Report Information - Report Title: Oil and Oilseed Industry Daily Report - Date: November 11, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Industry Investment Rating - No industry investment rating is provided in the report. Core Views Palm Oil - **International Market**: After oscillating around 4,100 ringgit, the Malaysian BMD crude palm oil futures started a rebound following the release of the MPOB supply - demand report. It is expected to rise to the 4,200 - 4,250 ringgit range. However, due to slow exports and high production in November, it may face downward pressure at this range and seek support at 4,000 ringgit. With future declines in production and inventory, it may rebound [3]. - **Domestic Market**: Dalian palm oil futures are in a rebound trend. Driven by the Malaysian palm oil, it may reach the annual resistance line around 8,900 yuan, with strong resistance at 8,950 - 9,000 yuan. After filling the gap around 8,950 yuan, it may face downward pressure and potentially test the 8,500 - yuan support [3]. Soybean Oil - The Dalian soybean oil futures are rising, following the BMD palm oil and supported by the decrease in domestic oil inventory. The BMD palm oil had a nearly 12% decline in about a month and has a technical rebound demand. Last weekend, the factory soybean oil inventory decreased by over 90,000 tons, and the total inventory of the three major oils decreased by over 150,000 tons. However, the news of Cofco's 3 - million - ton soybean rotation storage by Sinograin restricts its increase. In the short term, it may still rise slightly, with resistance at 8,300 - 8,330 yuan for the January contract. If CBOT soybeans, soybean oil, and BMD palm oil rise, it may break through; otherwise, it will enter a volatile adjustment [4]. Soybean Meal - The Dalian soybean meal 01 contract is oscillating. Cost support and poor crushing margins underpin the price, while weak spot prices limit the upside. With the news of Sinograin's 3 - million - ton soybean rotation storage to Cofco, the short - term support range for the main contract may be 3,000 - 3,020 yuan. Spot prices are mostly stable, and the inventory has decreased to 969,000 tons as of the end of the 45th week, a 19.74% week - on - week decrease. However, the near - term basis remains weak [15]. Summary by Related Catalogs Oil Price and Spread - **Palm Oil**: Palm oil 01, 05, and 09 contracts increased by 0.92%, 0.71%, and 0.44% respectively. The BMD palm oil main contract rose 1.19% to 4,161 ringgit/ton. The Guangzhou 24 - degree palm oil price increased by 140 yuan to 8,740 yuan/ton, and the basis increased by 50 yuan to - 90 yuan/ton [7]. - **Soybean Oil**: Soybean oil 01, 05, and 09 contracts had a - 0.29%, 0.25%, and 0.31% change respectively. The CBOT soybean oil main contract rose 1.81% to 50.53 cents/pound. The Shandong first - grade soybean oil spot price increased by 50 yuan to 8,400 yuan/ton, and the basis increased by 40 yuan to 162 yuan/ton [11]. - **Oil Spreads**: Various oil month - to - month and variety - to - variety spreads are provided, such as the P 1 - 5 spread at - 102 yuan/ton, down 32 yuan; the Y - P 01 spread at - 462 yuan/ton, up 14 yuan [5]. Oilseed Futures Price - **Futures Price**: The closing prices and changes of bean meal 01, 05, 09, and rapeseed meal 01, 05, 09 contracts are presented. For example, the bean meal 01 contract closed at 3,054 yuan, down 9 yuan or - 0.29% [16]. - **Spread**: The spreads between different contracts of bean meal and rapeseed meal are given, like the M01 - 05 spread at 218 yuan, down 16 yuan; the RM01 - 05 spread at 79 yuan, down 20 yuan [17]. Oil and Oilseed Pressing Profit - **International Soybean**: The international soybean pressing profit, including the US Gulf CNF and Brazilian CNF, is shown. The profit has fluctuated over time, with values ranging from - 500 to 1,000 yuan/ton [30]. - **Imported Rapeseed**: The pressing profit of imported Canadian rapeseed also shows fluctuations, with values from - 1,000 to 1,000 yuan/ton [30].

