一、贵金属期货 现货黄金突破4500美元/盎司，日内涨0.12%；纽约期金突破4510美元/盎司，日内涨0.31%。 现货白银表现强势，突破82美元/盎司，日内涨0.96%；纽约期银同步突破82美元/盎司，日内涨1.29%。 此外，钯金期货突破1900美元/盎司，日内涨0.81%。 二、基本金属期货 镍期货价格大幅上涨，伦镍涨超10%，创2022年以来最大盘中涨幅；LME三个月期镍涨幅扩大至10%， 触及每吨18735美元，为2024年6月以来最高水平。 国内市场方面，沪镍主力合约触及涨停，涨幅8%，报147720元/吨；镍连续主力合约日内涨7%，现报 146390.00元。 锡连续主力合约日内涨5%，现报357920.00元，不锈钢连续主力合约日内涨4%，现报13895.00元。 三、能源与航运期货 WTI原油价格承压，失守57美元/桶，日内跌2.26%。 美国石油协会（API）数据显示，上周美国API原油库存减少276.6万桶，前值为增加174.7万桶。 四、农产品期货 （无相关内容） 五、金融期货 （无相关内容） 六、宏观与市场影响 美股三大股指收盘普涨，道指涨0.99%续创新高，纳指涨0.65%，标普 ...

12月31日（周三），伦敦金属交易所(LME)期铜周三小幅下跌，但预计2025年，期铜料录得自2009年以 来最大年线涨幅，且为基本金属总表现最好者，因供应忧虑和AI繁荣和能源唤醒等引发的需求增长预 期。 作为"万物电气化"的主要受益者之一，由于美国关税的不确定性和对可能限制供应的矿山生产中断的担 忧，铜价今年迄今已飙升逾42%。 三个月期铜最新跌0.49%，报每吨12,497美元。 沪铜主力合约周三收高0.84%，报每吨98,240元，今年累计上涨33.27%。 今年铜价数度突破关键水准，触及纪录新高，主要是受矿山生产中断，比如自由港旗下印尼旗舰 Grasberg铜金矿一度暂停生产，这推动铜价走升。 周三LME三个月期铝上涨0.44%，料录得逾17%的年线涨幅。沪铝主力合约周三收盘上涨2.25%，今年 累计上涨14.65%。 预计镍价将自2023年以来首度录得年线涨幅，因印尼政府计划削减2026年矿业出口配额，以支撑价格。 三个月期镍下跌1.35%，最新报每吨16,600美元，今年料录得逾8%的年线涨幅。沪镍主力合约周三收高 2.44%，年线涨幅为4.93%。 其他基本金属方面，三个月期锌下跌0.24%，而 ...

Core Viewpoint - The article discusses the performance of the A-share market, highlighting fluctuations in major indices and sector performances, with a focus on the impact of specific themes such as digital currency and commercial aerospace on stock movements [3][4][5]. Market Performance - As of the midday session, the Shanghai Composite Index fell by 0.1% to 3961.21, while the Shenzhen Component Index rose by 0.23% to 13568.09, and the ChiNext Index decreased by 0.06% to 3220.56 [3][4]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.29 trillion yuan, a decrease of 101.9 billion yuan compared to the previous trading day, with over 2700 stocks declining [5]. Sector Highlights - The film and television sector saw a rebound, with notable stocks like Baidu and Huayi Brothers experiencing significant gains, driven by a total box office of 5.245 billion yuan for the 2025 New Year’s season [7]. - The commercial aerospace sector showed resilience, with stocks like China Satellite and China Satcom rising over 5%, continuing to set historical highs [9]. - Digital currency and cross-border payment sectors were active, with stocks like Cuiwei Co. and Feitian Chengxin hitting the daily limit, reflecting positive sentiment around the upcoming implementation of the new digital RMB design [10]. Commodity Market - Nickel futures on the Shanghai exchange rose by 4% to 132,580 yuan per ton, while London nickel also increased by 4% to 16,384.20 USD per ton [6]. - Lithium carbonate futures saw a significant drop of 8% to 115,780 yuan per ton, indicating volatility in the energy metals market [17]. Currency and Economic Indicators - The central bank conducted a reverse repurchase operation of 312.5 billion yuan with a rate of 1.40%, with 59.3 billion yuan maturing today [13]. - The RMB to USD exchange rate was reported at 7.0348, depreciating by 17 basis points from the previous trading day [15].

