from 117080 to 117790, a weekly increase of 710 (0.61%), and the spot price rose from 119500 to 120050, a weekly increase of 550 (0.46%) [3]. - Alumina: The futures price of the main contract AO2601 fell from 2707 to 2555, a weekly decrease of 152 (-5.62%), and the spot price remained unchanged at 2870 (0.00%) [3]. - Industrial silicon: The futures price of the main contract SI2601 fell from 9130 to 8805, a weekly decrease of 325 (-3.56%), and the spot price remained unchanged at 9600 (0.00%) [3]. - Lithium carbonate: The futures price of the main contract LC2605 fell from 96420 to 92160, a weekly decrease of 4260 (-4.42%), and the spot price rose from 92500 to 94000, a weekly increase of 1500 (1.62%) [3]. - Polysilicon: The futures price of the main contract PS2601 fell from 56425 to 55510, a weekly decrease of 915 (-1.62%), and the spot price remained unchanged at 52300 (0.00%) [3]. 3.2 Copper Inventory and Processing Fees - As of December 5, the SHFE copper inventory was 88,900 tons, a decrease of 9000 tons (-9.19%) from last week; the LME copper inventory was 162,800 tons, an increase of 5600 tons (+3.56%); the COMEX copper inventory was 435,800 tons, an increase of 9800 tons (+2.08%) [14][19]. - As of December 4, the copper concentrate spot TC was -42.7 dollars/ton, with a slight weekly decline, and the RC was -4.27 cents/pound, indicating continued tightness at the mine end [22]. 3.3 Lithium and Aluminum Raw Materials and Supply - As of December 5, the lithium spodumene concentrate (CIF China) index was 1154 dollars/ton, a weekly increase of 4 dollars/ton [24]. - As of December 5, the bauxite port inventory was 27.91 million tons, a decrease of 160,500 tons from last week. As of the end of October, the bauxite inventory of alumina plants was 24.53 million tons, at a historical high [32]. - As of December 5, the weekly operating rate of alumina enterprises was 86.2%, a slight increase, and the weekly output was 1.861 million tons, also increasing. The total alumina inventory was 5.004 million tons, an increase of 62,000 tons from last week [39]. - As of the end of October, China's primary aluminum production was 3.766 million tons, the import volume was 248,400 tons, and the inventory was 618,000 tons. As of the end of November, the operating rate of the electrolytic aluminum industry was 98.21%, remaining at a high level [46]. - As of December 5, the LME aluminum inventory was 530,900 tons, a decrease of 8200 tons from last Friday; the SHFE aluminum inventory was 123,600 tons, an increase of 8400 tons from last Friday; the COMEX aluminum inventory was 1946 tons, a decrease of 3723 tons from last week. The overall inventory of the three major global exchanges showed a de - stocking trend [48][49]. 3.4 Non - ferrous Metal Demand - In October 2025, automobile production and sales were 3.359 million and 3.322 million respectively, a month - on - month increase of 2.5% and 3%, and a year - on - year increase of 12.1% and 8.8%. From January to October 2025, automobile production and sales were 27.692 million and 27.687 million respectively, a year - on - year increase of 13.2% and 12.4% [51]. - In October 2025, new energy vehicle production and sales were 1.772 million and 1.715 million respectively, a year - on - year increase of 21.1% and 20%. From January to October 2025, new energy vehicle production and sales were 13.015 million and 12.943 million respectively, a year - on - year increase of 33.1% and 32.7% [52]. - From January to October, the housing construction area of real estate development enterprises was 6.52939 billion square meters, a year - on - year decrease of 9.4%. Among them, the residential construction area was 4.55253 billion square meters, a decrease of 9.7%. The new housing start area was 490.61 million square meters, a decrease of 19.8%. Among them, the new residential start area was 359.52 million square meters, a decrease of 19.3%. The housing completion area was 348.61 million square meters, a decrease of 16.9%. Among them, the residential completion area was 248.66 million square meters, a decrease of 18.9% [54]. - As of the end of October, the cumulative installed power generation capacity nationwide was 3.75 billion kilowatts, a year - on - year increase of 17.3%. Among them, the installed solar power generation capacity was 1.14 billion kilowatts, a year - on - year increase of 43.8%; the installed wind power capacity was 590 million kilowatts, a year - on - year increase of 21.4%. In October, the newly added photovoltaic installed capacity was 12.6 GW, a month - on - month increase of 30.4% compared with 9.66 GW in September [56]. 3.5 Strategy Recommendations - **Aluminum**: In the short - term, alumina operates weakly and volatilely, and it is recommended to go long on Shanghai aluminum at low prices. In the long - term, Shanghai aluminum operates with a bullish bias, and alumina operates weakly and volatilely without large - scale production cuts [58][59]. - **Copper**: In the short - term, it is treated as a breakthrough market. In the long - term, there is long - term positive support for demand, and it is advisable to take a long - term bullish position [62][63][64]. - **Lithium carbonate**: In the short - term, it may fluctuate repeatedly at high levels, and attention should be paid to the resumption progress of mines. In the long - term, energy storage provides strong demand support, and it is advisable to make long - term bullish allocations [66][67][68].

