Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - The lithium carbonate futures 2601 contract rose 0.8% to 82,900 yuan/ton yesterday. Spot prices of battery - grade lithium carbonate, industrial - grade lithium carbonate, and battery - grade lithium hydroxide (coarse particles) all increased. The warehouse receipt inventory increased by 190 tons to 27,525 tons [3]. - Supply is expected to increase overall on a month - on - month basis. Weekly production increased by 242 tons to 21,308 tons, with different lithium extraction methods all showing growth. On the demand side, weekly production and inventory of ternary materials and lithium iron phosphate both increased. Weekly inventory decreased by 2,292 tons to 130,366 tons, and the total inventory days dropped to around 32 days, close to the lowest level in the past three years [3]. - With a slight increase in weekly supply, rapid inventory depletion, improved macro - sentiment, repeated disturbances in supply - side news, and the demand side still in the peak season, along with continuous depletion of social and warehouse receipt inventories and firm lithium ore prices, the price support is gradually strengthened, and the bottom price is lifted. In the short term, the price may still be strong, but cautious optimism is needed as there are still expectations of project resumption [3]. 3. Summary by Directory 3.1 Ore Prices - The report presents price charts of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and lithiophilite (6% - 7%, 7% - 8%) from 2024 to 2025, sourced from SMM and the Everbright Futures Research Institute [6][8]. 3.2 Lithium and Lithium Salt Prices - Price charts of metal lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, battery - grade lithium hydroxide price, industrial - grade lithium hydroxide price, and lithium hexafluorophosphate price from 2024 to 2025 are provided, with data from SMM and the Everbright Futures Research Institute [10][12][14]. 3.3 Spreads - Charts show the spreads between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, CIF Japan - South Korea battery - grade lithium hydroxide and domestic battery - grade lithium hydroxide, battery - grade lithium carbonate (CIF Asia) and domestic battery - grade lithium carbonate, and the basis from 2024 to 2025, sourced from SMM, IFinD, and the Everbright Futures Research Institute [17][18][20]. 3.4 Precursor & Cathode Materials - Price charts of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobaltate from 2024 to 2025 are presented, with data from SMM and the Everbright Futures Research Institute [23][25][28]. 3.5 Lithium Battery Prices - Charts display the prices of 523 square ternary cells, square lithium iron phosphate cells, lithium cobaltate cells, and square lithium iron phosphate batteries from 2024 to 2025, sourced from SMM and the Everbright Futures Research Institute [31][33]. 3.6 Inventory - Charts show the downstream inventory, smelter inventory, and other环节 inventory of lithium carbonate from March to October 2025, with data from SMM and the Everbright Futures Research Institute [36][38]. 3.7 Production Costs - A chart shows the production costs of lithium carbonate, including cash production profits from purchasing ternary pole piece black powder, lithium iron phosphate pole piece black powder, lithium mica concentrate, and lithium spodumene concentrate from 2024 to 2025, sourced from SMM and the Everbright Futures Research Institute [40][41]. 4. Research Team Members - Zhan Dapeng, a science master, is the director of non - ferrous research at the Everbright Futures Research Institute, a senior precious metals researcher, and has won multiple industry awards [44]. - Wang Heng, a finance master from the University of Adelaide, Australia, is a non - ferrous researcher at the Everbright Futures Research Institute, focusing on aluminum and silicon research [45]. - Zhu Xi, a science master from the University of Warwick, UK, is a non - ferrous researcher at the Everbright Futures Research Institute, focusing on lithium and nickel research [45].

