Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - No information provided Group 3: Summary by Metals Gold (AU) - On November 27, 2025, the closing price of SHFE gold main contract was 947.16 yuan/gram, with a change of 0.44 yuan compared to the previous trading day [1] - The closing price of COMEX gold main contract was 157.80 US dollars/ounce, and the London gold spot price was 4147.78 US dollars/ounce [1] Silver (AG) - The closing price of SHFE silver main contract on November 27, 2025, was 12,525 yuan/kilogram, with a change of 298 yuan compared to the previous trading day [1] - The closing price of COMEX silver main contract was 53.76 US dollars/ounce, and the London silver spot price was 1.27 US dollars/ounce [1] Copper (CU, BC) - The closing price of SHFE copper (CU) main contract on November 27, 2025, was 86,990 yuan/ton, with a change of 400 yuan compared to the previous trading day [1] - The LME copper 3M closing price (15:00) was 10,942.00 US dollars/ton [1] Aluminum and Alumina (AL, AO) - The closing price of SHFE aluminum (AL) main contract on November 27, 2025, was 21,500 yuan/ton, with a change of -30 yuan compared to the previous trading day [1] - The closing price of alumina (AO) main contract was 2,724 yuan/ton [1] Zinc (ZN) - The closing price of SHFE zinc (ZN) main contract on November 27, 2025, was 22,415 yuan/ton, with a change of 35 yuan compared to the previous trading day [1] - The LME zinc 3M closing price (15:00) was 3,046 US dollars/ton [1] Lead (PB) - The closing price of SHFE lead (PB) main contract on November 27, 2025, was -265 yuan/ton (compared to a previous reference), and the LME lead 3M closing price (15:00) was -38.00 US dollars/ton [1] Nickel and Stainless Steel (NI, SS) - The closing price of SHFE nickel (NI) main contract on November 27, 2025, was 116,900 yuan/ton, with a change of -360 yuan compared to the previous trading day [1] - The closing price of stainless steel (SS) main contract was 12,410 yuan/ton [1] Tin (SN) - The closing price of SHFE tin (SN) main contract on November 27, 2025, was 302,200 yuan/ton, with a change of 6,320 yuan compared to the previous trading day [1] - The LME tin 3M closing price (15:00) was 2,430 US dollars/ton [1]

Group 1: Overall Information - The research report is from the Non - ferrous Team of the Research Center on November 27, 2025, covering copper, aluminum, zinc, nickel, stainless steel, lead, tin, industrial silicon, and lithium carbonate [1] Group 2: Copper - This week, copper prices rose first and then fell slightly. Downstream consumption has been weak, and the negotiation of long - term contracts for copper downstream is ongoing. The LME copper had concentrated warehousing, suppressing the Cash - 3M spread. The scrap - refined copper price difference has widened, and the scrap copper subsidy policy in Jiangxi has loosened slightly. The downstream's willingness to place orders rebounds around 85,000 yuan, which may be the psychological price for downstream point - pricing [1] - The changes from November 20 to November 26 include a 5 - unit increase in spot premium, a 70 - unit increase in scrap - refined copper price difference, a 74.73 - unit increase in spot import profit, an 86.48 - unit increase in three - month import profit, a 425 - unit increase in LME cancelled warrants, and a 75 - unit decrease in LME inventory [1] Group 3: Aluminum - Aluminum prices continued to decline, and aluminum ingot inventories remained flat. Aluminum rods, sheets, strips, and foils saw slight inventory reduction. Downstream consumption is okay, and the acceptance of high prices has increased. In the short term, it may show a volatile trend. Overseas and domestic production capacities are gradually being put into operation. It is expected that the supply - demand will be relatively loose in early 2026 and then gradually tighten [1][2] - From November 20 to November 26, Shanghai, Yangtze River, and Guangdong aluminum ingot prices decreased by 40, 40, and 30 respectively. The aluminum LME inventory decreased by 2000, and the aluminum LME cancelled warrants decreased by 2000 [1][25] Group 4: Zinc - This week, zinc prices fluctuated. The domestic and imported TC is accelerating its decline. The domestic zinc ore is tightening marginally from the fourth quarter to the first quarter of next year. The new production of Huoshaoyun zinc ingots started in November, with a monthly output of about 8,000 - 10,000 tons. In December, the maintenance of most smelters