| 金属 | 库 | 増减 | 变动 | | --- | --- | --- | --- | | 同 | 166,925 1 | +325 1 | +0.20% | | 铝 | 519,600 | 0 | 0.00% | | 蚌 | 97,700 ↑ +2,150 | 1 | +2.25% | | 臭 | 253,998 1 | +690 1 | +0.27% | | 铝 | 265,575 J | -2,875 T | -1.07% | | 锡 | 4.190 ↑ | +375 ↑ | +9.83% | | 铝合金 | 1.500 | 0 | 0.00% | | LME库存 | | --- | | 金属 | 库存 | 注册仓单 变动 | 注销仓单 | 变动 | 注销占比 | FBRK | | --- | --- | --- | --- | --- | --- | --- | | 테크 | 166,925 | 102,475 ↑ +0.27% | | 64,450 ↑ +0.08% | 38.61% | 38.66% | | 铝 | 519,600 | 445,925 1 -1.47% | | 73,675 ...

Group 1 - Domestic photovoltaic glass production decreased by 4.07% month-on-month in November, with expectations of a 4.46% increase in December due to more production days and increased output from previously ignited furnaces [2] - The demand for photovoltaic glass continues to decline, leading to heightened risks of oversupply in the market [2] Group 2 - The World Gold Council's senior market strategist Joseph Cavatoni indicates that the strategic rationale for allocating to gold remains strong, with market predictions for gold prices in 2024 expected to range between $4,000 and $5,300 [3] - OPEC+ is set to assess the global oil market, with indications of oversupply prompting member countries to likely maintain stable production levels in the first quarter of next year [3] Group 3 - Various commodities showed price fluctuations, with CMX gold rising by 1.57% to $4,258.78 and LME copper increasing by 2.31% to $11,179.00 [4] - The WTI crude oil price slightly decreased by 0.03% to $58.994, while Brent crude oil fell by 0.04% to $62.890 [4]

Group 1 - LME copper prices continued to decline, with three-month copper down 0.50% to $10,725 per ton, and Shanghai copper down 790 yuan or 0.88% to 85,650 yuan per ton [1] - The strong US dollar, benefiting from reduced expectations for a Federal Reserve rate cut next month, has made dollar-denominated commodities more expensive for investors using other currencies [1] - Analysts noted that the labor market signals are becoming increasingly sensitive as investors reassess the Federal Reserve's recent path due to the delayed September employment data [1] Group 2 - Nickel prices also showed weakness, with three-month nickel down 0.58% to $14,565 per ton, testing the lowest levels since April [1] - LME nickel inventories rose to 252,090 tons, indicating a potential oversupply in the market [3] - Other metals such as aluminum, zinc, lead, and tin also experienced price declines, with three-month aluminum down 0.68% to $2,794.50 per ton [3] Group 3 - The battery raw material nickel sulfate is showing signs of weakness as of November [2] - The price of ferrosilicon is currently slightly above 900 yuan per nickel point, down from over 950 yuan per nickel point in mid-October [1]

Core Insights - The article provides an overview of the changes in LME (London Metal Exchange) inventory levels for various metals, highlighting both increases and decreases in stock levels across different locations. Group 1: Copper Inventory - The total LME copper inventory stands at 136,250 tons, reflecting a decrease of 25 tons or 0.02% from the previous day [1] - Registered warehouse receipts for copper increased by 1.20%, with a total of 12,6050 tons registered [2] - The cancellation rate for copper warehouse receipts is 7.49%, down from 8.60% [2] Group 2: Aluminum Inventory - LME aluminum inventory is reported at 545,225 tons, with no change from the previous day [1] - The registered warehouse receipts for aluminum decreased by 5.31%, totaling 509,550 tons [2] - The cancellation rate for aluminum warehouse receipts is 6.54%, slightly down from 6.88% [2] Group 3: Zinc Inventory - Zinc inventory at LME is recorded at 35,300 tons, showing an increase of 400 tons or 1.15% [1] - Registered warehouse receipts for zinc increased by 2.06%, totaling 31,000 tons [2] - The cancellation rate for zinc warehouse receipts is 12.18%, down from 12.97% [2] Group 4: Tin Inventory - LME tin inventory is at 3,015 tons, with a decrease of 20 tons or 0.66% [1] - Registered warehouse receipts for tin are at 2,875 tons, with a cancellation rate of 4.64% [2] Group 5: Nickel Inventory - Nickel inventory is reported at 253,308 tons, reflecting a decrease of 96 tons or 0.04% [1] - Registered warehouse receipts for nickel are at 238,338 tons, with a cancellation rate of 5.91% [2] Group 6: General Observations - The overall trends indicate fluctuations in inventory levels across various metals, with some experiencing increases while others show declines [1][2]

