Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report - Near the new crops in the Northern Hemisphere and the listing of domestic cane sugar, Zhengzhou sugar is expected to be mainly in a weak - oscillating pattern. The large current import volume of raw sugar and the gradual release of the pressure of imported sugar arriving at ports, with an import cost of 5300 - 5400, suppress the futures market. The first sugar mills in Yunnan started squeezing two days ago, and sugar mills in Guangxi are expected to start concentrated squeezing in mid - to - late November, which may create new selling pressure. However, as the current futures price is close to the domestic sugar - making cost, the futures market is expected to show a resistant decline before the listing of new domestic sugar [3]. 3) Summary by Relevant Catalog Domestic Spot Price and Futures Price - In the domestic spot market, on October 28, 2025, the price in Nanning Warehouse, Guangxi was 5780 yuan/ton with no change; in Kunming, Yunnan, it was 5720 yuan/ton, down 5 yuan; in Dali, Yunnan, it was 5565 yuan/ton with no change; in Rizhao, Shandong, it was 5850 yuan/ton, down 20 yuan. The basis and its changes are also provided. In the futures market, SR01 was 5483 yuan, up 38 yuan, and SR05 was 5418 yuan, up 19 yuan. The spread between SR01 and SR05 was 19 [3]. International Exchange Rate and Commodity Price - The exchange rate of RMB against the US dollar was 7.124, down 0.0023; the exchange rate of the Brazilian real against the RMB was 1.2818, up 0.0212; the exchange rate of the Indian rupee against the RMB was 0.084, down 0.0004. The price of ICE raw sugar's main contract was 14.47 with no change, the price of London white sugar's main contract was 573, up 3, and the price of Brent crude oil's main contract was 65.04 with no change [3].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints - The short - term prices of copper, aluminum, zinc, and nickel in the non - ferrous metals industry are expected to be affected by macro and industrial factors. Copper and aluminum prices may maintain a relatively strong trend due to positive macro - sentiment and limited industrial drivers. Zinc prices are expected to oscillate at a high level, and nickel prices may be mainly influenced by macro factors and oscillate strongly in the short term [1]. 3. Summary by Metals Copper - **Price and Inventory**: LME copper futures price is 10871.5 with a 0.09% change, and the spot price is 10807 with a 0.21% change. SHFE copper price is 88370 (futures) and 88400 (spot) with changes of 2.14% and 0.74% respectively. The LME copper inventory is 500000 tons, and the SHFE copper inventory is 135975 tons with a - 0.28% change [1]. - **Market Analysis**: Macro - factors such as the expected Fed rate cut and eased Sino - US trade friction are positive for copper prices. However, high copper prices suppress downstream demand, resulting in a slight increase in domestic copper inventories and a weak market [1]. Aluminum - **Price and Inventory**: LME aluminum futures price is 2842 with a - 0.3% change, and the spot price is 1979 with a - 0.51% change. SHFE aluminum price is 21200 (futures) and 21360 (spot) with changes of 0.33% and 0.64% respectively. The LME aluminum inventory is 1500000 tons, and the SHFE aluminum inventory is 469275 tons with a - 0.81% change [1]. - **Market Analysis**: Positive macro - sentiment and limited industrial drivers may lead to a relatively strong price trend. High aluminum prices boost sellers' enthusiasm but weaken downstream demand, resulting in a slight increase in domestic inventories and a weak market [1]. Zinc - **Price and Inventory**: LME zinc futures price is 3010.5 with a 0.19% change, and the spot price is 3227 with a - 0.2% change. SHFE zinc price is 22365 (futures) and 22290 (spot) with changes of 0.09% and 0.04% respectively. The LME zinc inventory is 1500000 tons, and the SHFE zinc inventory is 37050 tons with a - 1.46% change [1]. - **Market Analysis**: Positive macro - sentiment, a decrease in refined zinc production in September, and an increase in export expectations lead to an upward repair of the domestic zinc price. It is recommended to pay attention to LME zinc inventory and squeeze - out risks, and short - term zinc prices are expected to oscillate at a high level [1]. Nickel - **Price and Inventory**: LME nickel futures price is 15335 with a - 0.17% change, and the spot price is 15085 with a - 0.03% change. SHFE nickel price is 122400 (futures) and 123680 (spot) with changes of 0.46% and 0.2% respectively. The LME nickel inventory is 100000 tons, and the SHFE nickel inventory is 244830 tons with a 0.15% change [1]. - **Market Analysis**: The expectation of a Fed rate cut supports the non - ferrous metals sector. Short - term nickel prices may be mainly influenced by macro factors and oscillate strongly. In the long term, there is still pressure of primary nickel surplus [1]. Tin - **Price and Inventory**: LME tin futures price is 35710 with a 0.49% change, and the spot price is 35925 with a 0.04% change. SHFE tin price is 286720 (futures) and 283500 (spot) with changes of 0.57% and 0.85% respectively. The LME tin inventory is not clearly stated, and the SHFE tin inventory is 5766 tons with a 1.32% change [1].