Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The domestic soybean purchase and shipping profit is poor, the domestic market valuation is low. With the expectation of China's purchase of US soybeans, the import cost is expected to rise, and the futures market is expected to rebound to repair the crushing profit, showing a volatile and strong trend. However, the expected loose global soybean supply pattern limits the rebound height of the futures market. Attention should be paid to the subsequent Sino - US policies, USDA report adjustments, and the driving evolution brought by South American weather changes [9]. 3. Summary by Relevant Catalogs 3.1 Basis and Spread Data - **43% Soybean Meal Spot Basis**: On November 6th, the basis in Dalian was 82, up 55; in Tianjin it was 12, up 25; in Rizhao it was - 8, up 45; in Zhangjiagang it was - 8, up 35; in Dongguan it was - 48, up 25; in Zhanjiang it was - 18, up 35; in Fangcheng it was - 28, up 25 [6]. - **Rapeseed Meal Spot Basis**: In Guangdong, it was 76, down 34 on November 6th [6]. - **Soybean Meal - Rapeseed Meal Spread**: The spot spread in Guangdong was 519, down 17; the futures spread of the main contract was 457, up 45 [7]. 3.2 Supply Situation - **US Soybeans**: The USDA currently estimates the US soybean stock - to - consumption ratio for the 25/26 season at 6.9%, with the expected yield of 53.5 bushels per acre potentially being lowered and the export expectation having room for an upward adjustment. The US soybean supply - demand balance is expected to be tight [7]. - **Brazilian Soybeans**: As of October 25th, the Brazilian soybean sowing rate was 34.4%, compared to 21.1% last week, 37.7% in the same period last year, and a five - year average of 42.5%. The southern part of Rio Grande do Sul in Brazil is expected to be relatively dry, and attention should be paid to the impact of the La Nina weather pattern [8]. - **Domestic Supply**: In November, domestic soybean meal is expected to start destocking, but the domestic soybean meal supply in the fourth quarter is still expected to be loose. The far - month purchase and shipping progress is slow [9]. 3.3 Demand Situation - **Livestock and Poultry**: In the short term, livestock and poultry are expected to maintain high inventory levels, and the capacity reduction is not obvious, which supports feed demand. However, the current breeding profit is in a loss state, and national policies tend to control the inventory and weight of pigs, which may affect the far - month supply [9]. - **Downstream Transactions**: Recently, the downstream transactions of soybean meal have been cautious, but the pick - up performance has been good [9]. 3.4 Inventory Situation - **Soybean and Soybean Meal**: Domestic soybean and soybean meal inventories are at historical highs, and it is expected that the inventory will start to decline in November. The number of days of soybean meal inventory for feed enterprises has dropped to a low level [9].

Report Overview - Report Date: November 7, 2025 [3] - Author: Zheng Yuting from the Macro - Financial Research Center of Guomao Futures Research Institute [3] Market Interest Rates - DROO1 closed at 1.32 with a 0.15 bp increase; DR007 closed at 1.43 with a 1.24 bp decrease [4] - GC001 closed at 1.32 with an 11.00 bp decrease; GC007 closed at 1.47 with no change [4] - SHBOR 3M closed at 1.59 with a 0.15 bp decrease; LPR 5 - year remained at 3.50 [4] - 1 - year treasury bond yield was 1.40 with a 0.23 bp decrease; 5 - year treasury bond