According to the Business Society’s commodity market analysis system, as the end of 2025 approaches, the domestic PP market remains weak and consolidating, with prices for various grades mostly declining rather than rising. As of December 22, the benchmark quoted price for PP filament production was 6,253.33 yuan per ton, showing a year-on-year change of -2.39%.

price trend
In terms of raw materials:
In the early stages, the new round of production increases by OPEC+ intensified industry concerns about crude oil oversupply. Recently, due to low price levels and the approaching holiday season, seasonal demand has risen, leading to a rebound in international oil prices. For propylene, inventories were at historically low levels earlier, with tightened supply and elevated spot prices. By mid-month, prices had risen to a阶段性 high, but as the favorable factors gradually diminished, spot prices have since declined. In the case of propane, overseas prices remain high, and port cargo prices are also elevated, with overall prices remaining firm. Overall, the price trends of PP raw materials show mixed performance, but the cost support for PP remains relatively adequate.
Supply side:
In the latter half of December, domestic PP enterprises largely balanced between resuming production and maintenance, with limited overall changes in operating rates. As of the time of writing, the industry’s total load level stands at approximately 79%, showing minimal deviation from the beginning of the month. The current weekly average total output is close to 820,000 tons, while inventory levels remain around 800,000 tons, keeping market supply ample. However, multiple maintenance plans are set to be implemented in the near future, leading to an expected slight decline in production. Overall, the supply side provides only moderate support to spot prices.
Demand side:
Domestic economic meetings released neutral information, falling short of market expectations and failing to significantly boost operator sentiment. In the e-commerce sector, there is some pull on consumption for packaging and household appliances, but the overall trading atmosphere in the industry remains limited. Meanwhile, the impact of the Federal Reserve’s rate cuts and trade protectionism persists, dragging down the export of finished products and leaving downstream enterprises with suboptimal production loads. Currently, the finished product market for polypropylene (PP) end-use enterprises is lukewarm, with slower raw material digestion. As the year draws to a close, end-use enterprises show low willingness to build inventories, while midstream players increasingly engage in price concessions to reduce stockpiles. The demand momentum struggles to support spot PP prices.
Market Outlook
In late December, domestic PP market prices remained weak and fluctuated. From a fundamental perspective, upstream raw material prices were mostly rising, providing moderate support for PP. Industry load rates stabilized at high levels, while consumption improvements were limited. With large-scale production capacity, the supply surplus remains unchanged, and there is little incentive for further inventory digestion. PP market trends are expected to continue adjusting.

1、 Trend analysis

According to monitoring data from Shengyi Society, copper prices first fell and then rose this week. As of the 19th, copper prices were reported at 92496.67 yuan/ton, up 0.21% from the beginning of the week, 25.28% from the beginning of the year, and 25.1% year-on-year.
According to the weekly chart of Shengyi Society, copper prices have risen slightly this week, with a decrease of 4 and an increase of 7 in the past three months.
LME copper inventory
According to data released by the London Metal Exchange (LME). LME copper inventory has slightly decreased, with 164275 tons of LME copper inventory as of the weekend, a decrease of 0.96% from the beginning of the week.
Macroscopically, after the release of November employment data in the United States, market sentiment quickly turned optimistic, with 64000 new jobs added. Although it exceeded expectations, the unemployment rate unexpectedly rose to 4.6%, the highest level since September 2021. The market’s expectation of a rate cut in 2026 has driven up metal prices, as lower borrowing costs are conducive to stimulating the economy and metal demand.
Supply side: Supply is facing shortage pressure. The joint negotiation group for Chinese copper raw materials has released a signal to reduce mining capacity by 10%, resulting in a significant increase in the cancellation of warehouse receipts for copper inventory on the London Metal Exchange. The Deutsche Bank report states that 2025 will be a “severely disrupted year”, with major copper producers lowering their production expectations and expecting a reduction of approximately 300000 tons in copper production by 2026. In addition, the hoarding of copper by the United States is also exacerbating the tense situation of global copper supply. The United States is hoarding copper inventory due to arbitrage opportunities, and the phenomenon of physical copper hoarding is gradually eroding international copper supply, especially the inventory situation on the London Metal Exchange is becoming increasingly tight.
On the demand side: The rapid rise in copper prices has brought enormous cost pressure to downstream manufacturing industries. Air conditioning manufacturing companies are the first to bear the brunt, and recently some companies have announced price increases. In addition, 19 air conditioning companies jointly announced their accession to the self regulatory convention on aluminum reinforcement applications, hoping to resolve cost pressures through “aluminum replacing copper”.
In summary, Goldman Sachs predicts that copper prices will increase from $10650/ton to $11400/ton in 2026; Citigroup is more aggressive, predicting that copper prices will exceed $13000/ton in early 2026 and may even reach $15000/ton in the second quarter of next year. ING commodity strategist Ava Mante said that the fundamentals of the copper market remain tight, with an expected average copper price of $11500 per ton in 2026, and may reach a peak of nearly $12000 in the second quarter. The market is concerned that a large influx of copper into the United States may preemptively respond to potential import tariffs, which could exacerbate copper shortages in other regions; The slowdown in global economic growth or the escalation of trade frictions may also suppress copper demand, leading to a decline in copper prices. It is expected that copper prices will continue to fluctuate strongly in the short term.