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The USDA's estimated ending inventory of US soybeans for the 25/26 season is 300 million bushels, and the expected yield of 53.5 bushels per acre may be revised downward. Exports depend on Sino-US policies. As of the week of October 18, 2025, the planting rate of Brazilian soybeans for the 2025/26 season was 21.7%, up from 11.1% last week, compared to 17.6% in the same period last year and a five-year average of 27.7%. Some areas in Brazil have experienced dry weather recently, but its persistence is not strong, and the expected impact is limited [7]. - In November, domestic soybean meal is expected to start destocking, but the supply of domestic soybean meal in the fourth quarter is still expected to be abundant. If China cannot purchase US soybeans, the supply of soybean meal in the first quarter of next year still needs to be supplemented, and the source of supplementation is uncertain. In the short term, livestock and poultry are expected to maintain high inventory, and the reduction of production capacity is not obvious, which supports the demand for soybean meal. However, the current breeding profit is in a loss, and national policies tend to control the inventory and weight of pigs, which may affect the supply in the far - month. The downstream trading of soybean meal is normal, and the pick - up is good [8]. - Domestic soybean and soybean meal inventories are at historically high levels for the same period; the number of days of soybean meal inventory in feed enterprises has dropped to a low level. Overall, China's soybean purchase contracts are relatively poor, the domestic market valuation is low, the sowing in Brazil is going smoothly, and there are no obvious problems with the planting weather. The supply pressure of domestic soybean and soybean meal spot is still large. Before the Sino - US policy is clear, the market has no obvious driving force and will mainly fluctuate. Pay attention to Sino - US policies and South American weather changes [8]. 3. Summary by Relevant Catalogs 3.1 Basis and Spread Data - **Soybean Meal Spot Basis**: The basis of 43% soybean meal spot (against the main contract) varies by region. For example, in Zhangjiagang it is 28, in Dongguan it is not provided, in Zhanjiang it is 48, and in Fangcheng it is 28. The basis of rapeseed meal spot in Guangdong is 55, with a decrease of 9 [6]. - **Spread Data**: The spread of RM1 - 5 is 1500, with a decrease of 13; the spot spread of soybean meal - rapeseed meal in Guangdong is 300, and the spread of soybean meal - rapeseed meal on the main contract is 597, with a decrease of 11 [7]. 3.2 Supply - related Data - **USDA Estimate**: The estimated ending inventory of US soybeans for the 25/26 season is 300 million bushels, and the expected yield of 53.5 bushels per acre may be revised downward, with exports depending on Sino - US policies [7]. - **Brazilian Planting**: As of the week of October 18, 2025, the planting rate of Brazilian soybeans for the 2025/26 season was 21.7%, up from 11.1% last week, compared to 17.6% in the same period last year and a five - year average of 27.7%. Some areas in Brazil have experienced dry weather recently, but its persistence is not strong, and the expected impact is limited [7]. - **Domestic Supply**: In November, domestic soybean meal is expected to start destocking, but the supply of domestic soybean meal in the fourth quarter is still expected to be abundant. If China cannot purchase US soybeans, the supply of soybean meal in the first quarter of next year still needs to be supplemented, and the source of supplementation is uncertain [8]. 3.3 Demand - related Data - **Livestock and Poultry Demand**: Livestock and poultry are expected to maintain high inventory in the short term, and the reduction of production capacity is not obvious, which supports the demand for soybean meal. However, the current breeding profit is in a loss, and national policies tend to control the inventory and weight of pigs, which may affect the supply in the far - month. The downstream trading of soybean meal is normal, and the pick - up is good [8]. 3.4 Inventory - related Data - **Domestic Inventory**: Domestic soybean and soybean meal inventories are at historically high levels for the same period; the number of days of soybean meal inventory in feed enterprises has dropped to a low level [8].

