1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Gold prices are expected to be strongly volatile in the short - term, but whether they can continue to rise and start the next wave of the market remains to be observed [12]. - The US dollar is expected to weaken in the short - term [16]. - For stock indices, a balanced long - position allocation is recommended [20]. - US stock index futures should be treated with a bullish mindset [26]. - The bond market is expected to be in a state of oscillation, and short - term trading is not recommended to chase long positions [29]. - For various commodities, different investment suggestions are given according to their respective fundamentals, such as short - term bullish or bearish outlooks, and strategies like long or short positions at appropriate times [32][35][39] etc. 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - Fed Governor Milan believes a 50 - basis - point rate cut in December is appropriate, and at least a 25 - basis - point cut is needed. Gold prices rose nearly 3% due to expectations of the Fed's potential balance - sheet expansion and Trump's proposed fiscal expansion. Buying funds entered the market around $4000. Gold is expected to be strongly volatile in the short - term, but the sustainability of the upward trend needs further observation [12]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Switzerland is close to reaching a deal with the US to reduce its export tariff to 15%. Trump supports the Senate's agreement to end the government shutdown. The US dollar index is expected to weaken in the short - term due to the relief of market tightness and the recovery of risk appetite [13][14][16]. 3.1.3 Macro Strategy (Stock Index Futures) - The A - share market was strong driven by consumer stocks. New policies on consumption have been introduced this year, but the sustainability of the traditional consumer stocks' rally remains to be seen. A balanced long - position allocation for stock indices is recommended [17][19][20]. 3.1.4 Macro Strategy (US Stock Index Futures) - Some Fed officials have different views on interest - rate cuts. Trump is trying to reduce tariffs on Switzerland and India. The Senate passed a temporary appropriation bill. The US stock index futures should be treated with a bullish mindset [21][23][25][26]. 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted a 7 - day reverse repurchase operation, resulting in a net injection of funds. Inflation data has a limited negative impact on the bond market. The bond market is in a state of oscillation, and short - term trading is not recommended to chase long positions [27][28][29]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - Last week, domestic soybean oil mills' soybean inventory increased, while soybean meal inventory decreased. Brazilian soybean sowing progress is slower than last year. Soybean meal prices are expected to oscillate in the short - term. Attention should be paid to the USDA's monthly supply - demand report and China's soybean procurement and South American weather [30][32]. 3.2.2 Black Metals (Rebar/Hot - Rolled Coil) - The Simandou Iron Ore project is about to be put into production. Steel prices are oscillating slightly upward, but there is no obvious trend. The valuation of steel prices is not high, but there is still fundamental pressure. Steel prices are expected to remain weakly oscillating in the short - term [33][34][35]. 3.2.3 Agricultural Products (Sugar) - Pakistan's sugar mills will start crushing on November 15. The 25/26 sugar - crushing season in Guangxi is expected to start on November 15, postponed by 7 days. India allows 150,000 tons of sugar exports in the 25/26 season. Zhengzhou sugar futures are expected to oscillate in the short - term, and a long - short spread strategy for the 1 - 5 contracts can be considered [36][38][39]. 3.2.4 Black Metals (Steam Coal) - On November 10, the import market of steam coal had a dull trading performance. Coal prices have risen sharply since November, supported by seasonal demand. However, there is also regulatory pressure above 800 yuan. Attention should be paid to the risk of price corrections [40][41]. 3.2.5 Black Metals (Iron Ore) - Grange's iron ore production and sales increased in the third quarter. Iron ore prices are in a weak oscillation. The supply pressure is moderately high, and the inventory is expected to accumulate seasonally in November - December. The valuation space is difficult to open in the short - term [42]. 3.2.6 Black Metals (Coking Coal/Coke) - The coking coal price in the East China market is running strongly. The supply is in a tight - balance state, and the fourth round of coke price increases is underway. The coking coal market is expected to be difficult to fall in the short - term, but the decline in hot - metal production and high downstream inventory may put pressure on the market [43][44]. 3.2.7 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - MPOB data shows that Malaysia's palm oil inventory increased in October. The oil market rebounded slightly due to the release of the data. Palm oil prices are expected to oscillate after a small - scale rebound in November. Attention should be paid to the weather from December to early next year. Opportunities for long positions in the 05 contract and 1 - 5 spread short - positions can be considered [45][46][47]. 3.2.8 Agricultural Products (Corn Starch) - Corn starch enterprises in different regions have different levels of theoretical profits. Corn prices are rising, and starch prices are stable. Enterprises are expected to maintain profitability, and the开机 rate is expected to increase. A band - trading strategy is recommended [48]. 3.2.9 Agricultural Products (Corn) - Corn prices are strong. Farmers' willingness to sell is weak, and the supply - demand situation is slightly tight. The 01 contract is expected to oscillate in the short - term and rebound in the long - term. Caution is needed for far - month contracts [49]. 3.2.10 Agricultural Products (Red Dates) - The purchase price of red dates in the production area has been slightly reduced. The futures price of the main contract has fallen. It is recommended to wait and see until the harvesting is completed and pay attention to the price negotiation and purchase progress in the production area [50][51]. 3.2.11 Non - Ferrous Metals (Polysilicon) - The government issued a guidance on promoting new - energy consumption and regulation. The polysilicon market is entering a critical point of policy - and fundamental - based games. If the progress of platform companies fails to meet expectations, the spot price may fall. A short - position strategy at high prices can be considered [52][53][54]. 3.2.12 Non - Ferrous Metals (Industrial Silicon) - A shareholder of Hesheng Silicon Industry plans to reduce its shareholding. With the arrival of the dry season, the production in Yunnan and Sichuan has decreased. A long - position strategy at low prices can be considered, but profit - taking at high prices is necessary [55][56]. 3.2.13 Non - Ferrous Metals (Lead) - The LME lead is at a discount, and the inventory of lead ingots is increasing. The supply and demand of lead are expected to remain strong in the short - term. The industry can consider short - position hedging at high prices [57][58]. 3.2.14 Non - Ferrous Metals (Zinc) - Domestic zinc concentrate production decreased in November. The LME zinc is at a premium, and the domestic inventory has slightly increased. The industry can consider short - position hedging at medium - term highs, and a long - short spread strategy can be considered [59][60][61]. 3.2.15 Non - Ferrous Metals (Nickel) - Sumitomo's nickel - bean production increased. The raw - material price is expected to remain stable and strong. The inventory accumulation of refined nickel is slowing down. Attention can be paid to long - position opportunities after the inventory accumulation inflection point [62][63]. 