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

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

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

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

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

Report Industry Investment Rating No relevant content provided. Core Views - The overall finished steel is supported by raw material costs and the warming of macro - sentiment, but consumption demand has entered the off - season, and it is difficult for subsequent apparent demand to rebound. It is expected that the finished steel will fluctuate and adjust [3]. - The iron ore market is currently facing a situation of "exhausted macro - benefits and pressured fundamentals" in the short term. With supply remaining high, port inventories accumulating, and demand suppressed by shrinking steel mill profits and falling hot metal production, coupled with the strong coking coal squeezing profits, the upside space for iron ore prices is limited [20]. - Policy on checking over - production and safety production restricts the supply elasticity of coking coal. Coupled with the upcoming winter storage inventory transfer, the downward adjustment space for coking coal spot prices may be relatively limited. If the supply of coking coal continues to tighten in the fourth quarter and the winter storage demand is released in mid - to - late November, the overall valuation center of the black industry is expected to move up [33]. - After the landing of macro - sentiment, ferroalloys return to their fundamentals of high inventory and weak demand, but are supported by the cost side below. It is expected that ferroalloys will fluctuate [49]. - Soda ash is mainly priced by cost. Although the cost side is expected to be firm, with strong expectations for thermal coal and the current low and stable salt price (no trend - like increase has been seen), the valuation has no upward elasticity without production cuts. The medium - to - long - term supply of soda ash is expected to remain high, and normal maintenance continues. Photovoltaic glass has started to accumulate inventory at a low level, and daily melting remains stable. The overall rigid demand for soda ash has stabilized, and the heavy soda balance remains in surplus. In September, soda ash exports exceeded 180,000 tons, which met expectations and continued to relieve domestic pressure to some extent. The high inventory of the upstream and mid - stream restricts the price of soda ash, but the cost support below limits the downward space [60]. - The coal - to - gas conversion in Shahe will be gradually implemented this month, which may affect market supply and sentiment in the short term. However, with the arrival of the off - season and high inventory in the mid - stream, it is rationally considered that the impact is limited and needs to be observed. Currently, the position of the glass 01 contract has reached a new high, and the game may continue until near the delivery. There are still structural contradictions in glass. Without unexpected production cuts, the price of the 01 contract glass will eventually decline, but the realization path may wait until near the delivery. In the long - term, there is cost support and policy expectations [86]. Summary by Related Catalogs Steel - **Futures Prices and Spreads** - On November 3, 2025, the closing prices of rebar 01, 05, and 10 contracts were 3079, 3145, and 3168 yuan/ton respectively; those of hot - rolled coil 01, 05, and 10 contracts were 3295, 3304, and 3324 yuan/ton respectively. Rebar and hot - rolled coil month - spreads remained mostly unchanged compared to October 31, 2025 [4]. - **Spot Prices and Basis** - On October 31, 2025, the rebar summary price in China was 3265 yuan/ton, and prices in different regions such as Shanghai, Beijing, and Hangzhou remained stable compared to October 30. The basis of different rebar contracts in Shanghai and Beijing also showed certain changes. For hot - rolled coil, prices in different regions such as Shanghai, Lecong, and Shenyang had some fluctuations, and the basis of different contracts also changed [8][10]. - **Other Ratios** - The 01, 05, and 10 rebar/iron ore ratios were all 4, and the 01, 05, and 10 rebar/coke ratios were all 2 on November 3, 2025, remaining unchanged compared to October 31 [17]. Iron Ore - **Price Data** - On November 3, 2025, the closing prices of 01, 05, and 09 contracts were 782.5, 760.5, and 740.5 respectively, showing a decline compared to October 31. The basis of each contract increased, and the prices of different types of iron ore in Rizhao such as PB powder, Carajás fines, and Super Special also had some changes [21]. - **Fundamental Data** - In late October 2025, daily average hot metal production decreased, 45 - port desilting volume increased, global and Australia - Brazil shipments increased, 45 - port arrivals increased significantly, 45 - port inventory increased, 247 - steel mill inventory decreased, and the available days of 247 steel mills decreased [27]. Coking Coal and Coke - **Disk Prices and Spreads** - On November 3, 2025, the coking coal warehouse - receipt cost of Tangshan Mongolian 5 remained unchanged, and the basis of different coking coal types and contracts had certain changes. For coke, the warehouse - receipt cost and basis of different regions and contracts also changed, and the month - spreads of coking coal and coke contracts showed some fluctuations [34][37]. - **Spot Prices and Profits** - On November 3, 2025, the prices of different types of coking coal such as Anze low - sulfur main coking coal and Mongolian 5 coal showed different trends, and the prices of different types of coke such as Jinzhong quasi - first - grade wet coke and Lvliang quasi - first - grade dry coke also had some changes. The import profits of different countries' coking coal and the export profit of coke also changed [38][39]. Ferroalloys - **Silicon Iron** - On November 3, 2025, the basis of silicon iron in Ningxia increased, and the month - spreads of different contracts showed certain changes. The spot prices of silicon iron in different regions such as Ningxia, Inner Mongolia, and Qinghai had some fluctuations, and the prices of raw materials such as semi - coke and steam coal remained stable [49]. - **Silicon Manganese** - On October 31, 2025, the basis of silicon manganese in Inner Mongolia increased, and the month - spreads of different contracts changed. The spot prices of silicon manganese in different regions such as Ningxia, Inner Mongolia, and Guizhou had some fluctuations, and the prices of raw materials such as ores and chemical coke remained stable [52]. Soda Ash - **Disk Prices and Spreads** - On November 3, 2025, the prices of soda ash 01, 05, and 09 contracts all declined compared to October 31. The month - spreads of different contracts also changed, and the basis of heavy soda in Shahe and Qinghai remained unchanged [61]. - **Spot Prices and Spreads** - The prices of heavy and light soda ash in different regions such as North China, South China, and East China remained stable on November 3, 2025, and the spreads between heavy and light soda ash in different regions also remained unchanged [62][64]. Glass - **Disk Prices and Spreads** - On November 3, 2025, the prices of glass 01, 05, and 09 contracts all increased compared to October 31. The month - spreads of different contracts changed, and the basis of different contracts in Shahe and Hubei also had some changes [87]. - **Daily Sales and Production** - From October 27 to November 2, 2025, the sales - to - production ratios of glass in Shahe, Hubei, East China, and South China showed different trends [88].