Report Industry Investment Rating No relevant content provided. Core View of the Report - Export sentiment boost in the short term cannot offset weak domestic demand, and the rebound space is limited under high inventory pressure [5] Summary by Related Catalogs Fundamentals and Views - About 600,000 tons of new quotas have been implemented, boosting market sentiment, and the overseas price difference supports a short - term price rebound [4] - Coal prices remain stable, the operating rate of gas - based enterprises decreases seasonally, and the relief of cost pressure supports the bottom [4] - The autumn fertilizer season is ending, the operating rate of compound fertilizers is declining, agricultural demand is weakening, downstream procurement is cautious, and enterprise inventories remain at a high level [4] - The industry's daily average output is 198,000 tons (year - on - year increase of 14,400 tons), and the operating rate of 84.6% has reached a high for the same period. The oversupply situation remains unchanged [4] Urea Fundamental Data Inventory - Information on China's weekly urea enterprise inventory, urea inventory in Guangdong and Guangxi, and urea inventory (ports + inland) is presented in time - series charts from 2021 - 2025 [7][8][9] Futures and Warehouse Receipts - Data on the position volume, trading volume, total warehouse receipt quantity, and total valid warehouse receipt forecasts of the urea futures main contract are shown in time - series charts from 2021 - 2025 [10][11][13][14] Price and Spread - Time - series charts from 2021 - 2025 show the market price of small - particle urea in Henan and Shandong, the basis, the price difference between large and small particles, and the seasonal spreads between different contract months (1 - 5, 5 - 9, 9 - 1) [17][19][20][22] Cost and Profit - Time - series charts from 2021 - 2025 present the production costs and profits of urea produced by fixed - bed, natural gas, and coal - water slurry gasification methods, as well as the production cost, gross profit, capacity utilization rate, and inventory of compound fertilizers in Shandong [28][30][32][38][39][40] Production and Capacity Utilization - Time - series charts from 2021 - 2025 show the production enterprise's pending order days, capacity utilization rate, total daily output of urea, and the capacity utilization rate of compound fertilizers [33][35][37][38] External Market and Related Commodities - Time - series charts from 2021 - 2025 display the FOB prices of Chinese and Middle - Eastern small - particle urea, the spot price of thermal coal, and the port inventory of thermal coal [42][44][46]

Report Summary 1) Report Industry Investment Rating - No information provided 2) Core Viewpoints - Policy disturbances may affect the long - term supply of live pigs in the far - month. Strategically, it is possible to be bullish in the long - cycle, but the short - to - medium term is still based on fundamentals. Recently, the group farms and second - fattening groups have reduced their slaughter, and some second - fattening operations have gradually replenished for fattening. The futures market shows signs of a bottom. With the arrival of the peak season, demand is expected to improve, supporting prices during the peak season [2] 3) Content Summaries Market Overview - The report presents multiple charts including the average slaughter price of live pigs in China, the seasonal number of live pig warehouse receipts, the impact of breeding sow inventory on live pig prices 10 months later, the comparison between national and Henan live pig prices, the change in live pig inventory structure, the average slaughter weight of live pigs, the PSY production index of breeding sows, the frozen pork storage rate, the average price of culled sows, the culling volume of breeding sows, the seasonal profit of purchasing pigs for fattening, the seasonal self - breeding profit of pigs, the seasonal slaughter gross profit of pigs, the operating rate of key slaughter enterprises, and the seasonal average price of piglets [3][4][5][7][10][11][13]

Report Industry Investment Rating - Not provided Core View - The SR2501 contract is less than 2 months away from the delivery month, showing a premium over the 03 contract. It's stronger than the overseas market due to high old - sugar prices, cost support, and expected future import increases leading to a near - strong and far - weak pattern. The 25/26 season is expected to be a bumper harvest, and the contango of far - month contracts may widen as the crushing progresses. Import pressure may increase unless quota issuance is reduced or imports are restricted [5] Summary by Relevant Catalogs Market Information Domestic Market - Spot prices: Nanning is 5750 yuan/ton, and Kunming is 5580 - 5740 yuan/ton [3] - China imported 550,000 tons of sugar in September, 150,000 tons more year - on - year. The cumulative import in the 24/25 season