1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall market of the feed, breeding, and oil industries shows a complex situation with different trends for various products. Some products are in a state of supply - demand balance adjustment, while others are affected by factors such as international market conditions, policies, and seasonal changes [3][4][5]. - For individual products, some are recommended for temporary observation, some for specific trading strategies like selling put options or low - buying on dips, and some for arbitrage operations [3][4][10]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Judgment - **Oilseeds**: - The price of domestic new soybeans has cooled the purchasing sentiment of the middle and lower reaches, but farmers' reluctance to sell remains. The price of soybean No.1 is expected to run strongly, and it is recommended to wait and see [10]. - After the bullish factors in the November supply - demand report were realized, the price of soybean No.2 followed the decline of US soybeans and is expected to be in a volatile adjustment, also recommended for waiting and seeing [10]. - **Oils**: - Soybean oil has sufficient supply and increasing consumption, with fewer soybean purchases in the fourth quarter. It is expected to build a bottom in a volatile manner, and it is recommended to sell out - of - the - money put options [10]. - Rapeseed oil has a continuous marginal inventory reduction trend, and the market sentiment is boosted. It is expected to be volatile and strong, and it is recommended to buy on dips [10]. - Palm oil has stabilized after a previous sharp decline, but the upward driving force is insufficient. It is expected to be in a bottom - building and volatile state, and it is recommended to try long positions with a light position or sell out - of - the - money put options [10]. - **Protein**: - The cost - side support of soybean meal is obvious, and it is expected to run strongly. It is recommended to wait and see [10]. - Rapeseed meal has short - term supply shortages, but the expectation of supply is alleviated, and it is in a seasonal off - season for demand. It is expected to be in a wide - range volatile state, and it is recommended to wait and see [10]. - **Energy and By - products**: - Corn has a slight rebound expectation, but the pressure of concentrated supply limits the rebound height. It is recommended to wait and see [10]. - Corn starch follows the slight rebound of corn prices and is also recommended for waiting and seeing [10]. - **Breeding**: - The price of live pigs is expected to find a bottom in a volatile manner, and it is recommended to switch to waiting and seeing [10]. - The price of eggs is expected to find a bottom in a volatile manner, and it is recommended to buy on dips [10]. 3.1.2 Commodity Arbitrage - For most cross - period and cross - variety arbitrage operations, it is recommended to wait and see, except for some operations such as going long on the corn 5 - 1 spread at low prices and positive arbitrage on the live pig 1 - 3 spread at low prices [11][12]. 3.1.3 Basis and Spot - Futures Strategies - The report provides the spot prices, price changes, and basis changes of various products in different sectors, which can be used as a reference for spot - futures operations [13]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oils and Oilseeds - **Daily Data**: It shows the import cost data of soybeans, rapeseeds, and palm oil from different origins and different shipping months, including CNF prices, arrival - at - port duty - paid prices, etc. [15][16]. - **Weekly Data**: It presents the inventory and operating rates of beans, rapeseeds, palm oil, and peanuts, showing the supply - side situation of the oils and oilseeds market [17]. 3.2.2 Feed - **Daily Data**: It provides the import cost data of corn from different countries and different months [17]. - **Weekly Data**: It shows the consumption, inventory, operating rate, and inventory of corn and corn starch in deep - processing enterprises, reflecting the supply - demand relationship in the feed market [18]. 3.2.3 Breeding - **Daily Data**: It shows the daily price data of live pigs and eggs, including prices in different regions and price changes compared with the previous day, week, month, and year [19][20][21]. - **Weekly Data**: It presents the weekly price, cost, profit, slaughter data, and inventory data of live pigs and eggs, reflecting the overall situation of the breeding market [20][21]. 3.3 Third Part: Fundamental Tracking Charts - **Breeding End (Live Pigs, Eggs)**: It includes the closing prices of live pig and egg futures contracts, spot prices, and related price data charts, which can be used to analyze the price trends and market conditions of the breeding end [23][25][26]. - **Oils and Oilseeds**: - **Palm Oil**: It shows charts related to Malaysian palm oil production, exports, inventory, import profits, and domestic palm oil inventory and trading volume, etc., to help analyze the supply - demand relationship and price trends of palm oil [33][34][37]. - **Soybean Oil**: It includes charts of US soybean crushing volume, soybean oil inventory, domestic soybean oil factory operating rate, inventory, and trading volume, etc., to analyze the soybean oil market [40][42][43]. - **Peanuts**: It presents charts of peanut arrival and shipment volume, pressing profit, operating rate, and inventory, etc., to understand the peanut market [45][47]. - **Feed End**: - **Corn**: It shows charts of corn futures prices, spot prices, basis, inventory, import volume, and processing profit, etc., to analyze the corn market [49][54][55]. - **Corn Starch**: It includes charts of corn starch futures prices, spot prices, basis, operating rate, inventory, and processing profit, etc., to analyze the corn starch market [57][59][66]. - **Rapeseed Products**: It presents charts of rapeseed meal and rapeseed oil spot prices, basis, inventory, pressing volume, and pressing profit, etc., to analyze the rapeseed products market [59][63][64]. - **Soybean Meal**: It shows charts of US soybean growth indicators, inventory, basis, and price spreads, etc., to analyze the soybean meal market [66][71][78]. 3.4 Fourth Part: Options Situation of Feed, Breeding, and Oils - It provides charts of historical volatility of rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts, as well as the trading volume, open interest, and put - call ratio of corn options, to help analyze the option market [81][82]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Breeding, and Oils - It shows the warehouse receipt quantity and open interest charts of rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs, which can be used to analyze the market supply and demand and price trends from the perspective of warehouse receipts [84][85][86].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report Soft Commodity Sector - **Sugar**: The international raw sugar price has rebounded, but the fundamentals at home and abroad remain unchanged. The supply surplus in the 2025/26 sugar season has been revised downward, which slightly boosts sentiment. However, Brazil's sugar production is expected to increase significantly, and the weekly export volume in November decreased year - on - year. In China, new sugar is on the market, and the main contract is under pressure at 5500. It is recommended to take a short - selling approach on rallies and hold the strategy of selling call options [4]. - **Pulp**: The pulp futures price has continued to strengthen, and the spot price has followed, but the increase is weaker. The short - term rise is mainly due to the increase in warehouse receipt costs. The demand improvement of downstream wood - pulp paper is limited. Although the global pulp shipment volume increased in September, the shipment volume of softwood pulp to China decreased year - on - year, and China's pulp imports decreased in October. The market is advised to wait and see as the upside space is limited [5]. - **Offset Paper**: The spot price remains stable, and the peak season has limited impact on the market. The cost is supported by the rising pulp futures price, but the upside is limited. The price is expected to fluctuate in a low - level range, and it is recommended to short near the resistance level [6][7]. - **Cotton**: The external market is weak. The USDA November report is bearish for US cotton, and the domestic cotton production is expected to increase slightly. The demand improvement is limited, and the price is expected to fluctuate weakly. It is recommended to reduce short positions on dips [8][9]. Fresh Fruit Sector - **Apples**: The production and high - quality fruit rate have decreased year - on - year, which provides core support. The apple warehousing in the producing areas is progressing steadily. The 01 contract is expected to remain strong at a high level, and it is recommended to hold long positions in the 2605 contract cautiously [10]. - **Jujubes**: In November, the jujube futures price dropped significantly and then fluctuated at a low level. The supply has become more abundant, and the expectation of production reduction has failed. The supply and demand are expected to be strong in the fourth quarter. It is recommended that aggressive investors hold a reverse spread strategy or long positions in the 2605 contract with protective put options [11][12]. 