Group 1: Report Investment Rating - There is no content regarding the industry investment rating in the report. Group 2: Core Views - The fundamentals of sugar are mixed. In China, the new sugar - crushing season in Guangxi is delayed, and the spot price is firm, but the expected increase in domestic sugar production and seasonal consumption constraints may lead to a looser supply - demand pattern. Internationally, Brazilian sugar exports decreased in the first week of November, and although raw sugar rose slightly, there is still supply pressure from India and Thailand [3]. - For cotton, under short - term Sino - US trade consultations, market sentiment may improve. The new cotton production in southern Xinjiang is lower than expected, and the purchase price is relatively firm. However, the overall domestic new cotton production is high, downstream demand is average, and the upward momentum of cotton prices is lacking, with short - term oscillations expected [16]. - For apples, the ground trading of new - season late Fuji is ending, and the warehousing work is in the later stage. Trading is concentrated in Shandong and Shanxi. Different regions have different progress in warehousing and ground trading [20]. - For dates, the new - season dates are about to enter the concentrated harvesting stage. There is a production reduction in southern Xinjiang, but the extent is uncertain. With the start of the acquisition season, the downside space of date prices may be limited [26]. Group 3: Summary by Commodity Sugar - **Price and Spread**: On November 12, 2025, SR01 closed at 5478 with a daily decline of 0.04% and a weekly increase of 0.68%. The price difference between different contracts also showed various changes [4]. - **Basis**: The basis between Nanning and different sugar futures contracts and between Kunming and different sugar futures contracts showed different values and changes on November 12, 2025 [11]. - **Import Price**: The quota - within and quota - outside import prices of Brazilian and Thai sugar showed daily and weekly changes on November 12, 2025, and the price differences between domestic locations and imported sugar also changed [14]. Cotton - **Price and Spread**: On November 12, 2025, cotton 01 closed at 13515 with a decline of 45 and a decline rate of 0.33%. The price differences between different cotton and cotton - yarn contracts also had corresponding changes [17]. - **Basis and Spread**: The cotton basis was 1282 with an increase of 18, and other spreads such as cotton 01 - 05, cotton 05 - 09, etc. also had specific values and changes [17]. Apples - **Price and Spread**: On November 12, 2025, AP01 closed at 9207 with a daily decline of 0.24% and a weekly increase of 2.99%. The price differences between different apple futures contracts and the basis of the main contract also showed various changes [21][22]. Dates - **Price Spread**: The price spreads between different date futures contracts (01 - 05, 05 - 09, 09 - 01) showed different trends over time [27][29].

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 low - level oscillatory consolidation. After short - term consolidation, there is a need to rebound to 4,200 - 4,250 ringgit. However, beware of the risk of a technical decline due to concerns about slow exports and high seasonal production, with a possible second dip to 4,000 ringgit for support [3]. - Domestic market: Dalian palm oil futures are in an oscillatory rebound. Driven by the continuous rebound of soybean and rapeseed oils, it may follow the upward trend and test the annual - line resistance at 8,900 yuan, and may briefly break through to fill the gap around 8,950 yuan. But it may also follow the decline to seek support at 8,500 yuan if Malaysian palm oil has a second dip to 4,000 ringgit [3]. Soybean Oil - Domestic soybean oil: Due to the swelling of soybean meal warehouses, the recent factory operating rate has decreased, resulting in reduced soybean oil output and inventory. The recent rebound of soybean oil and the "buy - on - rising" psychology of some traders have boosted the futures market. However, the limited