According to the Commodity Market Analysis System of Shengyi Society, as of November 13, 2025, the morning market price of gold spot was 957.69 yuan/gram, an increase of 4.25% from the gold spot market price of 918.62 yuan/gram at the beginning of this month (November 1).
According to the Commodity Market Analysis System of Shengyi Society, the average market price of silver in the morning session on November 13, 2025 was 12420 yuan/kg, an increase of 8.23% from the average market price of 11476 yuan/kg at the beginning of this month (November 1), reaching a new historical high.
Overview of precious metal and crude oil price trends
Since 2025, the price correlation between precious metals and Brent crude oil has shifted from a short-term weak positive correlation to a long-term significant negative correlation. On November 13th, precious metal prices surged and crude oil prices fell sharply.
Comparison of precious metal gold and silver price trends in the past year
From the past year’s cycle, gold and silver have consistently maintained a strong positive correlation. The overall fluctuation of gold and silver prices shows a synchronous trend, and their ups and downs are basically synchronized during most of the time. For example, during the upward phase from late October 2024 to April 2025, as well as subsequent fluctuations and further upward movements, the trend directions of the two are basically consistent.
Silver prices hit a new high again, with inverted prices both domestically and internationally
On November 13, 2025, silver prices hit a new high. In terms of both domestic and international markets, Shanghai silver prices are more than 400 yuan/kg higher than London silver prices in RMB. Recently, silver prices have risen significantly, highlighting the strategic resource attributes of silver. In November 2025, both China and the United States introduced the latest policies reflecting the strategic resource attributes of silver. China focused on upgrading export controls to ensure resource security, while the United States released support and control signals by including it in the list of key minerals. The specific policy contents are as follows:
China: The Ministry of Commerce has issued Document No. 68 of 2025, upgrading silver to a strategic resource and incorporating it into the national resource security control system at the same level as tungsten and antimony. Production oriented export enterprises must meet the requirement of producing 80 tons of silver annually by 2024 (relaxed to 40 tons in the western region) or more, and have annual export performance from 2022 to 2024; Circulation oriented enterprises need to have continuous export performance during the same period and pass relevant system certification. Policies prioritize supporting enterprises with the entire industry chain, compliance, and high-tech capabilities. This move will promote the concentration of industry resources towards large enterprises and strengthen China’s ability to control the global supply of silver.
On November 6th, the United States included silver in the 2025 Key Mineral List. Domestic silver mining and refining projects can enjoy tax credits and other benefits, with simplified approval and the possibility of restarting strategic reserves for silver; At the same time, silver will be subject to tariff review under Article 232, with a maximum import tariff of 50%. This policy is adapted to the rigid demand for silver in fields such as photovoltaics and military industry, ensuring the stability of the supply chain in related industries.
Macro driven increase in precious metal prices
On November 13, 2025, precious metals saw a significant increase, with the core being the strengthening of expectations of interest rate cuts by the Federal Reserve, the rise in market risk aversion, and the resonance of multiple factors such as improved liquidity and prominent silver strategic attributes. The specific reasons are as follows:

1. The dovish shift of the Federal Reserve towards interest rate cuts is expected to rise across the board
Officials’ personnel changes drive expectations of policy easing: On November 12th, Atlanta Fed Chairman Bostic (with a hawkish stance) suddenly announced early retirement, and the market speculated that Trump may appoint a dovish successor to the position. This change further strengthens the expectation of the Federal Reserve accelerating its policy shift towards easing, directly driving up gold and silver prices. At the same time, multiple officials within the Federal Reserve have expressed signals of easing. For example, Milan believes that a 50 basis point rate cut in December is appropriate, and officials such as Daly also advocate maintaining an open attitude towards further rate cuts. Currently, the market predicts that the probability of a 25 basis point rate cut in December has reached 69.6%.
The weak data of the US economy confirms the necessity of interest rate cuts: the number of private sector layoffs in the US surged by over 150000 in October, setting a record high for the same period in more than 20 years; The previously released October ISM Manufacturing PMI index was only 48.7, continuously below the boom bust line, and the University of Michigan Consumer Confidence Index also fell to its lowest level since June 2022. The weak economic data has made the market firmly believe that the Federal Reserve needs to boost the economy through interest rate cuts, and a decline in interest rates will lower the opportunity cost of holding interest free precious metals such as gold and silver. At the same time, US bond yields have also fallen to their lowest levels since November 5th, further paving the way for the rise of precious metals.
2. Risk aversion and capital flow support
Uncertainty factors trigger the need for hedging: Although the US government shutdown is likely to be resolved through a temporary funding bill, the previous shutdown has led to the loss of key economic data, and the market is prone to emotional fluctuations during the “data gap period”; At the same time, the geopolitical conflict between the Middle East and Europe continues to escalate, and investors are increasing their holdings of precious metals to avoid risks. In addition, Bitcoin fell on the same day, and some of its outflow funds flowed into the precious metal market, providing additional impetus for the upward trend of precious metal prices.
Global central banks’ confidence in buying gold to underpin the market: central banks continue to increase their holdings of gold to form a long-term support. The People’s Bank of China has increased its holdings of gold for many consecutive months, and Poland, Türkiye and other countries have also significantly increased their holdings. According to data from the World Gold Council, most of the surveyed central banks plan to continue increasing their holdings of gold in the coming year. This official level of gold buying behavior has greatly enhanced the market’s bullish confidence in precious metals and provided solid support for prices.
3. Market liquidity is expected to improve, which is favorable for the valuation of precious metals
The US House of Representatives will vote on the bill to end the government shutdown on November 13th, and the government is likely to restart. Once the government opens the door, the general account of the Ministry of Finance will release a large amount of funds, which will significantly improve the market liquidity of the US dollar. In a loose liquidity environment, funds are more likely to flow into safe haven assets such as precious metals, while also easing market volatility caused by data loss, further driving up precious metal prices.
4. Strengthening the strategic attributes of silver drives the linked rise of the precious metal sector