yield was 1.58 with a 0.52 bp increase [4] - 10 - year treasury bond yield was 1.81 with a 1.06 bp increase; 10 - year US treasury bond yield was 4.09 with a 2.33 bp decrease [4] Central Bank Operations - The central bank conducted 92.8 billion yuan of 7 - day reverse repurchase operations yesterday, with 342.6 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 249.8 billion yuan [4] - This week, 2.068 trillion yuan of reverse repurchases will mature in the central bank's open market, and 70 billion yuan of 91 - day repurchase - style reverse repurchases will mature on Friday [5] Stock Indexes and Futures Stock Indexes - CSI 300 rose 1.43% to 4693.4; SSE 50 rose 1.22% to 3044.7; CSI 500 rose 1.61% to 7345.7; CSI 1000 rose 1.17% to 7551.8 [6] - The trading volume of the Shanghai and Shenzhen stock markets was 2.0552 trillion yuan, an increase of 182.9 billion yuan from the previous day [6] Stock Index Futures - IF当月 rose 1.6%; IH当月 rose 1.3%; IC当月 rose 1.9%; IM当月 rose 1.3% [6] - IF trading volume decreased 4.5%, and its position decreased 2.0%; IH trading volume decreased 3.1%, and its position decreased 0.8% [6] - IC trading volume decreased 9.3%, and its position decreased 2.7%; IM trading volume decreased 14.8%, and its position decreased 4.6% [6] Market Analysis and Strategy - Yesterday, the stock index continued to rebound, and the technology sector recovered. Rumors of support for domestic chips and a 50% price increase in HBM4 supply between SK Hynix and NVIDIA boosted relevant sectors [7] - In the short term, in November, the stock index enters a macro - relatively vacuum period. Liquidity factors may dominate market strength, and the stock index is expected to fluctuate strongly under the background of abundant macro - liquidity [7] - In the long - term, the stock index still has room to rise, but the upward pace will not be rapid. The strategy suggests seizing opportunities to go long and using the discount structure of stock index futures to enhance the advantage of long - term long strategies [7] Futures Contract Premium and Discount - IF升贴水: 4.98% (current month), 4.09% (next month), 3.22% (current quarter), 3.27% (next quarter) [8] - IH升贴水: 1.39% (current month), 0.93% (next month), 0.60% (current quarter), 0.64% (next quarter) [8] - IC升贴水: 13.62% (current month), 11.48% (next month), 9.93% (current quarter), 10.00% (next quarter) [8] - IM升贴水: 20.63% (current month), 16.50% (next month), 13.17% (current quarter), 12.40% (next quarter) [8]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - Gasoline profit and low benzene price support PX. Gasoline crack spreads rising above $15 encourage refineries to prioritize gasoline production and reduce aromatics unit feedstock. PTA processing fees are compressed to below 200. Industry profits are still affected by over - capacity due to new plant commissioning. Despite the end of the peak seasons, export demand may improve with the easing of the Sino - US trade war. The current peak season is expected to last until November. Attention should be paid to whether the reduction of Sino - US tariffs can further stimulate domestic exports. Bottle chip and staple fiber costs follow these trends [2] Group 3: Summary by Related Catalog Price and Index Changes - PTA spot price increased from 4505 to 4540, PTA closing price rose from 4600 to 4688 [2] - MEG inner - market price decreased from 3974 to 3972, MEG closing price increased from 3914 to 3924 [2] - 1.4D direct - spun polyester staple fiber price increased from 