（文章来源：每日经济新闻） 每经AI快讯，沪镍主力合约日内涨幅扩大至2%，现报127630元/吨。 ...

Group 1 - The core viewpoint of the articles highlights the fluctuations in metal prices, particularly copper and aluminum, influenced by market expectations regarding the Federal Reserve's policy decisions and supply dynamics [1][2]. Group 2 - As of December 10, London copper prices remained stable, slightly below record highs, with a 0.68% increase to $11,565 per ton [1]. - The Shanghai Futures Exchange reported a 0.23% decrease in the main copper contract, closing at 91,850 yuan per ton [1]. - Speculators reduced their net long positions in COMEX copper futures and options by 4,155 contracts to 62,397 contracts as of the week ending November 4 [1]. Group 3 - Overseas aluminum suppliers have raised their quotes for shipments to Japan in Q1 2024, with premiums of $190-203 per ton over LME spot prices, marking an increase of 121%-136% compared to Q4 2023 [2]. - In LME base metals, three-month aluminum rose by 0.37% to $2,867 per ton, while zinc, lead, nickel, and tin also saw price increases [2]. - In Shanghai, the main aluminum contract fell by 0.25% to 21,935 yuan per ton, while other metals like zinc and nickel also experienced declines [2].

Group 1 - Nickel prices are currently around $14,850 per ton, with Shanghai nickel futures rising by 1,130 to 117,260 yuan per ton, and stainless steel futures increasing by 80 to 12,455 yuan per ton, indicating a stable upward trend in the market [1] - The spot market for stainless steel remains stable in the morning, with strong price support in the afternoon, driven by bullish sentiment as the month-end approaches, leading to increased market competition [1] - In the 304 stainless steel segment, cold-rolled resources are reported in the range of 12,200-12,500 yuan, while hot-rolled resources are around 12,100 yuan, with trading activity becoming cautious after a brief improvement [1] Group 2 - The market sentiment is cautiously optimistic, with trading activity slowing down despite a potential reversal in short-term trends, indicating that the remaining days of the month will be challenging [2]

1. Report Industry Investment Rating - The report does not provide a unified industry - wide investment rating. Instead, it gives specific investment suggestions for different metals: - Copper: Suggests waiting and seeing or trading in a light - position range [3] - Aluminum: Recommends waiting and seeing [3] - Zinc: Advises range trading [3] - Lead: Recommends range trading and being cautious and bearish [3] - Nickel: Suggests cautious short - holding or waiting and seeing [4] - Stainless steel: Recommends waiting and seeing [4] - Tin: Advises cautious range trading [4] - Industrial silicon: Recommends waiting and seeing [4] - Polysilicon: Suggests low - buying and high - selling [4] - Lithium carbonate: Recommends exiting and waiting and seeing [4] 2. Report's Core View - The macro - environment has a significant impact on metal prices. For example, the uncertainty of the Fed's policy and geopolitical conflicts affect market sentiment. At the same time, the fundamentals of supply and demand also play a crucial role in determining metal prices. Some metals are facing supply - side challenges such as production cuts or disruptions, while others are affected by changes in downstream demand. Overall, the market is complex and volatile, and different metals show different trends and investment opportunities [3][4]. 3. Summary According to Related Catalogs 3.1 Metals Market Analysis 3.1.1 Copper - Price trend: The Shanghai copper main contract continues to show a high - level volatile pattern. In the short term, it will remain at 85,000 - 88,000. The long - term demand outlook is optimistic, but in the short term, it is necessary to be vigilant about the suppression of consumption by high copper prices and the pressure brought by changes in the Fed's policy expectations [3]. - Fundamentals: Market consumption has improved recently, and social inventories have declined. The focus has shifted to the long - term contract negotiation of mines. Freeport - McMoRan plans to resume large - scale production in the Grasberg mine in Indonesia in the second quarter of 2026, which is expected to ease the anxiety about mine - end supply [3]. 