1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views of the Report - **Caustic Soda**: The caustic soda industry still faces certain supply - demand pressures. With fewer maintenance enterprises, the total supply shows an increasing trend. The price of alumina, the main downstream product, continues to weaken, and the industry's profit keeps shrinking with increasing losses. Thus, the support from the main demand side of caustic soda is weak, suppressing the price. In the short term, the caustic soda price lacks support. Although the middle and lower reaches may have phased replenishment needs after consuming their own inventories, the price is still under pressure due to increased supply and weak demand. The non - aluminum market remains sluggish. It is expected that the caustic soda price will run weakly in the short term, and a bearish trend is advised, while tracking the downstream replenishment rhythm [2]. - **PVC**: The contradiction of oversupply has not improved. The pressure on the supply side continues to rise, the demand expectation weakens, and the cost - side support is insufficient. There is no positive macro - level expectation for the time being. Therefore, the price is expected to continue to decline. The main downstream fields such as real estate are still weak. The new orders of profile and pipe product enterprises are limited, mainly for rigid - demand procurement, which is difficult to provide continuous support to the market. There will still be an impact from new production capacity on the supply side from November to December. The demand from November to January of the next year is in the traditional off - season, and the overall real - estate demand will decrease, forming a negative impact. Regarding exports, the anti - dumping tax in India is unclear, and exports are mainly on hold. The supply - demand is still in an oversupply pattern, and it is difficult to be optimistic about the price. Although the absolute price is low, it is difficult to form an upward driving force, and it is expected to continue the downward trend at the bottom [3]. 3. Summary by Relevant Catalogs Caustic Soda - **Price and Market Situation**: The caustic soda price is affected by multiple factors such as macro - environment, alumina demand, and cost. The price has shown fluctuations, with periods of decline due to factors like increased supply and weak downstream demand, and short - term rebounds due to factors such as policy expectations and increased demand from alumina [6]. - **Supply**: The national average weekly weighted operating load rate of sample enterprises is 85.55%, a 0.1 - percentage - point increase from last week. The caustic soda output in terms of 100% strength this week is 82.53 tons, a 0.12% increase from last week. There are many ongoing maintenance of chlor - alkali plants this week, but some enterprises with under - capacity operation have increased their loads, resulting in a slight increase in output [25]. - **Alumina Demand**: From the end of 2024 to 2025, the planned production capacity of alumina is 12.3 million tons (including 2 million tons of replacement), and the estimated annual production capacity growth rate is around 10%. The estimated annual output of alumina in 2025 is over 88 million tons, with a production growth rate of around 6%. The new alumina projects will increase the demand for caustic soda by about 800,000 tons per year, with a relatively concentrated increase of 150,000 tons from April to June [30]. - **Alumina Market**: Although the operating rate of some alumina enterprises in the north has decreased recently, the domestic supply - demand contradiction has not been effectively resolved, and the social inventory of alumina continues to increase. It is expected that the domestic alumina price will continue to run weakly in the short term, with a price range of 2,750 - 2,950 yuan/ton [34]. - **Bauxite**: The bauxite price is stable, the port inventory fluctuates, and the enterprise raw - material inventory has increased significantly [38]. - **Electrolytic Aluminum**: In October, the electrolytic aluminum production remained at a high level, and the in - plant inventory of electrolytic aluminum decreased [44]. - **Non - Aluminum Downstream**: The operating rate of the printing and dyeing and textile industries has increased seasonally, and it is in the peak season. However, the overall non - aluminum downstream has not shown strong driving forces [49]. - **Caustic Soda Export**: In September, the export profit of caustic soda increased, and the export volume rebounded significantly. It is estimated that the export profit will decline in October [54]. PVC - **Price and Market Situation**: The PVC price has been on a downward trend due to the lack of positive supply - demand drivers and a poor commodity atmosphere. The price has been affected by factors such as macro - sentiment, supply - demand changes, and export conditions, with periods of sharp declines and short - term rebounds [61]. - **Profit**: The PVC industry has been in a state of continuous losses, with losses in both the calcium - carbide and ethylene - based production methods [67]. - **Calcium Carbide**: The calcium carbide production has increased month - on - month, but the profit has weakened [72]. - **Supply**: The operating load rate of the domestic PVC powder industry has increased this week. Although there are 4 new enterprises for maintenance or shutdown, the overall maintenance loss has decreased, and the industry operating rate has increased. The overall operating load rate of PVC powder this week is 79.28%, a 2.19 - percentage - point increase from last week [83]. - **Downstream Demand**: The two major downstream industries of PVC, profiles and pipes, face great pressure. The real - estate sector, with the goal of "de - inventorying and stabilizing prices", will continue to have a negative impact on demand. The domestic demand has not improved significantly, and it is expected that the PVC downstream will not have positive drivers [93]. - **Real - Estate Data**: The real - estate industry is still in the bottom - building cycle, with indicators such as housing sales price index, land transaction area, and new - construction area showing weak performance [94]. - **Inventory**: The PVC inventory has remained flat recently, and the total inventory is at the highest level in recent years compared year - on - year [101]. - **External Market**: The external market price of PVC has weakened, and the export situation is affected by factors such as anti - dumping taxes in India [108]. - **Export**: In September 2025, the PVC import volume was 14,400 tons, and the export volume was 346,400 tons. The export volume has increased significantly both month - on - month and year - on - year [119].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views of the Reports Natural Rubber Industry - The natural rubber market may enter a seasonal inventory accumulation cycle, with short - term price fluctuations in a range. If raw material supply is smooth, there is further downward potential; if not, the price is expected to range between 15,000 - 15,500 [1]. Glass and Soda Ash Industry - For soda ash, the supply - demand pattern is bearish in the medium - long term, and short - term rebounds can be used as opportunities to go short. For glass, there are short - term trading opportunities for low - level rebounds, but the industry still needs capacity clearance [3]. Methanol Industry - The market is trading on the "weak reality" logic, with the core contradiction being high port inventories. The inventory problem of the 01 contract cannot be resolved, and the weak reality will continue to be priced in before Iranian gas restrictions [6]. Polyester Industry Chain - PX may fluctuate between 6,200 - 6,800; PTA may range between 4,300 - 4,800; for ethylene glycol, hold short - call options and conduct reverse spreads; short - fiber has limited rebound space; bottle - grade polyester chips will follow cost fluctuations [8]. Polyolefin Industry - Polypropylene shows a pattern of increasing supply and demand with inventory reduction, but the basis is weak. For polyethylene, the demand for agricultural films is strong, but attention should be paid to the potential impact of year - end foreign market inventory clearance [11]. PVC and Caustic Soda Industry - Caustic soda prices are expected to be weak in the short term, and the market trend is bearish. PVC is in an oversupply situation, and prices are expected to continue to be weak at the bottom [13]. Pure Benzene - Styrene Industry - Pure benzene supply is expected to be loose, and prices should be shorted on rallies following oil prices. Styrene supply - demand may be in a tight balance, but price drivers are insufficient, and the EB12 contract should be shorted on price rebounds [14]. 