6365 to 6380, short - fiber basis decreased from 140 to 135 [2] - Polyester bottle chip prices in the Jiangsu and Zhejiang markets increased, with the average price rising by 20 yuan/ton [2] - T32S pure - polyester yarn price decreased from 10320 to 10310, T32S pure - polyester yarn processing fee decreased from 3955 to 3930 [2] - Cotton 328 price increased from 14450 to 14490 [2] Market Conditions - In the staple - fiber market, the main futures of polyester staple fiber rose 70 to 6244. Factory prices decreased, trader prices had weak upward momentum, and downstream sentiment was cautious with limited transactions [2] - In the bottle - chip market, PTA and bottle - chip futures showed a warm - side shock. Market trading sentiment was cautious, and downstream terminals made cautious purchases. Cost pushed up bottle - chip prices [2] Production and Sales and Operating Rates - Direct - spun staple - fiber load (weekly) increased from 93.90% to 94.40%, polyester staple - fiber production and sales increased from 38.00% to 48.00% [3] - Polyester yarn operating rate (weekly) remained at 63.50%, recycled cotton - type load index (weekly) increased from 51.00% to 51.50% [3]

Report Summary 1. Core Viewpoints - The easing of Sino-US trade policies has released positive signals, significantly alleviating the suppression of trans - oceanic cargo volume by trade frictions. Although the direct impact is concentrated on the US routes, it also drives the improvement of European route expectations [6]. - The US - China trade agreement announced this week is expected to prompt some US retailers to accelerate short - term import rhythms, but it is unlikely to lead to a significant adjustment of the supply - chain strategy [6]. - The EC market is in a downward trend, mainly because MSK's late - November quotes are significantly lower than those of other airlines [7]. - Key factors affecting the market include the fulfillment of peak - season demand, the persistence of airline strategies, and geopolitical and long - term agreement variables. In the short term, the market is likely to maintain a relatively strong oscillation, and it is recommended to try to go long on the main contract at low prices [8]. 2. Data Summary Shipping Freight Index | Index | Present Value | Previous Value | Increase/Decrease Rate | | --- | --- | --- | --- | | SCFI | 1551 | 1403 | 10.49% | | CCFI | 1021 | 993 | 2.89% | | SCFI - US West | 2647 | 2153 | 22.94% | | SCFIS - US West | 1208 | 1107 | 9.12% | | SCFI - US East | 3438 | 3032 | 13.39% | | SCFI - Northwest Europe | 1344 | 1246 | 7.87% | | SCFIS - Northwest Europe | 1208 | 1312 | - 7.93% | | SCFI - Mediterranean | 1983 | 1746 | 13.57% | [5] Shipping Derivative Contracts | Contract | Present Value | Previous Value | Increase/Decrease Rate | | --- | --- | --- | --- | | EC2506 | 1414.2 | 1426.1 | - 0.83% | | EC2608 | 1484.0 | 1497.1 | - 0.88% | | EC2610 | 1140.0 | 1142.8 | - 0.25% | | EC2512 | 1848.2 | 1946.0 | - 5.03% | | EC5602 | 1601.0 | 1652.0 | - 3.09% | | EC2604 | 1178.0 | 1199.6 | - 1.80% | [5] Contract Positions | Position | Present Value | Previous Value | Increase/Decrease Value | | --- | --- | --- | --- | | EC2606 Position | 1455 | 1464 | - 9 | | EC2608 Position | 1306 | 1337 | - 31 | | EC2610 Position | 1432 | 1276 | 156 | | EC2512 Position | 28412 | 34072 | - 5660 | | EC2602 Position | 22625 | 22352 | 273 | | EC2604 Position | 14208 | 14537 | - 329 | [5] Monthly Spread | Spread | Present Value | Previous Value | Increase/Decrease Value | | --- | --- | --- | --- | | 12 - 02 | 247.2 | 294.0 | - 46.8 | | 12 - 04 | 670.2 | 746.4 | - 76.2 | | 02 - 04 | 423.0 | 452.4 | - 29.4 | [5] 3. Market Strategy - The long positions in the December contract can be closed to take profits [9].