Group 1 - The core viewpoint of the article highlights the recent trends in various commodities, including precious metals, energy, and agricultural products, along with the impact of external factors such as Federal Reserve policies and international oil procurement strategies [3][4][5]. Group 2 - As of November 10, 2025, domestic soda ash manufacturers have a total inventory of 1.7062 million tons, a decrease of 0.008 million tons or 0.47% from the previous week. The inventory includes 0.7977 million tons of light soda ash, which decreased by 0.0169 million tons, and 0.9085 million tons of heavy soda ash, which increased by 0.0089 million tons [2]. - Federal Reserve's Williams indicated that the Fed may soon need to expand its balance sheet through asset purchases, assessing when reserve levels will transition from "slightly above adequate" to "adequate" [3]. - Indian state-owned oil companies have purchased 5 million barrels of crude oil from the spot market, seeking alternatives to Russian oil supplies, with Hindustan Petroleum Corporation buying 2 million barrels of WTI and 2 million barrels of Abu Dhabi Murban crude, expected to arrive in January [3]. Group 3 - Precious metals saw price increases, with CMX gold rising from 4006.100 to 4122.640, a change of 2.91%, and CMX silver increasing from 48.295 to 50.431, a rise of 4.42% [4]. - In the energy sector, WTI crude oil prices slightly increased from 59.869 to 59.880, while Brent crude rose from 63.766 to 63.980, reflecting changes of 0.02% and 0.34% respectively [4]. - Agricultural products also experienced price changes, with soybeans rising from 1117.350 to 1127.950 (0.95%), and wheat increasing from 561.400 to 569.625 (1.47%) [4].

Group 1 - The article provides an overview of the changes in LME (London Metal Exchange) warehouse inventories for various metals, highlighting fluctuations in stock levels and the registration and cancellation of warehouse receipts [1][3][5][7][9][11][13] - Copper inventory increased by 75 tons to 133,975 tons, with a registration warehouse receipt of 10650 tons, representing a cancellation ratio of 7.95% [1][3] - Aluminum inventory decreased by 2,125 tons to 550,450 tons, with a registration warehouse receipt of 43,500 tons, leading to a cancellation ratio of 7.90% [1][5] - Zinc inventory rose by 175 tons to 34,000 tons, with a registration warehouse receipt of 4,300 tons, resulting in a cancellation ratio of 12.65% [1][9] - Nickel inventory increased by 378 tons to 253,128 tons, with a registration warehouse receipt of 6,540 tons, showing a cancellation ratio of 2.58% [1][13] Group 2 - The article details specific warehouse inventory changes across various locations, including Rotterdam, Singapore, and Hamburg, indicating the dynamics of metal stock levels [3][5][9][11][13] - In Rotterdam, copper inventory decreased by 125 tons to 13,925 tons, while aluminum remained stable at 3,575 tons [3][5] - Singapore's zinc inventory decreased by 25 tons to 30,175 tons, while nickel inventory increased by 402 tons to 71,460 tons [9][13] - The cancellation ratios for various metals indicate the proportion of warehouse receipts that have been canceled, reflecting market conditions and demand [1][3][5][9][11][13]