3.1.2 Aluminum - Price trend: The price has fallen from a high level. The aluminum price is expected to fluctuate at the current position. - Fundamentals: The price of bauxite in Shanxi and Henan is stable, while the price of imported bauxite in Guinea has decreased. The operating capacity of alumina has increased, and the inventory has also increased. The operating capacity of electrolytic aluminum remains unchanged. Some enterprises have carried out production reduction and technological transformation. The downstream demand is gradually entering the off - season, and the inventory of aluminum ingots has decreased slightly [3]. 3.1.3 Zinc - Price trend: The zinc price has fluctuated weakly in the range of 22,000 - 22,800 yuan/ton. - Fundamentals: The processing fees of domestic and imported zinc mines have continued to decline, and there are expectations of production cuts. Terminal consumption is weak, and the inventory is still at a high level [3]. 3.1.4 Lead - Price trend: The Shanghai lead main contract shows a bearish trend and is expected to fluctuate weakly after a rapid decline. The reference range is 16,800 - 17,300 yuan/ton. - Fundamentals: The supply of Shanghai lead has decreased, and the prices of lead concentrate, lead ingots, and waste batteries have all declined. With the completion of the first large - capacity all - solid - state battery production line in China, the market is affected [3]. 3.1.5 Nickel - Price trend: The price has declined widely and is expected to continue to decline. - Fundamentals: The global refined nickel has continued to accumulate inventory. The price of nickel ore is stable, the price of nickel iron has declined, and the pattern of nickel iron surplus continues. The downstream stainless steel is in the off - season, with weak demand and continuous increase in inventory. The price of nickel sulfate has slightly declined, and the demand is weak [4]. 3.1.6 Tin - Price trend: The price shows a high - level volatile pattern and is expected to rise overall. The reference range is 280,000 - 300,000 yuan/ton. - Fundamentals: The domestic refined tin production has increased year - on - year, and the import of tin concentrate has increased month - on - month. The export of refined tin in Indonesia has decreased. The semiconductor industry is expected to continue to recover, and the inventory is at a medium level. The supply of tin ore is expected to improve [4]. 3.1.7 Industrial Silicon and Related Products - Price trend: Industrial silicon is at high risk and is recommended to wait and see; polysilicon is recommended for low - buying and high - selling. - Fundamentals: The production of industrial silicon has decreased, and the inventory of polysilicon has increased. The production of organic silicon has increased, and enterprises have reached a price - holding consensus and formulated production - cut measures. The production of the photovoltaic industry chain is expected to decline slightly [4]. 3.1.8 Lithium Carbonate - Price trend: The price has risen and then fallen, and it is expected to fluctuate strongly. - Fundamentals: The supply of lithium carbonate is in a tight balance. The production in October has increased month - on - month, and the import has also changed. The downstream demand is strong, especially in the energy storage field. However, there are still uncertainties in the mining rights of Yichun mines [4]. 3.2 Macroeconomic Data - The report provides a series of macro - economic data, including the US economic data (such as the New York Fed manufacturing index, durable goods orders, unemployment rate, etc.), euro - zone inflation data, and China's loan market quotation rate (LPR). These data reflect the current economic situation of different regions and have an impact on the metal market [12][15][16].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Gold: The ongoing government shutdown continues to affect liquidity [2][4]. - Silver: Expected to rebound with oscillations [2][5]. - Copper: Lacks clear drivers, with prices expected to oscillate [2][9]. - Zinc: Expected to trade within a range [2][12]. - Lead: Reduced overseas inventories support prices [2][16]. - Tin: Attention should be paid to macro - impacts [2][19]. - Aluminum: Expected to perform strongly [2][23]. - Alumina: Expected to rebound from the bottom [2][23]. - Cast aluminum alloy: Expected to follow the trend of electrolytic aluminum [2][23]. - Nickel: Constrained by inventory accumulation at the smelting end, supported by uncertainties at the mine end [2][25]. - Stainless steel: Steel prices are expected to oscillate narrowly at a low level [2][25]. 