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.

Report Date - The report is dated November 5, 2025 [1] Core Views Palm Oil - International market: Malaysian BMD crude palm oil futures are oscillating around 4,100 ringgit. Affected by potential negative factors such as MPOA production growth and a significant drop in exports in the first five days of November, there is pressure for the futures to weaken further to 4,000 ringgit, with a possibility of briefly falling below this level. After the release of the MPOB supply - demand report, the futures are expected to gradually stop falling, stabilize, and then start a slow upward trend. The overall view is near - term weakness and long - term strength, and it is advisable to closely monitor whether it can effectively hold above 4,000 ringgit [3] - Domestic market: Dalian palm oil futures are in a weak oscillating pattern. Dragged down by the weakening trend of Malaysian palm oil and the continuous decline in domestic port inventories, there is pressure to repeatedly test the 8,500 - yuan support level in the short term. After stabilizing through oscillations around 8,500 yuan, with the boost of the rebound of Malaysian palm oil, Dalian palm oil futures also have the opportunity to follow the upward trend. The overall view is near - term weakness and long - term strength, and it is advisable to closely monitor whether it can effectively hold above 8,500 yuan [3] Soybean Oil - The domestic soybean oil fundamentals have not changed significantly, with sufficient supply and limited demand. Internationally, CBOT soybeans have stopped rising and are adjusting, CBOT soybean oil is oscillating narrowly, and BMD palm oil is also showing signs of stopping the decline. Affected by factors such as limited US soybean exports, uncertainty about the industrial use of US soybean oil, and the expected increase in Malaysian palm oil inventories, all three varieties may decline, which will impact the domestic oil market. Although the government has lowered the import tariff on US soybeans today, the market feedback indicates that US soybeans still do not have a price advantage, so it has little impact on the current trend of Dalian soybean oil. In the short term, Dalian soybean oil will maintain a narrow - range oscillating adjustment pattern. The January contract will oscillate narrowly between 8,050 yuan (lower daily - line track) and 8,200 yuan (middle - line track), and there is a possibility of falling to 8,000 yuan or even lower as the Bollinger Bands move downward [4] Bean Meal - The mill's fixed - price for bean meal first fell and then rose with the market. With the clarity of the US soybean import tariff, the mills are holding up prices slightly due to cost support. Some traders raised their quotes in the afternoon. Feed enterprises have relatively sufficient contracts, having purchased contracts for November - January earlier. In addition, the cost - effectiveness of bean meal remains obvious, so the overall trading rhythm is stable. Under the restraint of high - priced US soybeans, the pace of some forward purchases is slow, which may lead to a tight supply situation from January to February 2026. Therefore, some traders are entering the market to build some bottom positions, and the price is prone to rise and difficult to fall [14] Price Information Oil Futures Price Spreads | Spread | Unit | Price | Today's Change | | --- | --- | --- | --- | | P 1 - 5 | yuan/ton | - 80 | - 22 | | P 5 - 9 | yuan/ton | 90 | - 46 | | P 9 - 1 | yuan/ton | - 10 | 68 | | Y 1 - 5 | yuan/ton | 170 | - 20 | | Y 5 - 9 | yuan/ton | 88 | 8 | | Y 9 - 1 | yuan/ton | - 258 | 12 | | OI 1 - 5 | yuan/ton | 363 | - 23 | | OI 5 - 9 | yuan/ton | 7 | 11 | | OI 9 - 1 | yuan/ton | - 370 | 12 | | Y - P 01 | yuan/ton | - 508 | 46 | | Y - P 05 | yuan/ton | - 758 | 44 | | Y - P 09 | yuan/ton | - 756 | - 10 | | Y/M 01 | - | 2.6892 | 0.34% | | Y/M 05 | - | 2.8169 | 0.62% | | Y/M 09 | - | 2.6746 | 0.61% | | OI/RM 01 | - | 3.7817 | - 0.53% | | OI/RM 05 | - | 3.8183 | 0.04% | | OI/RM 09 | - | 3.6792 | - 0.01% | [5] Palm Oil Spot and Futures Prices | Variety | Unit | Price | Today's Change (Rate) | | --- | --- | --- | --- | | Palm Oil 01 | yuan/ton | 8590 | - 0.3% | | Palm Oil 05 | yuan/ton | 8696 | 0% | | Palm Oil 09 | yuan/ton | 8616 | 0.12% | | BMD Palm Oil Main Contract | ringgit/ton | 4148 | 0.12% | | Guangzhou 24 - degree Palm Oil | yuan/ton | 8520 | 20 | | Guangzhou 24 - degree Basis | yuan/ton | - 116 | - 2 | | POGO | US dollars/ton | 449.57 | - 1.168 | | International Soybean Oil - Palm Oil | US dollars/ton | - 2.81 | - 21.39 | [7] Soybean Oil Spot and Futures Prices | Variety | Unit | Latest Price | Change (Spread) | | --- | --- | --- | --- | | Soybean Oil 01 | yuan/ton | 8138 | 1.92% | | Soybean Oil 05 | yuan/ton | 7950 | 0.21% | | Soybean Oil 09 | yuan/ton | 7882 | 0.1% | | CBOT Soybean Oil Main Contract | cents/pound | 49.93 | 2.69% | | Shandong First - grade Soybean Oil Spot | yuan/ton | 8320 | 50 | | Shandong First - grade Soybean Oil Basis | yuan/ton | 212 | 52 | | BOHO (Weekly) | US dollars/barrel | 44.654 | - 10.122 | | Domestic First - grade Soybean Oil - 24 - degree Palm Oil | yuan/ton | - 30 | 100 | [11] Oilseed Futures Prices | Variety | Closing Price | Today's Change | Change Rate | | --- | --- | --- | --- | | Bean Meal 01 | 3073 | 58 | 1.92% | | Bean Meal 05 | 2824 | 6 | 0.21% | | Bean Meal 09 | 2938 | 3 | 0.1% | | Rapeseed Meal 01 | 2537 | 40 | 1.6% | | Rapeseed Meal 05 | 2405 | 27 | 1.14% | | Rapeseed Meal 09 | 2478 | 12 | 0.49% | | CBOT Yellow Soybeans | 1120.25 | 0 | 0% | | Off - shore RMB | 7.133 | 0.006 | 0.08% | [14] Bean and Rapeseed Meal Spreads | Spread | Price | Today's Change | Spread | Price | Today's Change | | --- | --- | --- | --- | --- | --- | | M01 - 05 | 197 | 0 | RM01 - 05 | 119 | 8 | | M05 - 09 | - 117 | 3 | RM05 - 09 | - 88 | 2 | | M09 - 01 | - 80 | - 3 | RM09 - 01 | - 31 | - 10 | | Bean Meal Rizhao Spot | 3040 | 0 | Bean Meal Rizhao Basis | 25 | 11 | | Rapeseed Meal Fujian Spot | 2580 | 0 | Rapeseed Meal Fujian Basis | 83 | - 6 | | Bean and Rapeseed Meal Spot Spread | 460 | 0 | Bean and Rapeseed Meal Futures Spread | 518 | - 17 | [15][18]