is expected to reduce production by more than 10,000 tons. Domestic demand is seasonally weak, and overseas demand in Europe is average. The domestic social inventory is fluctuating, and the overseas LME inventory is decreasing. The export window has opened. In terms of strategy, it is recommended to wait and see in the short term, pay attention to the reverse arbitrage opportunity, and the positive arbitrage opportunity for 01 - 03 [5] - From November 20 to November 26, the Shanghai zinc ingot price remained unchanged, the Tianjin zinc ingot price decreased by 20, the Guangdong zinc ingot price decreased by 10, the LME zinc inventory increased by 1925, and the LME zinc cancelled warrants increased by 2450 [5] Group 5: Nickel - On the supply side, the price of nickel sulfate is relatively firm, and the output of pure nickel has decreased slightly month - on - month. On the demand side, it is generally weak. After the price decline, the premium of Jinchuan nickel has strengthened slightly. Both domestic and overseas inventories are continuously increasing. In the short term, the fundamentals are weak. There are continuous disturbances at the Indonesian ore end, and the policy side still has the motivation to support prices. Pay attention to the opportunity of short - selling on rallies [8] - From November 20 to November 26, the price of 1.5% Philippine nickel ore remained unchanged, the price of Shanghai nickel spot increased by 950, the Jinchuan nickel premium increased by 200, the Russian nickel premium decreased by 100, the LME nickel inventory increased by 1038, and the LME nickel cancelled warrants increased by 630 [8] Group 6: Stainless Steel - On the supply side, the production schedule of steel mills in October increased slightly month - on - month. On the demand side, it is mainly for rigid demand. The prices of nickel iron and chrome iron remain stable. The inventory is at a high level. Fundamentally, it remains weak. The Indonesian policy side has a certain motivation to support prices. Pay attention to the opportunity of short - selling on rallies [10] - From November 20 to November 26, the price of 304 cold - rolled coil remained unchanged, the price of 304 hot - rolled coil increased by 50, the price of 201 cold - rolled coil decreased by 25 [10] Group 7: Lead - This week, lead prices fell, and the sales situation improved. On the supply side, the recovery of recycling profits has stimulated resumption of production, and the production of primary lead remains at a high level. The supply is loose. On the demand side, the battery production rate remained flat this week, and the monthly battery inventory has increased. The demand is expected to weaken. The supply - demand mismatch has been alleviated, and the social inventory has started to increase. It is expected that lead prices will fluctuate narrowly next week, ranging from 17,100 to 17,400 yuan. It is recommended to wait and see the increase in warehouse receipts and the price - support situation of waste batteries [11][13] - From November 20 to November 26, the spot premium decreased by 10, the spot import profit increased by 61.97, the futures import profit increased by 52.91, the LME lead inventory increased by 400, and the LME lead cancelled warrants decreased by 1500 [11] Group 8: Tin - This week, the center of tin prices rose. On the supply side, the processing fee at the ore end remains low, and the rebound space is limited. The maintenance of Yunnan Tin has ended, and the supply has marginally recovered. There are still differences in the output overseas. In the short term, the fundamentals are okay, mainly following the macro - sentiment. In the long - term, the supply will mainly show restorative growth with limited elasticity, and the demand will determine the upside space. It is recommended to hold at low prices close to the cost line or use it as a long - position in non - ferrous metals [16] - From November 20 to November 26, the spot import profit decreased by 4181.61, the spot export profit increased by 3654.24, the LME tin inventory increased by 40, and the LME tin cancelled warrants increased by 105 [16] Group 9: Industrial Silicon - This week, the operation of leading enterprises in Xinjiang was stable, while some factories in Inner Mongolia and Gansu resumed production. In late November, Sichuan and Yunnan may reduce production by about 20 units. In Q4, the supply - demand of industrial silicon is expected to be in a balanced and slightly