Report Summary 1. Report Industry Investment Ratings - Urea: Firm and oscillating [1] - Soda Ash: Bullish [1] - Glass: Optimistic [1] 2. Core Views of the Report - Urea futures prices were firm and oscillating on Wednesday, with the spot market slightly weakening. Supply remained high, demand was insufficient, and corporate inventories decreased. The market lacked upward momentum and was expected to be firm and oscillating in the short - term [1]. - Soda ash futures prices were broadly oscillating and bullish on Wednesday. The spot price was mostly stable. Supply remained high, demand was average, and external factors provided support. The short - term trend was bullish, but there was a risk of a decline [1]. - Glass futures prices were bullish on Wednesday, with the spot market stable. Supply remained unchanged, demand was positive, and enterprises were expected to continue to reduce inventories. External factors provided support, but market volatility might increase [1]. 3. Summary by Relevant Catalogs Market Information - **Urea**: On October 29, the number of urea futures warehouse receipts decreased by 2,970 to 0, with 371 valid forecasts. The daily production was 188,800 tons, an increase of 10,000 tons from the previous day and 9,000 tons from the same period last year. The starting rate was 80.69%, a decrease of 3.56 percentage points from the same period last year. Spot prices in some regions declined [4]. - **Soda Ash and Glass**: On October 29, the number of soda ash futures warehouse receipts increased by 200 to 8,945, with 769 valid forecasts; the number of glass futures warehouse receipts decreased by 8 to 415. Soda ash spot prices were flat. The soda ash industry's starting rate was 88%. The average price of the float glass market was stable, and the daily output was 161,300 tons, unchanged from the previous day [7][8]. Chart Analysis - The report includes multiple charts showing the closing prices, basis, trading volume, and positions of urea and soda ash futures, as well as the price spreads between different contracts and the price spreads between different varieties. All chart data sources are iFind and the Everbright Futures Research Institute [10][11][13][16][17][18]

Report Overview - The report is titled "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" dated October 30, 2025, focusing on iron ore futures contract spreads, basis, and variety spreads [1] 1. Contract Spreads - **Price Changes**: I05 closed at 781.5 yuan/ton, up 13 yuan from the previous day; I09 closed at 760 yuan/ton, up 13 yuan; I01 closed at 804.5 yuan/ton, up 12 yuan [3] - **Spread Changes**: The I05 - I09 spread remained unchanged at 21.5 yuan/ton; the I09 - I01 spread increased by 1 yuan to -44.5 yuan/ton; the I01 - I05 spread decreased by 1 yuan to 23 yuan/ton [3] 2. Basis 2.1 Basis Data - **Price Changes**: Most iron ore varieties saw price increases, with the largest increase of 11 yuan for Wugang Standard Powder, and some remaining unchanged [5] - **Basis Changes**: All varieties' basis decreased, with the largest decrease of 12 yuan for Ansteel Concentrate, Benxi Concentrate, Taigang Concentrate, and Magang Concentrate [5] 2.2 Basis Charts - Basis charts are provided for different types of iron ore including Brazilian powder, Australian medium - grade powder, Australian low - grade powder, domestic ore, etc [7][8][9] 3. Variety Spreads 3.1 Variety Spread Data - **Spread Changes**: Some spreads decreased, such as PB Block - PB Powder by 1 yuan; some increased, like the spread between Carajás Fines and Newman Powder increased by 5 yuan [12] 3.2 Variety Spread Charts - Charts are presented for various variety spreads including block - powder spreads, high - medium grade powder spreads, medium - low grade powder spreads, etc [14][16][18][20] Regulatory Changes - Since December 2, the main iron ore contract is I2205. Four new deliverable varieties (Benxi Concentrate, IOC6, KUMBA, Ukrainian Concentrate) are added with brand premiums of 0 starting from the I2202 contract. New rules adjust brand premiums and quality differentials and premiums [10] - Four more varieties (Taigang Concentrate, Magang Concentrate, Wugang Standard Powder, SP10 Powder) are added as deliverable brands with brand premiums of 0 for I2312 and subsequent contracts [10] Research Team - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, with rich industry experience and professional qualifications [23]

