Report Information - Report Title: Soft Commodity Daily - Date: October 24, 2025 Industry Investment Rating - No relevant information provided Core Viewpoints - International sugar prices are pressured by the expectation of global supply surplus, while domestic sugar has limited downside space due to cost support but weak demand [3]. - The decline of cotton prices has slowed down, but it still faces hedging pressure due to the expected increase in supply [14]. - Apple prices may remain strong in the long - term, but the main contract's performance is weaker than that of the far - month contracts [19]. - New - season jujubes may face downward pressure due to high inventory of old jujubes [27]. Summary by Commodity Sugar - **Fundamentals**: International sugar prices are under pressure from the expected supply surplus, with ICE raw sugar slightly rising to 15.24 cents/pound but constrained by Brazil's high production. Domestic sugar has limited downside due to cost support, but terminal procurement is cautious [3]. - **Futures Prices and Spreads**: Provided detailed closing prices, daily and weekly price changes of various sugar futures contracts and spreads [4]. - **Basis**: Presented the basis data of sugar in Nanning and Kunming against different futures contracts and their daily and weekly changes [9]. - **Import Prices**: Showed the quota - in and quota - out import prices of Brazilian and Thai sugar and their daily and weekly changes, as well as the price differences between domestic locations and imported sugar [12]. Cotton - **Fundamentals**: New cotton purchase prices are relatively firm, the decline of cotton prices has slowed down, but downstream demand is weakening, and new cotton supply pressure will gradually emerge [14]. - **Futures Prices**: Gave the closing prices, daily price changes and price change rates of cotton and cotton yarn futures contracts [15]. - **Spreads**: Provided the price differences and daily price changes of cotton basis, cotton futures month - spreads, flower - yarn spread, and internal - external cotton and yarn spreads [16]. Apple - **Fundamentals**: Late - Fuji apples in the northwest and Shandong are in the coloring and partial listing stage. Continuous rain has delayed the supply, and the effective inventory in most areas is lower than last year. Long - term prices may remain strong [19]. - **Price Changes**: Presented the closing prices, daily and weekly price change rates of apple futures contracts, spot prices of different apple varieties, and related data such as basis, theoretical delivery price and profit [20]. Jujube - **Fundamentals**: New - season jujubes are about to be harvested. With high inventory of old jujubes, jujube prices may face downward pressure [27]. - **Futures Month - Spreads**: Mentioned the futures month - spreads of jujubes (01 - 05, 05 - 09, 09 - 01) [29][30][34]. - **Prices and Inventory**: Included the price trends of Xinjiang jujube production areas and main sales areas, and the total of jujube warehouse receipts and effective forecasts [33][35].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For soybeans and related products: The USDA report this month is neutral to bearish overall, with an increase in US soybean production and inventory and a decrease in global production. China's imports from October to November exceeded expectations, and the supply pressure persists. After December, China may turn to buying US soybeans, depending on the China - US negotiation progress. The short - term domestic spot market is in a low - level oscillation, and the demand is in the seasonal off - season with large inventory pressure [5]. - For rapeseed and related products: The domestic supply - demand situation has little change, and attention should be paid to the new rapeseed harvest in Canada. The anti - dumping measures against Canadian rapeseed may lead to a significant decrease in imports, but there is uncertainty. The domestic demand has entered the seasonal consumption off - season, especially the weakening of aquatic product demand. If there is a negotiation with the US, it may ease the China - Canada relationship and relax rapeseed imports [5]. - For oils: - **Soybean oil**: In the short term, the soybean oil inventory has slightly decreased month - on - month due to the slowdown of soybean crushing but remains at a high level. The Indonesian B50 plan may fall short of expectations, weakening the biodiesel concept and being unfavorable to oils. Argentina's tariff - free exports may increase China's direct imports of soybean oil. The market generally shows a slightly oversupplied pattern with high inventory pressure [36]. - **Palm oil**: The MPOB report this month shows that the inventory has accumulated more than expected, and the report is neutral to bearish. The Indonesian B50 biodiesel plan may not be realized, weakening the biodiesel theme. The domestic inventory is still in a relatively high accumulation stage. The market trend is oscillatory due to the conflict between the weakening of biodiesel and the seasonal production decline of palm oil [37]. - **Rapeseed oil**: The domestic market is in a slow de - stocking cycle. The anti - dumping measures against Canadian rapeseed may lead to a decrease in rapeseed oil supply. Attention should be paid to the changes in imports from Russia and the impact of possible trade negotiations at the end of the month on future rapeseed oil purchases. The short - term trend is weak, but there is support in the medium term due to reduced imports [38]. 