According to the Commodity Market Analysis System of Shengyi Society, as of December 17th, the average market price of acetic acid was 2660 yuan/ton, an increase of 23.33 yuan/ton or 0.88% compared to the price of 2636.67 yuan/ton on December 10th.

Recently (12.10-12.17), the domestic acetic acid market has continued to operate strongly. In terms of supply, the faulty devices are gradually recovering, and the operating rate of acetic acid has slightly increased compared to last week. Some companies’ inventory fluctuates narrowly, and the overall spot supply pressure in the market is not high. Downstream markets remain stable and buy according to demand. The market sentiment is optimistic, and the price of acetic acid is running steadily.
Recently, the raw material methanol market has been operating strongly. As of the 17th, the average price in the domestic market was 2126 yuan/ton, an increase of 2.21% compared to the price of 2080 yuan/ton on December 10th. The domestic methanol market is supported by shipping costs, with local prices showing strong performance. Supply pressure in the port market still exists, suppressing the rise of spot prices. At the same time, downstream demand is limited, and market trading is average, resulting in narrow fluctuations in the methanol market.
The downstream acetic anhydride market is relatively strong and rising. From December 10th to 17th, the average ex factory price of acetic anhydride was raised from 4130 yuan/ton to 4170 yuan/ton, an increase of 0.97%. The upstream acetic acid market is strong, and the cost of acetic anhydride continues to be favorable. Downstream production is stable, and entry into the market follows demand. The on-site support is relatively strong, and the price of acetic anhydride continues to rise during the cycle.
Market forecast: Business Society’s acetic acid analyst believes that the recovery of domestic acetic acid plants is slow, the inventory pressure of enterprises is not high, the mentality of manufacturers continues to be optimistic, the downstream performance of the demand side is stable, and the fundamental support is good. It is expected that the acetic acid market will stabilize and operate in the later stage, and the market supply situation will be closely monitored in the future.