Group 1: Report Industry Investment Ratings - Steel: Oscillating with an upward bias [1] - Iron Ore: Oscillating [1] - Coking Coal: Oscillating [1] - Coke: Oscillating [1] - Manganese Silicon: Oscillating with an upward bias [1] - Ferrosilicon: Oscillating with an upward bias [3] Group 2: Core Views of the Report - For steel, the supply - demand data has improved with falling production and inventory and rising apparent demand. Strong cost support and positive market sentiment are expected to drive the short - term upward bias [1]. - Iron ore shows an oscillating trend due to the increase in global shipments and the decrease in molten iron production [1]. - Coking coal is expected to have a wide - range oscillation as tightened supply measures and uncertain demand from coke enterprises co - exist [1]. - Coke is likely to oscillate widely as supply has an upward adjustment intention while demand has a downward trend [1]. - Manganese silicon may have a slightly upward - moving price center, but the sustainability is limited due to a complex supply - demand - cost - inventory situation [3]. - Ferrosilicon is expected to oscillate slightly upward as market sentiment is boosted, but the driving force for continuous upward movement is weak [3]. Group 3: Summary of Daily Data Monitoring Contract Spread - For rebar, the 1 - 5 month spread is - 53.0 (up 10.0), and the 5 - 10 month spread is - 32.0 (up 3.0) [4]. - For hot - rolled coil, the 1 - 5 month spread is - 13.0 (down 2.0), and the 5 - 10 month spread is - 8.0 (up 15.0) [4]. - For iron ore, the 1 - 5 month spread is 23.0 (down 1.0), and the 5 - 9 month spread is 21.5 (unchanged) [4]. - For coke, the 1 - 5 month spread is - 143.0 (down 13.5), and the 5 - 9 month spread is - 90.5 (up 8.0) [4]. - For coking coal, the 1 - 5 month spread is - 76.5 (down 11.0), and the 5 - 9 month spread is - 73.5 (up 1.5) [4]. - For manganese silicon, the 1 - 5 month spread is - 38.0 (unchanged), and the 5 - 9 month spread is - 34.0 (down 8.0) [4]. - For ferrosilicon, the 1 - 5 month spread is - 88.0 (down 10.0), and the 5 - 9 month spread is - 58.0 (up 8.0) [4]. Basis - For rebar, the 01 - contract basis is 107.0 (down 22.0), and the 05 - contract basis is 54.0 (down 12.0) [4]. - For hot - rolled coil, the 01 - contract basis is 15.0 (down 20.0), and the 05 - contract basis is 2.0 (down 22.0) [4]. - For iron ore, the 01 - contract basis is 50.9 (down 2.1), and the 05 - contract basis is 73.9 (down 3.1) [4]. - For coke, the 01 - contract basis is - 81.2 (down 10.0), and the 05 - contract basis is - 224.2 (down 23.5) [4]. - For coking coal, the 01 - contract basis is - 34.0 (down 60.0), and the 05 - contract basis is - 110.5 (down 71.0) [4]. - For manganese silicon, the 01 - contract basis is - 172.0 (down 62.0), and the 05 - contract basis is - 210.0 (down 62.0) [4]. - For ferrosilicon, the 01 - contract basis is - 294.0 (down 50.0), and the 05 - contract basis is - 382.0 (down 60.0) [4]. Spot Price - For rebar, Shanghai is 3240.0 (up 20.0), Beijing is 3170.0 (up 30.0), and Guangzhou is 3330.0 (up 20.0) [4]. - For hot - rolled coil, Shanghai is 3360.0 (up 20.0), Tianjin is 3310.0 (up 20.0), and Guangzhou is 3360.0 (up 30.0) [4]. - For iron ore, PB powder is 805.0 (up 9.0), and Super Special powder is 715.0 (up 6.0) [4]. - For coke, Rizhao quasi - first - grade metallurgical coke is 1550.0 (up 40.0) [4]. - For coking coal, Shanxi medium - sulfur primary coking coal is 1460.0 (unchanged) [4]. - For manganese silicon, Ningxia is 5600.0 (up 20.0), Inner Mongolia is 5680.0 (unchanged), and Guangxi is 5650.0 (unchanged) [4]. - For ferrosilicon, Ningxia is 5170.0 (unchanged), Inner Mongolia is 5200.0 (down 20.0), and Qinghai is 5200.0 (unchanged) [4]. Profit and Spread - Rebar's disk profit is - 137.9 (down 4.6), long - process profit is - 81.8 (up 3.9), and short - process profit is - 40.6 (up 10.0) [4]. - The coil - rebar spread is 212.0 (down 2.0), the rebar - iron ore ratio is 3.9 (down 0.01), the rebar - coke ratio is 1.7 (down 0.03), the coking coal - iron ore ratio is 1.4 (down 0.02), the coke - iron ore ratio is 2.2 (up 0.03), and the double - silicon spread is 258.0 (down 28.0) [4]. Group 4: Chart Analysis 3.1 Main Contract Price - Charts show the closing prices of main contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 to 2025 [6][7][10][14] 3.2 Main Contract Basis - Charts display the basis of main contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [16][18][21][23] 3.3 Inter - period Contract Spread - Charts present the inter - period contract spreads of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [25][29][30][34][37] 3.4 Inter - variety Contract Spread - Charts show the inter - variety contract spreads such as the ferrosilicon contract spread, main - contract coil - rebar spread, rebar - iron ore ratio, rebar - coke ratio, coking coal - iron ore ratio, coke - iron ore ratio, and double - silicon spread [39][40][41][42] 3.5 Rebar Profit - Charts illustrate the disk profit, long - process calculated profit, and short - process calculated profit of rebar from 2020 to 2025 [44][45][48] Group 5: Black Research Team Member Introduction - Qiu Yuecheng, the assistant director of Everbright Futures Research Institute and the director of black research, has nearly 20 years of experience in the steel industry [50] - Zhang Xiaojin, the director of resource product research at Everbright Futures Research Institute, has rich experience in the coal futures field [50] - Liu Xi, a black researcher at Everbright Futures Research Institute, is good at fundamental supply - demand analysis based on industrial chain data [50] - Zhang Chunjie, a black researcher at Everbright Futures Research Institute, has experience in investment trading strategies and combining financial theory with industrial operations [51]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The overall risk preference in the crude oil market has improved, and oil prices are expected to continue to fluctuate. The prices of fuel oil, asphalt, polyester, rubber, methanol, polyolefins, and polyvinyl chloride are all expected to fluctuate. Attention should be paid to the impact of macro - factors on oil prices [1][3] 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Wednesday, oil prices rebounded. WTI December contract rose $0.33 to $60.48 per barrel (0.55% increase), Brent December contract rose $0.52 to $64.92 per barrel (0.81% increase), and SC2512 closed at 465.1 yuan per barrel, up 5.9 yuan (1.28% increase). EIA inventory data showed a comprehensive decline in inventories. Mexican national oil company's production decreased year - on - year. The Fed cut interest rates, and the subsequent rate - cut path is uncertain. The market is expected to fluctuate [1] - **Fuel Oil**: On Wednesday, the main contracts of high - sulfur and low - sulfur fuel oil on the Shanghai Futures Exchange fell. The Asian low - sulfur market structure weakened due to weak downstream demand and sufficient supply, while the high - sulfur market is expected to remain stable. FU and LU absolute prices will fluctuate with the cost side [3] - **Asphalt**: On Wednesday, the main asphalt contract on the Shanghai Futures Exchange fell. In November, the refinery's asphalt production plan decreased both month - on - month and year - on - year. The inventory levels all decreased. The supply pressure will ease, and there is still a rush - work expectation in some markets. The BU absolute price will fluctuate