Group 1: Report General Information - Report Title: Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report [1] - Report Date: May 15, 2025 [1] Group 2: Futures Contract Information - I05 today's closing price is 795.5, up 17.5 from the previous day; I09 is 737.0, up 22.5; I01 is 699.5, up 15.0 [3] - The spread of I05 - I09 is 58.5 today, down 5.0 from the previous day; I09 - I01 is 37.5, up 7.5; I01 - I05 is -96.0, down 2.5 [3] Group 3: Basis Information 3.1 Basis Data - For various iron ore varieties, such as Carajás Fines (Kumba), today's price, previous day's price, change, delivery cost, today's basis, previous day's basis, and basis change are provided. For example, Carajás Fines' today's price is 868, up 15.0, and today's basis is 88, down 6 [6] 3.2 Basis Chart - Charts show the basis trends of different iron ore varieties over time, including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, domestic concentrates, etc. [9][10][11] Group 4: Exchange Rule Adjustments - Since December 2, 2022, 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 [13] - Brand premiums of existing varieties are adjusted. Only PB Fines, BRBF, and Carajás Fines have a brand premium of 15 yuan/ton, and the rest are 0 [13] - Quality differences and premiums for substitutes are modified, including adjusting the allowable range of iron grade and other elements, and introducing a dynamic adjustment mechanism for iron element premium (X) [13] - Four new deliverable brands (Taigang Concentrate, Magang Concentrate, Minmetals Standard Fines, SP10 Fines) are added with brand premiums of 0 [13] - The adjusted deliverable brands and premiums apply to contracts after I2312. Starting from the first trading day after the last delivery day of the I2311 contract, the exchange will handle the registration of iron ore futures standard warehouse receipts according to the adjusted rules [14] Group 5: Variety Spread Information 5.1 Variety Spread Data - Spreads between different iron ore varieties are presented, such as PB Lump - PB Fines, Newman Lump - Newman Fines, etc. For example, PB Lump - PB Fines spread is 142.0 today, up 2.0 from the previous day [15] 5.2 Variety Spread Charts - Charts display the spread trends of different iron ore varieties over time, including block - powder spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc. [18][19][20] Group 6: Research Team Introduction - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, with their positions, work experience, and professional qualifications provided [28] Group 7: Company Contact Information - Company address: 6th Floor, Unit 703, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone - Company phone: 021 - 80212222, fax: 021 - 80212200 - Customer service hotline: 400 - 700 - 7979, postal code: 200127 [27]

1. Report Industry Investment Rating - No relevant content found 2. Core View of the Report - On May 14, polysilicon showed a weak and volatile trend, with the main contract 2506 closing at 38,420 yuan/ton, a daily decline of 0.43%, and the position decreasing by 7,560 lots to 44,692 lots. The SMM N-type polysilicon material price was 39,500 yuan/ton, and the price of the lowest deliverable N-type polysilicon material dropped to 39,500 yuan/ton. The spot premium over the main contract narrowed to 1,080 yuan/ton. Industrial silicon showed a strong and volatile trend, with the main contract 2506 closing at 8,490 yuan/ton, a daily increase of 2.72%, and the position decreasing by 15,774 lots to 14.7 lots. The reference price of Baichuan industrial silicon spot remained stable at 9,552 yuan/ton compared to the previous trading day. The price of the lowest deliverable 553 silicon dropped to 8,300 yuan/ton, and the spot premium of 35 yuan/ton turned into a discount of 80 yuan/ton. There were rumors in the market that six major crystalline silicon companies would jointly acquire production capacity and cut production, but the implementation still needed to be confirmed. The industry will hold another meeting on self - restricted