1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Reports Industrial Silicon - The price of industrial silicon is expected to remain in a low - level oscillation. In November, the supply and demand of the industrial silicon market will both decline, with a larger decline in supply. However, due to the large supply base and the replenishment of the spot market by cancelled warehouse receipts, there is still expected to be inventory accumulation pressure. The main price fluctuation range is expected to be between 8,500 - 9,500 yuan/ton [1]. Polysilicon - It is expected to maintain a high - level range oscillation. The market is in a situation of both supply and demand decline, with inventory accumulation expected in each link, but strong spot support. The backwardation market structure will remain. For trading strategies, try to go long at around 50,000 for futures; hold or take profit on sell put options for options, and consider buying straddles if volatility decreases [2]. Tin - With strong fundamentals, a bullish view on tin prices is maintained. Hold previous long positions and pay attention to macro - end changes and the recovery of supply in Myanmar [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 cut 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. Focus on overseas monetary policy trends and domestic inventory destocking rhythm [6]. Zinc - Zinc prices are expected to oscillate. The supply - side pressure has gradually eased, and the demand side has shown a structural improvement. However, the terminal demand has remained stable, and there is limited upward momentum. The main reference range is 22,200 - 22,800 yuan/ton [7]. Copper - In the medium - to - long - term, the supply - demand contradiction supports the upward movement of the bottom center of copper prices. Pay attention to macro - drivers such as overseas interest - rate cut expectations. The main reference range is 85,500 - 87,500 yuan/ton [8]. Nickel - The macro - situation is temporarily stable, and the fundamentals remain weak. However, due to upstream production cuts and low valuations, the market may oscillate and repair. In the medium term, the abundant supply will still restrict the upward space of prices. The main reference range is 116,000 - 120,000 yuan/ton [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. Pay attention to the improvement of scrap aluminum supply and the change in downstream procurement rhythm [11]. Stainless Steel - The policy - driven effect is difficult to be directly transmitted in the short term, cost support is weakening, and the fundamental structure has not improved significantly. There is still pressure on the supply - side steel mill production schedule and social inventory, and the demand is weak in the off - season. It is expected to oscillate, with the main operating range of 12,300 - 12,700 yuan/ton [13]. Lithium Carbonate - The market is expected to oscillate and adjust in the short term, with the main reference range of 90,000 - 95,000 yuan. Although the market has a bullish sentiment, there is limited substantial new driving force [15]. 3. Summaries According to Relevant Catalogs Spot Prices and Basis - **Industrial Silicon**: The spot prices of various grades of industrial silicon remained stable on November 25, 2025, while the basis of some varieties decreased. For example, the basis of East China oxygen - containing S15530 industrial silicon decreased by 20 yuan to 540 yuan, with a decline of 3.57% [1]. - **Polysilicon**: The spot price of polysilicon remained stable, while the price of battery cells decreased. The main contract of polysilicon futures closed at 54,730 yuan/ton, up 1,415 yuan/ton [2]. - **Tin**: The spot prices of SMM 1 tin and Yangtze River 1 tin increased by 1,700 yuan/ton on November 26, 2025, with a rise of 0.58%. The LME 0 - 3 spread increased by 18.32 US dollars/ton, with a rise of 19.15% [4]. - **Aluminum**: The price of SMM A00 aluminum increased by 80 yuan/ton on November 26, 2025, with a rise of 0.37%. The price of alumina in various regions remained stable [6]. - **Zinc**: The price of SMM 0 zinc ingot increased by 20 yuan/ton on November 26, 2025, with a rise of 0.09%. The import loss was - 4,312 yuan/ton, a decrease of 32.69 yuan/ton [7]. - **Copper**: The price of SMM 1 electrolytic copper increased by 375 yuan/ton on November 26, 2025, with a rise of 0.43%. The refined - scrap price difference increased by 378.62 yuan/ton, with a rise of 13.42% [8]. - **Nickel**: The price of SMM 1 electrolytic nickel increased by 800 yuan/ton on November 26, 2025, with a rise of 0.68%. The price of 8 - 12% high - nickel pig iron decreased by 2 yuan/ton, with a decline of 0.22% [9]. - **Aluminum Alloy**: The price of SMM aluminum alloy ADC12 remained stable on November 26, 2025. The refined - scrap price difference of some regions changed, such as the refined - scrap price difference of Foshan crushed primary aluminum increased by 80 yuan/ton, with a rise of 4.57% [11]. - **Stainless Steel**: The price of 304/2B (Wuxi Hongwang 2.0 coil) remained stable at 12,700 yuan/ton on November 26, 2025, while the price of 304/2B (Foshan Hongwang 2.0 coil) increased by 100 yuan/ton, with a rise of 0.79% [13]. - **Lithium Carbonate**: The prices of SMM battery - grade lithium carbonate, industrial - grade lithium carbonate, etc. decreased slightly on November 26, 2025. For example, the price of SMM battery - grade lithium carbonate decreased by 100 yuan/ton, with a decline of 0.11% [15]. Monthly Spreads - Different contracts of various metals showed different changes in monthly spreads. For example, in industrial silicon, the spreads of contracts such as 2512 - 2601 remained unchanged; in tin, the spread of 2601 - 2602 increased by 450 yuan/ton, with a rise of 107.14% [1][4]. Fundamental Data Production - **Industrial Silicon**: In November, the national industrial silicon production is expected to decline to around 400,000 tons. In October, the national industrial silicon production was 452,200 tons, a month - on - month increase of 7.46%. The production in Xinjiang increased by 15.94%, while that in Yunnan and Sichuan decreased [1]. - **Polysilicon**: The monthly production in October was 134,000 tons, a month - on - month increase of 3.08%. The weekly production was 27,100 tons, a week - on - week increase of 1.12% [2]. - **Tin**: In October, SMM refined tin production was 16,090 tons, a month - on - month increase of 53.09%. The