3. Summaries by Relevant Catalogs Natural Rubber Industry - **Spot Prices and Basis**: Yunnan state - owned whole - milk rubber in Shanghai rose by 200 yuan/ton to 14,550 yuan/ton; the whole - milk basis increased by 250 yuan/ton to - 445 yuan/ton [1]. - **Inter - month Spreads**: The 9 - 1 spread decreased by 25 yuan/ton to 115 yuan/ton; the 1 - 5 spread remained unchanged at - 75 yuan/ton [1]. - **Fundamentals**: In August, Thailand's production decreased by 260,000 tons to 4.515 million tons; China's production increased by 86,000 tons to 1.223 million tons [1]. - **Inventory Changes**: Bonded area inventories increased by 15,439 tons to 447,668 tons;上期所天然橡胶厂库期货库存 increased by 3,931 tons to 48,586 tons [1]. Glass and Soda Ash Industry - **Glass - related Prices and Spreads**: The glass 2601 contract decreased by 10 yuan/ton to 1,091 yuan/ton; the 01 basis increased by 10 yuan/ton to 39 yuan/ton [3]. - **Soda Ash - related Prices and Spreads**: The soda ash 2605 contract increased by 1 yuan/ton to 1,294 yuan/ton; the 01 basis decreased by 3 yuan/ton to - 3 yuan/ton [3]. - **Output and Capacity**: The soda ash well - working rate decreased by 1.72% to 86.89%; the float glass daily melting volume remained unchanged at 161,300 tons [3]. - **Inventory**: Soda ash factory inventories increased by 42,000 tons to 1.702 million tons; glass factory soda ash inventories remained unchanged at 204,000 tons [3]. Methanol Industry - **Prices and Spreads**: The MA2601 contract decreased by 13 yuan/ton to 2,112 yuan/ton; the太仓 basis decreased by 5 yuan/ton to - 35 yuan/ton [4]. - **Inventory**: Methanol enterprise inventories increased by 10,400 tons to 386,410 tons; methanol port inventories increased by 10,600 tons to 1.517 million tons [5]. - **Upstream and Downstream Operating Rates**: The upstream domestic enterprise operating rate increased by 0.41% to 76.09%; the downstream external - procurement MTO device operating rate increased by 1.09% to 84.98% [6]. Polyester Industry Chain - **Upstream Prices**: Brent crude oil (January) increased by 0.25 dollars/barrel to 63.63 dollars/barrel; WTI crude oil (December) increased by 0.32 dollars/barrel to 59.75 dollars/barrel [8]. - **Downstream Polyester Product Prices and Cash Flows**: POY150/48 price increased by 45 yuan/ton to 6,560 yuan/ton; FDY150/96 price increased by 40 yuan/ton to 6,770 yuan/ton [8]. - **PX - related Prices and Spreads**: CFR China PX increased by 0.1 dollars/ton to 826 dollars/ton; PX spot price (in RMB) decreased by 83 yuan/ton to 6,772 yuan/ton [8]. - **PTA - related Prices and Spreads**: PTA East China spot price increased by 35 yuan/ton to 4,575 yuan/ton; TA futures 2601 decreased by 24 yuan/ton to 4,664 yuan/ton [8]. - **MEG - related Prices and Spreads**: MEG East China spot price increased by 41 yuan/ton to 4,013 yuan/ton; EG futures 2601 increased by 18 yuan/ton to 3,942 yuan/ton [8]. Polyolefin Industry - **Prices and Spreads**: L2601 contract decreased by 3 yuan/ton to 6,802 yuan/ton; PP2605 contract decreased by 18 yuan/ton to 6,574 yuan/ton [11]. - **Inventory**: PE enterprise inventories increased by 74,200 tons to 490,000 tons; PP trade inventories increased by 8,600 tons to 229,000 tons [11]. - **Upstream and Downstream Operating Rates**: The PE device operating rate increased by 2.13% to 82.6%; the PP device operating rate increased by 0.9% to 77.8% [11]. PVC and Caustic Soda Industry - **Prices and Spreads**: Shandong 32% liquid caustic soda converted to self - use price remained unchanged at 2,500 yuan/ton; V2605 contract decreased by 18 yuan/ton to 4,915 yuan/ton [13]. - **Supply - side Indicators**: The caustic soda industry operating rate increased by 3.3% to 88.3%; the PVC total operating rate increased by 4.5% to 77.1% [13]. - **Demand - side Indicators**: The alumina industry operating rate decreased by 0.3% to 82.2%; the viscose staple fiber industry operating rate increased by 1.2% to 89.7% [13]. - **Inventory**: Liquid caustic soda East China factory inventories increased by 36,000 tons to 223,000 tons; PVC total social inventories decreased by 10,000 tons to 545,000 tons [13]. Pure Benzene - Styrene Industry - **Prices and Spreads**: CFR China pure benzene increased by 1 dollar/ton to 664 dollars/ton; BZ futures 2603 decreased by 84 yuan/ton to 5,422 yuan/ton [14]. - **Inventory**: Pure benzene Jiangsu port inventories increased; styrene Jiangsu port inventories decreased [14]. - **Upstream and Downstream Operating Rates**: The Asian pure benzene operating rate remained unchanged at 78.8%; the styrene operating rate decreased by 1.4% to 75.1% [14].

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - On November 10, 2025, the report presents the daily tracking and analysis of the positions of four major stock index futures (IF, IH, IC, IM). IF, IH, and IC show a significant decline in total positions, while IM shows a significant increase [1][4][10][16][22]. 3. Summary by Related Catalogs IF (CSI 300 Index Futures) - **Total Position and Main Contract Position Changes**: On November 7, the total position of the IF variety decreased by 7,165 lots, and the position of the main contract 2512 decreased by 4,817 lots [4]. - **Top Twenty Long - Position Seats**: Among the top twenty long - position seats, Guotai Junan Futures ranked first with a total position of 37,990 lots. Guotou Futures had the most long - position increase with 365 lots, and Haitong Futures had the most long - position decrease with 1,855 lots [5]. - **Top Twenty Short - Position Seats**: Among the top twenty short - position seats, CITIC Futures ranked first with a total position of 42,636 lots. CITIC Construction Investment Futures had the most short - position increase with 550 lots, and Haitong Futures had the most short - position decrease with 1,809 lots [7]. IH (SSE 50 Index Futures) - **Total Position and Main Contract Position Changes**: On November 7, the total position of the IH variety decreased by 5,291 lots, and the position of the main contract 2512 decreased by 3,893 lots [10]. - **Top Twenty Long - Position Seats**: Among the top twenty long - position seats, Guotai Junan Futures ranked first with a total position of 11,405 lots. Guotou Futures had the most long - position increase with 261 lots, and Guotai Junan Futures had the most long - position decrease with 1,861 lots [11]. - **Top Twenty Short - Position Seats**: Among the top twenty short - position seats, CITIC Futures ranked first with a total position of 13,323 lots. Guotou Futures had the most short - position increase with 237 lots, and Guotai Junan Futures had the most short - position decrease with 2,158 lots [12]. IC (CSI 500 Index Futures) - **Total Position and Main Contract Position Changes**: On November 7, the total position of the IC variety decreased by 9,003 lots, and the position of the main contract 2512 decreased by 6,993 lots [16]. - **Top Twenty Long - Position Seats**: Among the top twenty long - position seats, CITIC Futures ranked first with a total position of 34,424 lots. Dongzheng Futures had the most long - position increase with 278 lots, and CITIC Futures had the most long - position decrease with 1,857 lots [17]. - **Top Twenty Short - Position Seats**: Among the top twenty short - position seats, CITIC Futures ranked first with a total position of 40,170 lots. CITIC Construction Investment Futures had the most short - position increase with 33 lots, and Guotai Junan Futures had the most short - position decrease with 1,717 lots [19]. IM (CSI 1000 Index Futures) - **Total Position and Main Contract Position Changes**: On November 7, the total position of the IM variety increased by 6,568 lots, and the position of the main contract 2509 increased by 3,536 lots [22]. - **Top Twenty Long - Position Seats**: Among the top twenty long - position seats, Guotai Junan Futures ranked first with a total position of 48,606 lots. CITIC Construction Investment Futures had the most long - position increase with 1,863 lots, and Huawen Futures had the most long - position decrease with 488 lots [23]. - **Top Twenty Short - Position Seats**: Among the top twenty short - position seats, CITIC Futures ranked first with a total position of 72,895 lots. CITIC Futures had the most short - position increase with 3,080 lots, and Guotou Futures had the most short - position decrease with 439 lots [25].