fluctuations of international related varieties have restricted the increase of Dalian soybean oil. The upper pressure of the CBOT soybean oil January contract is around 8,350 yuan on the daily upper - track. If the USDA monthly report fails to boost CBOT soybeans and soybean oil, CBOT soybeans may回调, dragging down Dalian soybean oil [4]. Oilseeds - Soybean Meal - Futures: Although China has made moderate purchases of US soybeans, the continuous poor crushing profit of oil mills has led to less than 50% of the ship - buying progress from December to February. The low crushing profit provides bottom support for prices, but the continuous increase of short positions by COFCO restricts the upward space. It is expected that Dalian soybean meal will remain oscillating in the range of 3,030 - 3,070 yuan in the short term [13]. - Spot: The fixed - price of oil mills remains stable, and the near - month basis has been partially reduced by 10 yuan. The news of Cofco's reserve rotation has affected market sentiment, and the downstream purchasing rhythm is slow. Some make moderate replenishments before the release of the US agricultural report. The short - term spot price is expected to be sorted out in the range of 3,000 - 3,250 yuan/ton [13]. 3. Summary by Related Catalogs Oil - Fat Price and Spread - **Month - to - month and variety - to - variety spreads**: Various spreads such as P 1 - 5, Y - P 01, etc. have different price changes. For example, P 1 - 5 is - 84 yuan/ton with a daily increase of 18 yuan, and Y - P 01 is - 532 yuan/ton with a daily decrease of 70 yuan [5]. - **Palm oil prices**: Palm oil 01 is 8,744 yuan/ton with a decline of 0.3%, BMD palm oil main contract is 4,123 ringgit/ton with a decline of 0.34%, etc [5]. - **Soybean oil prices**: Soybean oil 01 is 8,288 yuan/ton with an increase of 0.16%, CBOT soybean oil main contract is 51.04 cents/pound with an increase of 1.01%, etc [9]. Oilseed Price and Spread - **Futures prices**: For example, the closing price of bean粕01 is 3,059 with an increase of 5 and a rise - rate of 0.16%, and the closing price of菜粕01 is 2,494 with a decrease of 6 and a decline - rate of - 0.24% [14]. - **Price spreads**: M01 - 05 is 218 with a daily decrease of 16, RM01 - 05 is 79 with a daily decrease of 20, etc [15].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - In the medium - to long - term, central bank gold purchases and growing investment demand will push up the price of precious metals [3]. - The potential end of the US government shutdown and the weakening labor market indicators have increased the market's expectation of a December interest rate cut, weakening the US dollar index and boosting copper prices. Meanwhile, the average price in the domestic spot market has risen, and the premium has slowed [12]. - For aluminum, funds are the core factor affecting prices. There is a contradiction between funds and the industry, and the upward trend of Shanghai aluminum depends on continuous fund inflows. For alumina, it is still in an oversupply situation [32]. - In November, due to intense competition for zinc ore in the smelting sector and a decrease in TC, the willingness to reduce or halt production has increased. If demand remains stable, there is a possibility of inventory reduction, and zinc prices are expected to have upward momentum [56]. - For the nickel industry chain, weak demand in the off - season suppresses the upward space. The price of nickel ore may remain strong in the short term, while nickel iron prices have been decreasing, and stainless steel faces pressure [72]. - For tin, supply is weaker than demand due to limited resumption of production in Wa State and a sharp decline in concentrate imports. Shanghai tin will maintain high - level volatility, but there is a risk of price decline [87]. - For lithium carbonate, it is currently in a state of being prone to rise but difficult to fall, maintaining a strong - side oscillation, but there is a risk of correction [103]. - For the silicon industry chain, the overall supply - demand pattern of industrial silicon and the polysilicon industry chain is