average operating rate was 66.81%, a month - on - month increase of 53.23% [4]. - **Aluminum**: In October, alumina production was 778,530 tons, a month - on - month increase of 2.39%; electrolytic aluminum production was 374,210 tons, a month - on - month increase of 3.52% [6]. - **Zinc**: In October, refined zinc production was 617,200 tons, a month - on - month increase of 2.85% [7]. - **Copper**: In October, electrolytic copper production was 1,091,600 tons, a month - on - month decrease of 2.62% [8]. - **Nickel**: In October, China's refined nickel production was 35,600 tons, a month - on - month increase of 0.84% [9]. - **Aluminum Alloy**: In October, the production of recycled aluminum alloy ingots was 645,000 tons, a month - on - month decrease of 2.42%; the production of primary aluminum alloy ingots was 286,000 tons, a month - on - month increase of 1.06% [11]. - **Stainless Steel**: In October, the production of Chinese 300 - series stainless steel crude steel (43 enterprises) was 1,787,000 tons, a month - on - month decrease of 0.72% [13]. - **Lithium Carbonate**: In October, lithium carbonate production was 92,260 tons, a month - on - month increase of 5.73% [15]. Import and Export - Different metals have different import and export trends. For example, the import of refined tin in October decreased by 58.55% month - on - month, and the export decreased by 15.33% month - on - month; the import of electrolytic aluminum in October increased by 0.61% month - on - month, and the export decreased by 15.18% month - on - month [4][6]. Operating Rate - The operating rates of different industries also vary. For example, the national operating rate of industrial silicon in October was 68.12%, a month - on - month increase of 9.98%; the operating rate of aluminum profiles was 52.10%, a week - on - week decrease of 0.95% [1][6]. Inventory Changes - Different metals have different inventory trends. For example, the social inventory of industrial silicon increased by 0.37% week - on - week; the SHEF inventory of tin decreased by 0.46% week - on - week [1][4].

首席点评： 企业信心不减 国务院新闻办公室将于 11月27日上午10时举行国务院政策例行吹风会，请工信部、国家发改委、商务部、文化和旅游 部、市场监管总局有关负责人介绍增强消费品供需适配性进一步促进消费政策措施有关情况，并答记者问。据商务 部，1-10月，我国全行业对外直接投资1443.4亿美元，同比增长6.2%；对外承包工程业务新签合同额2107亿美元, 同比 增长18.6%。今年以来A股累计回购金额已超1300亿元，创出历史第二高水平。回购显著提振了上市公司的股价表现， 年内实施回购且股价翻倍的公司超过百家。医药生物行业已回购金额居首，达到143.49亿元，电力设备、电子、家 电、机械设备等行业回购金额均超百亿元。 重点品种：股指、油脂、橡胶 股指：美国三大指数上涨，上一交易日股指继续反弹，通信和传媒板块领涨，国防军工和交通运输板块领跌，市 场成交额 1.83万亿元。资金方面，11月24日融资余额减少28.80亿元至24422.98亿元。十五五规划仍然聚焦科技自 立，预计科技板块是长期方向。11月以来"权重走强、成长走弱"主要是短线交易节奏、事件扰动与资金防御需求 共同作用的结果。若后续海外科技业绩落地、 ...

Group 1: Energy and Metals Crude Oil - Overnight international oil prices rebounded, with the Brent 01 contract rising 1.41%. The Russia-Ukraine geopolitical risk is entangled between sanctions and peace talks. Supply and demand face greater inventory accumulation expectations in Q4 and Q1 next year, and the downward drive for oil prices remains. Focus on the progress of the Russia-Ukraine peace plan negotiation and the Venezuelan geopolitical risk [1] Precious Metals - Overnight precious metals rose. As several Fed officials advocated a December rate cut, the implied rate cut probability in the interest rate market rose to 80%. The market is uncertain, and precious metals are oscillating at high levels waiting for a directional breakthrough [2] Copper - Overnight copper prices oscillated. LME copper rose with precious metals at the end of the session. The domestic spot market has a certain bullish sentiment, and the SMM social inventory decreased by 1.39 million tons to 18.06 million tons [3] Aluminum - Overnight SHFE aluminum fluctuated narrowly. The social inventory of aluminum ingots and bars decreased by 0.8 million tons on Monday. The aluminum price may continue to adjust, with support around 21,100 yuan [4] Alumina - Alumina's operating capacity is at a historical high, and the supply surplus pattern remains unchanged. It will operate weakly before large-scale production cuts [5] Cast Aluminum Alloy - The spot price of Baotai ADC12 remained at 20,700 yuan. The supply of scrap aluminum is tight, and it will continue to follow the aluminum price, with the possibility of a narrowing spread with AL [6] Zinc - Domestic and overseas mine TC continued to decline. SHFE zinc oscillated in the range of 22,200 - 23,000 yuan/ton. The external demand supports zinc consumption, but the domestic demand is expected to weaken [7] Lead - SHFE lead oscillated in the range of 17,000 - 17,500 yuan/ton. The export of lead-acid batteries is expected to remain under pressure [8] Nickel and Stainless Steel - SHFE nickel rebounded, and stainless steel inventory decreased. However, the short-term contradiction lies in the macro level, and it is advisable to short on rebounds [9] Tin - LME tin closed higher, and SHFE tin oscillated at high levels. It is still advisable to short, and at the same time, match with out-of-the-money call options to hedge risks [10] Lithium Carbonate - The futures price of lithium carbonate opened low and moved lower. The market is highly divergent, and risk control should be prioritized [11] Polysilicon - The fundamentals of polysilicon are weak. The futures price will maintain an oscillating pattern [12] Industrial Silicon - The industrial silicon futures closed slightly lower. It will maintain an oscillating pattern in the short term [13] Iron Ore - The iron ore futures oscillated strongly overnight. The fundamentals are marginally looser, and the price is expected to oscillate [15] Coke - The coke price oscillated. It may oscillate weakly [16] Coking Coal - The coking coal price oscillated weakly. It may oscillate weakly [17] Manganese Silicon - The manganese silicon price oscillated. The bottom support is expected to move down [18] Silicon Ferrosilicon - The silicon ferrosilicon price oscillated. The bottom support will be tested [19] Fuel Oil and Low-Sulfur Fuel Oil - Both high-sulfur and low-sulfur fuel oils face pressure from abundant supply and weak demand [21] Asphalt - The asphalt price is expected to oscillate weakly under pressure [22] Group 2: Chemicals Urea - Urea supply remains sufficient. The market may return to a stalemate [23] Methanol - The methanol futures rose sharply. It is advisable to try to go long on the 5 - 9 spread at low prices [24] Pure Benzene - It is advisable to continue the idea of shorting on rebounds and consider option allocation [25] Styrene - The