根据交易商协会出具的《接受注册通知书》(中市协注〔2025〕SCP362号)，交易商协会决定接受公司超 短期融资券注册，注册金额为人民币5亿元，注册额度自通知书落款之日起2年内有效，由招商银行股份 有限公司主承销。根据交易商协会出具的《接受注册通知书》(中市协注〔2025〕MTN1166号)，交易商 协会决定接受公司中期票据注册，注册金额为人民币15亿元，注册额度自通知书落款之日起2年内有 效，由招商银行股份有限公司主承销。 智通财经APP讯，创新新材(600361.SH)发布公告，近日，公司收到交易商协会出具的《接受注册通知 书》，交易商协会同意接受公司超短期融资券和中期票据的注册。 ...

| 锡产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 | | | | | | | 2025年12月5日 | | | | 寇帝斯 | Z0021810 | | 现货价格及基差 | | | | | | | 品种 | 现值 | 前值 | 张跃 | 张跌幅 | 单位 | | SMM 1#锡 | 317600 | 309300 | 8300 | 2.68% | | | SMM 1#锡升贴水 | 200 | 250 | -50 | -20.00% | 元/吨 | | 长江 1#锡 | 318100 | 309800 | 8300 | 2.68% | | | LME 0-3升贴水 | 133.00 | 92.00 | 41.00 | 44.57% | 美元/吨 | | 内外比价及进口盈亏 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 进口盈亏 | -17412.99 | -16070.31 | -1342.68 | -8.36% | 元/吨 | | 沪伦比值 ...

有色金属日报 2025-12-5 五矿期货早报 | 有色金属 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 铜 有色金属小组 从业资格号：F03121027 交易咨询号：Z0023147 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 交易咨询号：Z0023261 0755-23375122 zhangsj3@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 【行情资讯】 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 美元指数反弹，铜价震荡，昨日伦铜 3M 合约微跌 0.13%至 11434 美元/吨，沪铜主力合约收至 90960 元/吨。LME 铜库存增加 675 至 162825 吨，注销仓单继续增加，Cash/3M 升水维持偏强。国内电解铜 社会 ...