3.2.16 Non - Ferrous Metals (Lithium Carbonate) - Ganfeng Lithium's PPGS lithium - salt lake project obtained an environmental assessment report. The lithium - carbonate market is in a game between strong current reality and weak future expectations. It is expected to be strongly oscillating in the short - term, and a short - position strategy at high prices can be considered in the medium - term [64][65][66]. 3.2.17 Non - Ferrous Metals (Copper) - A Congolese mine suspended operations due to a leakage incident. A company applied for a US seabed - mining license. The valuation of an Ecuadorian copper mine is $4.6 billion. Copper prices are expected to rise in the short - term, and a long - position strategy can be considered, but large - scale increases are limited [67][68][70]. 3.2.18 Energy and Chemicals (Crude Oil) - Two Indian state - owned enterprises bought 5 million barrels of oil from the US and the Middle East. Oil prices are oscillating, and the recovery of market risk appetite provides some support [70][71]. 3.2.19 Energy and Chemicals (Pulp) - The pulp market is relatively strong recently, but the risk of further upward movement has increased as European pulp can now be registered as warehouse receipts [73]. 3.2.20 Energy and Chemicals (Caustic Soda) - The caustic - soda market in Shandong is stable. The supply is sufficient, and the demand is moderate. The market is expected to oscillate in the short - term [74][75][76]. 3.2.21 Energy and Chemicals (PVC) - The PVC powder market price is weakly sorted. The supply is expected to increase, and the demand is limited. A short - position strategy at rebounds for near - month contracts and a long - position strategy for far - month contracts after price over - decline can be considered [77][78]. 3.2.22 Energy and Chemicals (Urea) - The capacity - utilization rate of compound fertilizers is stable. Urea prices rebounded due to new export - quota policies and replenishment demand. Urea prices are expected to oscillate within a certain range [79][80][81]. 3.2.23 Energy and Chemicals (Styrene) - A new styrene device of Guoen was put into operation. The fundamental upward drive of pure benzene and styrene is limited. A wait - and - see attitude is recommended [82][83][84]. 3.2.24 Energy and Chemicals (Asphalt) - Asphalt refinery inventory increased, while social inventory decreased. The asphalt market is weakly oscillating, and it is waiting for the winter - storage policy [85][86][87]. 3.2.25 Energy and Chemicals (Soda Ash) - Soda - ash manufacturers' inventory decreased slightly. Soda - ash prices rose due to cost support and production suspension of some enterprises. In the short - term, the downward space of soda - ash prices depends on coal - price fluctuations and new - capacity commissioning. A bearish view is recommended in the medium - term [88]. 3.2.26 Energy and Chemicals (Float Glass) - The price of float glass in the Shahe market decreased. The glass market is bearish due to weak production and sales after price increases last week. It is recommended to wait and see [89][90]. 3.2.27 Shipping Index (Container Freight Rate) - Maersk has no intention to return to the Red Sea in the short - term. The SCFIS (Europe route) index increased. The container - freight - rate market is expected to oscillate in the short - term. Attention should be paid to the spot price and booking situation [91][92].

沪铜日内偏强震荡，收盘上涨0.62%。国内精铜社会库存并未继续累积，出现小幅下降，矿紧担忧持续 提供支撑，沪铜偏强运行。 （文华综合） 11月10日国内市场电解铜现货库存19.83万吨，较6日降0.43万吨。由于上海市场近期个别仓库到货入库 较少，且临近周末，下游企业逢低采购，市场出库亦有所增加，库存因此下降。 对于铜价走势，金瑞期货表示，近期市场宏观扰动趋于缓和，基本面暂延续小过剩，预计短期保持高位 震荡。未来需关注印尼矿山影响能否兑现至非美精铜去库。 目前国内铜精矿现货加工费仍然徘徊在-40美元/干吨附近，波动整体不大，暗示矿紧局面仍在继续，叠 加下半年海外矿端扰动消息较多，且最近部分矿企下调年度产量目标，市场对于矿紧的担忧不断支撑铜 价。 ...

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - In the short - term, concerns about liquidity due to the US government shutdown and negative feedback from high copper prices have caused copper prices to fall from their highs. However, in the long - term, the tight supply of copper mines is difficult to ease, and emerging consumption such as energy storage and AI has become a growth point. It is still recommended to adopt a strategy of buying on dips. Long - term non - US supply is generally tight, and after the inventory declines later, inter - period positive spreads (buying near - term and selling far - term) can be considered. After the import ratio rebounds, there are also opportunities for inter - market positive spreads [7][9][10] 3. Summary by Relevant Catalogs 3.1 Comprehensive Analysis and Trading Strategy - **Macro - aspect**: The record - high shutdown of the US government has increased short - term liquidity concerns in the market, and the uncertainty of a December interest rate cut has led to a rebound in the US dollar index, putting pressure on copper prices. But in the long - run, the expectation of US monetary easing remains unchanged, and the short - term liquidity problem will be resolved after the government reopens [7] - **Copper Mine**: In September, China imported 258.7 million tons of copper ore and concentrates, and the cumulative import volume from January to September was 2,263.4 million tons, a year - on - year increase of 7.7%. Supply - side disturbances in copper mines have increased, with the production of Grasberg, QB Phase II, etc. falling short of expectations. On November 7, the SMM imported copper concentrate index (weekly) was - 42.04 US dollars per ton, an increase of 0.11 US dollars per ton from the previous period [7][30] - **Scrap Copper**: As of Friday, the refined - scrap copper price difference was 2,988 yuan per ton. The operating rate of recycled copper rod enterprises this week was 27.57%, up 4.77 percentage points from last week and 2.65 percentage points year - on - year. Due to the uncertainty of the tax refund policy, most recycled copper rod enterprises in Jiangxi have stopped production, resulting in a strong demand for taxed scrap copper raw materials, and most of the taxed scrap copper raw materials in Ningbo and Guangdong are transported to Jiangxi. From January to September 2025, the domestic supply of scrap copper increased by 4.18%. In September, China imported 21.23 million tons of scrap copper, and the cumulative import volume from January to September was 169.89 million tons, a year - on - year increase of 1.53% [38][42] - **Refined Copper**: In October, SMM's electrolytic copper production in China decreased by 2.94 million tons month - on - month, a month - on - month decrease of 2.62% and a year - on - year increase of 9.63%. The cumulative increase was 11.96%. SMM expects that in November, electrolytic copper production will decrease by 0.4 million tons month - on - month, a decrease of 0.37% and a year - on - year increase of 8.21%. The cumulative year - on - year increase is 11.62%. In December, after the concentrated maintenance in October and November, production may increase slightly, but some smelters have a low willingness to increase production due to high copper prices [5][48] - **Consumption**: Domestically, demand has weakened marginally. The real estate market continues to drag down the market, and the production schedules of photovoltaic and air - conditioning industries have declined significantly. The main support for the market in the later stage comes from orders from the two power grids, the automotive industry, and energy - storage batteries. Downstream buyers have a low acceptance of high prices, but there is an increase in purchases around 85,000 yuan per ton [6] - **Inventory**: As of November 6, the copper inventory in the mainstream regions of China increased by 0.32 million tons to 20.33 million tons compared with Monday, and increased by 2.07 million tons compared with last Thursday, showing a continuous 5 - week weekly inventory accumulation. The bonded - area inventory decreased by 0.03 million tons to 8.82 million tons. As of November 7, the LME inventory decreased to 13.5 million tons, but it is expected to increase later. The COMEX inventory has increased to over 35 million