supply and demand of styrene are in a tight balance, but the support from the cost and demand sides is questionable [26] Polypropylene, Plastic, and Propylene - The market lacks guidance. Polyethylene supply pressure increases, and polypropylene supply is expected to increase slightly [27] PVC and Caustic Soda - PVC may follow the cost. Caustic soda will operate weakly [28] PX and PTA - PX is still strong before new capacity is put into production. PTA is driven by cost [29] Ethylene Glycol - The ethylene glycol price has a short-term rebound expectation, but the rebound space is limited [30] Short Fiber and Bottle Chip - Short fiber prices fluctuate with raw materials. Bottle chip is cost-driven [31] Group 3: Agricultural Products Soybean and Soybean Meal - The soybean meal futures rebounded. Pay attention to the impact of La Niña on South American soybean production [35] Soybean Oil and Palm Oil - Soybean oil and palm oil will oscillate in the short term. Palm oil is weaker [36] Rapeseed Meal and Rapeseed Oil - The rapeseed market focuses on Australian seeds. It is advisable to wait and see in the short term [37] Domestic Soybeans - Domestic soybeans rebounded strongly. Pay attention to the spot market and policy guidance [38] Corn - The corn futures oscillated at a high level. Pay attention to the sales progress of new corn in the Northeast [39] Live Hogs - The far-month hog futures rose, and the near-month is weak. The price may form a double bottom [40] Eggs - The number of newly laid hens is expected to decrease in December. Pay attention to the spot price [41] Cotton - The cotton futures may oscillate in the short term. It is advisable to wait and see [42] Sugar - The international sugar supply is sufficient. Pay attention to the production in India, Thailand, and Guangxi [43] Apples - The apple futures oscillated at a high level. Pay attention to the inventory removal [44] Wood - The wood futures oscillated. It is advisable to wait and see [45] Pulp - The pulp futures fell slightly. It is advisable to wait and see [46] Group 4: Financial Futures Stock Index Futures - A-shares rose in a shrinking volume. The short-term macro liquidity is uncertain. It is advisable to wait and see [47] Treasury Bond Futures - The treasury bond futures oscillated upward. The yield curve may flatten slightly [48] Group 5: Shipping Container Freight Index (European Line) - The SCFIS European route index rose sharply. The 02 contract may maintain a discount [20]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Macro sentiment is weak, LME inventory is gradually recovering, and the domestic demand side is in the off - season. Zinc prices are under pressure and may remain weakly consolidated in the short term. Considering the continuous decline of TC, the support from the raw material end is strong, and there is a certain production cut expectation for smelters in the future. It is expected that the downside space of zinc prices is limited. Attention should be paid to the support level of 22,000 - 22,200 yuan/ton. Previous short positions can consider step - by - step stop - profit, and wait for opportunities to participate in long positions after the callback [3]. 3. Summary by Relevant Catalogs 3.1 Market Review - SMM1 zinc ingot average price decreased by 0.22% to 22,370 yuan/ton; Shanghai zinc main contract closing price dropped by 0.13% to 22,395 yuan/ton; London zinc closing price (electronic trading) declined by 0.75% to 2,992 US dollars/ton [13]. 3.2 TC Continues to Decline, Pay Attention to Ingot - End Start - up 3.2.1 Zinc Concentrate - As of November 21, the inventory of imported zinc ore in Lianyungang was 150,000 tons, a decrease of 10,000 tons compared with the previous period. The total inventory of 7 ports was 274,200 tons, a decrease of 32,000 tons compared with the previous period. The CZSPT's latest quarterly meeting announced that the guidance price range for the purchase of imported zinc concentrate in US dollars before the end of the first quarter of 2026 is 105 - 120 US dollars/dry ton (average) [30][32]. - As of November 20, the production profit of zinc concentrate enterprises was 5,288 yuan/metal ton. In October, the import volume of zinc concentrate was 340,900 tons, a month - on - month decrease of 32.56% and a year - on - year increase of 2.97%. From January to October, the cumulative import volume was 4.3489 million tons, a cumulative year - on - year increase of 36.59% [39]. - Domestic TC and imported TC continued to decline. On November 21, 2025, the domestic zinc concentrate processing fee was 2,350 yuan/metal ton, and the imported index was 73.05 US dollars/dry ton [40][43]. 3.2.2 Refined Zinc - Zinc prices fluctuated and declined, and TC decreased. The production profit of refined zinc enterprises continued to decline. As of November 20, the production profit of refined zinc enterprises was - 1,428 yuan/ton. Due to the pressure of raw material stockpiling and the continuous decline of processing fees, it is expected that the zinc ingot output in November will slightly decline to about 610,000 tons [44][49]. - The import profit window of refined zinc was closed. As of November 21, the import profit of refined zinc was - 4,164.59 yuan/ton. From January to October 2025, the cumulative import volume of refined zinc was 277,100 tons, a cumulative year - on - year decrease of 100,600 tons [50][54]. 3.3 Orders are Light, Galvanizing Start - up Declines 3.3.1 Galvanizing - The galvanizing enterprise start - up rate decreased by 0.42 percentage points to 57.17%. In the off - season of consumption, demand declined, and the black prices were always low, so the downstream's willingness to stock up was low. Some galvanizing enterprises reduced their start - up to avoid excessive finished product inventory [60][62]. - The raw material inventory of galvanizing enterprises increased. At the beginning of the week, zinc prices declined, and galvanizing enterprises picked up goods at the spot price more frequently, resulting in an obvious accumulation of raw material inventory. The finished product inventory of galvanizing enterprises also increased. Due to poor demand and general downstream purchases, the finished product inventory accumulated [63][65]. 