1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core Viewpoints - **Precious Metals**: The fundamental drivers for precious metals mainly come from the Fed's expected interest rate cut but sending hawkish signals, which boosts risk - aversion sentiment due to policy uncertainties. Geopolitical risks in the Middle East continuously strengthen the safe - haven attribute of gold. The strong gold investment demand globally in Q3 (a 47% year - on - year increase) and the support from the RMB - denominated advantage and the recovery of domestic physical demand lead to a "strong domestic, weak overseas" pattern [3]. - **Copper**: After the Fed's interest rate decision, the copper market saw a decline in both volume and price. The spot premium showed a trend of bottoming out and rebounding, but the increase was limited. If the spot market trading volume does not increase, the futures price may remain in a high - level oscillation in the short term [17]. - **Aluminum**: The tariff negotiation results led to a night - session increase in Shanghai aluminum. With macro events gradually settled, the market is in a news vacuum, and Shanghai aluminum is expected to oscillate at a high level in the short term. Alumina is in an oversupply situation, and prices are falling. Cast aluminum alloy has strong follow - up to Shanghai aluminum and strong support at the bottom [37]. - **Zinc**: In November, the TC of zinc decreased significantly due to intense competition for mines in the smelting sector, the lack of price advantage of overseas mines, and limited domestic mine increments. The smelting sector's willingness to cut or stop production increased. If demand remains stable, there is a possibility of inventory reduction. Low inventory supports prices, and there is an upward driving force in November [60]. - **Nickel**: Indonesia's new regulations on nickel ore quotas in 2026 are stricter. The price increase of nickel ore has slowed down, and the market circulation is tight. The price of nickel - iron and chrome - iron has declined, weakening the cost support for stainless steel. Stainless steel is in the off - season, and downstream demand is weak [76]. - **Tin**: Fundamentally, Yunnan's tin production has declined, and concentrate imports have dropped sharply. Supply is weaker than demand. In the short term, it is difficult to solve supply - side disturbances, and Shanghai tin is expected to remain strong, with support around 276,000 yuan [91]. - **Lithium Carbonate**: Market demand is good, and warehouse receipts are continuously and significantly decreasing. Before the end of the year, the demand of downstream lithium - battery material enterprises is expected to increase month - on - month, which may drive spot procurement demand and support the futures price [105]. - **Silicon**: For industrial silicon, as the dry season approaches, enterprise production cuts are expected to increase, and the price center may move up slightly, but the price increase is limited due to high inventory. The polysilicon spot market is cold, with a production - cut expectation, and the fundamentals are weak [116]. 3. Summary by Related Catalogs Precious Metals - **Price Data**: SHFE gold and silver futures prices, COMEX gold price, and related price ratios and spreads are presented in multiple charts [4][6][9]. - **Driving Factors**: Fed's interest rate policy, geopolitical risks, global central bank gold purchases, and investment demand are the main driving factors for the precious metals market [3]. Copper - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai copper and London copper futures are provided. The prices of Shanghai copper futures have declined, and the London copper price has also decreased [18]. - **Spot Data**: Spot prices of different copper sources have declined, and the spot premium has shown a trend of bottoming out and rebounding [23]. - **Inventory Data**: Shanghai copper and international copper warehouse receipts and LME copper inventory data are given, with some changes in inventory quantities [33][35]. Aluminum - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai aluminum, London aluminum, alumina, and aluminum alloy futures are provided. Shanghai aluminum prices have increased slightly, while alumina prices have decreased [38]. - **Spread Data**: Various spreads between different aluminum and alumina contracts are presented, with some spreads showing significant changes [40][42]. - **Inventory Data**: Shanghai aluminum and LME aluminum inventory data are given, with changes in inventory