tons, and the COMEX - LME price difference is maintained at 3% - 4% [10][14][17] - **Price Difference and Ratio**: The COMEX - LME price difference is maintained at 3% - 4%, and a large amount of copper from South America is still being shipped to the US. It is recommended to consider inter - period positive spreads (buying near - term and selling far - term) after the inventory declines later. After the previous export window opened, the LME inventory is expected to increase periodically, and the import ratio may rebound slightly. After the ratio rebounds, there are opportunities for inter - market positive spreads [10] 3.2 Copper Price Trends in 2025 - Throughout the year, copper prices have been affected by multiple factors such as US trade policies, production plan adjustments of major mines, and supply - side disturbances. For example, in March, the US imposed a 25% tariff on copper, which drove up copper prices; in April, due to the US imposing reciprocal tariffs globally, copper prices plummeted panic - stricken; in September, Grasberg adjusted its production plan [12][13] 3.3 Copper Market Data - **Copper Concentrate Market**: In August 2025, the global copper concentrate production decreased. In Peru, the copper production from January to August was about 1.81 million tons, a year - on - year increase of 2.6%. In August, the copper production was 419.8 tons, a month - on - month decrease of 4.94% and a year - on - year decrease of 10.05%. In Chile, due to a collapse accident in a new mining area of the world's largest underground copper mine in July, the state - owned copper company Codelco lowered its annual copper production forecast [31][32][36] - **Scrap Copper Market**: As of Friday, the refined - scrap copper price difference was 2,988 yuan per ton. The operating rate of recycled copper rod enterprises this week was 27.57%, up 4.77 percentage points from last week and 2.65 percentage points year - on - year. Due to the uncertainty of the tax refund policy, most recycled copper rod enterprises in Jiangxi have stopped production, resulting in a strong demand for taxed scrap copper raw materials, and most of the taxed scrap copper raw materials in Ningbo and Guangdong are transported to Jiangxi [38] - **Crude Copper Market**: In July 2025, the crude copper production was 1.0585 million tons, a year - on - year increase of 20.6%. From January to July, the cumulative production was 6.9996 million tons, a year - on - year increase of 12.76%. In September, China imported 50,100 tons of anode copper, a year - on - year decrease of 32.84%. From January to September, the cumulative import of anode copper was 578,700 tons, a cumulative year - on - year decrease of 15.58% [44][46] - **Domestic Copper Supply**: In October, SMM's electrolytic copper production in China decreased by 2.94 million tons month - on - month, a month - on - month decrease of 2.62% and a year - on - year increase of 9.63%. The cumulative increase was 11.96%. SMM expects that in November, electrolytic copper production will decrease by 0.4 million tons month - on - month, a decrease of 0.37% and a year - on - year increase of 8.21%. The cumulative year - on - year increase is 11.62%. From January to September, China imported 2.5416 million tons of refined copper, a cumulative year - on - year decrease of 4.06%; the export of refined copper was 489,500 tons, a year - on - year increase of 28.15% [48][52] - **Downstream Operating Rates**: In October, the operating rates of refined - copper rod, copper tube, enameled wire, and copper cable enterprises all decreased month - on - month, but are expected to increase slightly in November. The operating rate of copper foil enterprises increased in October and is expected to continue to rise in November. The operating rate of SMM's copper plate and strip enterprises decreased slightly in October and is expected to increase slightly in November [58] - **Consumption Areas** - **Air - Conditioning Consumption**: In September 2025, China's domestic air - conditioning production was 10.567 million units, a year - on - year decrease of 13.5%; sales were 10.884 million units, a year - on - year decrease of 10.2%. In November, the production schedule of domestic air - conditioners was 12.76 million units, a year - on - year decrease of 23.7% [62] - **Automobile Consumption**: In September, automobile production and sales were 3.276 million and 3.226 million units respectively, a month - on - month increase of 16.4% and 12.9% and a year - on - year increase of 17.1% and 14.9%. From January to September, automobile production and sales were 24.333 million and 24.363 million units respectively, a year - on - year increase of 13.3% and 12.9%. From January to September, the production and sales of new - energy vehicles were 11.243 million and 11.228 million units respectively, a year - on - year increase of 35.2% and 34.9% [66] - **Power Grid Investment**: From January to September 2025, China's power grid investment reached 437.8 billion yuan, a year - on - year increase of 9.9%, but the growth rate dropped significantly compared with that from January to August [69] - **Real Estate Market**: From January to September 2025, the sales area of newly - built commercial housing in China was 658 million square meters, a year - on - year decrease of 5.5%; the housing completion area was 311 million square meters, a year - on - year decrease of 15.3% [70][74] - **Overseas Data**: In the US, the sales of newly - built houses and the number of newly - started private residential buildings, as well as automobile sales, and in Europe, the registration volume of passenger cars all show certain trends and changes [76][77] - **Photovoltaic and Wind Power**: From January to September 2025, China's new photovoltaic installed capacity was 240.27GW, a year - on - year increase of 79.39GW or 49.34%. From January to September, the new wind - power installed capacity was 61.09GW, a year - on - year increase of 21.97GW or 56.16% [80] - **Global New - Energy Vehicle Sales**: In August 2025, the global new - energy vehicle sales were 1.7134 million units, a year - on - year increase of 16.97%. From January to September, the new - energy vehicle sales in the US were 1.2903 million units, a year - on - year increase of 10.01% [87] 3.4 Industry News and Macro Data - In October, SMM's electrolytic copper production in China decreased month - on - month. The CSPT group did not set a TC guidance price for the fourth quarter in its third - quarter meeting. Indonesia granted Amman Mining a 400,000 - ton copper - concentrate export quota. The US and euro - zone manufacturing PMIs showed different trends. Anglo Asian Mining signed a sales contract for copper concentrates. Glencore plans to shut down a smelter in Canada. Codelco lowered its annual copper production forecast. The US government shutdown has affected market liquidity. The US employment market has shown signs of stabilization. The US included copper in its new critical - mineral list. The Fed's December interest - rate cut direction is unclear. Tanzania reopened its border with Zambia [88]

