Core View - Bullish factors: The premium of Indonesian nickel ore has increased slightly, and policy disturbances need to be vigilant. The social inventory of stainless steel decreased by 1.18% week-on-week, providing support on the demand side [3]. - Bearish factors: LME nickel inventory increased by 3,498 tons to 246,756 tons, and SHFE nickel warrants rose by 1,531 tons. The weak fundamentals suppress price rebounds, making it difficult for prices to rise [3]. - Trading advice: It is recommended to conduct range trading on the Shanghai Nickel 2511 contract between 118,000 - 128,000 yuan/ton [3]. Market Data Nickel Futures - The latest value of the main Shanghai Nickel contract is 121,270 yuan/ton, with a weekly decrease of 140 yuan (-0.12%); the main LME Nickel 3M contract is at 15,230 US dollars/ton, with a weekly decrease of 15 US dollars (-0.54%) [4]. - The trading volume of Shanghai Nickel decreased by 81,856 lots (-54.94%) to 67,146 lots, and the open interest decreased by 8,472 lots (-11.3%) to 66,228 lots. The SHFE nickel warrants increased by 1,246 tons (4.94%) to 26,474 tons [4]. Stainless Steel Futures - The latest value of the main stainless - steel contract is 12,615 yuan/ton, with a weekly decrease of 40 yuan (0%); the main stainless - steel contract No.1 decreased by 165 yuan (-1.29%) to 12,615 yuan/ton [4]. - The trading volume of stainless - steel futures decreased by 84,119 lots (-40.06%) to 125,870 lots, and the open interest increased by 24,829 lots (14.07%) to 201,245 lots. The stainless - steel warrants decreased by 3,023 tons (-3.50%) to 83,231 tons [4]. Spot Prices - The prices of various types of nickel, such as Jinchuan nickel, imported nickel, 1 electrolytic nickel, nickel beans, and electrowon nickel, all showed slight declines, with a range of -0.08% to -0.12% [4]. Inventory Data - Domestic social nickel inventory is 43,694 tons, an increase of 2,866 tons; LME nickel inventory is 250,344 tons, an increase of 3,588 tons; stainless - steel social inventory is 952,600 tons, a decrease of 47 tons; nickel pig iron inventory is 29,236 tons, an increase of 584 tons [6]. Charts and Data Sources - The report includes various charts showing the trends of nickel and stainless - steel futures prices, supply, and inventory, with data sources such as Wind, SMM, and Flush [7][9][13]

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Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Sugar**: Despite potential domestic sugar production cuts due to typhoon - affected cane in Guangdong and Guangxi, sugar prices are unlikely to improve under the backdrop of global supply surplus [3]. - **Cotton**: Xinjiang's machine - picked cotton is entering the concentrated acquisition phase with a slight recovery in acquisition prices and a minor repair of the production increase expectation. However, the downstream peak season is weakening, and new cotton supply pressure will emerge. With a bumper harvest, cotton prices face significant hedging pressure. Additionally, the US's new tariff policy adds policy uncertainties [18]. - **Apple**: Continuous rainy weather in apple - producing areas has delayed the large - scale supply of high - quality apples and reduced overall quality. Good - quality apple prices are rising, which will boost apple futures prices. Near - month contracts are stronger, and long - term prices are more volatile [22]. - **Jujube**: New - season jujubes are about to be harvested. Although some inland merchants have gone to the producing areas to contract orchards, the contract volume is small. With high inventories of old jujubes, jujube prices may still face downward pressure [30]. 