quantities [54]. Zinc - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai zinc and LME zinc futures are provided. Both prices have declined [61]. - **Spot Data**: Spot prices of different zinc grades have increased slightly, and LME zinc spreads have decreased [69]. - **Inventory Data**: Shanghai zinc and LME zinc inventory data are given, with changes in inventory quantities [73]. Nickel - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai nickel and LME nickel futures are provided. Prices have declined [77]. - **Downstream Data**: Nickel - related downstream product prices, such as stainless steel, have also declined, and the cost support for stainless steel has weakened [76]. - **Inventory Data**: Shanghai nickel warehouse receipt inventory data are presented [82]. Tin - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai tin and LME tin futures are provided. Shanghai tin prices have increased slightly, while LME tin prices have decreased [92]. - **Inventory Data**: Shanghai tin and LME tin inventory data are given, with inventory decreases [100]. Lithium Carbonate - **Price Data**: The latest prices, daily changes, and weekly changes of lithium carbonate futures are provided. Some contracts have shown price increases [106]. - **Spot Data**: Spot prices of different lithium - related products have changed, with some price increases [110]. - **Inventory Data**: Warehouse receipt inventory and social inventory data of lithium carbonate are given, with inventory decreases [114]. Silicon - **Price Data**: The latest prices, daily changes, and daily change rates of industrial silicon futures are provided. Prices have declined [118]. - **Downstream Data**: Prices of polysilicon, silicon wafers, battery cells, and components are presented, showing different trends [125][126][127]. - **Inventory Data**: Inventory data of industrial silicon and polysilicon are given, with polysilicon inventory at a relatively high level [136][144].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The short - term market is mainly volatile. Traders should pay attention to the impact of the capital market and equity market fluctuations on the bond market [2]. 3. Summary by Related Catalogs 3.1 Market Influencing Factors - **L利多因素**: The central bank increased the volume of MLF to maintain abundant liquidity, and the loose capital market supported the bond market sentiment. The basic consensus reached in the Sino - US economic and trade consultations led to a phased increase in market risk appetite [2]. - **利空因素**: The strengthening of the equity market suppressed the bond market sentiment, with a significant stock - bond seesaw effect. The yield of 10 - year treasury bonds increased, and the adjustment of spot bonds dragged down the performance of futures [2]. 3.2 Market Data - **国债到期收益率**: Data on 2Y, 5Y, 10Y, 30Y, and 7Y treasury bond yields from April 2024 to August 2025 are presented [3]. - **资金利率**: Data on deposit - type institutional pledged repurchase weighted interest rates (1 - day and 7 - day) and 7 - day reverse repurchase rates from December 2023 to June 2025 are shown [3]. - **国债期限利差**: Data on the term spreads of 7Y - 2Y and 30Y - 7Y from April 2024 to August 2025 are provided [4][5]. - **国债期货持仓**: Data on the positions of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures from December 2015 to December 2023 are given [8]. - **国债期货成交**: Data on the trading volumes of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures from April 2024 to August 2025 are presented [9]. - **国债期货基差**: Data on the basis of the current - quarter contracts of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures are provided, with different time ranges for each [10][11][12][14]. - **国债期货跨期价差**: Data on the current - quarter minus next - quarter spreads of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures are given, with different time ranges for each [18][20]. - **跨品种价差**: Data on the TS*4 - T and T*3 - TL cross - variety spreads are provided, with different time ranges for each [21][22].

核心观点 基本面信息1：铜精矿加工费维持负值，矿源紧张叠加印尼格拉斯伯格矿减产，支撑铜价 。 基本面信息2：中美经贸磋商进展积极，美国取消对华加税计划，市场风险偏好回升，资金持续流入铜期货。 基本面信息3：国内社会库存增至18.45万吨，进口货源集中到港且下游提货疲软，累库抑制价格。 基本面信息4：精铜杆企业开工率降至61.55%，成品库存环比增3.36%，线缆/漆包线订单"旺季不旺" 。 观点：宏观情绪与矿端支撑推动铜价高位运行，但基本面供需双弱及累库压力下，短期或高位震荡，需新驱动突破。 铜期货盘面数据（周度） | 盘面数据 | 最新价 | 周涨跌 | 持仓 | 持仓周涨跌 | 成交 | | --- | --- | --- | --- | --- | --- | | 沪铜主力 | 87010 | -0.81% | 258319 | -17353 | 244428 | | 沪铜指数加权 | 86996 | -0.79% | 593603 | 9991 | 444628 | | 国际铜 | 77460 | -0.9% | 4246 | -568 | 14132 | | LME铜3个月 | 10930 | 1. ...