Group 1: Report Summary - Report Date: November 7, 2025 [1] - Authors: Xu Liang (Z0002220), Reviewed by Tang Yun (Z0002422) [2] Group 2: Sugar Market Core View - Internationally, the expected high yields in Brazil, India, and Thailand have strengthened the global sugar supply surplus, with raw sugar rebounding weakly after hitting a five - year low; domestically, Guangxi sugar mills are actively reducing inventory for the new crushing season, with some spot prices rising, but consumption support is insufficient. Typhoons have damaged sugarcane in Guangdong and Guangxi, bringing uncertainty to the new - season yield, and the expected concentrated arrival of imported sugar in the second half of the year still suppresses the market, with domestic futures prices slowly moving down to test the 5400 yuan/ton support level [3] Price and Spread - On November 7, 2025, SR01 closed at 5457 yuan/ton with a daily increase of 0.17% and a weekly decrease of 0.47%; SR03 closed at 5420 yuan/ton with a daily increase of 0.13% and a weekly decrease of 0.37%; SR05 closed at 5397 yuan/ton with a daily increase of 0.17% and a weekly decrease of 0.30%, etc. [4] - The basis of Nanning - SR01 on November 6, 2025 was 302 yuan/ton, with a daily decrease of 7 yuan and a weekly increase of 24 yuan; the basis of Kunming - SR01 was 212 yuan/ton, with a daily decrease of 7 yuan and a weekly decrease of 36 yuan [8] Import Price - On November 7, 2025, the in - quota price of Brazilian sugar imports was 3967 yuan/ton, with a daily increase of 15 yuan and a weekly decrease of 6 yuan; the out - of - quota price was 5022 yuan/ton, with a daily increase of 19 yuan and a weekly decrease of 8 yuan. The in - quota price of Thai sugar imports was 4023 yuan/ton, with a daily increase of 15 yuan and a weekly decrease of 9 yuan; the out - of - quota price was 5095 yuan/ton, with a daily increase of 19 yuan and a weekly decrease of 12 yuan [11] Group 3: Cotton Market Core View - In the short term, market sentiment may improve due to China - US trade consultations. The output in southern Xinjiang in the new season is lower than expected, and the purchase price of new cotton is relatively firm. However, the overall domestic new - cotton output is still high, and downstream demand is weak, so there is insufficient momentum for cotton prices to rise further. Attention should be paid to the hedging pressure around 13600 - 13800 and the subsequent new - season output determination [13] Price and Spread - On November 7, 2025, cotton 01 closed at 13580 yuan/ton, with a daily decrease of 25 yuan and a decrease of 0.18%; cotton 05 closed at 13590 yuan/ton, with a daily decrease of 25 yuan and a decrease of 0.18%; cotton 09 closed at 13745 yuan/ton, with a daily decrease of 40 yuan and a decrease of 0.29%. The cotton basis was 1279 yuan/ton, with a daily increase of 64 yuan [14] Group 4: Apple Market Core View - The ground trading of new - season late Fuji apples is gradually ending, with trading concentrated in Shandong and Shanxi. The warehousing work is in the later stage. In Shandong's Qixia and Zhaoyuan, the striped apples are on the market, and farmers are selling at the market price. In terms of warehousing progress, Gansu's warehousing is basically completed, Shaanxi's is nearing completion, and in Qixia's western townships in Shandong, a large amount of farmers' apple supplies are still being warehoused [17] Price Change - On November 7, 2025, AP01 closed at 9040 yuan/ton, with a daily increase of 1.36% and a weekly decrease of 2.14%; AP03 closed at 9024 yuan/ton, with a daily increase of 1.14% and a weekly decrease of 2.4%; AP04 closed at 9088 yuan/ton, with a daily increase of 0.61% and a weekly decrease of 3.65%, etc. [18] Group 5: Red Date Market Core View - The new - season red dates are about to enter the concentrated harvesting stage. The current new - season yield is the core point of market game. Currently, there is a yield reduction in southern Xinjiang, but the extent is difficult to determine. Affected by factors such as moisture and single - date weight, farmers' estimates of yield are prone to偏差. In the short term, red date prices fluctuate greatly due to capital game, but with the start of the purchase season under the condition of yield reduction, the downward space is expected to be limited for the time being. Attention should be paid to the subsequent commodity rate and purchase situation of new red dates [23]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Steel products may show a volatile trend after challenging the previous low support level, as the arrival volume of iron ore at ports has increased significantly, port inventories are accumulating, iron ore valuations are relatively high, the consumption demand for finished products has entered the off - season, and the subsequent improvement in apparent demand is difficult. Additionally, recent macro - sentiment has weakened, and iron ore prices have declined while coking coal