3. Summary by Relevant Catalogs Soybean and Related Products - **Market fundamentals**: The USDA report adjusted US soybean production, global production, and US soybean inventory. China's imports from Brazil and Argentina in October - November exceeded expectations, and the supply pressure continues. After December, the supply from South America may decrease, and China may turn to US soybeans depending on negotiations [5]. - **Price and spread**: There are various price and spread data such as the closing prices of domestic and foreign soybean futures, soybean meal futures spreads (01 - 05, 05 - 09, 09 - 01), and the price ratio of soybean oil to soybean meal for different contracts (01, 05, 09) [4][27][60]. - **Inventory and consumption**: Data on soybean crushing volume, soybean inventory in crushing plants, soybean meal inventory, and consumption in China are presented, showing the current supply - demand situation [16][18]. Rapeseed and Related Products - **Market fundamentals**: The domestic supply - demand situation is relatively stable, but attention should be paid to the new rapeseed harvest in Canada. The anti - dumping measures against Canadian rapeseed and possible trade negotiations may affect imports [5]. - **Price and spread**: There are data on rapeseed meal futures spreads (01 - 05, 05 - 09, 09 - 01), rapeseed meal spot basis, and the price ratio of rapeseed oil to rapeseed meal for different contracts (01, 05, 09) [26][29][63]. - **Inventory and consumption**: Data on rapeseed expected arrival volume, rapeseed inventory in crushing plants, rapeseed meal inventory, and consumption are provided [21][24]. Oils - **Soybean oil**: The short - term inventory change is affected by soybean crushing, and factors such as the Indonesian B50 plan and Argentina's exports impact the market. There are data on soybean oil production, consumption, inventory, and price spreads [36][40][67]. - **Palm oil**: The MPOB report shows inventory changes, and the Indonesian B50 plan and seasonal production decline affect the market trend. Data on palm oil production, consumption, inventory, and price spreads in Malaysia and Indonesia are presented [37][50][64]. - **Rapeseed oil**: The domestic market is in a de - stocking cycle, and anti - dumping measures and trade negotiations affect supply. There are data on rapeseed oil supply, consumption, inventory, and price spreads [38][42][72].

Report Industry Investment Rating No relevant content provided. Core Views - Market focuses on US September CPI data for Fed's interest - rate cut path, with long - term support from central bank gold purchases, geopolitical risks, and weakened dollar credit, but short - term fluctuations due to geopolitical ease and technical selling pressure [3] - Fourth Plenary Session and the "15th Five - Year Plan" strengthen demand expectations for copper, with a bullish outlook on copper prices [17] - China's core CPI rise in September and expected Fed rate cut are positive for aluminum prices. Alumina is in an oversupply situation, while cast aluminum alloy has strong support [38] - Zinc's supply - demand situation shows domestic stable supply and overseas production cuts, with low inventory supporting prices [61] - Nickel ore regulations in Indonesia are stricter. The new energy sector is in a peak season, nickel - iron prices are weak, and stainless steel may fluctuate widely [76] - Tin supply is weaker than demand, and SHFE tin is expected to remain strong in the short term [90] - Good market demand for lithium carbonate and continuous warehouse destocking are expected to support futures prices [103] - Industrial silicon prices may rise slightly with coming dry seasons, while the polysilicon market is bearish [115] Summaries by Related Catalogs Precious Metals - **Fundamentals**: Market focuses on US September CPI data for Fed's interest - rate cut path. Long - term supports include central bank gold purchases, geopolitical risks, and weakened dollar credit, but short - term fluctuations are caused by geopolitical ease and technical selling pressure. Tensions between Russia and the US add to market uncertainty [3] Copper - **Policy Impact**: Fourth Plenary Session and the "15th Five - Year Plan" strengthen demand expectations for copper, and policies are bullish on copper prices [17] - **Futures Data**: Latest prices of SHFE copper contracts show different daily changes