1. Report Industry Investment Rating No information provided in the reports. 2. Report Core Views 粕类产业 - The domestic soybean and soybean meal inventories are at a high level, but the cost - side support is strong. The downward space is limited. The near - month shipment crushing margin is negative, and there is still a gap of more than 8 million tons from November to January. With the strengthening support of US soybeans, it is expected to be difficult to purchase cheap soybeans in the future, and the support for soybean meal will increase [1]. 油脂产业 - Palm oil: The Malaysian BMD crude palm oil futures stopped falling and rebounded. It is expected to rebound to the 4200 - 4250 ringgit range in the short - term, and then face resistance. The Dalian palm oil futures market will maintain a volatile rebound trend, and it is expected to rise to the 8800 - 8900 yuan range. - Soybean oil: The US biodiesel policy is unclear. CBOT soybean is near the technical pressure level. CBOT soybean oil has limited upside and will maintain a narrow - range shock in the short - term. Domestically, the supply is sufficient, the demand is weak, and the basis quotation fluctuates little [2]. 生猪产业 - The spot price has declined recently, the secondary fattening has increased again, the spot supply is normal, and the slaughter enterprises have little difficulty in purchasing. The pig price fluctuates mainly. The overall slaughter progress will slow down in November, which may boost the pig price. The market is in a range - bound pattern, and the downward space is limited. It is recommended to operate cautiously and be bullish on the single - side. The 3 - 7 reverse spread can continue to be held [4]. 玉米 industry - In the supply side, the supply in the Northeast is sufficient, and the price is stable due to farmers' reluctance to sell and state reserve support. In the North China, the purchase and sale are average, and the price is also stable. In the demand side, the enthusiasm for building inventories in the trading link is average, the deep - processing inventory is stable, and the feed inventory is replenished due to being at a low level, but it is still mainly for rigid demand, and the long - term orders are few. The corn supply rhythm is okay currently, the market is in a low - level shock in the short - term, but there is still selling pressure in November [7]. 白糖 industry - The expected increase in supply surplus, weakening energy prices, and good weather in major producing areas have led to a weak trend in raw sugar prices. The domestic sugar price is also under pressure, but there is significant cost support below 5400. The spot market is tepid, and the market maintains a low - level shock [12]. 棉花 industry - The new cotton cost supports the cotton price, but there is also hedging pressure for the price to rise. The downstream demand is weak, but the finished product inventory pressure is not large, and textile enterprises have demand for purchasing cotton raw materials at low prices. The cotton price may fluctuate in a range in the short - term [13]. 鸡蛋 industry - In the short - term, the egg market has an oversupply pressure. The price may be in a dilemma of rising or falling, but with the slow recovery of demand, it may gradually rise. The egg price is expected to fluctuate widely at the bottom, with a reference range of 2900 - 3300 [16]. 3. Summary by Related Catalogs 粕类产业 - **Soybean meal**: The current price in Jiangsu is 3060 yuan, up 30 yuan (0.99%) from the previous day. The futures price of M2601 is 3068 yuan, down 2 yuan (-0.16%). The basis of M2601 is - 8 yuan, up 35 yuan (81.40%) [1]. - **Rapeseed meal**: The current price in Jiangsu is 2550 yuan, unchanged from the previous day. The futures price of RM2601 is 2549 yuan, up 12 yuan (0.47%). The basis of RM2601 is 1 yuan, down 12 yuan (-92.31%) [1]. - **Soybean**: The current price of Harbin soybeans is 3920 yuan, unchanged. The futures price of the main soybean contract is 4146 yuan, up 23 yuan (0.56%). The basis of the main soybean contract is - 226 yuan, down 23 yuan (-11.33%) [1]. 油脂产业 - **Palm oil**: The current price of Jiangsu's first - grade palm oil is 8390 yuan, up 10 yuan (0.12%). The futures price of Y2601 is 8188 yuan, up 50 yuan (0.61%). The basis of Y2601 is 202 yuan, down 40 yuan (-16.53%) [2]. - **Soybean oil**: The current price of Guangdong's 24 - degree palm oil is 8540 yuan, down 10 yuan (-0.12%). The futures price of P2601 is 8732 yuan, up 142 yuan (1.65%). The basis of P2601 is - 192 yuan, down 152 yuan (-380.00%) [2]. - **Rapeseed oil**: The current price of Jiangsu's third - grade rapeseed oil is 9780 yuan, up 30 yuan (0.31%). The futures price of OI601 is 9564 yuan, up 157 yuan (1.67%). The basis of OI601 is 216 yuan, down 127 yuan (-37.03%) [2]. 生猪 industry - **Futures indicators**: The price of the main contract of live pigs 2605 is 12025 yuan/ton, down 15 yuan (-0.12%); the price of live pigs 2601 is 11940 yuan, down 5 yuan (-0.04%); the 1 - 5 spread is - 82 yuan, up 10 yuan (10.53%) [4]. - **Spot prices**: The spot price in Henan is 11900 yuan/ton, up 50 yuan; in Shandong is 12020 yuan/ton, up 70 yuan; in Sichuan is 11450 yuan/ton, unchanged [4]. 玉米 industry - **Corn**: The price of corn 2601 is 2154 yuan/ton, up 20 yuan (0.94%); the Pingcang price in Jinzhou Port is 2150 yuan, unchanged; the basis is - 4 yuan, down 20 yuan (-125.00%) [7]. - **Corn starch**: The price of corn starch 2601 is 2469 yuan/ton, up 18 yuan (0.73%); the spot price in Changchun is 2510 yuan, unchanged; the basis is 41 yuan, down 18 yuan (-30.51%) [7]. 白糖 industry - **Futures market**: The price of sugar 2601 is 5448 yuan/ton, up 7 yuan (0.13%); the price of sugar 2605 is 5388 yuan/ton, down 5 yuan (-0.09%); the ICE raw sugar main contract is 14.22 cents/pound, up 0.10 cents (0.71%) [12]. - **Spot market**: The spot price in Nanning is 5750 yuan/ton, up 50 yuan (0.88%); the Nanning basis is 362 yuan, up 55 yuan (17.92%) [12]. 棉花 industry - **Futures market**: The price of cotton 2605 is 13615 yuan/ton, down 2 yuan (-0.04%); the price of cotton 2601 is 13605 yuan/ton, down 10 yuan (-0.07%); the ICE US cotton main contract is 64.48 cents/pound, down 0.59 cents (-0.91%) [13]. - **Spot market**: The Xinjiang arrival price of 3128B is 14618 yuan/ton, down 9 yuan (-0.06%); the CC Index of 3128B is 14820 yuan/ton, down 5 yuan (-0.03%) [13]. 鸡蛋 industry - **Futures indicators**: The price of the egg 12 - contract is 3227 yuan/500KG, up 10 yuan (0.31%); the price of the egg 01 - contract is 3386 yuan, up 1 yuan (0.03%); the basis is - 295 yuan/500KG, up 37 yuan (11.19%) [15]. - **Related indicators**: The egg - laying chicken chick price is 2.80 yuan/feather, up 0.15 yuan (5.66%); the culled chicken price is 4.11 yuan/jin, down 0.18 yuan (-4.20%); the egg - feed ratio is 2.38, up 0.03 (1.28%) [15].