3. Summary by Commodity Gold - **Price and Performance**: Shanghai Gold 2512 closed at 912.26 with a daily decline of 0.36% and a night - session increase of 0.63% to 916.38; Comex Gold 2512 rose 1.25% to 3990.40 [5]. - **Trend Strength**: Gold trend strength is 0, indicating a neutral view [7]. Silver - **Price and Performance**: Shanghai Silver 2512 closed at 11276 with a daily increase of 0.33% and a night - session increase of 1.58% to 11381; Comex Silver 2512 rose 2.06% [5]. - **Trend Strength**: Silver trend strength is - 1, indicating a weak - bearish view [7]. Copper - **Price and Performance**: Shanghai Copper main contract closed at 85670 with a daily decline of 0.08% and a night - session increase of 0.27% to 85900; LME Copper 3M rose 0.79% to 10733 [9]. - **Industry News**: Chile's state - owned mining company ENAMI obtained environmental permits for a new $1.7 billion copper smelter; Indonesia granted Amman Mineral International a 400,000 - ton copper concentrate export quota; Chile's September copper production was 456,663 tons, up 7.79% month - on - month and down 4.5% year - on - year; Glencore plans to close its Canadian smelter and refinery [9][11]. - **Trend Strength**: Copper trend strength is 0, indicating a neutral view [11]. Zinc - **Price and Performance**: Shanghai Zinc main contract closed at 22650 with a daily decline of 0.09%; LME Zinc 3M closed at 3077.5 with a decline of 0.98% [12]. - **Trend Strength**: Zinc trend strength is 0, indicating a neutral view [15]. Lead - **Price and Performance**: Shanghai Lead main contract closed at 17475 with a daily increase of 0.34%; LME Lead 3M closed at 2021 with a decline of 0.44% [16]. - **Trend Strength**: Lead trend strength is 0, indicating a neutral view [17]. Tin - **Price and Performance**: Shanghai Tin main contract closed at 282090 with a daily decline of 0.58% and a night - session increase of 0.28% to 282820; LME Tin 3M rose 0.21% to 35745 [19]. - **Trend Strength**: Tin trend strength is 1, indicating a slightly bullish view [22]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Performance**: Shanghai Aluminum main contract closed at 21395, Shanghai Alumina main contract closed at 2772, and the aluminum alloy main contract closed at 20830 [23]. - **Industry News**: US employment showed signs of stabilization; the US October ISM services PMI rebounded strongly [24]. - **Trend Strength**: Aluminum, alumina, and aluminum alloy trend strengths are all 0, indicating neutral views [24]. Nickel and Stainless Steel - **Price and Performance**: Shanghai Nickel main contract closed at 120030, and the stainless - steel main contract closed at 12535 [25]. - **Industry News**: An Indonesian nickel mine was taken over by the forestry working group; China suspended a non - official subsidy for imported copper and nickel from Russia; Indonesia imposed sanctions on 190 mining companies; Trump threatened to impose 100% tariffs on China [25][26][27]. - **Trend Strength**: Nickel and stainless - steel trend strengths are both 0, indicating neutral views [27].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - After continuous gains, high - flying sectors like AI have shown divergence recently, while sectors such as nuclear fusion, chips, and non - ferrous metals have emerged. Although short - term index fluctuations have increased, the long - term strategy is to go long on dips due to policy support for the capital market [4]. - In the fourth quarter, the supply - demand pattern of the bond market may improve. The market is likely to remain volatile under the intertwined bull - bear background of weak domestic demand recovery and improved inflation expectations. Pay attention to the stock - bond seesaw effect [7]. - With the weakening of the US dollar credit and the expectation of the Fed's interest rate cut, maintain a medium - term bullish view on precious metals. However, there is a significant risk of price correction in the short term [9]. - For most metals, factors such as supply - demand changes, cost fluctuations, and market sentiment affect their prices. For example, copper is supported by supply tightening and Fed rate - cut expectations; aluminum is expected to be volatile and strong; zinc