| 玻璃纯碱期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1292号 2025年10月24日 | | | | 蒋诗语 | Z0017002 | | 玻璃相关价格及价差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 旅鉄幅 | 单位 | | 华北报价 | 1140 | 1140 | 0 | 0.00% | | | 华东报价 | 1270 | 1280 | -10 | -0.78% | | | 华中报价 | 1150 | 1150 | 0 | 0.00% | | | 华南报价 | 1240 | 1250 | -10 | -0.80% | アレ/ロモ | | 玻璃2505 | 1256 | 1241 | રે | 1.21% | | | 玻璃2509 | 1343 | 1330 | 13 | 0.98% | | | 05基差 | -116 | -101 | -15 | -14.85% | | | 纯碱相关价格及价差 | | | | | | | 品种 | 现值 | 前值 | 张跃 | 张 ...

Report Industry Investment Ratings - No industry investment ratings are provided in the reports. Core Views Pure Benzene and Styrene - The overall supply - demand of pure benzene is expected to be loose, with weak price drivers. It may follow the fluctuations of styrene and oil prices. Strategy: BZ2603 should follow the oscillations of styrene and oil prices [1]. - The supply - demand of styrene is also expected to be loose, and its price drivers are weak. EB12 price rebounds should be treated with a short - selling approach [1]. LLDPE and PP - The supply - demand structure of polyolefins is loose, and the upside space of the 01 contract is limited. Attention should be paid to the impact of Sino - US frictions and US sanctions on refineries [3]. Polyester Industry Chain - PX may be strong in the short - term but has limited rebound space. PTA is boosted in the short - term but also has limited rebound space. Ethylene glycol has a weak long - term supply - demand structure. Short - fiber and bottle - chip also have limited rebound space [5]. Methanol - The price of methanol may continue to oscillate. Attention should be paid to the overseas plant operation stability, sanctions on ship clearance efficiency, and the port de - stocking rhythm [6]. Chlor - Alkali Industry - In the short - term, the price of caustic soda is weak, and it can be short - sold. PVC has large supply - demand pressure, and short - term short positions can stop profit [8]. Summaries by Catalogs Pure Benzene and Styrene Upstream Prices and Spreads - On October 23, Brent crude oil (December) was $66.99/barrel, up 5.4% from the previous day. WTI crude oil (December) was $61.79/barrel, up 5.6% [1]. - CFR China Naphtha was $682/ton, up 1.5%. Pure benzene - naphtha was -$119/ton, down 8.8% [1]. Related Prices and Spreads of Styrene - On October 23, styrene in East China spot was 6550 yuan/ton, unchanged from the previous day. EB futures 2512 was 6566 yuan/ton, up 0.1% [1]. Downstream Cash Flows - On October 23, phenol cash flow was - 390 yuan/ton, down 15.7% from the previous day. Aniline cash flow was 1021 yuan/ton, down 6.4% [1]. Inventory - As of October 20, pure benzene inventory in Jiangsu ports was 9.00 million tons, up 10.0% from October 13. Styrene inventory in Jiangsu ports was 20.25 million tons, up 3.1% [1]. Industry Chain Operating Rates - From October 9 to October 16, the Asian pure benzene operating rate was 79.2%, down 0.9%. The domestic pure benzene operating rate was 75.5%, down 3.8% [1]. LLDPE and PP Futures and Spot Prices - On October 23, L2601 closed at 6666 yuan/ton, up 0.91%. PP2601 closed at 6691 yuan/ton, up 1.09% [3]. Upstream and Downstream Operating Rates - As of the latest data, the PE device operating rate was 81.5%, down 0.37%. The PP device operating rate was 75.9%, down 2.9% [3]. Inventory - As of the latest data, PE enterprise inventory was 51.5 million tons, down 2.81%. PP enterprise inventory was 63.9 million tons, down 5.92% [3]. Polyester Industry Chain Upstream Prices - On October 23, Brent crude oil (December) was $66.99/barrel, up 5.4%. CFR China PX was $812/ton, up 1.8% [5]. Downstream Product Prices and Cash Flows - On October 23, POY150/48 price was 6360 yuan/ton, down 0.3%. POY150/48 cash flow was - 2 yuan/ton, down 89 [5]. Operating Rates - From the previous week to the current week, the Asian PX operating rate was 78.0%, down 1.9%. The PTA operating rate was 76.7%, up 3.1% [5]. Methanol Prices and Spreads - On October 23, MA2601 closed at 2292 yuan/ton, up 1.37%. The Taicang basis was - 89 yuan/ton, up 61.82% [6]. Inventory - As of the latest data, methanol enterprise inventory was 36.036%, up 0.13%. Methanol port inventory was 151.2 million tons, up 1.40% [6]. Upstream and Downstream Operating Rates - As of the latest data, the domestic upstream enterprise operating rate was 75.85%, down 0.91%. The downstream external - procurement MTO device operating rate was 78.1%, down 9.48% [6]. Chlor - Alkali Industry Spot and Futures Prices - On October 22, Shandong 32% liquid caustic soda equivalent price was 2562.5 yuan/ton, unchanged. V2601 was 4719 yuan/ton, up 0.4% [8]. Overseas Quotes and Export Profits - As of October 16, FOB East China port caustic soda was $380/ton, down 5.0%. The PVC export profit was 19 yuan/ton, down 81.5% [8]. Supply (Operating Rates and Profits) - From October 10 to October 17, the caustic soda industry operating rate was 85.5%, down 3.9%. The PVC total operating rate was 75.1%, down 7.0% [8]. Demand (Downstream Operating Rates) - From October 10 to October 17, the alumina industry operating rate was not available, and the viscose staple fiber industry operating rate was 88.6%, down 1.1% [8]. Inventory - As of October 16, the liquid caustic soda East China factory inventory was 19.5 million tons, down 1.1%. The PVC total social inventory was 55.6 million tons, down 0.1% [8].