with the cost side [3] - **Polyester**: TA601 and EG2601 rose on Wednesday. The production and sales of polyester improved, and the fundamentals of TA improved. However, there is still a pressure of inventory accumulation for EG in the fourth quarter, and its price is under pressure. Attention should be paid to the trend of crude oil prices [4] - **Rubber**: On Wednesday, the main contracts of natural rubber and 20 - number rubber rose, while the butadiene rubber contract fell. The social inventory of natural rubber decreased. Due to the upcoming Sino - US leaders' meeting and good demand, rubber prices are expected to fluctuate strongly [4] - **Methanol**: On Wednesday, the spot price of methanol was reported. The domestic overhauled devices are gradually resuming production, and the overseas Iranian devices will be restricted by winter gas curtailment. The short - term port supply is still abundant, and methanol prices are expected to fluctuate [6] - **Polyolefins**: On Wednesday, the prices of polyolefins were reported. The short - term production will remain high, and the marginal increase in demand will gradually decline. The rebound of crude oil supports the valuation, but the fundamental driving force is weakening, and prices are expected to enter a fluctuating stage [6] - **Polyvinyl Chloride**: On Wednesday, the PVC market prices in East, North, and South China were reported. The supply remains high, domestic demand slows down, and exports are expected to be weak. The price has a demand for phased repair, but the rebound height is limited under high - inventory pressure [8] 3.2 Daily Data Monitoring - The document provides the basis price, basis rate, and their changes of various energy - chemical varieties on October 29 and 28, 2025, including crude oil, liquefied petroleum gas, asphalt, etc. It also shows the quantile of the latest basis rate in historical data [9] 3.3 Market News - US EIA data shows that the decline in US crude oil, gasoline, and distillate fuel inventories last week exceeded analysts' expectations, forcing the market to re - evaluate the expectation of a large surplus in the oil market [11] - Trump predicted that his talks with Chinese leaders would yield good results. The talks are scheduled for Thursday at a summit in South Korea. The positive news about the Sino - US talks and the US - South Korea trade agreement eased investors' concerns about the economic recession caused by Trump's tariffs and trade wars [11] 3.4 Chart Analysis - **4.1 Main Contract Prices**: It provides the closing price charts of main contracts of various energy - chemical varieties from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, etc. [13] - **4.2 Main Contract Basis**: It provides the basis charts of main contracts of various energy - chemical varieties from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, etc. [25] - **4.3 Inter - period Contract Spreads**: It provides the spread charts of different contracts of various energy - chemical varieties, such as the spread between 01 - 05 and 05 - 09 contracts of fuel oil, and the spread between the main and sub - main contracts of asphalt [39] - **4.4 Inter - variety Spreads**: It provides the spread and ratio charts between different varieties, such as the spread between domestic and foreign crude oil, the B - W spread of crude oil, the high - low sulfur spread of fuel oil, etc. [55] - **4.5 Production Profits**: It provides the production profit charts of LLDPE and PP from 2018 to 2025 [63] 3.5 Team Member Introduction - **Zhong Meiyan**: Assistant to the director of the research institute and director of energy - chemical research. With more than ten years of experience in futures derivatives market research, she has won many awards and has rich experience in serving enterprises [67] - **Du Bingqin**: Analyst for crude oil, natural gas, fuel oil, asphalt, and shipping. She has won many industry awards and has in - depth research on the energy industry chain [68] - **Di Yilin**: Analyst for natural rubber and polyester. She has won several awards and is good at data analysis and research on related varieties [69] - **Peng Haibo**: Analyst for methanol, propylene, pure benzene, polyolefins, and PVC. He has a background in energy - chemical spot - futures trading and relevant professional qualifications [70]