loose state. In the short term, prices are expected to fluctuate. In the long - term, the over - capacity of industrial silicon is still high, and the operating rate is low. The price is expected to fluctuate at the bottom of the cycle based on the seasonal marginal cost [19] - From November 20 to November 26, the 421 Yunnan basis, 421 Sichuan basis, 553 East China basis, and 553 Tianjin basis all decreased by 60, and the number of warehouse receipts decreased by 289 [19] Group 10: Lithium Carbonate - Affected by the expected lithium - battery demand and market sentiment, the price of lithium carbonate was strong before. After the exchange adjusted the transaction handling fee and trading limit, the market sentiment declined significantly. The resumption of production of mines in Jiangxi also affected the market. The raw material supply is still tight, and the profit margin of the smelting end is small. The upstream inventory has been significantly reduced, and downstream inquiries have decreased. After the price decline, some downstream enterprises have started post - point - pricing. In the long - term, if the energy - storage demand remains high and the power demand is stable, the pattern of lithium carbonate may change in the next 1 - 2 years [21] - From November 20 to November 26, the SMM electric - grade lithium carbonate price and SMM industrial - grade lithium carbonate price both increased by 750, the number of warehouse receipts increased by 435 [21]

本文字数：468，阅读时长大约1分钟 作者 | 一财 阿驴 2025.11. 27 09:25 A股开盘丨三大股指开盘涨跌不一 上证指数高开0.08%，深成指跌0.03%，创业板指跌0.11%。 没错，你们催了八百遍的「实体周边」 它！终！于！来！了！ 你不是一个人在奋斗，阿驴都懂。 「 生产队的驴 」 IP原创帆布包 —— 把大家的白日梦，统统"袋"进现实！ | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | W | 3867.20 c | 3.01 | 0.08% | | 399001 | 深证成指 | 50 | 12903.91 c | -3.92 | -0.03% | | 399006 | 创业板指 | 1 - 10 | 3041.20 c | -3.49 | -0.11% | 盘面上，有色行业集体高开，有色锡、铝涨幅居前，AI算力概念持续活跃，寒武纪高开逾3%；CPO 概念普遍回调，锂电、水产、地产板块多数下跌，万科A跳空低开近5%。 09:21 港股开盘丨恒指高开0.07 ...

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports Industrial Silicon - Prices are expected to remain in a low - level oscillation range of 8,500 - 9,500 yuan/ton in November, with both supply and demand decreasing, but supply reduction being larger. However, due to a large supply base and the supplement of spot market supply from warehouse receipt cancellation, there is still expected to be inventory accumulation pressure [1]. Polysilicon - It is expected to maintain a high - level range oscillation, with a reverse market structure remaining. The trading strategy suggests trying long positions around 50,000 for futures, holding or taking profit on sell put options for options, and considering buying straddles if volatility decreases [2]. Tin - With a bullish view on tin prices in the short - term, as the fundamentals are relatively strong. It is recommended to hold previous long positions and pay attention to macro - end changes and the recovery of Myanmar's supply [4]. Aluminum - Alumina is expected to maintain a bottom - level oscillation, with the main contract operating in the range of 2,700 - 2,850 yuan/ton. Whether the market can rebound depends on the actual production reduction scale of existing enterprises and the inventory inflection point. - Electrolytic aluminum is expected to maintain a high - level oscillation, with the Shanghai aluminum main contract operating in the range of 21,100 - 21,700 yuan/ton. Attention should be paid to overseas monetary policy trends and domestic inventory destocking rhythm [6]. Zinc - Zinc prices are likely to oscillate, with the main contract referring to the range of 22,200 - 22,800 yuan/ton. Although the previous supply pressure has eased, the fundamentals do not provide strong upward momentum [7]. Copper - In the medium - to - long - term, the supply - demand contradiction supports the upward shift of the bottom center of copper prices. The main contract is expected to operate in the range of 85,500 - 87,500 yuan/ton, and attention should be paid to overseas interest - rate cut expectations and other macro - drivers [8]. Nickel - The market may oscillate and repair, but the medium - term supply surplus still restricts the upward space of prices. The main contract is expected to operate in the range of 116,000 - 120,000 yuan/ton. Attention should be paid to macro - expectations and Indonesian industrial policy news [9]. Aluminum Alloy - The price of ADC12 is expected to maintain an oscillating pattern in the short - term, with the main