Report Industry Investment Ratings No information provided on industry investment ratings. Core Viewpoints of the Report - The upcoming Sino-US business talks in Malaysia and Trump's softened signals are expected to boost market risk appetite, but market trading volume has not increased, and short - term market will remain volatile at high levels [2]. - Various commodity futures have different trends and investment suggestions based on their respective supply - demand situations, policy expectations, and external factors. Summary by Related Catalogs Equity Index Futures - Market is expected to be volatile at high levels in the short term, not advisable to chase high. One can try to sell out - of - the - money put options at support levels or construct bull call spreads [2]. Treasury Bond Futures - The trend is volatile, waiting for new policy guidance. Unilateral strategies should be on the sidelines, and positive arbitrage strategies can be considered due to the rebound of IRR [2]. Precious Metals - Gold has stabilized above $4000 and may enter a consolidation phase. A strategy of selling out - of - the - money option straddles is recommended. Silver has stabilized near the support level of $47 [2]. Container Shipping Index Futures - The main contract is oscillating upwards, and it is recommended to buy on dips for the December contract [2]. Steel and Iron Ore - Steel prices are following coal prices. Unilateral strategies should be on the sidelines, and operations such as long coking coal and short hot - rolled coils can be considered [2]. Non - ferrous Metals - Copper prices are rising due to the improvement of risk appetite. Other non - ferrous metals have different trends and price ranges, with corresponding investment suggestions [2]. Energy and Chemicals - Crude oil prices are rebounding, but there is long - term supply pressure. Different chemical products have various supply - demand situations and investment strategies [2]. Agricultural Products - Different agricultural products have different trends, such as soybeans, hogs, and corn, with corresponding support or pressure levels and investment suggestions [2]. Special and New Energy Commodities - Glass and rubber have their own price trends and investment strategies. New energy commodities like polysilicon and lithium carbonate also have specific trends and reference price ranges [2].

广发早知道-汇总版 广发期货研究所 电 话：020-88818009 E-Mail：zhangxiaozhen@gf.com.cn 目录： 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银 集运欧线 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、红枣、苹果 能源化工： 原油、PTA、乙二醇、苯乙烯、短纤、尿素、瓶片、烧碱、PVC、LLDPE、 PP 特殊商品： 橡胶、玻璃纯碱、工业硅、多晶硅 2025 年 10 月 24 日星期五 商品期货： 有色金属： 铜、氧化铝、铝、铝合金、锌、锡、镍、不锈钢、碳酸锂 黑色金属： 钢材、铁矿石、焦煤、焦炭 农产品： [股指期货] 投资咨询业务资格： 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 刘珂（投资咨询资格：Z0016336） 电话：020-88818026 邮箱：qhliuke@gf.com.cn 叶倩宁（投资咨询资格：Z0016628） 电话：020- 88818017 邮箱：yeqianning@gf.com.cn ...