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Pulp fundamentals have not improved significantly, but there is a potential shortage of delivery resources for 2026 Russian needles, and the futures market may be priced based on Russian needles and high - quality softwood pulp; maintain the 12 - 1 reverse spread strategy [11] Group 3: Summary According to Relevant Catalogs Pulp Price Data - **Futures Prices**: On November 6, 2025, SP2601 was 5368 with a daily increase of 0.15% and a weekly increase of 2.76%; SP2511 was 4880 with a daily decrease of 0.12% and a weekly increase of 0.91%; SP2605 was 5384 with a daily increase of 0.19% and a weekly increase of 2.28% [6] - **Spot Prices**: On November 6, 2025, the price of softwood pulp Silver Star was 5500 with no daily or weekly change; the price of Russian softwood pulp was 5100 with no daily or weekly change; the price of hardwood pulp Goldfish was 4250 with no daily or weekly change [6] - **Foreign Quotes and Import Costs**: The foreign quote of Chilean Silver Star was 680 dollars (down 2.86% month - on - month), and its import cost was 5559 (down 2.83% month - on - month); the foreign quote of Brazilian Goldfish was 530 dollars (up 3.92% month - on - month), and its import cost was 4344 (up 3.87% month - on - month); the foreign quote of Chilean Venus was 590 dollars with no month - on - month change, and its import cost was 4830 with no month - on - month change [6] Pulp Fundamental Data - **Supply**: In September 2025, the import volume of softwood pulp was 69.1 tons (up 12.54% month - on - month), and that of hardwood pulp was 135.6 tons (up 7.79% month - on - month). The domestic production of hardwood pulp on November 6, 2025, was 25 tons, and that of chemimechanical pulp was 23.5 tons. The pulp shipment volume to China was 162, up 4.50% [6] - **Inventory**: As of November 6, 2025, the pulp port inventory was 200.8 tons (a decrease of 5.3 tons from the previous period, a 2.6% decrease), and the futures delivery warehouse inventory was 22.4 tons [6][11] - **Demand**: The production of offset paper was 20.80 tons, coated paper was 8.50 tons, tissue paper was 28.36 tons, and white board paper was 35.70 tons on November 6, 2025. White board paper showed an obvious increase in both volume and price, and cultural paper had frequent price increase letters, but overall demand was still weak [6][11] Pulp Valuation Data - **Basis**: On November 6, 2025, the Russian needle basis was 220 with a quantile level of 0.904; the Silver Star basis was 620 with a quantile level of 0.871 [6] - **Import Profit**: On November 6, 2025, the import profit of softwood pulp Silver Star was - 59 with a quantile level of 0.513; that of hardwood pulp Goldfish was - 94 with a quantile level of 0.557 [6]

临近北半球新作和国内甘蔗糖上市,预计郑糖以震荡偏弱为主。进口供应端,当前原糖进口量较大，进口糖到港压力逐步 // 释放,进口成本5300-5400. 对盘面形成压制。国内供应端,前两天云南糖厂首榨,广西糖厂预计11月中下旬集中开榨, 届 结 时或形成新的卖压。但当前盘面接近国内制糖成本,国内新糖上市前预计盘面表现为抵抗式下跌。 | | | 2000 ---- 19/20 ------- 20/21 ------ 21/22 ------- 22/23 ------- 22/23 -------- 22/24 -- - 24/25 800 1500 1000 500 600 0 -500 -1000 400 -1500 -2000 -2500 200 2017 == 2018 == 2020 =2016 · 0 2021 == 2023 == 2024 === 2024 === 2025 11月 10月 12月 2月 5月 6月 9月 1月 3月 4月 7月 8月 柳州-01基差 郑糖1-5月差 500 1000 800 400 600 300 400 200 200 100 0 0 -200 -400 -10 ...

