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HBIS Group's silicon-manganese pricing in December was 6,350 yuan/ton, the first round of inquiry was 6,280 yuan/ton, and the silicon-manganese pricing in November was 6,280 yuan/ton.(The price in December 2023 is 6550 yuan/ton).The purchase volume of manganese silicon in December was 13,600 tons, the purchase volume of manganese silicon in November was 12,300 tons, and the purchase volume of manganese silicon in December 2023 was 15,500 tons. At the macro level, the annual rate and monthly rate of PPI in the United States in November were significantly higher than expected and the previous value, although the interest rate cut at the end of the year may be a high probability event, but inflation repeatedly causes uncertainty in the outlook for interest rate cuts or puts pressure on copper prices in stages.In addition, the month-on-month increase in the US unemployment rate in November and the rebound in initial jobless claims were negative for copper prices.Fundamentally, the TC/RC price of copper concentrate in 2025 is around $21/2.1 cents, significantly lower than the $80/8 cent level this year, indicating the market's concern about copper concentrate supply next year.From the perspective of raw material supply, it may bring marginal support to copper prices.According to the statistics bureau, China's refined copper output increased by 12% year-on-year in November and 13% year-on-year from January to November.However, at present, the domestic social inventory of electrolytic copper remains at a low level, and although it is in the off-season, the demand is particularly resilient.LME copper is stable at a high level, and the internal and external inventory structure is conducive to import input in the short term. On December 13, the inventory and changes of non-ferrous metals on the London Metal Exchange (LME) were as follows: 1. The copper warehouse was 272,450 tons, down 175 tons from the previous day.2. Aluminum inventory was 670025 tons, down 2,500 tons from the previous trading day.3. Nickel inventories were 161718 tons, down 3,468 tons from the previous day.4. Zinc inventory was 262,100 tons, down 4,400 tons from the previous day.5. Lead inventory was 255525 tons, down 1,600 tons from the previous day.6. Tin inventory was 4,600 tons, down 25 tons from the previous day.