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[Caixin Futures: Macroeconomic Support for Non-ferrous Metals and New Energy Sectors Leads to Divergent Price Movements] ⑴ On the macro front, US initial jobless claims last week were lower than expected, marking the largest weekly increase since the pandemic, putting pressure on the US dollar index and supporting non-ferrous metal prices. ⑵ Copper prices continued to rise, breaking through 94,000 yuan/ton. Tight imports and normal domestic deliveries further supported prices. ⑶ Strategically, a buy-on-dips approach is recommended, but the market is currently in a phase of priced-in gains, so caution is advised regarding market sentiment changes after the positive news has been fully priced in. ⑷ Zinc prices are supported by marginal tightening at the mining end, with seasonal mine shutdowns and smelter winter stockpiling providing fundamental support. ⑸ In the long term, with increased supply and stable demand, the zinc supply-demand balance tends to have a surplus. The realization of this surplus expectation depends on further transmission from the mining end to the smelting end, limiting the long-term upside potential for zinc prices. ⑹ Precious metal prices rose further due to increased risk aversion, and long-term prices remain supported. A buy-on-dips approach is advisable, but caution is also needed regarding sentiment changes after the positive news has been priced in. (7) The alumina supply and demand situation remains loose, with prices continuing to decline. Some high-cost enterprises are already facing losses but have not yet reduced production on a large scale. (8) Approximately 9 million tons of domestic capacity is expected to come online in 2026, and the overall oversupply situation is unlikely to improve in the short term. Spot and futures prices will remain weak, but the downside potential is gradually narrowing, and shorting is not advisable in the short term. (9) The Fed's third rate cut has released expectations of a looser policy, coupled with the domestic clear statement that it will continue to implement a proactive fiscal policy next year, making the overall macro environment more favorable. (10) Against the backdrop of favorable macro environment and expectations of tightening overseas supply, the medium- to long-term upward trend of Shanghai aluminum and cast aluminum remains unchanged, and the strategy remains to buy on dips. (11) The lithium carbonate market is currently in a short-term battle between bulls and bears, with significant uncertainty in the news. It is recommended to remain on the sidelines. (12) With energy storage demand exceeding expectations, demand remains supported. The view of a rise in the medium- to long-term price center remains unchanged, and the strategy remains to buy on dips. Subsequent attention should be paid to the progress of supply-side projects and changes in inventory.