Report Summary 1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The PX market rose due to rumors of potential maintenance of an East - China PX plant at the beginning of next year, pushing up the PTA price. Although the PTA processing fee was compressed again, the polyester start - up was stable, the polyester load remained above 90%, and domestic polyester exports were still optimistic. The current peak season is expected to last until November. For ethylene glycol, low port inventory and expected decline in overseas imports are offset by new device production pressure, and the coal price increase has not provided strong cost support [3]. 3. Summary by Relevant Catalogs Market Data - **Crude Oil**: INE crude oil price decreased from 463.7 yuan/barrel on November 5, 2025, to 460.4 yuan/barrel on November 6, 2025, a decrease of 3.3 yuan/barrel [3]. - **PTA**: PTA - SC increased by 111.98 yuan/ton, PTA/SC ratio increased by 0.0361. PTA主力期价 rose from 4600 yuan/ton to 4688 yuan/ton, and the spot price rose from 4505 yuan/ton to 4540 yuan/ton. The spot processing fee decreased by 41.3 yuan/ton, while the disk processing fee increased by 36.7 yuan/ton. The PTA warehouse receipt quantity increased by 5909 [3]. - **PX**: CFR China PX price increased from 816 to 826, and the PX - naphtha spread increased by 9 [3]. - **MEG**: MEG主力期价 rose from 3914 yuan/ton to 3924 yuan/ton. The MEG - naphtha spread remained unchanged. The MEG domestic price decreased by 2 yuan/ton, and the main basis increased by 3 [3]. Industry Chain Start - up - PX, PTA, MEG start - up rates and polyester load all remained unchanged at 86.21%, 77.84%, 63.74%, and 89.56% respectively [3]. Product Price and Cash Flow - **Polyester Filament**: POY150D/48F price remained unchanged, and its cash flow decreased by 29. FDY150D/96F price remained unchanged, and its cash flow decreased by 29. DTY150D/48F price increased by 5, and its cash flow decreased by 24. The long - filament sales rate increased from 52% to 70% [3]. - **Polyester Staple Fiber**: 1.4D direct - spun polyester staple fiber price increased by 15, and its cash flow decreased by 14. The short - fiber sales rate increased from 38% to 70% [3]. - **Polyester Chip**: Semi - bright chip price increased by 5, and its cash flow decreased by 24. The chip sales rate increased from 46% to 143% [3]. Device Maintenance - An East - China 2.2 million - ton PTA device slightly reduced its load, and the recovery time is to be tracked [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - On November 6th, the main contract of Shanghai gold futures closed up 0.79% to 917.8 yuan/gram, and the main contract of Shanghai silver futures closed up 1.99% to 11,427 yuan/kilogram [3]. - The public court debate of the US Supreme Court, where judges generally questioned the legality of tariffs, increased market uncertainty. Coupled with the alleviation of the impact of the tight dollar liquidity, it boosted the recovery of precious metal prices. However, the US economic data is stable, and the strong performance of the service - sector PMI in October highlights the resilience of the US economy, which still poses a certain impact on the December interest - rate cut expectation. Therefore, precious metal prices may remain volatile in the short term, with limited upside space, and are expected to gradually stabilize and maintain range - bound fluctuations. It is recommended to focus on long - term allocation by buying on dips [3]. - In the medium - to - long - term, the Fed is still in an interest - rate cut cycle. Global geopolitical uncertainty persists, the US debt is unsustainable, and great - power competition intensifies, which will long - term increase the credit risk of the US dollar. Global central banks' gold purchases continue, so the medium - to - long - term center of gold prices is likely to continue to rise. It is recommended that long - term investors allocate on dips [3]. 