The recent policies of China and the United States have further highlighted the strategic value of silver. China has included silver in its export review quota system, while the United States has for the first time included silver in its key mineral list. These policies have enhanced the strategic resource positioning of silver, enabling it to emerge from an independent and strong trend in the context of macroeconomic easing. As an important variety of precious metals, the strong rise in the price of silver has also driven the linked upward trend of other precious metals such as gold and platinum.
Forecast for the future market of precious metals prices in November
In the short term, precious metal prices are expected to rise strongly again. It is expected that precious metal prices will show short-term strong fluctuations, sufficient medium-term upward momentum, and a clear long-term upward trend in the future. Specifically, gold is likely to maintain a wide range of fluctuations in the short term, while silver has a strong trend and is expected to hit high levels in the short term.

According to the Commodity Market Analysis System of Shengyi Society, on November 12th, the ex factory price of cyclohexanone in Shandong Province, China was referenced at 6250 yuan/ton. Compared with November 1st (cyclohexanone price reference 6350 yuan/ton), the price decreased by 100 yuan/ton, a decrease of 1.57%.
In early November, the center of gravity of cyclohexanone in Shandong continued to decline and operate
From the Commodity Market Analysis System of Shengyi Society, it can be seen that in early November (11.1-11.12), the domestic cyclohexanone market in Shandong Province showed a weak and downward trend overall. The atmosphere inside the cyclohexanone plant in Shandong is poor, with limited fundamental support. The focus of cyclohexanone negotiations continues to shift towards lower levels, with a cumulative adjustment of around 50-150 yuan/ton within half a month. As of November 12th, the ex factory price of cyclohexanone in Shandong is estimated to be around 6200-6300 yuan/ton.
Analysis of Market Factors
In terms of supply and demand: In early November, the overall spot supply of cyclohexanone in Shandong’s market was relatively abundant, and there was some pressure on the supply side to ship. The overall strategy was to maintain low inventory and prioritize discounted shipments.
In terms of demand: Currently, downstream demand for cyclohexanone is showing caution, with many inquiries hovering at low levels. The overall transmission of demand is poor, and there is insufficient support for cyclohexanone.
In terms of cost: Recently, the market for pure benzene, a raw material on the cost side, has fluctuated slightly, which still puts cost pressure on cyclohexanone. According to data from Shengyi Society, on November 11th, the reference price of pure benzene was 5205.33 yuan/ton, an increase of 0.64% compared to November 1st (5172 yuan/ton).
Market analysis in the future
At present, the trading atmosphere in Shandong cyclohexanone market is relatively weak, and the mentality of industry players is average. There is a strong wait-and-see sentiment in the market, and downstream trading is cautious. There is a lack of obvious positive guidance in the market. The cyclohexanone data analyst from Shengyi Society predicts that in the short term, the cyclohexanone market in Shandong will mainly adjust its operation within a certain range, and specific changes in product supply and demand need to be monitored.