contract operating in the range of 20,300 - 20,900 yuan/ton. Attention should be paid to the improvement of scrap aluminum supply and downstream procurement rhythm [11]. Stainless Steel - It is expected to oscillate, with the main contract operating in the range of 12,300 - 12,700 yuan/ton. Although there is some room for price repair at a low valuation, the driving force is limited. Attention should be paid to steel mill production reduction and nickel - iron prices [13]. Lithium Carbonate - The market is expected to oscillate and adjust in the short - term, with the main contract operating in the range of 90,000 - 95,000 yuan/ton. Although the market shows resilience around 90,000, there is limited new driving force [15]. 3. Summaries According to Related Catalogs Industrial Silicon Spot Prices and Basis - The spot prices of various industrial silicon products remained stable on November 25 compared to November 24, with the basis of some products showing a decline [1]. Monthly Spreads - The monthly spreads of industrial silicon contracts remained unchanged on November 25 compared to November 24 [1]. Fundamental Data (Monthly) - National industrial silicon production increased by 7.46% month - on - month, with Xinjiang's production increasing significantly, while Yunnan and Sichuan's production decreased. The production of polysilicon increased by 3.08%, while the production of organic silicon DMC and regenerative aluminum alloy decreased. The export volume of industrial silicon decreased significantly by 35.82% [1]. Inventory Changes - Xinjiang's factory inventory and social inventory increased slightly, while the warehouse receipt inventory decreased [1]. Polysilicon Spot Prices and Basis - Polysilicon spot prices were stable, while battery cell prices declined, and the prices of mid - stream silicon wafers and battery cells were weak [2]. Futures Prices and Monthly Spreads - Polysilicon futures oscillated upward, with the main contract rising to 54,730 yuan/ton. The spread structure showed a reverse market structure [2]. Fundamental Data - Weekly silicon wafer production decreased by 2.59%, while monthly polysilicon production increased by 3.08%. The import and export volumes of polysilicon and silicon wafers also showed certain changes [2]. Tin Spot Prices and Basis - The prices of SMM 1 tin and Yangtze River 1 tin increased by 0.58% on November 26 compared to the previous day, and the LME 0 - 3 spread increased by 19.15% [4]. Monthly Spreads - Some monthly spreads of tin contracts changed significantly, such as the 2601 - 2602 spread increasing by 107.14% [4]. Fundamental Data (Monthly) - In October, tin ore imports increased by 33.49%, SMM refined tin production increased by 53.09%, while refined tin imports decreased by 58.55% and exports decreased by 15.33% [4]. Inventory Changes - SHEF inventory decreased slightly, while social inventory increased [4]. Aluminum Price and Spreads - The prices of SMM A00 aluminum and Yangtze River A00 aluminum increased slightly on November 26, and the spreads also changed [6]. Fundamental Data - In October, alumina and electrolytic aluminum production increased, while electrolytic aluminum exports decreased. The operating rates of some aluminum - related industries also showed certain changes [6]. Inventory Changes - China's electrolytic aluminum social inventory decreased, and LME inventory also decreased slightly [6]. Zinc Price and Spreads - The prices of SMM 0 zinc ingot increased slightly on November 26, and the spreads also changed [7]. Fundamental Data - In October, refined zinc production increased by 2.85%, imports decreased by 16.94%, and exports increased by 243.79% [7]. Inventory Changes - China's zinc ingot seven - region social inventory decreased, while LME inventory increased slightly [7]. Copper Price and Basis - The prices of SMM 1 electrolytic copper increased on November 26, and the basis and spreads also changed [8]. Fundamental Data - In October, electrolytic copper production decreased by 2.62%, and imports decreased by 15.61%. The inventory of copper concentrates at domestic mainstream ports increased [8]. Nickel Price and Basis - The prices of various nickel products increased slightly on November 26, and the spreads and basis also changed [9]. Fundamental Data - China's refined nickel production decreased slightly, and imports decreased significantly. The inventory of SHFE and social inventory decreased [9]. Aluminum Alloy Price and Spreads - The prices of