and fluctuations, with the highest daily increase of 1.92% for the main and continuous - one contracts [18] - **Spot Data**: Spot copper prices in different regions have daily increases ranging from 1.09% to 1.17%, and there are changes in spot premiums and discounts [24] Aluminum - **Macro and Fundamentals**: China's core CPI rise in September and expected Fed rate cut are positive for aluminum prices. Alumina is in an oversupply situation, and cast aluminum alloy has strong support. Short - term SHFE aluminum may fluctuate at a high level [38] - **Futures Data**: Latest prices of SHFE aluminum, alumina, and aluminum alloy contracts show different daily changes and fluctuations [39] - **Spot Data**: Spot aluminum prices in different regions and relevant premiums and discounts have daily changes, and LME aluminum spot price and premiums also change [49] Zinc - **Supply - Demand and Price**: Domestic zinc supply is stable, overseas production is cut, and low inventory supports prices. The price difference between domestic and overseas markets is large, and short - term attention should be paid to export windows and macro - driving factors [61] - **Futures Data**: Latest prices of SHFE and LME zinc contracts show different daily changes and fluctuations [62] - **Spot Data**: SMM zinc average prices increase by 0.41%, and there are changes in LME zinc premiums [69] Nickel - **Industry Conditions**: Indonesia's nickel ore regulations are stricter. The new energy sector is in a peak season, nickel - iron prices are weak, and stainless steel may fluctuate widely. WTO rulings and BIS certifications are positive for stainless steel exports [76] - **Futures Data**: Latest prices of SHFE and LME nickel contracts show different changes, along with changes in trading volume, open interest, and warehouse receipts [77] Tin - **Supply - Demand**: Tin supply is weaker than demand, and SHFE tin is expected to remain strong in the short term, with a predicted support level of 276,000 yuan [90] - **Futures Data**: Latest prices of SHFE and LME tin contracts show different daily changes and fluctuations [91] - **Spot Data**: Spot tin prices in different categories have daily increases ranging from 0.35% to 0.83% [93] Lithium Carbonate - **Market Outlook**: Good market demand and continuous warehouse destocking are expected to support futures prices [103] - **Futures Data**: Latest prices of lithium carbonate futures contracts show different daily and weekly changes, and there are changes in price spreads between contracts [104] - **Spot Data**: Prices of various lithium products show daily and weekly changes, and there are changes in price spreads between different lithium products [108] Silicon - **Industry Conditions**: Industrial silicon prices may rise slightly with coming dry seasons, while the polysilicon market is bearish [115] - **Futures Data**: Latest prices of industrial silicon futures contracts show different daily changes and fluctuations, and there are changes in price spreads between contracts [115] - **Spot Data**: Spot prices of industrial silicon in different regions and grades are stable, with changes in basis and price spreads [115]

油脂油料产业日报 2025/10/22 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For precious metals, the push for a cease - fire in the Russia - Ukraine conflict by Europe has led to a sharp drop in hedging demand, but the fundamental support factors remain unchanged. The Fed is expected to cut interest rates by 25 basis points each in the next week and December, and the medium - to - long - term monetary easing environment will continue. The global demand for gold allocation remains stable, and institutional investors are still optimistic about the medium - term outlook after the short - term sharp decline [3]. - For copper, the spot market atmosphere is average, downstream sentiment is low and demand is mainly for rigid needs. With the replenishment of domestic and imported supplies, the increase in spot circulation has led to a downward adjustment of premiums [18]. - For aluminum, macro data shows that China's core CPI growth rate expanded to 1% in September, indicating a mild recovery in domestic demand. Overseas, the Fed is expected to cut interest rates, which is positive for aluminum prices. The market believes that the probability of tariff negotiation success is high. The fundamentals of Shanghai aluminum are stable this week, and the continuous destocking of electrolytic aluminum social inventory provides some support for aluminum prices. In the short term, Shanghai aluminum will fluctuate at a high level. Alumina is in an oversupply situation, and prices are falling. Cast aluminum alloy has strong follow - up to Shanghai aluminum and has strong support at the bottom [37]. - For zinc, the fundamentals have not changed significantly recently. Domestic smelting supply is stable, while overseas there are production cuts. The price spread has been widening due to inconsistent