prices have corrected [3]. - The iron ore market is in a short - term pattern of "exhausted macro - benefits and pressured fundamentals". With high global shipments, accumulating port inventories, shrinking steel mill profits, falling hot metal production, and high finished product inventory pressure, the upside potential for iron ore prices is limited [22]. - The demand for coking coal and coke has reached a phased peak, and short - term prices may face adjustments. However, in the long - term, due to policies restricting coking coal supply elasticity and upcoming winter storage, the downward adjustment space for coking coal spot prices may be limited. If coking coal supply tightens in the fourth quarter and winter storage demand is released in mid - to late November, the overall valuation center of the black industry may rise [34]. - Ferroalloys are expected to be volatile, as they have returned to the fundamentals of high inventory and weak demand after the macro - sentiment subsided, but are supported by the cost side [46]. - The rigid demand for soda ash is expected to weaken due to the renewed expectation of glass cold repair. Although the cost side is expected to be firm, without production cuts, the valuation has limited upward elasticity. The medium - to long - term supply of soda ash is expected to remain high, and the upper - and middle - stream inventories are high, restricting prices, but there is cost support below [55]. - The coal - to - gas conversion in Shahe will be gradually implemented this month, which may affect market supply and sentiment, but its impact is considered limited as the off - season approaches and the middle - stream inventory is high. The 01 contract of glass may continue to be highly contested until near delivery. Structurally, without unexpected production cuts, the price of the 01 contract of glass will tend to decline, but with cost support and policy expectations in the long - term [83]. Summary by Relevant Catalogs Steel Products - **Prices and Spreads**: - On November 7, 2025, the closing prices of螺纹钢01, 05, and 10 contracts were 3034, 3095, and 3132 yuan/ton respectively, with corresponding price changes compared to November 6. The closing prices of热卷01, 05, and 10 contracts were 3245, 3254, and 3276 yuan/ton respectively [4]. - The spot prices of螺纹钢 and热卷 in different regions also showed certain changes on November 7 compared to November 6. For example, the汇总 price of螺纹钢 in China was 3226 yuan/ton, and the汇总 price of热卷 in Shanghai was 3260 yuan/ton [10][12]. - The卷螺差 and基差 of螺纹 steel and hot - rolled coils also had corresponding values and changes [16][10]. - The ratios of螺纹/铁矿 and螺纹/焦炭 remained stable on November 7 compared to November 6 [19]. Iron Ore - **Prices and Spreads**: - On November 7, 2025, the closing prices of iron ore 01, 05, and 09 contracts were 760.5, 740, and 722 yuan/ton respectively, with corresponding基差 values. The prices of different iron ore varieties such as日照PB粉,日照卡粉, and日照超特 also decreased compared to November 6 [23]. - **Fundamentals**: - The日均铁水产量 was 234.22 million tons on November 7, showing a decreasing trend compared to previous periods. The 45港到港量 increased significantly, and the 45港库存 also continued to accumulate [27]. Coking Coal and Coke - **Prices and Spreads**: - On November 7, 2025, the仓单 costs and基差 of coking coal from different sources (such as唐山蒙5,口岸蒙5, etc.) and coke (such as日照港湿熄,晋中湿熄, etc.) had corresponding values and changes [37]. - The期货月差 of coking coal and coke also showed certain trends [37]. - **Fundamentals**: - The即期焦化利润 improved slightly, but most coking plants still suffered serious losses. The demand for coking coal and coke has reached a phased peak, and the number of steel mills under maintenance has increased [34]. Ferroalloys - **Silicon Iron**: - On November 7, 2025, the硅铁基差 in Ningxia was - 26, and the spot prices in different regions such as Ningxia, Inner Mongolia, etc. remained stable or decreased slightly compared to previous periods. The仓单 quantity increased [46]. - **Silicon Manganese**: - The硅锰基差 in Inner Mongolia was 210 on November 7, and the spot prices in different regions also showed certain changes. The仓单 quantity increased significantly [48]. Soda Ash - **Prices and Spreads**: - On November 7, 2025, the closing prices of纯碱01, 05, and 09 contracts were 1210, 1294, and 1363 yuan/ton respectively, with corresponding月差 values. The基差 values in different regions such as沙河 and Qinghai also changed [56]. - The重碱 and轻碱 market prices in different regions had corresponding values on November 7, and the价差 between重碱 and轻碱 also varied by region [59]. - **Fundamentals**: - The glass cold - repair expectation may lead to a weakening of the rigid demand for soda ash. The supply of soda ash is expected to remain high in the medium - to long - term, and the upper - and middle - stream inventories are high [55]. Glass - **Prices and Spreads**: - On November 7, 2025, the closing prices of玻璃01, 05, and 09 contracts were 1091, 1225, and 1315 yuan/ton respectively, with corresponding月差 values. The基差 values in different regions such as Shahe and Hubei also changed [84]. - **Fundamentals**: - The coal - to - gas conversion in Shahe may affect market supply and sentiment, but the impact is limited due to the approaching off - season and high middle - stream inventory. The 01 contract of glass may continue to be highly contested until near delivery [83].