1. Index Trends - On October 29, the Shanghai Composite Index rose 0.7% to close at 4016.33 points, with a trading volume of 968.216 billion yuan; the Shenzhen Component Index rose 1.95% to close at 13691.38 points, with a trading volume of 1287.814 billion yuan [1]. - The CSI 1000 Index rose 1.2%, with a trading volume of 439.162 billion yuan, opening at 7481.24, closing at 7569.12, reaching a high of 7569.12 and a low of 7469.07 [1]. - The CSI 500 Index rose 1.91%, with a trading volume of 443.141 billion yuan, opening at 7350.76, closing at 7480.97, reaching a high of 7480.97 and a low of 7350.76 [1]. - The SSE 300 Index rose 1.19%, with a trading volume of 645.899 billion yuan, opening at 4701.04, closing at 4747.84, reaching a high of 4747.84 and a low of 4697.27 [1]. - The SSE 50 Index rose 0.41%, with a trading volume of 156.303 billion yuan, opening at 3049.45, closing at 3063.02, reaching a high of 3064.56 and a low of 3048.59 [1]. 2. Impact of Sector Movements on Indexes - The CSI 1000 rose 89.9 points from the previous close, with sectors such as power equipment, non - ferrous metals, and machinery having a significant upward pull on the index [2]. - The CSI 500 rose 139.94 points from the previous close, with power equipment, non - ferrous metals, and electronics having a significant upward pull on the index [2]. - The SSE 300 rose 55.87 points from the previous close, with power equipment, non - ferrous metals, and electronics having a significant upward pull, while the banking sector had a downward pull on the index [2]. - The SSE 50 rose 12.6 points from the previous close, with non - ferrous metals, non - bank finance, and power equipment having an upward pull, and food and beverage, banking sectors having a downward pull on the index [2]. 3. Stock Index Futures Basis and Annualized Opening Costs - IM00 had an average daily basis of - 55.59, IM01 of - 127.76, IM02 of - 339.39, and IM03 of - 554.85 [12]. - IC00 had an average daily basis of - 43.14, IC01 of - 94.69, IC02 of - 259.46, and IC03 of - 448.53 [12]. - IF00 had an average daily basis of - 5.6, IF01 of - 17.67, IF02 of - 47.16, and IF03 of - 87.2 [12]. - IH00 had an average daily basis of 2.25, IH01 of 1.9, IH02 of 3.48, and IH03 of 0.84 [12]. 4. Stock Index Futures Roll - over Point Differences and Annualized Costs - For IM, data on roll - over point differences and their annualized costs at different times (e.g., 09:45, 10:00, etc.) are provided, such as at 09:45, IM00 - 01 was - 73.02267, IM00 - 02 was - 259.4522, etc. [24]. - For IC, data on roll - over point differences and their annualized costs at different times are provided, such as at 09:45, IC00 - 01 was - 68.64222, IC00 - 02 was - 225.568, etc. [21]. - For IF, data on roll - over point differences and their annualized costs at different times are provided, such as at 09:45, IF00 - 01 was - 12.31678, IF00 - 02 was - 41.14122, etc. [21]. - For IH, data on roll - over point differences and their annualized costs at different times are provided, such as at 09:45, IH00 - 01 was 0.707, IH00 - 02 was 1.4593333, etc. [23].

有色商品日报 有色商品日报（2025 年 10 月 28 日） 一、研究观点 | 品 种 | 点评 | | --- | --- | | | 隔夜 LME 铜价震荡走高，国内震荡偏强，国内精炼铜现货进口窗口保持关闭状态。宏 | | | 观方面，特朗普延长美墨两国就贸易、安全和移民问题达成协议的最后期限，但"一段 | | | 时间"内不重启美加谈判。另外，美国与马来西亚和柬埔寨签署了贸易协议，与泰国和 | | | 越南达成了框架协议。国内方面，国务院关于金融工作情况的报告指出，要落实落细适 | | | 度宽松的货币政策，为巩固拓展经济回升向好势头营造适宜的货币金融环境；继续聚 | | | 焦科技创新、提振消费、小微企业、稳定外贸等重点方向 精准有效推进金融支持重点 | | | 产业提质升级。库存方面，LME 铜库存下降 375 吨至 135975 吨；comex 铜下降 200 吨 | | | 至 315468 吨；SHFE 铜仓单增加 321 吨至 35392 吨，BC 铜下降 1831 吨至 11059 吨。 | | 铜 | 需求方面，铜价延续高位，下游订单下降，同时影响中端加工，现货采购也存在放缓迹 | | ...