fundamentals. The domestic zinc market is in a situation of strong supply and weak demand. Low inventory provides short - term price support. Attention should be paid to the opening of the export window and the possibility of macro - upward driving forces [60]. - For the nickel industry chain, the fundamentals have not changed significantly. There are still expectations of interest rate cuts this year at the macro level, and the progress of Sino - US tariffs affects risk appetite. In the nickel ore market, Indonesia's new quota regulations may lead to a decline in 2026 quotas. The new energy sector is in the peak season, with strong demand. Nickel iron prices are weak, and stainless steel prices may decline slightly. Attention should be paid to the follow - up development of Sino - US tariffs and interest rate cut expectations [75]. - For tin, the fundamentals have not changed. Yunnan's production has declined, and concentrate imports have dropped sharply. Supply is weaker than demand. In the short term, it is difficult to solve the supply - side disturbances, and Shanghai tin is still strong, with support expected around 276,000 yuan [92]. - For lithium carbonate, market demand is good, and warehouse receipts are continuously and significantly destocked. Before the end of the year, the demand of downstream lithium - battery material enterprises is expected to continue to grow month - on - month, which will support the futures price [106]. - For the silicon industry chain, 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. For polysilicon, there are production cuts in the southwest region, and the specific impact needs further observation [118]. 3. Summary by Relevant Catalogs Precious Metals - **Price and Market Analysis**: The report presents the price trends of SHFE gold and silver futures, COMEX gold, and the gold - silver ratio, as well as the relationship between gold and the US dollar index, US Treasury real interest rates, and long - term gold and silver fund holdings [4][9][12]. - **Outlook**: Short - term sharp decline but medium - term outlook remains positive due to long - term monetary easing and stable global gold allocation demand [3]. Copper - **Spot and Futures Data**: Spot copper prices in various regions have declined, with daily price drops ranging from 0.89% to 0.9%. Futures prices of Shanghai copper have slightly increased, with a daily increase of 0.02%. The premium of Shanghai copper spot has decreased by 40% [23][24]. - **Supply - Demand Analysis**: The spot market is weak, and the increase in supply has led to a decline in premiums [18]. Aluminum - **Price and Spread**: Aluminum and alumina futures prices have increased slightly, with daily increases ranging from 0.36% to 0.79%. There are various price spreads among different contracts, such as the spread between Shanghai aluminum continuous and consecutive contracts [38][41]. - **Market Fundamentals**: Macro data is positive for aluminum prices, and the destocking of electrolytic aluminum social inventory provides support. Alumina is in an oversupply situation [37]. Zinc - **Price and Inventory**: Zinc futures prices have increased slightly, with daily increases ranging from 0.09% to 0.32%. Zinc inventory has decreased, with a daily decrease of 1.6% for Shanghai zinc warehouse receipts and 5.3% for LME zinc inventory [61][71]. - **Market Outlook**: The domestic market is in a situation of strong supply and weak demand, and low inventory provides short - term support [60]. Nickel Industry Chain - **Price and Market Data**: Nickel and stainless - steel futures prices show different trends. Nickel spot average prices are presented. The new energy sector has strong demand, while nickel iron prices are weak, and stainless - steel prices may decline slightly [76][83][75]. - **Macro Factors**: Attention should be paid to Sino - US tariffs and interest rate cut expectations [75]. Tin - **Price and Inventory**: Tin futures prices have increased slightly, with daily increases ranging from 0.26% to 0.5%. Tin inventory has increased slightly, with a 1.17% increase in Shanghai tin warehouse receipts [93][101]. - **Market Outlook**: Supply is weaker than demand, and short - term prices are strong [92]. Lithium Carbonate - **Price and Inventory**: Lithium carbonate futures prices have increased, with daily increases ranging from 0.34% to 0.54%. Inventory has decreased, with a 2.92% decrease in Guangzhou Futures Exchange warehouse receipts [107][115]. - **Market Outlook**: Strong demand before the end of the year will support the price [106]. Silicon Industry Chain - **Price and Production**: Industrial silicon prices have little change, and some prices have decreased slightly. Southwest polysilicon production cuts need further observation. The price of industrial silicon may increase slightly as the dry season approaches [118]. - **Inventory and Outlook**: High inventory restricts the price increase of industrial silicon [118].