Core Viewpoint - The report highlights the performance of various indices in the new energy vehicle sector, indicating a positive trend in the market with significant price increases in lithium and other related materials [1][2][3]. Industry Summary - The new energy vehicle index increased by 3.88%, the lithium battery index by 8.00%, the fuel cell index by 1.92%, the charging pile index by 1.56%, and the energy storage index by 4.60% [1][2]. - Lithium prices saw a rise, with lithium carbonate priced at 80,600 yuan/ton (up 6.8%) and lithium hydroxide at 75,800 yuan/ton (up 2.9%). LME nickel decreased slightly to $15,100/ton (down 0.2%) [1][3]. Company Performance - In the lithium battery index, notable performers included Tianji Co., Haike New Source, Duofluo, Wanrun New Energy, and Penghui Energy, with respective increases of 41.9%, 39.4%, 33.2%, 31.6%, and 30.3% [2]. - Conversely, companies such as Yinghe Technology, Camel Group, Hengdian East Magnetic, Xianhui Technology, and Tuobang Co. experienced declines of 6.5%, 5.5%, 4.1%, 3.8%, and 3.1% respectively [2]. Industry Dynamics - The report notes significant price changes in the supply chain, with cobalt priced at 390,000 yuan/ton (up 1.3%), lithium iron phosphate at 35,800 yuan/ton (up 7.0%), and hexafluorophosphate lithium at 107,500 yuan/ton (up 13.2%) [3]. - The "14th Five-Year Plan" suggests accelerating the development of strategic emerging industries, including new energy [3].