Report Title - Nickel and Stainless Steel Industry Chain Weekly Report, dated October 31, 2025 [1] Report's Core Views Bullish Factors - Strong demand in the new energy sector, with increased production of ternary precursors, is driving up the price of nickel sulfate [3]. - High prices of nickel ore, and with the rainy season approaching in the Philippines, mines are more inclined to hold prices [3]. Bearish Factors - Weak fundamentals of refined nickel, with continuous accumulation of social inventory, suppressing the rebound of nickel prices [3]. - Insufficient demand in the stainless - steel sector, and the "Golden October" peak season was lackluster, with high social inventory [3]. Trading Advisory View - The macro sentiment and the current situation of fundamental oversupply counterbalance each other, limiting the upside potential of prices [3] Market Data Summary Nickel Futures - The closing prices of SHFE nickel contracts (main, continuous 1, 2, 3) decreased by -1.16%, -0.96%, -0.98%, -0.98% respectively, and LME nickel 3M decreased by -0.90%. The trading volume decreased by -23.48%, and the open interest decreased by -1.0%. The warehouse receipt quantity increased by 17.61%, and the basis of the main contract decreased by -77.14% [4] Stainless Steel Futures - The closing prices of stainless - steel contracts (main, continuous 1, 2, 3) decreased by -1%, -0.66%, -0.35%, -0.23% respectively. The trading volume decreased by -33.67%, and the open interest decreased by -22.61%. The warehouse receipt quantity decreased by -0.56%, and the basis of the main contract increased by 15.18% [5] Spot Prices - The prices of金川 nickel, imported nickel, 1 electrolytic nickel, nickel beans, and electrowon nickel increased by 0.24%, 0.21%, 0.25%, 0.20%, 0.29% respectively [5] Inventory Data - Domestic social nickel inventory increased by 1094 tons, LME nickel inventory decreased by 66 tons, stainless - steel social inventory increased by 0.4 thousand tons, and nickel pig iron inventory decreased by 174 tons [7] Data Charts - The report includes multiple data charts showing the historical trends of stainless - steel futures closing prices, nickel spot average prices, nickel and stainless - steel inventory, upstream nickel ore prices and inventory, downstream nickel sulfate prices and profit margins, and stainless - steel production and profit margins [8][9][14]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - **Lido Factors**: Refined zinc supply remains at a low level, supporting the firmness of zinc prices. Demand is in a seasonal peak season, and consumption expectations boost market sentiment [3]. - **Negative Factors**: The trend of accelerated inventory accumulation is emerging, and inventory pressure suppresses price increases. The pattern of oversupply in the domestic market continues, and the widening import losses restrain the market [3]. - **Trading Advisory Viewpoint**: The unilateral strategy is recommended to be cautiously bullish, with a focus on tracking the dynamics of the export window [3]. Summary by Related Catalogs Processing Links and Terminal Demand - **Galvanized Sheet Coil**: The content includes the market sentiment index (weekly), weekly inventory - seasonality, and steel mill weekly production - seasonality [4]. - **Net Exports and Imports**: There are net export seasonality data for galvanized sheets (strips), color - coated sheets (strips), and zinc oxide, as well as net import seasonality data for die - cast zinc alloys [7][9][10]. - **Real Estate**: Data on real estate development investment and project progress cumulative year - on - year, sales area cumulative year - on - year, and unsold area cumulative year - on - year, as well as 100 major cities'成交 land area and 30 major cities' commercial housing transaction volume are presented [12][14][16]. - **Infrastructure**: The cumulative year - on - year data of infrastructure fixed - asset investment (excluding rural households) completion amount in transportation, warehousing and postal services, water conservancy, environment and public facilities management, tertiary industry infrastructure construction, and power, heat, gas and water production and supply industries are shown [17][18]. Supply and Supply - Side Profits - **Zinc Concentrate**: Monthly import volume - seasonality, TC, and raw material inventory days are provided [20][22][26]. - **Zinc Ingot Production**: Monthly production - seasonality of SMM zinc ingots, China's monthly zinc ingot production + import volume - seasonality are included [23][24]. - **Inventory**: LME zinc inventory, SHFE zinc inventory, and exchange zinc ingot inventory data are presented [26][27]. - **Production Profit**: The production profit and processing fees of refined zinc enterprises are shown [23]. Futures Disk and Spot Market Review - **Zinc Price Trend**: The trends of domestic and foreign zinc prices, LME zinc closing price vs. US dollar index are presented [29][31]. - **Trading Volume and Open Interest**: The trading volume and open interest of SHFE zinc main contracts are shown [30]. - **Price Spread**: LME zinc (spot/three - month): premium/discount, 100 - basis spread trends of zinc ingots in three places are presented [33][38].