3. Summary by Commodity Sugar - **Futures Prices and Spreads**: On October 13, 2025, SR01 closed at 5470 yuan/ton with a daily decline of 0.47% and a weekly decline of 0.15%. Different contract spreads also showed various changes, such as SR01 - 05 being 27 yuan/ton, with a weekly decline of 9 yuan/ton [4]. - **Base Difference**: On October 10, 2025, the base difference between Nanning and SR01 was 304 yuan/ton, with a daily increase of 32 yuan/ton and a weekly increase of 9 yuan/ton [13]. - **Import Price Changes**: On October 13, 2025, the in - quota price of Brazilian sugar imports was 4426 yuan/ton, with a daily decline of 37 yuan/ton and a weekly increase of 1 yuan/ton. The out - of - quota price was 5621 yuan/ton, with a daily decline of 49 yuan/ton and a weekly increase of 1 yuan/ton [16]. Cotton - **Futures Prices**: On October 13, 2025, cotton 01 closed at 13300 yuan/ton, down 25 yuan/ton or 0.19%. Cotton 05 closed at 13360 yuan/ton, down 15 yuan/ton or 0.11%. Cotton 09 closed at 13530 yuan/ton, down 20 yuan/ton or 0.15% [19]. - **Spreads**: The cotton base difference was 1450 yuan/ton, with a daily increase of 18 yuan/ton. The spread between cotton 01 - 05 was - 50 yuan/ton, unchanged [20]. Apple - **Futures and Spot Prices**: On October 13, 2025, AP01 closed at 8638 yuan/ton, down 1.21% daily but up 2.82% weekly. The price of Qixia first - and second - grade 80 apples was 3.8 yuan/jin, unchanged [23]. - **Spreads and Other Indicators**: The spread between AP01 - 05 was 69 yuan/ton, with a weekly decline of 42.98%. The main contract base difference was - 121 yuan/ton, with a daily increase of 32.97% and a weekly decline of 156.28% [24]. Jujube - **Futures Spreads**: The report shows the historical trends of jujube futures spreads such as 01 - 05, 05 - 09, and 09 - 01 from 2021 - 2025 [31][33]. - **Price Trends**: The report presents the price trends of Xinjiang's main jujube - producing areas (Aksu, Alar, Kashgar) and main sales areas (Hebei, Henan) from 2022 - 2025 [34].

Report Information - Report Title: Oilseeds and Oils Industry Daily Report - Date: October 13, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Core Views Palm Oil - International Market: Malaysian BMD crude palm oil futures opened lower with a gap, briefly dropping to 4,450 ringgit due to the decline in US soybean oil prices before showing signs of a rebound. The SPPOMA's slowing production growth and strong export data from shipping agencies may support the market. After consolidation, there is a chance for the futures to strengthen further and potentially break through previous highs [3]. - Domestic Market: Dalian palm oil futures are in a downward adjustment phase, breaking below the 40 - day moving average and facing downward pressure. They are expected to fill the previous gap. After stabilization, influenced by the rebound of Malaysian palm oil, there is a possibility of a resurgence. If they can rise above the 40 - day moving average, they may follow the upward trend of Malaysian palm oil [3]. Soybean Oil - The decline of CBOT soybeans and soybean oil on October 10 due to the deterioration of Sino - US trade relations led to a slight drop in Dalian soybean oil. However, the bearish sentiment has eased, and the stabilization of CBOT soybeans and soybean oil has limited the decline of Dalian soybean oil. Domestically, with sufficient soybean supply and high inventory, and weakening demand after restocking, the fundamentals are bearish. The January contract is currently oscillating around the daily mid - track at 8,300 yuan, with a potential for further decline [4]. Soybean Meal - Dalian's January contract price of soybean meal rebounded weakly, affected by the uncertainties in Sino - US trade negotiations. However, the ample supply in the spot market restricts its upward momentum. The market is focused on the progress of the communication between Chinese and US leaders at the end of the month, with the price oscillating narrowly between 2,920 - 2,960 yuan/ton. As of the end of the 41st week of 2025, the domestic soybean meal inventory decreased by 100,000 tons to 1.003 million tons compared to the previous week, a 9.11% decline. With high inventory in oil mills and continuous capacity reduction in the breeding sector, the spot price lacks upward momentum and is trading between 2,900 - 3,150 yuan/ton [17]. Price and Spread Information Oil Price and Spread - Palm Oil: Palm oil futures prices showed declines across different contracts. The BMD palm oil main contract dropped 1.69% to 4,467 ringgit/ton. The price of 24 - degree palm oil in Guangzhou decreased by 220 yuan to 9,220 yuan/ton. The Guangzhou 24 - degree basis increased by 122 yuan to 2 yuan/ton [8]. - Soybean Oil: The prices of soybean oil futures contracts also had mixed changes. The CBOT soybean oil main contract fell 1.96% to 49.97 cents/pound. The price of Shandong first - grade soybean oil decreased by 60 yuan to 8,450 yuan/ton, and