1. Report Industry Investment Ratings - No specific industry investment ratings were provided in the report [3] 2. Core Views of the Report - The market risk appetite has been re - boosted by the potential Sino - US talks at the end - of - month APEC Summit and Trump's softening signals, but the market trading volume has not increased, and the short - term trend is mainly high - level oscillations [3] - There are many uncertainties in the short - term market, including the implementation of the fund redemption fee new rules, the outcome of key meetings and Sino - US trade negotiations, which have a significant impact on short - term risk appetite [3] - Different commodities have different trends. For example, some are in a state of supply - demand imbalance, some are affected by geopolitical factors, and some are influenced by cost and inventory factors [3] 3. Summary According to Relevant Catalogs Financial - **Stock Index**: Low - valuation sectors are rotating, and the stock index is oscillating with shrinking volume. It is recommended to try to lightly sell put options at the support level or construct a bullish call spread [3] - **Treasury Bond**: The trend of treasury bond futures is oscillating. It is recommended to wait and see for unilateral strategies and pay appropriate attention to the positive arbitrage strategy due to the recovery of IRR [3] - **Precious Metals**: Gold has twice bottomed out and rebounded under the game between long and short positions, with a potential support price of $4000. Silver still has downward pressure, with a support level around $47 [3] Black - **Steel**: There is an oversupply of plates, and it is necessary to reduce production and destock. It is recommended to wait and see for unilateral strategies, conduct long - coking coal and short - hot - rolled coil operations, and conduct reverse arbitrage for monthly spreads [3] - **Iron Ore**: Supply - side disturbances have weakened, arrivals have declined, port stocks have increased, and molten iron production has slightly decreased. Iron ore has stopped falling and stabilized. It is recommended to wait and see for unilateral strategies and conduct long - coking coal and short - iron ore arbitrage [3] - **Coking Coal**: The price of local coal is running strongly, downstream replenishment demand has recovered, and the price of Mongolian coal is firm. It is recommended to go long on coking coal 2601 at low prices and conduct long - coking coal and short - coke arbitrage [3] - **Coke**: The first round of price increase was implemented before the festival, and the mainstream coking enterprises proposed a second - round increase. It is recommended to go long on coke 2601 at low prices and conduct long - coking coal and short - coke arbitrage [3] Non - ferrous - **Copper**: Social inventories have increased during the peak season, and the copper price is oscillating. The main support level is between 84,000 - 85,000 [3] - **Aluminum and Related Products**: The social inventory of aluminum is gradually decreasing, and the price is oscillating around 21,000. The social inventory of aluminum alloy has shown an inflection point, and the price is oscillating strongly following the aluminum price [3] - **Other Non - ferrous Metals**: Zinc prices have strengthened slightly due to concerns about the LME zinc squeeze. Tin prices are oscillating at a high level supported by strong fundamentals. Nickel prices are oscillating, and stainless steel prices are oscillating in a narrow range [3] Energy and Chemical - **Crude Oil**: Supported by positive EIA inventory data and geopolitical uncertainties, the short - term oil price still has upward momentum, but the medium - and long - term is expected to be loose. It is recommended to maintain a short - selling strategy at high prices [3] - **Other Chemical Products**: Different chemical products have different trends. For example, PX and PTA are boosted by short - term oil price increases; short - fiber is oscillating strongly in the short term; ethanol is under pressure in the short term; and some products are recommended for specific arbitrage strategies [3] Agricultural Products - **Grains and Oilseeds**: The export expectation of US soybeans has improved, and attention should be paid to the domestic arrival rhythm. The palm oil price has fallen due to increased production [3] - **Livestock and Poultry**: The pig - breeding end has a strong enthusiasm for slaughter, and the intensity of secondary fattening may slow down. It is recommended to hold the 3 - 7 reverse arbitrage [3] - **Other Agricultural Products**: Different agricultural products such as sugar, cotton, eggs, and apples have different price trends and corresponding support or pressure levels [3] Special Commodities - **Glass**: The glass price is continuing to weaken, and the spot trading is still light. It is recommended to take a bearish attitude [3] - **Rubber**: The positive sentiment for rubber remains strong, and the rubber price continues to rise. It is recommended to wait and see [3] - **New Energy - Related Commodities**: The price of industrial silicon is oscillating, and the price of polysilicon is oscillating downward. The price of lithium carbonate is oscillating strongly, and the main price range is between 76,000 - 80,000 [3]

广发早知道-汇总版 广发期货研究所 电 话：020-88818009 E-Mail：zhangxiaozhen@gf.com.cn 目录： 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银 集运欧线 商品期货： 有色金属： 铜、氧化铝、铝、铝合金、锌、锡、镍、不锈钢、碳酸锂 黑色金属： 钢材、铁矿石、焦煤、焦炭 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、红枣、苹果 能源化工： 原油、PTA、乙二醇、苯乙烯、短纤、尿素、瓶片、烧碱、PVC、LLDPE、 PP 特殊商品： 橡胶、玻璃纯碱、工业硅、多晶硅 2025 年 10 月 23 日星期四 投资咨询业务资格： 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 刘珂（投资咨询资格：Z0016336） 电话：020-88818026 邮箱：qhliuke@gf.com.cn 叶倩宁（投资咨询资格：Z0016628） 电话：020- 88818017 邮箱：yeqianning@gf.com.cn 周敏波（投资 ...

