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  Copper prices fluctuated downward, and the supply-demand pattern in the secondary copper market underwent changes—awaiting direction amid policy observation.

  Copper prices experienced a significant pullback this week with limited rebound, accumulating a decline of 1,400 yuan/mt. The price of bare bright copper in Guangdong was quoted at 77,800-78,000 yuan/mt, down 500 yuan/mt week-on-week. Following the US Fed's interest rate cut and the implementation of favorable China-US tariff policies, copper prices entered a macro event "vacuum period," showing a short-term trend in the doldrums, which directly led to a sharp pullback in prices on Tuesday.

• Positive Market News Driving Pr-Nd Price Increase Amid Medium-to-Long Term Uncertainties【SMM Analysis】

  Recent positive signals from the international economic market have significantly impacted the rare earth market, altering the expectations and behavioral patterns of market participants. Driven by these favorable developments, suppliers have quickly raised the quotations for Pr-Nd raw materials. As downstream enterprises had maintained a low-inventory strategy over the medium and long-term during the previous price decline cycle, they were forced to accelerate the pace of restocking after the shift in expectations, further driving up the price of Pr-Nd. Such policy-induced changes in psychological expectations often lead to price fluctuations more rapidly than actual supply-demand changes, particularly in the strategically significant rare earth market. 

• National Bureau of Statistics (NBS): CPI Turned Positive YoY in October, PPI Rose MoM After Being Flat

• How the Carbon Peak and Carbon Neutrality White Paper Will Impact the Solid-State Battery Industry

  On November 8, 2025, the State Council Information Office released the white paper titled "China's Actions for Carbon Peak and Carbon Neutrality," elevating ESS and new energy technologies to a strategic level. Solid-state batteries, with their core advantages of high energy density and intrinsic safety, have become a key technology for promoting comprehensive electrification of transportation and long duration energy storage (LDES) in the power grid. Driven strongly by the "1+N" policy system, solid-state batteries are gaining huge market demand and policy dividends while also facing opportunities and challenges in accelerating technological breakthroughs, reducing costs, and building a green life cycle recycling system.

• 【SMM Analysis】PEM Electrolyzer Shipment Data for Q3 2025 !

  PEM electrolyzers in Q3 2025 covered 24 enterprises with a total production capacity of approximately 2.78GW; the shipment volume reached around 21MW, a year-on-year decrease of about 27.1% and a month-on-month decrease of roughly 5.4%.