3.4 Poor Demand, Slight Fluctuation in Die - Casting Zinc Alloy Start - up 3.4.1 Die - Casting Zinc Alloy - The prices of zinc alloys declined. The average price of Zamak3 zinc alloy decreased by 0.22% to 23,115 yuan/ton, and the average price of Zamak5 zinc alloy dropped by 0.21% to 23,665 yuan/ton [71][73]. - The start - up rate of die - casting zinc alloy enterprises increased by 0.72 percentage points to 51.02%. The resumption of production of some enterprises during the week drove a slight increase in start - up. However, the terminal market was generally dull, and it is expected that the start - up may decline in the future [74][76]. - The raw material inventory of die - casting zinc alloy enterprises increased. The decline of the zinc price center during the week led alloy factories to replenish inventory at low prices, driving an increase in raw material inventory. The finished product inventory of die - casting zinc alloy enterprises decreased. Downstream enterprises replenished inventory at low prices, resulting in a slight reduction of finished product inventory [77][79]. 3.5 Some Enterprises Increase Production, Slight Increase in Zinc Oxide Start - up 3.5.1 Zinc Oxide - The price of zinc oxide remained flat compared with the previous period. The average price of zinc oxide ≥99.7% was 21,500 yuan/ton [85]. - The start - up rate of zinc oxide enterprises increased by 0.94 percentage points to 57.25%. The increase in production of some enterprises drove an increase in start - up. However, from the current demand side, the demand for rubber - grade and electronic - grade products slowed down, and it is expected that the start - up will be difficult to increase significantly in the future [86][88]. - The raw material inventory of zinc oxide enterprises decreased. Some raw material prices were still high, and enterprises maintained just - in - time purchases, resulting in a slight fluctuation of raw material inventory. The finished product inventory of zinc oxide enterprises slightly decreased. The accelerated delivery rhythm of some terminal customers drove the reduction of finished product inventory, but there are still certain risks on the demand side in the future [89][91]. 3.6 Purchase at Low Prices, Decline in Zinc Ingot Social Inventory 3.6.1 Inventory - As of November 20, the three - place inventory of SMM zinc ingots was 144,500 tons, and the inventory continued to decline. The decline of the zinc price center during the week led downstream enterprises to replenish inventory at low prices, resulting in a decline in zinc ingot social inventory. As of November 20, the inventory in the SMM zinc ingot bonded area was 36,000 tons, a decrease of 2,000 tons compared with the previous period [97][99]. - As of November 21, the SHFE inventory was 100,300 tons, and the inventory decreased. As of November 20, the LME inventory was 47,300 tons, and the inventory continued to increase [100][102]. 3.6.2 Monthly Supply - Demand Balance Sheet - The monthly supply - demand balance sheet shows the production, import, export, apparent consumption, actual consumption, and monthly supply - demand balance of zinc from January 2024 to September 2025. For example, in September 2025, the production was 600,000 tons, the import volume was 22,700 tons, the export volume was 2,500 tons, the apparent consumption was 620,000 tons, the actual consumption was 623,000 tons, and the monthly supply - demand balance was - 2,000 tons [108].

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Views of the Report - **Precious Metals**: In the medium - to long - term, central bank gold purchases and growing investment demand will push up the price of precious metals. In the short - term, due to the unclear prospect of a December interest rate cut, the prices will likely continue to fluctuate and adjust, with a possible narrowing of the fluctuation range [3]. - **Copper**: The intraday procurement and sales sentiment has increased, and the spot price has risen while the premium has weakened. The copper price faces pressure at 86,500 - 86,600. Given the weak impact of the unemployment data on the December interest rate cut expectation and the dollar index remaining above 100, the copper price will likely fluctuate around 86,000 [17]. - **Aluminum**: Shanghai aluminum will maintain a moderately strong long - term trend. In the short - term, weak fundamentals and a lower probability of a December interest rate cut have led to profit - taking by previous funds. It will likely consolidate with an overall higher price center. Alumina has seen price - increasing orders due to environmental restrictions and short - covering, but it is still in an oversupply situation. Cast aluminum alloy has strong follow - up characteristics to Shanghai aluminum and strong downside support [37][38]. - **Zinc**: The expectation of an interest rate cut has cooled. In terms of fundamentals, the smelting end is competing for ore, resulting in a significant decline in November TC. The smelting end's willingness to reduce or halt production has increased in November. If demand remains stable, there is a possibility of inventory reduction. Currently, there are large differences between bulls and bears, and the bottom space can be observed at the end of the month [59]. - **Nickel and Stainless Steel**: The price of ferronickel has continued to decline, breaking below 900 and still falling due to weak downstream demand. Under the situation of a significant collapse in costs, the downside space for nickel and stainless steel is greater than the upside space. Stainless steel spot has high shipment pressure, and downstream purchasing willingness is low. Attention should be paid to the demand trend and Indonesian policy support expectations [75]. - **Tin**: Fundamentally, there is some resumption of production in Yunnan, but due to the lower - than - expected resumption of production in Wa State, the import of concentrate has sharply decreased, and supply is weaker than demand. In the short - term, it is difficult to solve the raw material problem on the supply side, and Shanghai tin will maintain a high - level shock, with support expected around 276,000 yuan [88]. - **Lithium Carbonate**: This week, lithium carbonate production and inventory showed the characteristic of "increasing production and reducing inventory", but the inventory reduction process has significantly slowed down. High prices have weakened downstream enterprises' willingness to replenish inventory, suppressing price increases. Technically, the futures price faces a key pressure level of 100,000 yuan, with limited short - term upward momentum and significant callback risks [104]. - **Silicon Industry Chain**: For industrial silicon, considering supply - demand and technical factors, the price has strong downside support and limited downward space. For polysilicon, policy - driven short - term stimulation coexists with a weak fundamental situation, and the price increase is limited due to insufficient demand support [115]. 