the basis remained unchanged at 208 yuan/ton [14]. - Oil Spreads: Various oil spreads such as P 1 - 5, P 5 - 9, Y - P 01, etc., showed different changes. For example, P 1 - 5 decreased by 38 yuan/ton to 172 yuan/ton, and Y - P 01 increased by 102 yuan/ton to - 1,136 yuan/ton [5]. Oilseed Price and Spread - Oilseed Futures Prices: The prices of oilseed futures contracts like soybean meal and rapeseed meal had different movements. For instance, soybean meal 01 rose 10 points to 2,932, with a 0.34% increase, while soybean meal 05 fell 8 points to 2,746, a 0.29% decline [18]. - Oilseed Spreads: Spreads between different contracts of soybean meal and rapeseed meal, such as M01 - 05, RM01 - 05, also changed. M01 - 05 remained unchanged at 168, while RM01 - 05 decreased by 38 to 63 [19].

Report Title - Urea Industry Chain Weekly Report [1][2] Report Date - October 12, 2025 [2] Report Author and Reviewer - Author: Liu Chenrui Z0017093 [3] - Reviewer: Tang Yun Z0002422 [3] Industry Investment Rating - Not provided Core Viewpoint - High daily production combined with inventory accumulation, while the recovery of agricultural and industrial demand is slow, so the short - term market will continue to fluctuate weakly [5] Fundamental Points - Fixed - bed urea's full cost is 1500 - 1550 yuan/ton, approaching the spot price in the delivery area, and the cost - side support margin is strengthening [4] - Port inventory decreased by 38,000 tons to 415,000 tons compared with the previous week, and accelerated export shipments alleviated some pressure [4] - Total enterprise inventory reached 1.4439 million tons, a sharp increase of 17.23% compared with the previous week, hitting a five - year high and suppressing prices [4] - Agricultural sowing was postponed due to rainfall, the compound fertilizer operating rate dropped to 38%, the melamine operating rate was at a low level, and industrial demand was sluggish [4] Data Indicators Inventory - China's weekly urea enterprise inventory, urea Guangdong and Guangxi inventory, urea inventory (port + inland) data are presented in the form of charts from 2021 - 2025 [7][8][9] Futures - Urea futures main contract trading volume, open interest, total number of warehouse receipts, and total valid warehouse receipt forecasts are presented in the form of charts from 2021 - 2025 [10][11][12] Price - Market prices, basis, and price differences of small and large urea particles in Henan and Shandong, as well as seasonal price differences of urea 1 - 5, 5 - 9, and 9 - 1 are presented in the form of charts from 2021 - 2025 [17][20][23] Production - Production costs and profits of fixed - bed, natural - gas, and coal - water slurry gasification urea production, as well as urea production enterprise backlog order days, capacity utilization rate, and total daily output are presented in the form of charts from 2021 - 2025 [28][30][33] Compound Fertilizer - Compound fertilizer capacity utilization rate, inventory, Shandong production cost, and production gross profit are presented in the form of charts from 2021 - 2025 [38][39][40] Others - Middle East small - particle FOB price, Chinese small - particle FOB price, thermal coal spot price, and thermal coal port inventory are presented in the form of charts from 2021 - 2025 [41][42][43]

Report Date - The report is dated October 13, 2025 [1] Industry Investment Ratings - No industry investment ratings are provided in the report. Core Views Steel - The current overseas macro - environment is under pressure. Whether the Sino - US trade negotiation can ease will be the core factor affecting asset prices. The overall situation is bearish, and asset prices may face pressure. With the weakening of steel fundamentals and the weakening support of iron ore, steel prices are more likely to decline. Short - term macro - level changes will have a higher impact than fundamental changes, and market volatility may increase [3] Iron Ore - In the short term, the fundamentals of iron ore are under marginal pressure. Shipments are high, inventory is accumulating seasonally, downstream hot metal has support, but steel demand is weak, inventory is accumulating, and profits are declining. The price is expected to rise first and then fall, still oscillating within a range [22] Coal and Coke - In the