Report Industry Investment Ratings No information provided regarding industry investment ratings in the given reports. Core Views Methanol - Market is currently following a "weak reality" trading logic, with the core contradiction centered on high port inventories. The 01 contract faces challenges in inventory digestion, and the weak reality pattern may continue until the implementation of gas restrictions in Iran. The 05 contract is expected to see significant inventory reduction, and opportunities for MTO profit contraction in the 05 contract can be focused on later [3]. Polyester - PX supply is generally stable, but demand may be affected by potential PTA production cuts. The price rebound space is limited, and strategies include reducing long positions on rallies and short - selling above 6800, as well as attempting to narrow the PX - SC spread. - PTA is expected to have a slightly loose supply - demand situation with a small inventory build - up. The price rebound space is limited, and strategies include reducing long positions and short - selling on rallies, and treating TA1 - 5 as a rolling reverse spread. - Ethylene glycol is expected to face high inventory build - up in November - December, with significant upward pressure. Strategies include selling out - of - the - money call options on rallies and reverse - spreading EG1 - 5 on rallies. - Short - fiber supply is relatively high in the short term, but demand may weaken seasonally. The price rebound space is limited, and strategies are similar to PTA, with the focus on narrowing the processing margin on rallies. - Bottle - chip supply and demand remain in a loose pattern, and it is likely to enter a seasonal inventory build - up period. Strategies are similar to PTA, and the main contract processing margin is expected to fluctuate between 300 - 450 yuan/ton [6]. Polyolefins - PP supply increase is slowing down due to more unplanned maintenance, while PE supply is expected to increase as maintenance peaks. Demand has improved, but there is still significant pressure with increasing supply and decreasing demand. The 01 contract has inventory pressure, while the 05 contract may have long - term low - buying opportunities, and the monthly spread is suitable for reverse - spreading [8]. PVC and Caustic Soda - Caustic soda supply is expected to increase in November, with weak demand support. The price is expected to be weak and stable, and the overall trend is bearish. - PVC supply - demand remains in an oversupply situation, with continuous supply pressure from new capacity and weak demand in the traditional off - season. The price is expected to continue to oscillate weakly at the bottom, and the trading strategy is to short on rebounds [11]. Pure Benzene and Styrene - Pure benzene supply is expected to be loose in November, with limited demand support and increasing port inventories. The price driving force is weak, but attention should be paid to device changes due to low valuation. - Styrene supply may slightly decrease in November, with overall stable demand. The cost support is weakening, and the price driving force is limited. The strategy is to be bearish on EB12 price rebounds [12]. Summary by Relevant Catalogs Methanol Price and Spread - MA2601 closed at 2125 on November 6, down 0.75% from the previous day; MA2605 closed at 2226, down 0.45%. The MA15 spread was - 101, up 6.32%. The Taicang basis was - 30, up 25%. Spot prices in Inner Mongolia, Henan, and Taicang showed different changes, with the Taicang - Inner Mongolia and Taicang - Luoyang regional spreads also changing [1]. Inventory - Methanol enterprise inventory was 38.641%, up 2.75%; port inventory was 151.7 million tons, up 0.71%; social inventory was 190.4%, up 1.11% [2]. Upstream and Downstream Operating Rates - Upstream domestic enterprise operating rate was 76.09%, up 0.31%; overseas enterprise operating rate was 70.7%, down 2.68%. Downstream, the MTO device operating rate was 84.98%, up 1.09%, while the acetic acid operating rate was 72.3%, down 1.15% [3]. Polyester Upstream and Downstream Prices - Upstream crude oil, naphtha, and other prices showed different changes. Downstream polyester product prices and cash flows also had various fluctuations, such as POY150/48 cash flow down 31.2% [6]. Inventory and Operating Rates - MEG port inventory was 56.2 million tons, up 7.5%. The comprehensive operating rate of polyester was 91.7%, up 0.3%. Different products' operating rates also showed different trends [6]. Polyolefins Price and Spread - L2601 closed at 6805 on November 6, down 0.13%; L2605 closed at 6886, down 0.22%. PP2601 closed at 6471, down 0.31%; PP2605 closed at 6592, down 0.20%. The L15 spread was - 81, down 6.90%; the PP15 spread was - 121, up 6.14% [8]. Inventory and Operating Rates - PE enterprise inventory was 49.0 million tons, up 17.84%; social inventory was 52.7 million tons, down 3.30%. PP enterprise inventory was 60.0 million tons, up 0.81%; trader inventory was 22.9 million tons, up 3.91%. PE device operating rate was 82.6%, up 2.13%; PP device operating rate was 77.8%, up 0.9% [8]. PVC and Caustic Soda Price and Spread - Shandong 32% liquid caustic soda equivalent price was 2500, unchanged; Shandong 50% liquid caustic soda equivalent price was 2500, unchanged. The price of PVC in East China showed a decline [11]. Supply and Demand - Caustic soda industry operating rate was 88.3%, up 3.3%; PVC total operating rate was 77.1%, up 4.5%. The downstream operating rates of caustic soda and PVC also had different changes [11]. Inventory - Liquid caustic soda inventory in East China factories and Shandong increased, while PVC total social inventory decreased slightly [11]. Pure Benzene and Styrene Upstream and Downstream Prices - Upstream crude oil, naphtha, and other prices changed. Pure benzene and styrene prices also showed different trends, such as pure benzene East China spot price down 0.4% [12]. Inventory and Operating Rates - Pure benzene Jiangsu port inventory was 12.10 million tons, up 42.4%; styrene Jiangsu port inventory was 17.93 million tons, down 7.1%. The operating rates of pure benzene and styrene and their downstream industries also had various changes [12].