3. Summary According to the Directory First Part: Sector Strategy Recommendation - **Fresh Fruit Futures**: For Apple 2605, it is recommended to hold long positions cautiously as the inventory continues to decline year - on - year. For Jujube 2601, it is recommended to short on rallies due to the cooling of the production reduction expectation [20]. - **Soft Commodity Futures**: For Sugar 2601, short on rallies as the external market is under pressure and new sugar is on the market. For Pulp 2601, wait and see as the upside space is limited. For Offset Paper 2601, short on rallies as the demand improvement is limited. For Cotton 2601, hold short positions cautiously as the new cotton production is expected to increase and the consumption confidence is insufficient [20]. Second Part: Sector Weekly Market Review a. Futures Market Review | Variety | Closing Price | Weekly Change | Weekly Change Rate (%) | | --- | --- | --- | --- | | Apple 2601 | 9040 | - 198 | - 2.14 | | Jujube 2601 | 9590 | - 555 | - 5.47 | | Sugar 2601 | 5457 | - 26 | - 0.47 | | Pulp 2511 | 4872 | 34 | 0.70 | | Offset Paper 2601 | 4278 | 8 | 0.19 | | Cotton 2601 | 13580 | - 15 | - 0.11 | [21] b. Spot Market Review | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 4 | 0.00 | 0.7 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5760 | 10 | - 560 | | Pulp (Shandong Yinxing) | 5500 | 0 | - 800 | | Cotton (yuan/ton) | 14806 | - 13 | - 590 | [24] Third Part: Sector Basis Situation There is no specific text description, only references to relevant figures such as the basis of Apple 1 - month contract, Jujube main - continuous contract, etc. [32][33][34] Fourth Part: Inter - Month Spread Situation There is no specific text description, only references to relevant figures such as the spread between Apple 10 - 1 and 1 - 5 contracts, etc. [42][44][46] Fifth Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Quantity | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 0 | 0 | 0 | | Sugar | 8622 | 901 | - 4507 | | Pulp | 220368 | - 1493 | - 157345 | | Cotton | 4401 | 221 | 1980 | [48] Sixth Part: Option - Related Data a. Option Strategy Recommendation | Variety | Market Logic | Option Strategy | | --- | --- | --- | | Apple 2605 | The inventory continues to decline year - on - year, and the price is supported | Sell out - of - the - money put options | | Jujube 2601 | New jujube production increases and is concentrated on the market | Sell deep out - of - the - money call options | | Sugar 2601 | Cost support, but the fundamentals are bearish | Sell out - of - the - money call options | | Cotton 2601 | The supply is temporarily abundant, and the price is expected to remain low | Sell out - of - the - money call options | | Pulp 2601 | Cost support, but the upward driving force of the fundamentals is weak | Sell put options with a strike price of 4900 and call options with a strike price of 5300 | [50] b. Option Data for Each Variety There is no specific text description, only references to relevant figures such as the trading volume, open interest, and historical volatility of apple, sugar, and cotton options [52][53][56] Seventh Part: Sector Futures Fundamental Situation a. Apples - **Producing Area Weather**: There are references to figures of the minimum temperature and precipitation in Shandong and Shaanxi [60][61][62]. - **Export Situation**: There is a reference to the figure of the monthly apple export volume [63][65]. - **Inventory Situation**: There are references to figures of the weekly apple storage inventory in China, Shandong, and Shaanxi [66][68]. b. Jujubes There are references to figures of the weekly trading volume of jujubes in Henan and Hebei and the daily arrival volume in Guangdong Ruyifang Market [70]. c. Sugar There are references to figures of the national sugar industrial inventory, monthly sugar import volume, and the spot - futures spread of sugar [71][72][75]. d. Pulp There are references to figures of the pulp inventory in four domestic ports, the global producer's wood - pulp inventory days, and the weekly production of various types of paper [76][77][79]. e. Offset Paper There are references to figures of the capacity utilization rate, production, inventory, and apparent consumption of offset paper [88][89][91]. f. Cotton There are references to figures of the retail sales and inventory of clothing in the US, UK, and Japan, as well as the industrial and commercial inventory, import volume, and production of cotton - related products in China [93][94][97]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - For the sugar market, the global supply surplus in the 2025/26 sugar season has been revised down due to potential production cuts in Brazil and India. However, Brazilian sugar production is expected to increase, and domestic sugar prices face pressure from new sugar supply. The short - term sentiment has improved, but the medium - to - long - term is still under supply surplus pressure [3]. - The pulp market is currently in a situation where the futures are strong, and the spot price has followed the increase. The cost of warehouse receipts has risen, but the supply pressure remains high, and the demand is supported by the high production of finished paper during the peak season [3]. - The double - offset paper market has limited improvement in demand during the peak season, and the supply is relatively abundant. Although the cost is supported by the increase in pulp prices, the upward driving force is weak [5]. - The cotton market is under pressure from increased production and weak consumption. The short - term price is expected to fluctuate weakly [7]. - The apple market is supported by the decline in new - season production and good fruit rate, and the inventory is decreasing year - on - year. The price of the 2605 contract is expected to remain strong [8]. - The jujube market has seen a decline in the futures price, and the market's expectation of production cuts has cooled. The inventory removal speed has slowed down, and the price is expected to be weak [9]. Group 3: Summary According to the Directory First Part: Plate Strategy Recommendation - **Fresh Fruit Futures Strategy** - Apple 2605: Hold long positions cautiously. The new - season production and good fruit rate decline year - on - year, and the inventory continues to decline year - on - year, supporting the valuation. The support range is 8800 - 8900, and the pressure range is 9700 - 9800 [18]. - Jujube 2601: Exit short positions at low prices. The futures premium is high, and there is a pressure for the futures and spot prices to converge. The support range is 9400 - 9500, and the pressure range is 11000 - 11300 [18]. - **Soft Commodity Futures Strategy** - Sugar 2601: Short on rebounds. The global supply surplus pressure remains, and domestic new sugar supply increases. The support range is 5380 - 5400, and the pressure range is 5520 - 5550 [18]. - Pulp 2601: Wait and see. The cost of pulp warehouse receipts has increased, but the supply remains high, and the fundamentals have limited improvement. The support range is 4900 - 5000, and the pressure range is 5400 - 5500 [18]. - Double - offset Paper 2601: Wait and see. The cost is supported by the increase