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  Entering the month-end, demand was sluggish, and market trading activity was sluggish [SMM North China spot copper].

  Spot prices of #1 copper cathode against the front-month contract in North China today were at a discount of 210-150 yuan/mt, with an average discount of 180 yuan/mt, unchanged from the previous trading day. Transaction prices were 86,310-86,480 yuan/mt, with an average of 86,395 yuan/mt, up 45 yuan/mt from the previous trading day.

• [SMM Hot-Rolled Arrivals] Arrivals in Major Northern and Southern Cities Reversed This Week

  SMM Steel November 25: According to SMM statistics, the estimated total resource shipments in mainstream markets this week were 194,800 mt, down 3.47% WoW. By market:

• Harmony Copper Mine Project Investment Approved, LME Copper Fluctuated and Closed Higher Overnight [SMM Copper Morning Meeting Minutes]

  SMM Morning Meeting Summary: LME copper opened at $10,840/mt overnight, fluctuated upward after opening to touch a high of $10,949/mt, then declined all the way, approaching the session end to touch a low of $10,810/mt, and finally closed at $10,832.5/mt, up 0.47%, with trading volume reaching 23,000 lots and open interest reaching 329,000 lots. The most-traded SHFE copper 2601 contract opened at 86,750 yuan/mt overnight, touched a high of 87,200 yuan/mt at the beginning of the session, then fluctuated downward to touch a low of 86,250 yuan/mt, and finally moved sideways to close at 86,350 yuan/mt, down 0.08%, with trading volume reaching 64,000 lots and open interest reaching 203,000 lots.

• US Fed Dovish Tone Resurfaces, Aluminum Prices Continue to Fluctuate at Highs [SMM Aluminum Morning Meeting Minutes]

  [SMM Aluminum Morning Meeting Minutes: US Fed Dovish Tone Resurfaces, Aluminum Prices Continue to Fluctuate at Highs] Overall, on the macro front, domestic macro trends are favorable; the US Fed's monetary policy shows divergence, with dovish voices resurfacing within the Fed, and overseas macro sentiment remains cautious. Earlier suppression of consumption by high aluminum prices has delayed some demand, while fundamentals provide some support for prices; overseas, focus remains on the progress of production cuts at the Icelandic aluminum plant. Aluminum prices are expected to hover at highs in the short term.

• Silicon Metal Prices Temporarily Stable Strong Tug-of-War Between Longs and Shorts in Polysilicon Sector [SMM Silicon-Based PV Morning Meeting Minutes]

  [SMM Silicon-Based PV Morning Meeting Minutes] Polysilicon: The quotation for polysilicon N-type recharging polysilicon is 49.6-44.9 yuan/kg, granular polysilicon is 50-51 yuan/kg, and the polysilicon price index is 51.9 yuan/kg. Overall, market prices are largely stable, with individual enterprises currently maintaining a mindset to hold quotes firm. Top-tier enterprises have slowed down their delivery actions on futures, and recent news includes the confirmation of relevant company names. However, downstream sentiment remains generally weak, with issues of production cuts and price reductions persisting. Under the offset of long and short positions, spot prices are temporarily stable.