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For precious metals, although central bank gold purchases and growing investment demand will push up the price center of precious metals in the long - term, the short - term is in an adjustment phase, and there is expected to be no strong driving force in November [3]. - For copper, when the copper price drops to around 85,000 yuan/ton, downstream enterprises' replenishment enthusiasm increases, and the price has strong support at this level. However, whether orders will continue to increase needs further observation, and the upward momentum of the futures price is insufficient [17]. - For aluminum, the recent price increase is driven by speculative funds due to potential future supply - demand mismatches, but it contradicts the current fundamentals. The price of alumina may be weak in the short - term due to oversupply [37]. - For zinc, the TC in November has dropped significantly due to intense competition for ore at the smelting end. There is a possibility of inventory reduction in November, and the low inventory provides support for the price [60]. - For the nickel industry chain, the price of nickel ore may be supported during the rainy season in the Philippines. The new energy sector is in the peak season, but there is no upward driving force for prices. Nickel iron prices have been continuously lowered, and stainless steel spot sales are weak [76]. - For tin, the supply is weaker than demand, and the raw material problem at the supply end is difficult to solve in the short - term, so the Shanghai tin price will maintain a high - level shock [91]. - For lithium carbonate, the supply increment is stable, the demand is strong in November, and the price is likely to rise and difficult to fall, maintaining a shock - upward trend in the short - term [105]. - For the silicon industry chain, there is an expectation of production reduction at the industrial silicon supply end, and the demand has not improved. The fundamentals of polysilicon are still weak [116]. 3. Summaries According to Relevant Catalogs Precious Metals - **Price Trend**: The report presents the price trends of SHFE gold and silver futures, COMEX gold, and the gold - silver ratio [4]. - **Factor Analysis**: Analyzes the relationship between gold and the US dollar index, and the relationship between gold and the real interest rate of US Treasury bonds [8][15]. - **Inventory Situation**: Shows the inventory of SHFE and COMEX gold and silver [16]. Copper - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai copper futures (main contract, continuous, etc.) and LME copper are provided [18]. - **Spot Data**: The latest prices, daily changes, and daily change rates of Shanghai Non - ferrous 1 copper, Shanghai Wumaotong, etc., as well as the spot premium and discount data are presented [23]. - **Import and Processing**: The copper import profit and loss, copper concentrate TC, and copper refined - scrap price difference are given [28][32]. - **Warehouse Receipt and Inventory**: The latest data and changes of Shanghai copper warehouse receipts and LME copper inventory are provided [33][35]. Aluminum - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai aluminum futures, LME aluminum, and alumina futures are presented [39]. - **Spot Data**: The latest prices, daily changes, and daily change rates of East China aluminum, Foshan aluminum, etc., as well as the basis data are provided [46]. - **Inventory Situation**: The latest data and changes of Shanghai aluminum warehouse receipts, LME aluminum inventory, and alumina warehouse receipts are given [54]. Zinc - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai zinc futures and LME zinc are provided [61]. - **Spot Data**: The latest prices, daily changes, and daily change rates of SMM 0 zinc and SMM 1 zinc, as well as the premium and discount data are presented [69]. - **Inventory Situation**: The latest data and changes of Shanghai zinc warehouse receipts and LME zinc inventory are given [73]. Nickel Industry Chain - **Futures Data**: The latest prices, changes, and trading volume of Shanghai nickel and stainless steel futures are provided [77]. - **Spot Data**: The average price of nickel spot is presented [82]. - **Downstream Situation**: The price and inventory of nickel ore, the profit rate of downstream products, and the price of nickel pig iron are analyzed [83][85][89]. Tin - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai tin futures and LME tin are provided [91]. - **Spot Data**: The latest prices, daily changes, and daily change rates of Shanghai Non - ferrous tin ingots, 1 tin premium and discount, etc., are presented [96]. - **Inventory Situation**: The latest data and changes of Shanghai tin warehouse receipts and LME tin inventory are given [100]. Lithium Carbonate - **Futures Data**: The closing prices, daily changes, and weekly changes of lithium carbonate futures are provided [106]. - **Spot Data**: The latest prices, daily changes, daily change rates, weekly changes, and weekly change rates of lithium - related products are presented [110]. - **Inventory Situation**: The latest data and changes of Guangzhou Futures Exchange warehouse receipts and lithium carbonate social inventory are given [114]. Silicon Industry Chain - **Industrial Silicon**: The latest prices, daily changes, and daily change rates of industrial silicon spot and futures are provided [116][117]. - **Polysilicon and Downstream Products**: The prices of polysilicon, silicon wafers, battery cells, and components are presented [122][123][124]. - **Production and Inventory**: The production, inventory, and cost data of industrial silicon in Xinjiang and Yunnan are given [129][141][144].