Core Insights - Shanxi province, heavily reliant on traditional resource industries like coal, faces the challenge of economic transformation and diversification of its industrial structure [1] - Financial services play a crucial role in supporting this transformation, with Shanxi Jin Kong Group coordinating various financial subsidiaries to aid in energy transition and industrial upgrades [1][4] Financial Market Services - The capital market is being leveraged to enhance the efficiency and quality of state-owned enterprises, with North Copper Industry planning a new production line with a total investment of 1.4 billion yuan, partly funded by a directed issuance of 700 million yuan [2] - North Copper Industry's growth has been closely tied to capital market activities, including a reverse merger in 2021 and significant financial support during its restructuring phase [3] Investment Funds and Technology - Shanxi Aerospace Guotai is utilizing methane from coal mines for energy generation, supported by a 131 million yuan industry fund established in 2018, which has led to significant carbon reduction [5][6] - Shanxi Taihang Industry Fund has invested in Shanxi Haiyu Food, helping the company grow from a small workshop to a 600 million yuan annual revenue enterprise through multiple rounds of funding and operational improvements [6] Government Investment Funds - Shanxi Jin Kong Group manages nine provincial government investment funds totaling 31.2 billion yuan, supporting over 150 projects, including the establishment of angel funds and low-altitude economy funds [7] Data and Digital Finance - The Shanxi Equity Exchange is addressing inefficiencies in the capital market for SMEs by creating a comprehensive data-driven service platform that integrates various public credit information [8][9] - This data-driven approach has already benefited 905,000 market entities, facilitating significant financing for projects and enhancing the regional digital financial ecosystem [9] Green and Technological Development - Digital finance is identified as a key component of Shanxi's development strategy, aimed at supporting green and technological initiatives while contributing to the province's economic transformation [10]

Group 1: Report Industry Investment Rating - Copper investment rating: Cautiously bullish [7] - Arbitrage strategy: Suspended [7] - Option strategy: short put [7] Group 2: Core Viewpoints of the Report - Currently, the tight supply at the mine end and the continuously low TC prices remain unchanged. Overseas smelters are exploring new processing fee pricing logics, and China's non - ferrous metal supply association has proposed setting an upper limit on some non - ferrous metal smelting capacities. The positive factors on the demand side are mostly at the expected level, and actual consumption may not be outstanding. The November strategy is mainly to buy hedging on dips, with the buying range recommended between 85,500 yuan/ton and 86,000 yuan/ton. Selling hedging can be considered when the price approaches 89,000 yuan/ton [7] Group 3: Summary by Relevant Catalogs Market News and Important Data - **Futures Market**: On November 6, 2025, the main contract of Shanghai copper opened at 85,550 yuan/ton and closed at 86,320 yuan/ton, up 0.76% from the previous trading day's close. In the night session, it opened at 86,320 yuan/ton and closed at 85,690 yuan/ton, down 0.33% from the afternoon close [1] - **Spot Market**: SMM's spot electrolytic copper was quoted between 85,660 and 86,330 yuan/ton, with an average premium of 30 yuan/ton, a slight increase of 5 yuan from the previous day. The market transaction briefly recovered, but overall it was still weak [2] - **Important Information**: The U.S. federal government shutdown led to the suspension of official inflation data release, causing concerns among some Fed officials about monetary policy. Some Fed officials are hesitant about further interest rate cuts due to high inflation and lack of data [3] Mining End - Kenadyr Metals Corp.'s Adelita copper - gold - silver project obtained all necessary permits and a 20 - year mining license. The first - phase exploration will start in November [4] - LundinMining's Q3 2025 production data showed copper output of 87,353 tons, gold output of 37,763 ounces, and nickel output of 2,724 tons. The company is promoting multiple growth plans to achieve its strategic goals [4] - The border between Zambia and Tanzania reopened, restoring the flow of copper - related goods on an important trade corridor [4] Smelting and Import - The U.S. Pumpkin Hollow restarted to strengthen supply - chain security, aiming to reduce the country's dependence on copper imports [5] - Codelco lowered its 2025 copper production forecast to 1.31 - 1.34 million tons but still plans to exceed last year's output. It aims to produce 1.7 million tons by 2030 [5] Consumption - Shandong Province's plan focuses on breaking through key technologies in high - performance copper alloys and other fields, and promoting the R & D and industrialization of high - end copper products [6] Inventory and Warehouse Receipts - LME warehouse receipts changed by 75 tons to 134,475 tons, SHFE warehouse receipts changed by 1,332 tons to 43,893 tons. On November 6, the domestic electrolytic copper spot inventory was 203,300 tons, a change of 3,200 tons from the previous week [6] Data Table - The table shows various copper - related data such as prices, premiums, inventories, and spreads from different time points including November 7, 2025, November 6, 2025, October 31, 2025, and October 8, 2025 [25]

Core Viewpoint - Tongling Nonferrous Metals is actively enhancing its resource reserves through significant acquisitions, including the recent purchase of exploration rights for the Jiguanshan-Hucun copper-gold-molybdenum mine for approximately 3.204 billion yuan [1][3]. Group 1: Recent Acquisitions - The company acquired the exploration rights for the Jiguanshan-Hucun copper-gold-molybdenum mine, which is expected to bolster its nonferrous metal resource reserves and enhance sustainable development capabilities [2][3]. - In September 2023, the company also acquired a 70% stake in China Railway Construction Copper Crown for 6.673 billion yuan, gaining access to overseas copper resources [2][4]. - The total expenditure for these two acquisitions amounts to approximately 9.88 billion yuan, significantly increasing the company's copper resource reserves both domestically and internationally [4]. Group 2: Financial Performance - Despite market fluctuations, the company has maintained strong profitability, with annual profits reaching nearly 2.7 billion yuan from 2021 to 2024 [2][6]. - In 2024, the company reported revenues of 145.531 billion yuan and a net profit of 2.809 billion yuan, reflecting year-on-year growth of 5.88% and 4.05%, respectively [6]. - For the first three quarters of 2025, the company achieved revenues of 121.893 billion yuan, a year-on-year increase of 14.66%, although net profit declined by 35.14% to 1.771 billion yuan due to market challenges [6]. Group 3: Competitive Advantages - Tongling Nonferrous Metals is a leading player in the copper production industry, with an annual cathode copper production capacity exceeding 1.7 million tons [2][6]. - The company has developed advanced technologies, including high-temperature resistant oxygen-free copper strips and HVLP series copper foils, breaking foreign monopolies in technology and products [6]. - The company is focused on recovering and utilizing rare metals such as selenium and tellurium, having developed 17 new products, including high-purity tellurium and indium [6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The copper market is affected by the long - term shutdown of the US government, and the short - term concern about liquidity has increased. The supply of copper mines is tight, and the demand is affected by high prices. The price is expected to be volatile [7]. - The alumina market is in a state of significant oversupply. There are expectations of production cuts, but the actual reduction has not yet occurred. The price is under pressure, and it is expected to be in a narrow - range bottom - grinding state [16]. - The aluminum market has a tight supply - demand pattern. The overseas supply is expected to decrease, and the domestic consumption is resilient. The price is expected to be strong after corrections [23]. - The casting aluminum alloy market is affected by cost support and tight supply - demand balance. The price is likely to rise and is expected to be strong [30]. - The zinc market has a tight ore end, and there are expectations of smelter production cuts. The supply surplus situation may be alleviated, but the upward space is limited [35]. - The lead market has a situation where supply may increase and demand is entering the off - season. The price may decline [42]. - The nickel market has a loose supply - demand situation, and the price is in a wide - range shock with a downward - moving center [49]. - The stainless steel market has weak terminal demand and sufficient supply. The price is expected to be weak [55]. - The tin market has a tight ore supply and slow demand recovery. The price is expected to be in a high - level shock [64]. - The industrial silicon market has a weakening demand in November. The supply is expected to decrease, and the price is expected to be in the range of (8500, 9500). Buying at low prices is recommended [68]. - The polysilicon market has a situation where supply and demand both decrease in November, and the supply reduction is greater. The price is expected to be weak in the short term, and buying after a correction is recommended [78]. - The lithium carbonate market has a tightening supply - demand situation in November, and the price is at a high level. There are differences after December, and the upward space may be limited [85]. 