in pulp prices, but the supply is elastic, and the demand suppresses the price. The support range is 4100 - 4200, and the pressure range is 4400 - 4500 [18]. - Cotton 2601: Reduce short positions at low prices. The new - cotton production estimate is stable, and the consumption improvement is insufficient. The support range is 13200 - 13300, and the pressure range is 13700 - 13800 [18]. Second Part: Market News Changes - **Apple Market** - **Fundamental Information**: In September 2025, the export volume of fresh apples was about 70,800 tons, a month - on - month increase of 3.50% and a year - on - year decrease of 6.32%. As of November 13, 2025, the cold - storage inventory of apples in the main producing areas decreased year - on - year [19]. - **Spot Market Situation**: In Shandong, the purchase price outside the warehouse was stable, and the price of medium - and small - sized apples in the cold - storage increased. In Shaanxi, the cold - storage transaction increased, and the price of the same - quality fruit in the cold - storage was higher than that outside the warehouse. In other producing areas, the situation varied. The arrival volume in the sales area decreased slightly, and the sales were stable [19][20][21]. - **Jujube Market**: The physical inventory of 36 sample points increased by 2.06% month - on - month and 131.35% year - on - year. The futures price continued to fall, and the spot price followed. The market's expectation of production cuts cooled [9][22]. - **Sugar Market**: Datagro lowered the global sugar supply surplus in the 2025/26 season to 1 million tons. The Brazilian and Indian production estimates were reduced. The domestic new sugar supply increased, and the price faced pressure [3][24]. - **Pulp Market**: As of October 27, the weekly pulp inventory in sample areas decreased by 1.58% month - on - month. The domestic paper pulp import volume decreased in October, and the demand was supported by the high production of finished paper [3][26]. - **Double - offset Paper Market**: In October, the average theoretical gross profit margin of the double - offset paper industry was - 6.57%, a decrease of 1.38 percentage points from the previous month. The cost decline was narrower than the revenue decline, and the profitability continued to decline [27]. - **Cotton Market**: The import volume of cotton in Japan and Thailand changed in September, and the export volume of Cote d'Ivoire increased in October. The national cotton production estimate in November was 741.8 million tons, an increase of 0.3 million tons from October [28]. Third Part: Market Review - **Futures Market Review** - Apple 2601 closed at 9504, up 297 or 3.23% [29]. - Jujube 2601 closed at 9195, down 170 or - 1.82% [29]. - Sugar 2601 closed at 5512, up 34 or 0.62% [29]. - Pulp 2511 closed at 4906, up 16 or 0.33% [29]. - Cotton 2601 closed at 13490, down 25 or - 0.18% [29]. - **Spot Market Review** - The spot price of apples was 4 yuan per catty, with no month - on - month change and a year - on - year increase of 0.7 yuan [34]. - The spot price of jujubes was 9.40 yuan per kilogram, a month - on - month decrease of 0.10 yuan and a year - on - year decrease of 5.30 yuan [34]. - The spot price of sugar was 5760 yuan per ton, a month - on - month increase of 10 yuan and a year - on - year decrease of 560 yuan [34]. - The spot price of pulp (Shandong Yinxing) was 5500 yuan, with no month - on - month change and a year - on - year decrease of 680 yuan [34]. - The spot price of double - offset paper (Taiyang Tianyang - Tianjin) was 4450 yuan, with no month - on - month change and a year - on - year decrease of 450 yuan [34]. - The spot price of cotton was 14819 yuan per ton, a month - on - month decrease of 32 yuan and a year - on - year decrease of 585 yuan [34]. Fourth Part: Basis Situation - No specific summary content provided, only relevant charts are mentioned Fifth Part: Inter - month Spread Situation - Apple 1 - 5 spread is - 34, with a month - on - month increase of 26 and a year - on - year increase of 507. It is expected to fluctuate and decline, and the recommended strategy is to short on rebounds [51]. - Jujube 9 - 1 spread is 390, with a month - on - month increase of 385 and a year - on - year increase of 275. It is expected to fluctuate within a range, and the recommended strategy is to wait and see [51]. - Sugar 1 - 5 spread is 79, with a month - on - month increase of 12 and a year - on - year increase of 46. It is expected to fluctuate, and the recommended strategy is to wait and see [51]. - Cotton 1 - 5 spread is - 5, with a month - on - month increase of 5 and a year - on - year increase of 60. It is expected to fluctuate within a range, and the recommended strategy is to short on rebounds [51]. Sixth Part: Futures Positioning Situation - No specific summary content provided, only relevant charts are mentioned Seventh Part: Futures Warehouse Receipt Situation - The warehouse receipt volume of apples is 0, with no month - on - month or year - on - year change [78]. - The warehouse receipt volume of jujubes is 0, with no month - on - month or year - on - year change [78]. - The warehouse receipt volume of sugar is 7721, with no month - on - month change and a year - on - year decrease of 5419 [78]. - The warehouse receipt volume of pulp is 221861, with no month - on - month change and a year - on - year decrease of 154591 [78]. - The warehouse receipt volume of cotton is 4180, a month - on - month increase of 296 and a year - on - year increase of 1736 [78]. Eighth Part: Option - related Data - No specific summary content provided, only relevant charts are mentioned

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The non - farm data in the US is poor, but the expected end of the government shutdown and improved inflation data in China support copper prices. Despite short - term demand suppression, in the long run, due to supply constraints and seasonal demand, the copper price center is expected to rise [3]. - For zinc, there are both bullish and bearish factors. With the expectation of production cuts in November and weakening downstream demand, the upward momentum is not strong, and attention should be paid to macro - driving and overseas support [4]. - The aluminum market has strong capital inflows, and it is recommended to hold long positions. Alumina is expected to stabilize and rebound, and the cast - aluminum alloy is expected to strengthen [5]. - The continuous decline in Indonesian tin exports has raised concerns about supply, and it is recommended to take a bullish view on tin [6]. - For lead, although supply is improving, there is still some support from overseas prices. Short - term strength is expected, but the upside space needs to be cautious [7]. - Nickel and stainless steel are in a weak position. Nickel has high inventory pressure, and stainless steel has a weak supply - demand situation, with a slow downward trend in the price center [8]. 3. Summary According to Relevant Catalogs 3.1 First Part: Non - ferrous Metals Operation Logic and Investment Advice - **Macro Logic**: The non - ferrous sector is in an upward trend. The expected end of the US government shutdown and the improvement of China's PPI have boosted market sentiment. However, the market is also concerned about real - demand. Copper, aluminum, and tin are relatively strong, while nickel and stainless steel are at a low level [11]. - **Strategy for Each Variety** - **Copper**: With improved market sentiment and supply constraints, and entering the seasonal demand peak, it is recommended to gradually go long on dips. The upper pressure range is 89,000 - 90,000 yuan/ton, and the lower support range is 84,000 - 85,000 yuan/ton [3]. - **Zinc**: There are both bullish and bearish factors. It is recommended to be bullish on dips. The upper pressure is around 22,800 - 23,000, and the lower support is around 22,300 - 22,400 [4]. - **Aluminum Industry Chain**: For aluminum, it is recommended to hold long positions. Alumina is recommended to be observed, and the cast - aluminum alloy is recommended to be bullish [5]. - **Tin**: It is recommended to take a bullish view. The upper pressure range is 300,000 - 310,000, and the lower support range is 260,000 - 270,000 [6]. - **Lead**: It is recommended to use a covered - call strategy. The short - term lower support is around 17,300 - 17,400, and the upper pressure is around 17,800 - 18,000 [7]. - **Nickel and Stainless Steel**: For nickel, it is recommended to sell out - of - the - money put options on dips. Stainless steel is in a volatile range, with the lower support around 12,400 - 12,500 and the upper pressure around 12,800 - 13,000 [8]. 