short term, the supply - demand contradiction of downstream finished products has deteriorated, the profitability of steel mills is under pressure, and the second round of coke price increase is difficult. In the medium - to - long term, under the policy constraints of "anti - involution" and "over - production inspection", the supply elasticity of coking coal in the fourth quarter is limited. The winter storage scale this year is expected to be better than last year, which will support coal and coke prices. However, the rebound height and sustainability of coal and coke prices depend on whether the supply - demand balance sheet of the downstream steel can achieve a "soft landing" [34] Ferroalloys - There is a contradiction between high supply and weak demand in ferroalloys. The production of ferrosilicon remains high, while the production of silicomanganese has declined for many weeks. The cost support is challenged due to the continuous decline of coking coal prices [53] Soda Ash - Market sentiment and focus will fluctuate, increasing the volatility of soda ash. The second - phase of Yuanxing has been ignited and is in the commissioning stage, and the long - term supply pressure of soda ash persists. The inventory of upstream alkali plants is starting to accumulate. The overall high inventory of the upper - and middle - reaches restricts the price of soda ash, but there is limited downward space due to cost support [64] Glass - The implementation of the coal - to - gas project in Shahe may be postponed to November. Glass production and sales are average, and the upstream inventory accumulation exceeds expectations. Some glass production lines still have the intention to ignite. The high inventory of the upper - and middle - reaches and weak real - world demand limit the price increase [89] Summary by Directory Steel Futures Prices - On October 13, 2025, the closing prices of rebar 01, 05, and 10 contracts were 3083, 3139, and 2986 yuan/ton respectively; the closing prices of hot - rolled coil 01, 05, and 10 contracts were 3261, 3274, and 3437 yuan/ton respectively [4] Spot Prices - On October 13, 2025, the aggregated rebar price in China was 3237 yuan/ton, and the aggregated hot - rolled coil price in Shanghai was 3320 yuan/ton [8] Basis and Spreads - On October 13, 2025, the 01 rebar basis in Shanghai was 137 yuan/ton, and the 01 hot - rolled coil basis in Shanghai was 59 yuan/ton. The 01 roll - rebar spread was 182 yuan/ton [8][14] Iron Ore Futures Prices - On October 13, 2025, the closing prices of 01, 05, and 09 iron ore contracts were 804.5, 781, and 759 yuan/ton respectively [23] Fundamental Data - As of October 10, 2025, the daily average hot metal output was 241.54 tons, the 45 - port inventory was 14024.5 tons, and the global iron ore shipment volume was 3207.5 tons [28] Coal and Coke Futures Prices and Basis - On October 13, 2025, the coking coal warehouse receipt cost (Tangshan Mongolian 5) was 1200 yuan/ton, and the main coking coal basis (Tangshan Mongolian 5) was 38.5 yuan/ton. The coke warehouse receipt cost (Rizhao Port wet - quenched) was 1583 yuan/ton, and the main coke basis (Rizhao Port wet - quenched) was - 83.1 yuan/ton [39] Spot Prices - On October 13, 2025, the ex - factory price of Anze low - sulfur main coking coal was 1530 yuan/ton, and the ex - factory price of Jinzhong quasi - first - grade wet coke was 1330 yuan/ton [40] Ferroalloys Ferrosilicon - On October 13, 2025, the ferrosilicon basis in Ningxia was 94 yuan/ton, and the ferrosilicon spot price in Ningxia was 5230 yuan/ton [54] Silicomanganese - On October 13, 2025, the silicomanganese basis in Inner Mongolia was 270 yuan/ton, and the silicomanganese spot price in Ningxia was 5600 yuan/ton [56] Soda Ash Futures Prices and Spreads - On October 13, 2025, the closing prices of soda ash 05, 09, and 01 contracts were 1336, 1406, and 1247 yuan/ton respectively. The 5 - 9 month spread was - 70 yuan/ton [65] Spot Prices - On October 13, 2025, the market price of heavy soda ash in North China was 1300 yuan/ton [68] Glass Futures Prices and Spreads - On October 13, 2025, the closing prices of glass 05, 09, and 01 contracts were 1313, 1392, and 1179 yuan/ton respectively. The 5 - 9 month spread was - 79 yuan/ton [89] Production and Sales - On October 10, 2025, the