production and price support for polysilicon, and the release rhythm of planned new production capacity may be postponed. As the delivery period approaches, the ratio of virtual to real positions of polysilicon warehouse receipts is too high, giving short - term space to bulls. The fundamentals of industrial silicon have not improved, and the futures price has not been driven by crystalline silicon and continues to be weak. Track the meeting results and the movement of warehouse receipts, and be vigilant against abnormal risks before the delivery month [2] 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main and near - month contracts increased by 115 yuan/ton to 8,380 yuan/ton. Among the spot prices, the prices of some regions such as Kunming and Sichuan for 553 silicon decreased, while most other prices remained stable. The current lowest deliverable price was 8,300 yuan/ton, and the spot premium changed from 35 yuan/ton to a discount of 80 yuan/ton, a decrease of 115 yuan/ton. The industrial silicon warehouse receipts increased by 37 to 66,531, and the Guangzhou Futures Exchange inventory decreased by 10,820 tons to 336,690 tons. The industrial silicon factory inventory decreased by 3,800 tons to 250,000 tons, and the social inventory decreased by 3,800 tons to 417,000 tons [4] - **Polysilicon**: The futures settlement price of the main and near - month contracts increased by 150 yuan/ton to 38,420 yuan/ton. The prices of N - type polysilicon material, dense material, and cauliflower material all decreased. The current lowest deliverable price dropped by 1,000 yuan/ton to 39,500 yuan/ton, and the spot premium decreased by 1,150 yuan/ton to 1,080 yuan/ton. The polysilicon warehouse receipts increased by 20 to 40, the Guangzhou Futures Exchange inventory increased by 30,000 tons to 60,000 tons, the factory inventory increased by 0.3 tons to 28.72 tons, and the social inventory increased by 0.3 tons to 28.7 tons [4] - **Organic Silicon**: The DMC price in the East China market remained stable at 12,000 yuan/ton, the prices of raw rubber and 107 glue remained stable, and the price of dimethyl silicone oil increased by 2,200 yuan/ton to 15,000 yuan/ton [4] - **Downstream Products**: The prices of silicon wafers and battery cells remained unchanged [4] 3.2 Chart Analysis - **Industrial Silicon and Cost - side Prices**: The report includes charts on various prices such as different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [5] - **Downstream Product Prices**: Charts cover the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [14] - **Inventory**: Charts show the inventory of industrial silicon (including futures inventory, factory inventory, weekly industry inventory, and weekly inventory changes), DMC weekly inventory, and polysilicon weekly inventory [21] - **Cost and Profit**: Charts present the average cost and profit levels of main production areas, weekly cost - profit of industrial silicon, profit of the aluminum alloy processing industry, cost - profit of DMC, and cost - profit of polysilicon [27] 3.3 Team Introduction - The research team consists of Zhan Dapeng, Wang Heng, and Zhu Xi. Zhan Dapeng is the director of non - ferrous research at Everbright Futures Research Institute, with over a decade of commodity research experience. Wang Heng focuses on aluminum - silicon research, and Zhu Xi focuses on lithium - nickel research. They all have rich experience in tracking the new energy industry chain and providing policy interpretations [37]

黑色商品日报 黑色商品日报（2025 年 5 月 15 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 钢材 | 螺纹钢：昨日螺纹盘面再次拉涨，截止日盘螺纹 2510 合约收盘价格为 3127 元/吨，较上一交易收盘价格 | 窄幅整理 | | | 上涨 48 元/吨，涨幅为 1.56%，持仓减少 3.96 万手。现货价格上涨，成交回升，唐山地区迁安普方坯价格 | | | | 上涨 30 元/吨至 2980 元/吨，杭州市场中天螺纹价格上涨 30 元/吨至 3190 元/吨，全国建材成交量 11.98 | | | | 万吨。据钢谷网数据，本周全国建材产量下降 0.21 万吨至 426.77 万吨，社库下降 22.48 万吨至 615.44 万 | | | | 吨，厂库下降 4.73 万吨至 315.72 万吨，建材表需增加 10.35 万吨至 453.98 万吨。建材产量略有回落，库 | | | | 存降幅扩大，表需回升，数据表现有所改善。另据央行数据，4 月末 M2 同比增长 8%，M1 同比增长 12%。 | | | | 4 月份社会融资规模增量为 1.16 ...