3.2 Second Part: Non - ferrous Metals Market Review - **Futures Closing Prices and Changes**: Copper closed at 86,840 with a 0.24% increase; zinc at 22,680 with a 0.02% increase; aluminum at 21,880 with a 0.99% increase; alumina at 2821 with a 0.18% increase; tin at 292,440 with a 1.48% increase; lead at 17,660 with a 1.26% increase; nickel at 118,710 with a 0.56% decrease; stainless steel at 12,425 with a 0.32% decrease; and cast - aluminum alloy at 21,245 with a 0.97% increase [15][16]. 3.3 Third Part: Non - ferrous Metals Position Analysis - Different non - ferrous metal varieties have different net long - short positions and changes. For example, the net long - short position of沪银(AG2512) is a strong long position, and the net long - short position of沪锡(SN2512) is a strong short position [19]. 3.4 Fourth Part: Non - ferrous Metals Spot Market - **Spot Prices and Changes**: The spot price of copper is around 87,000 yuan/ton with a small increase; zinc is around 22,500 - 22,600 yuan/ton with a slight decrease; aluminum is around 21,500 - 21,700 yuan/ton with a small increase; alumina is around 2800 - 2870 yuan/ton; tin is around 290,000 - 291,000 yuan/ton with an increase; lead is around 17,150 yuan/ton with an increase; nickel is around 119,000 yuan/ton with a decrease; stainless steel is around 12,700 yuan/ton; and the cast - aluminum alloy is around 21,400 yuan/ton [20][21]. 3.5 Fifth Part: Non - ferrous Metals Industry Chain - The report provides various charts related to the industry chain of each non - ferrous metal, such as inventory changes, processing fees, and price trends [24][27][29]. 3.6 Sixth Part: Non - ferrous Metals Arbitrage - The report presents charts related to the arbitrage of each non - ferrous metal, including the ratio of domestic and foreign prices, basis, and spread [56][57][59]. 3.7 Seventh Part: Non - ferrous Metals Options - The report shows charts of historical volatility, implied volatility, trading volume, and open interest of options for each non - ferrous metal [71][73][76].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The market expects the palm oil inventory in the producing areas to peak at the end of October, improving market sentiment. The strengthening of the external palm oil market drives up the prices of soybean oil, palm oil, and other related products. However, the sufficient domestic oil inventory restricts the increase in soybean oil prices. The rise in soybean cost narrows the oil mill's profit margin, but there is a driving force for profit repair, which effectively supports the soybean oil price. [3][4] - The inventory of rapeseed oil has significantly decreased this week, relieving the high - inventory pressure and boosting market sentiment. After the previous decline, the support at the lower level has strengthened, and with the expectation of improved consumption in the future, the futures price has rebounded. However, the shipment of Australian rapeseed in November may limit the increase in the futures price. [3] - For soybean meal, although the export inspection volume of US soybeans has decreased and the domestic soybean inventory is accumulating, the subsequent narrowing of profit margins and negative buying of ships provide strong support at the lower level. There is a continuous driving force for profit repair. [4] - The corn futures price rebounded on Tuesday, driven by the price - increasing sentiment of deep - processing enterprises. However, the continuous rebound momentum of the futures price is still insufficient, and the full reflection of the concentrated supply pressure remains to be verified. [5] - The price of live pigs is in a bottom - seeking stage. The feed price has stopped falling and rebounded, and the expectation of capacity reduction has strengthened. The far - month futures price is slightly at a premium to the spot price. [8][9] - The egg futures price shows a pattern of near - month weakness and far - month strength. The spot price has stopped rising and adjusted after a continuous rebound. With the expectation of the end of the cycle, the far - month contract is supported and shows a strong performance. The overall consumption is gradually entering a peak season, and the egg - laying hen inventory capacity is gradually being reduced. [9] Summary According to the Directory Part One: Sector Strategy Recommendations 1. Market Analysis | Sector | Variety | Market Logic (Supply - Demand) | Support Level | Resistance Level | Market Judgment | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No.1 01 | After the continuous rise in the price of domestic new soybeans, the purchasing sentiment of the middle and lower reaches has cooled, but the farmers' reluctance to sell remains. | 4000 - 4020 | 4180 - 4200 | Firm operation | Temporary wait - and - see | | | Soybean No.2 01 | The restart of the USDA website is expected to release a positive November supply - demand report. The import profit of soybeans in China is still negative. Affected by the cost side, the price of Soybean No.2 has increased. | 3685 - 3710 | 3850 - 3900 | Oscillatory rise | Hold long positions | | | Peanut 01 | The market supply is increasing, but the yield performance in some areas is not good. | 7500 - 7600 | 8020 - 8162 | Oscillatory adjustment | Buy on dips | | Oils | Soybean Oil 01 | The increase in soybean import cost narrows the oil mill's profit margin. | 8000 - 8030 | 8350 - 8400 | Oscillatory strength | Light - position trial long or sell out - of - the - money put options | | | Rapeseed Oil 01 | The oil mill's operation is almost at a standstill, the inventory has been significantly reduced, and market sentiment has been boosted. | 9300 - 9350 | 9840 - 9890 | Oscillatory strength | Light - position trial long or sell out - of - the - money put options | | | Palm 01 | The negative impact of the October MPOB monthly report has been released. The producing areas are about to enter the production - reduction season, and the inventory is expected to peak. In the short term, palm oil may continue the upward trend. | 8530 - 8550 | 9000 - 9050 | Bottom - building and rising | Light - position trial long or sell out - of - the - money put options | | Proteins | Soybean Meal 01 | The restart of the USDA website is expected to release a positive November supply - demand report, and the import profit is still negative. The cost side provides obvious support. | 2970 - 2980 | 3100 - 3150 | Firm operation | Temporary wait - and - see | | | Rapeseed Meal 01 | There is a short - term supply shortage, but the shipment of Australian rapeseed eases the supply expectation. It is also the off - season for demand, with both long and short factors intertwined. | 2400 - 2430 | 2570 - 2600 | Narrow - range oscillation | Wait - and - see | | Energy and By - products | Corn 01 | The profit of deep - processing has been repaired, and the price - increasing sentiment provides support. However, the concentrated supply has not been fully released, and the futures price may rebound slightly in the short term. | 2050 - 2070 | 2200 - 2220 | Slight rebound | Close short positions and wait - and - see | | | Starch 01 | The cost of corn has rebounded slightly, and the starch futures price has followed the upward trend. | 2350 - 2360 | 2520 - 2540 | Slight rebound | Close short positions and wait - and - see | | Livestock | Live Pig 01 | The feed price has stopped falling and rebounded, and the expectation of capacity reduction has strengthened. | 11500 - 12000 | 12500 - 12800 | Oscillatory bottom - seeking | Switch to wait - and - see | | | Egg 12 | The expected decrease in newly - opened laying hens and the peak consumption season. | 2900 - 3100 | 3300 - 3350 | Oscillatory bottom - seeking | Buy on dips | [12] 2. Commodity Arbitrage - **Inter - delivery Arbitrage**: For most varieties, the current values are the same as the previous values, and the recommended strategies are mainly wait - and - see. For example, for Soybean No.1 1 - 5, Soybean No.2 1 - 5, etc., the current values are unchanged, and the strategies are to wait and see. For Peanut 1 - 4, the value has increased by 30, and the strategy is to short the near - month contract and long the far - month contract. For Corn 5 - 1, the strategy is to buy on dips with a target range of 150 - 200. For Live Pig 1 - 3, the strategy is to conduct a positive spread on dips. [13] - **Inter - variety Arbitrage**: For some oil - related spreads, such as 01 Soybean Oil - Palm Oil, 01 Rapeseed Oil - Palm Oil, and 01 Soybean Meal - Rapeseed Meal, the current values are unchanged, and the strategies are mainly temporary wait - and - see. For 01 Rapeseed Oil - Soybean Oil, the strategy is to take a long - biased operation. For the oil - meal ratio of 01 soybeans and 01 rapeseeds, the strategies are to take light - position long positions. For 01 Starch - Corn, the strategy is to wait and see with a reference range of 300 - 350. [13] 3. Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis values and their changes of various varieties in different sectors, including oilseeds (Soybean No.1, Soybean No.2, Peanut), oils (Soybean Oil, Rapeseed Oil, Palm Oil), proteins (Soybean Meal, Rapeseed Meal), energy and by - products (Corn, Starch), and livestock (Live Pig, Egg). [14][15] Part Two: Key Data Tracking Table 1. Oilseeds and Oils - **Daily Data**: The report provides the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping dates, including CIF premiums, CBOT or ICE futures prices, CNF prices, and landed duty - paid prices. [16][17] - **Weekly Data**: It shows the inventory and operating rates of various oilseeds and oils. For example, the port soybean inventory is 767.08 (decreased by 15.58), the oil - mill soybean meal inventory is 99.86 (decreased by 15.44), and the port soybean oil inventory is 114.00 (decreased by 5.90). The operating rate of soybean - related processing is 55.00% (increased by 1.00%). [19] 2. Feed - **Daily Data**: The import cost data of corn from Argentina and Brazil in different months are provided, including CNF prices and landed duty - paid costs. [19] - **Weekly Data**: It shows the consumption, inventory, operating rate, and inventory of corn and corn starch in deep - processing enterprises. For example, the consumption of corn in deep - processing enterprises is 125.40 (increased by 1.93), and the inventory is 279.50 (decreased by 3.20). [20] 3. Livestock - **Daily Data**: The daily data of live pigs and eggs are provided, including the prices of different types of live pigs in different regions, the prices of 7KG outer - ternary piglets, pork wholesale prices, pig - grain ratios, basis, and monthly spreads. For eggs, the daily price changes in different regions and the prices of culled chickens are provided. [21][22] - **Weekly Data**: The weekly data of live pigs and eggs are provided, including the average prices of binary sows, outer - ternary piglets, outer - ternary live pigs, and the costs and profits of different breeding methods. For eggs, the data on the supply side (laying rate, proportion of different sizes, culled chicken age, culled chicken output), demand side (sales volume, inventory in production and circulation links), and related profits and prices are provided. [23][24][25] Part Three: Fundamental Tracking Charts The report provides a series of charts to track the fundamentals of the livestock (live pigs, eggs), oilseeds and oils (palm oil, soybean oil, peanut), and feed (corn, corn starch, rapeseed, soybean meal) sectors, including price trends, inventory changes, operating rates, and other aspects. [27][30][31][32][33][34][36][38][40][42][44][46][53][56][62][66][77] Part Four: Options Situation of Feed, Livestock, and Oils The report provides charts on the historical volatility of rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanut, as well as the trading volume, open interest, and put - call ratio of corn options. [91][93][94] Part Five: Warehouse Receipt Situation of Feed, Livestock, and Oils The report provides charts on the warehouse receipt situations of rapeseed meal, rapeseed oil, soybean oil, palm oil, peanut, corn, corn starch, live pigs, and eggs, as well as the open interest of the live pig index and the egg index. [96][97][98][99]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The global sugar supply surplus expectation suppresses the sugar market, with India increasing sugar production and allowing exports, and ICE raw sugar under pressure. In the domestic market, Zheng sugar has limited upside potential due to factors such as old sugar inventory clearance and new sugar listing [2]. - Pulp futures are relatively strong, but the fundamental improvement is limited, and the future supply pressure in China may still be high. The upward movement and sustainability depend on the performance of the finished paper market [5]. - The demand improvement for double - offset paper is limited, and the upward driving force is weak, although there is some cost support from the pulp price increase [6]. - The cotton market, both domestically and internationally, is in a low - range fluctuation. The short - term upward potential is restricted by factors such as supply pressure and uncertain consumption recovery [8]. - For apples, the new - season initial inventory is lower year - on - year, and the futures price is expected to be oscillating strongly [9]. - The jujube market has seen a decline in the expectation of production reduction, and the futures price has fallen back. Attention should be paid to the new jujube opening price [10]. Summary According to the Directory First Part: Sector Strategy Recommendation - **Apple 2605**: Recommend buying on dips due to lower initial inventory year - on - year; also recommend closing short positions on dips because of high futures premium. Support range is 8500 - 8600, and pressure range is 9400 - 9500 [19]. - **Jujube 2601**: Aggressive investors can short on rallies around 9500 - 10500; cautious investors can hold a short 01 and long 05 spread position [11]. - **Sugar 2601**: Recommend shorting on rallies as supply pressure increases and domestic enterprises face old sugar inventory clearance. Support range is 5380 - 5400, and pressure range is 5510 - 5540 [2][19]. - **Pulp 2601**: Temporarily stay on the sidelines as the cost of warehouse receipts increases, but the supply remains high and the fundamental improvement is limited [5][19]. - **Double - offset paper 2601**: Temporarily stay on the sidelines as there is cost support from pulp price increase, but demand suppresses the price [6][19]. - **Cotton 2601**: Reduce short positions as the increase in new cotton production is slightly lower than expected and the price range has moved up slightly [8][19]. Second Part: Market News Changes Apple Market - **Fundamental Information**: In September 2025, fresh apple exports were about 7.08 tons, up 3.50% month - on - month and down 6.32% year - on - year. As of November 5, 2025, the national apple cold - storage inventory was 698.42 tons, 14.14% lower than the same period last year. As of November 6, 2025, it was 682.74 tons, 17.05% lower than last year [20]. - **Spot Market**: In the Shandong production area, the purchase of late - maturing bagged Fuji is in the final stage, and small and medium - sized fruits have started to be shipped out. In the Shaanxi production area, the mainstream price is stable, and the cold - storage fruits have started to be packed and shipped out [20][21]. Jujube Market As of this week, the physical inventory of 36 sample points is 9541 tons, up 2.06% month - on - month and 131.35% year - on - year. The futures price has fallen, and attention should be paid to the purchasing enthusiasm and structure of buyers [22]. Sugar Market Brazil exported 4,204,999.20 tons of sugar in October 2025, a 13% year - on - year increase. India has allowed 150 tons of sugar exports in the 2025/26 season. Guangxi sugar mills are about to start crushing, but the weather may affect sugar content [2][25]. Pulp Market As of October 27, 2025, the weekly pulp inventory in sample areas decreased by 1.58% month - on - month. The steam consumption of a thermal power plant in Baoding decreased, and the operating rate of household paper decreased [28]. Double - offset Paper Market In October 2025, the average theoretical gross profit margin of the double - offset paper industry was - 6.57%, down 1.38 percentage points from last month, and the decline rate narrowed month - on - month [29]. Cotton Market In September 2025, Australia's cotton exports were about 17.5 tons, down 4.4% month - on - month and 5% year - on - year. In October 2025, China's textile and clothing exports decreased both year - on - year and month - on - month. As of the end of October, the industrial and commercial cotton inventories increased [30][31][32]. Third Part: Market Review Futures Market Review - Apple 2601 closed at 9159, up 1.32% [31]. - Jujube 2601 closed at 9585, down 0.05% [31]. - Sugar 2601 closed at 5475, up 0.33% [31]. - Pulp 2511 closed at 4870, down 0.04% [31]. - Cotton 2601 closed at 13580, unchanged [31]. Spot Market Review - Apples were at 3.75 yuan per jin, unchanged month - on - month and up 0.55 yuan year - on - year [37]. - Jujubes were at 9.40 yuan per kg, down 0.10 yuan month - on - month and 5.30 yuan year - on - year [37]. - Sugar was at 5760 yuan per ton, up 10 yuan month - on - month and down 560 yuan year - on - year [37]. - Pulp (Shandong Silver Star) was at 5500 yuan, unchanged month - on - month and down 720 yuan year - on - year [37]. - Double - offset paper (Sun Tianyang - Tianjin) was at 4450 yuan, unchanged month - on - month and down 450 yuan year - on - year [37]. - Cotton was at 14844 yuan per ton, down 15 yuan month - on - month and 494 yuan year - on - year [37]. Fourth Part: Basis Situation No specific summary information provided other than figures. Fifth Part: Inter - month Spread Situation - Apple 1 - 5 spread is - 109, expected to oscillate downward, with a strategy of shorting on rallies [58]. - Jujube 9 - 1 spread is 340, expected to oscillate within a range, with a strategy of staying on the sidelines [58]. - Sugar 1 - 5 spread is 70, expected to oscillate, with a strategy of staying on the sidelines [58]. - Cotton 1 - 5 spread is 0, expected to fluctuate within a range, with a strategy of shorting on rallies [58]. Sixth Part: Futures Positioning Situation No specific summary information provided other than figures. Seventh Part: Futures Warehouse Receipt Situation - Apples have 0 warehouse receipts, unchanged month - on - month and year - on - year [85]. - Jujubes have 0 warehouse receipts, unchanged month - on - month and year - on - year [85]. - Sugar has 7663 warehouse receipts, up 281 month - on - month and down 4140 year - on - year [85]. - Pulp has 223997 warehouse receipts, unchanged month - on - month and down 157654 year - on - year [85]. - Cotton has 3294 warehouse receipts, up 281 month - on - month and up 168 year - on - year [85]. Eighth Part: Option - related Data No specific summary information provided other than figures.

1. Report Industry Investment Rating The report does not provide an overall industry investment rating. However, it offers specific investment suggestions for each metal variety: - **Copper**: Try to gradually buy on dips for Shanghai copper futures, with a short - term upside pressure range of 89,000 - 90,000 yuan/ton and a downside support range of 84,000 - 85,000 yuan/ton. Consider selling near - month slightly out - of - the - money put options [4]. - **Zinc**: Consider buying on dips and selling out - of - the - money put options. The upside pressure is around 22,800 - 23,000, and the short - term downside support is around 22,300 - 22,400 [5]. - **Aluminum Industry Chain**: Hold long positions for Shanghai aluminum, with an upside pressure range of 21,800 - 22,000 and a downside support range of 20,800 - 21,000. Consider buying out - of - the - money put options for protection. For alumina, adopt a wait - and - see approach, with an upside pressure range of 3,000 - 3,200 and a downside support range of 2,600 - 2,700. For recycled aluminum alloy, take a bullish view, with an upside pressure range of 21,500 - 22,000 and a downside support range of 20,500 - 20,800 [6]. - **Tin**: Adopt a bullish view on range - bound fluctuations. The upside pressure range is 290,000 - 300,000, and the downside support range is 260,000 - 270,000. Consider buying out - of - the money put options for protection [7]. - **Lead**: Continue to use the strategy of selling both call and put options in a wide - range. The short - term downside support is around 17,300 - 17,400, and the upside pressure is around 17,500 - 17,600 [8]. - **Nickel and Stainless Steel**: For nickel, consider selling out - of - the money put options and pay attention to whether the volatility rebounds from a low level. The upside pressure is around 120,000 - 121,000 yuan, and the downside support is around 118,000 - 120,000 yuan. For stainless steel, it is in a range - bound consolidation. The support level is around 12,400 - 12,500, and the upside pressure is around 12,800 - 13,000 [9]. 2. Core Viewpoints - The overall upward - trending pattern of the non - ferrous metal sector remains unchanged. The expectation of the end of the US government shutdown boosts market risk appetite, and China's PPI turning positive for the first time also drives the rebound of industrial products. Non - ferrous metals show a fluctuating recovery [12]. - In the short term, risk assets were under pressure last week due to the economic slowdown in the US and China and the tightening of US dollar liquidity. However, after the US Senate passed a temporary appropriation bill, market risk appetite increased, and the tightness of US dollar liquidity is expected to ease. China's inflation data in October improved, and the Shanghai copper market rebounded during the day [4]. - In the medium - to - long term, the siphon effect of the US market still exists, making it difficult to solve the structural contradiction of global copper inventory. China's fixed - asset investment growth rate turned negative in the first three quarters, and external pressure is uncertain. In the fourth quarter, the macro - level is expected to take further measures to boost copper demand. With the increase in smelter maintenance and the tightening of raw material supply, China's electrolytic copper production is expected to decline continuously in the fourth quarter. As copper demand enters the seasonal peak season, China's copper inventory is expected to continue to decline, and the copper price center is expected to rise [4]. 3. Summary by Directory 3.1 First Part: Non - Ferrous Metal Operation Logic and Investment Suggestions - **Macro Logic**: The overall upward - trending pattern of the non - ferrous metal sector remains unchanged. The possible end of the US government shutdown and China's PPI turning positive boost market risk appetite. Copper, aluminum, and tin are relatively strong, alumina has a strong willingness to rebound, lead and zinc are rising slowly, and nickel and stainless steel are bottom - grinding. Pay attention to the fundamental resonance driving changes [12]. - **This Week's Focus**: Pay attention to China's retail sales, real estate development investment, and social financing data. Also, pay attention to whether the US government shutdown situation changes and whether CPI and PPI data are released as scheduled [12]. - **Variety Strategies**: Each metal variety has its own supply - demand situation, price range, and investment strategies, as detailed in the investment rating section above [4][5][6][7][8][9]. 3.2 Second Part: Non - Ferrous Metal Market Review - Copper closed at 86,480 yuan with a 0.63% increase; zinc closed at 22,670 yuan with a 0.22% decrease; aluminum closed at 21,725 yuan with a 0.46% increase; alumina closed at 2,829 yuan with a 1.65% increase; tin closed at 286,560 yuan with a 1.08% increase; lead closed at 17,505 yuan with a 0.49% increase; nickel closed at 119,680 yuan with a 0.20% increase; stainless steel closed at 12,605 yuan with a 0.32% increase; and cast aluminum alloy closed at 21,105 yuan with a 0.45% increase [16]. 3.3 Third Part: Non - Ferrous Metal Position Analysis - Different non - ferrous metal varieties have different net long - short positions and changes, affected by factors such as the increase of long - position main players, the decrease of short - position main players, and non - main - force capital influence [18]. 