Core Insights - The report provides an overview of the inventory changes for various metals, including copper, aluminum, zinc, tin, and nickel, highlighting the fluctuations in registered and canceled warehouse receipts. Inventory Changes Summary Copper - Current inventory stands at 139,350 tons, a decrease of 50 tons from the previous day - Registered warehouse receipts are at 131,075 tons, with 8,275 tons canceled, representing a cancellation rate of 5.94% [1][3] Aluminum - Current inventory is 506,000 tons, down by 2,825 tons from the previous day - Registered warehouse receipts total 405,700 tons, with 100,300 tons canceled, leading to a cancellation rate of 19.82% [1][5] Zinc - Current inventory is 37,475 tons, a decrease of 475 tons - Registered warehouse receipts are at 22,900 tons, with 14,575 tons canceled, resulting in a cancellation rate of 38.89% [1][9] Tin - Current inventory is 2,385 tons, down by 25 tons - Registered warehouse receipts total 2,170 tons, with 215 tons canceled, leading to a cancellation rate of 9.01% [1][11] Nickel - Current inventory is 242,094 tons, an increase of 4,716 tons - Registered warehouse receipts are at 235,896 tons, with 6,198 tons canceled, resulting in a cancellation rate of 2.56% [1][13]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - The report presents the average and median price changes of various commodities and indices during the National Day holidays over the past ten years and the past five years, including NYMEX crude oil, NYMEX natural gas, COMEX gold, COMEX silver, LME copper, LME zinc, LME nickel, LME aluminum, LME tin, LME lead, CBOT soybeans, CBOT corn, CBOT soybean oil, CBOT soybean meal, CBOT wheat, CBOT rice, ICE 11 - sugar, ICE 2 - cotton, S&P 500, US Dollar Index, CRB Commodity Index, and BDI [1][3] 3. Summary by Relevant Catalogs 3.1 NYMEX Crude Oil - Over the past ten years, the average price change during the National Day holiday was 3.18%, with a median of 3.33%. In the past five years, the average was 5.75%, and the median was 4.97% [1] 3.2 NYMEX Natural Gas - The ten - year average price change was 0.97%, and the median was - 1.57%. In the past five years, the average was 0.73%, and the median was - 3.19% [1] 3.3 COMEX Gold - The ten - year average price change was 0.08%, and the median was 0.30%. In the past five years, the average was 0.14%, and the median was 0.21% [1] 3.4 COMEX Silver - The ten - year average price change was 1.33%, and the median was 1.82%. In the past five years, the average was 1.54%, and the median was 2.01% [1] 3.5 LME Copper - The ten - year average price change was 0.26%, and the median was - 0.16%. In the past five years, the average was 0.44%, and the median was - 0.25% [1] 3.6 LME Zinc - The ten - year average price change was - 0.21%, and the median was 0.09%. In the past five years, the average was - 0.21%, and the median was - 0.29% [1] 3.7 LME Nickel - The ten - year average price change was 0.88%, and the median was 1.06%. In the past five years, the average was 1.67%, and the median was 2.20% [1] 3.8 LME Aluminum - The ten - year average price change was 1.87%, and the median was 1.91%. In the past five years, the average was 2.38%, and the median was 2.04% [1] 3.9 LME Tin - The ten - year average price change was 0.98%, and the median was 1.07%. In the past five years, the average was 0.58%, and the median was 1.47% [1] 3.10 LME Lead - The ten - year average price change was 0.92%, and the median was 1.02%. In the past five years, the average was 1.84%, and the median was 2.11% [1] 3.11 CBOT Soybeans - The ten - year average price change was 0.21%, and the median was 0.20%. In the past five years, the average was - 0.61%, and the median was - 0.82% [1] 3.12 CBOT Corn - The ten - year average price change was 0.78%, and the median was 0.73%. In the past five years, the average was 0.75%, and the median was 0.72% [1] 3.13 CBOT Soybean Oil - The ten - year average price change was 2.32%, and the median was 2.29%. In the past five years, the average was 2.74%, and the median was 2.96% [1] 3.14 CBOT Soybean Meal - The ten - year average price change was - 0.40%, and the median was - 0.24%. In the past five years, the average was - 1.73%, and the median was - 2.92% [1] 3.15 CBOT Wheat - The ten - year average price change was 0.09%, and the median was - 0.24%. In the past five years, the average was 0.34%, and the median was 1.71% [1] 3.16 CBOT Rice - The ten - year average price change was 1.03%, and the median was 0.34%. In the past five years, the average was 0.02%, and the median was - 0.53% [1] 3.17 ICE 11 - Sugar - The ten - year average price change was 3.04%, and the median was 1.12%. In the past five years, the average was 1.58%, and the median was - 0.31% [1] 3.18 ICE 2 - Cotton - The ten - year average price change was 0.78%, and the median was 0.14%. In the past five years, the average was 0.96%, and the median was 0.05% [1] 3.19 S&P 500 - The ten - year average price change was 0.74%, and the median was 0.70%. In the past five years, the average was 1.04%, and the median was 1.51% [1] 3.20 US Dollar Index - The ten - year average price change was 0.32%, and the median was 0.23%. In the past five years, the average was 0.38%, and the median was - 0.03% [1] 3.21 CRB Commodity Index - The ten - year average price change was 1.46%, and the median was 1.91%. In the past five years, the average was 2.03%, and the median was 2.37% [1][3] 3.22 BDI - The ten - year average price change was 3.82%, and the median was 4.44%. In the past five years, the average was 7.82%, and the median was 11.61% [1][3]

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the given content. 2) Core View of the Report - The report presents the price change statistics of various commodities and indices during the National Day holidays in the past ten and five years, including NYMEX crude oil, NYMEX natural gas, COMEX gold, etc., to show their historical performance during the holidays [1][2][4]. 3) Summary by Related Catalog a. Ten - year Average and Median Statistics - The ten - year average price changes during the National Day holidays are as follows: NYMEX crude oil 3.18%, NYMEX natural gas 0.97%, COMEX gold 0.08%, etc. The ten - year median price changes are: NYMEX crude oil 3.33%, NYMEX natural gas - 1.57%, COMEX gold 0.30%, etc [1][4]. b. Five - year Average and Median Statistics - The five - year average price changes during the National Day holidays are: NYMEX crude oil 5.75%, NYMEX natural gas 0.73%, COMEX gold 0.14%, etc. The five - year median price changes are: NYMEX crude oil 4.97%, NYMEX natural gas - 3.19%, COMEX gold 0.21%, etc [2][4]. c. Annual Price Changes from 2015 - 2024 - The report details the price changes of each commodity and index during the National Day holidays from 2015 to 2024. For example, NYMEX crude oil had a 6.15% change in 2015, 3.12% in 2016, and - 4.63% in 2017 [4].