3. Summary by Relevant Catalogs Price Tracking of Internal and External Markets of Gold and Silver - On November 6th, 2025, the prices of London gold spot, London silver spot, COMEX gold, COMEX silver, AU2512, AG2512, AU (T + D), and AG (T + D) were 3,996.53 dollars/ounce, 48.36 dollars/ounce, 4,005.80 dollars/ounce, 48.20 dollars/ounce, 917.80 yuan/gram, 11,427 yuan/kilogram, 915.50 yuan/gram, and 11,408 yuan/kilogram respectively. Compared with November 5th, their respective increases were 0.8%, 1.4%, 0.8%, 1.6%, 0.6%, 1.3%, 0.6%, and 1.3% [3]. Spread/Ratio Price Tracking - On November 6th, 2025, the gold TD - SHFE active price spread was - 2.3 yuan/gram, the silver TD - SHFE active spread was - 19 yuan/kilogram, the gold internal - external (TD - London) spread was 4.95 yuan/gram, the silver internal - external (TD - London) spread was - 922 yuan/kilogram, the SHFE gold - silver main contract ratio was 80.32, the COMEX gold - silver main contract ratio was 83.11, AU2602 - 2512 was 2.90 yuan/gram, and AG2602 - 2512 was 25 yuan/kilogram. Compared with November 5th, their respective changes were - 13.5%, 18.8%, - 8.0%, 1.6%, - 0.7%, - 0.9%, 3.6%, and 4.2% [3]. Position Data - As of November 5th, 2025, the gold ETF - SPDR was 1,038.63 tons, the silver ETF - SLV was 15,150.70957 tons, the non - commercial long positions of COMEX gold were 332,808 contracts, the non - commercial short positions were 66,059 contracts, the non - commercial net long positions were 266,749 contracts, the non - commercial long positions of COMEX silver were 72,318 contracts, the non - commercial short positions were 20,042 contracts, and the non - commercial net long positions were 52,276 contracts. Compared with November 4th, their respective changes were 0.00%, - 0.11%, 1.85%, 9.43%, 0.13%, 0.97%, - 0.21%, and 1.43% [3]. Inventory Data - On November 6th, 2025, the SHFE gold inventory was 87,816 kilograms, and the SHFE silver inventory was 639,940 kilograms. On November 5th, the COMEX gold inventory was 37,881,682 troy ounces, and the COMEX silver inventory was 481,457,974 troy ounces. Compared with the previous day, the changes in SHFE gold, SHFE silver, COMEX gold, and COMEX silver inventories were 0.00%, - 2.47%, 0.00%, and - 0.19% respectively [3]. Interest Rate/Exchange Rate/Stock Market - On November 6th, 2025, the US dollar/Chinese yuan central parity rate was 7.09. On November 5th, the US dollar index was 100.16, the 2 - year US Treasury yield was 3.63%, the 10 - year US Treasury yield was 4.17%, the VIX was 18.01, the S&P 500 was 6,796.29, and the NYWEX crude oil was 59.64. Compared with the previous day, their respective changes were - 0.05%, - 0.05%, 1.40%, 1.71%, - 5.21%, 0.37%, and - 1.31% [3].

Report Summary 1. Report Industry Investment Ratings - **Steel**: Unilateral observation; wait for the opportunity to enter the spot-futures positive spread [8] - **Silicon Ferrosilicon and Manganese Silicon**: Temporarily observe [8] - **Coking Coal and Coke**: Fluctuating, industrial customers should do appropriate selling hedging [8] - **Iron Ore**: Hold short positions [8] 2. Core Views of the Report - **Steel**: Prices temporarily stabilized, with small increases of 10 - 20 yuan on Thursday. Trade volume increased significantly. Future steel production is expected to decline, and in the early stage of production cuts, it may suppress furnace materials, while in the later stage, there may be a driving opportunity for the sector to rise in resonance. Due to the large basis, it is not advisable to short on the disk. It is recommended to reduce exposure through physical positions [2] - **Silicon Ferrosilicon and Manganese Silicon**: Affected by external macro factors, market sentiment declined, and the prices of the two silicons followed the adjustment. In the short term, they may trade based on fundamentals. Currently, there are still concerns in the fundamentals, with high supply, large inventory removal pressure, and weak downstream demand. Prices may fluctuate under pressure [2] - **Coking Coal and Coke**: Mongolian coal customs clearance returned to a high level, and coal mine destocking slowed down. Spot coking coal prices continued to rise due to tight supply. However, considering the approaching off - season of steel demand, falling steel mill profitability, and environmental protection restrictions, the tight supply - demand situation of coal and coke may ease. The market is expected to fluctuate. In the short term, it is recommended to observe unilaterally, and in the long term, go long at low prices. Industrial customers can consider selling hedging [4] - **Iron Ore**: There is obvious upward pressure and prices are falling. The supply is within a reasonable