Group 1: Index Movements - On May 14th, the Shanghai Composite Index rose by 0.86% to close at 3403.95 points with a trading volume of 534.873 billion yuan; the Shenzhen Component Index rose by 0.64% to close at 10354.22 points with a trading volume of 781.854 billion yuan [1] - The CSI 1000 Index rose by 0.15% with a trading volume of 252.514 billion yuan, opening at 6144.25, closing at 6160.37, with a daily high of 6199.3 and a low of 6111.11 [1] - The CSI 500 Index rose by 0.3% with a trading volume of 188.145 billion yuan, opening at 5778.08, closing at 5799.12, with a daily high of 5835.49 and a low of 5750.54 [1] - The SSE 180 Index rose by 1.21% with a trading volume of 319.465 billion yuan, opening at 3894.84, closing at 3943.21, with a daily high of 3960.52 and a low of 3890.65 [1] - The SSE 50 Index rose by 1.69% with a trading volume of 94.724 billion yuan, opening at 2708.56, closing at 2753.78, with a daily high of 2766.25 and a low of 2708.42 [1] Group 2: Impact of Sector Movements on Indexes - The CSI 1000 rose 9.36 points from the previous close. Sectors such as transportation, computer, and non - bank finance significantly pulled the index up, while national defense and military industry, electronics, and power equipment pulled it down [2] - The CSI 500 rose 17.45 points from the previous close. Non - bank finance and non - ferrous metals significantly pulled the index up, while national defense and military industry and power equipment pulled it down [2] - The SSE 180 rose 46.95 points from the previous close. Non - bank finance and food and beverage significantly pulled the index up [2] - The SSE 50 rose 45.72 points from the previous close. Non - bank finance and food and beverage significantly pulled the index up [2] Group 3: Stock Index Futures Basis and Annualized Opening Costs - IM00 had an average daily basis of - 7.95, IM01 of - 125.68, IM02 of - 321.98, and IM03 of - 467.01 [13] - IC00 had an average daily basis of - 2.8, IC01 of - 106.34, IC02 of - 273.71, and IC03 of - 386.92 [13] - IF00 had an average daily basis of - 0.33, IF01 of - 37.18, IF02 of - 106.52, and IF03 of - 146.47 [13] - IH00 had an average daily basis of 1.27, IH01 of - 17.61, IH02 of - 51.43, and IH03 of - 55.33 [13] Group 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., at 09:45, IM00 - 01 was - 53.1193) are provided [22] - For IC, data on roll - over point differences and their annualized costs at different times (e.g., at 09:45, IC00 - 01 was - 26.1467) are provided [23] - For IF, data on roll - over point differences and their annualized costs at different times (e.g., at 09:45, IF00 - 01 was - 13.4098) are provided [23] - For IH, data on roll - over point differences and their annualized costs at different times (e.g., at 09:45, IH00 - 01 was - 1.29644) are provided [25]

碳酸锂日报 碳酸锂日报（2025 年 5 月 15 日） 一、研究观点 点 评 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 1. 昨日碳酸锂期货 2507 合约涨 3%至 65200 元/吨。现货价格方面，电池级碳酸锂平均上涨 100 元/吨 至 64700 元/吨，工业级碳酸锂平均价上涨 100 元/吨至 63050 元/吨，电池级氢氧化锂（粗颗粒）下 跌 50 元/吨至 65940 元/吨，电池级氢氧化锂（微粉）下跌 50 元/吨至 71085 元/吨。仓单方面，昨 日仓单库存增加 272 吨至 36716 吨。 2. 供应端，周度减产依旧，5 月总供应量较预期下调；需求端，5 月三元+磷酸铁锂消耗碳酸锂量预计 环比小幅增加，磷酸铁锂正极材料库存周转天数连续下降，三元材料有小幅抬升迹象；电芯端依旧 保持景气。库存端，周内出现小幅去库状态，但整体库存水平仍维持高位，特别是下游库存处于较 高水平。 3. 宏观情绪回暖，碳酸锂期货减仓促使价格上行，但基本面来看，需求缺乏明显增量的背景下，锂矿 价格下跌和供应上减量仍然较低，警惕短期低估值下的资金扰动。 碳酸锂日报 二、日度数据监测 ...