Report Overview - The report is a daily spread report for all varieties on October 23, 2025, with data from Wind, Mysteel, and GF Futures Research Institute [2] Commodity Market Analysis Ferrous Metals - For silicon iron (SF601), the futures price is 5578, the spot price is 5538, the basis is 40, and the historical quantile is 61.20% [1] - For silicon manganese (SM601), the futures price is 5810, the spot price is 5950, the basis is -140, and the historical quantile is 50.80% [1] - For rebar (RB2601), the futures price is 3068, the spot price is 3210, the basis is 142, and the historical quantile is 61.40% [1] - For hot - rolled coil (HC2601), the futures price is 3247, the spot price is 3280, the basis is 33, and the historical quantile is 31.80% [1] - For iron ore (I2601), the futures price is 838, the spot price is 774, the basis is 64, and the historical quantile is 51.30% [1] - For coke (J2601), the futures price is 1624, the spot price is 1710, the basis is -86, and the historical quantile is 19.55% [1] - For coking coal (JM2601), the futures price is 1293, the spot price is 1210, the basis is 83, and the historical quantile is 46.90% [1] Non - ferrous Metals - For copper (CU2512), the futures price is 85420, the spot price is 84955, the basis is -465, and the historical quantile is 12.50% [1] - For aluminum (AL2512), the futures price is 20980, the spot price is 21045, the basis is -65, and the historical quantile is 31.87% [1] - For zinc (ZN2512), the futures price is 21830, the spot price is 22000, the basis is -170, and the historical quantile is 17.50% [1] - For tin (SN2511), the futures price is 281000, the spot price is 281680, the basis is -680, and the historical quantile is 28.12% [1] - For nickel (NI2512), the futures price is 121380, the spot price is 121250, the basis is -130, and the historical quantile is 46.25% [1] - For stainless steel (SS2512), the futures price is 12710, the spot price is 13170, the basis is 460, and the historical quantile is 85.40% [1] - For industrial silicon (SI2511), the futures price is 9350, the spot price is 8485, the basis is 865, and the historical quantile is 58.64% [1] Precious Metals - For gold (AU2512), the futures price is 948.8, the spot price is 952.6, the basis is -3.8, and the historical quantile is 14.60% [1] - For silver (AG2512), the futures price is 11381.0, the spot price is 11404.0, the basis is -23.0, and the historical quantile is 40.90% [1] Agricultural Products - For soybean meal (M2601), the futures price is 2885.0, the spot price is 2850, the basis is -35.0, and the historical quantile is 30.40% [1] - For soybean oil (Y2601), the futures price is 8238.0, the spot price is 8380, the basis is 142.0, and the historical quantile is 28.70% [1] - For palm oil (P2601), the futures price is 9164.0, the spot price is 9090, the basis is -74.0, and the historical quantile is 7.40% [1] - For rapeseed meal (RM601), the futures price is 2307.0, the spot price is 2450, the basis is 143.0, and the historical quantile is 71.90% [1] - For rapeseed oil (OI601), the futures price is 9834.0, the spot price is 10160, the basis is 326.0, and the historical quantile is 82.60% [1] - For corn (C2601), the futures price is 2133.0, the spot price is 2180, the basis is 47.0, and the historical quantile is 64.90% [1] - For corn starch (CS2601), the futures price is 2426.0, the spot price is 2550, the basis is 124.0, and the historical quantile is 63.30% [1] - For live pigs (LH2601), the futures price is 11950, the spot price is 12220.0, the basis is -270.0, and the historical quantile is 35.70% [1] - For eggs (JD2512), the futures price is 2925.0, the spot price is 2780, the basis is -145.0, and the historical quantile is 22.50% [1] - For cotton (CF601), the futures price is 13535.0, the spot price is 14643, the basis is 1108.0, and the historical quantile is 73.30% [1] - For white sugar (SR601), the futures price is 5426.0, the spot price is 5800, the basis is 374.0, and the historical quantile is 64.50% [1] - For apples (AP601), the futures price is 8840, the spot price is 8794.0, the basis is -46.0, and the historical quantile is 24.10% [1] - For red dates (CJ601), the futures price is 11265.0, the spot price is 9600, the basis is -1665.0, and the historical quantile is 27.10% [1] Energy and Chemicals - For paraxylene (PX601), the futures price is 6553.0, the spot price is 6450.0, the basis is -103.0, and the historical quantile is 12.30% [1] - For PTA (TA601), the futures price is 4390.0, the spot price is 4482.0, the basis is -92.0, and the historical quantile is 20.00% [1] - For ethylene glycol (EG2601), the futures price is 4135.0, the