3. Summaries by Relevant Catalogs Precious Metals - **Price Outlook**: Medium - to long - term upward trend; short - term fluctuation and adjustment with possible range narrowing [3]. - **Price Data**: Various price charts of SHFE and COMEX gold and silver, including price trends, spreads, and relationships with other factors such as the US dollar index and US Treasury real interest rates are presented [4][9][12]. Copper - **Price Outlook**: Likely to fluctuate around 86,000 yuan/ton [17]. - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai and London copper futures are provided. For example, the Shanghai copper main contract is at 85,660 yuan/ton, with a daily decline of 0.55% [18]. - **Spot Data**: The latest prices, daily changes, and daily change rates of various domestic copper spot prices and premiums are presented. For example, the Shanghai Non - ferrous 1 copper is at 85,815 yuan/ton, with a daily decline of 0.72% [23]. - **Import and Processing Data**: Copper import profit and loss and copper concentrate TC data are given. The current copper import profit and loss is - 488.26 yuan/ton, with a daily change rate of 82.21% [28]. - **Warehouse Receipt Data**: The latest data and changes of Shanghai copper warehouse receipts are provided. The total Shanghai copper warehouse receipts are 49,790 tons, with a daily decline of 9.44% [33]. Aluminum - **Price Outlook**: Shanghai aluminum will fluctuate and adjust in the short - term with a higher price center; alumina is in an oversupply situation [37]. - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai and London aluminum and alumina futures are provided. For example, the Shanghai aluminum main contract is at 21,340 yuan/ton, with a daily decline of 0.88% [39]. - **Spot Data**: The latest prices, daily changes, and daily change rates of various domestic aluminum spot prices, premiums, and spreads are presented. For example, the East China aluminum price is at 21,380 yuan/ton, with a daily change rate of 9.09% [46]. - **Inventory Data**: The latest data and changes of Shanghai and London aluminum and alumina warehouse receipts are provided. For example, the total Shanghai aluminum warehouse receipts are 69,283 tons, with a daily decline of 0.18% [53]. Zinc - **Price Outlook**: Uncertainty exists due to cooling interest rate cut expectations and supply - side issues. Observe export and macro factors and the bottom space at the end of the month [59]. - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai and London zinc futures are provided. For example, the Shanghai zinc main contract is at 22,395 yuan/ton, with a daily increase of 0.07% [60]. - **Spot Data**: The latest prices, daily changes, and daily change rates of various domestic and international zinc spot prices and premiums are presented. For example, the SMM 0 zinc average price is at 22,440 yuan/ton, with a daily increase of 0.04% [68]. - **Inventory Data**: The latest data and changes of Shanghai and London zinc warehouse receipts are provided. For example, the total Shanghai zinc warehouse receipts are 72,897 tons, with a daily decline of 1.05% [72]. Nickel and Stainless Steel - **Price Outlook**: Ferronickel prices are falling, and the downside space for nickel and stainless steel is greater than the upside space. Stainless steel has high shipment pressure [75]. - **Futures and Related Data**: The latest prices, changes, trading volumes, open interests, and warehouse receipt data of Shanghai and London nickel and stainless steel futures are provided. For example, the Shanghai nickel main contract is at 114,050 yuan/ton, with a daily decline of 1% [76]. - **Downstream Data**: Data on nickel ore prices, inventory, and downstream profit margins are presented, such as the price of Philippine laterite nickel ore 1.5% (FOB) and the profit margin of China's integrated MHP production of electrowon nickel [80][83]. Tin - **Price Outlook**: Shanghai tin will maintain a high - level shock, with support expected around 276,000 yuan [88]. - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai and London tin futures are provided. For example, the Shanghai tin main contract is at 290,740 yuan/ton, with a daily decline of 0.44% [89]. - **Spot Data**: The latest prices, daily changes, and daily change rates of various tin spot prices are presented. For example, the Shanghai Non - ferrous tin ingot is at 291,300 yuan/ton, with a daily decline of 0.07% [93]. - **Inventory Data**: The latest data and changes of Shanghai and London tin warehouse receipts are provided. For example, the total Shanghai tin warehouse receipts are 5,906 tons, with a daily decline of 1.42% [99]. Lithium Carbonate - **Price Outlook**: The "increasing production and reducing inventory" process has slowed down. High prices have suppressed downstream replenishment willingness. The futures price faces a key pressure level of 100,000 yuan, with limited short - term upward space [104]. - **Futures Data**: The latest closing prices, daily and weekly changes of lithium carbonate futures are provided, along with data on spreads between different contracts [105][107]. - **Spot Data**: The latest prices, daily and weekly changes of various lithium - related spot prices are presented, such as the SMM battery - grade lithium carbonate average price at 92,300 yuan/ton, with a daily increase of 1.1% [109]. - **Inventory Data**: The latest data and daily and weekly changes of lithium carbonate exchange inventory, including warehouse receipts, social inventory, smelter inventory, and downstream inventory, are provided [113]. Silicon Industry Chain - **Price Outlook**: Industrial silicon has strong downside support and limited downward space. Polysilicon has limited upside space due to weak fundamentals [115]. - **Industrial Silicon Spot Data**: The latest prices of various industrial silicon products in different regions and their basis data are provided. For example, the East China 553 industrial silicon is at 9,550 yuan/ton [116]. - **Industrial Silicon Futures Data**: The latest prices, daily changes, and daily change rates of industrial silicon futures are provided. For example, the industrial silicon main contract is at 8,960 yuan/ton, with a daily decline of 1.27% [117]. - **Polysilicon and Related Product Data**: Price data of polysilicon, silicon wafers, battery cells, components, and other products, as well as inventory and production data of the industry chain, are presented [125][136].