Report Summary 1. Report Industry Investment Rating - No information provided in the content. 2. Core View of the Report - No information provided in the content. 3. Summary by Related Catalog Historical Volatility - This section presents the historical volatility data of various commodity options, including the main contract price, price change, daily volatility, and historical volatility for different time - periods (HV20, HV40, HV60, HV120) of multiple commodities such as metals (e.g.,沪铝,沪铜,沪锌), energy (e.g.,原油), agricultural products (e.g.,白糖,玉米), and chemical products (e.g., PVC,甲醇). For example,沪铝's main contract price is 21360 with a 0.61% increase, and its daily volatility is 19.32%, HV20 is 9%, HV40 is 8%, HV60 is 7%, and HV120 is 9% [5]. Implied Volatility - It shows the implied volatility of the main contract at - the - money options (主力平值IV) for different commodities like多晶硅,丙烯,尿素, etc. For instance, the主力平值IV of多晶硅 is 33% and 61% [8]. - There are also historical trend charts for some commodities such as工业硅,铁矿,豆油,菜油,原油, and橡胶, which display the relationship between the main contract closing price, main contract at - the - money implied volatility, and HV60 over time [10][11]. Main Contract At - the - Money IV Quantile - Information about the main contract at - the - money IV quantile value is presented, but the specific data is incomplete as only "120%" is given without clear context [12].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On October 27, the domestic butadiene market continued to decline. Although the synthetic rubber futures supported the morning market prices, downstream buying interest weakened, and suppliers lowered prices, leading to lower afternoon transactions and a downward trend in the market [3]. - China's high - cis butadiene rubber capacity utilization rate was 69.04%, up 1.05% from the previous working day. The theoretical production profit of butadiene rubber was stable at 48 yuan/ton [3]. - With increasing cost - side negatives and no improvement in demand, and butadiene rubber entering centralized maintenance, the domestic butadiene rubber market is expected to continue weak consolidation, with the spot market potentially becoming more weakly consolidated and real - time transactions continuing to offer discounts [3]. - Strategy: BR is expected to move in a consolidation pattern; when the spread widens again, consider going long on BR and short on RU or NR [3]. Summary by Relevant Catalogs Domestic Futures Market of Synthetic Rubber - For BR2512.SHF, the closing price was 10995 yuan/ton, down 125 yuan (-1.12%); the settlement price was 11045 yuan/ton, down 110 yuan (-0.99%); the trading volume was 131980, up 31320 (31.11%); the open interest was 49618, down 17076 (-25.60%); the warehouse receipt quantity remained unchanged at 8920 [3]. - In terms of price spreads, the spread between consecutive months and cross - month spreads showed different degrees of decline, such as the spread between consecutive two and consecutive three was -10 yuan/ton, down 15 yuan (-300%); the spread between BR and RU was -4385 yuan/ton, down 170 yuan (-4.03%) [3]. Crude Oil Market - WTI was at 61.75 US dollars/barrel, up 2.37 US dollars (3.99%); Brent was at 65.26 US dollars/barrel, up 1.37 US dollars (2.14%); SC was at 465 yuan/barrel, up 5.2 yuan (1.13%) [3]. Butadiene (BD) Market - The domestic market prices in regions such as Hangzhou, Jiangsu, and Shandong all declined. For example, the price in Hangzhou was 8450 yuan/ton, down 100 yuan (-1.17%) [3]. - Some domestic factory ex - factory prices decreased, such as Nanjing Yangzi and Guangzhou Petrochemical, down 200 yuan/ton (-2.33%) [3]. - International prices: CFR China remained unchanged at 990 US dollars/ton; FD Northwest Europe was at 730 US dollars/ton, down 15 US dollars (-2.01%) [3]. - In the industrial chain, the cost of carbon - four extraction increased by 173.54 yuan/ton (2.54%), and the profit decreased by 173.54 yuan/ton (-9.81%); the profit of oxidative dehydrogenation decreased by 100 yuan/ton (-64.94%) [3]. Butadiene Rubber (BR) Market - Domestic market prices in regions such as North China, East China, and South China remained unchanged, as did the ex - factory prices of some enterprises like Qilu Petrochemical and Yangzi Petrochemical [3]. - International prices: FOB China, CFR Northeast Asia, and CFR Southeast Asia remained unchanged [3]. - In the industrial chain, the cost decreased by 206 yuan/ton (-1.81%), and the profit increased by 206 yuan/ton (130.38%); the production capacity utilization rate decreased by 3.12 percentage points (-4.17%), and the production volume decreased by 0.13 million tons (-4.17%) [3]. - Inventories: Commercial inventories increased by 750,000 tons (2.69%), and trader inventories decreased by 340,000 tons (-7.00%) [3]. - In terms of price spreads, the spread between high - cis and BR increased by 125 yuan/ton (73.53%); the spread between Thai mixed and butadiene rubber increased by 100 yuan/ton (2.53%) [3].