SMM aluminum alloy ADC12 remained stable on November 26, and the spreads changed [11]. Fundamental Data - In October, the production of regenerative aluminum alloy ingots decreased, while the production of primary aluminum alloy ingots increased slightly. The operating rates of some aluminum alloy industries decreased [11]. Inventory Changes - The weekly social inventory of regenerative aluminum alloy ingots increased slightly, and the daily inventory in some regions decreased [11]. Stainless Steel Price and Spreads - The prices of 304/2B stainless steel coils remained stable or increased slightly on November 26, and the spreads changed [13]. Fundamental Data - In October, the production of 300 - series stainless steel crude steel in China decreased slightly, while that in Indonesia increased slightly. Stainless steel imports increased, and exports decreased [13]. Inventory Changes - The social inventory of 300 - series stainless steel decreased slightly, and SHFE warehouse receipts decreased [13]. Lithium Carbonate Price and Basis - The prices of various lithium carbonate products decreased slightly on November 26, and the basis also decreased [15]. Monthly Spreads - The monthly spreads of lithium carbonate contracts changed [15]. Fundamental Data - In October, lithium carbonate production increased by 5.73%, demand increased by 8.70%, imports increased by 21.86%, and exports increased by 63.05%. The total inventory decreased by 10.90% [15].

Core Viewpoint - Tianshan Aluminum announced a green low-carbon energy efficiency upgrade project for its 1.4 million tons of electrolytic aluminum capacity, aligning with national energy-saving policies [1] Group 1: Project Details - The project will utilize advanced domestic electrolytic aluminum energy-saving technology and is located on the reserved site east of the Shihezi plant [1] - It involves the use of fully graphitized cathode carbon blocks and new energy-saving cathode structure technology, which offers high lining life, low resistivity, low sodium expansion rate, good thermal shock resistance, stable operation, and high current efficiency [1] - The project has been approved by the company's sixth board of directors' fifteenth meeting, and the first batch of electrolytic cells has begun energization [1] Group 2: Expected Outcomes - Upon completion, the company's electrolytic aluminum production capacity will reach the approved capacity of 1.4 million tons per year, with the comprehensive AC power consumption of aluminum liquid reaching industry-leading levels [1] - The project will rely on external green electricity as an energy guarantee, and once fully operational, the proportion of green electricity in the company's energy mix will further increase [1] - This upgrade is expected to enhance the company's competitive advantage in electricity costs and accelerate the green transformation of its electrolytic aluminum main business [1]

Core Viewpoint - The announcement highlights the signing of a significant operational and technical service contract by the company’s subsidiary in Indonesia, indicating a strategic move to enhance its operational capabilities in the copper smelting sector [1] Group 1: Contract Details - The company’s subsidiary, China Nonferrous Metal Industry's Indonesia Co., Ltd. (referred to as "中色印尼"), signed a contract with PT Amman Mineral Industri for operational and technical services at the Oman copper smelting plant [1] - The total contract amount is $44,846,904 [1] - The company will issue a guarantee letter for the subsidiary, amounting to a maximum of 50% of the contract value, which is up to $22,423,452 (approximately 159.71 million RMB) [1] Group 2: Corporate Governance - The company convened its 13th meeting of the 10th Board of Directors on November 26, 2025, to approve the issuance of the guarantee letter [1] - The guarantee's validity period will align with the contract's effective period [1] - The guarantee matter will require approval from the company’s shareholders meeting [1]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **沪铜**: Last night, copper prices rose and then fell, and today they maintained a volatile trend with a slight increase in positions. There is significant selling pressure above 87,000 yuan. The market's expectation of interest - rate cuts is rising, and the weakening US dollar index is favorable for copper prices. There is a divergence in electrolytic copper inventories at home and abroad, with overseas inventories