Group 1: Investment Ratings - The investment ratings for both cotton and sugar are "Oscillation" [1] Group 2: Core Views - For cotton, on Wednesday, ICE U.S. cotton fell 1.1% to 65.55 cents per pound, while CF509 rose 0.9% to 13,445 yuan per ton. The main contract's open interest increased by 2,675 lots to 572,500 lots. In the international market, there are still macro - level disturbances, and the U.S. cotton futures price has slightly declined. The USDA May report shows a narrowing of the global cotton supply - demand surplus in the 2025/26 season. In the domestic market, the cotton price has risen due to better - than - expected Sino - U.S. tariff negotiations and the rising domestic index. In the short term, the market is driven by the macro - level, and the upward drive from fundamentals is limited, so it is expected to oscillate in the short term [1] - For sugar, the broker StoneX expects India's sugar production in the 2025/26 season to be 32.3 million tons and 26.1 million tons in the 2024/25 season. The domestic sugar futures price has rebounded due to the recovery of the raw sugar price and firm domestic spot prices. Future attention should be paid to sales progress and imports [1] Group 3: Summary by Directory 1. Research Views - **Cotton**: The international market has macro - level disturbances, and the USDA May report shows a change in the supply - demand pattern. The domestic market is affected by tariff negotiations and the domestic index. The short - term view is oscillation [1] - **Sugar**: India's production forecast is released, and the domestic sugar price has rebounded. Future attention is on sales and imports [1] 2. Daily Data Monitoring - **Cotton**: The 7 - 9 contract spread is - 190 yuan, down 5 yuan; the main contract basis is 1,039 yuan, down 15 yuan. The Xinjiang spot price is 14,429 yuan per ton, up 97 yuan, and the national spot price is 14,484 yuan per ton, up 100 yuan [2] - **Sugar**: The 7 - 9 contract spread is 73 yuan, down 6 yuan; the main contract basis is 264 yuan, down 43 yuan. The Nanning spot price is 6,160 yuan per ton, up 20 yuan, and the Liuzhou spot price is 6,170 yuan per ton, up 10 yuan [2] 3. Market Information - **Cotton**: On May 14, the cotton futures warehouse receipts increased by 121 to 11,486, with 477 valid forecasts. The cotton arrival prices in different regions are provided, and the yarn and short - fiber cloth load and inventory data are also given [3] - **Sugar**: On May 14, the sugar spot prices in Nanning and Liuzhou increased, and the sugar futures warehouse receipts increased by 1,130 to 31,574, with 1,377 valid forecasts [3][4] 4. Chart Analysis - **Cotton**: Charts show the closing price, basis, 7 - 9 spread, 1% tariff quota internal - external spread, warehouse receipts and effective forecasts, and the China Cotton Price Index of the cotton main contract [6][9][10][11] - **Sugar**: Charts show the closing price, basis, 7 - 9 spread, and warehouse receipts and effective forecasts of the sugar main contract [13][14][16] 5. Research Team - The research team includes Zhang Xiaojin, Zhang Linglu, and Sun Chengzhen, with their professional backgrounds, research focuses, and honors introduced [18][19][20]

有色商品日报 | | 检修动态，主力换月至 09 合约，盘面交易几内亚雨季矿石限产预期。铝锭到货偏少， | | --- | --- | | | 价格下调后下游补库，铝锭延续小幅去库状态。中美关税态势缓解，宏观情绪回暖。光 | | | 伏退坡和出口新订单走弱，线缆后周期爆发或难以中和减量。叠加成本下移压力，铝价 | | | 短强长弱格局延续。关注库消情况以及后续关税谈判动态。 | | | 隔夜 LME 镍涨 0.35%报 15800 美元/吨，沪镍涨 0.92%报 125540 元/吨。库存方面，昨 | | | 日 LME 库存减少 84 吨至 198432 吨，国内 SHFE 仓单减少 398 吨至 23549 吨。升贴水 | | | 来看，LME0-3 月升贴水维持负数；进口镍升贴水上涨 50 元/吨至 200 元/吨。镍矿方 | | | 面，价格仍偏强运行，菲律宾和印尼镍矿升水均有上涨。不锈钢方面，据铁合金，近日 | | | 华东某钢厂印尼铁采购价为 940 元/镍(舱底含税)，总成交量 6000 吨，交期 6 月初；供 | | | 应端 300 系出现小幅减产，据 mysteel，5 月粗钢排产 348 ...