1. Report's Core Views Palm Oil - Internationally, the Malaysian BMD crude palm oil futures show an obvious sign of breaking downward, pressured by concerns of increased production and slowed exports. It is expected to seek support between 4,000 - 4,100 ringgit. The potential increase in end - month inventory may further dampen the market [3]. - Domestically, the Dalian palm oil futures are dragged down by the Malaysian market, with short - term pressure to decline to 8,500 yuan. It may follow the upward trend after the Malaysian palm oil stabilizes around 4,000 ringgit, maintaining a near - weak and far - strong pattern [3]. Soybean Oil - Domestically, the supply of soybean oil is abundant while demand is weak, and high soybean import costs support the oil mills. The January contract of Dalian soybean oil reached a low of 8,066 yuan today. It is supported at 8,000 yuan in the short term. Its trend depends on the movement of CBOT soybeans and soybean oil [4]. Bean Meal - The Dalian bean meal 01 contract fluctuates upward, influenced by import costs and the weak performance of the oil sector. It follows the movement of US soybeans, and there is a risk of profit - taking causing a price dip to test the 3,000 - yuan support. The overall upward trend remains. Spot prices are adjusted within the range of 3,000 - 3,200 yuan/ton [16]. 2. Price and Spread Information Palm Oil - Futures spreads: P 1 - 5 is - 50 yuan/ton, down 4 yuan; P 5 - 9 is 202 yuan/ton, down 18 yuan; P 9 - 1 is - 152 yuan/ton, up 22 yuan [5]. - Spot and futures prices: BMD palm oil主力 is 4,097 ringgit/ton, down 2.61%; Guangzhou 24 - degree palm oil is 8,550 yuan/ton, down 70 yuan [7]. Soybean Oil - Futures spreads: Y 1 - 5 is 170 yuan/ton, unchanged; Y 5 - 9 is 92 yuan/ton, unchanged; Y 9 - 1 is - 262 yuan/ton, unchanged [5]. - Spot and futures prices: CBOT soybean oil主力 is 48.62 cents/pound, down 1.94%; Shandong first - grade soybean oil spot is 8,270 yuan/ton, down 30 yuan [13]. Bean and Rapeseed Meal - Futures prices: Bean meal 01 is 3,026 yuan, up 5 yuan (0.17%); Rapeseed meal 01 is 2,491 yuan, up 103 yuan (4.31%) [17]. - Spreads: M01 - 05 is 208 yuan, unchanged; RM01 - 05 is 46 yuan, down 20 yuan [18].