accumulating marginally and domestic inventories decreasing marginally. Technically, focus on the multi - empty game at the 87,000 yuan mark [7]. - **沪铝**: Last night, aluminum prices rose and then fell, and today they stabilized in a volatile manner. The Fed's expectation of interest - rate cuts is rising again, and non - ferrous metals have generally stabilized and rebounded. Aluminum's rebound is relatively small, positions are continuously decreasing, and market attention is waning. Technically, focus on the pressure at the 21,500 yuan mark [8]. - **沪镍**: Last night, nickel prices rose and then maintained a high - level volatile trend, and today they were strongly volatile, once reaching the 118,000 yuan mark. The Fed's expectation of interest - rate cuts is rising again, leading to a general increase in non - ferrous metals. Last week, nickel prices decreased significantly with increasing positions, and the spot premium continued to strengthen. In the short term, the market has warmed up, and short - covering has pushed up nickel prices. Technically, focus on the pressure at the 120,000 yuan mark [9]. 3. Industry Dynamics - **Copper**: According to SMM, Codelco's benchmark price for the 2026 CIF long - term contract of electrolytic copper in China is set at $350 per ton, a rise of $261 per ton compared to $89 per ton in 2025 [11]. - **Nickel**: On November 26, the price of SMM1 electrolytic nickel was between 117,300 and 122,400 yuan per ton, with an average price of 119,850 yuan per ton, a rise of 1,300 yuan per ton from the previous trading day. The mainstream spot premium for Jinchuan 1 electrolytic nickel was between 4,400 and 4,900 yuan per ton, with an average premium of 4,650 yuan per ton, a rise of 200 yuan per ton from the previous trading day. The spot premium for domestic mainstream brand electrowon nickel was between 0 and 500 yuan per ton [12]. 4. Related Charts - **Copper**: The report presents charts on copper basis, domestic visible inventory of electrolytic copper, LME copper cancelled warrant ratio, overseas copper exchange inventory, SHFE warrant inventory, etc [13][14][15]. - **Aluminum**: Charts include aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, SHFE - LME ratio, overseas exchange inventory of electrolytic aluminum, and aluminum bar inventory [26][28][30]. - **Nickel**: Charts cover nickel basis, LME nickel inventory and cancelled warrant ratio, LME nickel trend, SHFE inventory, and nickel ore port inventory [39][41][42].

本次无偿划转完成后，本公司的直接控股股东将由云南冶金变更为中国铜业，实际控制人未发生变化， 仍为国务院国资委。 格隆汇11月26日丨驰宏锌锗(600497.SH)公布，为优化国有资本布局，提升资源配置和运营效率，2025 年11月26日，中国铜业有限公司与云南冶金集团股份有限公司签署了《中国铜业有限公司与云南冶金集 团股份有限公司关于云南驰宏锌锗股份有限公司股份无偿划转协议》，云南冶金将其直接持有的公司 19.44亿股股份（占本公司总股本的38.57%）全部无偿划转给中国铜业。 ...

Group 1 - A new company, Chenzhou Diamond Tungsten Products Co., Ltd., has been established with a registered capital of 300 million yuan [2] - The company's business scope includes the smelting of common non-ferrous metals and the processing of non-ferrous metal rolling [2] - The company is wholly owned by China Tungsten High-Tech Materials Co., Ltd. [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - **Copper**: Overnight, copper prices both at home and abroad rose and then fell. Economic data strengthened the possibility of the Fed cutting interest rates in December. Global visible inventories are in a state of accumulation and close to recent high levels, which may restrict future copper prices. Without unexpected events, copper prices will show a high - level oscillation, with low volatility. Attention should be paid to the performance of overseas financial markets and internal and external inventories [1]. - **Aluminum**: Overnight, alumina, Shanghai aluminum, and aluminum alloy all oscillated weakly. With the decline in the expectation of US interest rate cuts, the macro - sentiment turned cautious. Although the出库 of aluminum ingots has increased and short - term support for aluminum prices exists, there are still restrictions on the upside [1][2]. - **Nickel**: Overnight, LME nickel and Shanghai nickel rose. The inventory pressure of primary nickel is obvious. Considering the cost support, one can consider bottom - fishing and waiting for favorable factors, but be vigilant against macro - disturbances, potential production cuts of primary nickel, and overseas industrial policy adjustments [2]. 