【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和 建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形 下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使 独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关责任的权力。所有本报告中使用的商标、服务标记及标记均为本公司的商标、服务标记及标记。 白糖日报 基本面主因全球供应过剩预期持续压制糖价，巴西9月下 ...

Report Industry Investment Rating No relevant content provided. Core Views - The steel market is currently focused on the Fourth Plenary Session. Steel prices may experience a slight rebound, but the weak fundamentals limit the upside potential, and a subsequent decline is likely. Short - term outlook is for a rebound, while the medium - to - long - term remains weak [3]. - The iron ore market is operating weakly under macro - sentiment and fundamental pressures. The supply is strong, and demand is weak. The price may be supported if there are positive policy signals [18]. - The coking coal market has strong bottom support due to tight resources and policy expectations, but the rebound space is limited by downstream contradictions. The price rebound depends on the downstream steel supply - demand balance [30]. - The ferroalloy market is under pressure due to weak downstream demand and high inventory. Without unexpected stimulus policies, prices will remain under pressure [48]. - The soda ash market has supply pressure in the long - term. Although exports are better than expected, high inventory restricts the price, with limited downside due to cost support [61]. - The glass market has weak demand and high inventory, and prices are suppressed. The implementation of the coal - to - gas project in Shahe and production line ignition plans need to be monitored [86]. Summary by Directory Steel - **Prices and Spreads** - On October 22, 2025, the closing price of rebar 01 contract was 3068 yuan/ton, up from 3047 yuan/ton on the 21st. The 01 - 05 month - spread was - 52 yuan/ton, up from - 57 yuan/ton [4]. - The hot - rolled coil 01 contract closed at 3247 yuan/ton on the 22nd, up from 3219 yuan/ton on the 21st. The 01 - 05 month - spread was - 12 yuan/ton, up from - 17 yuan/ton [4]. - The rebar - to - iron ore ratio and rebar - to - coke ratio remained stable on the 22nd compared to the 21st [15]. - **Spot Prices and Basis** - The aggregated rebar price in China was 3215 yuan/ton on the 22nd, up slightly from 3212 yuan/ton on the 21st. The 01 rebar basis in Shanghai was 142 yuan/ton, down from 153 yuan/ton [7]. - The aggregated hot - rolled coil price in Shanghai was 3280 yuan/ton on the 22nd, up from 3270 yuan/ton on the 21st. The 01 hot - rolled coil basis in Shanghai was 33 yuan/ton, down from 51 yuan/ton [9]. Iron Ore - **Prices and Basis** - On October 22, 2025, the 01 contract closed at 774 yuan/ton, up 4.5 yuan from the 21st. The 01 basis was 7.5 yuan/ton, down 2.5 yuan from the 21st [19]. - The price of Rizhao PB powder was 779 yuan/ton on the 22nd, up 2 yuan from the 21st [19]. - **Fundamentals** - The daily average pig - iron output was 240.95 million tons on October 17, 2025, down 0.59 million tons week - on - week. The 45 - port inventory was 14278.27 million tons, up 253.77 million tons week - on - week [24]. Coking Coal and Coke - **Prices and Spreads** - On October 22, 2025, the coking coal warehouse - receipt cost (Tangshan Mongolian 5) was 1238 yuan/ton, up 38 yuan week - on - week. The coking coal 09 - 01 month - spread was 153 yuan/ton, up 4 yuan from the 21st [35]. - The coke warehouse - receipt cost (Rizhao Port wet - quenched) was 1594 yuan/ton, unchanged from the 21st. The coke 09 - 01 month - spread was 220 yuan/ton, down 27 yuan from the 21st [35]. - **Spot Prices and Profits** - The ex - factory price of Anze low - sulfur primary coking coal was 1550 yuan/ton on the 22nd, up 20 yuan week - on - week. The immediate coking profit was 31 yuan/ton, down 10 yuan from the 21st [36]. Ferroalloy - **Silicon Iron** - On October 22, 2025, the silicon iron basis in Ningxia was - 8 yuan, down 14 yuan from the 21st. The silicon iron 01 - 05 month - spread was - 60 yuan, down 24 yuan from the 21st [49]. - The silicon iron spot price in Ningxia was 5280 