is expected to be strong in the short term; and nickel may have a short - term downward exploration but is supported in the long term [12][14][16][18]. - For black building materials, although the current real - world demand for steel is weak, the market's expectation of demand recovery is rising. The price of iron ore may adjust if the downstream situation weakens. Glass is recommended to be treated bullishly in the short term, and soda ash is expected to be range - bound [31][33][35]. - For energy and chemical products, rubber is recommended to go long on dips; for crude oil, wait and see in the short term; methanol and urea can be considered for short - term long positions after a decline; and for some chemical products like PVC and ethylene glycol, the supply - demand situation is weak, and short - term waiting and seeing is recommended [53][55][56][58]. - For agricultural products, the prices of live pigs and eggs are expected to be weak in the short term; soybean meal is expected to be weak and volatile; oils are expected to be strong; sugar is recommended to be shorted on rallies; and cotton is likely to be weak in the short term [77][79][82][84][87][89]. Summary by Relevant Catalogs Macro - financial Category Stock Index - **Market News**: The Ministry of Commerce and the General Administration of Customs have imposed export controls on certain items; some foreign entities have been included in the unreliable entity list; some securities firms have adjusted the margin conversion ratios of certain stocks; and the price of spot gold remains high, with some banks adjusting their related businesses [2]. - **Basis Ratio of Stock Index Futures**: The basis ratios of IF, IC, IM, and IH in different contract periods are provided [3]. - **Strategy Viewpoint**: After the previous continuous rise, the high - flying sectors have shown divergence, and the short - term index fluctuations have increased. However, the long - term strategy is to go long on dips [4]. Treasury Bonds - **Market News**: The prices of TL, T, TF, and TS main contracts have changed; the daily average sales revenue of the national consumption - related industries during the National Day and Mid - Autumn Festival holidays has increased year - on - year; and export controls have been imposed on some medium - heavy rare earth - related items [5]. - **Liquidity**: The central bank conducted 6120 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 14513 billion yuan on the day [6]. - **Strategy Viewpoint**: The manufacturing PMI has rebounded, but the follow - up social financing and money growth may be under pressure. The bond market is expected to be volatile, and pay attention to the stock - bond seesaw effect [7]. Precious Metals - **Market News**: The prices of Shanghai gold and silver have declined, while the prices of COMEX gold and silver have increased. The US government shutdown has affected the release of economic data, and the Fed's meeting minutes show differences in the outlook for interest rates [8][9]. - **Strategy Viewpoint**: Maintain a medium - term bullish view on precious metals, but pay attention to short - term price corrections [9]. Non - ferrous Metals Category Copper - **Market News**: After the National Day, the copper price continued to be strong. The LME copper inventory increased, and the domestic electrolytic copper social inventory also increased. The spot import loss expanded, and the scrap copper substitution advantage increased [11]. - **Strategy Viewpoint**: Supply tightening and Fed rate - cut expectations support the copper price, but the short - term upward pace may slow down [12]. Aluminum - **Market News**: On the first day after the National Day, non - ferrous metals generally strengthened. The LME aluminum price rose, and the domestic aluminum inventory increased. The market atmosphere was warm, but the trade situation was still volatile [13]. - **Strategy Viewpoint**: The aluminum price is expected to be volatile and strong [14]. Zinc - **Market News**: The Shanghai zinc index rose, and the LME zinc price fell. The domestic social inventory increased slightly, and the zinc export window opened [15]. - **Strategy Viewpoint**: The Shanghai zinc is expected to be strong in the short term [16]. Lead - **Market News**: The Shanghai lead index rose, and the LME lead price also rose. The domestic social inventory