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - The A - share market is in a repricing adjustment after the quarterly reports, with common short - term rebounds and limited downside risks [2]. - The bond market pricing may tilt towards fundamentals as credit data is expected to weaken in October, and the strong equity market suppresses the bond market [2]. - International gold prices will mainly show a volatile consolidation trend, with silver following gold's fluctuations [2]. - The shipping index (European line) will be volatile in the short term [2]. - The supply of iron elements in the steel market is loose, and there are various trading strategies for different steel - related products [2]. - The prices of some chemical products are affected by supply - demand and cost factors, with limited rebound space or downward pressure [2]. - Agricultural product prices are influenced by factors such as trade negotiations, supply, and production, showing different trends [2]. - Special and new energy products have their own price trends and trading logics [2]. 3. Summary by Related Catalogs Financial Futures - **Stock Index Futures**: After the market冲高兑现预期, there is a slight callback, and the technology sector recovers. A - shares are in repricing adjustment, with short - term rebounds and limited downside risks. It is recommended to wait and see [2]. - **Treasury Bond Futures**: The bond market pricing may tilt towards fundamentals, and the strong equity market suppresses the bond market. It is recommended to go long on a single - side strategy and pay attention to the positive arbitrage strategy due to the rising IRR [2]. - **Precious Metals Futures**: International gold prices will oscillate between 3900 - 4030 dollars, and silver will fluctuate between 47 - 49 dollars [2]. - **Shipping Index Futures (European Line)**: It will be volatile in the short term, and it is recommended to buy on dips for the December contract [2]. Black Metals - **Steel**: The supply of iron elements in the January contract is loose. It is recommended to hold a strategy of going long on coking coal and short on hot - rolled coils, and to go short on the iron ore contract at high prices [2]. - **Iron Ore**: After the shipping volume declines and the arrival volume increases, the port inventory rises, and the iron ore price drops after rising. It is recommended to go short at high prices and consider an arbitrage strategy of going long on coking coal and short on iron ore [2]. - **Coking Coal**: The coal price in the producing area is strong, and the Mongolian coal price is firm. It is recommended to go long on coking coal at low prices and consider an arbitrage strategy of going long on coking coal and short on coke [2]. - **Coke**: The third - round price increase of mainstream coking enterprises has been implemented, and coking coal provides cost support. It is recommended to go long on coke at low prices and consider an arbitrage strategy of going long on coking coal and short on coke [2]. Non - ferrous Metals - **Copper**: The copper price center has回调, and the downstream demand has briefly recovered. Pay attention to the support at 84000 and the pressure at 86500 [2]. - **Aluminum**: The aluminum price has increased in both volume and price, but the short - term fundamentals restrict the upward height. The main operation range is 20800 - 21600 [2]. - **Other Non - ferrous Metals**: Each metal has its own price range and trading suggestions, such as zinc oscillating at a high level between 22300 - 23000, tin maintaining a high - level oscillation, etc. [2]. Chemical Products - **PX, PTA, Short - fiber, Bottle - chip**: The supply - demand expectations are weak, and the cost - end support is limited, with limited rebound space [2]. - **Ethanol**: The supply is abundant, and there is an expectation of inventory accumulation. It is recommended to hold out - of - the - money call options and consider a reverse arbitrage strategy [2]. - **Other Chemicals**: Each chemical product has its own supply - demand situation and trading suggestions, such as PVC being recommended to go short on rebounds [2]. Agricultural Products - **Grains and Oils**: The prices of some grains and oils are affected by factors such as trade negotiations and production. For example, the price of palm oil is weak, and it is recommended to close the long positions of some contracts [2]. - **Livestock and Poultry**: The pig price is oscillating, and it is recommended to hold a 3 - 7 reverse arbitrage strategy [2]. - **Other Agricultural Products**: Each product has its own price trend and trading suggestions, such as sugar being recommended to trade short on rebounds [2]. Special and New Energy Products - **Glass**: There is support at the bottom due to the peak construction season and production line disturbances. It is recommended to pay attention to the spot market for short - term long - trading opportunities [2]. - **Rubber**: The negative factors have been gradually digested, and the rubber price has rebounded. It is recommended to wait and see [2]. - **Industrial Silicon and Polysilicon**: They are mainly oscillating, with specific price ranges [2]. - **Lithium Carbonate**: The trading logic has changed recently, and it is in a weak adjustment [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report Copper - Overseas liquidity is tight and the US dollar index is high, suppressing copper prices. After the interest rate cut and tariffs are implemented, the market may enter a macro "vacuum period" in November. The next macro nodes are likely to be the December FOMC meeting, the domestic Politburo meeting, and the Central Economic Work Conference. The long - term supply - demand contradiction supports the upward shift of the bottom center of copper prices, while short - term rapid increases may suppress demand [2]. Aluminum - Alumina prices are expected to continue weak and volatile. Aluminum prices are expected to face a game between event - driven factors and weak fundamentals in the short term. Attention should be paid to whether the 21,500 yuan/ton pressure level can be effectively broken through. If inventory accumulates, there is a risk of price correction to the 20,500 - 20,800 yuan/ton range [4]. Aluminum Alloy - The ADC12 price is expected to maintain a strong and volatile trend under the dual effects of rigid cost support and a tight supply - demand balance. Key factors to monitor include scrap aluminum supply, procurement costs, and inventory reduction progress [5]. Zinc - Against the backdrop of concerns about a short squeeze in LME zinc, Shanghai zinc oscillated at a high level. In the short term, zinc prices are expected to be volatile and strong, but the fundamentals may limit the upward momentum. The key for upward breakthrough lies in better - than - expected demand and improved non - recessionary interest rate cut expectations, while downward breakthrough may occur if refined zinc inventory accumulates [7]. Tin - The supply of tin ore remains tight, and the demand is weak. Market sentiment has improved, and the fundamentals are strong. Low - position long orders can be held, and a strategy of buying on dips can be adopted. The follow - up focus is on macro changes and the supply recovery in Myanmar in the fourth quarter [8]. Nickel - The macro sentiment is weak, and the cost is still supported by firm ore prices. However, the overall fundamentals are dull, and the medium - term supply is expected to be loose, which restricts the upward space of prices. The price is expected to oscillate within a range, with the main contract reference range of 118,000 - 124,000 yuan/ton [10]. Stainless Steel - Policy and macro drivers are weakening, and the fundamental structure has not improved significantly. Supply - side pressure from steel mills' production schedules and social inventory remains, and demand is insufficient. The short - term price is expected to be weak and volatile, with the main contract reference range of 12,500 - 13,000 yuan/ton [12]. Lithium Carbonate - In the short term, strong fundamentals provide support for prices. However, the trading logic has shifted, and the current news and capital drivers are stronger than the fundamentals and valuation logic. Prices are expected to be volatile, with the main contract reference range of 78,000 - 82,000 yuan/ton [14]. 3. Summary by Relevant Catalogs Copper - **Price and Basis**: SMM 1 electrolytic copper price increased by 0.77% to 85,995 yuan/ton. The spot - futures spread and other indicators also showed certain changes [2]. - **Fundamental Data**: In October, electrolytic copper production was 1.0916 million tons, a month - on - month decrease of 2.62%. In September, imports were 0.3343 million tons, a month - on - month increase of 26.50% [2]. Aluminum - **Price and Basis**: SMM A00 aluminum price increased by 0.28% to 21,360 yuan/ton. Alumina prices showed regional differences, with northern prices stabilizing and southern prices falling [4]. - **Fundamental Data**: In October, alumina production was 7.7853 million tons, a month - on - month increase of 2.39%, and electrolytic aluminum production was 3.7421 million tons, a month - on - month increase of 3.52% [4]. Aluminum Alloy - **Price and Basis**: SMM aluminum alloy ADC12 price remained unchanged at 21,350 yuan/ton. The refined - scrap price difference of some varieties changed [5]. - **Fundamental Data**: In October, the production of recycled aluminum alloy ingots was 0.645 million tons, a month - on - month decrease of 2.42%. The production of primary aluminum alloy ingots in September was 0.286 million tons, a month - on - month increase of 1.06% [5]. Zinc - **Price and Basis**: SMM 0 zinc ingot price remained unchanged at 22,500 yuan/ton. The import profit and loss and other indicators changed [7]. - **Fundamental Data**: In October, refined zinc production was 0.6172 million tons, a month - on - month increase of 2.85%. In September, imports were 0.0227 million tons, a month - on - month decrease of 11.61% [7]. Tin - **Spot Price and Basis**: SMM 1 tin price increased by 0.53% to 282,800 yuan/ton. The LME 0 - 3 spread decreased by 39.23% [8]. - **Fundamental Data**: In September, tin ore imports were 8,714 tons, a month - on - month decrease of 15.13%. SMM refined tin production in September was 10,510 tons, a month - on - month decrease of 31.71% [8]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel price decreased by 0.37% to 120,500 yuan/ton. The import profit and loss and other indicators changed [10]. - **Supply and Inventory**: China's refined nickel production in October was 35,900 tons, a month - on - month increase of 0.84%. Refined nickel imports were 38,164 tons, a significant increase compared to the previous value [10]. Stainless Steel - **Price and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 coil) remained unchanged at 12,800 yuan/ton. The spot - futures spread decreased by 12.64% [12]. - **Fundamental Data**: In October, the production of 300 - series stainless steel crude steel in China (43 companies) was 1.8217 million tons, a month - on - month increase of 0.38%. The production in Indonesia (Qinglong) was 0.4235 million tons, a month - on - month increase of 0.36% [12]. Lithium Carbonate - **Price and Basis**: SMM battery - grade lithium carbonate average price decreased by 0.12% to 80,400 yuan/ton. The inter - month spread and other indicators changed [14]. - **Fundamental Data**: In October, lithium carbonate production was 92,260 tons, a month - on - month increase of 5.73%. Demand was 126,961 tons, a month - on - month increase of 8.70% [14].