weak, and they are expected to show wide - range oscillations [114]. Summary by Related Catalogs Precious Metals - Price trends: Presented data on SHFE and COMEX gold and silver futures prices, as well as price - to - ratio relationships [4][10]. - Price differences: Showed SHFE and SGX gold and silver futures - spot price differences [5][7]. - Correlation: Illustrated the relationship between gold and US Treasury real interest rates and the US dollar index [8][9]. - Fund positions: Displayed the positions of gold and silver long - term funds [10]. - Inventory: Showed SHFE and COMEX gold and silver inventories [11]. Copper - Futures data: Provided data on copper futures prices, including Shanghai and London copper, with details such as the latest price, daily change, and daily change rate [13]. - Spot data: Presented copper spot prices and premium data from different regions, as well as import profit and loss and processing fee data [17][23]. - Scrap price difference: Gave the difference between refined and scrap copper prices [27]. - Warehouse receipts: Showed the quantity and change of copper warehouse receipts in the Shanghai Futures Exchange and international markets [28][30]. Aluminum and Alumina - Price data: Provided price data for aluminum, alumina, and aluminum alloy futures, including the latest price, daily change, and daily change rate [34]. - Price difference: Showed the price differences between different contracts of aluminum, alumina, and aluminum alloy [36][38]. - Spot data: Presented aluminum spot prices, basis, and price differences in different regions, as well as alumina basis data [42][44]. - Inventory: Showed the inventory data of aluminum and alumina futures, including Shanghai and London inventory changes [50]. Zinc - Price data: Provided zinc futures price data, including Shanghai and LME zinc, with details such as the latest price, daily change, and daily change rate [57]. - Spot data: Presented zinc spot prices and premium data, as well as LME zinc premium data [65]. - Inventory: Showed the inventory data of zinc futures, including Shanghai and LME inventory changes [69]. Nickel Industry Chain - Price data: Provided price data for nickel and stainless steel futures, including the latest price, change, and change rate, as well as trading volume, open interest, and warehouse receipt data [73]. - Downstream profit: Showed the profit data of downstream products in the nickel industry chain, such as the profit rate of producing nickel sulfate and stainless steel [82][84]. Tin - Futures data: Provided tin futures price data, including Shanghai and LME tin, with details such as the latest price, daily change, and daily change rate [88]. - Spot data: Presented tin spot prices and premium data, as well as the price data of tin - related products [93]. - Inventory: Showed the inventory data of tin futures, including Shanghai and LME inventory changes [98]. Lithium Carbonate - Futures price: Provided the price data of lithium carbonate futures, including the latest price, daily change, and weekly change, as well as the price difference between different contracts [104][106]. - Spot data: Presented lithium spot prices, including the prices of different types of lithium products and their price differences [108]. - Inventory: Showed the inventory data of lithium carbonate, including exchange inventory, social inventory, and inventory in different sectors [112]. Silicon Industry Chain - Industrial silicon: Presented industrial silicon spot prices, basis, and price differences, as well as futures price data and price differences between different contracts [115][116]. - Polysilicon and related products: Showed the price data of polysilicon, silicon wafers, battery cells, components, and other products in the silicon industry chain [123][125]. - Production and inventory: Displayed the production, inventory, and cost data of industrial silicon and polysilicon, as well as the production capacity and output data of silicon wafers [130][134].