decreased slightly [17]. - **Strategy Viewpoint**: The Shanghai lead is expected to be in a wide - range low - level shock in the short term [17]. Nickel - **Market News**: The nickel price rose significantly. The nickel ore price was stable, the nickel iron price was stable, and the MHP coefficient price increased slightly [18]. - **Strategy Viewpoint**: The short - term nickel price may decline, but it is supported in the long term. It is recommended to wait and see in the short term and go long on dips [18]. Tin - **Market News**: The tin price was strong. The supply was expected to increase slightly, and the demand in the traditional consumer electronics and home appliance sectors was still weak [21]. - **Strategy Viewpoint**: The tin price is expected to be high - level volatile in the short term. It is recommended to wait and see [21]. Carbonate Lithium - **Market News**: The carbonate lithium price was stable. The social inventory decreased, and a company obtained mining rights [22]. - **Strategy Viewpoint**: The supply - demand mismatch has led to a decrease in inventory. Pay attention to the supply and demand situation and the market atmosphere [22]. Alumina - **Market News**: The alumina index rose. The domestic and overseas prices changed, and the import window opened [23]. - **Strategy Viewpoint**: The alumina market is expected to be volatile. Wait and see for the macro - mood resonance [24]. Stainless Steel - **Market News**: The stainless steel price rose. The raw material prices were stable, and the social inventory decreased slightly [25]. - **Strategy Viewpoint**: The stainless steel price is expected to be range - bound. Pay attention to the RKAB approval progress [26]. Cast Aluminum Alloy - **Market News**: The cast aluminum alloy price rose. The trading volume increased, and the inventory increased slightly [27]. - **Strategy Viewpoint**: The downstream consumption is in the peak season, but the delivery pressure of the near - term contract is large, and the upside space is limited [28]. Black Building Materials Category Steel - **Market News**: The prices of rebar and hot - rolled coil rose. The inventory of rebar decreased, and the inventory of hot - rolled coil remained unchanged [30]. - **Strategy Viewpoint**: The current real - world demand for steel is weak, but the market's expectation of demand recovery is rising. Pay attention to policy signals [31]. Iron Ore - **Market News**: The iron ore price rose. The overseas shipment decreased, and the domestic arrival increased. The steel mill's profit rate continued to decline [32]. - **Strategy Viewpoint**: The iron ore price may adjust if the downstream situation weakens. Pay attention to the "Silver October" performance after restocking [33]. Glass and Soda Ash - **Market News**: The glass price rose, and the inventory increased. The soda ash price fell, and the inventory decreased [34][36]. - **Strategy Viewpoint**: Glass is recommended to be treated bullishly in the short term, and soda ash is expected to be range - bound [35][37]. Manganese Silicon and Ferrosilicon - **Market News**: The manganese silicon price rose slightly, and the ferrosilicon price fell slightly. The prices are in a shock range [38]. - **Strategy Viewpoint**: The black sector may first decline and then rise. Manganese silicon and ferrosilicon are likely to follow the black sector's trend [39][40][41]. Industrial Silicon and Polysilicon - **Market News**: The industrial silicon price was stable, and the polysilicon price fell. The supply and demand of industrial silicon changed little, and the polysilicon inventory was limited [42][44]. - **Strategy Viewpoint**: Industrial silicon is expected to be range - bound in the short term, and polysilicon may improve if the leading enterprises conduct maintenance [43][46]. Energy and Chemical Category Rubber - **Market News**: The rubber price stabilized. The tire production rate decreased, and the inventory decreased slightly. The spot price changed [48][50][52]. - **Strategy Viewpoint**: Go long on dips and partially build a hedging position [53]. Crude Oil - **Market News**: The crude oil price fell, and the inventories of related products changed. The US EIA data showed inventory changes [54]. - **Strategy Viewpoint**: Wait and see in the short term and verify the OPEC's export - price - support intention [55]. Methanol - **Market