Report Industry Investment Rating - Not provided Core Viewpoints - The EC market is in a downward trend mainly due to some airlines starting to lower quotes for the first ten days of November. The European line is in the regular year - end price - holding stage, with the first attempt in late October showing initial results in stopping the decline, and it has entered the second round in early November. Future price - holding attempts are expected in the next two months. The strategy is to wait and see, and future attention should be paid to changes in Sino - US relations, end - of - month loading conditions, and empty flights in November [5][6] Summary by Relevant Information Shipping Derivatives Data - **Freight Rate Index**: The Shanghai Export Container Freight Index (SCFI) has a current value of 1403, a previous value of 1310, and a change of 7.11%. For different routes, SCFI - US West has a current value of 2153, a change of 11.21%; SCFIS - US West has a current value of 1107, a change of 28.42%; SCFI - US East has a current value of 3032, a change of 6.27%; SCFI - Northwest Europe has a current value of 1246, a change of 8.82%; SCFIS - Northwest Europe has a current value of 1312, a change of 15.09%; SCFI - Mediterranean has a current value of 1746, a change of 8.25%. The China Export Container Freight Index (CCFI) has a previous value of 973, with a change of - 100.00% [3] - **Contracts**: For contracts like EC2506, EC2608, etc., most show a downward trend in price. For example, EC2506 has a current value of 1387.1, a previous value of 1397.9, and a change of - 0.77% [3] - **Positions**: There are changes in positions for different contracts. For example, EC2606 position has a current value of 1371, a previous value of 1377, and a change of (6) [3] - **Monthly Spreads**: The 10 - 12 monthly spread has a current value of - 644.1, a previous value of - 693.2, and a change of 49.1; the 12 - 2 monthly spread has a current value of 203.4, a previous value of 230.0, and a change of (26.6); the 12 - 4 monthly spread has a current value of 596.2, a previous value of 651.4, and a change of (55.2) [3] Market News - The US Treasury Secretary Scott Bessent said he reached a "very substantial framework agreement" with Chinese Vice - Premier He Lifeng, which will avoid 100% US tariffs on Chinese products and extend China's rare - earth export controls. US President Donald Trump is confident of reaching an agreement with Chinese leaders after the Sino - US high - level economic officials' trade consultations [4] - CMA CGM, Maersk, and Mediterranean Shipping have started to re - flag some ships to India. India's shipping policies attract shipping orders and ship registrations, while the US's shipping revitalization in 2025 has weaker results [4] - The Suez Canal Authority expects its 2026 revenue to reach about $8 billion, up from the current about $4 billion as the regional situation stabilizes and ship traffic returns to pre - crisis levels [4] - The US and Vietnam have agreed to establish a "reciprocal, fair, and balanced trade framework agreement" to strengthen bilateral economic relations and provide market access for exporters [4] EC Market - **Spot Prices**: In late October, Maersk quoted 1800 - 1900, HPL quoted 1900, 00CL quoted 2600, etc. In early November, ISK quoted 2400, HPL quoted 2500, etc., with some prices showing changes [5] - **Strategy**: The recommended strategy is to wait and see [6]

1. Report Industry Investment Rating - No industry investment rating is provided in the report [2][3][4] 2. Core Viewpoints of the Report - International oil prices are oscillating. The easing of trade concerns and the escalation of geopolitical situations have led to a recent rebound in oil prices. However, in the long - term, due to the loose supply - demand pattern of crude oil, the long - term oil price will remain weak, and the short - term rebound height may be limited. For both crude oil and fuel oil, the current operation strategy is to wait and see [3] 3. Summary by Relevant Catalogs 3.1 Crude Oil Market - **Market Influencing Factors**: The first round of Sino - US economic and trade consultations in Kuala Lumpur, Malaysia, is expected to ease trade concerns and boost the oil market. Geopolitically, the cancellation of the Trump - Putin meeting and US sanctions on Russian