Report Date - The report is dated November 12, 2025 [1] Industry Investment Ratings - Not provided in the report Core Views - Overall, finished steel products are supported by raw material costs but constrained by inventory on the upside, expected to trade in a range. The operating range for rebar may be between 2900-3200, and for hot-rolled coil between 3100-3400. Attention should be paid to the de-stocking speed of steel and downstream consumption [3] - Iron ore prices are expected to continue their weak trend in the short term due to macroeconomic and fundamental pressures [22] - Coal and coke futures and spot prices may face adjustment pressure in the short term, but the downside for coking coal spot prices may be limited in the medium to long term [32] - Ferroalloys are expected to trade in a range, supported by cost but facing high inventory and weak demand [47] - Soda ash prices are restricted by high inventory but supported by cost, with limited upside and downside space [57] - Glass prices are under pressure due to weak sales and high inventory, but there is cost support and policy expectations in the long term [82] Steel Section Futures Prices - On November 12, 2025, the closing prices of rebar 01, 05, and 10 contracts were 3038, 3096, and 3138 respectively; the closing prices of hot-rolled coil 01, 05, and 10 contracts were 3255, 3267, and 3288 respectively [4] Spot Prices - On November 12, 2025, the aggregated rebar price in China was 3231 yuan/ton; the aggregated hot-rolled coil price in Shanghai was 3270 yuan/ton [10][12] Price Ratios and Spreads - On November 12, 2025, the 01 roll-to-rebar spread was 217 yuan/ton; the 01 rebar/01 iron ore ratio was 4; the 01 rebar/01 coke ratio was 2 [16][19] Iron Ore Section Futures Prices - On November 12, 2025, the closing prices of iron ore 01, 05, and 09 contracts were 774, 747.5, and 724.5 respectively [23] Spot Prices - On November 12, 2025, the price of Rizhao PB powder was 775 yuan/ton; the price of Rizhao Karara fines was 876 yuan/ton; the price of Rizhao Super Special was 670 yuan/ton [23] Fundamental Data - As of November 7, 2025, the daily average pig iron output was 234.22 million tons; the 45-port inventory was 14898.83 million tons [26] Coal and Coke Section Futures Prices - On November 11, 2025, the coking coal 09-01 spread was 128; the coke 09-01 spread was 228.5 [35] Spot Prices - On November 11, 2025, the ex-factory price of Anze low-sulfur coking coal was 1660 yuan/ton; the ex-factory price of Linfen quasi-first-grade wet coke was 1430 yuan/ton [36] Profit and Ratios - On November 11, 2025, the on-site coking profit was -121 yuan/ton; the main ore-to-coke ratio was 0.453 [35] Ferroalloy Section Silicon Iron - On November 11, 2025, the silicon iron basis in Ningxia was 42; the silicon iron 01-05 spread was -38 [47] Silicon Manganese - On November 11, 2025, the silicon manganese basis in Inner Mongolia was 206; the silicon manganese 01-05 spread was -58 [49] Soda Ash Section Futures Prices - On November 12, 2025, the closing prices of soda ash 05, 09, and 01 contracts were 1287, 1354, and 1214 respectively [58] Spot Prices - On November 12, 2025, the market price of heavy soda ash in North China was 1300 yuan/ton; the market price of light soda ash in North China was 1250 yuan/ton [61] Glass Section Futures Prices - On November 12, 2025, the closing prices of glass 05, 09, and 01 contracts were 1169, 1240, and 1049 respectively [83] Spot Sales - From November 1 to 7, 2025, the sales rate in Shahe area ranged from 100% to 166% [84]

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - Overall, the finished steel products are supported by raw material costs at the lower end but constrained by inventory at the upper end, expected to trade in a range. Attention should be paid to the de - stocking speed of steel and downstream consumption, with the risk of negative feedback due to the decline in the profitability rate of steel enterprises [3]. - Iron ore prices will continue to be weak in the short term. Macroeconomic data in the US and China are weakening, and overseas risk events are reducing market drivers. Fundamentally, supply remains high, port inventories are accumulating, and demand is weak [20]. - Recently, downstream coke and steel mills have been replenishing stocks, and the inventory structure of coking coal has improved. However, steel mill profits are damaged, and the demand for coking coal and coke has peaked seasonally. In the medium - to - long term, policies restricting coking coal supply and winter storage may affect prices [30]. - Ferroalloys are expected to trade in a range as they return to the fundamentals of high inventory and weak demand after the macro - sentiment fades, but are supported by costs [45]. - Soda ash prices are restricted by high inventory but supported by costs. There is a weakening expectation for its rigid demand due to the cold - repair expectation of glass [54]. - Glass sales have weakened recently, and the spot market is under pressure. There is a small expected decline in supply. The 01 contract may decline towards the delivery date, but there is cost support and policy expectation in the long - term [80]. 3. Summary by Related Catalogs Steel - **Futures Prices**: On November 11, 2025, the closing price of rebar 01 contract was 3025 yuan/ton, down from 3044 yuan/ton on November 10. The closing price of hot - rolled coil 01 contract was 3242 yuan/ton, down from 3252 yuan/ton on November 10 [4]. - **Spot Prices**: On November 11, 2025, the aggregated rebar price in China was 3228 yuan/ton, up from 3223 yuan/ton on November 10. The aggregated hot - rolled coil price in Shanghai was 3260 yuan/ton, down from 3270 yuan/ton on November 10 [8][10]. - **Spreads**: On November 11, 2025, the 01 rebar/01 iron ore ratio was 4, the same as on November 10; the 01 rebar/01 coke ratio was 2, also the same as on November 10 [17]. Iron Ore - **Futures Prices**: On November 11, 2025, the closing price of 01 contract was 763 yuan/ton, down 2 yuan from November 10 and 12.5 yuan from November 4 [21]. - **Fundamentals**: As of November 7, 2025, the daily average pig iron output was 234.22 tons, down 2.14 tons week - on - week and 7.32 tons month - on - month. The 45 - port inventory was 14898.83 tons, up 356.35 tons week - on - week and 874.33 tons month - on - month [24]. Coking Coal and Coke - **Prices**: On November 11, 2025, the coking coal warehouse - receipt cost (Tangshan Mongolian 5) was 1238 yuan/ton, unchanged from November 10. The coke warehouse - receipt cost (Rizhao Port wet - quenched) was 1680 yuan/ton, unchanged from November 10 [34]. - **Market Situation**: Recently, downstream coke and steel mills have replenished stocks, and the inventory structure of coking coal has improved. However, steel mill profits are damaged, and the demand for coking coal and coke has peaked seasonally [30]. Ferroalloys - **Silicon Iron**: On November 11, 2025, the silicon iron basis in Ningxia was 42 yuan/ton, up 130 yuan from November 10. The silicon iron spot price in Ningxia was 5280 yuan/ton, up 30 yuan from November 10 [45]. - **Silicon Manganese**: On November 11, 2025, the silicon manganese basis in Inner Mongolia was 206 yuan/ton, up 56 yuan from November 10. The silicon manganese spot price in Ningxia was 5560 yuan/ton, up 10 yuan from November 10 [47]. Soda Ash - **Futures Prices**: On November 11, 2025, the soda ash 05 contract was 1292 yuan/ton, down 8 yuan from November 10; the 09 contract was 1356 yuan/ton, down 8 yuan from November 10; the 01 contract was 1215 yuan/ton, down 11 yuan from November 10 [55]. - **Market Situation**: Soda ash prices are restricted by high inventory but supported by costs. There is a weakening expectation for its rigid demand due to the cold - repair expectation of glass [54]. Glass - **Futures Prices**: On November 11, 2025, the glass 05 contract was 1184 yuan/ton, down 21 yuan from November 10; the 09 contract was 1261 yuan/ton, down 31 yuan from November 10; the 01 contract was 1053 yuan/ton, down 16 yuan from November 10 [81]. - **Market Situation**: Glass sales have weakened recently, and the spot market is under pressure. There is a small expected decline in supply. The 01 contract may decline towards the delivery date, but there is cost support and policy expectation in the long - term [80].