3.4 Fourth Part: Non - Ferrous Metal Spot Market - The spot prices and price changes of various non - ferrous metals, including copper, zinc, aluminum, alumina, nickel, stainless steel, tin, lead, and cast aluminum alloy, are provided [19][21]. 3.5 Fifth Part: Non - Ferrous Metal Industry Chain - For each metal variety, there are corresponding charts showing inventory changes, processing fees, price trends, etc., such as copper's exchange inventory change and copper concentrate refining fee; zinc's inventory change and zinc concentrate processing fee change; etc. [24][27] 3.6 Sixth Part: Non - Ferrous Metal Arbitrage - There are charts showing the arbitrage - related data of each metal variety, such as copper's Shanghai - London ratio change and the premium - discount between Shanghai copper and London copper; zinc's Shanghai - London ratio change and LME zinc spot premium - discount; etc. [56][57] 3.7 Seventh Part: Non - Ferrous Metal Options - There are charts showing the option - related data of each metal variety, such as copper's option historical volatility and weighted implied volatility; zinc's historical volatility and option weighted implied volatility; etc. [72][74]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The overall shock - upward pattern of the non - ferrous sector remains unchanged. After key events, the macro focus has shifted from macro narratives to real - world demand, causing an adjustment. With the dollar index stabilizing after a rebound, non - ferrous metals have shown a warming trend again. [11] - In the short term, factors such as the strong dollar, high copper prices, and weak manufacturing data are negative for copper prices. In the long run, the supply of copper concentrates is tight, and domestic copper demand will enter a seasonal peak season, so the copper price center is expected to move up. [3][13] - Zinc shows a fluctuating rebound trend. The supply growth of zinc ingots is gradually realized, and the demand in the peak season is still relatively weak. [14] - The aluminum industry chain presents a complex situation. Aluminum shows a shock - strengthening trend, while alumina is weak, and the peak - season driving force of related sub - sectors is gradually weakening. [14] - Tin is in a state of range - bound shock. The supply of tin concentrates is tight, and the demand in traditional consumer electronics and other fields remains weak. [15] - Lead is in a state of shock - consolidation. The supply is gradually recovering, and the demand for lead - acid batteries has declined. [15] - Nickel and stainless steel are in a state of range - bound adjustment. The supply of nickel is relatively abundant, and the demand is weak. The stainless - steel market is in a weak shock situation. [15][16] Group 3: Summary by Directory First Part: Non - ferrous Metals Operation Logic and Investment Recommendations - **Macro Logic**: After key events, the macro focus has shifted to real - world demand, causing an adjustment in non - ferrous metals. With the dollar index stabilizing after a rebound, non - ferrous metals have shown a warming trend. There are different economic trends in the US, China, and the Eurozone. [11] - **Non - ferrous Metals Strategy** - **Copper**: In the short term, factors such as the strong dollar, high copper prices, and weak manufacturing data are negative for copper prices. In the long run, due to supply constraints and seasonal demand peaks, copper prices are expected to rise. The recommended strategy is to buy on dips, with a support range of 84,000 - 85,000 yuan/ton and a pressure range of 89,000 - 90,000 yuan/ton. [3][13] - **Zinc**: Zinc shows a fluctuating rebound. The supply growth of zinc ingots is gradually realized, and the demand in the peak season is still relatively weak. The recommended strategy is to be bullish on dips, with a support range of 21,800 - 22,000 yuan/ton and a pressure range of 22,800 - 23,000 yuan/ton. [14] - **Aluminum Industry Chain**: Aluminum shows a shock - strengthening trend, alumina is weak, and the peak - season driving force of related sub - sectors is gradually weakening. The recommended strategy is to be bullish on aluminum, short alumina on highs, and be bullish on the aluminum industry chain. [14] - **Tin**: Tin is in a state of range - bound shock. The supply of tin concentrates is tight, and the demand in traditional consumer electronics and other fields remains weak. The recommended strategy is to wait and see or be slightly bullish, with a support range of 260,000 - 270,000 yuan/ton and a pressure range of 290,000 - 300,000 yuan/ton. [15] - **Lead**: Lead is in a state of shock - consolidation. The supply is gradually recovering, and the demand for lead - acid batteries has declined. The recommended strategy is to sell both call and put options, with a support range of 17,300 - 17,500 yuan/ton and a pressure range of 17,800 - 18,000 yuan/ton. [15] - **Nickel and Stainless Steel**: Nickel and stainless steel are in a state of range - bound adjustment. The supply of nickel is relatively abundant, and the demand is weak. The stainless - steel market is in a weak shock situation. The recommended strategy is to be slightly bullish on dips, with a support range of 118,000 - 120,000 yuan/ton for nickel and 12,500 - 12,600 yuan/ton for stainless steel, and a pressure range of 125,000 - 128,000 yuan/ton for nickel and 13,000 - 13,200 yuan/ton for stainless steel. [15][16] Second Part: Non - ferrous Metals Market Review - **Futures Closing Situation**: The closing prices and price changes of various non - ferrous metal futures are presented, such as copper at 86,320 yuan/ton with a 0.76% increase, and aluminum at 21,630 yuan/ton with a 1.10% increase. [16] Third Part: Non - ferrous Metals Position Analysis - **Position Analysis**: The net long - short strength comparison, net long - short position differences, and changes in net long and short positions of various non - ferrous metal futures are provided, along with the influencing factors. [19] Fourth Part: Non - ferrous Metals Spot Market - **Spot Prices**: The spot prices and price changes of various non - ferrous metals are given, such as the Yangtze River non - ferrous copper spot price at 85,990 yuan/ton with a 0.54% increase, and the Yangtze River non - ferrous 0 zinc spot average price at 22,510 yuan/ton with no change. [20] Fifth Part: Non - ferrous Metals Industry Chain - Relevant charts are provided to show the inventory changes, processing fees, and price trends of copper, zinc, aluminum, alumina, tin, lead, nickel, and stainless steel in the industry chain. [22][24][27] Sixth Part: Non - ferrous Metals Arbitrage - Relevant charts are provided to show the arbitrage - related data such as the ratio of domestic to foreign prices, basis, and price differences of copper, zinc, aluminum, alumina, tin, lead, nickel, and stainless steel. [46][48][51] Seventh Part: Non - ferrous Metals Options - Relevant charts are provided to show the historical volatility, implied volatility, trading volume, and open - interest ratio of options for copper, zinc, and aluminum. [64][66][68]