Group 1: Report Information - Report Title: Oilseeds and Oils Industry Daily Report [1] - Report Date: November 7, 2025 [1] - Researcher: Xu Liang [2] - Reviewer: Tang Yun [2] Group 2: Investment Ratings - No investment ratings provided in the report. Group 3: Core Views Palm Oil - International Market: Malaysian BMD crude palm oil futures are in a volatile trend. Due to concerns about increased inventory and slower exports, there is short - term pressure to weaken and seek support at 4,000 ringgit. After the release of the MPOB supply - demand report next week, if it can effectively stand above 4,000 ringgit, an upward trend may follow. A near - term weak and long - term strong view is maintained, and the level of 4,000 ringgit should be closely monitored [3]. - Domestic Market: Dalian palm oil futures are in a downward - adjusted trend after opening higher. Affected by the decline of Malaysian palm oil, there is pressure to continue falling. Attention should be paid to whether it can effectively stand above 8,500 yuan. As Malaysian palm oil stabilizes at around 4,000 ringgit, Dalian palm oil may also stabilize and rise. A near - term weak and long - term strong view is maintained, and changes in Malaysian palm oil fundamentals and whether Dalian palm oil can stand above 8,500 yuan should be closely monitored [3]. Soybean Oil - Dalian soybean oil futures are in a narrow - range volatile trend. CBOT soybeans, soybean oil, and BMD palm oil are all in a volatile adjustment state, affecting the domestic oil market. Domestically, soybean oil supply is sufficient in most areas, but some areas have soybean meal overstock, leading to a decrease in the overall factory operating rate. Recently, due to low prices, some traders replenished stocks, and yesterday's trading volume increased. There are both bullish and bearish factors. The January contract is oscillating below the daily mid - track of 8,200 yuan. If CBOT soybeans, soybean oil, and BMD palm oil continue to fall, Dalian soybean oil will be dragged down; otherwise, there is a possibility of an upward trend after the oscillation [4]. Oilseeds (Soybean Meal) - Dalian soybean meal 01 contract declined due to the sharp drop in US soybeans yesterday and weak spot prices. However, the Brazilian premium is continuously strengthening, and the crushing profit has not significantly improved under the weak oil - meal background. The main contract of Dalian soybean meal may still test the resistance at 3,080 - 3,100 yuan in the short term. In the spot market, the fixed - price of oil mills decreased by 10 - 30 yuan/ton following the futures price. The near - month basis is weakly stable, with light overall trading volume. Feed mills maintain just - in - time procurement, and traders operate on a rolling basis. If China successfully purchases 12 million tons of US soybeans, the supply will be loose in the first quarter of next year, and the basis will be under continuous pressure with limited upward space. In the short term, the spot price will mainly fluctuate within the range of 3,000 - 3,200 yuan [17]. Group 4: Price and Spread Information Oil Spreads | Spread | Unit | Price | Today's Change | | --- | --- | --- | --- | | P 1 - 5 | yuan/ton | - 66 | 40 | | P 5 - 9 | yuan/ton | 90 | 10 | | P 9 - 1 | yuan/ton | - 24 | - 50 | | Y - P 01 | yuan/ton | - 544 | - 92 | | Y - P 05 | yuan/ton | - 792 | - 46 | | Y - P 09 | yuan/ton | - 790 | - 56 | | Y 1 - 5 | yuan/ton | 182 | - 6 | | Y 5 - 9 | yuan/ton | 88 | 20 | | Y 9 - 1 | yuan/ton | - 270 | - 14 | | Y/M 01 | - | 2.6688 | 0.78% | | Y/M 05 | - | 2.832 | 0.6% | | Y/M 09 | - | 2.6932 | 0.39% | | OI 1 - 5 | yuan/ton | 391 | 46 | | OI 5 - 9 | yuan/ton | 24 | 31 | | OI 9 - 1 | yuan/ton | - 415 | - 77 | | OI/RM 01 | - | 3.7521 | 1.19% | | OI/RM 05 | - | 3.7968 | 0.76% | | OI/RM 09 | - | 3.6787 | 0.52% | [5] Palm Oil Prices | Variety | Unit | Latest Price | Change Rate (Spread) | | --- | --- | --- | --- | | Palm Oil 01 | yuan/ton | 8,660 | - 0.82% | | Palm Oil 05 | yuan/ton | 8,730 | - 0.77% | | Palm Oil 09 | yuan/ton | 8,640 | - 0.78% | | BMD Palm Oil Main Contract | ringgit/ton | 4,110 | - 0.94% | | Guangzhou 24 - degree Palm Oil | yuan/ton | 8,520 | - 50 | | Guangzhou 24 - degree Basis | yuan/ton | - 46 | 50 | | POGO | US dollars/ton | 416.649 | - 1.168 | | International Soybean - Palm Oil | US dollars/ton | 46.08 | 5.95 | [8] Soybean Oil Prices | Variety | Unit | Latest Price | Change Rate (Spread) | | --- | --- | --- | --- | | Soybean Oil 01 | yuan/ton | 8,184 | - 0.33% | | Soybean Oil 05 | yuan/ton | 7,960 | - 0.6% | | Soybean Oil 09 | yuan/ton | 7,878 | - 0.34% | | CBOT Soybean Oil Main Contract | cents/pound | 49.28 | - 0.87% | | Shandong First - grade Soybean Oil Spot | yuan/ton | 8,290 | 0 | | Shandong First - grade Soybean Oil Basis | yuan/ton | 212 | 52 | | BOHO (Weekly) | US dollars/barrel | 45.172 | - 7.6468 | | Domestic First - grade Soybean Oil - 24 - degree Palm Oil | yuan/ton | - 130 | - 40 | [14] Oilseed Futures Prices | Variety | Closing Price | Today's Change | Change Rate | | --- | --- | --- | --- | | Soybean