was 4.63 million tons, 120,000 tons less year - on - year [3] - The 25/26 season's national sugar production is estimated to increase to 1.17 million tons, with Guangxi at 680,000 tons, Yunnan at 260,000 tons, Guangdong at 60,000 tons, Inner Mongolia at 70,000 tons, and Xinjiang at 75,000 tons [3] - Zhanjiang sugar mills in the 25/26 season are expected to start crushing in late November. The first sugar mill in the 24/25 season started on November 30. The sugar cane purchase price in Guangdong may drop by 10 - 20 yuan/ton, and production is expected to fall from 654,500 tons to about 600,000 tons [3] International Market - Brazil exported 4.205 million tons of sugar in October, with a daily average of 191,100 tons, a 13% increase from the previous month [4] - In the first half of October, Brazil's central - southern region crushed 3.4037 million tons of sugar cane, a 0.3% year - on - year increase. Sugar production reached 248,400 tons, a 1.25% increase. Ethanol production was 2.013 billion liters, a 1.17% decrease. The proportion of sugar cane used for sugar production was 48.24%, higher than 47.33% last year [4] - ISMA estimates India's sugar production in the 25/26 season to be 3.435 million tons (including ethanol), with 340,000 tons for ethanol [4] Price and Spread Information Futures - On November 10, 2025, the closing prices and spreads of SR contracts (SR01, SR03, etc.) are provided, with no price changes on that day [6] Spot - On October 30, 2025, spot prices in Nanning, Liuzhou, etc., and their price changes and spreads are presented [8] Basis - On November 10, 2025, the basis and its changes between Nanning, Kunming and SR contracts are given [9][11] Import Price - On November 6, 2025, the quota - in and quota - out import prices from Brazil and Thailand, and their price changes, as well as the spreads with domestic prices are shown [12]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - For the oilseed market, Sino-US trade relaxation leads to China's plan to purchase 12 million tons of US soybeans, causing a rebound in US soybean prices and cost - driven support for soybean meal prices. However, sufficient domestic port soybean inventories and weak demand from the aquaculture industry limit the upside of soybean meal prices. The rapeseed meal market has a generally loose supply - demand situation, with uncertainties in Canadian rapeseed imports supporting prices, while the end of the aquaculture demand peak season weakens demand support [7]. - For the oil market, US soybean price rebounds support soybean oil prices, but high oil mill operating rates, increasing inventory, and falling crude oil prices put pressure on soybean oil prices. Palm oil has significant supply pressure due to high production in major producing areas and weak demand. Canola oil has a tightening supply due to uncertainties in Canadian rapeseed imports and falling domestic rapeseed arrivals, with its decline being relatively small [39][42]. Summary by Related Catalogs 1. Soybean Meal - **Price Influencing Factors**: US soybean price rebounds due to Sino - US trade relaxation, supporting soybean meal prices. However, sufficient domestic port soybean inventories and weak demand from the loss - making aquaculture industry limit price increases [7]. - **Profit and Supply**: Oil mill crushing profits need to be repaired, and mills have a strong willingness to support prices. But high domestic port soybean inventories create supply pressure [7]. 2. Rapeseed Meal - **Supply - Demand Situation**: The overall supply - demand is loose, with limited rapeseed meal crushing volume. The low - level soybean - rapeseed meal price difference suppresses substitution demand [7]. - **Price Support**: Uncertainties in Canadian rapeseed imports support prices, while the end of the aquaculture demand peak season weakens demand support [7]. 3. Soybean Oil - **Positive Factors**: The rebound of US soybean futures prices supports soybean oil futures prices [39]. - **Negative Factors**: High oil mill operating rates, the psychology of supporting soybean meal and selling off soybean oil, increasing inventory, and falling crude oil prices put pressure on soybean oil prices [39]. 4. Palm Oil - **Supply**: High production in Indonesia and Malaysia leads to sufficient inventory and significant supply pressure [39]. - **Demand**: Weak demand from India and potential delays in Indonesia's B50 plan, along with falling international oil prices and a strong US dollar, weaken market attractiveness [39]. 5. Canola Oil - **Supply**: Uncertainties in Canadian rapeseed imports and low domestic rapeseed arrivals lead to a tightening supply and continuous inventory reduction [42]. - **Price Movement**: It follows the decline of other oils in the short term, but its decline is smaller due to supply concerns and inventory reduction, while high domestic inventory and the decline of soybean and palm oils limit its rebound [42].

