Copper - LME copper opened at $8,881/mt overnight, initially dipped to $8,872/mt, then climbed throughout the session, reaching a high of $9,024.5/mt near the close, and finally settled at $9,024/mt, up 0.18%. Trading volume reached 34,000 lots, and open interest was 280,000 lots. The most-traded SHFE copper 2412 contract opened at 73,150 yuan/mt overnight, initially dipped to 73,060 yuan/mt, then climbed throughout the session, reaching a high of 73,770 yuan/mt, and consolidated sideways near the close, finally settling at 73,610 yuan/mt with no change. Trading volume reached 40,000 lots, and open interest was 150,000 lots.

Aluminum - Overnight, the most-traded SHFE aluminum 2412 contract opened at 20,635 yuan/mt, reaching a high of 20,855 yuan/mt and a low of 20,635 yuan/mt, closing at 20,770 yuan/mt, up 100 yuan/mt or 0.48% from the previous close. The trading volume was 56,400 lots, and the open interest was 142,500 lots, with a daily reduction of 3,900 lots. On the previous trading day, LME aluminum opened at $2,529.5/mt, hitting a high of $2,563/mt and a low of $2,485/mt, closing at $2,523.5/mt, down $7/mt or 0.28%.

Lead - Overnight, SHFE lead warehouse warrant inventory increased again. The most-traded SHFE lead 2412 contract opened at 16,850 yuan/mt. Dragged down by the decline in LME lead, longs exited en masse after the opening, causing SHFE lead to quickly drop to 16,755 yuan/mt, nearly erasing all gains from the past week. During the session, SHFE lead attempted to regain 16,800 yuan/mt but failed, fluctuating downward in the latter half of the trading session. It finally closed at 16,790 yuan/mt, down 1.35%. Its open interest was 36,864 lots, a decrease of 3,165 lots from the previous trading day. Macro side, Fed Chairman Powell stated that the economy is strong, and the US Fed does not need to rush to cut interest rates, having time to understand the impact of Trump's policies. Where is the endpoint of this round of interest rate cuts by the US Fed? Goldman Sachs: around 3.25%-3.5%, about 100 basis points higher than the peak of the last cycle. US October PPI rose across the board, up 2.4% YoY, higher than expected, with increased stickiness in the service sector. The number of initial jobless claims in the US last week fell to 217,000, below expectations.

Zinc - Overnight, LME zinc opened at $2,965/mt, initially reaching a high of $2,970/mt. After the opening, it fell all the way to a low of $2,867.5/mt, then rebounded from the low, almost recovering the previous losses. At the end of the session, LME zinc slightly declined, closing down at $2,933/mt, a decrease of $37.5/mt or 1.26%. Trading volume increased to 14,232 lots, and open interest rose by 3,067 lots to 250,000 lots. Overnight, the most-traded SHFE zinc 2412 contract opened at 24,540 yuan/mt, initially dipping to 24,535 yuan/mt, then fluctuated upward to a high of 24,750 yuan/mt. Subsequently, SHFE zinc fell back from highs to near the daily moving average, maintaining a fluctuating trend, and finally closed up at 24,640 yuan/mt, an increase of 175 yuan/mt or 0.72%. Trading volume decreased to 86,800 lots, and open interest decreased by 1,261 lots to 102,000 lots.

Nickel - On November 14, Jinchuan nickel was quoted at a premium of 1,900-2,200 yuan/mt, with an average of 2,050 yuan/mt, up 150 yuan compared to the previous trading day. Norilsk nickel was quoted at a discount of 350-0 yuan/mt, with an average of 175 yuan/mt, up 75 yuan compared to the previous trading day.