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[Caixin Futures: Divergent Trends in Non-ferrous Metals and New Energy Sectors; Focus on Macroeconomic Data and Supply-Demand Changes] ⑴ On the macro front, the Fed's December meeting was dovish, and the next Fed is likely to be dovish, leading to continued market optimism. The market focus is currently on the upcoming November non-farm payroll report, which will determine how much and how quickly the US federal target rate will be lowered from its current level. ⑵ On the fundamental front, copper supply is limited by both domestic and imported sources, but year-end sales sentiment has increased significantly, resulting in ample supply in the spot market. Strategically, we believe it is still advisable to buy on dips. ⑶ On the zinc fundamental front, zinc concentrate processing fees continue to decline, smelters' profits are affected, reducing their willingness to produce, and domestic zinc ingot inventories are continuously decreasing, providing support on the supply side and leading to a short-term price strength. Considering the long-term outlook, with supply increasing and demand remaining stable, the zinc supply-demand balance tends to have a surplus. The realization of the current surplus expectation still depends on further transmission from the mining to the smelting end, limiting the long-term upside potential for zinc prices. ⑷ In the long term, precious metal prices remain supported, and the strategy is to buy on dips. Given the recent sharp price fluctuations, investors should exercise caution and avoid chasing highs and selling lows. (5) Alumina prices rebounded significantly due to anti-involution sentiment. However, the fundamentals remain in a state of oversupply, with some high-cost enterprises already facing losses, but no large-scale production cuts have occurred, and inventory continues to accumulate. (6) Approximately 9 million tons of domestic capacity is expected to come online in 2026, making it difficult to improve the overall oversupply situation. A trend reversal is unlikely in the short term, and short-term participation in rebound short-term strategies is advisable. Future attention should be paid to whether production enterprises experience loss-making production cuts, and to guard against unexpected supply-side shocks. (7) Affected by the decline in global market risk appetite, Shanghai aluminum followed the decline in non-ferrous metals in Friday night trading. However, given the generally bullish macroeconomic environment both domestically and internationally, coupled with 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. Subsequent attention should be paid to domestic demand and inventory trends. (8) Lithium carbonate futures rose sharply today, reaching the upper limit of the trading range. Attention should be paid to whether prices can break through in the short term. (9) Destocking of lithium carbonate is likely to continue in December, with an estimated reduction of around 6,000 tons, providing short-term price support. (10) Overall, with stronger-than-expected demand for energy storage, demand remains supported, and the view of a rising medium- to long-term price center for lithium carbonate remains unchanged. The strategy is mainly to buy on dips. Going forward, attention should be paid to the project's resumption progress, the follow-up developments of the Nigerian mine shutdown and ore shipments, and the pace of changes in lithium carbonate production and inventory.