Report Industry Investment Ratings No relevant content provided. Core Viewpoints - For the steel industry, the steel market is slightly stronger, with a decline in hot metal production, which is bearish for iron ore. Steel production has decreased, apparent demand has fallen, and inventory reduction has slowed. There is a negative feedback in the iron element chain, with the supply of iron elements expected to be weaker than that of carbon elements. For the 1 - month contract, pay attention to the support levels of 3000 for rebar and 3200 for hot - rolled coils. The long - coking coal and short - hot - rolled coil arbitrage can continue to be held [2]. - For the iron ore industry, the iron ore futures showed a low - level oscillating trend. Supply increased while demand decreased, with high - level hot metal production falling back and steel mills' replenishment demand weakening. The steel price decline, hot metal reduction, and inventory increase continue to suppress iron ore. Unilateral short positions are recommended when the price is high, with the range referring to 750 - 800, and the long - coking coal and short - iron ore arbitrage is recommended [4][6]. - For the coke industry, the coke futures showed an oscillating rebound. The third round of price increases by mainstream coke enterprises was implemented, and there is still an expectation of further increases. However, the decline in hot metal production and weak steel prices put pressure on price increases. The inventory is slightly decreasing, and the demand and supply are tight. It is recommended to speculatively buy the coke 2601 contract at low prices (range: 1700 - 1850) and conduct long - coking coal and short - coke arbitrage [7]. - For the coking coal industry, the coking coal futures also showed an oscillating rebound. The domestic coking coal market is strong, but the supply is expected to increase slightly. The demand for replenishment has weakened. It is recommended to buy the coking coal 2601 contract at low prices in the short - term (range: 1250 - 1350) and conduct long - coking coal and short - coke arbitrage [7]. Summary by Directory Steel Industry Steel Prices and Spreads - Rebar: Spot prices in East, North, and South China all showed small changes. Futures contracts also had price increases, with the 01 contract rising by 13 yuan/ton[2]. - Hot - rolled coils: Spot prices in different regions remained stable, and futures contracts had small price increases, with the 01 contract rising by 3 yuan/ton[2]. Cost and Profit - Steel billet price increased by 20 yuan/ton, while the slab price remained unchanged. Profits in different regions and for different production processes declined, with the East China hot - rolled coil profit dropping by 26 yuan/ton[2]. Output - The daily average hot metal output decreased by 2.1 tons (- 0.9%), and the output of the five major steel products decreased by 18.5 tons (- 2.1%)[2]. Inventory - The inventory of the five major steel products decreased by 10.2 tons (- 0.7%), the rebar inventory decreased by 10.0 tons (- 1.7%), and the hot - rolled coil inventory increased by 3.9 tons (0.9%)[2]. Transaction and Demand - The building materials trading volume increased by 1.6 tons (17.4%), but the apparent demand for the five major steel products decreased by 49.5 tons (- 5.4%), and the apparent demand for rebar and hot - rolled coils also declined[2]. Iron Ore Industry Iron Ore - related Prices and Spreads - The cost of some iron ore warehouse receipts increased slightly, and the basis of some 01 contracts also changed. The 5 - 9 spread increased by 1.0 yuan/ton (5.0%)[4]. Spot Prices and Price Indexes - The prices of some iron ore varieties in Rizhao Port increased slightly, and the prices of iron ore swaps and indexes also had small increases[4]. Supply - The 45 - port arrival volume increased by 1189.3 tons (58.6%) week - on - week, while the global shipment volume decreased by 174.6 tons (- 5.2%)[4]. Demand - The daily average hot metal production of 247 steel mills decreased by 2.1 tons (- 0.9%), and the 45 - port daily average desulfurization volume decreased by 16.2 tons (- 4.8%)[4]. Inventory Changes - The 45 - port inventory increased by 171.6 tons (1.2%), and the imported ore inventory of 247 steel mills decreased by 229.3 tons (- 2.5%)[4]. Coke and Coking Coal Industry Coke - related Prices and Spreads - Coke futures prices increased, with the 01 contract rising by 24 yuan/ton (1.34%). The coking profit declined, with the weekly steel - union coking profit dropping by 11 yuan/ton[7]. Coking Coal - related Prices and Spreads - Coking coal futures prices increased, with the 01 contract rising by 22 yuan/ton (1.7%). The sample coal mine profit increased by 34 yuan/ton (6.4%)[7]. Supply - The daily average coke output of all - sample coking plants decreased by 1.0 tons (- 1.5%), and the daily average output of 247 steel mills decreased by 0.1 tons (- 0.3%)[7]. Demand - The hot metal production of 247 steel mills decreased by 2.1 tons (- 0.9%)[7]. Inventory Changes - The total coke inventory decreased by 13.0 tons (- 1.4%), and the coking coal inventory showed a mixed trend, with an overall median increase[7].

Report 1: Stock Index Futures Spread Daily Report Core View The report presents the latest values, changes from the previous day, historical 1 - year percentiles, and full - historical percentiles of various stock index futures spreads, including price - spread, inter - period spread, and cross - variety ratio [1]. Summary by Category - **Price - spread**: The positive price - spread is - 22.60 with a change of 8.05. For different varieties like IF, IH, IC, and IM, their price - spreads and changes are detailed, such as IC price - spread being - 99.32 with a change of 22.02 [1]. - **Inter - period spread**: Various inter - period spreads like next - month minus current - month, far - month minus near - month are given for different futures varieties. For example, for IF, the next - month minus current - month is - 13.00 with a change of 1.20 [1]. - **Cross - variety ratio**: Ratios such as CSI 500/CSI 300, IC/IF are presented, along with their changes and percentiles. For instance, the IC/IF ratio is 1.5514 with a change of - 0.0051 [1]. Report 2: Treasury Bond Futures Spread Daily Report Core View The report shows the latest values, changes from the previous trading day, and percentiles since listing of IRR, basis, inter - period spread, and cross - variety spread of different treasury bond futures [2]. Summary by Category - **Basis**: The basis values of TS, TF, T, and TL futures are provided, along with their changes and percentiles. For example, the T basis is 1.8116 with a change of 0.0822 [2]. - **Inter - period spread**: Inter - period spreads like current - quarter minus next - quarter, current - quarter minus far - quarter are detailed for different futures. For example, for TS, the current - quarter minus next - quarter is 0.0480 with a change of 0.0060 [2]. - **Cross - variety spread**: Cross - variety spreads such as TS - TF, TS - T are given. For example, the TS - TF spread is - 3.4690 with a change of 0.0570 [2]. Report 3: Precious Metals Spot - Futures Daily Report Core View The report provides the closing prices of domestic and foreign futures, spot prices, basis, ratio, interest rate, exchange rate, inventory, and position data of precious metals, along with their changes and percentiles [4]. Summary by Category - **Futures and Spot Prices**: Domestic futures closing prices of AU2512 and AG2512, foreign futures closing prices of COMEX gold and silver, and spot prices of London gold and silver, Shanghai Gold Exchange T + D are presented with their changes. For example, the AU2512 contract price is 917.80 with a change of 5.54 [4]. - **Basis**: The basis values of gold and silver in different markets like gold TD - Shanghai gold main contract, London gold - COMEX gold are given, along with their changes and percentiles [4]. - **Ratio**: Ratios such as COMEX gold/silver, Shanghai Futures Exchange gold/silver are provided with their changes [4]. - **Interest Rate and Exchange Rate**: Data on 10 - year US Treasury yield, 2 - year US Treasury yield, etc., and exchange rates like the US dollar index and offshore RMB exchange rate are presented with their changes [4]. - **Inventory and Position**: Inventory data of Shanghai Futures Exchange and COMEX for gold and silver, and position data of ETFs are given with their changes [4]. Report 4: Container Shipping Industry Spot - Futures Daily Report Core View The report offers settlement price indices, futures prices, basis, fundamental data including supply, foreign - trade related indicators, and overseas economic data of the container shipping industry [6]. Summary by Category - **Settlement Price Index**: SCFIS for European and US - West routes, and Shanghai Export Container Freight Index for different routes are presented with their changes. For example, the SCFIS (European route) is 1208.71 with a change of - 104.0 [6]. - **Futures Price and Basis**: Futures prices of different contracts like EC2602, EC2512 (main contract), and the basis of the main contract are given with their changes [6]. - **Fundamental Data**: Global container shipping capacity supply, Shanghai port - related indicators (quasi - punctuality rate, berthing situation), monthly export amount, and overseas economic indicators (euro - zone PMI, EU consumer confidence index) are provided with their changes [6].