Report Date - The report is dated October 31, 2025 [1] Core Views Palm Oil - Internationally, Malaysian BMD crude palm oil futures are under pressure and trending weaker. There's potential to fall below 4,200 ringgit and further to 4,000 - 4,100 ringgit due to concerns of slowing exports and increasing production. After the current decline and risk release from the MPOB report, prices may stabilize and rebound. Starting from November, decreasing production and inventory will support price increases [3] - Domestically, Dalian palm oil futures are in a downward trend. After breaking below the 8,800 yuan support, there's pressure to fall to 8,500 - 8,600 yuan. Following the rebound of Malaysian palm oil above 4,000 ringgit, Dalian palm oil may also strengthen. A near - weak, far - strong market view is maintained [3] Soybean Oil - Dalian soybean oil futures opened higher but closed lower, dragged down by the falling BMD palm oil and the decline of CBOT soybean oil. Domestically, the supply is abundant and demand is weak. There's a possibility that the January contract may fall to 8,000 yuan. If CBOT soybeans and soybean oil rebound, Dalian soybean oil will be boosted; otherwise, the January contract may break below the integer mark [4] Oilseeds - Soybean Meal - The factory - set price of soybean meal has increased by 20 - 40 yuan/ton, while the near - month basis has declined. Due to falling pig prices and continuous losses in the breeding industry, downstream demand is mainly for essential needs. Traders are cautious. If US soybeans are imported at the basic tariff, it will improve the supply in the first quarter of next year, but the key lies in the release of oil mill profit margins. After the price correction, there's still a chance for the price to rise [17] Price and Spread Information Oil Price and Spread - Palm oil: P 1 - 5 is - 46 yuan/ton with a daily increase of 2; BMD palm oil主力 is 4,211 ringgit/ton, down 1.15% [5][8] - Soybean oil: Y 1 - 5 is 184 yuan/ton with a daily increase of 12; CBOT soybean oil主力 is 49.58 cents/pound, down 1.06% [5][14] Oilseed Price and Spread - Soybean meal: The closing price of bean粕01 is 3,021 with a daily increase of 27 and a rise of 0.9%; the difference between M01 - 05 is 195 with a daily increase of 29 [18][19] - Rapeseed meal: The closing price of菜粕01 is 2,388, down 13 and - 0.54%; the difference between RM01 - 05 is 66 with a daily increase of 23 [18][19]

Report Information - Report Title: "Oils and Fats and Oilseeds Industry Daily Report" [1] - Report Date: October 29, 2025 [1] - Author: Xu Liang [2] - Reviewer: Tang Yun [2] Industry Investment Rating - Not provided in the report Core Views Oils Palm Oil - International Market: Malaysian BMD crude palm oil futures have been on a continuous downward trend. Due to concerns about increased production and slower exports, the futures price has broken below the annual - line support of 4,350 ringgit. There is still pressure for an inertial decline, and it may fall further under the potential negative impact of rising month - end inventories. It is expected to test the support around 4,200 ringgit. After the release of the MPOB supply - demand report next month and with the support of the production slowdown season starting in November, Malaysian palm oil may gradually stop falling, stabilize, and rebound [3]. - Domestic Market: Dalian palm oil futures have been dragged down by the Malaysian palm oil trend and have fallen significantly. After breaking below the annual - line support, there is pressure for further weakness. It may stop falling or stage a short - term oversold rebound around 8,800 yuan; otherwise, it may fall to 8,600 yuan. Given the increasing port inventories, the decline of Malaysian palm oil, and weakening demand due to lower temperatures, a short - term bearish view is maintained. Attention should be paid to whether it can follow the Malaysian palm oil trend and stop falling and stabilize in the first and middle of next month [3]. Soybean Oil - Currently, the domestic soybean oil supply is sufficient while demand is weak, presenting a bearish fundamental situation. CBOT soybean oil and BMD palm oil may continue to fall, dragging down Dalian soybean oil. The market is closely watching the Sino - US trade negotiations. If the negotiation results lead to a breakthrough rise in CBOT soybeans, Dalian soybean oil may quickly rebound; otherwise, if CBOT soybeans fall again, the January contract of Dalian soybean oil may break below the integer - level support [3]. Oilseeds Soybean