oil producers may disrupt the global crude oil supply chain. In terms of supply and demand, OPEC+ has reached a principle agreement to increase production slightly in November, while global crude oil consumption has gradually declined since September, with a drop of 1 - 3 million barrels per day in the off - season compared to the peak season [3] - **Price and Spread Data**: SC crude oil closed at 468.9 yuan/barrel, up 0.86%; WTI crude oil was at 61.44 dollars/barrel, unchanged; Brent crude oil was at 64.92 dollars/barrel, unchanged. There are also various spread data such as SC - WTI, SC - Brent, etc. [3] - **Spot Price**: Oman crude oil was at 68.1 dollars/barrel, up 6.87%; Russian ESPO was at 60.63 dollars/barrel, up 3.16%; Brent Dtd was at 62.39 dollars/barrel, up 5.75% [4] - **Fundamental Data**: US EIA data shows that crude oil commercial inventory decreased by 0.23% to 422,824 thousand barrels; gasoline inventory decreased by 0.98% to 216,679 thousand barrels; distillate oil inventory decreased by 1.26% to 117,030 thousand barrels; US production decreased by 0.05% to 13,629 thousand barrels per day [4] 3.2 Fuel Oil Market - **Inventory and Trade Data**: As of the week ending October 22, Singapore's residue fuel oil inventory decreased by 2.036 million barrels or 8.1% to 23.027 million barrels (3.63 million tons). In September 2025, China's bonded marine fuel oil imports were 543,400 tons, up 10.98% month - on - month and down 4.11% year - on - year; exports were 2.2363 million tons, up 36.09% month - on - month and 2.4% year - on - year. From January to September 2025, the cumulative exports of China's bonded marine fuel oil were 15.322 million tons, up 1.53% year - on - year [3] - **Market Situation**: For high - sulfur fuel oil, consumption from power generation terminals will gradually decline after the end of the power demand peak season in the Northern Hemisphere. For low - sulfur fuel oil, the Asian market structure is weakening, and the arbitrage arrival volume in Singapore in October is expected to increase. The fuel oil market generally follows the short - term sharp rebound of international oil prices [3] - **Price and Spread Data**: FU high - sulfur fuel oil closed at 2,842 yuan/ton, up 1.00%; LU low - sulfur fuel oil closed at 3,257 yuan/ton, up 1.02%. There are also various spread data such as FU - SC, LU - SC, LU - FU, etc. [3] - **Spot Price**: Singapore high - sulfur fuel oil was at 395 dollars/ton, up 2.33%; Singapore low - sulfur fuel oil was at 442.5 dollars/ton, up 1.36% [4] - **Fundamental Data**: Singapore's fuel oil inventory increased by 1.34% to 23,699 thousand barrels. The exchange warehouse receipts of FU fuel oil increased by 26.76% to 37,890 [4] 3.3 Macro Data - The US dollar index was at 98.9417, up 0.01%; the US 10 - year Treasury yield was at 4.02%, up 0.25%; the RMB/US dollar exchange rate was 7.2545, unchanged; the Baltic BDI index was at 1,991, down 3.21% [4]

Industry Investment Rating - Not mentioned in the report Core Viewpoints - With the gradual alleviation of adverse factors from trade frictions, stock index may return to the upward channel. In the context of policy support and abundant macro - liquidity, the adjustment space of stock index is expected to be limited, and the strategy is to go long on stock index when opportunities arise [1] - Asset shortage and weak economy are beneficial to bond futures, but the central bank's short - term warning of interest rate risks suppresses the upward space [1] - Market risk appetite has improved, which suppresses precious metal prices, but factors such as the ongoing US government shutdown and the expected interest rate cut by the Fed in October support the gold price, so the short - term gold price is expected to fluctuate [1] Summary by Industry Macroeconomic and Financial - **Stock Index**: Expected to return to the upward channel, with limited adjustment space, and the strategy is to go long when opportunities arise [1] - **Bond Futures**: Favored by asset shortage and weak economy, but short - term interest rate risk warning suppresses the rise [1] - **Precious Metals**: Gold price may fluctuate, while silver price may also fluctuate in the short term [1] Agricultural Products - **Palm Oil**: Indonesia's B50 implementation expectation in the next year provides support, but