Meal 01 | 3,058 | - 10 | - 0.33% | | Soybean Meal 05 | 2,810 | - 17 | - 0.6% | | Soybean Meal 09 | 2,930 | - 10 | - 0.34% | | Rapeseed Meal 01 | 2,539 | - 10 | - 0.39% | | Rapeseed Meal 05 | 2,416 | 0 | 0% | | Rapeseed Meal 09 | 2,487 | 0 | 0% | | CBOT Yellow Soybeans | 1,108 | - 0 | 0% | | Offshore RMB | 7.1226 | - 0.0078 | - 0.11% | [17] Soybean and Rapeseed Meal Spreads | Spread | Price | Today's Change | Spread | Price | Today's Change | | --- | --- | --- | --- | --- | --- | | M01 - 05 | 241 | - 8 | RM01 - 05 | 133 | 1 | | M05 - 09 | - 113 | 1 | RM05 - 09 | - 71 | 2 | | M09 - 01 | - 128 | 7 | RM09 - 01 | - 62 | - 3 | | Soybean Meal Rizhao Spot | 3,040 | - 20 | Soybean Meal Rizhao Basis | 25 | 11 | | Rapeseed Meal Fujian Spot | 2,580 | 0 | Rapeseed Meal Fujian Basis | 31 | - 12 | | Soybean and Rapeseed Meal Spot Spread | 460 | 0 | Soybean and Rapeseed Meal Futures Spread | 519 | - 17 | [18][20]

Report Overview - Report Title: Fuel Oil Industry Weekly Report - Report Date: October 31, 2025 - Research Analyst: Xu Liang Z0002220 - Reviewer: Tang Yun Z0002422 1. Investment Rating - The report does not mention the industry investment rating. 2. Core View - High-sulfur fuel oil fluctuates with crude oil, but its volatility increases due to high inventories and the impact of arbitrage cargoes [3][4]. 3. Summary by Relevant Catalogs 3.1 Fundamental Information - Geopolitical disturbances and the lack of significant increase in OPEC supply have led to a strong and volatile crude oil price, supporting the cost center of high-sulfur fuel oil [3]. - The stable marine demand for high-sulfur fuel oil supports the fundamentals, while the supply of non-sanctioned resources is tight [3]. - The fuel oil inventory in Fujairah increased by 25.92% week-on-week to 8.86 million barrels, reaching a new high for the year, indicating oversupply [3]. - The stable inflow of low-sulfur components from the Middle East and West Africa into Asia, combined with the continuous output of high-sulfur resources from Russia, suppresses the market structure [3]. 3.2 Low-Sulfur Fuel Oil Price and Spread Data | Location | 2025 - 10 - 31 | 2025 - 10 - 30 | 2025 - 10 - 24 | Daily Change | Weekly Change | | --- | --- | --- | --- | --- | --- | | Singapore Low-Sulfur Fuel Oil M + 2 (USD/ton) | 454.24 | 451.08 | 448.21 | 3.16 | 6.03 | | Rotterdam Low-Sulfur Fuel Oil M + 2 (USD/ton) | 418.56 | 417.47 | 419.27 | 1.09 | -0.71 | | US Gulf of Mexico Low-Sulfur Fuel Oil M + 2 (USD/barrel) | 68.71 | 68.43 | 69.07 | 0.28 | 0.13 | | China LU Futures M + 3 (CNY/ton) | 3306 | 3272 | 3250 | 34 | 56 | | LU Futures M + 3 - Singapore Low-Sulfur Fuel Oil M + 2 (USD/ton) | 10.4709 | 5.1815 | 6.7305 | 5.2894 | 3.7404 | | Singapore - Rotterdam Low-Sulfur Fuel Oil M + 1 (USD/ton) | 33.87 | 31.7 | 24.56 | 2.17 | 9.31 | | Singapore Low-Sulfur Fuel Oil vs Brent M + 2 Crack | 7.38 | 7.17 | 6.05 | 0.21 | 1.33 | | Rotterdam Low-Sulfur Fuel Oil vs Brent M + 2 Crack | 1.71 | 1.88 | 1.56 | -0.17 | 0.15 | | US Gulf of Mexico Low-Sulfur Fuel Oil vs Brent M + 2 Crack | 4.57 | 4.42 | 4.3 | 0.15 | 0.27 | | Singapore Low-Sulfur Fuel Oil Monthly Spread | -0.65 | -0.81 | -3.05 | 0.16 | 2.4 | | Rotterdam Low-Sulfur Monthly Spread | 1.16 | 1.1 | -0.32 | 0.06 | 1.48 | | US Gulf of Mexico Low-Sulfur Monthly Spread | 2.4765 | 1.778 | -0.6985 | 0.6985 | 3.175 | | LuM + 3 - M + 4 Monthly Spread (USD) | 2.9522 | 3.3718 | -1.6847 | -0.4196 | 4.6369 | | Singapore High-Low Sulfur Spread M + 2 | 69.96 | 69.23 | 63.28 | 0.73 | 6.68 | [5] 3.3 High-Sulfur Fuel Oil Price and Spread Data | Location | 2025 - 10 - 31 | 2025 - 10 - 30 | 2025 - 10 - 24 | Change | Weekly Change | | --- | --- | --- | --- | --- | --- | | Singapore High-Sulfur Fuel Oil M + 1 (USD/ton) | 381.05 | 378.35 | 392.35 | 2.7 | -11.3 | | Rotterdam High-Sulfur Fuel Oil M + 1 (USD/ton) | 394.95 | 392.6 | 397.1 | 2.35 | -2.15 | | US Gulf of Mexico High-Sulfur Fuel Oil M + 1 (USD/barrel) | 59 | 58.56 | 59.44 | 0.44 | -0.44 | | China FU Futures M + 1 Price (CNY/ton) | 2959 | 2968 | 2916 | -9 | 43 | | Singapore High-Sulfur Fuel Oil Monthly Spread | -3.22 | -3.5 | -1.62 | 0.28 | -1.6 | | Rotterdam High-Sulfur Fuel Oil Monthly Spread | 8.47 | 8.5 | 9.38 | -0.03 | -0.91 | | US Gulf of Mexico High-Sulfur Fuel Oil Monthly Spread | 6.604 | 5.9055 | 6.2865 | 0.6985 | 0.3175 | [24] 3.4 Other Spread Data - FU Monthly Spread (USD/ton): 26.4127 (2025 - 10 - 31), 25.3161 (2025 - 10 - 30), 13.6135 (2025 - 10 - 24), 1.0966 (Daily Change), 12.7992 (Weekly Change) - Singapore High-Low Sulfur Spread M + 1: 72.54 (2025 - 10 - 31), 71.92 (2025 - 10 - 30), 53.48 (2025 - 10 - 24), 0.62 (Daily Change), 19.06 (Weekly Change) - Rotterdam High-Low Sulfur Spread M + 1: 24.45 (2025 - 10 - 31), 25.97 (2025 - 10 - 30), 29.27 (2025 - 10 - 24), -1.52 (Daily Change), -4.82 (Weekly Change) - US Gulf of Mexico High-Low Sulfur Spread M + 1: 64.135 (2025 - 10 - 31), 64.4525 (2025 - 10 - 30), 64.4525 (2025 - 10 - 24), -0.3175 (Daily Change), -0.3175 (Weekly Change) - China High-Sulfur M + 2 - Singapore High-Sulfur M + 1: 8.0261 (2025 - 10 - 31), 13.6029 (2025 - 10 - 30), 9.2148 (2025 - 10 - 24), -5.5768 (Daily Change), -1.1887 (Weekly Change) - Singapore High-Sulfur Fuel Oil vs Brent M + 1 Crack (USD/barrel): -4.74 (2025 - 10 - 31), -4.76 (2025 - 10 - 30), -3.38 (2025 - 10 - 24), 0.02 (Daily Change), -1.36 (Weekly Change) [35]