Meal - News of COFCO's purchase of 180,000 tons of US soybeans this week has led to a mixed sentiment among the long and short sides. The market is trading cautiously, waiting for the final result and specific details of the Sino - US trade agreement. The short - term main contract of Dalian soybean meal may consolidate in the range of 2,950 - 2,980 yuan. In the spot market, most of the oil mills' fixed - price offers remain stable, with some decreasing by 10 yuan/ton, and the near - month basis remains stable. The pattern of weak oils and strong meals continues, and the improvement of oil mills' crushing profits is limited. The small - scale arrival of Argentine soybean meal has little impact on the market. The rebound of pig prices has stimulated some breeding enterprises to enter the secondary fattening market. Feed mills are generally waiting due to safety inventories, and traders have limited motivation to chase the rising prices due to a small number of low - price contracts. Both are waiting for the clarity of the Sino - US negotiations [14]. Data Summary Oils Oils' Inter - monthly and Inter - variety Spreads - P 1 - 5: - 22 yuan/ton, down 42 yuan; Y - P 01: - 776 yuan/ton, up 90 yuan; etc. [4] Palm Oil Spot and Futures Daily Prices - Palm oil 01: 8,842 yuan/ton, down 1.29%; BMD palm oil main contract: 4,245 ringgit/ton, down 1.67%; etc. [5] Soybean Oil Spot and Futures Daily Prices - Soybean oil 01: 8,132 yuan/ton, down 0.2%; CBOT soybean oil main contract: 50.16 cents/pound, down 1.01%; etc. [11] Oilseeds Oilseeds Futures Prices - Soybean meal 01: 2,969 yuan, down 6 yuan, down 0.2%; CBOT yellow soybeans: 1,093.5, unchanged; etc. [15] Soybean Meal and Rapeseed Meal Spreads - M01 - 05: 180 yuan, up 39 yuan; RM01 - 05: 58 yuan, up 46 yuan; etc. [16]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The precious metals market is in a phase of correction due to reduced short - term safe - haven premiums for gold and strong market wait - and - see sentiment, but there is still medium - term buying support [3]. - The copper market is expected to maintain high - level oscillatory consolidation in the short term, as the conversion of market attention into actual transactions and macro - level support are needed for price increases [15]. - The aluminum market has seen strong price performance due to the resonance of macro and fundamental factors. Future price trends depend on the Fed's interest rate decision and potential capital movements [36]. - The zinc market shows a pattern of strong supply and weak demand in China compared to overseas. Low inventory supports prices, and short - term attention should be paid to the opening of the export window and macro - level upward drivers [59]. - The nickel industry has different trends for different products. Nickel ore prices may continue to be strong, nickel iron prices have declined, and stainless steel may experience wide - range oscillations [74]. - The tin market is expected to remain strong in the short term as supply is weaker than demand and supply - side disruptions are difficult to resolve quickly [89]. - The lithium carbonate market is expected to see increased demand, which may support prices. If the supply of lithium concentrate cannot be replenished, prices may rise [102]. - The industrial silicon market may see a slight increase in price as production cuts are expected during the dry season, but price increases are limited by inventory. The polysilicon market has a weak fundamental outlook [113]. 3. Summary by Related Catalogs Precious Metals - **Price and Market Conditions**: The short - term safe - haven premium of gold is weakened, and the precious metals market is in a correction phase. The实物贴水 has expanded to 6.18 yuan/gram, but there is still medium - term buying support [3]. - **Data Charts**: Include SHFE and COMEX gold and silver prices, price ratios, and inventory data [4][11][14]. Copper - **Market Outlook**: The spot price and premium are weak, and the market needs to convert attention into actual transactions and have macro - level support for price increases. It will maintain high - level oscillatory consolidation in the short term [15]. - **Data**: The latest prices of Shanghai and London copper futures and spot, price changes, and inventory data are provided [16][22][32]. Aluminum - **Market Analysis**: Macro policies are the core factors affecting the price of Shanghai aluminum. The domestic fundamentals are stable, and overseas supply disruptions have driven up prices. Alumina is in an oversupply situation, and