yuan/ton, up 50 yuan from the 21st [49]. - **Silicon Manganese** - The silicon manganese basis in Inner Mongolia was 220 yuan on the 22nd, down 64 yuan from the 21st. The silicon manganese 01 - 05 month - spread was - 38 yuan, down 4 yuan from the 21st [52]. - The silicon manganese spot price in Inner Mongolia was 5680 yuan/ton, unchanged from the 21st [52]. Soda Ash - **Prices and Spreads** - On October 22, 2025, the soda ash 05 contract closed at 1308 yuan/ton, up 10 yuan from the 21st. The 05 - 09 month - spread was - 62 yuan, up 1 yuan from the 21st [62]. - **Spot Prices** - The heavy - soda ash market price in North China was 1300 yuan/ton on the 22nd, unchanged from the 21st. The heavy - soda ash to light - soda ash price difference in North China was 100 yuan/ton [65]. Glass - **Prices and Spreads** - On October 22, 2025, the glass 05 contract closed at 1241 yuan/ton, up 5 yuan from the 21st. The 05 - 09 month - spread was - 89 yuan, down 3 yuan from the 21st [86]. - **Sales and Production** - On October 21, 2025, the sales - to - production ratio in Shahe was 59%, in Hubei was 86%, in East China was 84%, and in South China was 98% [87].

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core View of the Report The overall plastic production has increased, mainly in linear materials. The downstream agricultural film enterprises' operations are slowly recovering, but the overall demand is still weaker than in previous years. The other packaging films are mainly procured as needed [6]. 3. Summary by Directory Supply - PE production enterprises' operating rate is 81.76%, a 2.26% week - on - week increase; PE weekly output is 65.06 tons, a 3.04% week - on - week increase [8]. Demand - The weighted operating rate of PE downstream industries has seasonally increased, reaching 44.92%, a 0.52% week - on - week increase [8]. Inventory - This week, PE enterprises' inventory is 52.95 tons, a 27.67% week - on - week increase; social inventory is 54.56 tons, a 2.16% week - on - week decrease [8]. Upstream and Cost No specific summary information provided in the given text. Price and Profit - This week, the PE spot price decreased by 0.12% week - on - week to 7145 yuan/ton, and the PE futures price decreased by 0.96% week - on - week to 6874 yuan/ton [8]. Basis and Spread - The basis is 272; the (1 - 5) spread is - 33 [8].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report Cost-side crude oil rebounded, providing support for styrene. There were partial device overhauls in the short term, but overall supply remained at a high level. This week, the inventory at East China ports slightly increased after the holiday and was at a high level compared to the same period in the past five years. The rigid demand from the three major downstream sectors showed no significant increase, and the spot demand was expected to be weak [5]. 3. Summary by Directory Supply - EB production enterprise operating rate was 71.88%, a 2.37% increase compared to the previous period. EB weekly output was 33.94 tons, a 3.32% increase [8]. Demand - The weighted operating rate of the three major downstream sectors was 61.95%, a 10.34% increase compared to the previous period. The weighted inventory of the three major downstream sectors was 10.60 tons, a 7.80% increase [8]. Inventory - This week, the EB inventory at East China factories was 10.17 tons, a 6.00% decrease compared to the previous period. The East China port inventory was 19.65 tons, a 17.30% increase [8]. Upstream and Cost - No specific data was provided other than charts showing historical data trends such as pure benzene - naphtha cracking spread, ethylene - naphtha cracking spread, pure benzene operating rate, etc. Price and Profit - This week, the spot price of pure benzene decreased by 1.09% to 5615 yuan/ton compared to the previous period. The spot price of styrene decreased by 3.34% to 6495 yuan/ton [8]. Basis and Calendar Spread - The basis was 12, and the (11 - 12) calendar spread was -27 [8].

尿素产业链周报 尿素产业链周报 2025/10/19 咨询业务资格：沪证监许可【2012】1515号 研报作者：刘琛瑞 Z0017093 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改 ...