Group 1: Report Overview - Report Date: November 11, 2025 [1] - Report Author: Xu Liang (Z0002220), Reviewed by Tang Yun (Z0002422) [2] Group 2: Sugar Market Core View - International ICE raw sugar rose to 14.26 cents/pound due to the expected end of the US government shutdown and high domestic prices in India suppressing exports, but there is a long - term pressure of a 2.8 million - ton global sugar surplus in the 2025/26 season. In the domestic market, new sugar quotes are firm and old sugar inventory clearance support the futures prices, but the expected increase in production, off - season consumption, and sufficient supply limit the upside. The market is watching the breakthrough of the 5,500 yuan/ton resistance level [3]. Price and Spread - Sugar futures prices: SR01 closed at 5,480 yuan/ton with a daily increase of 0.09% and a weekly decrease of 0.02%; SR03 at 5,442 yuan/ton (0.18% daily, - 0.24% weekly); SR05 at 5,411 yuan/ton (0.11% daily, - 0.37% weekly); SR07 at 5,410 yuan/ton (0.13% daily, - 0.4% weekly); SR09 at 5,404 yuan/ton (0.02% daily, - 0.57% weekly); SR11 at 5,470 yuan/ton (1.11% daily, 1.03% weekly); SB at 14.26 cents/pound (0.92% daily, 0.35% weekly); W at 409.3 (0.84% daily, 0.74% weekly) [4]. - Sugar price spreads: SR01 - 05 was 70 (up 10 daily, 4 weekly); SR05 - 09 was 2 (up 3 daily, 3 weekly); SR09 - 01 was - 72 (down 13 daily, 7 weekly); SR01 - 03 was 43 (up 6 daily, 4 weekly); SR03 - 05 was 27 (up 4 daily, 0 weekly); SR05 - 07 was 2 (0 daily, down 2 weekly); SR07 - 09 was 0 (up 3 daily, 5 weekly); SR09 - 11 was - 7 (down 5 daily, 71 weekly); SR11 - 01 was - 65 (down 8 daily, 64 weekly) [4]. Basis - Nanning - SR01 basis was 285 (down 18 daily, up 34 weekly); Nanning - SR03 was 328 (down 12 daily, up 38 weekly); Nanning - SR05 was 355 (down 8 daily, up 38 weekly); Nanning - SR07 was 357 (down 8 daily, up 36 weekly); Nanning - SR09 was 357 (down 5 daily, up 41 weekly); Nanning - SR11 was 350 (down 10 daily, down 30 weekly). Kunming - SR01 basis was 175 (down 18 daily, down 21 weekly); Kunming - SR03 was 218 (down 12 daily, down 17 weekly); Kunming - SR05 was 245 (down 8 daily, down 17 weekly); Kunming - SR07 was 247 (down 8 daily, down 19 weekly); Kunming - SR09 was 247 (down 5 daily, down 14 weekly); Kunming - SR11 was 240 (down 10 daily, down 85 weekly) [11]. Import Price and Profit - Brazilian import price: Quota - within was 3,947 yuan/ton (down 20 daily, 59 weekly), over - quota was 4,996 yuan/ton (down 26 daily, 77 weekly). Thai import price: Quota - within was 4,002 yuan/ton (down 21 daily, 69 weekly), over - quota was 5,068 yuan/ton (down 27 daily, 90 weekly) [14]. Group 3: Cotton Market Core View - In the short - term, market sentiment may improve due to China - US trade consultations. The new cotton production in southern Xinjiang is lower than expected, and the purchase price is relatively firm. However, the overall domestic new cotton production is still high, and downstream demand is mediocre. Cotton prices lack upward momentum and may fluctuate in the short - term. Attention should be paid to the hedging pressure around 13,600 - 13,800 yuan/ton and the subsequent new - season production determination [16]. Price and Spread - Cotton futures prices: Cotton 01 closed at 13,560 yuan/ton (down 20, - 0.15%); Cotton 05 at 13,560 yuan/ton (down 20, - 0.15%); Cotton 09 at 13,735 yuan/ton (down 20, - 0.15%); Cotton yarn 01 at 19,855 yuan/ton (down 10, - 0.05%); Cotton yarn 05 was 0 (down 19,860, - 100%); Cotton yarn 09 was 0 (0, - 100%) [17]. - Cotton price spreads: Cotton basis was 1,282 (up 18); Cotton 01 - 05 was 0 (0); Cotton 05 - 09 was - 175 (0); Cotton 09 - 01 was 175 (0); Cotton - yarn spread was 6,280 (up 15); Domestic - foreign cotton spread was 1,872 (up 100); Domestic - foreign yarn spread was - 616 (0) [17]. Group 4: Apple Market Core View - The ground trading of new - season late Fuji apples is coming to an end, mainly concentrated in Shandong and Shanxi. The cold - storage warehousing work is in the later stage. In Shandong's Qixia and Zhaoyuan, not all apples have been harvested, there are many buyers, and striped apples are on the market. In terms of warehousing progress, cold - storages in Gansu have started to sell, Shaanxi's warehousing is almost finished, and in Qixia's western towns in Shandong, a large amount of farmers' apples are still being warehoused [20]. Price and Spread - Apple futures prices: AP01 closed at 