spot price is 4051.0, the basis is 84.0, and the historical quantile is 75.00% [1] - For polyester staple fiber (PF512), the futures price is 6136.0, the spot price is 6300.0, the basis is 164.0, and the historical quantile is 74.20% [1] - For styrene (EB2511), the futures price is 6538.0, the spot price is 6510.0, the basis is -28.0, and the historical quantile is 75.20% [1] - For methanol (MA601), the futures price is 2242.0, the spot price is 2261.0, the basis is -19.0, and the historical quantile is 54.10% [1] - For urea (UR601), the futures price is 1621.0, the spot price is 1540.0, the basis is -81.0, and the historical quantile is 5.40% [1] - For LLDPE (L2601), the futures price is 6936.0, the spot price is 6970.0, the basis is 34.0, and the historical quantile is 57.00% [1] - For PP (PP2601), the futures price is 6540.0, the spot price is 6619.0, the basis is -79.0, and the historical quantile is 48.30% [1] - For PVC (V2601), the futures price is 4600.0, the spot price is 4719.0, the basis is -119.0, and the historical quantile is 32.80% [1] - For caustic soda (SH601), the futures price is 2562.5, the spot price is 2380.0, the basis is 182.5, and the historical quantile is 70.90% [1] - For LPG (PG2512), the futures price is 4398.0, the spot price is 4174.0, the basis is 224.0, and the historical quantile is 47.90% [1] - For asphalt (BU2601), the futures price is 3330.0, the spot price is 3249.0, the basis is 81.0, and the historical quantile is 93.40% [1] - For butadiene rubber (BR2512), the futures price is 11050.0, the spot price is 11200.0, the basis is 150.0, and the historical quantile is 61.70% [1] - For glass (FG601), the futures price is 1040.0, the spot price is 1094.0, the basis is -54.0, and the historical quantile is 56.51% [1] - For soda ash (SA601), the futures price is 1223.0, the spot price is 1173.0, the basis is -50.0, and the historical quantile is 20.79% [1] - For natural rubber (RU2601), the futures price is 15150.0, the spot price is 14400.0, the basis is -750.0, and the historical quantile is 50.00% [1] Financial Futures - For IF2512.CFE, the futures price is 4563.4, the spot price is 4592.6, the basis is -29.2, and the historical quantile is 13.80% [1] - For IH2512.CFE, the futures price is 3005.6, the spot price is 3010.1, the basis is -4.5, and the historical quantile is 36.00% [1] - For IC2512.CFE, the futures price is 7011.6, the spot price is 7128.5, the basis is -116.9, and the historical quantile is 1.80% [1] - For IM2512.CFE, the futures price is 7163.2, the spot price is 7312.2, the basis is -149.0, and the historical quantile is 10.10% [1] - For 2 - year bond (TS2512), the futures price is 99.94, the spot price is 102.37, the basis is -0.02, and the historical quantile is 20.00% [1] - For 5 - year bond (TF2512), the futures price is 99.39, the spot price is 105.72, the basis is -0.04, and the historical quantile is 21.80% [1] - For 10 - year bond (T2512), the futures price is 100.19, the spot price is 108.10, the basis is 0.05, and the historical quantile is 21.10% [1] - For 30 - year bond (TL2512), the futures price is 129.31, the spot price is 114.48, the basis is 0.28, and the historical quantile is 37.50% [1]

Report Summary Industry Investment Ratings No industry investment ratings are provided in the reports. Core Views - **Oils and Fats**: Overall, a phase of bearish sentiment is maintained. Palm oil may test the support around 9000 yuan, and the market is expected to gradually stabilize if it can find support at this level. Soybean oil has a mix of bullish and bearish factors, and the domestic futures market may maintain a narrow - range shock adjustment. The spot basis quotation may have limited fluctuation space [1]. - **Sugar**: The raw sugar price has limited rebound momentum due to supply expectations. It is expected to fluctuate between 15 - 16 cents per pound. The 9 - month production and sales data is moderately bearish, and the market is expected to maintain a shock - weak pattern [3][4]. - **Meal Products**: The spot price of domestic soybean meal is expected to have limited upward movement this year, but the downward space is also limited. If the market does not purchase US soybeans, the M2601 contract has support around 2900, and attention should be paid to the uncertainty of arrivals [6]. - **Pigs**: In the long - term, the supply pressure of pigs in the fourth quarter will continue to be released, and the pig price is not optimistic. The policy - driven industry capacity reduction effect needs time to materialize, and the spot price is expected to face pressure until the first half of next year. The short - term disk