3. Summary According to Relevant Catalogs 3.1 Copper Market Review - Futures: The main contract of Shanghai copper 2512 closed at 86320 yuan/ton, up 1.04%, and the Shanghai copper index reduced positions by 299 lots to 557,300 lots [1]. - Spot: The Shanghai spot reported a premium of 30 yuan/ton, up 5 yuan/ton from the previous trading day. Guangdong reported a discount of 15 yuan/ton, unchanged from the previous trading day. The North China market reported a discount of 150 yuan/ton, up 10 yuan/ton [1]. Important Information - The US government has been shut down for 36 days, causing a 700 - billion - dollar liquidity shortage in the market [2]. - The US ADP employment in October increased by 42,000, exceeding expectations [2]. - Anglo Asian Mining signed a contract to sell copper concentrates from its new Demirli copper mine [2]. - Codelco lowered its annual copper production forecast for the second time in three months [3]. - As of November 6, the SMM national mainstream copper inventory increased by 3,200 tons to 203,300 tons [4]. Logic Analysis - Macro: The long - term shutdown of the US government increases short - term liquidity concerns [7]. - Supply: Multiple mining companies lowered production plans in Q3, and the supply of copper mines is tight. The non - US supply shortage is alleviated [7]. - Demand: High copper prices reduce the operating rates of copper rod and cable enterprises, and the procurement sentiment improves after price drops [7]. Trading Strategy - Single - side: Wait and see [8]. - Arbitrage: Continue to hold cross - market positive arbitrage and leave the market temporarily after the export window opens [13]. - Options: Wait and see [8]. 3.2 Alumina Market Review - Futures: The alumina 2601 contract rose 24 yuan to 2787 yuan/ton [10]. - Spot: The northern spot comprehensive price of alumina was flat at 2840 yuan, and the national weighted index dropped 2.6 yuan. The prices in different regions had varying changes [10]. Relevant Information - On November 6, 30,000 tons of alumina were traded in Australia at a FOB price of 320 US dollars/ton [11]. - As of November 6, the national alumina inventory was 4.218 million tons, up 88,000 tons from last week [11]. - Guinea's NMC started barge shipments of bauxite, and ELITE MINING resumed shipments after the rainy season [12]. - A project in Guangxi started the inquiry and selection for the red mud pipeline survey [15]. - Guangxi Long'an Hetai New Materials' 1 - million - ton alumina project is expected to be completed and trial - produced by the end of the year [15]. Logic Analysis - The supply - demand of alumina is in significant surplus. There are expectations of production cuts, but the actual reduction has not occurred. The import window is open, and new projects are progressing smoothly, putting pressure on prices [16]. Trading Strategy - Single - side: Narrow - range bottom - grinding [17]. - Arbitrage: Wait and see temporarily [18]. - Options: Wait and see temporarily [18]. 3.3 Electrolytic Aluminum Market Review - Futures: The Shanghai aluminum 2512 contract rose 280 yuan to 21,630 yuan/ton [20]. - Spot: The prices in East China, South China, and Central China all increased [20]. Relevant Information - The US Treasury's general account balance exceeded 1 trillion US dollars, sucking more than 700 billion US dollars from the market [20]. - The US ADP employment in October increased by 42,000, exceeding expectations [20]. - As of November 6, the domestic aluminum ingot inventory decreased by 7,000 tons [21]. - Century Aluminum's Icelandic smelter reduced production due to equipment failure [22]. Trading Logic - Macro: US economic data is better than expected, and the expectation of a Fed rate cut in December has improved [23]. - Fundamental: The supply - demand of aluminum is tight. Overseas supply is expected to decrease, and domestic consumption is resilient [23]. Trading Strategy - Single - side: Maintain a strong - trending shock [28]. - Arbitrage: Choose the opportunity to go long on SHFE aluminum and short on LME aluminum [28]. - Options: Wait and see temporarily [28]. 3.4 Casting Aluminum Alloy Market Review - Futures: The casting aluminum alloy 2512 contract rose 245 to 21,000 yuan/ton [26]. - Spot: The prices in different regions were flat [26]. Relevant Information - The Sino - US economic and trade teams reached a three - point consensus, and the US will cancel the "fentanyl tariff" [26]. - The US ADP employment in October increased by 42,000, exceeding expectations [26]. - The US government shutdown has a liquidity impact on the market [27]. - The weighted average full cost of the Chinese casting aluminum alloy (ADC12) industry in October was 20,498 yuan/ton, and the profit per ton increased [29]. Trading Logic - Macro: US economic data alleviates market concerns [30]. - Fundamental: The cost of raw materials rises, and the supply - demand is in a tight balance. The price is likely to rise [30]. Trading Strategy - Single - side: The aluminum alloy price is mainly strong following the aluminum price [31]. - Arbitrage: Wait and see temporarily [31]. - Options: Wait and see temporarily [31]. 3.5 Zinc Market Review - Futures: The Shanghai zinc 2512 rose 0.29% to 22,675 yuan/ton, and the Shanghai zinc index increased positions by 2,453 lots to 225,600 lots [33]. - Spot: The Shanghai zinc inventory decreased, and the spot premium continued to hold up, but downstream procurement was cautious [33]. Relevant Information - As of November 6, the SMM seven - region zinc ingot inventory decreased [34]. Logic Analysis - The ore end is tight, and there are expectations of smelter production cuts. The supply surplus may be alleviated, but the upward space is limited [35]. Trading Strategy - Single - side: Wait and see temporarily [38]. - Arbitrage: Hold the SHFE long - LME short arbitrage [38]. - Options: Wait and see temporarily [38]. 3.6 Lead Market Review - Futures: The Shanghai lead 2512 fell 0.4% to 17,430 yuan/ton, and the Shanghai lead index reduced positions by 2,494 lots to 122,400 lots [40]. - Spot: The average price of SMM1 lead decreased, and the downstream buying willingness improved slightly [40]. Relevant Information - As of November 6, the SMM five - region lead ingot inventory increased [41]. Logic Analysis - Supply may increase, and demand is entering the off - season. The price may decline [42]. Trading Strategy - Single - side: Hold profitable short positions. Be vigilant about the impact of funds on the price [43]. - Arbitrage: Wait and see temporarily [43]. - Options: Wait and see temporarily [43]. 3.7 Nickel Market Review - Futures: The main contract of Shanghai nickel NI2512 fell 80 to 119,750 yuan/ton, and the index increased positions by 7,869 lots [45]. - Spot: The premiums of different types of nickel had different changes [47]. Important Information - MMG's acquisition of Anglo American's Brazilian nickel business is under EU investigation [48]. - The global nickel price has dropped significantly in the past two years due to oversupply [48]. Logic Analysis - The LME nickel inventory is high, and the supply - demand is loose. The price is in a wide - range shock with a downward - moving center [49]. Trading Strategy - Options: Sell the wide - straddle combination of the 2512 contract [50]. 