9,229 yuan/ton (0.76% daily, 4.15% weekly); AP03 at 9,132 yuan/ton (0.43% daily, 2.0% weekly); AP04 at 9,211 yuan/ton (0.29% daily, 1.69% weekly); AP05 at 9,289 yuan/ton (0.31% daily, 1.94% weekly); AP10 at 8,389 yuan/ton (0.35% daily, 2.08% weekly); AP11 at 8,875 yuan/ton (0.85% daily, 1.22% weekly); AP12 at 9,179 yuan/ton (0.75% daily, 4.09% weekly) [21]. - Apple price spreads: AP01 - 05 was - 101 (- 7.34% daily, - 72.70% weekly); AP05 - 10 was 900 (4.77% daily, - 18.18% weekly); AP10 - 01 was - 799 (6.53% daily, 9.45% weekly); Main - contract basis was - 352 (28.47% daily, 214.29% weekly) [22]. Group 5: Red Date Market Core View - New - season red dates are about to enter the concentrated harvest stage. The current new - season production is the core point of market game. There is indeed a production reduction in southern Xinjiang, but the reduction amplitude is difficult to determine. Affected by factors such as moisture and single - date weight, farmers' estimates of production are prone to偏差. In the short - term, red date prices fluctuate greatly under capital game. With the start of the purchase season and production reduction, the downside space may be limited. Attention should be paid to the subsequent commodity rate and purchase situation of new dates [26]. Price Spread - Red date futures spreads: Red date 01 - 05 spread, 05 - 09 spread, and 09 - 01 spread data are presented graphically, showing their historical trends from 2021 - 2025 [27][29].

1. Report Industry Investment Rating No relevant content provided in the report. 2. Core Views of the Report - **Precious Metals**: In the medium - to long - term, central bank gold purchases and growing investment demand will push up the price of precious metals, but in the short - term (November), there is no strong driving force, and the market is in an adjustment phase [3]. - **Copper**: The spot market's purchasing sentiment is high, and the average price of 1 electrolytic copper is 86,535 yuan/ton with an expanding premium. However, when the price breaks through 86,000 yuan/ton, downstream counter - offer willingness increases. Whether the copper price can break through the trading - intensive area remains to be seen [12]. - **Aluminum**: Funds are the core factor affecting aluminum prices. There is a contradiction between funds and the industry. For alumina, it is on an over - supply path despite some price increases due to environmental restrictions [33]. - **Zinc**: In November, the TC dropped significantly due to intense competition for mines and limited domestic mine increments. There is a possibility of inventory reduction, and low inventory supports the price. There is some upward driving force in November, and export and macro factors need to be monitored [58]. - **Nickel**: Weak demand in the off - season suppresses the upward space. The Philippines' nickel mine production and shipment are affected by the rainy season and typhoons, and the price may remain strong in the short - term. Nickel iron prices are falling, and stainless - steel demand needs attention [74]. - **Tin**: Supply is weaker than demand due to limited resumption in Wabang and reduced concentrate imports. The Shanghai tin price will maintain a high - level shock, with a predicted support at around 276,000 yuan. There is a risk of price decline due to potential inventory accumulation [89]. - **Lithium Carbonate**: The supply increment is stable, and demand is strong in November. The market sentiment is positive. Technically, it is easy to rise and difficult to fall, maintaining a shock - upward trend [104]. - **Silicon**: The supply - demand pattern of industrial silicon and the polysilicon industry chain is weak, and both are expected to have wide - range fluctuations. Attention should be paid to market sentiment and policies [116]. 