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - On October 27, 2025, the lithium carbonate futures 2601 contract rose 2.53% to 81,900 yuan/ton. The average price of battery-grade lithium carbonate increased by 1,150 yuan/ton to 76,550 yuan/ton, the average price of industrial-grade lithium carbonate increased by 1,150 yuan/ton to 74,300 yuan/ton, and the price of battery-grade lithium hydroxide (coarse particles) rose 500 yuan/ton to 74,180 yuan/ton. The warehouse receipt inventory decreased by 960 tons to 27,739 tons [3]. - Supply is expected to increase overall on a month-on-month basis. Weekly production increased by 242 tons to 21,308 tons. Demand also increased, with weekly ternary material production rising by 519 tons to 17,766 tons and weekly lithium iron phosphate production increasing by 1,264 tons to 86,303 tons. Weekly inventory decreased by 2,292 tons to 130,366 tons, and the total inventory turnover days significantly declined [3]. - Weekly supply increased slightly on a month-on-month basis, while inventory continued to be rapidly depleted. The total inventory days dropped to around 32 days, close to the lowest level in the past three years. With the improvement of macro - sentiment, repeated disturbances in supply - side news, peak demand season, continuous depletion of social and warehouse receipt inventories, and firm lithium ore prices, the price support is gradually strengthened, and the bottom price is lifted. In the short term, the price may remain strong, but cautious optimism is needed as there are still expectations of project restarts [3]. Group 3: Summary by Directory 2. Daily Data Monitoring - **Futures**: The closing price of the main contract was 81,900 yuan/ton, up 2,380 yuan from October 24; the closing price of the continuous contract was 81,120 yuan/ton, up 2,200 yuan [5]. - **Lithium Ore**: The price of lithium spodumene concentrate (6%, CIF China) was 906 US dollars/ton, up 25 US dollars; the price of lithium mica (Li2O: 1.5% - 2.0%) was 1,220 yuan/ton, up 45 yuan [5]. - **Lithium Carbonate and Lithium Hydroxide**: The price of battery - grade lithium carbonate (99.5% battery - grade/domestic) was 76,550 yuan/ton, up 1,150 yuan; the price of battery - grade lithium hydroxide (coarse particles/domestic) was 74,180 yuan/ton, up 500 yuan [5]. - **Other Products**: The price of lithium hexafluorophosphate was 97,500 yuan/ton, up 4,500 yuan; the price of 523 square ternary cells was 0.498 yuan/Wh, up 0.005 yuan [5]. 3. Chart Analysis 3.1 Ore Prices - Charts show the price trends of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and phospho - lithium - aluminum stone (6% - 7%) from 2024 to 2025 [6][8] 3.2 Lithium and Lithium Salt Prices - Charts display the price trends of metallic lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, and battery - grade lithium hydroxide price from 2024 to 2025 [11][14] 3.3 Spreads - Charts present the spreads such as the difference between battery - grade lithium hydroxide and battery - grade lithium carbonate, and the difference between battery - grade lithium carbonate and industrial - grade lithium carbonate from 2024 to 2025 [17][18] 3.4 Precursor & Cathode Materials - Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and lithium cobaltate from 2024 to 2025 [24][27] 3.5 Lithium Battery Prices - Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, lithium cobaltate cells, and square lithium iron phosphate batteries from 2024 to 2025 [31][33] 3.6 Inventory - Charts show the inventory trends of downstream, smelters, and other links from March to October 2025 [37][39] 3.7 Production Costs - The chart shows the production profit trends of lithium carbonate from different raw materials such as外购三元极片黑粉, 外购磷酸铁锂极片黑粉, 外购锂云母精矿, and 外购锂辉石精矿 from 2024 to 2025 [41][42]

Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report. Group 2: Core Views of the Report - **Cotton**: The ICE U.S. cotton rose 0.7% to 64.65 cents/pound on Monday, and CF601 rose 0.11% to 13,565 yuan/ton. The position of the main contract decreased by 5,622 lots to 585,300 lots. The spot price index of cotton 3128B was 14,565 yuan/ton, up 10 yuan/ton from the previous day. The macro - level is the focus recently, with the weakening of the U.S. dollar index and the continuous decline of the gold price. The Fed is likely to cut interest rates by 25BP in October, and positive news from Sino - U.S. trade consultations support the U.S. cotton price. Due to the U.S. government shutdown, data is lacking. In the domestic market, it is the peak supply season of new cotton, with large supply pressure limiting the upside of cotton prices. The demand is relatively stable. As time passes, the supply pressure will ease, and the supply - demand pattern will reverse, making the upward