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The A - share market is under pressure, with major stock indexes generally falling, and the market may experience an oversold rebound due to shrinking trading volume [19][20]. - The bond market shows a differentiated performance under the influence of various news, and is expected to continue to fluctuate in the short - term [23]. - In the agricultural products market, most varieties face supply - demand pressures and price fluctuations, such as protein meal under pressure and sugar prices showing a range - bound pattern [27][31]. - The black metal market has steel prices in a range - bound pattern, with potential for iron water reduction, and double - coking and iron ore prices showing weakness [54][57][60]. - The non - ferrous metal market has precious metals, copper, and other varieties in a state of shock, with different influencing factors for each [65][70]. - The energy and chemical market has products such as crude oil and asphalt in a state of shock, with different supply - demand situations for each [16]. 3. Summary by Relevant Catalogs 3.1 Financial Derivatives 3.1.1 Stock Index Futures - The A - share market is under test, with major indexes and stock index futures falling. The market may have an oversold rebound, and trading strategies include going short first and then long, conducting IM\IC futures - spot arbitrage, and using a double - buy option strategy [19][20][21]. 3.1.2 Treasury Bond Futures - Treasury bond futures closed with mixed results. The bond market is affected by multiple factors and is expected to continue to fluctuate in the short - term. Trading strategies suggest waiting and trying to go long on the T - contract quarterly - next - quarter inter - period spread [22][23][24]. 3.2 Agricultural Products 3.2.1 Protein Meal - The international soybean market has a clear pattern of abundant production, and domestic bean meal has a large supply pressure. Strategies include short - selling far - month contracts of rapeseed meal and using a short - straddle option strategy [26][27]. 3.2.2 Sugar - International sugar prices are in a state of shock, and domestic sugar prices are expected to be range - bound. Strategies include going long on domestic sugar at low prices and selling put options at low levels [30][31]. 3.2.3 Oilseeds and Oils - The palm oil market is in a state of shock, with limited upside potential. Soybean oil follows the overall trend, and rapeseed oil is expected to continue to reduce inventory. Strategies include short - term long - short operations [34]. 3.2.4 Corn/Corn Starch - The external market of corn is expected to be strong in the short - term, and the domestic corn market has different trends in different regions. Strategies include short - term long - short operations and narrowing the spread between 01 corn and starch [37]. 3.2.5 Livestock (Pigs) - The supply pressure of pigs still exists, and strategies include waiting and selling a wide - straddle option strategy [39]. 3.2.6 Peanuts - Peanut prices are at the bottom and fluctuating. Strategies include short - selling 01 peanuts at high prices and conducting a 15 - peanut reverse spread [42]. 3.2.7 Eggs - Egg demand is average, and prices are stable with a slight decline. Strategies suggest waiting [47]. 3.2.8 Apples - Apple production has decreased, and the effective inventory is expected to be low. However, due to large price fluctuations, strategies suggest leaving the market and waiting [48][49]. 3.2.9 Cotton - Cotton Yarn - The cotton market has few fundamental contradictions and is in a state of shock. Strategies suggest waiting [52]. 3.3 Black Metals 3.3.1 Steel - Steel prices are in a range - bound pattern, and there is still room for reducing iron water. Strategies include maintaining a shock strategy and going long on the coil - screw spread [54][55]. 3.3.2 Double - Coking - The spot price of double - coking has回调, and the market is expected to be weak in the short - term. Strategies include gradually closing short positions and waiting to go long at low prices [57][58]. 3.3.3 Iron Ore - Iron ore is treated with a bearish mindset. Strategies include short - term short - selling and conducting a 1/5 inter - period reverse spread [60]. 3.3.4 Ferroalloys - Ferroalloys have weak supply and demand, with cost support. Strategies include bottom - bound shock operations and selling out - of - the - money straddle option combinations [61][62]. 3.4 Non - Ferrous Metals 3.4.1 Precious Metals - Precious metals continue to fluctuate due to mixed signals from the US non - farm data. Strategies include holding long positions cautiously near the support level [65][68]. 3.4.2 Copper - Copper prices are under pressure from the strong US dollar. Strategies include trying to go long at low prices and focusing on the support level [70]. 3.4.3 Alumina - Alumina has not seen substantial production cuts, and prices are expected to be weak in the short - term. Strategies suggest waiting [74][76]. 3.4.4 Electrolytic Aluminum - The Fed's interest - rate decision is uncertain, and aluminum prices follow the sector. Strategies include short - term waiting and focusing on the spread between East China and the Central Plains [77]. 3.4.5 Cast Aluminum Alloys - Cast aluminum alloys follow the aluminum price. Strategies include short - term waiting [81]. 3.4.6 Zinc - Zinc prices fluctuate widely. Strategies include setting stop - profit points for long positions and being vigilant about macro - factors [85]. 3.4.7 Lead - Lead prices are range - bound. Strategies suggest waiting [87]. 3.4.8 Nickel - Nickel prices are in a downward trend, approaching the cost. Strategies suggest waiting for a turnaround in the inventory situation [88]. 3.4.9 Stainless Steel - Stainless steel has weak supply and demand, and prices are weak. Strategies include short - selling on rebounds and selling out - of - the - money call options [92][94]. 3.4.10 Industrial Silicon - Industrial silicon may have a short - term correction, and strategies include buying at low prices after a full correction [95].