3. Summary According to the Directory 3.1 Research Views - **Copper**: US economic data shows mild inflation and a possible worsening employment situation, increasing the possibility of a Fed rate cut in December. LME and Comex inventories increased, while SHFE copper warehouse receipts and BC copper decreased. The downstream acceptance of high - priced copper has improved, and overall demand is slowly recovering. However, high inventories may restrict copper prices, and copper prices are expected to oscillate at a high level [1]. - **Aluminum**: Overnight, alumina, Shanghai aluminum, and aluminum alloy futures prices all declined. The spot price of alumina fell, and the spot of aluminum ingots was at par or at a discount. The processing fees of some aluminum products were stable or decreased. With the decline in the expectation of US interest rate cuts, the macro - sentiment turned cautious. Although the出库 of aluminum ingots has increased, there are still restrictions on the upside [1][2]. - **Nickel**: Overnight, LME nickel and Shanghai nickel rose. LME inventory remained unchanged, and SHFE warehouse receipts decreased. The benchmark price of nickel ore slightly declined, and the raw material support for the nickel - iron stainless - steel industry chain weakened. The inventory of stainless steel increased. Although the raw material end of the new energy industry chain is tight, the ternary precursor in November decreased month - on - month. The inventory pressure of primary nickel is large, and one can consider bottom - fishing based on cost support [2]. 3.2 Daily Data Monitoring - **Copper**: On November 25, 2025, the price of flat - water copper increased by 375 yuan/ton compared with the previous day. LME inventory remained unchanged, SHFE warehouse receipts decreased by 2851 tons, and COMEX inventory increased by 5905 tons. The social inventory increased by 0.1 million tons [3]. - **Lead**: The average price of 1 lead decreased by 80 yuan/ton. The warehouse receipts of SHFE lead decreased by 902 tons, and the weekly inventory decreased by 3869 tons [3]. - **Aluminum**: The prices of aluminum in Wuxi and Nanhai increased. The social inventory of electrolytic aluminum decreased by 0.8 million tons, and the social inventory of alumina decreased by 0.6 million tons [4]. - **Nickel**: The price of Jinchuan nickel increased by 800 yuan/ton. LME inventory remained unchanged, SHFE nickel warehouse receipts decreased by 843 tons, and the weekly inventory decreased by 778 tons. The stainless - steel warehouse receipts decreased by 253 tons, and the social inventory decreased by 12 tons [4]. - **Zinc**: The主力结算 price remained unchanged. The social inventory decreased by 0.81 million tons, and the registered warehouse receipts of SHFE decreased by 822 tons, while those of LME increased by 600 tons [6]. - **Tin**: The主力结算 price increased by 0.7%, and the LmeS3 price decreased by 2.1%. The SHFE weekly inventory decreased by 29 tons, and the registered warehouse receipts increased by 209 tons [6]. 3.3 Chart Analysis - **Spot Premium**: The report provides charts of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [8][9][10]. - **SHFE Near - Far Month Spread**: Charts of the spread between the first and second - month contracts for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 are presented [13][16][17]. - **LME Inventory**: Charts of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 are given [20][22][24]. - **SHFE Inventory**: Charts of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 are provided [26][28][30]. - **Social Inventory**: Charts of social inventories for copper (including bonded areas), aluminum, nickel, zinc, stainless steel, and 300 - series stainless steel from 2019 - 2025 are shown [32][34][36]. - **Smelting Profit**: Charts of copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless steel 304 smelting profit rate from 2019 - 2025 are presented [39][41][43]. 3.4 Team Introduction - **Zhan Dapeng**: He holds a science master's degree, serves as the director of non - ferrous research at Everbright Futures Research Institute, and is a senior precious metals researcher. He has over a decade of commodity research experience and his team has won many awards [46]. - **Wang Heng**: He has a master's degree in finance from the University of Adelaide, Australia. He is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on aluminum and silicon [46]. - **Zhu Xi**: She has a master's degree in science from the University of Warwick, UK. She is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on lithium and nickel [47].