cast aluminum alloy has strong support [36]. - **Data**: Include the latest prices of aluminum and alumina futures and spot, price differences, and inventory data [37][46][53]. Zinc - **Market Situation**: The supply - demand situation has not changed significantly. The domestic supply is stable, and overseas production has been cut. The price difference has widened, and low inventory supports prices. Short - term attention should be paid to the export window and macro - level drivers [59]. - **Data**: Provide the latest prices of zinc futures and spot, price changes, and inventory data [60][67][71]. Nickel - **Industry Trends**: Nickel ore prices may continue to be strong due to new regulations and high downstream demand. Nickel iron prices have declined, and stainless steel may experience wide - range oscillations [74]. - **Data**: Include the latest prices of nickel and stainless steel futures, trading volume, open interest, and inventory data [75]. Tin - **Market Forecast**: The supply of tin is weaker than demand, and short - term supply - side disruptions are difficult to resolve. The Shanghai tin market is expected to remain strong, with support around 276,000 yuan [89]. - **Data**: Provide the latest prices of tin futures and spot, price changes, and inventory data [90][92][97]. Lithium Carbonate - **Market Outlook**: Market demand is good, and inventory is decreasing. If the supply of lithium concentrate cannot be replenished, prices may rise [102]. - **Data**: Include the latest prices of lithium carbonate futures and spot, price differences, and inventory data [103][107][111]. Silicon Industry - **Market Analysis**: Industrial silicon prices may rise slightly during the dry season, but are limited by inventory. The polysilicon market has a weak fundamental outlook [113]. - **Data**: Provide the latest prices of industrial silicon and polysilicon, price differences, and inventory data [114][123][142].

Report Summary 1. Report Industry Investment Rating The report does not mention the industry investment rating. 2. Core Viewpoints - **Sugar**: International raw sugar prices are under pressure due to increased Brazilian production and global supply surplus expectations. The domestic sugar market has a weak fundamental pattern with new sugar approaching, but there is still cost support for domestic sugar [2]. - **Cotton**: There is a slight repair in the new - cotton production increase expectation, and the purchase price is relatively firm. However, the downstream peak season is weakening, and the cotton price faces significant hedging pressure under the high - yield situation [12]. - **Apples**: Late - Fuji apples in the northwest and Shandong are in the final stage of harvest. The supply of high - quality apples is delayed, and the long - term price may remain strong, but the main contract lags behind the far - month contracts [16]. - **Jujubes**: New - season jujubes are about to be harvested. With high inventory of old jujubes, there may still be downward pressure on jujube prices [24]. 3. Summary by Commodity Sugar - **Price**: International raw sugar closed at 21.99 cents per pound. Domestic spot prices in Guangxi and Yunnan decreased. Futures prices showed certain fluctuations, with SR01 closing at 5494 yuan/ton, up 0.2% daily and 1.25% weekly [2][3]. - **Basis**: The basis between Nanning, Kunming and various sugar futures contracts decreased [7]. - **Import**: Import prices from Brazil and Thailand decreased, and the differences between domestic prices and import prices changed [10]. Cotton - **Price**: Cotton 01 closed at 13620 yuan/ton, up 0.41%. Cotton and cotton yarn futures prices had different changes, and the basis and spreads also showed corresponding fluctuations [13]. - **Market Situation**: There is a new - cotton production increase expectation, but the downstream market is weakening, and the cotton price faces hedging pressure [12]. Apples - **Harvest and Supply**: Late - Fuji apples in the northwest and Shandong are in the final harvest stage. The supply of high - quality apples is delayed due to weather. The inventory situation varies by region, with some areas having lower effective inventory than last year [16]. - **Price**: Apple futures contracts had different price changes, with AP01 closing at 9198 yuan/ton, down 0.43% daily but up 4.59% weekly [17]. Jujubes - **Market Outlook**: New - season jujubes are about to be harvested. With high inventory of old jujubes, there may be downward pressure on prices [24]. - **Price Trends**: The report provides price trend charts of main production and sales areas but does not mention specific prices [30].