Report Industry Investment Ratings No relevant information provided. Core Views of the Reports Industrial Silicon - The industrial silicon market in November saw a decline in both supply and demand, with a larger decline in supply. However, due to the large supply base and the replenishment of the spot market by cancelled warehouse receipts, there is still pressure to accumulate inventory. In December, the decline in production is expected to narrow, but if the organic silicon industry reduces production, the inventory accumulation pressure will increase. The price is expected to fluctuate between 8,500 - 9,500 yuan/ton, and short positions can gradually take profits at low prices [1]. Polysilicon - The spot price of polysilicon is expected to stabilize. The market is in a situation of both supply and demand decline, but there is still an expectation of inventory accumulation in each link. In the short term, the supply of polysilicon is relatively high, but the long - term supply - demand balance driven by the exit of backward production capacity will support the price. The futures price has fallen back to a reasonable range, and attention should be paid to the support level, as well as the establishment of platform companies, production control, demand changes, and the digestion of warehouse receipts after the November contract cancellation [2]. Aluminum and Alumina - **Alumina**: The market maintains a supply - demand surplus pattern, with short - term supply pressure increasing. The price is expected to remain weakly volatile in the short term, with the main contract reference range of 2,700 - 2,900 yuan/ton. Attention should be paid to the production reduction trends of high - cost enterprises [3][4]. - **Aluminum**: The price will fluctuate between macro - level positive factors and weak fundamentals in the short term. The medium - term supply shortage pattern remains unchanged. Attention should be paid to downstream start - up changes, inventory reduction rhythms, and overseas policy trends [3][4]. Tin - Considering the strong fundamentals, a bullish view on tin prices is maintained. Existing long positions can be held, and attention should be paid to macro - level changes and the recovery of supply from Myanmar [6][7]. Zinc - The fundamentals provide limited support for the continuous upward movement of zinc prices. In the short term, it may still be volatile. An upward breakthrough requires an improvement in demand, and a downward breakthrough requires continuous inventory accumulation. The export of zinc ingots may boost domestic zinc prices, and the short - term main contract reference range is 22,200 - 22,800 yuan/ton [9]. Copper - The market expects the probability of an interest rate cut in December to decline, and the copper price is oscillating weakly. The long - term supply - demand contradiction supports the upward movement of the copper price's bottom center. The main contract reference range is 85,000 - 86,500 yuan/ton, and attention should be paid to changes in demand and overseas interest rate cut expectations [10]. Nickel - The macro - level exerts some pressure, and the improvement in fundamentals is limited. The medium - term supply is abundant, which restricts the upward space of the price. The short - term driving force is weak, and the main contract reference range is 113,000 - 118,000 yuan/ton. Attention should be paid to macro - level expectations and Indonesian industrial policy news [12]. Stainless Steel - Policy and macro - level driving forces are insufficient, and the fundamental structure has not improved significantly. The supply - side pressure from steel mills' production schedules and social inventory remains, and demand is weak. The short - term price is expected to be weakly volatile, with the main contract reference range of 12,300 - 12,600 yuan/ton. Attention should be paid to steel mills' production reduction and nickel - iron prices [16]. Lithium Carbonate - The market is in a situation of both supply and demand growth. The short - term price is expected to be volatile, and the main contract LC2601 has risen. Attention should be paid to the resumption of production of large enterprises, changes in demand after the peak season, and the possible acceleration of the release of upstream projects at high prices. Long positions established earlier can consider partial profit - taking [18]. Summary by Relevant Catalogs Industrial Silicon - **Spot Price and Basis**: The spot price of industrial silicon increased by 50 - 150 yuan/ton, while the futures price decreased. The basis of some varieties changed significantly [1]. - **Monthly Spread**: The monthly spreads of different contracts showed various changes, with some increasing and some decreasing [1]. - **Fundamental Data**: National and regional production, as well as the national start - up rate, showed different trends. The production of some downstream products also changed, and the inventory of industrial silicon showed an overall upward trend [1]. Polysilicon - **Spot and Futures Prices**: The spot price of polysilicon was stable, the futures price fell, and the arbitrage window closed. The component price gradually recovered [2]. - **Fundamental Data**: Weekly and monthly data showed that polysilicon production increased slightly, silicon wafer production decreased slightly, and the inventories of both increased [2]. Aluminum and Alumina - **Price and Spread**: The price of aluminum increased slightly, and the price of alumina in some regions decreased. The spreads and premiums also changed [3][4]. - **Fundamental Data**: Alumina and electrolytic aluminum production increased in October. The start - up rates of aluminum processing industries showed different trends, and the inventory of electrolytic aluminum remained stable [3][4]. Tin - **Spot Price and Basis**: The spot price of tin remained unchanged, and the LME 0 - 3 premium increased significantly [6]. - **Monthly Spread**: The monthly spreads of different contracts showed various changes [6]. - **Fundamental Data**: Tin ore imports decreased in September, while refined tin production increased in October. The import and export volumes of refined tin changed slightly [6]. Zinc - **Price and Spread**: The price of zinc increased slightly, and the spreads and import - export profits changed [9]. - **Fundamental Data**: Refined zinc production increased in October, and the start - up rates of zinc processing industries showed different trends. The inventory of LME increased, and the domestic zinc ingot inventory decreased [9]. Copper - **Price and Spread**: The price of copper increased slightly, and the spreads, premiums, and import - export profits changed [10]. - **Fundamental Data**: Electrolytic copper production and import volume decreased in October. The start - up rates of copper rod production showed different trends, and the inventory of different types of copper changed [10]. Nickel - **Price and Spread**: The price of nickel increased slightly, and the spreads and import - export profits changed [12]. - **Fundamental Data**: China's refined nickel production and import volume increased. The inventory of SHFE and social inventory increased, while the LME inventory decreased [12]. Stainless Steel - **Price and Spread**: The price of stainless steel decreased slightly, and the spreads changed [16]. - **Fundamental Data**: The production of 300 - series stainless steel increased slightly, the import volume increased, and the export volume decreased. The social inventory decreased slightly, and the SHFE warehouse receipts decreased [16]. Lithium Carbonate - **Price and Spread**: The price of lithium carbonate increased, and the spreads changed [18]. - **Fundamental Data**: The production and demand of lithium carbonate increased in October, and the inventory decreased. The production capacity and start - up rate increased [18].