high inventory in Malaysia in September and expected inventory accumulation in October put pressure on the market. It is advisable to wait and see [1] - **Soybean Oil**: With the upcoming meeting between Chinese and US leaders, the negotiation result may bring new guidance. Currently, there are both supportive and suppressing factors, and it is advisable to wait and see [1] - **Rapeseed Oil**: The expectation of improved Sino - Canadian relations puts pressure on the market, while domestic rapeseed is still in short supply and inventory is decreasing. It is advisable to wait and see [1] - **Cotton**: There is uncertainty in cotton demand in the new year due to the contradiction between Xinjiang's capacity expansion and reduced spinning profit. The downside space of the market is limited, but the new crop may put pressure on the basis and the market [1] - **Sugar**: In the short term, sugar price has seasonal upward momentum due to the impact of typhoons on sugarcane harvest and the period of supply shortage. In the medium term, the rebound space is expected to be limited after the new sugar is listed [1] - **Soybean**: The domestic soybean purchase and crushing profit is poor, and the supply pressure is large. The market is expected to fluctuate, and attention should be paid to Sino - US policies and South American weather [1] Non - ferrous Metals - **Copper**: With the improvement of macro - sentiment and the approaching of the Fed's interest rate meeting, copper price is expected to continue to be strong [1] - **Aluminum**: Due to the improvement of macro - sentiment and limited industrial drivers, aluminum price may remain strong [1] - **Alumina**: With the continuous release of domestic alumina production capacity, the output and inventory are increasing, and the spot price is under pressure. Attention should be paid to cost support [1] - **Zinc**: The LME zinc 0 - 3 spread has reached a record high, and the export expectation has strengthened, driving the domestic zinc price to rebound. The short - term Shanghai zinc is expected to remain at a high level [1] - **Nickel**: The short - term nickel price may be dominated by macro factors and fluctuate strongly, but the high inventory still suppresses the price. Attention should be paid to supply and macro changes [1] - **Stainless Steel**: The stainless steel futures may rebound in the short term, and the operation is recommended to be short - term, waiting for the opportunity to sell and hedge at high prices [1] - **Tin**: Affected by the improvement of macro - sentiment, the short - term tin price may fluctuate strongly, and it is recommended to pay attention to the opportunity to go long at low prices in the medium - long term [1] - **Polysilicon**: The production schedule in October has increased more than expected, and the demand for organic silicon is weak [1] - **Carbonate Lithium**: With the arrival of the traditional peak season for new energy vehicles, strong energy storage demand, and overall large demand, it is bullish [1] Black Metals - **Rebar and Hot - Rolled Coil**: The industrial drivers are not clear, and the futures valuation is low. It is not recommended to participate in directional trading [1] - **Iron Ore**: The direct demand is good, but the supply is high, and the inventory is at a high level. The price is mainly under pressure and fluctuating [1] - **Ferrosilicon**: The short - term production profit is poor, the cost support is strengthening, and the price may fluctuate strongly with limited downside [1] - **Glass**: The supply surplus pressure is large, and the price is under pressure [1] - **Soda Ash**: Follows the glass market, with large supply surplus pressure and price under pressure [1] - **Coking Coal and Coke**: The price has reached a relatively high level, and it may be difficult to break through the previous highs. It may fluctuate widely if there is no new policy on "anti - involution" [1] Energy and Chemicals - **Crude Oil**: Influenced by factors such as US sanctions on Russia, geopolitical tensions, and the softening of the US attitude towards China's tariffs [1] - **Fuel Oil**: Affected by the same factors as crude oil [1] - **PTA**: The news of promoting the "anti - involution" policy has pushed up the price, and the short - fiber price follows the cost closely [1] - **Ethylene