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The A-share market showed a strong upward trend on November 6, 2025, with the technology sector leading the way. The market is expected to experience some short - term fluctuations but has limited downside risks. For the bond market, there are opportunities for appropriate long - positions and positive arbitrage strategies. In the precious metals market, there is a long - term bullish outlook, but short - term oscillations are expected. Different commodities in the futures market have their own supply - demand situations and price trends, with corresponding trading suggestions provided for each [3][5][7][10] Summary by Relevant Catalogs Financial Derivatives - Financial Futures Stock Index Futures - **Market Situation**: On November 6, the A - share market rose across the board, with the Shanghai Composite Index up 0.97% at 4007.76 points. The four major stock index futures contracts also closed higher, and the basis discounts of the main contracts were repaired. The semiconductor industry chain rebounded strongly, while the consumer industry corrected [3][4] - **News**: Domestically, the Ministry of Commerce held talks with the US agricultural trade delegation. Overseas, the US Supreme Court debated the legality of Trump's large - scale tariff collection [4] - **Funding**: The trading volume of the A - share market increased by over 300 billion yuan, with a total turnover of 2.06 trillion yuan. The central bank conducted 92.8 billion yuan of 7 - day reverse repurchase operations, resulting in a net withdrawal of 249.8 billion yuan [5] - **Operation Suggestion**: It is recommended to mainly observe as the market may experience a slight callback after reaching a high and is waiting to stabilize [5] Treasury Bond Futures - **Market Performance**: Most treasury bond futures contracts closed lower, and the yields of major interest - rate bonds generally rose [6] - **Funding**: The central bank conducted 92.8 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 249.8 billion yuan. However, the inter - bank liquidity remained loose [6][7] - **Operation Suggestion**: It is recommended to take appropriate long - positions in the unilateral strategy and pay attention to positive arbitrage opportunities in the spot - futures strategy [7] Financial Derivatives - Precious Metals - **Market Review**: US labor market contraction signals emerged in October, and the UK central bank paused interest rate cuts. Precious metals prices first rose and then fell. The international gold price closed at $3975.88 per ounce, down 0.07%, and the international silver price closed at $47.983 per ounce, up 0.02% [8][9][10] - **Outlook**: In the long - term, precious metals may enter a bull market, but in the short - term, the international gold price is expected to oscillate between $3900 - $4030, and the silver price between $47 - $49 [10] - **Funding**: ETF funds have flowed out due to the recent price fluctuations, and investors' attitudes are cautious [12] Financial Derivatives - Container Shipping Index (European Line) - **Spot Quotation**: As of November 4, the freight quotes for Shanghai - Europe routes from different shipping companies showed certain ranges [13] - **Container Shipping Index**: As of November 3, the SCFIS European line index decreased by 7.92% month - on - month, while the US - West route index increased by 14.43% [13] - **Fundamentals**: As of November 4, the global container shipping capacity increased by 7.34% year - on - year, and the demand in different regions showed different characteristics as reflected by PMI data [14] - **Logic**: The futures market declined, and the main contract is expected to oscillate between 1800 - 2000 points [14] - **Operation Suggestion**: It is recommended to buy the December contract at low prices in the short - term [14] Financial Derivatives - Commodity Futures - Non - ferrous Metals Copper - **Spot**: As of November 6, the average price of SMM electrolytic copper increased, and downstream demand showed a short - term recovery [14] - **Macro**: The US market liquidity tightened, the manufacturing PMI was lower than expected, and the Trump tariff case was being heard, which may affect copper prices [15] - **Supply**: The copper concentrate spot TC remained low. The electrolytic copper production in October decreased slightly, and it is expected to decline slightly in November [16] - **Demand**: The weekly operating rate of copper rod processing increased, and downstream demand showed strong resilience [16][17] - **Inventory**: LME, domestic social, and COMEX copper inventories all increased [17] - **Logic**: The copper price is expected to show an upward trend in the long - term due to supply - demand contradictions, but short - term price increases may suppress demand [18] - **Operation Suggestion**: Pay attention to the support at 84000 and the resistance at 86500 [18] - **Short - term View**: Oscillation [18] Alumina - **Spot**: On November 6, the spot prices of alumina in different regions showed different trends, with a shrinking north - south price difference [18] - **Supply**: In October, the production of metallurgical - grade alumina increased, and the operating rate decreased slightly. In November, the supply is expected to remain in surplus, but the situation may improve [19] - **Inventory**: Alumina inventories in ports, plants, and warehouses all increased [19] - **Logic**: The alumina price is expected to remain weakly oscillating, with the main contract ranging from 2750 - 2900 yuan/ton [20] - **Operation Suggestion**: The main contract is expected to operate between 2750 - 2900 yuan/ton [20] - **View**: Weakly oscillating [20] Aluminum - **Spot**: On November 6, the average price of SMM A00 aluminum increased, and the spot premium decreased [22] - **Supply**: In October, domestic electrolytic aluminum production increased, and it is expected to decline slightly in November due to environmental protection restrictions [22] - **Demand**: Downstream processing industries entered the peak season, but the weekly operating rate declined [22] - **Inventory**: Domestic mainstream consumer area inventories increased slightly, while LME inventories decreased [23] - **Logic**: The price increase of the main contract was driven by overseas news, but the fundamentals are not optimistic. The price is expected to fluctuate between 20500 - 21500 yuan/ton [24] - **Operation Suggestion**: The main contract is expected to operate between 20800 - 21600 yuan/ton [25] - **View**: Wide - range oscillation [25] Aluminum Alloy - **Spot**: On November 6, the average price of SMM aluminum alloy ADC12 remained unchanged [25] - **Supply**: In October, the production of recycled aluminum alloy ingots decreased, and the supply of raw materials remained tight [25] - **Demand**: The demand showed a mild recovery, but the order volume did not increase significantly [26] - **Inventory**: The social inventory increased slightly, and the absolute inventory remained high [26] - **Logic**: The ADC12 price is expected to remain strongly oscillating, with the main contract ranging from 20400 - 21000 yuan/ton [27] - **Operation Suggestion**: The main contract is expected to operate between 20400 - 21000 yuan/ton. Consider the arbitrage strategy of going long on AD01 and short on AL01 when the spread is above 550 [28] - **View**: Wide - range oscillation [28] Zinc - **Spot**: On November 6, the average price of SMM 0 zinc ingots remained stable, and downstream procurement was mainly for rigid demand [28] - **Supply**: The zinc concentrate processing fees decreased, and the zinc production from January to October increased. The subsequent supply increase may be limited [29] - **Demand**: The operating rates of primary processing industries were relatively stable, and the overall demand did not exceed expectations [30] - **Inventory**: Domestic social inventories decreased, while LME