operation may be strong, but the upward space is limited [9]. - **Corn**: In the short - term, the slow increase in corn supply supports the price, but it is under pressure from the supply side. The disk is expected to maintain a low - level shock [12][14]. - **Cotton**: In the short - term, cotton prices will fluctuate within a range. The Zhengzhou cotton main contract has cost support at low levels, but there is also increasing hedging pressure above 13500 - 13600. The downstream terminal demand is weak, but textile enterprises have demand for cotton raw materials at current prices [15]. - **Eggs**: The egg price is expected to rise slightly this week and then stabilize for observation, but there is still overall pressure due to sufficient supply and improving demand [19]. Summary by Related Catalogs Oils and Fats - **Price Changes**: On October 22, compared with October 21, the prices of soybean oil, palm oil, and rapeseed oil all decreased to varying degrees. The basis of soybean oil and rapeseed oil decreased, while the basis of palm oil increased. The cross - period spreads of various oils also changed, with the palm oil cross - period spread increasing significantly [1]. - **Market Influencing Factors**: For palm oil, the high production in the first 20 days has a negative impact on the market, and the end - of - month inventory estimate and the MPOB report are key factors. For soybean oil, factors such as US inventory changes, Brazilian biodiesel policies, and domestic market competition all affect the market [1]. Sugar - **Market Conditions**: On October 22, the prices of sugar futures and spot decreased. The production and sales data showed an increase in production and sales, but the sales rate decreased slightly. The import price of Brazilian sugar decreased, and the price difference with domestic sugar also changed [3]. - **Influencing Factors**: The supply pressure from Brazil and the market's attention to the production prospects of India and Thailand affect the raw sugar price. The 9 - month production and sales data and new sugar pre - sale prices affect the domestic sugar market [3][4]. Meal Products - **Price and Inventory**: The prices of domestic soybean meal, rapeseed meal, and soybeans showed minor changes. The inventory of domestic soybeans and soybean meal is still at a high level, and the recent purchase has slowed down due to poor crushing margins [6]. - **Market Influencing Factors**: The improvement of the US soybean export expectation, the smooth sowing of Brazilian new - crop soybeans, and the high domestic soybean import volume all affect the market. The uncertainty of soybean arrivals also needs attention [6]. Pigs - **Market Conditions**: On October 22, the futures price of pigs decreased slightly, while the spot price increased. The slaughter volume increased slightly, and the prices of piglets, sows, and other indicators also changed. The breeding profit decreased significantly [9]. - **Influencing Factors**: The short - term rebound of pig prices is mainly due to secondary fattening, but the long - term supply pressure is still large, and the policy - driven capacity reduction effect needs time to be reflected [9]. Corn - **Price and Inventory**: On October 22, the price of corn futures decreased, and the basis increased. The inventory of corn and corn starch changed, with the corn warehouse receipt increasing significantly [12]. - **Market Influencing Factors**: The weather in different regions affects the corn harvest and price. The demand side is relatively cautious, and the subsequent procurement intention of deep - processing and feed enterprises will increase [12][14]. Cotton - **Market Conditions**: On October 22, the price of cotton futures decreased slightly, and the spot price increased slightly. The commercial inventory increased significantly, while the industrial inventory decreased slightly. The import volume increased [15]. - **Influencing Factors**: The firm purchase price of Xinjiang machine - picked seed cotton provides cost support, but the weak downstream terminal demand and increasing hedging pressure limit the upward space of cotton prices [15]. Eggs - **Market Conditions**: On October 22, the price of egg futures decreased, and the spot price remained unchanged. The price of egg - laying chicken seedlings remained unchanged, and the price of culled chickens decreased. The egg - to - feed ratio and breeding profit decreased [18][19]. - **Influencing Factors**: The high inventory of laying hens, the improvement of egg - laying rate and egg weight, and the increasing demand from downstream trade - ups all affect the egg price [19].