production - sales ratio of glass in Shahe was 61%, in Hubei was 82%, in East China was 82%, and in South China was 100% [90]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The continuous push of safe - haven demand, central bank gold - buying trends, and monetary policy easing expectations have strengthened the medium - to - long - term upward logic of precious metals prices [3]. - The copper price is caught between the strong expectation of supply shortage and the weak expectation of tariff policy, leading to short - term high - level fluctuations in futures prices [16]. - Macroeconomic policies are the core factors affecting the price of Shanghai Aluminum. The price has been affected by factors such as employment data, tariff announcements, and supply disruptions. Alumina is in an oversupply situation, while cast aluminum alloy has strong support [35]. - The fundamentals of zinc have not improved. Although the zinc price has risen, the domestic supply - strong and demand - weak pattern is obvious [56]. - The nickel price is mainly influenced by the situation of the Indonesian nickel ore market. The downstream of the new energy sector has a good demand, and the stainless steel market has some positive factors, but is also affected by tariff uncertainties [69]. - Due to increased macro - uncertainty, the tin price is expected to correct in the short term [85]. - Considering supply and demand factors, the lithium carbonate futures price is expected to show a weakening trend with fluctuations [98]. - The price of industrial silicon is expected to rise slightly with the arrival of the dry season, but the increase is limited by inventory. The trading of polysilicon is focused on the establishment of the storage platform and the cancellation of warehouse receipts, with high volatility and risk [109]. Summaries Based on Relevant Catalogs Precious Metals - **Price Influencing Factors**: Fed rate - cut expectations, global economic uncertainty, geopolitical risks, and central bank gold - buying trends are driving up precious metals prices. The gold ETF holdings have rebounded [3]. - **Price Charts**: Various price charts, including SHFE gold and silver futures prices, COMEX gold prices, and gold - related spreads, are provided [4][10][12] Copper - **Price Outlook**: The copper price is in a high - level fluctuation due to the tug - of - war between supply and policy expectations. Further upward breakthrough may require the support of rate - cut expectations and domestic policies [16]. - **Price and Inventory Data**: Current copper futures and spot prices, import and export profits, and inventory data are presented [17][22][33] Aluminum - **Price Influencing Factors**: Macroeconomic policies, employment data, tariff announcements, and supply disruptions are affecting the aluminum price. Alumina is in an oversupply situation [35]. - **Price and Inventory Data**: Current aluminum and alumina futures and spot prices, spreads, and inventory data are provided [36][44][50] Zinc - **Price Outlook**: The zinc price has risen, but the domestic supply - strong and demand - weak pattern persists. The import - export situation is also a factor [56]. - **Price and Inventory Data**: Current zinc futures and spot prices, spreads, and inventory data are presented [57][63][66] Nickel - **Price Influencing Factors**: The Indonesian nickel ore market, new energy demand, and stainless steel market trends are influencing the nickel price. Tariff uncertainties also have an impact [69]. - **Price and Inventory Data**: Current nickel and stainless steel futures prices, inventory data, and downstream profit data are provided [70][76][80] Tin - **Price Outlook**: Due to increased macro - uncertainty, the tin price is expected to correct in the short term [85]. - **Price and Inventory Data**: Current tin futures and spot prices, spreads, and inventory data are presented [85][88][93] Lithium Carbonate - **Price Outlook**: Considering supply and demand factors, the lithium carbonate futures price is expected to show a weakening trend with fluctuations [98]. - **Price and Inventory Data**: Current lithium carbonate futures and spot prices, raw material prices, and inventory data are provided [99][103][107] Silicon - **Price Outlook**: The price of industrial silicon is expected to rise slightly with the arrival of the dry season, but the increase is limited by inventory. The trading of polysilicon is focused on the establishment of the storage platform and the cancellation of warehouse receipts, with high volatility and risk [109]. - **Price and Inventory Data**: Current industrial silicon and polysilicon spot prices, production data, and inventory data are presented [110][116][123]