3.8 Stainless Steel Market Review - Futures: The main contract of stainless steel SS2512 rose 35 to 12,590 yuan/ton, and the index increased positions by 10,369 lots [52]. - Spot: The spot prices of cold - rolled and hot - rolled stainless steel were in a certain range [52]. Important Information - The US steel market demand is strong, and the EU recycling industry opposes possible steel tariffs [53]. - India temporarily relaxes import restrictions on non - compliant stainless steel products [55]. Logic Analysis - Terminal demand is weak, and supply is sufficient. The price is expected to be weak [55]. Trading Strategy - Single - side: Weak - trending shock [53]. - Arbitrage: Wait and see temporarily [53]. 3.9 Tin Market Review - Futures: The main contract of Shanghai tin 2512 closed at 283,420 yuan/ton, up 1390 yuan/ton or 0.49%, and the position decreased by 1,849 lots to 66,355 lots [59]. - Spot: The average price of Shanghai metal network tin ingots increased, but the overall consumption was weak [59]. Relevant Information - The US ADP employment in October increased by 42,000, exceeding expectations [60]. - The US government has been shut down for 36 days [61]. - Yunnan has achieved over - target exploration of strategic minerals [61]. - Xingye Yinxi's production of tin in the first three quarters of 2025 decreased [61]. Logic Analysis - US employment data alleviates market pessimism. The ore supply is tight, and demand recovery is slow. The price is expected to be in a high - level shock [64]. Trading Strategy - Single - side: The supply - demand is weak, and the price is in a high - level shock [65]. - Options: Wait and see temporarily [66]. 3.10 Industrial Silicon Important Information - In Yunnan, the number of operating industrial silicon furnaces decreased in October, and it is expected to be less than 20 in November [68]. Logic Analysis - In November, the demand for industrial silicon weakens. The supply is expected to decrease, and the price is expected to be in the range of (8500, 9500). Buying at low prices is recommended [68]. Strategy Suggestion - Single - side: Buy at low prices [69]. - Arbitrage: None [70]. - Options: Sell out - of - the - money put options and hold [71]. 3.11 Polysilicon Important Information - Hubei launches a bidding for the sustainable development price settlement mechanism of new energy projects in 2025 [73]. Logic Analysis - In November, supply and demand both decrease, and the supply reduction is greater. The price is expected to be weak in the short term, and buying after a correction is recommended [78]. Strategy Suggestion - Single - side: Buy after a correction [79]. - Arbitrage: Reverse arbitrage of far - month contracts [80]. - Options: None [81]. 3.12 Lithium Carbonate Market Review - Futures: The lithium carbonate 2601 contract rose 1540 to 80,500 yuan/ton, and the index increased positions by 25,948 lots. The Guangzhou Futures Exchange warehouse receipts decreased by 410 to 26,420 tons [83]. - Spot: The SMM prices of battery - grade and industrial - grade lithium carbonate decreased [83]. Important Information - In October, the new - energy vehicle retail and wholesale in China increased year - on - year and month - on - month [84]. - The demand for lithium carbonate is expected to increase significantly in 2026, while the supply growth is limited [84]. - Samsung SDI will supply Tesla with energy - storage batteries [84]. - Salt Lake Co., Ltd.'s lithium salt project is in trial operation [84]. - Chile's lithium carbonate exports in October increased [84]. Logic Analysis - In November, the supply - demand of lithium carbonate tightens, and the price is at a high level. There are differences after December, and the upward space may be limited [85]. Trading Strategy - Single - side: Pay attention to whether the support of the lower moving average is effective [86]. - Arbitrage: Wait and see temporarily [88]. - Options: Sell the wide - straddle option combination [88].

*此图由AI生成 作者| 史大郎&猫哥 来源| 是史大郎&大猫财经Pro 今年国际铜价涨了不少，已经突破86000元/吨，AI、新能源车的需求大涨，供应不足，只能涨价，而跟 铜沾边的公司，今年的净利润纷纷大涨。 | 大猫财经Pro | | | | | 0 . . | | --- | --- | --- | --- | --- | --- | | 期货LME伦铜价格 | 沪铜期货主连价格 | | 沪铜期货2412价格 | | 沪铜期货2503价格 | | 10761.5 ↑ | 86350 1 | | 74870 1 | | 80350 1 | | +98 +0.919% | +920 +1.0769% | | +190 +0.2544% | | +450 +0.5632% | | 今日现货铜价 | | | | | 更多 > | | 名称 | 价格范围 | 均价 | 照跌 | 单位 | 目期 | | 长江或货制设 | 06698 - 09658 | 85970 | +450 | 元/吨 | 2025-11-06 | | 上海今日铜价 | 85660 - 86330 | BEGGBB | +660 | 元/吨 | ...

I. Report Industry Investment Rating - Copper: Cautiously Bullish [8] - Arbitrage: On Hold [8] - Options: Short Put [8] II. Core Viewpoints - The tight supply at the mine end and the continuously low TC prices remain unchanged. Overseas smelters are exploring new processing fee pricing logics, and the China Non - Ferrous Metals Supply Association has proposed setting upper limits on some non - ferrous metal smelting capacities. The positive factors on the demand side are mostly at the expectation level, with actual consumption not being very impressive. The November strategy is to mainly conduct buy - hedging on dips, and sell - hedging can be considered when the price approaches 89,000 yuan/ton [8]. III. Summary by Relevant Catalogs 1. Market News and Key Data (1) Futures Quotes - On November 5, 2025, the main Shanghai copper contract opened at 85,000 yuan/ton and closed at 85,670 yuan/ton, down 0.08% from the previous trading day's closing. The night - session main contract opened at 85,550 yuan/ton and closed at 85,900 yuan/ton, up 0.27% from the afternoon closing [1]. (2) Spot Situation - According to SMM, the average spot premium of SMM 1 electrolytic copper was 25 yuan/ton, up 25 yuan/ton from the previous day, with a transaction price range of 85,190 - 85,480 yuan/ton. The copper price decline stimulated downstream point - pricing demand, but overall market transactions were still light. It is expected that the premium will stabilize today after short - term restocking [2]. (3) Important Information Summary - **Economic Data**: In the US, the ADP employment in October increased by 42,000, exceeding the expected 30,000. The overall labor demand is slowing, and salary growth is stagnant. The US ISM Services PMI in October rose 2.4 points to 52.4, a new eight - month high. In the Eurozone, the October Services PMI final value was 53%, better than the initial value of 52.6%, driving the Composite PMI to a new high since May 2023. German services recovered strongly, while French services contracted for 14 consecutive months [3]. - **Mine End**: The Canadian government plans to set up a C$2 billion (about US$1.4 billion) critical minerals sovereign fund, allocate hundreds of millions of Canadian dollars for mining expenditure, and expand exploration tax credits. The budget deficit is expected to reach C$78.3 billion by March 31, 2026. The budget is yet to be approved by Parliament [4]. - **Smelting and Import**: The US Pumpkin Hollow restarted to strengthen supply - chain security. Codelco lowered its 2025 copper production forecast to 1.31 - 1.34 million tons, but still aims to exceed last year's output. The company emphasizes the production growth of its mines and believes it won't affect the 2030 target of 1.7 million tons [5]. - **Consumption**: Yingtan City promotes the high - quality development of the copper - based new material industry cluster. China plans to build 1,000 large - scale AI data centers in the next five years [6]. - **Inventory and Warehouse Receipts**: LME warehouse receipts changed by 300 tons to 133,975 tons, SHFE warehouse receipts changed by 1,414 tons to 42,561 tons, and the domestic electrolytic copper spot inventory was 200,100 tons, with a change of 17,500 tons from the previous week [7]. 