Report Industry Investment Rating No relevant content found. Core Viewpoints - For the polyolefin industry, the overall macro - environment is pessimistic, and the cost and supply - demand situation are weak. The prices of PP and PE are under pressure. The 01 contracts of LLDPE and PP have limited upside space due to new device production pressure and lackluster demand [2]. - In the polyester industry, PX is expected to be strong in the short - term due to supply contraction and demand support. PTA may be boosted in the short - term. EG is under pressure due to inventory build - up. Short - fiber prices are expected to be strong in the short - term, and bottle - chip prices follow the cost side [4]. - Regarding pure benzene and styrene, the supply - demand of pure benzene is expected to be loose, and its price drive is weak. The supply - demand of styrene is also expected to be loose, and its price drive is weak. They may follow oil prices in the short - term [5]. - For PVC and caustic soda, short - term caustic soda prices are weak due to supply increase and general demand, while long - term there is demand support. PVC has large supply - demand pressure, and the short - term disk has stopped falling [6]. - In the methanol industry, the price may continue to oscillate under the supply - demand game, and attention should be paid to overseas device operation, port de - stocking, and overseas gas - limiting expectations [7]. Summary by Relevant Catalogs Polyolefin Industry - **Futures and Spot Prices**: On October 22, the closing prices of L2601, L2509, PP2601, and PP2509 increased. The price differences between L2509 - 2601 and PP2509 - 2601 changed. The prices of some spot products such as East China PP wire drawing and North China LDPE film also rose [2]. - **Inventory and Operating Rates**: PE and PP inventories decreased. The operating rates of PE and PP devices and downstream industries changed, with some increasing and some decreasing [2]. Polyester Industry - **Product Prices and Cash Flows**: On October 22, the prices of upstream products such as Brent crude oil and CFR Japan naphtha increased. The prices of downstream polyester products such as POY, FDY, and DTY also changed. The cash flows of some products decreased [4]. - **PX - Related**: Some PX devices had unplanned maintenance or load reduction, and a new PTA device was planned to be put into production. PX supply was expected to shrink, and demand was supported [4]. - **PTA - Related**: As some PTA devices restored their loads and new devices were about to be put into production, the PTA spot basis continued to weaken [4]. - **EG - Related**: Domestic ethylene glycol devices started up and increased their loads, and the supply was sufficient. It was expected to build up inventory in October [4]. - **Short - fiber and Bottle - chip**: Short - fiber supply was high, and demand was supported. Bottle - chip was in the traditional off - season, and demand was weak [4]. Pure Benzene and Styrene Industry - **Prices and Spreads**: On October 22, the prices of some products such as CFR China pure benzene and BZ futures 2603 increased. The spreads between pure benzene - naphtha and ethylene - naphtha decreased [5]. - **Inventory and Operating Rates**: Pure benzene and styrene inventories changed, and the operating rates of industries in the pure benzene and styrene industrial chain also changed [5]. - **Supply - demand Analysis**: Pure benzene supply was expected to be loose due to new capacity and weak demand. Styrene supply was expected to be high, and demand was limited [5]. PVC and Caustic Soda Industry - **Futures and Spot Prices**: On October 22, the prices of SH2601 and V2601 increased, while SH2509 decreased. The price differences between SH2509 - 2601 and V2509 - V2601 changed [6]. - **Export and Inventory**: Caustic soda and PVC export prices and profits changed. The inventories of caustic soda and PVC also changed [6]. - **Supply - demand Analysis**: Caustic soda demand was weak in the short - term but had long - term support. PVC supply - demand pressure was large, and the market was weak [6]. Methanol Industry - **Prices and Spreads**: On October 22, the closing prices of MA2601 decreased, while MA2605 increased. The basis and regional price differences changed [7]. - **Inventory and Operating Rates**: Methanol inventories such as enterprise, port, and social inventories increased. The operating rates of upstream and downstream industries changed [7]. - **Supply - demand Analysis**: Overseas methanol production decreased, and there were expectations of supply reduction. Port inventory was high, and demand was weak in the traditional downstream [7].