1. Report Industry Investment Rating The report does not provide an overall industry investment rating. However, it offers specific investment suggestions for each metal: - Copper: Recommended to gradually buy on dips, with a short - term pressure range of 89,000 - 90,000 yuan/ton and support range of 84,000 - 85,000 yuan/ton. Consider selling near - month slightly out - of - the - money put options [3]. - Zinc: Consider buying on dips and selling out - of - the - money put options. The upper pressure is around 22,800 - 23,000, and short - term support is around 22,300 - 22,400 [4]. - Aluminum Industry Chain: For aluminum, recommended to buy on dips; for alumina, short positions should be held cautiously; for recycled aluminum alloy, take a bullish approach [5]. - Tin: Suggested to wait and see, with an upper pressure range of 290,000 - 300,000 and a support range of 260,000 - 270,000. Consider buying out - of - the - money put options for protection [6][7]. - Lead: Consider a double - selling option strategy, with short - term support around 17,300 - 17,400 and upper pressure around 17,800 - 18,000 [8]. - Nickel and Stainless Steel: For nickel, wait and see the support at the lower range and consider selling out - of - the - money put options on dips; for stainless steel, it is in a weak shock, with support around 12,500 - 12,600 and upper pressure around 13,000 - 13,200 [9]. 2. Core Viewpoints - The overall upward trend of the non - ferrous sector remains unchanged, but the weak manufacturing data in China and the US and the uncertainty of interest rate cuts have affected the upward pace of non - ferrous metals. The recent rebound of the US dollar index has put pressure on risk assets [12]. - Different non - ferrous metals have different supply - demand situations. For example, copper has supply constraints and is expected to enter a demand peak season; zinc has a strong mine end and weak demand; aluminum has production capacity changes and a transition from peak to off - peak season; tin has supply shortages and limited demand recovery; lead has supply recovery and demand decline; nickel and stainless steel have weak supply - demand fundamentals [14][15][16][17][18]. 3. Summary by Directory 3.1 First Part: Non - ferrous Metals Operating Logic and Investment Suggestions - **Macro Logic**: The overall non - ferrous sector is still in an upward trend, but the focus has shifted from macro - narrative to real demand. The weak manufacturing data in China and the US and the uncertainty of interest rate cuts have affected the upward pace. The rebound of the US dollar index has put pressure on risk assets. The voices of the Fed officials after the October resolution are divided on interest rate cuts [12]. - **Investment Suggestions for Each Metal**: See the content in the "Report Industry Investment Rating" section above [3][4][5][6][7][8][9]. 3.2 Second Part: Non - ferrous Metals Market Review - Copper closed at 85,670 yuan/ton with a decline of 0.08%; zinc closed at 22,650 yuan/ton with a decline of 0.09%; aluminum closed at 21,395 yuan/ton with a decline of 0.33%; alumina closed at 2,772 yuan/ton with an increase of 0.07%; tin closed at 282,090 yuan/ton with a decline of 0.58%; lead closed at 17,475 yuan/ton with an increase of 0.34%; nickel closed at 120,030 yuan/ton with an increase of 0.28%; stainless steel closed at 12,535 yuan/ton with a decline of 0.08%; cast aluminum alloy closed at 20,830 yuan/ton with a decline of 0.62% [18]. 3.3 Third Part: Non - ferrous Metals Position Analysis - The report provides the latest position analysis of non - ferrous metals, including the net long - short strength comparison, net long - short position differences, net long - position changes, net short - position changes, and influencing factors of various varieties such as Shanghai lead, industrial silicon, alumina, etc. [21][22]. 3.4 Fourth Part: Non - ferrous Metals Spot Market - The report lists the spot prices and price changes of various non - ferrous metals, such as copper, zinc, aluminum, alumina, nickel, stainless steel, tin, lead, and cast aluminum alloy [23]. 3.5 Fifth Part: Non - ferrous Metals Industry Chain - The report presents various charts related to the industry chain of each non - ferrous metal, including inventory changes, processing fees, price trends, etc. For example, for copper, there are charts of exchange copper inventory changes and LME copper inventory; for zinc, there are charts of zinc inventory changes and zinc concentrate processing fee changes [25][27]. 3.6 Sixth Part: Non - ferrous Metals Arbitrage - The report shows various charts related to non - ferrous metals arbitrage, such as copper's Shanghai - London ratio changes, the spread between Shanghai copper and London copper, zinc's Shanghai - London ratio changes, etc. [54][56]. 3.7 Seventh Part: Non - ferrous Metals Options - The report provides various charts related to non - ferrous metals options, such as copper option historical volatility, weighted implied volatility, trading volume and open interest changes, etc. [72][73].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The overall trend of the non - ferrous metals sector is still oscillating upwards, but the upward rhythm is affected by manufacturing data fluctuations and the uncertainty of interest - rate cut expectations [11]. - For copper, short - term factors such as China's manufacturing PMI decline are negative, but in the medium - to - long - term, the improvement of the US manufacturing PMI, the supply pressure on the raw material side, and the seasonal increase in domestic demand are expected to drive up the copper price [3][12]. - Zinc shows a fluctuating rebound, with the mine end being strong and the downstream acceptance slightly improving [4][12]. - The aluminum industry chain is generally in an oscillating state. Aluminum shows an oscillatingly strong trend, alumina oscillates and consolidates, and cast aluminum alloy is also oscillatingly strong [13]. - Tin is expected to be oscillatingly strong due to supply constraints and a slight improvement in demand [13][14]. - Lead is in an oscillating consolidation state, with supply gradually recovering and demand weakening [14]. - Nickel and stainless steel are in an oscillating state. Nickel has high inventory pressure, and stainless steel is in a weak supply - demand situation [8][14]. 3. Summary According to Relevant Catalogs 3.1 First Part: Non - Ferrous Metals Operation Logic and Investment Suggestions - **Macro Logic**: The non - ferrous metals sector is still in an oscillating upward trend, but the upward rhythm is affected by manufacturing data and interest - rate cut uncertainties. After the October Fed decision, there are different views on interest - rate cuts among Fed officials. China's manufacturing PMI in October shows fluctuations [11]. - **Investment Suggestions for Each Metal** - **Copper**: Oscillating upward. Suggested to buy on dips, with a support range of 84000 - 85000 yuan/ton and a pressure range of 89000 - 90000 yuan/ton [12]. - **Zinc**: Fluctuating rebound. Suggested to be bullish on dips, with a support range of 21800 - 22000 and a pressure range of 22800 - 23000 [4][12]. - **Aluminum Industry Chain**: Aluminum is bullish, alumina is short - term bearish and long - term bullish, and cast aluminum alloy is bullish. Different support and pressure ranges are provided for each [13]. - **Tin**: Oscillatingly strong. Suggested to take a bullish approach, with a support range of 260000 - 270000 and a pressure range of 290000 - 300000 [13]. - **Lead**: Oscillating consolidation. Suggested to use an option double - selling strategy, with a support range of 17300 - 17500 and a pressure range of 17800 - 18000 [14]. - **Nickel**: Range - bound. Suggested to be slightly bullish on dips, with a support range of 118000 - 120000 and a pressure range of 125000 - 128000 [14]. - **Stainless Steel**: Oscillating. Suggested to be bullish on dips, with a support range of 12500 - 12600 and a pressure range of 13000 - 13200 [14]. 3.2 Second Part: Non - Ferrous Metals Market Review - The closing prices and price changes of various non - ferrous metals futures are presented, such as copper closing at 87300 with a 0.33% increase, and zinc closing at 22565 with a 0.94% increase [15]. 3.3 Third Part: Non - Ferrous Metals Position Analysis - A chart of the latest position analysis of the non - ferrous metals sector is provided, but no specific content is described [16]. 3.4 Fourth Part: Non - Ferrous Metals Spot Market - The spot prices and price changes of various non - ferrous metals are given, for example, the Yangtze River Non - Ferrous copper spot price is 87080 yuan/ton with a - 0.68% change [19]. 3.5 Fifth Part: Non - Ferrous Metals Industry Chain - Multiple charts related to the non - ferrous metals industry chain are provided, including inventory changes, processing fees, and price trends of copper, zinc, aluminum, alumina, tin, lead, nickel, and stainless steel [20][23][25][32][40][45][51]. 3.6 Sixth Part: Non - Ferrous Metals Arbitrage - Multiple charts related to non - ferrous metals arbitrage are provided, such as the copper Shanghai - London ratio change and the LME zinc spot premium [55][57]. 3.7 Seventh Part: Non - Ferrous Metals Options - Multiple charts related to non - ferrous metals options are provided, including historical volatility, implied volatility, and trading volume and open - interest changes of copper, zinc, and aluminum options [71][73][75].