News**: The methanol price fell, and the inventory increased. The supply was high, and the demand was weak [56]. - **Strategy Viewpoint**: Consider short - term long positions after a decline [56]. Urea - **Market News**: The urea price fell, and the inventory increased. The supply was high, and the demand was weak [57]. - **Strategy Viewpoint**: Consider long positions at a low price [58]. Pure Benzene and Styrene - **Market News**: The pure benzene price was stable, and the styrene price fell. The supply and demand changed, and the inventory increased [59]. - **Strategy Viewpoint**: The styrene price may stop falling due to the seasonal peak season [60]. PVC - **Market News**: The PVC price fell, and the inventory increased. The supply was strong, and the demand was weak [61]. - **Strategy Viewpoint**: The PVC market is bearish in the medium term. Consider short positions [63]. Ethylene Glycol - **Market News**: The ethylene glycol price fell, and the inventory increased. The supply was high, and the demand was weak [64]. - **Strategy Viewpoint**: Wait and see in the short term [65]. PTA - **Market News**: The PTA price fell, and the inventory increased. The supply was affected by maintenance, and the demand was stable [66]. - **Strategy Viewpoint**: Wait and see in the short term [67]. Para - Xylene - **Market News**: The para - xylene price rose, and the inventory increased. The supply was high, and the demand was affected by PTA maintenance [68]. - **Strategy Viewpoint**: Wait and see in the short term and pay attention to the terminal and PTA valuation [69]. Polyethylene (PE) - **Market News**: The PE price fell, and the inventory decreased. The supply was limited, and the demand was expected to increase [70]. - **Strategy Viewpoint**: The PE price may rise in the long term [71]. Polypropylene (PP) - **Market News**: The PP price fell, and the inventory was high. The supply was large, and the demand was weak [72]. - **Strategy Viewpoint**: The PP market is in a weak supply - demand situation, and the inventory pressure is high [74]. Agricultural Products Category Live Pigs - **Market News**: The live pig price continued to fall. The slaughtering and sales situation was not good [76]. - **Strategy Viewpoint**: The live pig price is expected to be weak in the short term. Short the near - term contract and conduct reverse hedging [77]. Eggs - **Market News**: The egg price generally fell. The supply was greater than the demand, and the market confidence was low [78]. - **Strategy Viewpoint**: The egg price is expected to be weak in the short term. Wait for the bottom - building [79]. Soybean and Rapeseed Meal - **Market News**: The CBOT soybean price fell slightly. The domestic soybean meal price was stable, and the import cost was affected by multiple factors [80][81]. - **Strategy Viewpoint**: The domestic soybean meal supply pressure is large. It is expected to be weak and volatile in the short term [82]. Oils - **Market News**: Indonesia is promoting the B50 biodiesel plan. The domestic oil price rose, and the inventory may decrease [83]. - **Strategy Viewpoint**: The oil price is expected to be strong. Go long on dips [84]. Sugar - **Market News**: The sugar price rebounded slightly. The Brazilian sugar production data was released, and the port waiting quantity increased [85][86]. - **Strategy Viewpoint**: The sugar price is expected to be bearish in the long term. Short on rallies in the fourth quarter [87]. Cotton - **Market News**: The cotton price rebounded slightly. The spot price fell, and the acquisition price was lower than last year [88]. - **Strategy Viewpoint**: The cotton price is likely to be weak in the short term. There is cost support at the bottom [89].

Group 1 - The main contracts for copper, aluminum, zinc, nickel, tin, lead, stainless steel, and alumina experienced mixed performance, with copper, aluminum, zinc, stainless steel, and alumina showing declines while nickel, tin, and lead recorded slight increases [1] - The closing prices for the main contracts were as follows: copper at 78,620 CNY/ton, aluminum at 20,010 CNY/ton, zinc at 22,225 CNY/ton, nickel at 122,280 CNY/ton, tin at 262,930 CNY/ton, lead at 16,710 CNY/ton, stainless steel at 12,615 CNY/ton, and alumina at 2,898 CNY/ton [1] - International copper main contract closed at 69,980 CNY/ton, reflecting a decrease of 0.34% [1]