price trend
According to the bulk ranking data from Shengyi Society, the domestic PC market was mainly volatile in early November. The spot prices of most brands are fluctuating. As of November 11th, the mixed benchmark price of Business Society PC is around 14033.33 yuan/ton, with a price fluctuation of -0.94% compared to early November.
Root cause analysis
On the supply side: In the early stage of October, domestic PC aggregation enterprises conducted centralized maintenance, but since November, there has been a trend of mutual restart and maintenance. The restart of Lihua Yiwei Yuan is approaching, and Zhejiang Petrochemical’s maintenance arrangements cover multiple production lines. The industry’s operating rate has been reduced by 4% to 74%, and the weekly average production is around 62000 tons, a decrease from the beginning of the month. In terms of inventory, after early digestion, the position has dropped to a low level, easing the pressure on factory production and sales, and improving the pattern of abundant PC supply. Overall, the PC supply side has strengthened its support for PC.
In terms of raw materials, it can be seen from the above chart that the bisphenol A market continued to decline in November. The price position of upstream phenol acetone is relatively low, which is difficult to say for the bisphenol A market. In addition, the continuous weakness of bisphenol A consumption has led to a rapid decline in spot prices due to multiple factors. Although the current domestic market atmosphere is still bleak, spot prices have fallen to low levels, coupled with relatively controllable inventory, leading to increased price manipulation by enterprises and businesses, forming a bottoming force. It is expected that the price of bisphenol A will remain stable in the future, but the support for PC costs will still be weak.
On the demand side: The load position of downstream factories is still not ideal, and inventory is kept buying at low prices, with weak demand levels. Although maintenance has stimulated some brands to rise, the improvement in market trading activity is limited. At the same time, external news has disrupted the export market, and the overseas shipment of PC terminal products continues to be under pressure and weaken. Merchants within the range tend to follow the market trend and adopt a cautious and wait-and-see attitude. After meeting the demand for filling vacancies in the early stage, the market trading atmosphere returned to calm, and the speed of goods circulation slowed down again. Overall, the demand side provides moderate support for PC spot prices.
Market outlook
In early November, the domestic PC market experienced narrow fluctuations. The upstream bisphenol A market is weak at a low level, and the cost value has not shown any improvement in supporting PC. The load of domestic PC aggregation plants continues to decrease, but there are expectations of a short-term rebound in the market. The market trading situation has returned to weakness, with long and short positions in the market. It is expected that the PC market will continue to consolidate in the short term.

1、 Price trend
According to the Commodity Market Analysis System of Shengyi Society, as of November 7th, the reference average price of domestic urea market was 1615 yuan/ton, which is 1.57% higher than the reference average price of 1590 yuan/ton on November 3rd.
2、 Market analysis
market situation
This week, the domestic urea market prices have been running strong. Affected by export quotas and a new round of label printing, the urea futures and spot markets have risen. As of November 7th, the urea market prices in Shandong are around 1550-1620 yuan/ton, Hebei is around 1560-1600 yuan/ton, Henan is around 1530-1610 yuan/ton, Hubei is around 1540-1600 yuan/ton, and Liaoning is around 1620-1640 yuan/ton.
Supply and demand situation
This week, the domestic urea market has sufficient supply and increased demand. In terms of supply, the daily production of urea remains high, and supply pressure still exists. In terms of demand, after the recent phosphorus composite conference, the demand for winter storage of fertilizers has begun to advance, and the demand for downstream raw material procurement has increased.
3、 Future forecast
The urea analyst from Shengyi Society believes that the recent trend of the domestic urea market has been dominated. At present, the demand for urea in the market is improving, and the dual positive effects of exports and a new round of printing have increased the market’s optimism. It is expected that in the short term, domestic urea prices will mainly experience a strong upward trend.

There has been no significant improvement in the fundamentals this week, but downstream users have followed up with low-priced restocking to stimulate suppliers to slightly increase their quotes. As of November 7th, the mainstream tank discharge price in East China ports has increased by 8050-8100 yuan/ton, an increase of 50-100 yuan/ton compared to last week; Short distance delivery to the Shandong market costs 7900-8000 yuan/ton, an increase of 100 yuan/ton compared to last week.
Loose supply:
Supply remains loose during the cycle, with some companies experiencing an increase in inventory. However, in the short term, downstream users are following up to replenish factory inventory, which is still controllable and stimulates suppliers to slightly increase their quotes. According to statistics, as of November 6th, the weekly capacity utilization rate of domestic acrylonitrile factories has reached 77.99%, with a weekly output of about 88900 tons, which is 0.16 million tons compared to the previous cycle. The total inventory is about 52600 tons, which is+0.18 million tons compared to last week.
Decreased demand:
This week, the capacity utilization rate of major downstream industries has decreased, with ABS capacity utilization rate at 71.6%, a decrease of -0.5% compared to last week; The capacity utilization rate of acrylic fiber enterprises was 73.39%, unchanged from last week; The utilization rate of acrylamide production capacity was 53.28%, which was -0.65% compared to last week, indicating a decrease in overall demand for raw materials.
Cost reduction:
This week, the upstream propylene price continued to decline, and the cost support for acrylonitrile weakened. As of November 7th, the market price of propylene in Shandong was 6000-6050 yuan/ton, a decrease of 120-150 yuan/ton from last weekend’s 6150-6170 yuan/ton. At the same time, the price of acrylonitrile slightly increased, and the production loss situation significantly improved this week. According to statistics, the average production cost of acrylonitrile this week was 8146 yuan/ton, with a month on month decrease of -2.75%. The average production profit of acrylonitrile during the same period was -105 yuan/ton, with a month on month increase of 351 yuan/ton.
In the later forecast, the fundamentals are still weak, the overall supply is loose, and downstream buying is once again becoming cautious. The market continues to lack upward momentum. Next, we need to pay attention to the trend of the device and wait for further favorable developments.