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report Steel Industry - Steel prices are difficult to decline in resonance considering the strong coal prices. It is recommended to wait and see on a single - side basis. One can consider a long - carbon and short - iron arbitrage, such as going long on coking coal and short on hot - rolled coils. The spread between hot - rolled coils and rebar will continue to converge, and steel mill profits will continue to converge before the clearance of steel production and inventory [2] Ore Industry - The iron ore market is shifting from a balanced and tight state to a more relaxed one. Affected by the weak performance of finished steel, it is recommended to wait and see on a single - side basis, with a reference range of 750 - 800. An arbitrage strategy of going long on coking coal and short on iron ore is recommended [5] Coke Industry - Coke futures showed an oscillating upward trend. The second - round price increase by mainstream coking enterprises is in progress. Due to factors such as tight coking coal supply and weak downstream demand, the price increase is not going smoothly. It is recommended to go long on coke 2601 at low levels, with a reference range of 1650 - 1770, and consider a long - coking - coal and short - coke arbitrage [8] Coking Coal Industry - Coking coal futures showed an oscillating upward trend. The spot market is on an upward trend. Due to production cuts in some mines and a decline in Mongolian coal imports, supply is tight. It is recommended to go long on coking coal 2601 at low levels, with a reference range of 1150 - 1300, and consider a long - coking - coal and short - coke arbitrage [8] 3. Summary by Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar and hot - rolled coil spot and futures prices generally increased. For example, rebar 01 contract increased by 21 yuan/ton, and hot - rolled coil 01 contract increased by 28 yuan/ton [2] Cost and Profit - Steel billet price increased by 10 yuan/ton, while some steel production costs decreased. Profits of various steel products generally decreased, with the East China hot - rolled coil profit decreasing by 6 yuan/ton [2] Supply - Daily average pig iron output decreased by 0.6 tons, a decline of 0.3%. The output of five major steel products decreased by 6.4 tons, a decline of 0.7%. Among them, rebar output decreased by 2.2 tons, a decline of 1.1%, and hot - rolled coil output decreased by 1.5 tons, a decline of 0.4% [2] Inventory - The inventory of five major steel products decreased by 18.5 tons, a decline of 1.2%. Rebar inventory decreased by 18.6 tons, a decline of 2.8%, while hot - rolled coil inventory increased by 6.3 tons, an increase of 1.5% [2] Transaction and Demand - Building materials trading volume increased by 0.6, an increase of 6.3%. The apparent demand of five major steel products increased by 124.0 tons, an increase of 16.5%. The apparent demand of rebar increased by 66.6 tons, an increase of 43.5%, and that of hot - rolled coils increased by 20.5 tons, an increase of 7.0% [2] Ore Industry Iron Ore - Related Prices and Spreads - The inventory cost of various iron ore powders increased slightly, and the basis of some varieties changed. For example, the basis of 01 contract for Jinbuba powder increased by 5.2 yuan/ton, an increase of 8.1% [6] Spot Prices and Price Indexes - The spot prices of various iron ore powders in Rizhao Port increased slightly, with the Jinbuba powder increasing by 9.0 yuan/ton, an increase of 1.2% [6] Supply - The weekly arrival volume at 45 ports decreased by 526.4 tons, a decline of 17.3%, while the global weekly shipping volume increased by 126.0 tons, an increase of 3.9% [6] Demand - The daily average pig iron output of 247 steel mills decreased by 0.6 tons, a decline of 0.2%. The daily average port clearance volume at 45 ports decreased by 20.7 tons, a decline of 6.1% [6] Inventory Changes - The inventory at 45 ports increased by 90.6 tons, an increase of 0.6%, while the imported iron ore inventory of 247 steel mills decreased by 63.5 tons, a decline of 0.7% [6] Coke Industry Coke - Related Prices and Spreads - Coke futures prices increased, with the 01 contract increasing by 38 yuan/ton, an increase of 2.2%. The basis of some contracts decreased, and the spread between 01 and 05 contracts changed slightly [8] Supply - The weekly output of coke decreased, with the daily average output of all - sample coking plants decreasing by 0.8 tons, a decline of 1.3% [8] Demand - The weekly pig iron output decreased, with the pig iron output of 247 steel mills decreasing by 0.6 tons, a decline of 0.2% [8] Inventory Changes - Coke inventory decreased overall, with the inventory of all - sample coking plants decreasing by 6.6 tons, a decline of 10.3%, and that of 247 steel mills decreasing by 11.4 tons, a decline of 1.7% [8] Coke Supply - Demand Gap Changes - The coke supply - demand gap decreased, with a decrease of 1.0 tons [8] Coking Coal Industry Coking Coal - Related Prices and Spreads - Coking coal futures prices increased, with the 01 contract increasing by 33 yuan/ton, an increase of 2.8%. The basis of some contracts decreased, and the spread between 01 and 05 contracts changed slightly [8] Supply - The weekly output of coking coal decreased. Due to safety reasons and other factors, production in some mines decreased significantly. The output of raw coal decreased by 18.2 tons, and the output of clean coal decreased by 11.8 tons [8] Demand - The demand for coking coal is mainly reflected in the coke production, which decreased slightly. The daily average output of all - sample coking plants decreased by 0.8 tons, a decline of 1.3% [8] Inventory Changes - Coking coal inventory decreased in some parts and increased in others. The clean coal inventory of Fenwei mines decreased by 11.0 tons, a decline of 9.9%, while the inventory of all - sample coking plants increased by 38.3 tons, an increase of 4.0% [8]