drive of cotton futures prices stronger. In the short term, it should be treated as a firm oscillation. [1] - **Sugar**: As of September 30, India's cumulative monsoon rainfall was 937.2 mm, 8% higher than the long - term average, the wettest in the past five years. The NFCSF expects India's sugar production in the 2025/26 season to reach 34.9 million tons, a 19% year - on - year increase. The spot prices of sugar in some regions decreased. Due to concerns about sufficient supply, the raw sugar price broke through the support level and fell to a five - year low. The domestic futures price is supported by cost and hovers above 5,400 yuan/ton. It should be treated with an oscillation mindset, and selling call options can be considered. [1] Group 3: Summary According to Relevant Catalogs 1. Daily Data Monitoring - **Cotton**: The 1 - 5 contract spread was - 10, down 10; the main basis was 1,268, up 5. The spot price in Xinjiang was 14,690 yuan/ton, up 34, and the national spot price was 14,833 yuan/ton, up 30. [2] - **Sugar**: The 1 - 5 contract spread was 45, down 4; the main basis was 305, up 1. The spot prices in Nanning and Liuzhou were both 5,750 yuan/ton, unchanged. [2] 2. Market Information - **Cotton**: On October 27, the number of cotton futures warehouse receipts was 2,488, down 15 from the previous trading day, with 769 valid forecasts. The arrival prices of cotton in different domestic regions were reported. The yarn comprehensive load was 51.3, down 0.1; the yarn comprehensive inventory was 26, unchanged; the short - fiber cloth comprehensive load was 51.9, unchanged; and the short - fiber cloth comprehensive inventory was 29.8, up 0.1. [3] - **Sugar**: On October 27, the spot prices in Nanning and Liuzhou were 5,750 yuan/ton, unchanged. The number of sugar futures warehouse receipts was 7,795, down 390 from the previous trading day, with 586 valid forecasts. [3][4] 3. Chart Analysis - The report provides various charts related to cotton and sugar, including the closing price, basis, contract spread, warehouse receipts, and effective forecasts of their main contracts, showing historical data trends from 2021 - 2025. [6][14]

1. Index Trends - On October 27, the Shanghai Composite Index rose 1.18% to close at 3996.94 points, with a trading volume of 1043.404 billion yuan. The Shenzhen Component Index rose 1.51% to close at 13489.4 points, with a trading volume of 1296.727 billion yuan [1]. - The CSI 1000 Index rose 1.03% with a trading volume of 458.17 billion yuan, opening at 7483.3, closing at 7495.38, with a daily high of 7511.41 and a low of 7430.62 [1]. - The CSI 500 Index rose 1.67% with a trading volume of 471.762 billion yuan, opening at 7336.2, closing at 7379.39, with a daily high of 7391.21 and a low of 7302.02 [1]. - The SSE 50 Index rose 0.78% with a trading volume of 185.295 billion yuan, opening at 3064.38, closing at 3069.53, with a daily high of 3078.78 and a low of 3052.4 [1]. 2. Impact of Sector Movements on Indexes - The CSI 1000 rose 76.14 points from the previous close, with sectors such as electronics and non - ferrous metals significantly pulling the index up [3]. - The CSI 500 rose 120.86 points from the previous close, with electronics and machinery equipment sectors significantly pulling the index up [3]. - The SSE 300 rose 55.34 points from the previous close, with electronics, communication, and non - ferrous metals sectors significantly pulling the index up [3]. - The SSE 50 rose 23.71 points from the previous close, with non - ferrous metals, electronics, and pharmaceutical biology sectors significantly pulling the index up [3]. 3. Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 67.41, IM01 of - 140.07, IM02 of - 352.55, and IM03 of - 566.92 [14]. - For IC contracts, IC00 had an average daily basis of - 56.45, IC01 of - 109.06, IC02 of - 274.0, and IC03 of - 458.33 [14]. - For IF contracts, IF00 had an average daily basis of - 12.11, IF01 of - 25.64, IF02 of - 54.36, and IF03 of - 94.0 [14]. - For IH contracts, IH00 had an average daily basis of 0.46, IH01 of 0.61, IH02 of 1.85, and IH03 of 0.51 [14]. 4. Stock Index Futures Roll - over Point Differences and Annualized Costs - Data on IM roll - over point differences and their annualized costs are presented in relevant charts and tables, showing values at different time points [23][28]. - Data on IC roll - over point differences and their annualized costs are provided, including values like IC00 - 01, IC00 - 02, etc. at various times [24][25]. - Data on IF roll - over point differences and their annualized costs are given, with details at different time intervals [29]. - Data on IH roll - over point differences and their annualized costs are shown, including values such as IH00 - 01, IH00 - 02 at different times [26][27].