1、 Price trend

According to data monitored by Shengyi Society, as of December 17th, the average price of domestic industrial grade high-quality cyclohexane was 6900 yuan/ton. Currently, the supply of cyclohexane is sufficient, and the overall market supply and demand are balanced. Downstream demand is limited, and inventory is running at a high level.
2、 Market analysis
Market wise: In 2025, the overall import and export volume of cyclohexane will be less than in 2024. The domestic cyclohexane supply is loose, with supply exceeding demand and inventory running at a high level, resulting in slow consumption. Currently, the cyclohexane inventory is sufficient to meet the domestic market demand. In 2025, the performance of the cyclohexane upstream and downstream industry chain market is poor, with dismal demand and insufficient purchasing atmosphere in downstream markets. The overall market demand is limited, and cyclohexane prices are showing a downward trend from a high level, with prices continuously hitting new lows in recent years. Currently, industry players are pessimistic and cautious in their operations.
Upstream pure benzene: Due to the influence of the international crude oil market, the pure benzene market is weakly consolidating and operating, and the cost side has limited support for the pure benzene market. In terms of prices, Sinopec’s East China pure benzene price is priced at 5300 yuan/ton, and North China pure benzene price is priced at 5190 yuan/ton. The weak operation of the Shandong market is the main focus of negotiations, and the on-site negotiation range is between 5150-5260 yuan/ton. Contract holders are considering a decrease in the number of imported goods arriving at the ship in the future, a slowdown in port inventory accumulation, and a positive attitude towards entering the market for replenishment. The overall market procurement atmosphere has improved, and the negotiation focus is relatively high.
In terms of demand, cyclohexane accounts for a relatively large proportion of consumption in China. With the improvement of product quality and production capacity, export volume has been increasing year by year. The demand for cyclohexane in Southeast Asia, the Middle East and other regions has grown rapidly, providing a broad international market space for Chinese enterprises. Cyclohexane, also known as hexahydrobenzene, is a colorless liquid with a pungent odor. Insoluble in water, soluble in most organic solvents, highly flammable. It is generally used as a general solvent, chromatographic analysis standard substance, and for organic synthesis. It can be applied in resins, coatings, fats, paraffin oils, and can also be used to prepare organic compounds such as cyclohexanol and cyclohexanone,
3、 Future forecast
The cyclohexane analyst from Shengyi Society believes that the cyclohexane industry has a high degree of concentration, with large enterprises dominating and intense market competition pressure. The price fluctuation range is limited, and the overall market supply and demand balance is expected to remain stable in the short term.

According to the monitoring of the commodity market analysis system of Shengyi Society, the average price of LLDPE (7042) was 6781 yuan/ton on December 9th and 6670 yuan/ton on December 15th, a decrease of 1.65%. LDPE (2426H) had an average price of 8800 yuan/ton on December 9th and 8633 yuan/ton on December 15th, a decrease of 1.89%. The average price of HDPE (2426H) on December 9th was 7312 yuan/ton, and on December 15th it was 7162 yuan/ton, a decrease of 2.05%.

Polyethylene has been operating weakly recently. Manufacturers’ willingness to ship has increased, but downstream demand is weak. In order to actively reduce inventory, the market mainly offers discounted shipments, and quotations continue to decline. International crude oil prices have fallen due to market concerns about the continued risk of oversupply and insufficient cost support. The supply side is sufficient, the new device has been put into operation, and stable release of production volume has been achieved, resulting in a steady increase in output. The demand is in the off-season, with limited order growth and a focus on rigid procurement. The enthusiasm for receiving goods is not high, and the overall downstream production rate has decreased. The demand for greenhouse film has entered the off-season, and the trading atmosphere in the packaging film industry is flat. Insufficient stimulation of terminal consumption. Recently, the futures market has been declining due to multiple negative factors, and it is expected that polyethylene will operate weakly.

Recently, the price of acetic anhydride has risen

According to the Business Society Commodity Market Analysis System, as of December 14, the price of acetic anhydride was 4,135 yuan per ton, up 2.61% from the 4,030 yuan per ton price on December 8. This week, acetic acid prices continued to rise, supported by strong cost pressures from acetic anhydride. On the supply side, some acetic anhydride production facilities were shut down for maintenance, leading to lower operating rates and reduced market supply. Downstream demand remained stable, with moderate support. Acetic anhydride manufacturers are optimistic, driving the price to rise stronger.
The acetic acid market continues to decline
According to the Acetic Acid Market Analysis System of Business Society, as of December 14, the price of acetic acid stood at 2,660 yuan per ton, up 1.40% from the 2,623.33 yuan per ton on December 8. The recovery of acetic acid production units under maintenance was slower than expected, resulting in limited market supply pressure. Manufacturers maintained low inventory levels, and there was strong sentiment for price support. Downstream demand remained stable, fostering a favorable trading atmosphere. The upward trend in acetic acid prices continued, positively impacting the acetic anhydride market.
Market Outlook
The acetic acid analyst at Business Society noted that the price trend of raw material acetic acid is relatively strong, with a positive market sentiment for acetic anhydride. On the supply side, the pressure on acetic anhydride market inventory has eased, and manufacturers are actively pushing for higher prices. Downstream production remains stable, and the fundamental outlook for acetic anhydride is generally favorable. It is expected that the acetic anhydride market will maintain firm performance in the near future, with specific attention to upstream market developments.