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Steel prices are expected to rebound slightly. Although there is no substantial improvement in downstream consumption, there is an expectation of crude steel production cuts, and steel prices will fluctuate subsequently [3]. - The current iron ore market has a loose supply - demand balance, and prices are supported by macro - expectations. After the impact of macro events subsides, iron ore prices are expected to continue to be under pressure [23]. - Recently, due to downstream replenishment and reduced mine production in some areas, coking coal inventory has improved, and the spot market is tight. Coke prices may be strong in the short term, but potential negative feedback risks from the steel industry will limit the rebound height of coking coal and coke prices [35]. - Ferroalloys face a contradiction between high inventory and weak demand. There is a large de - stocking pressure, and the black negative feedback risk is increasing [52]. - Soda ash is mainly priced by cost. With high - level supply expectations and high inventories, the upside potential is limited, but there is cost support at the bottom [62]. - After the price cut of glass, sales have improved, but the high inventory of the middle - stream is being depleted slowly. If there is no real production cut, the price of the 01 contract may decline towards the delivery date, while there is cost support and policy expectations in the long - term [90]. 3. Summary by Relevant Catalogs Steel - **Futures prices and spreads**: On October 29, 2025, compared with the previous day, most steel futures contract prices increased, and some spreads changed. For example, the closing price of the rebar 01 contract was 3133 yuan/ton, up from 3091 yuan/ton on October 28 [4]. - **Spot prices and basis**: Rebar and hot - rolled coil spot prices in different regions showed slight changes. The basis of some contracts decreased, such as the 01 rebar basis in Shanghai, which decreased from 129 yuan/ton on October 28 to 107 yuan/ton on October 29 [9]. - **Other ratios**: Ratios such as the volume - rebar difference, rebar - iron ore ratio, and rebar - coke ratio remained relatively stable [16][20]. Iron Ore - **Price data**: On October 29, 2025, iron ore futures contract prices increased compared with the previous day, while the basis of some contracts decreased. For example, the 01 contract closing price was 804.5 yuan/ton, up 12 yuan/ton from the previous day, and the 01 basis decreased by 3 yuan/ton [24]. - **Fundamental data**: The average daily hot - metal production decreased slightly, the 45 - port inventory continued to accumulate, reaching 14423.59 tons, and the global shipping volume increased slightly [29]. Coking Coal and Coke - **Disk prices and spreads**: Coking coal and coke contract prices, basis, and spreads changed. For example, the coking coal 09 - 01 spread increased by 9.5 yuan/ton on October 29 compared with the previous day [40]. - **Spot prices and profits**: Coking coal and coke spot prices in different regions increased, and some import and production profits changed. The immediate coking profit increased from - 55 yuan/ton on October 28 to - 10 yuan/ton on October 29 [41]. Ferroalloys - **Silicon - iron data**: Silicon - iron basis, spreads, and spot prices changed. The silicon - iron basis in Ningxia decreased by 30 yuan/ton on October 29 compared with the previous day [53]. - **Silicon - manganese data**: Silicon - manganese basis, spreads, and spot prices also changed. The silicon - manganese basis in Inner Mongolia decreased by 62 yuan/ton on October 29 compared with the previous day [55]. Soda Ash - **Disk prices and spreads**: Soda ash contract prices increased on October 29, 2025, and some spreads changed. The soda ash 01 contract increased by 20 yuan/ton compared with the previous day, with a daily increase rate of 1.61% [63]. - **Spot prices**: Soda ash spot prices in different regions remained stable on October 29, and the difference between heavy and light soda ash varied by region [66]. Glass - **Disk prices and spreads**: Glass contract prices increased on October 29, 2025, and some spreads and basis changed. The glass 01 contract increased by 14 yuan/ton compared with the previous day, with a daily increase rate of 1.26% [91]. - **Sales data**: The sales in different regions showed fluctuations. For example, the sales in Shahe on October 28 were 159 [92].