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports Copper - Market sentiment is cautious, with copper prices oscillating. The long - term supply - demand contradiction supports the upward shift of the copper price bottom. The main contract is expected to range between 85,500 - 87,500 yuan/ton. Follow demand changes and overseas interest - rate cut expectations [1]. Zinc - The fundamentals offer limited support for continuous upward movement of SHFE zinc, which is likely to oscillate in the short term. The main contract is expected to range between 22,200 - 22,800 yuan/ton. Look out for demand improvement and non - recessionary interest - rate cut expectations [3]. Aluminum - The alumina market remains in a supply - demand surplus, with prices likely to remain weak. The main contract is expected to range between 2,700 - 2,900 yuan/ton. SHFE aluminum is caught between macro - level positives and weak fundamentals, with the medium - term supply expected to be tight [4]. Tin - Tin ore supply is tight, and demand shows regional differences. With positive semiconductor sentiment, long positions can be held. Monitor macro changes and Myanmar's supply recovery [6]. Aluminum Alloy - The short - term ADC12 price will stay firm, supported by costs. The main contract is expected to range between 20,400 - 21,000 yuan/ton. Track scrap aluminum supply, downstream procurement, and inventory changes [9]. Nickel - The nickel market faces macro pressure, and the fundamental improvement is limited. The medium - term supply is abundant. The main contract is expected to range between 113,000 - 118,000 yuan/ton. Pay attention to macro expectations and Indonesian policies [11]. Stainless Steel - The stainless - steel market has insufficient macro - level drivers and weak demand. The supply pressure remains. The main contract is expected to range between 12,300 - 12,600 yuan/ton. Monitor steel - mill production cuts and nickel - iron prices [13]. Lithium Carbonate - The lithium carbonate market shows strong short - term momentum. The market may continue to be strong, followed by wide - range oscillations. Be cautious when chasing long positions at current levels [15]. Polysilicon - Polysilicon prices are expected to oscillate in a high - level range. Futures may decline. Monitor inventory pressure, spot support, and demand orders [16]. Industrial Silicon - Industrial silicon prices are expected to oscillate at a low level, mainly between 8,500 - 9,500 yuan/ton. Consider short - selling or hedging at high prices [17]. 3. Summaries According to Relevant Catalogs Copper - **Price and Spread**: SMM 1 electrolytic copper price rose to 86,715 yuan/ton, with a daily increase of 0.13%. The refined - scrap spread increased by 8.98% [1]. - **Fundamentals**: In October, electrolytic copper production was 1.0916 million tons, a month - on - month decrease of 2.62%. In September, imports were 0.3343 million tons, a month - on - month increase of 26.50% [1]. Zinc - **Price and Spread**: SMM 0 zinc ingot price rose to 22,420 yuan/ton, with a daily increase of 0.45% [3]. - **Fundamentals**: In October, refined zinc production was 0.6172 million tons, a month - on - month increase of 2.85%. In September, imports were 0.0227 million tons, a month - on - month decrease of 11.61% [3]. Aluminum - **Price and Spread**: SMM A00 aluminum price rose to 21,550 yuan/ton, with a daily increase of 0.42%. Alumina prices in different regions were mostly stable [4]. - **Fundamentals**: In October, alumina production was 7.7853 million tons, a month - on - month increase of 2.39%. Electrolytic aluminum production was 3.7421 million tons, a month - on - month increase of 3.52% [4]. Tin - **Price and Spread**: SMM 1 tin price rose to 291,500 yuan/ton, with a daily increase of 0.73% [6]. - **Fundamentals**: In September, tin ore imports were 8,714 tons, a month - on - month decrease of 15.13%. In October, SMM refined tin production was 16,090 tons, a month - on - month increase of 53.09% [6]. Aluminum Alloy - **Price and Spread**: SMM aluminum alloy ADC12 price remained at 21,450 yuan/ton. The refined - scrap spread in different regions decreased [9]. - **Fundamentals**: In October, regenerated aluminum alloy ingot production was 0.645 million tons, a month - on - month decrease of 2.42%. The regenerated aluminum alloy开工率 decreased [9]. Nickel - **Price and Spread**: SMM 1 electrolytic nickel price rose to 117,600 yuan/ton, with a daily increase of 0.56%. The 8 - 12% high - nickel pig iron price decreased to 897 yuan/nickel point [11]. - **Fundamentals**: China's refined nickel production in October was 35,900 tons, a month - on - month increase of 0.84%. Imports in September were 38,164 tons, a month - on - month increase of 124.36% [11]. Stainless Steel - **Price and Spread**: 304/2B (Wuxi Hongwang 2.0 coil) price remained at 12,700 yuan/ton. The raw material prices such as nickel ore and chromium iron decreased [13]. - **Fundamentals**: In October, China's 300 - series stainless - steel crude steel production was 1.8217 million tons, a month - on - month increase of 0.38%. Indonesia's production was 0.4235 million tons, a month - on - month increase of 0.36% [13]. Lithium Carbonate - **Price and Spread**: SMM battery - grade lithium carbonate price rose to 88,900 yuan/ton, with a daily increase of 1.72%. The lithium ore price also increased [15]. - **Fundamentals**: In October, lithium carbonate production was 92,260 tons, a month - on - month increase of 5.73%. Demand was 126,961 tons, a month - on - month increase of 8.70% [15]. Polysilicon - **Price and Spread**: Polysilicon spot prices were stable, while futures prices rose to 54,625 yuan/ton. The spread between contracts increased [16]. - **Fundamentals**: Weekly polysilicon production was 26,800 tons, a week - on - week decrease of 0.74%. Monthly production was 134,000 tons, a month - on - month increase of 3.08% [16]. Industrial Silicon - **Price and Spread**: Industrial silicon spot prices were unchanged, while futures prices rose to 9,390 yuan/ton. The spread between contracts changed [17]. - **Fundamentals**: In October, national industrial silicon production was 452,200 tons, a month - on - month increase of 7.46%. The national开工率 was 68.12%, a month - on - month increase of 9.98% [17].

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

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