I. Trend Analysis

According to data monitored by the Business Society, copper prices surged significantly this week. By the 12th, the price reached 93,903.33 yuan per ton, hitting a 15-year high. This marks a 2.6-fold increase from the low point in June 2016 and a nearly 27.19% rise year-to-date.
The piles of copper in U.S. warehouses are higher than mountains
The copper stockpiles in U.S. warehouses are higher than mountains, while factories in the rest of the world are nearly running out of supplies. The copper inventory at the U.S. Comex warehouse has surged to over 400,000 tons, a 300% spike from the beginning of the year. Meanwhile, in regions outside the U.S. that consume 90% of the world’s copper, inventory shortages have forced some factories to cut production. A global resource reallocation triggered by unilateral U.S. policies is unfolding. In February, the U.S. introduced measures likely to impose tariffs of up to 50% on imported copper by 2026. As soon as the policy was announced, traders rushed to secure supplies, diverting copper originally destined for Asia back to the U.S.
Mokorey plans to withdraw 40,000 tons of copper from the LME Asia warehouse
Swiss commodities trader Mercuria has notified its plans to withdraw over 40,000 tons of copper from warehouses in Asia at the London Metal Exchange (LME). This withdrawal will reduce the exchange’s inventory by more than half, potentially causing a severe shortage in the global copper market.
The Federal Reserve cut interest rates by 25 basis points as expected
On December 10 local time, the Federal Reserve announced a scheduled 25-basis-point interest rate cut, marking the third reduction of the year. Starting Friday, the Fed resumed purchasing short-term treasury bonds, reigniting the expansion of its balance sheet. This move has heightened expectations for global liquidity easing, which is favorable for copper prices.
fundamentals
Global supply remains tight
Major mine production continues to be disrupted, compounded by the U.S. siphoning effect, which has led to a steady influx of copper inventory into the U.S. market, heightening concerns about supply shortages in non-U.S. regions. Leading market institutions remain optimistic, projecting that LME copper prices will remain above $11,000 per ton in 2026, potentially approaching $12,000 by year-end, while Shanghai copper prices are expected to near 96,000 yuan. Currently, global mines face numerous adjustments, with short-term supply growth constrained, low ore grades, and significant challenges in investment and extraction.
Demand side
The global energy transition, the widespread adoption of electric vehicles, and grid upgrades are accelerating the expansion of copper demand, with promising prospects for demand and a further widening supply gap. Downstream players are adopting a wait-and-see approach amid high prices, while mandatory procurement and weekend restocking needs remain limited, resulting in insufficient market buying interest.
LME copper inventory falls
Recently, LME copper inventories experienced a slight decline. As of the 12th, LME copper inventories stood at 158,375 tons, down 3.75% from the beginning of the week.
Market Outlook:

In summary, on the raw material side, the copper concentrate processing fee index has fallen again. Chile has raised the premium for copper spot prices in China, and domestic CSPT members will reduce copper mining capacity by 10% next year, exacerbating market concerns about tight copper supply. On the demand side, supported by expectations of overseas interest rate cuts and raw material costs, copper prices remain strong. In the short term, high copper prices have suppressed downstream purchasing sentiment, and downstream attitudes have become cautious, mainly focusing on restocking for essential needs. The supply gap in non US regions continues to widen, with domestic copper inventories continuing to decline and the Federal Reserve cutting interest rates. However, high prices limit downstream procurement, and it is expected that copper prices will still have room for upward movement, with strong volatility.

According to the analysis of the Business Society’s market monitoring system, on December 11th, the reference price for the domestic market of silicon metal # 441 was 9620 yuan/ton, which was 130 yuan/ton lower than the market price of silicon metal # 441 on December 1st (9750 yuan/ton), a decrease of 1.33%.