光大期货煤化工商品日报 光大期货煤化工商品日报（2025 年 5 月 1 5 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 尿素 | 周三尿素期货价格低开后窄幅波动，主力09合约收盘价1886元/吨，微幅下跌0.89% 厂家也有意控制接单。昨日主流地区产销率 续低位波动，仅个别地区维持产销平 | 高位震荡 | | | 。现货市场多数稳定，个别地区价格小幅回落。昨日山东地区市场价格回落10元/吨 | | | | 至1960元/吨，其余地区价格暂时不变。基本面来看，昨日尿素行业日产量20.22万吨 | | | | ，日环比增0.82万吨，供应仍高位波动。需求端因下游刚需及国内农需仍存支撑，支 | | | | 撑价格及市场 态。但由于近期出口消息扰动仍存，中下游产业跟进仍较为谨慎， | | | | 衡。本周尿素企业库存降幅高达23.31%，成为支撑市场的另一驱动。整体来看，当 | | | | 前尿素需求仍有支撑，企业订单良好，且库存持续去化。短时出口消息扰动仍存， | | | | 市场多等待今日出口细则公布，预计期货盘面高位盘整趋势延续。后续市场仍有不 | | | ...

Report Industry Investment Rating - No information provided in the content Core Viewpoints - The internal policy drive is the main theme for the stock index in 2025. A series of policies are conducive to helping enterprises repair their balance sheets, promoting the stable development of the real economy, and steadily increasing the stock market valuation. The stock index is expected to fluctuate [1]. - The bond market is expected to run bearishly as two major positive factors have disappeared. The yield curve is expected to steepen again, and attention should be paid to steepening the yield curve [2]. Summary by Relevant Catalogs Research Views - **Stock Index**: On May 14, the A-share market rose slightly, with the Wind All A up 0.68% and a trading volume of 1.35 trillion yuan. The CSI 1000 index rose 0.15%, the CSI 500 index rose 0.3%, the SSE 50 index rose 1.69%, and the SSE 300 index rose 1.21%. In April, social credit demand was strong, with cumulative new RMB loans of 10.06 trillion yuan, a year-on-year increase of 2.86%, and M2 year-on-year growth of 8%. The joint statement between China and the US laid a good foundation for further trade negotiations. The central bank announced reserve requirement ratio and interest rate cuts, and the financial regulatory authorities will promote long - term funds to enter the market. The CSRC will optimize the fee model of active equity funds. In the first quarter, the decline in the revenue growth rate of A - share listed companies narrowed for three consecutive quarters, and the net profit increased by about 4% year - on - year, but ROE is still at the bottoming stage [1]. - **Treasury Bonds**: Treasury bond futures closed lower, with the 30 - year, 10 - year, 5 - year, and 2 - year main contracts down 0.23%, 0.12%, 0.13%, and 0.09% respectively. The central bank conducted 920 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 1035 billion yuan. The bond market's previous positive factors have changed. The implementation of reserve requirement ratio and interest rate cuts and the reduction of mutual tariffs between China and the US have led to a bearish outlook for the bond market [1][2]. Daily Price Changes - **Stock Index Futures**: On May 14, compared with May 13, IH rose 1.84%, IF rose 1.46%, IC rose 0.76%, and IM rose 0.77% [3]. - **Stock Indexes**: On May 14, compared with May 13, the SSE 50 rose 1.69%, the SSE 300 rose 1.21%, the CSI 500 rose 0.30%, and the CSI 1000 rose 0.15% [3]. - **Treasury Bond Futures**: On May 14, compared with May 13, TS fell 0.09%, TF fell 0.14%, T fell 0.17%, and TL remained unchanged [3]. - **Treasury Bond Yields**: On May 14, compared with May 13, the yields of 2 - year, 5 - year, 10 - year, and 30 - year treasury bonds all increased [3]. Market News - Starting from 12:01 on May 14, China adjusted the tariff increase measures on imported goods from the US, reducing the tariff rate from 34% to 10% and suspending the 24% tariff increase for 90 days, and stopping the implementation of some previous tariff - increase measures [4]. - Seven departments including the Ministry of Science and Technology issued policies to support high - level scientific and technological self - reliance [4]. Chart Analysis - **Stock Index Futures**: The content provides trend charts of IH, IF, IM, IC main contracts and their basis trends [6][7][8][9][10]. - **Treasury Bond Futures**: The content provides trend charts of treasury bond futures main contracts, treasury bond yields, basis, inter - period spreads, cross - variety spreads, and fund interest rates [13][15][16][17]. - **Exchange Rates**: The content provides charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates, the US dollar index, and exchange rates between major currencies [20][21][22][24][25]