2. Strategy - **Copper**: The strategy is to mainly conduct buy - hedging on dips, with the recommended buying range of 85,500 - 86,000 yuan/ton. Sell - hedging can be considered when the price approaches 89,000 yuan/ton [8]. - **Arbitrage**: On hold [8]. - **Options**: Short put [8]. 3. Data Tables - **Price and Basis Data**: It includes spot premiums of different - grade copper, LME (0 - 3), inventory of different exchanges, warehouse receipts, LME注销仓单占比, and various spreads and arbitrage ratios [27][28][29][30].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - For the stock index, after the previous continuous rise, recent hot sectors have rotated rapidly, with technology remaining the market's main theme. The policy's support for the capital market remains unchanged, and the medium - to - long - term strategy is mainly to go long on dips [2][4]. - In the bond market, the central bank restarting bond trading is short - term positive for market sentiment. In the medium term, the fourth - quarter bond market is mainly affected by fundamentals, the implementation time of fund fee regulations, and institutional allocation power. Overall, the supply - demand pattern may improve, and the market is expected to oscillate and recover [5][7]. - Regarding precious metals, overseas liquidity tightening has eased, and in the context of a loose monetary policy cycle, it is recommended to go long on silver on dips [8][9]. - For non - ferrous metals, the prices of various metals are affected by factors such as supply - demand relationships, macro - events, and cost changes. Different metals have different price trends and investment strategies [11][12][13][14]. - In the black building materials sector, the overall atmosphere in the steel market is weak, but with the implementation of policies and changes in the macro - environment, future demand may improve. The iron ore market is currently under pressure, and prices are expected to be weak in the short term [32][33][34][35]. - For energy and chemical products, different products have different supply - demand situations and price trends. Some products are recommended to be observed, while others suggest specific trading strategies [50][54][55][56]. - In the agricultural products sector, the prices of various agricultural products are affected by factors such as supply - demand relationships, production forecasts, and consumption trends. Different products have different investment strategies [76][77][78][79]. Summaries by Relevant Catalogs Stock Index - **Market Information**: The expected installed capacity of US energy storage in 2026 is revised up to 76GWh, a nearly 44% year - on - year increase. The domestic intelligent robot industry is expected to grow by over 50% - 100%. SK Hynix has completed price and quantity negotiations for HBM4 supply with NVIDIA. The US October ISM non - manufacturing PMI is 52.4, higher than expected [2]. - **Strategy**: After the previous rise, hot sectors rotate rapidly, and technology is the main theme. The policy supports the capital market, and the medium - to - long - term strategy is to go long on dips [4]. Treasury Bonds - **Market Information**: On Wednesday, the prices of various treasury bond futures contracts declined. The State Council adjusted the tariff measures on US imports. The winning bid results of Agricultural Development Bank's financial bonds were announced. The central bank conducted 655 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 4922 billion yuan [5][6]. - **Strategy**: The central bank's restart of bond trading is short - term positive for the bond market. In the medium term, the bond market is affected by fundamentals, fund fee regulations, and institutional allocation power. The supply - demand pattern may improve in the fourth quarter, and the market is expected to oscillate and recover [7]. Precious Metals - **Market Information**: Shanghai gold rose 0.63%, and silver rose 1.58%. COMEX gold and silver prices are reported. Trump's speech eased the market's liquidity tightening expectations, and silver outperformed gold [8]. - **Strategy**: Overseas liquidity tightening has eased. In the loose monetary policy cycle, it is recommended to go long on silver on dips. The reference operating ranges for Shanghai gold and silver are given [9]. Non - Ferrous Metals Copper - **Market Information**: The copper price rebounded due to improved ADP employment data. LME and domestic warehouse inventories changed, and downstream procurement was active [11]. - **Strategy**: The improved ADP data and trade situation support the sentiment. The supply of refined copper is expected to be tight, providing strong support for the copper price. The reference operating ranges for Shanghai copper and LME copper are given [12]. Aluminum - **Market Information**: The price of London aluminum fell, and the price of Shanghai aluminum was reported. Warehouse inventories and processing fees changed, and the market consumption sentiment was average [13]. - **Strategy**: The production of electrolytic aluminum has increased. The supply - side disturbances are expected to support the aluminum price, and it may be strong in the short term. The reference operating ranges for Shanghai aluminum and LME aluminum are given [14]. Zinc - **Market Information**: The price of Shanghai zinc fell slightly, and relevant market data such as inventory and basis were reported [15][16]. - **Strategy**: The domestic zinc mine inventory has declined, and the smelting profit has fallen. The downstream demand is stable, and the inventory is slowly increasing. The price is expected to be strong in the short term, but the upside space is limited [17]. Lead - **Market Information**: The price of Shanghai lead rose, and relevant market data such as inventory and basis were reported [18]. - **Strategy**: The lead ore inventory has declined, and the production of recycled lead has increased. The downstream demand is weak, but the inventory is low. The price is expected to be strong in the short term [19]. Nickel - **Market Information**: The nickel price rebounded after reaching the bottom. The spot premium was stable, and the cost of nickel ore and nickel - iron prices were reported [20]. - **Strategy**: The inventory pressure of refined nickel is significant, and the nickel - iron price is weak, dragging down the nickel price. In the long term, the nickel price may be supported. It is recommended to wait and see in the short term, and consider going long on significant dips [21][22]. Tin - **Market Information**: The price of Shanghai tin fell. The warehouse inventory increased, and the supply was affected by the shortage of raw materials. The demand in emerging fields provided support [23]. - **Strategy**: The short - term supply - demand of tin is in a tight balance, and the price is expected to oscillate. It is recommended to go long on dips. The reference operating ranges for domestic and overseas tin are given [23]. Carbonate Lithium - **Market Information**: The spot index of carbonate lithium fell, and the futures price rose. The trade market premium was reported [24]. - **Strategy**: The supply of the ore end is uncertain, and the demand supports the price. The price is expected to oscillate in a range. Pay attention to the ore price, production schedule, and market atmosphere [24]. Alumina - **Market Information**: The price of alumina index rose slightly. The spot price, overseas price, and warehouse inventory were reported [25]. - **Strategy**: The ore price has short - term support but may be under pressure after the rainy season. The over - capacity situation is difficult to change in the short term. It is recommended to wait and see. The reference operating range for the domestic main contract is given [26]. Stainless Steel - **Market Information**: The price of stainless steel futures fell. The spot price and raw material price were reported [27]. - **Strategy**: The stainless steel market is weak, and the price is expected to remain