The market lacks limited support and is trending downwards
From the commodity market analysis system of Shengyi Society, it can be seen that as we enter December, the domestic spot market for silicon metal is showing a weak downward trend. In the first ten days, there are no obvious positive signals in the silicon metal market, and multiple brands in the market have undergone varying degrees of price adjustments. As of December 11th, the market price of metallic silicon 441 # in East China is around 9300-9500 yuan/ton, with a price reduction of about 100-200 yuan/ton in the first half of the year. The market price of oxygen 553 # is around 9100-9300 yuan/ton, with a price reduction of about 100-300 yuan/ton in the first half of the year. The market price of 421 # is around 9500-9800 yuan/ton, with a price reduction of about 100-300 yuan/ton in the first half of the year.
Fundamental situation
On the supply side: Currently, the overall production of metal silicon in the northern and southern regions is still polarized, with the dry season having arrived. The production in the southern region is at a low level, while there is a slight increase in production in the northern region. However, the overall production cost of metal silicon has increased, and some silicon companies have experienced cost inversion. Therefore, there is a clear reluctance to sell, which has led to a weak willingness to sell and a stagnant supply performance.
On the demand side: Currently, after the market situation has fallen to a relatively low level, some downstream users have made bargain hunting purchases, but the overall wait-and-see atmosphere in the market is still strong. The improvement brought by the demand side to the market is average, and the weak supply-demand situation still exists.
Market analysis in the future
At present, the trading atmosphere in the metal silicon market is light and mild, and there is a strong wait-and-see sentiment towards the future market. The metal silicon data analyst from Shengyi Society predicts that in the short term, the metal silicon market will mostly adjust and operate within a narrow range. In the future, more attention should be paid to the impact of factory start-up adjustments on the production side.

Silver surged 5%

According to the Commodity Market Analysis System of Shengyi Society, the average price of silver market on December 10, 2025 was 14319 yuan/kg, with a daily increase of 4.95%, which is 6.75% higher than the average price of 13414 yuan/kg at the beginning of this month (December 1); Compared to the beginning of the year (January 1st), the average price of silver in the market was 7450 yuan/kg, an increase of 92.20%.
On December 10, 2025, the benchmark price of Shanghai Silver (silver ingots with a standard weight of 15 kilograms and a purity of not less than 99.99%, pricing contract) on the Shanghai Gold Exchange was 14318 yuan/kg, an increase of 739 yuan/kg from the benchmark price of 13579 yuan/kg on the previous trading day.
On December 10th, silver futures and spot prices continued to reach new highs, with London silver rising nearly 1% and Shanghai silver main contracts experiencing a daily increase of up to 5.27%.
Multi factor resonance supports the surge of silver prices
The recent surge is the result of the resonance of various factors such as industrial demand, supply and demand patterns, financial policies, and capital inflows. The specific reasons are as follows:
1. The outbreak of industrial demand has formed strong support:
The proportion of silver industry demand has risen to 65%, becoming the dominant force in prices. The photovoltaic industry is the core source of incremental growth. By 2025, the global silver consumption for photovoltaics will double compared to 2022, and the popularization of N-type batteries will further increase the silver consumption per GW. In the fourth quarter, global photovoltaic companies will increase orders for stocking up in 2026, resulting in a significant increase in silver demand from November to December; At the same time, AI computing power servers and data center orders remain strong, and their single cabinet silver consumption is much higher than that of traditional equipment. In addition, the silver consumption of new energy vehicles per vehicle far exceeds that of traditional fuel vehicles. These high growth areas have jointly driven up the demand for silver industry.
2. The contradiction between tight supply and worsening inventory shortage:
The global silver market has been in short supply for five consecutive years, and the supply gap is expected to reach 95 million ounces by 2025. On the supply side, 70-80% of silver is a byproduct of metals such as copper and lead. The expansion of main mineral resources is slow, and the fourth quarter production of mines in major producing areas such as Mexico and Peru is lower than expected. Mexico also plans to increase export tariffs to further restrict supply. In terms of inventory, LBMA silver inventory has decreased by one-third from its peak in 2022, and Shanghai Futures Exchange inventory has also dropped to a nearly 10-year low. Global exchange inventory is only enough to support 3-9 months of consumption, and the tight supply of available goods continues to push up prices.
3. Expectations of Federal Reserve interest rate cuts activate financial attributes:
According to CME’s “Federal Reserve Watch”, the probability of the Fed cutting interest rates by 25 basis points in December is as high as 87.6%. Cutting interest rates will reduce the opportunity cost of holding interest free assets such as silver, while also suppressing the US dollar. Silver is priced in US dollars and is extremely sensitive to changes in the US dollar. A weaker US dollar will enhance the investment attractiveness of silver. In addition, the potential next chairman of the Federal Reserve holds a dovish stance, and the market expects multiple interest rate cuts in 2026, further strengthening the financial support of silver’s attributes.
4. A large influx of investment funds is driving the upward trend:

The price of silver is much lower than that of gold, attracting many investors seeking low-cost safe haven assets. Position data shows that COMEX’s non-commercial net long position in silver has reached a historic high, with the world’s largest silver ETF increasing its holdings by over 500 tons within six months; The trading volume of silver T+D in the domestic market increased by 30% in half a year, while speculative long positions increased by 12% in a single month. At the same time, the gold to silver ratio has fallen to around 72, although still higher than the long-term average, the trend of price correction has accelerated the shift of funds from gold to silver, forming a positive feedback of upward trend.
5. Macro risk aversion provides additional impetus:
At present, the debt level of major western economies is rising, the scale of US treasury bond bonds is high, coupled with the geopolitical risks such as the continuation of the Middle East conflict, the global credit and monetary system is impacted, and investors have increased the allocation of precious metals to avoid currency depreciation and economic fluctuation risks. Silver, as a safe haven and price advantage
Market forecast: Long term trend is good, short-term vigilance against pullbacks and high volatility
On December 10th, silver prices hit a historic high, with an increase of over 92% compared to the beginning of the year (1.1), nearly doubling. Silver prices may face high volatility and pullback risks in the short term, while in the medium to long term, they are likely to maintain an upward trend due to fundamental support.

According to the analysis from Business Society’s market monitoring system, on December 9, the domestic market price of silicon metal #441 was referenced at 9,620 yuan per ton. Compared to December 1 (market price of silicon metal #441 at 9,750 yuan per ton), the price decreased by 130 yuan per ton, marking a 1.33% decline.

Weak support in the market leads to a downward trend in the silicon metal market
According to the commodity market analysis system of Business Society, the domestic silicon metal spot market has shown a continuous decline in recent two days (December 7-9), with notable fluctuations in market conditions. Prices for various grades in multiple regions have experienced varying degrees of downward adjustments. As of December 9, the reference price for 441# silicon metal in East China was approximately 9,300-9,500 yuan/ton, with a price drop of around 100-200 yuan/ton. The market price for oxygenated 553# silicon metal was around 9,100-9,300 yuan/ton, with a price decline of approximately 200-300 yuan/ton.
Fundamental situation
Supply Side: Currently, the overall supply side of the metallurgical silicon market remains relatively stable. As the dry season begins, the overall operating rate in the southern regions continues to decline, while some silicon producers in the northern regions have increased production or resumed operations, leading to a slight rise in the operating rate. Presently, the operating rates in the north and south exhibit a polarized trend, with the overall operating situation being significantly influenced by adjustments made by major producers. The expected production volume in December is roughly on par with November. At the moment, some silicon producers show low enthusiasm for restarting operations after shutdowns.
Demand side: Currently, the demand for metallurgical silicon within the market is moderate, with limited transactions. The negotiated prices for metallurgical silicon remain at low levels, and downstream restocking and inventory preparation are constrained. Overall, the pressure from both supply and demand sides remains significant.
Post-market analysis
Currently, the metal silicon market remains characterized by weak supply and demand, with subdued trading activity and a generally subdued transaction focus. Analysts at Business Society estimate that in the short term, the domestic metal silicon market will primarily experience narrow adjustments, though further developments in supply-demand dynamics will require close attention.