1. Report Industry Investment Rating - All the energy and chemical products in the report are rated as "oscillating" [1][3][4][6][8] 2. Core Views of the Report - **Crude Oil**: On Wednesday, oil prices declined slightly. The EIA data showed an increase in US crude oil inventories last week. Saudi Arabia's production increased in April, but the decline in production from some OPEC countries offset the growth. Russia is considering extending gasoline export restrictions. Oil prices are under pressure and oscillating after a continuous rebound [1]. - **Fuel Oil**: On Wednesday, fuel oil futures rose. In May, the volume of low - sulfur arbitrage cargo shipped from the European market to Singapore is expected to decrease, while the inventory in Singapore is increasing due to more low - sulfur fuel oil blending components from the Middle East and South America. The demand for high - sulfur fuel oil is expected to be strongly supported by the increase in summer power generation demand. The absolute prices of FU and LU may remain stable, and it is advisable to consider a strategy of narrowing the LU - FU spread later [3]. - **Asphalt**: On Wednesday, asphalt futures rose. This week, the total inventory of domestic refinery asphalt increased, the social inventory decreased, and the total operating rate of asphalt plants increased. Supply is expected to continue to increase, and market demand will increase slightly in the north but be affected by rainfall in the south. The absolute price of BU may remain stable, but the upside space is limited [3]. - **Polyester**: On Wednesday, polyester futures rose. The production and sales of polyester yarn in Jiangsu and Zhejiang were weak. Some MEG devices were under maintenance, and some polyester devices were restarted or newly put into operation. Crude oil prices strengthened, PTA device maintenance continued, and downstream inventory and operation rates were high. PTA futures may oscillate strongly, and the supply of ethylene glycol tightened in the short term, leading to a stronger price [4]. - **Rubber**: On Wednesday, rubber futures rose. As of May 11, 2025, China's natural rubber social inventory increased slightly. The shortage of butadiene and the strengthening of crude oil prices led to an obvious rebound in butadiene rubber prices. The performance of natural rubber was relatively weak, and the Sino - US joint statement had limited impact on rubber prices [6]. - **Methanol**: On Wednesday, methanol prices showed certain fluctuations. The domestic methanol supply is at a high level due to good producer profits, while the Iranian device load has declined, and the arrival volume is lower than expected. The MTO device maintenance has been implemented, and the operation of traditional downstream industries is relatively stable. Methanol prices will recover, but there is still pressure on the upside [6]. - **Polyolefins**: On Wednesday, polyolefin prices showed certain trends. Refinery maintenance is increasing, and supply pressure is being relieved. The Sino - US trade negotiation has made important progress, and there may be an intention to rush for exports in the short term, so polyolefin prices will recover [8]. - **Polyvinyl Chloride (PVC)**: On Wednesday, PVC market prices increased. The supply is at a high - level oscillation, and the demand is relatively stable. Although the Sino - US trade negotiation has made significant progress, the upside space for PVC is expected to be limited [8] 3. Summaries According to Relevant Catalogs 3.1 Research Views - **Crude Oil**: WTI June contract closed down $0.52 to $63.15 per barrel, a decline of 0.82%. Brent July contract closed down $0.54 to $66.09 per barrel, a decline of 0.81%. SC2506 closed