Group 1: Report Overview - The report is a daily outlook on the precious metals and non - ferrous metals industries dated November 5, 2025 [2] Group 2: Precious Metals Core View - Although central bank gold purchases and growing investment demand will push up the precious metals price in the long - term, prices are in a short - term adjustment phase with no strong drivers expected in November [3] Key Points - SHFE gold and silver futures prices, COMEX gold price and gold - silver ratio are presented in graphs [4] - Gold is related to factors like the US dollar index, 10Y US Treasury real interest rate, and long - term fund holdings [8][9][12] - SHFE and SGX gold and silver futures - spot price differences are shown [6][15] - SHFE and COMEX gold and silver inventories are reported [17] Group 3: Copper Core View - Copper prices declined with reduced positions, and both long and short funds are cautious. A price drop may increase spot trading volume and stabilize futures prices; otherwise, futures prices will continue to adjust [18] Key Points - Copper futures data shows that the latest price of SHFE copper main contract is 85,670 yuan/ton, down 70 yuan or 0.08% [19] - Copper spot data indicates that Shanghai Non - ferrous 1 copper is at 85,335 yuan/ton, down 1,255 yuan or 1.45% [24] - Copper import profit and loss, concentrate TC, and refined - scrap price difference are provided [29][33] - Copper warehouse receipts and LME copper inventories are updated [34][36] Group 4: Aluminum Core View - Aluminum price increase is driven by speculative funds due to supply - demand mismatch concerns, but the current fundamentals show weak demand and stable supply. Alumina prices may be weak due to oversupply [38] Key Points - Aluminum and alumina futures prices are reported, with SHFE aluminum main contract at 21,395 yuan/ton, down 70 yuan or 0.33% [40] - Aluminum and alumina price differences, spot data, and inventory information are presented [42][47][55] Group 5: Zinc Core View - Zinc smelters' willingness to cut production in November has increased due to intense ore - grabbing and a decline in TC. With stable demand, there is a possibility of inventory reduction, and prices have upward drivers in November [61] Key Points - Zinc futures prices show that SHFE zinc main contract is at 22,650 yuan/ton, down 0.09% [62] - Zinc spot data and inventory information are provided [70][74] Group 6: Nickel Core View - Nickel ore prices may be supported in the rainy season. Nickel iron prices have been falling due to weak demand, and stainless steel spot trading is sluggish with some mills announcing production cuts [77] Key Points - Nickel and stainless steel futures prices and related data are reported [78] - Nickel ore prices, inventory, and downstream profit information are presented [84][86] Group 7: Tin Core View - The supply of tin is weaker than demand, and SHFE tin prices are expected to remain strong in the short - term with support around 276,000 yuan/ton [92] Key Points - Tin futures prices show that SHFE tin main contract is at 283,730 yuan/ton, unchanged [93] - Tin spot data and inventory information are provided [100][104] Group 8: Lithium Carbonate Core View - The lithium carbonate sector has the potential for short - term recovery as the Wenhua Commodity Index is falling. Downstream replenishment demand has increased, and the price is supported by stable demand in November [109] Key Points - Lithium carbonate futures prices and spot data are reported [110][114] - Lithium carbonate inventory information is presented [118] Group 9: Silicon Core View - Industrial silicon supply may be cut, and demand is weak. Polysilicon prices may fluctuate due to market meetings and policies [120] Key Points - Industrial silicon futures prices show that the main contract is at 9,020 yuan/ton, up 1.52% [121] - Industrial silicon spot data, price differences, and related product prices are provided [120][126] - Industrial silicon production, inventory, and cost information are presented [133][146]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report Bullish Factors - The implementation of mining quotas in Indonesia and the rainy season in the Philippines support costs, leading to a tightening supply at the mining end [3]. - The high - nickel trend in the new energy sector continues, providing structural incremental support for the demand for nickel sulfate [3]. Bearish Factors - LME nickel inventories have exceeded 252,000 tons, reaching a five - year high, and domestic electrolytic nickel production has surged year - on - year. The oversupply pressure continues to suppress the market [3]. - Orders in the stainless steel sector are weak, external demand is blocked, and the weak terminal consumption situation remains unchanged [3]. Trading Advisory Viewpoint - Market sentiment is cautious. In the short term, it is difficult to break the oscillation dilemma of "cost support and high inventory pressure." Interval operation is recommended [3]. 