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

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

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

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

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

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

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

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

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

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