1. Report Industry Investment Rating No information is provided regarding the report industry investment rating. 2. Core Viewpoints - For the oilseed market, after the China - US talks, China may increase purchases of US soybeans, which will boost short - term US soybean export sentiment. High inventory pressure persists in the short term, but short - term price rebounds may occur due to cost increases. For rapeseed, domestic supply - demand changes are limited, and attention should be paid to the listing of new Canadian rapeseed and potential import policy changes [7]. - In the oil market, soybean oil maintains a slightly oversupplied pattern with high inventory pressure; palm oil's market trend is oscillating due to conflicts between weakening biodiesel concepts and seasonal production cuts; and rapeseed oil is in a slow de - stocking cycle, with attention on Sino - Canadian relations and import tariffs [39][40][41]. 3. Summary by Relevant Catalogs Oilseed Market - **Soybean Meal**: After the China - US talks, China may increase US soybean purchases, which will drive short - term US soybean export sentiment. Imports from Brazil and Argentina from October to November exceeded expectations, and attention should be paid to the progress of US soybean purchases. After December, South American soybean supply will decline, and US soybean purchases will affect subsequent inventory changes. There is short - term high inventory pressure, but short - term price rebounds may occur due to cost increases [7]. - **Rapeseed Meal**: Domestic supply - demand changes are small. Attention should be paid to the listing of new Canadian rapeseed. With the China - US talks, there are high expectations for the easing of Sino - Canadian relations, and attention should be paid to potential changes in rapeseed import tariffs. Domestic demand has entered a seasonal consumption off - season, especially for aquatic products, and attention should be paid to future import policy changes [7]. Oil Market - **Soybean Oil**: After the China - US talks, the increase in overseas soybean prices may affect domestic costs. The Indonesian B50 plan may fall short of expectations, weakening the biodiesel concept and being unfavorable to the oil market. Recent soybean crushing has slowed down, and soybean oil inventory remains high in the short term, maintaining a slightly oversupplied pattern [39]. - **Palm Oil**: The MPOB report shows that inventory accumulation exceeded expectations this month, with a month - on - month increase, and the report is slightly bearish. The Indonesian B50 biodiesel plan may not be realized, weakening the biodiesel concept. Domestic inventory is still in a high - accumulation stage. Attention should be paid to the de - stocking cycle caused by seasonal production cuts in major producing countries at the end of the year. The market trend is oscillating due to conflicts between weakening biodiesel concepts and seasonal production cuts [40]. - **Rapeseed Oil**: The domestic market is in a slow de - stocking cycle. Sino - Canadian relations are variable, and attention should be paid to potential impacts and changes in import tariffs. Attention should be paid to the possible easing of rapeseed oil imports due to tariff issues, which may lead to lower market expectations [41].