1. Report Industry Investment Rating - No information provided about the industry investment rating in the given reports. 2. Core Viewpoints - For copper, the CESCO copper conference shows that institutions and the industry generally support buying on dips. The copper price is expected to move up, ranging between $10,500 and $11,300, driven by strong domestic demand and overseas demand for power grids and computing. However, the potential outflow of North American copper inventories due to the disappearance of US tariffs is a risk factor [1]. - For aluminum, the Shanghai aluminum futures price has stabilized and rebounded, with significant inventory reduction. It may fluctuate in the short - term. Supply and demand are expected to be loose in early 2026 and then tighten [1]. - For zinc, the price has fluctuated this week. The supply side faces challenges with declining TC and potential production cuts in December. The demand side is weak both at home and abroad. The export window is open, and the price may not fall deeply. It's advisable to wait and see for single - side trading, look for reverse arbitrage opportunities, and consider positive arbitrage for the 01 - 03 spread [2]. - For nickel, the supply of pure nickel has decreased slightly, demand is weak, and inventories are rising. With ongoing policy support in Indonesia, short - selling opportunities can be monitored [3]. - For stainless steel, the supply has increased slightly, demand is mainly for rigid needs, costs are stable, and inventories are high. Given the potential policy support in Indonesia, short - selling opportunities are worth attention [3]. - For lead, the price has declined this week, with improved sales. The supply is abundant, and demand is expected to weaken. The supply - demand mismatch has been alleviated, and the price is expected to fluctuate between 16,900 and 17,200. It's advisable to observe the increase in warehouse receipts and the price support of waste batteries [5]. - For tin, the price has increased this week. The supply side has limited recovery potential with many disturbances, and demand is mainly rigid. In the short - term, it's advisable to wait and see, and in the long - term, consider buying near the cost line [8]. - For industrial silicon, the production in Q4 is expected to be balanced with a slight surplus, and the price is expected to fluctuate. In the long - term, the price will likely oscillate at the cycle bottom based on seasonal marginal costs [9]. - For lithium carbonate, the market has been volatile due to multiple factors. In the short - term, supply and demand are both strong, but the upward price movement depends on inventory reduction, speculative demand, and stronger holding willingness. 3. Summary by Metal Copper - **Price and Inventory Data**: From November 28 to December 4, the spot premium of Shanghai copper rose from 115 to 220, the scrap - refined copper spread increased by 869, and the LME inventory increased by 675 tons [1]. - **Market Outlook**: The copper price is expected to rise, with a range of $10,500 - $11,300. Bullish factors include limited domestic scrap copper supply, increased domestic power grid demand in 2026, global computing center construction, and Southeast Asian power construction demand. The bearish factor is the potential outflow of North American inventories if US tariffs disappear [1]. Aluminum - **Price and Inventory Data**: From November 28 to December 4, the Shanghai aluminum ingot price increased from 21,450 to 22,010, and the LME inventory decreased by 2,500 tons [1]. - **Market Outlook**: The Shanghai aluminum futures price has rebounded, and inventories are decreasing. The market may fluctuate in the short - term, with supply and demand expected to be loose in early 2026 and then tighten [1]. Zinc - **Price and Inventory Data**: From November 28 to December 4, the Shanghai zinc ingot price increased from 22,370 to 22,990, the LME zinc inventory increased by 1,875 tons [1][2][12]. - **Market Outlook**: The zinc price has fluctuated this week. The supply side has issues such as declining TC and potential production cuts in December. The demand is weak both at home and abroad. The export window is open, and the price may not fall deeply [2]. Nickel - **Price and Inventory Data**: From November 28 to December 4, the Shanghai nickel spot price increased from 119,500 to 120,300, and the LME inventory increased by 126 tons [3]. - **Market Outlook**: The supply of pure nickel has decreased slightly, demand is weak, and inventories are rising. With ongoing policy support in Indonesia, short - selling opportunities can be monitored [3]. Stainless Steel - **Price and Inventory Data**: From November 28 to December 4, the prices of 304 cold - rolled, 304 hot - rolled, 201 cold - rolled, 430 cold - rolled, and scrap stainless steel remained unchanged [3]. - **Market Outlook**: The supply has increased slightly, demand is mainly for rigid needs, costs are stable, and inventories are high. Given the potential policy support in Indonesia, short - selling opportunities are worth attention [3]. Lead - **Price and Inventory Data**: From November 28 to December 4, the lead price decreased, the LME inventory decreased by 5,100 tons [4][5]. - **Market Outlook**: The lead price has declined this week, with improved sales. The supply is abundant, and demand is expected to weaken. The supply - demand mismatch has been alleviated, and the price is expected to fluctuate between 16,900 and 17,200 [5]. Tin - **Price and Inventory Data**: From November 28 to December 4, the tin price increased, and the LME inventory decreased by 20 tons [8]. - **Market Outlook**: The supply side has limited recovery potential with many disturbances, and demand is mainly rigid. In the short - term, it's advisable to wait and see, and in the long - term, consider buying near the cost line [8]. Industrial Silicon - **Price and Inventory Data**: From November 28 to December 4, the 421 Yunnan and Sichuan basis improved, the 553 East China and Tianjin basis decreased slightly, and the warehouse receipt quantity increased by 336 [9]. - **Market Outlook**: The production in Q4 is expected to be balanced with a slight surplus, and the price is expected to fluctuate. In the long - term, the price will likely oscillate at the cycle bottom based on seasonal marginal costs [9]. Lithium Carbonate - **Price and Inventory Data**: From November 28 to December 4, the SMM electric and industrial lithium carbonate prices decreased slightly, the basis weakened, and the warehouse receipt quantity increased by 770 [9]. - **Market Outlook**: The market has been volatile due to multiple factors. In the short - term, supply and demand are both strong, but the upward price movement depends on inventory reduction, speculative demand, and stronger holding willingness [9].

| 锡产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 | | | | | | | 2025年12月5日 | | | | 寇帝斯 | Z0021810 | | 现货价格及基差 | | | | | | | 品种 | 现值 | 前值 | 张跃 | 张跌幅 | 单位 | | SMM 1#锡 | 317600 | 309300 | 8300 | 2.68% | | | SMM 1#锡升贴水 | 200 | 250 | -50 | -20.00% | 元/吨 | | 长江 1#锡 | 318100 | 309800 | 8300 | 2.68% | | | LME 0-3升贴水 | 133.00 | 92.00 | 41.00 | 44.57% | 美元/吨 | | 内外比价及进口盈亏 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 进口盈亏 | -17412.99 | -16070.31 | -1342.68 | -8.36% | 元/吨 | | 沪伦比值 ...

| 锡产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 | | | | | | | 2025年12月5日 | | | | 寇帝斯 | Z0021810 | | 现货价格及基差 | | | | | | | 品种 | 现值 | 前值 | 张跃 | 张跌幅 | 单位 | | SMM 1#锡 | 317600 | 309300 | 8300 | 2.68% | | | SMM 1#锡升贴水 | 200 | 250 | -50 | -20.00% | 元/吨 | | 长江 1#锡 | 318100 | 309800 | 8300 | 2.68% | | | LME 0-3升贴水 | 133.00 | 92.00 | 41.00 | 44.57% | 美元/吨 | | 内外比价及进口盈亏 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 进口盈亏 | -17412.99 | -16070.31 | -1342.68 | -8.36% | 元/吨 | | 沪伦比值 ...