3. Summary by Relevant Catalogs Market Data - **Nickel Futures and Spot Prices**: The latest value of the main contract of Shanghai nickel is 119,750 yuan/ton, down 1,200 yuan (-0.99%) week - on - week. The LME nickel 3M is 15,055 dollars/ton, down 195 dollars (-0.80%) week - on - week. The prices of various nickel spot products, such as Jinchuan nickel, imported nickel, etc., all declined [4]. - **Stainless Steel Futures and Spot Prices**: The main contract of stainless steel is 12,590 yuan/ton, down 40 yuan (0%) week - on - week. The prices of stainless steel continuous contracts also showed different degrees of decline [4]. - **Inventory Data**: Domestic social nickel inventory is 48,104 tons, down 698 tons; LME nickel inventory is 253,104 tons, down 24 tons; stainless steel social inventory is 946,800 tons, up 400 tons; nickel pig iron inventory is 29,564 tons, up 502 tons [7]. Supply - Side Situation - **Primary Nickel Supply and Inventory**: The monthly production of refined nickel in China and the total monthly supply of primary nickel (including imports) show certain seasonal characteristics. Domestic and LME nickel inventories also have seasonal trends [11][13][14]. - **Upstream Nickel Ore**: The price of Philippine laterite nickel ore 1.5% (FOB) and the inventory of nickel ore at Chinese ports have their own trends. The production of nickel iron in China and Indonesia also shows seasonal characteristics [16][18][19]. Demand - Side Situation - **Downstream Nickel Sulfate**: The average price of battery - grade nickel sulfate, its premium over primary nickel, and the profit margins of nickel beans producing nickel sulfate and externally purchased nickel sulfate producing electrowon nickel all show certain trends. The monthly production of nickel sulfate in China and the monthly production capacity of ternary precursors also have seasonal characteristics [20][24][25]. - **Stainless Steel**: The profit margin of Chinese 304 stainless steel cold - rolled coils, monthly stainless steel production, and stainless steel inventory all show seasonal trends [27][28][30].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - There are both positive and negative factors affecting the treasury bond market. Positive factors include high geopolitical risks driving up market risk - aversion and the central bank's restart of treasury bond trading operations. Negative factors are the accelerated bond supply, reduced positions, and rising inflation expectations. The short - term technical support is effective, and investors can focus on rebound opportunities while controlling risks and monitoring policy trends [2] 3. Summary by Related Catalogs Factors Affecting the Market - **Positive Factors**: High geopolitical risks increase market risk - aversion, driving up demand for treasury bond futures. The central bank's restart of treasury bond trading operations signals monetary policy support and boosts market confidence [2] - **Negative Factors**: The accelerated bond supply and significant reduction in positions suppress futures prices. Rising inflation expectations and climbing yields of overseas treasury bonds indirectly affect market sentiment [2] Market Indicators - **Yield**: The report presents the historical data of 2Y, 5Y, 7Y, 10Y, and 30Y treasury bond yields from 2024/04 to 2025/08 [3] - **Funding Rate**: It shows the historical data of deposit - type institutional pledged repurchase weighted average rates (1 - day and 7 - day) and 7 - day reverse repurchase rates from 2023/12 to 2025/06 [3] - **Term Spread**: Data on the 7Y - 2Y and 30Y - 7Y treasury bond term spreads from 2024/04 to 2025/08 are provided [4][5] - **Open Interest**: Historical open interest data of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures from 2015/12 to 2023/12 are presented [8] - **Trading Volume**: Historical trading volume data of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures from 2024/04 to 2025/08 are shown [9] Basis and Spread - **Basis**: Data on the basis of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures' current - quarter contracts are provided, with different time ranges for each [10][11][12][16] - **Inter - delivery Spread**: Data on the inter - delivery spreads (current - quarter minus next - quarter) of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures are presented, with different time ranges for each [14][15][17][18] - **Inter - variety Spread**: Data on the TS*4 - T and T*3 - TL inter - variety spreads are provided, with different time ranges for each [19][20]