1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core Viewpoints - **Precious Metals**: The fundamental drivers for precious metals mainly come from the Fed's expected interest rate cut but sending hawkish signals, which boosts risk - aversion sentiment due to policy uncertainties. Geopolitical risks in the Middle East continuously strengthen the safe - haven attribute of gold. The strong gold investment demand globally in Q3 (a 47% year - on - year increase) and the support from the RMB - denominated advantage and the recovery of domestic physical demand lead to a "strong domestic, weak overseas" pattern [3]. - **Copper**: After the Fed's interest rate decision, the copper market saw a decline in both volume and price. The spot premium showed a trend of bottoming out and rebounding, but the increase was limited. If the spot market trading volume does not increase, the futures price may remain in a high - level oscillation in the short term [17]. - **Aluminum**: The tariff negotiation results led to a night - session increase in Shanghai aluminum. With macro events gradually settled, the market is in a news vacuum, and Shanghai aluminum is expected to oscillate at a high level in the short term. Alumina is in an oversupply situation, and prices are falling. Cast aluminum alloy has strong follow - up to Shanghai aluminum and strong support at the bottom [37]. - **Zinc**: In November, the TC of zinc decreased significantly due to intense competition for mines in the smelting sector, the lack of price advantage of overseas mines, and limited domestic mine increments. The smelting sector's willingness to cut or stop production increased. If demand remains stable, there is a possibility of inventory reduction. Low inventory supports prices, and there is an upward driving force in November [60]. - **Nickel**: Indonesia's new regulations on nickel ore quotas in 2026 are stricter. The price increase of nickel ore has slowed down, and the market circulation is tight. The price of nickel - iron and chrome - iron has declined, weakening the cost support for stainless steel. Stainless steel is in the off - season, and downstream demand is weak [76]. - **Tin**: Fundamentally, Yunnan's tin production has declined, and concentrate imports have dropped sharply. Supply is weaker than demand. In the short term, it is difficult to solve supply - side disturbances, and Shanghai tin is expected to remain strong, with support around 276,000 yuan [91]. - **Lithium Carbonate**: Market demand is good, and warehouse receipts are continuously and significantly decreasing. Before the end of the year, the demand of downstream lithium - battery material enterprises is expected to increase month - on - month, which may drive spot procurement demand and support the futures price [105]. - **Silicon**: For industrial silicon, as the dry season approaches, enterprise production cuts are expected to increase, and the price center may move up slightly, but the price increase is limited due to high inventory. The polysilicon spot market is cold, with a production - cut expectation, and the fundamentals are weak [116]. 3. Summary by Related Catalogs Precious Metals - **Price Data**: SHFE gold and silver futures prices, COMEX gold price, and related price ratios and spreads are presented in multiple charts [4][6][9]. - **Driving Factors**: Fed's interest rate policy, geopolitical risks, global central bank gold purchases, and investment demand are the main driving factors for the precious metals market [3]. Copper - **Futures Data**: The latest prices, daily changes, and daily change rates of Shanghai copper and London copper futures are provided. The prices of Shanghai copper futures have declined, and the London copper price has also decreased [18]. - **Spot Data**: Spot prices of different copper sources have declined, and the spot premium has shown a trend of bottoming out and rebounding [23]. - **Inventory Data**: Shanghai copper and international copper warehouse receipts and LME copper inventory data are given, with some changes in inventory quantities [33][35]. Aluminum - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai aluminum, London aluminum, alumina, and aluminum alloy futures are provided. Shanghai aluminum prices have increased slightly, while alumina prices have decreased [38]. - **Spread Data**: Various spreads between different aluminum and alumina contracts are presented, with some spreads showing significant changes [40][42]. - **Inventory Data**: Shanghai aluminum and LME aluminum inventory data are given, with changes in inventory quantities [54]. Zinc - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai zinc and LME zinc futures are provided. Both prices have declined [61]. - **Spot Data**: Spot prices of different zinc grades have increased slightly, and LME zinc spreads have decreased [69]. - **Inventory Data**: Shanghai zinc and LME zinc inventory data are given, with changes in inventory quantities [73]. Nickel - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai nickel and LME nickel futures are provided. Prices have declined [77]. - **Downstream Data**: Nickel - related downstream product prices, such as stainless steel, have also declined, and the cost support for stainless steel has weakened [76]. - **Inventory Data**: Shanghai nickel warehouse receipt inventory data are presented [82]. Tin - **Price Data**: The latest prices, daily changes, and daily change rates of Shanghai tin and LME tin futures are provided. Shanghai tin prices have increased slightly, while LME tin prices have decreased [92]. - **Inventory Data**: Shanghai tin and LME tin inventory data are given, with inventory decreases [100]. Lithium Carbonate - **Price Data**: The latest prices, daily changes, and weekly changes of lithium carbonate futures are provided. Some contracts have shown price increases [106]. - **Spot Data**: Spot prices of different lithium - related products have changed, with some price increases [110]. - **Inventory Data**: Warehouse receipt inventory and social inventory data of lithium carbonate are given, with inventory decreases [114]. Silicon - **Price Data**: The latest prices, daily changes, and daily change rates of industrial silicon futures are provided. Prices have declined [118]. - **Downstream Data**: Prices of polysilicon, silicon wafers, battery cells, and components are presented, showing different trends [125][126][127]. - **Inventory Data**: Inventory data of industrial silicon and polysilicon are given, with polysilicon inventory at a relatively high level [136][144].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The short - term market is mainly volatile. Traders should pay attention to the impact of the capital market and equity market fluctuations on the bond market [2]. 3. Summary by Related Catalogs 3.1 Market Influencing Factors - **L利多因素**: The central bank increased the volume of MLF to maintain abundant liquidity, and the loose capital market supported the bond market sentiment. The basic consensus reached in the Sino - US economic and trade consultations led to a phased increase in market risk appetite [2]. - **利空因素**: The strengthening of the equity market suppressed the bond market sentiment, with a significant stock - bond seesaw effect. The yield of 10 - year treasury bonds increased, and the adjustment of spot bonds dragged down the performance of futures [2]. 3.2 Market Data - **国债到期收益率**: Data on 2Y, 5Y, 10Y, 30Y, and 7Y treasury bond yields from April 2024 to August 2025 are presented [3]. - **资金利率**: Data on deposit - type institutional pledged repurchase weighted interest rates (1 - day and 7 - day) and 7 - day reverse repurchase rates from December 2023 to June 2025 are shown [3]. - **国债期限利差**: Data on the term spreads of 7Y - 2Y and 30Y - 7Y from April 2024 to August 2025 are provided [4][5]. - **国债期货持仓**: Data on the positions of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures from December 2015 to December 2023 are given [8]. - **国债期货成交**: Data on the trading volumes of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures from April 2024 to August 2025 are presented [9]. - **国债期货基差**: Data on the basis of the current - quarter contracts of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures are provided, with different time ranges for each [10][11][12][14]. - **国债期货跨期价差**: Data on the current - quarter minus next - quarter spreads of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures are given, with different time ranges for each [18][20]. - **跨品种价差**: Data on the TS*4 - T and T*3 - TL cross - variety spreads are provided, with different time ranges for each [21][22].