range. Affected by environmental protection restrictions in Hebei, molten iron production continued to decline this week. Iron ore port inventories will continue to rise. With weak supply - demand, shorting unilaterally is a good choice [5] 3. Summary by Related Catalogs Futures Market - **Prices and Fluctuations**: On November 6, for far - month contracts, RB2605 closed at 3102.00 yuan/ton with a gain of 11.00 yuan (0.36%); HC2605 closed at 3265.00 yuan/ton with a gain of 7.00 yuan (0.21%); etc. For near - month contracts, RB2601 closed at 3037.00 yuan/ton with a gain of 12.00 yuan (0.40%); HC2601 closed at 3256.00 yuan/ton with a gain of 7.00 yuan (0.22%) [1] - **Spreads and Ratios**: On November 6, the spread between RB2601 and RB2605 was - 65.00 yuan/ton; the coil - to - rebar spread was 219.00 yuan/ton; the rebar - to - ore ratio was 3.91; etc. [1] Spot Market - **Steel**: On November 6, the prices of Shanghai, Tianjin, and Guangzhou rebar were 3200.00 yuan/ton, 3210.00 yuan/ton, and 3260.00 yuan/ton respectively, with price changes of 30.00 yuan, 50.00 yuan, and 0.00 yuan [1] - **Coking Coal and Coke**: On the spot side, coking coal prices continued to rise due to tight supply. The port trade offer for coke was 1560 (-), and the coking coal price index was 1392.6 (+8.7). For Mongolian coal, the market was cold, with prices such as Ganqimaodu Port: Mongolian 5 raw coal at 1165 (-) [4] - **Iron Ore**: The supply was within a reasonable range. Affected by environmental protection restrictions in Hebei, molten iron production continued to decline, and port inventories were expected to rise [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - This week, the domestic butadiene market declined rapidly, reaching the mid - 2023 level. Ample supply, weak upstream and downstream products, and the external market dampened downstream buying sentiment. However, as prices hit annual lows, some downstream buyers replenished inventory, and the market found short - term support. The market stopped falling and consolidated in the latter part of the week under the influence of synthetic rubber futures [3]. - Although suppliers intended to stabilize or increase prices, market sentiment remained cautious due to fundamental expectations. The butadiene end improved slightly at the end of the cycle, reducing the bearish sentiment in the butadiene rubber market. Some arbitrageurs bought discounted butadiene rubber resources, and spot traders tried to increase prices [3]. 3. Summary by Relevant Catalogs Market Conditions Overview - **Futures Market**: The domestic butadiene rubber futures contract BR2601.SHF had a closing price of 10,305 yuan/ton, up 0.68%; the settlement price was 10,170 yuan/ton, up 0.25%. The trading volume was 128,144 lots, up 53.50%, and the open interest was 83,941 lots, up 191.08%. The warehouse receipt quantity decreased by 100% [3]. - **Spot Market**: The prices of butadiene in various regions declined. For example, the price in Hangzhou dropped by 1.32% to 7,450 yuan/ton. The ex - factory prices of some manufacturers also decreased, such as Nanjing Yangzi's price dropping by 5.06% to 7,500 yuan/ton [3]. - **Price Spreads**: There were various price spreads in the market, including inter - month spreads, cross - month spreads, cross - variety spreads, etc. For example, the BR - RU spread was - 4,615 yuan/ton, down 2.71% [3]. Industry Chain Analysis - **Butadiene Market**: Domestic production and imports were abundant, and the supply could not support the market. The prices of upstream and downstream products and the external market were weak, affecting downstream buying sentiment. However, some downstream buyers replenished inventory at low prices, and the market found short - term support [3]. - **Butadiene Rubber Market**: Although there was a restart of a butadiene rubber plant in Sichuan Petrochemical, many plants in East and South China were under maintenance. The butadiene end improved at the end of the cycle, reducing the bearish sentiment in the butadiene rubber market. Some arbitrageurs and spot traders were active [3]. Strategy Operation - **Unilateral Strategy**: The BR contract is expected to move in a consolidation pattern [3]. - **Arbitrage Strategy**: After the price spreads widen again, consider going long on BR and short on RU or NR [3].