Group 1: Report Overview - The report is a soft commodity daily report dated November 3, 2025, covering sugar, cotton, apple, and jujube markets [1] Group 2: Sugar Market Core View - The global sugar supply surplus expectation dominates the market sentiment. Brazil's new sugarcane harvest has a clear prospect of increased production due to improved weather, and sugar mills tend to increase the sugar - making ratio due to weak ethanol profits. In China, the new sugar season has a clear increase in production, but the tightening of syrup import control policies provides some support for prices. Attention should be paid to policy rhythm changes under the loose supply - demand pattern [3] Price and Spread - Sugar futures prices: SR01 closed at 5499 with a daily increase of 0.29% and a weekly increase of 0.99%. SB closed at 14.42 with a daily increase of 1.19% and a weekly decrease of 0.35% [4] - Sugar price spreads: SR01 - 05 was 70, unchanged on the day and up 24 for the week [4] - Sugar basis: On October 31, 2025, the basis of Nanning - SR01 was 267, down 11 on the day and 37 for the week [9] - Sugar import prices: On November 3, 2025, the in - quota price of Brazilian sugar imports was 3990, down 25 on the day and 205 for the week; the out - of - quota price was 5052, down 33 on the day and 267 for the week [12] Group 3: Cotton Market Core View - Under short - term China - US trade consultations, market sentiment may improve. The cotton output in southern Xinjiang in the new year is lower than expected, and the new cotton purchase price is relatively firm. However, the overall domestic new cotton output is still high, and downstream demand is weak. The upward momentum of cotton prices is lacking. Attention should be paid to hedging pressure around 13600 - 13800 and the subsequent new - season production determination [14] Price and Spread - Cotton and cotton yarn futures prices: Cotton 01 closed at 13600, up 5 (0.04%); Cotton 05 closed at 13615, up 10 (0.07%); Cotton 09 closed at 13780, up 25 (0.18%) [15] - Cotton and cotton yarn spreads: The cotton basis was 1265, unchanged on the day; the cotton 01 - 05 spread was - 10, unchanged on the day [15] Group 4: Apple Market Core View - The national apple storage is basically completed. This year's national cold - storage estimated storage volume is about 5.5%, 10% lower than last year, with an estimated storage volume of 700 - 780 million tons. Different regions have different storage changes [18] Price and Spread - Apple futures prices: AP01 closed at 9104, down 1.45% on the day and up 1.88% for the week [19] - Apple price spreads: AP01 - 05 was - 347, unchanged on the day and down 44.75% for the week [20] Group 5: Jujube Market Core View - The new - season jujubes are about to enter the concentrated harvesting stage. The current new - season production is still the core point of market game. There are few rotten jujubes this season, but the jujubes may be smaller. Short - term price fluctuations may be large. Attention should be paid to the production determination and commodity rate after the new jujubes are harvested [24] Price and Spread - Jujube futures spreads: The jujube futures spread of 01 - 05 shows certain historical trends in different years [25]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The Fed's rate - cut expectations persist, and factors such as trade uncertainty, weak ADP employment, US debt expansion, de - dollarization, and geopolitical conflicts boost gold's safe - haven demand. The "official buying spree" and the long - term weakening trend of the US dollar index make gold's strategic allocation value stable [3]. - Last week, copper prices first rose and then fell. The December contract has reached its peak, and the price will be dominated by the spot market. In November, the market's focus is on the January contract. If the rate - cut expectation strengthens in December, the January contract may have the momentum to hit the previous high; otherwise, the probability of high - level consolidation increases [17]. - Last week, Shanghai aluminum prices were strong due to the resonance of macro and fundamentals. After macro events, the market may seek new trading logic. Overseas disturbances may be more frequent than domestic ones, and Shanghai aluminum will oscillate at a high level in the short term, testing the 21,500 resistance level. Alumina prices may be weak in the short term due to oversupply, and attention should be paid to cost - profit and production - adjustment news [37]. - Currently, the smelting end is fiercely competing for zinc ore. The price of overseas ore has no advantage, and the domestic ore increment is small, causing the TC in November to drop significantly again. The smelting end's willingness to cut or stop production in November has