Report Summary 1. Investment Rating No investment rating for the copper industry is provided in the report. 2. Core View - The macro - environment and fundamentals still offer positive support, but high copper prices suppress consumption and there is inventory accumulation pressure. As a result, Shanghai copper is expected to fluctuate strongly at a high level [3][4]. 3. Summary by Category Copper Futures Market - **Price and Volume Data**: The latest price of Shanghai Copper Main Contract is 85,940 yuan/ton, with a weekly decline of 1.23%. Its position is 207,136 lots, down 51,183 lots from the previous week, and the trading volume is 91,276 lots. Similar declines are seen in other copper futures contracts such as Shanghai Copper Index - weighted, International Copper, LME Copper 3 - month, and COMEX Copper [5]. Copper Spot Market - **Price and Premium Data**: The latest price of Shanghai Non - ferrous 1 copper is 86,015 yuan/ton, down 1.555 yuan/ton (-1.78%) from the previous week. Different spot trading platforms show varying price changes and premium adjustments [9][10]. Copper Advanced Data - **Import Profit, TC, and Ratios**: The copper import profit is - 521.63 yuan/ton, with a weekly change of 301.49 yuan/ton (-36.63%). The copper concentrate TC is - 42 dollars/ton, with a slight change. The copper - aluminum ratio and the refined - scrap copper price difference also show certain fluctuations [11]. Copper Inventory - **Inventory Changes**: The total Shanghai Copper warehouse receipts are 43,394 tons, up 3,684 tons (9.28%) from the previous week. Different inventory types, including international copper, LME copper, COMEX copper, and social inventories, show various trends [17][19]. Copper Mid - stream Production - **Output and Capacity Utilization**: In September 2025, the refined copper production was 1.266 million tons, a year - on - year increase of 10.1%, and the cumulative production was 11.125 million tons, a year - on - year increase of 10%. The capacity utilization rates of different copper products in the mid - stream, such as copper rods, plates, and tubes, show different levels of change [22][24]. Copper Element Import - **Import Volume and Growth**: In September 2025, the import volume of copper concentrate was 2.59 million tons, a year - on - year increase of 7%. Different types of copper imports, including anode copper, cathode copper, scrap copper, and copper products, show different growth trends [28].

Report Summary 1. Core Views - **Positive Factors**: Zinc ore visible inventory is continuously decreasing, and the decline in processing fees has led to a narrowing of smelting profits. The temporary tightness of raw material supply restricts refined zinc production. The operating rates of demand - side sectors such as galvanizing and die - casting zinc are stable. The stable rigid demand consumption combined with positive market sentiment provides support [3]. - **Negative Factors**: Domestic zinc ingot inventory is relatively high (social inventory is 163,500 tons), and it increased by 1,400 tons this week, continuously suppressing prices. The weak fundamental pattern dominates pricing, and there is a risk of price decline if demand does not improve substantially [3]. - **Trading Advice**: Consider an interval trading strategy and pay attention to marginal changes in supply and demand [3]. 2. Section Summaries Processing and End - User Demand - Multiple charts are presented, including the weekly market sentiment index of galvanized coils, weekly inventory, weekly production, net exports of galvanized sheets (strips), net imports of die - casting zinc alloys, net exports of color - coated sheets (strips), net exports of zinc oxide, real - estate development investment and project progress cumulative year - on - year data, sales area and unsold area cumulative year - on - year data, land transaction area in 100 large - and medium - sized cities, and the number of commercial housing transactions in 30 large - and medium - sized cities, as well as infrastructure fixed - asset investment data [4][7][10][12][14][15]. Supply and Supply - Side Profits - Charts show the monthly import volume of zinc concentrates, zinc concentrate TC, monthly production of SMM zinc ingots, production profit and processing fees of refined zinc enterprises, monthly production plus imports of Chinese zinc ingots, raw material inventory days of zinc concentrates, LME zinc inventory, SHFE zinc inventory, and exchange zinc ingot inventory [18][20][21][22][24][25]. Futures and Spot Market Review - Charts cover the price trends of domestic and foreign zinc, trading volume and open interest of Shanghai zinc futures, LME zinc closing price vs. the US dollar index, LME zinc (spot/three - month) and 3 - 15 spread, LME zinc (spot/three - month) spread seasonality, Tianjin zinc ingot basis seasonality, and the basis trends of zinc ingots in three locations [27][28][29][31][32][33][36]. 3. Industry Investment Rating No industry investment rating is provided in the report.