3. Summary by Relevant Catalogs Precious Metals - **Price Outlook**: Medium - to long - term upward trend, short - term adjustment in November [3]. - **Price Data**: SHFE gold and silver futures prices, COMEX gold and silver prices, and their ratios are presented in the report [4]. - **Spread Data**: SHFE and SGX gold and silver futures - spot spreads are shown [5][7]. - **Inventory Data**: SHFE and COMEX gold and silver inventories are provided [11]. Copper - **Spot Market**: High purchasing sentiment, average 1 electrolytic copper price at 86,535 yuan/ton, and expanding premium [12]. - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai and London copper futures are given. For example, the latest price of Shanghai copper's main contract is 86,630 yuan/ton, with a daily increase of 0.17% [13]. - **Spot Data**: The latest prices, daily changes, and daily change rates of various domestic copper spot prices and premiums are presented [19][21]. - **Import and Processing**: Copper import profit is - 585.37 yuan/ton, and copper concentrate TC is - 42 dollars/ton [24]. - **Scrap - to - Refined Spread**: The current refined - scrap spread (tax - included) is 3,393.51 yuan/ton, with a daily increase of 13.58% [28]. - **Warehouse Receipts and Inventory**: Shanghai copper's total warehouse receipts are 42,964 tons, a decrease of 1.88% [29]. Aluminum - **Aluminum**: Funds drive the price, but there is a contradiction with the industry. Domestic supply is stable, and demand is weak [33]. - **Alumina**: Some price increases due to environmental restrictions, but overall in an over - supply situation [33]. - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai and London aluminum futures, alumina futures, and aluminum alloy futures are provided [35]. - **Spread Data**: Various spreads between different contracts of aluminum and alumina are presented [37][39]. - **Spot Data**: The latest prices, daily changes, and daily change rates of domestic and international aluminum spot prices and premiums are given [43]. - **Inventory Data**: Shanghai and London aluminum warehouse receipts and inventories, as well as alumina warehouse receipts, are reported [52]. Zinc - **Market Outlook**: TC dropped in November, and there is a possibility of inventory reduction. Low inventory supports the price, and there is upward driving force [58]. - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai and London zinc futures are provided [59]. - **Spot Data**: The latest prices, daily changes, and daily change rates of domestic and international zinc spot prices and premiums are presented [67]. - **Inventory Data**: Shanghai and London zinc warehouse receipts and inventories are reported [71]. Nickel - **Market Situation**: Weak demand in the off - season, affected by macro factors. Nickel mine prices may be strong, and nickel iron and stainless - steel demand need attention [74]. - **Price and Volume Data**: The latest prices, trading volumes, open interests, and warehouse receipt numbers of Shanghai and London nickel futures, as well as stainless - steel futures, are given [75]. Tin - **Market Outlook**: Supply is weaker than demand, and the price will maintain a high - level shock. There is a risk of price decline due to potential inventory accumulation [89]. - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai and London tin futures are provided [90]. - **Spot Data**: The latest prices, daily changes, and daily change rates of various tin spot products are presented [95]. - **Inventory Data**: Shanghai tin's warehouse receipts and London tin's inventory are reported [99]. Lithium Carbonate - **Market Outlook**: Supply is stable, demand is strong, and it is in a shock - upward trend [104]. - **Price Data**: The latest prices, daily changes, and weekly changes of lithium carbonate futures contracts are given [105]. - **Spot Data**: The latest prices, daily changes, and weekly changes of various lithium - related spot products, as well as their price differences, are presented [110]. - **Inventory Data**: The latest numbers, daily and weekly changes of Guangzhou Futures Exchange's lithium carbonate warehouse receipts and various social inventories are reported [114]. Silicon - **Market Outlook**: The supply - demand pattern of industrial silicon and the polysilicon industry chain is weak, with wide - range fluctuations expected [116]. - **Price Data**: The latest prices, daily changes, and daily change rates of industrial silicon spot and futures are provided [116]. - **Industry Chain Price**: The prices of polysilicon, silicon wafers, battery cells, components, and other products in the silicon industry chain are presented [123][124][125]. - **Production and Inventory**: The weekly production, inventory, and cost data of industrial silicon in Xinjiang and Yunnan, as well as the polysilicon inventory, are reported [130][134][143].

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

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

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