increased. If demand remains stable, there is a possibility of inventory reduction. Low inventory provides support for prices, and there is an upward driving force in November [59]. - In the nickel industry chain, Indonesia's new regulations on 2026 quota applications for nickel ore are stricter. The new energy sector is in the peak production and consumption season, with tight market circulation and low overall inventory levels. Nickel iron prices have been continuously lowered due to weak downstream demand. Stainless steel prices have been oscillating weakly, and many large steel mills have announced production cuts for the 200 - series. The Fed's rate - cut decision and Sino - US friendly talks bring positive signals [75]. - Fundamentally, the supply of tin is weaker than demand, with a decline in Yunnan's production and a sharp reduction in concentrate imports. The short - term supply - side disturbances are difficult to resolve, and Shanghai tin will remain strong in the short term, with support expected around 276,000 yuan [89]. - For lithium carbonate, the supply may increase in October due to the release of salt - lake production capacity and the possible resumption of "Jianxiawo". The demand from downstream lithium - battery material enterprises is expected to increase before the end of the year. Overall, the lithium carbonate futures price is expected to show an oscillating and strengthening trend [105]. - In the silicon industry chain, industrial silicon is in a situation of strong supply and weak demand, with high supply - side pressure and a downward trend in downstream operating rates. The polysilicon industry chain is reducing production and accumulating inventory, with weak fundamentals. The polysilicon futures have high volatility and high risks [118]. Summary by Related Catalogs Precious Metals - **Price and Market Conditions**: The Fed's rate - cut expectations and various factors support gold prices. The US dollar index has a long - term weakening trend, and gold has a stable strategic allocation value [3]. - **Data Charts**: Include SHFE gold and silver futures prices, COMEX gold prices and gold - silver ratios, gold and US Treasury real interest rates, gold and US dollar index relationships, and gold and silver long - term fund holdings and inventory data [4][8][12][16] Copper - **Price and Market Conditions**: Last week, copper prices fluctuated, and the December contract reached its peak. The January contract's trend depends on the rate - cut expectation in December. The current copper import profit is - 871.53 yuan/ton, and the copper concentrate TC is - 42.26 dollars/ton [17][28]. - **Data Charts**: Include copper futures and spot prices, inventory data, import and export profit data, and price difference data [18][23][33][35] Aluminum - **Price and Market Conditions**: Shanghai aluminum prices were strong last week and will oscillate at a high level in the short term. Alumina prices may be weak due to oversupply. Cast aluminum alloy has strong follow - up to Shanghai aluminum and has strong support [37][38]. - **Data Charts**: Include aluminum and alumina futures and spot prices, price difference data, inventory data, and import and export profit data [38][40][45][54] Zinc - **Price and Market Conditions**: The smelting end's willingness to cut production has increased in November due to ore supply issues. If demand is stable, there is a possibility of inventory reduction. Low inventory provides support for prices [59]. - **Data Charts**: Include zinc futures and spot prices, price difference data, and inventory data [60][67][72] Nickel Industry Chain - **Price and Market Conditions**: Indonesia's new regulations on nickel ore quotas are stricter. The new energy sector has tight circulation, nickel iron prices are falling, and stainless steel prices are oscillating weakly. Many large steel mills have announced production cuts [75]. - **Data Charts**: Include nickel and stainless steel futures prices, inventory data, nickel ore prices, and downstream profit data [76][80][84] Tin - **Price and Market Conditions**: The supply of tin is weaker than demand, and Shanghai tin will remain strong in the short term, with support around 276,000 yuan [89]. - **Data Charts**: Include tin futures and spot prices, inventory data, and import and export profit data [90][96][100] Lithium Carbonate - **Price and Market Conditions**: The supply of lithium carbonate may increase, and the demand from downstream enterprises is expected to rise. The futures price is expected to oscillate and strengthen [105]. - **Data Charts**: Include lithium carbonate futures and spot prices, inventory data, and price difference data [106][111][115] Silicon Industry Chain - **Price and Market Conditions**: Industrial silicon is in a situation of strong supply and weak demand, and the polysilicon industry chain is reducing production and accumulating inventory, with high risks [118]. - **Data Charts**: Include industrial silicon and polysilicon prices, production, inventory, and cost data [119][124][131][135]