1. Report Industry Investment Rating No information provided. 2. Core View of the Report The weekly supply of PVC increased while the demand decreased, and both factory and enterprise inventories significantly accumulated. The price of upstream calcium carbide dropped sharply after the holiday, weakening the cost support for PVC. With production at a high level compared to the same period last year, the price of PVC was generally weak [8]. 3. Summary According to the Catalog 3.1 Supply - The overall PVC production enterprise operating rate was 82.63%, with a week - on - week increase of 1.49% and a year - on - year increase of 4.56%. Among them, the operating rate of the calcium carbide method was 82.94%, up 0.99% week - on - week and 4.67% year - on - year; the operating rate of the ethylene method was 81.9%, up 2.70% week - on - week and 4.41% year - on - year [8]. - PVC production was 1.68 million tons, with a week - on - week increase of 0.09% and a year - on - year increase of 50.36% [8]. 3.2 Demand - The operating rate of PVC sample downstream enterprises was 39.21%, with a week - on - week decrease of 17.90% and a year - on - year decrease of 0.16% [8]. 3.3 Inventory, Spread - PVC factory inventory was 38.36 million tons, with a week - on - week increase of 28.04% and a year - on - year increase of 0.02%. Social inventory was 55.7 million tons, with a week - on - week increase of 3.59% and a year - on - year increase of 15.06% [8]. - The basis was - 95, and the monthly spread was - 318 [8]. 3.4 Price, Cost, Profit - The weekly average price of PVC: the calcium carbide method was 4,640 yuan/ton, a week - on - week decrease of 2.11%; the ethylene method was 4,900 yuan/ton, a week - on - week decrease of 2% [8]. - The cost of the calcium carbide method was 5,493 yuan/ton, with a profit of - 538 yuan/ton; the cost of the ethylene method was 5,127 yuan/ton, with a profit of - 487 yuan/ton; the comprehensive profit of chlor - alkali was - 176.00 yuan/ton [8].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - PTA: Weekly supply decreased while demand increased, downstream polyester inventory accumulated, processing fees recovered slightly at a low level, and the prices were mainly under pressure and fluctuating due to the significant decline in the cost side of crude oil and PX [7] - PX: Supply growth was slightly higher than demand, inventory was moderately high, and the industrial chain profits were concentrated in PX in the early stage, with an expectation of being transmitted downstream in the future [7] - Short - fiber: Both supply and demand decreased. Due to the National Day holiday, downstream开工 decreased, but downstream polyester yarn continued to destock, and the demand for raw material replenishment increased slightly. The price fluctuations followed the raw material PTA [7] - MEG: Supply growth was greater than demand. Inventory accumulated at a low level this week. The market pre - traded new production capacity, and high supply might suppress medium - to - long - term prices [7] 3. Summary According to the Table of Contents 3.1 Supply - **PTA**: The current PTA domestic开工率 is 74.9%, with a week - on - week decrease of 2.85% and a year - on - year decrease of 8.88% [7] - **Ethylene Glycol**: The current ethylene glycol domestic开工率 is 74.87%, with a week - on - week increase of 1.88% and a year - on - year increase of 9.40% [7] - **Short - fiber**: The current short - fiber domestic开工率 is 94.3%, with a week - on - week decrease of 1.15% and a year - on - year increase of 12.00% [7] 3.2 Demand - Polyester end开工率 is 91.65%, with a week - on - week increase of 0.16% and a year - on - year decrease of 0.60% [7] 3.3 Inventory and Spread - **PTA**: There are data on PTA's weekly dynamic inventory and 1 - 5 month spread [38][39] - **Ethylene Glycol**: There are data on ethylene glycol's port inventory and 1 - 5 month spread [41][42] - **Short - fiber**: There are data on short - fiber's weekly equity inventory days and price - basis spread [44][45] 3.4 Price, Cost, and Profit - **PTA**: The current PTA spot price is 6,365 yuan/ton, and there are data on PTA's spot processing fees and cost [7][47][48] - **Ethylene Glycol**: The current ethylene glycol price is 4450 yuan/ton, and there are data on ethylene glycol's cost and profit in the naphtha integration process [7][50][51] - **Short - fiber**: The current short - fiber price is 4070 yuan/ton, and there are data on short - fiber's cost and profit [7][53][54]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report Palm Oil - International Market: Malaysian BMD crude palm oil futures are in a high - level correction. MPOB inventory at 236 million tons exceeded the market estimate of 215 million tons, but the export growth in the first 10 days supported the market. Short - term focus is on whether it can stop falling and stabilize between 4,500 - 4,550 ringgit. If it can stand above 4,500 ringgit, there's a chance to strengthen; otherwise, it may fall to 4,350 ringgit [3]. - Domestic Market: Dalian palm oil futures are also in a correction. Affected by Malaysian palm oil, there's pressure to break below the 40 - day moving average and fill the gap, with a possible drop to 9,000 yuan. The overall trend depends on Malaysian palm oil. As domestic temperatures drop after the National Day holiday, palm oil consumption will weaken, keeping the market in a near - strong and far - weak pattern [3]. Soybean Oil - After the National Day holiday, traders replenished stocks. As replenishment ends, demand will weaken. In the fourth quarter, soybean imports are estimated at 28 - 29 million tons, and factories will maintain high operating rates, dragging down the futures market. Before the Sino - US summit, CBOT soybeans are range - bound, having limited impact on domestic oils. The January contract of Dalian soybean oil faces pressure at 8,400 yuan, is expected to fluctuate around 8,300 yuan, and may fall back to 8,000 yuan due to sufficient supply [4]. Bean Meal - The theoretical spread between bean meal and rapeseed meal has improved, but without a clear Sino - US trade negotiation result, Dalian bean meal lacks a continuous driving force and is expected to trade between 2,900 - 2,950 yuan/ton in the short term. Spot prices of oil mills decreased by 10 - 20 yuan/ton. Supply - side: After the holiday, oil mills resumed production, and inventories in East and South China are accumulating. Demand - side: Post - holiday prices of poultry and pigs fell, and feed enterprises are digesting high - cost inventories. The short - term market shows weak supply and demand, with spot prices expected to range from 2,900 - 3,100 yuan/ton [18]. 3. Summary by Relevant Catalogs Oil and Fat Monthly and Inter - Variety Spreads - Provided data on spreads such as P 1 - 5, P 5 - 9, Y - P 01, etc., including prices and daily changes [5]. Palm Oil Spot and Futures Daily Prices - Showed the latest prices and price changes of palm oil contracts (01, 05, 09), BMD palm oil, and spot prices in Guangzhou, as well as palm oil basis and other data [8]. Domestic First - Grade Soybean - 24 - Degree Palm Oil Spread - No specific data summary provided, only mentioned the topic and source [11]. Soybean Oil Spot and Futures Daily Prices - Presented the latest prices and price changes of soybean oil contracts (01, 05, 09), CBOT soybean oil, and spot prices in Shandong, as well as soybean oil basis and other data [14]. POGO Spread and Related Data - Provided information on POGO spread and the weekly average spread between US biodiesel and diesel, along with their sources [16]. Oilseed Futures Prices - Gave the closing prices, daily changes, and price change rates of bean meal (01, 05, 09), rapeseed meal (01, 05, 09), CBOT soybeans, and the offshore RMB [19]. Bean Meal and Rapeseed Meal Spreads - Included data on spreads such as M01 - 05, M05 - 09, RM01 - 05, etc., as well as spot prices and basis of bean meal and rapeseed meal in different regions, and the spread between bean meal and rapeseed meal [20][22]. International Soybean Crushing Profit - Showed the crushing profit of international soybeans and imported rapeseed from overseas, along with their sources [31].