inventories were basically stable [30] - **Logic**: The zinc price is expected to oscillate strongly in the short - term but may remain range - bound. Upward or downward breakthroughs depend on demand improvement or inventory changes [31] - **Operation Suggestion**: The main contract is expected to operate between 22300 - 23000 yuan/ton [31] - **Short - term View**: Oscillation [31] Tin - **Spot**: On November 6, the price of SMM 1 tin increased, and the market trading was mainly for rigid demand [31] - **Supply**: In September, the domestic tin ore and tin ingot imports showed different trends. The supply from Myanmar improved slightly, but the overall supply remained tight [32] - **Demand and Inventory**: In September, the solder operating rate increased, but the traditional consumer electronics and other fields had weak demand. The LME inventory increased, while the domestic inventory decreased [33] - **Logic**: The market sentiment improved, and the fundamentals were strong. It is recommended to hold long positions at low prices and buy on dips [34] - **Operation Suggestion**: Hold long positions at low prices and buy on dips [34] - **Near - term View**: Wide - range oscillation [34] Nickel - **Spot**: As of November 6, the average price of SMM1 electrolytic nickel decreased [34] - **Supply**: In October, the domestic refined nickel production decreased, but the overall production remained at a high level [35] - **Demand**: The demand for electroplating and alloys was relatively stable, the demand for stainless steel was weak, and the demand for nickel sulfate was supported in the short - term but faced challenges in the medium - term [35] - **Inventory**: Overseas inventories remained high, while domestic social inventories decreased slightly, and bonded area inventories declined [35] - **Logic**: The macro - environment was weak, but the cost was supported. The price is expected to oscillate between 118000 - 124000 yuan/ton [36] - **Operation Suggestion**: The main contract is expected to operate between 118000 - 124000 yuan/ton [37] - **Short - term View**: Range - bound oscillation [37] Stainless Steel - **Spot**: As of November 6, the prices of 304 cold - rolled stainless steel in Wuxi and Foshan remained stable [38] - **Raw Materials**: The nickel ore price was firm, the nickel iron price decreased, and the chromium iron market was weak [38] - **Supply**: In September and October, the domestic stainless steel production increased. The supply pressure remained [39] - **Inventory**: The social inventory decreased slightly, and the warehouse receipt quantity declined [39] - **Logic**: The macro - driving force weakened, and the fundamentals were under pressure. The price is expected to oscillate weakly between 12500 - 13000 yuan/ton [40] - **Operation Suggestion**: The main contract is expected to operate between 12500 - 13000 yuan/ton [41] - **Short - term View**: Weakly oscillating [41] Lithium Carbonate - **Spot**: As of November 6, the prices of battery - grade and industrial - grade lithium carbonate decreased, and the trading was mainly for rigid demand [41] - **Supply**: In October, the lithium carbonate production increased, and last week's production also showed a slight increase [42] - **Demand**: The demand was optimistic, and the production schedules of iron - lithium and ternary materials were expected to increase [42] - **Inventory**: The overall inventory decreased last week [43] - **Logic**: The price was supported by strong fundamentals in the short - term. However, the trading logic has switched, and the price is expected to oscillate between 78000 - 82000 yuan/ton [45] - **Operation Suggestion**: The main contract is expected to operate between 78000 - 82000 yuan/ton [46] - **Short - term View**: Oscillation adjustment [46] Financial Derivatives - Commodity Futures - Black Metals Steel - **Spot**: The spot price was stable, the basis of rebar weakened, and the basis of hot - rolled coil was slightly stronger [46] - **Cost and Profit**: The cost of iron elements had weak support, while the cost of carbon elements had support. The profit order was billet > hot - rolled coil > rebar > cold - rolled coil [46] - **Supply**: From January to September, the iron element production increased. In October and November, the molten iron production decreased, and the five major steel products' production also declined [46] - **Demand**: Domestic demand was weak, exports were high, and the apparent demand decreased [47] - **Inventory**: The inventory of the five major steel products decreased, the rebar inventory decreased, and the hot - rolled coil inventory increased [47] - **View**: The steel market was slightly stronger, and it is recommended to continue holding the strategy of going long on coking coal and short on hot - rolled coil [48][49] Iron Ore - **Spot**: As of November 6, the prices of mainstream iron ore powders increased slightly [50] - **Futures**: The iron ore futures prices increased slightly, and the 1 - 5 spread weakened [50] - **Basis**: The basis of different iron ore products was provided [50] - **Demand**: As of November 6, the daily molten iron production decreased, and the demand for iron ore weakened [50] - **Supply**: Last week, the global iron ore shipment decreased, but the port arrivals increased significantly [51] - **Inventory**: The port inventory increased, the daily port clearing volume increased slightly, and the steel mill's imported iron ore inventory increased [51] - **View**: The iron ore price is expected to oscillate weakly. It is recommended to short at high prices and use the strategy of going long on coking coal and short on iron ore [51] Coking Coal - **Futures and Spot**: As of November 6, the coking coal futures rebounded, the Shanxi coal - coke price was strong, and the Mongolian coal price was high [52] - **Supply**: The production capacity utilization rate of sample coal mines decreased slightly, and the production and inventory showed different trends [52][53] - **Demand**: The production of coke by independent coking plants and steel mills decreased, and the demand for coking coal weakened [54] - **Inventory**: The total inventory of coking coal increased slightly [55] - **View**: The coking coal price is expected to rise in the fourth quarter. It is recommended to go long on coking coal 2601 at low prices and use the strategy of going long on coking coal and short on coke [56] Coke - **Futures and Spot**: As of November 6, the coke futures rebounded. The third - round price increase of coke was implemented, and there is still an expectation of a further increase [57][61] - **Profit**: The average profit per ton of coke in independent coking plants was negative [58] - **Supply**: The daily production of coke decreased, and the cost was supported by the rising coking coal price [59][61] - **Demand**: The iron water production decreased, and the steel price was weak, which suppressed the coke price increase [60][61] - **Inventory**: The total inventory of coke decreased slightly, and the supply - demand was tight [61] - **View**: The coke price is expected to rise in the fourth quarter. It is recommended to go long on coke 2601 at low prices and use the strategy of going long on coking coal and short on coke [62] Financial Derivatives - Commodity Futures - Agricultural Products Meal - **Spot Market**: On November 6, the domestic soybean meal price was stable or decreased, and the rapeseed meal price increased. The trading volume of soybean meal decreased [63] - **Fundamentals**: China adjusted the tariff on US imports, and there were various news about the soybean production and trade in the US, Brazil, and Argentina [63][64] - **Market Outlook**: The US soybean price fell sharply. The domestic soybean and soybean meal inventories were high, but the cost support was strong, and the soybean meal price was expected to be supported [64][65] Live Pigs - **Spot Situation**: The spot price of live pigs oscillated, and the national average price increased slightly [66] - **Market Data**: The inventory of breeding sows decreased in October, and the profit of live pig farming decreased [66][67] - **Market Outlook**: The live pig price is expected to oscillate. It is recommended to continue holding the 3 - 7 reverse spread strategy and be cautiously bullish on the unilateral position [67] Corn - **Spot Price**: On November 6, the corn price in Northeast China and North China was relatively stable, and the port price was slightly weak [68] - **Fundamentals**: The corn inventory in northern ports and Guangdong ports showed different trends, and the inventory of feed and deep - processing enterprises also changed [68][69] - **Market Outlook**: The corn