at 484.6 yuan per barrel, down 2.9 yuan per barrel, a decline of 0.59%. US crude oil inventories increased by 3.5 million barrels to 441.8 million barrels in the week ending May 9 [1]. - **Fuel Oil**: On Wednesday, the main contract of fuel oil on the SHFE, FU2507, rose 1.12% to 3057 yuan per ton; the main contract of low - sulfur fuel oil, LU2507, rose 3.08% to 3647 yuan per ton. The low - sulfur arbitrage cargo volume from Europe to Singapore is expected to decrease in May, but the inventory in Singapore is increasing [3]. - **Asphalt**: On Wednesday, the main contract of asphalt on the SHFE, BU2506, rose 1.24% to 3521 yuan per ton. This week, the total inventory level of domestic refinery asphalt was 30.50%, up 1.12% from last week; the social inventory rate was 35.32%, down 0.41% from last week; the total operating rate of domestic asphalt plants was 35.73%, up 3.62% from last week [3]. - **Polyester**: TA509 closed at 4874 yuan per ton, up 2.61%; EG2509 closed at 4506 yuan per ton, up 3.61%. Some MEG devices were under maintenance, and some polyester devices were restarted or newly put into operation [4]. - **Rubber**: On Wednesday, the main contract of natural rubber, RU2509, rose 240 yuan per ton to 15235 yuan per ton; the main contract of 20 - number rubber, NR, rose 180 yuan per ton to 13035 yuan per ton; the main contract of butadiene rubber, BR, rose 175 yuan per ton to 12380 yuan per ton [6]. - **Methanol**: On Wednesday, the spot price in Taicang was 2505 yuan per ton, the price in Inner Mongolia's northern line was 2137.5 yuan per ton, the CFR China price was between 258 - 262 US dollars per ton, and the CFR Southeast Asia price was between 337 - 342 US dollars per ton [6]. - **Polyolefins**: On Wednesday, the mainstream price of East China拉丝 was between 7200 - 7350 yuan per ton. The profit of oil - based PP was - 87.11 yuan per ton, and the profit of coal - based PP was 1096.2 yuan per ton [8]. - **Polyvinyl Chloride (PVC)**: On Wednesday, the market price of PVC in East China, North China, and South China increased. The supply is at a high - level oscillation, and the demand is relatively stable [8] 3.2 Daily Data Monitoring - The report provides the spot price, futures price, basis, basis rate, and other data of various energy and chemical products on May 14 and May 13, including crude oil, liquefied petroleum gas, asphalt, etc. [9] 3.3 Market News - OPEC reported that the crude oil production of all OPEC + member countries decreased by 106,000 barrels per day in April compared with March. Although eight OPEC + oil - producing countries vowed to start relaxing production cuts, the actual increase in supply was less than expected [11]. - The EIA data showed that as of the week ending May 9, the inventory of the US Strategic Petroleum Reserve (SPR) increased by 528,000 barrels to 399.7 million barrels, reaching the highest level since the week ending October 28, 2022 [11] 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report presents the closing price charts of the main contracts of various energy and chemical products from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, etc. [13][14][15] - **4.2 Main Contract Basis**: The report shows the basis charts of the main contracts of various energy and chemical products from 2021 to 2025, such as crude oil, fuel oil, low - sulfur fuel oil, etc. [29][34][35] - **4.3 Inter - period Contract Spreads**: The report provides the spread charts of inter - period contracts of various energy and chemical products, including fuel oil, asphalt, PTA, etc. [45][47][50] - **4.4 Inter - variety Spreads**: The report shows the spread and ratio charts between different varieties of energy and chemical products, such as crude oil internal and external spreads, fuel oil high - low sulfur spreads, etc. [61][65][66] - **4.5 Production Profits**: The report presents the production profit charts of some energy and chemical products, such as ethylene - based ethylene glycol cash flow and PP production profit [69]