weak in the short term. Pay attention to raw material prices and terminal demand [28]. Cast Aluminum Alloy - **Market Information**: The price of cast aluminum alloy futures fell. The price, warehouse inventory, and trading volume were reported [29]. - **Strategy**: The cost provides strong support, and the supply is tight due to policy adjustments. The price support is strong [30]. Black Building Materials Steel - **Market Information**: The prices of rebar and hot - rolled coil futures fell. The spot price and warehouse inventory changed [32]. - **Strategy**: The overall atmosphere in the commodity market is weak, and the finished product price oscillates weakly. The demand for steel has entered the off - season, but future demand may recover with policy implementation and macro - environment changes [33]. Iron Ore - **Market Information**: The price of iron ore futures rose slightly. The spot price and basis were reported [34]. - **Strategy**: The overseas iron ore shipment has decreased, and the demand for iron ore is weakening. The inventory pressure remains. The price is expected to be weak in the short term and may stabilize if the liquidity problem is resolved [35]. Glass and Soda Ash - **Market Information**: The price of glass futures fell, and the inventory decreased. The price of soda ash futures rose, and the inventory decreased slightly [36][38]. - **Strategy**: The glass market is affected by production line cold - repair plans, but the price increase is restricted by weak downstream demand. The soda ash market is weak due to over - capacity and weak demand [37][39]. Manganese Silicon and Ferrosilicon - **Market Information**: The prices of manganese silicon and ferrosilicon futures rose. The spot price and basis were reported [40]. - **Strategy**: The macro - events in October did not drive up commodity valuations. The black sector's rebound has adjusted. The fundamentals of manganese silicon and ferrosilicon are not strong, and they are likely to follow the black sector's trend [41][42][43]. Industrial Silicon and Polysilicon - **Market Information**: The price of industrial silicon futures rose, and the price of polysilicon futures fell. The spot price and relevant market data were reported [44][46]. - **Strategy**: The supply pressure of industrial silicon is high, and the demand support is weak. The price is expected to oscillate. The supply of polysilicon will decrease, and the supply - demand pattern may improve marginally [45][48]. Energy and Chemical Products Rubber - **Market Information**: The rubber price stabilized near the starting point. The opening rate of tire factories and inventory data were reported [50][52]. - **Strategy**: It is recommended to set a stop - loss and trade short - term long on dips. Consider partial hedging [54]. Crude Oil - **Market Information**: The price of crude oil futures fell, and the inventory data of refined oil products in Fujeirah Port were reported [55]. - **Strategy**: Although the geopolitical premium has disappeared, OPEC's supply has not increased significantly. It is recommended to wait and see and test OPEC's export price - support willingness [56]. Methanol - **Market Information**: The price of methanol futures rose, and the basis and spread changed [57]. - **Strategy**: The port inventory is high, and the demand is weak. It is recommended to wait and see as the high - inventory problem has not been resolved [57]. Urea - **Market Information**: The prices of urea in different regions changed, and the basis and spread were reported [58]. - **Strategy**: The supply and demand of urea have increased, but the market is still in a loose pattern. It is recommended to wait and see [59]. Pure Benzene and Styrene - **Market Information**: The prices of pure benzene and styrene futures and spot fell. The basis, spread, and inventory data were reported [60]. - **Strategy**: The price of pure benzene and styrene may stop falling due to the high - level destocking and the potential for the BZN spread to repair [61]. PVC - **Market Information**: The price of PVC futures fell, and the cost, production, and inventory data were reported [62]. - **Strategy**: The supply of PVC is strong, and the demand is weak. The export is expected to be poor. It is recommended to consider short - selling on rallies in the medium term [63]. Ethylene Glycol - **Market Information**: The price of ethylene glycol futures rose, and the supply, demand, and inventory data were reported [64]. - **Strategy**: The supply of ethylene glycol is high, and the port is accumulating inventory. It is recommended to short - sell on rallies [65]. PTA - **Market Information**: The price of PTA futures fell, and the production, demand, and inventory data were reported [66]. - **Strategy**: The supply of PTA is expected to decrease in November, and the demand may remain high. Pay attention to the opportunity for processing fee repair [67]. p - Xylene - **Market Information**: The price of p - xylene futures fell, and the production, demand, and inventory data were reported [68][69]. - **Strategy**: The high load of PX and the low load of PTA lead to difficulty in destocking PX. It is recommended to wait and see as there is a risk of negative feedback [70]. Polyethylene (PE) - **Market Information**: The price of PE futures fell, and the production, inventory, and demand data were reported [71]. - **Strategy**: The PE price is expected to remain low and oscillate due to high - level destocking and seasonal demand [72]. Polypropylene (PP) - **Market Information**: The price of PP futures fell, and the production, inventory, and demand data were reported [73]. - **Strategy**: The supply pressure of PP is high, and the demand is weak. The cost - side supply surplus suppresses the price [74]. Agricultural Products Live Pigs - **Market Information**: The domestic live pig price continued to fall. The supply was sufficient, and the price was expected to be stable or fall [76]. - **Strategy**: The group farms' plan completion rate is high, but the spot price increase is less than expected. It is recommended to short on rallies, and cautious investors can use reverse - spread positions [77]. Eggs - **Market Information**: The national egg price was mostly stable with some increases. The supply was stable, and the demand was good [78]. - **Strategy**: The expected decline in inventory and increased consumption sentiment may drive up the price. The market is expected to be strong in the short term, and it is recommended to wait and see or trade short - term [79]. Soybean and Rapeseed Meal - **Market Information**: The price of CBOT soybeans rose, and the domestic soybean meal price fell. The import tariff of US soybeans will be adjusted, and the Brazilian planting progress was reported [80]. - **Strategy**: The import cost of soybean meal oscillates. The domestic inventory is high, but it is in the destocking season. It is recommended to short on rallies in the medium term [81]. Oils and Fats - **Market Information**: The export and production of Malaysian palm oil increased. The domestic oil price continued to correct, and the spot basis was stable [82]. - **Strategy**: The high production of palm oil in Malaysia and Indonesia suppresses the price. It is recommended to view the market as oscillating and weak until the export improves, and turn to a long - term view if production declines [83]. Sugar - **Market Information**: The price of Zhengzhou sugar futures fell. The production forecasts of Brazil and India were reported [84]. - **Strategy**: The strengthened import control of syrup and premix powder drove up the Zhengzhou sugar price, but the external market is weak. It is recommended to short after the rebound weakens [85]. Cotton - **Market Information**: The price of Zhengzhou cotton futures oscillated. The spot price and new cotton purchase price were reported [86]. - **Strategy**: The demand is weak, and the domestic output is high. The price is expected to oscillate in the short term [87].