Glycol**: Low port inventory, strengthened cost support, and stable polyester demand support the price [1] - **Styrene**: Weak Asian benzene price, reduced profit, and increased device maintenance [1] - **Urea**: There is support from "anti - involution" and cost, but the upside space is limited by insufficient domestic demand [1] - **ASH**: The price may fluctuate strongly with the improvement of downstream demand [1] - **PVC**: Supply pressure is large, and the price may fluctuate weakly [1] - **Alumina**: Planned production increase in Guangxi, reduced subsequent maintenance concentration, and weak fundamentals [1] - **LPG**: International oil and gas fundamentals are loose, and the domestic market is also in a loose state [1] - **FE TANKE**: The price has fallen to a low level and may rebound, and it is gradually entering the contract - changing rhythm [1]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report On October 27, most domestic commodity futures closed higher, with new energy materials leading the gains and agricultural products showing mixed performance. The report analyzes the market trends of different commodity sectors and their influencing factors, and provides an outlook on the future market [1]. 3. Summary by Related Catalogs Black Series - All black series commodities rose. Despite weak terminal demand for steel, heavy - pollution weather emergency responses in Hebei led to a collective rise. Last week, the inventory of five major steel products decreased by 1.73% week - on - week to 15.5485 million tons, but was 23.47% higher than the same period last year. Production increased by 0.98% week - on - week, and apparent demand increased by 1.98% week - on - week to 8.9273 million tons, slightly lower than last year. The overall supply - demand pattern still poses pressure on price increases [1]. Basic Metals - Most basic metals rose. The macro - environment has improved recently. China's "155" plan was passed last week, and the Sino - US trade negotiation reached a preliminary consensus over the weekend, boosting market confidence and metal demand expectations. The lower - than - expected US CPI in September deepened market bets on the Fed's interest rate cuts, making overseas liquidity more relaxed. However, high prices may suppress downstream demand [1]. Energy and Chemical Products - Most energy and chemical products rose. Short - term geopolitical disturbances pushed up oil prices, and the SC crude oil main contract drove the energy - chemical sector to close higher. Due to US sanctions on Russian oil companies, supply concerns persist, but demand remains weak, and the oversupply of crude oil remains unchanged. In the short term, it is a rebound after an oversell, and the medium - term upside is limited [1]. Oilseeds and Oils - Oilseeds and oils showed mixed performance. The market has positive expectations for the Sino - US trade negotiation, and CBOT soybeans continued to be strong. However, the double - meal market is cautious due to uncertainties about US soybean procurement. Malaysian palm oil exports decreased from October 1 - 25, while production increased, and the market expects inventory to rise, causing palm oil prices to weaken. In the short term, the oil market may continue to fluctuate [1].

Report Industry Investment Rating - Not mentioned in the report Core View - Overall, the pattern of increasing supply and decreasing demand for industrial silicon remains unchanged, and silicon prices may run weakly. On the supply side, the resumption of production in Northwest China has slowed down, and the weekly production increase of industrial silicon has decreased. On the demand side, the weekly production of polysilicon and organic silicon has declined. On the inventory side, the reduction of warehouse receipts has led to an overall reduction [1]. Summary by Related Catalogs Futures Market - SI2511 closed at 45793 with a -0.29% change and a position of 8000. SI2512 closed at 8980 with a -0.39% change and a position of 122104. SI2601 closed at 8965 with a -0.17% change and a position of 201518. SI2602 closed at 8970 with a -0.06% change and a position of 26702. SI2603 closed at 8980 with a 0.22% change and a position of 11082 [1]. Spot Market - In the East China region, the price of 553 (non-oxygenated) was 9300 with no change, 553 (hydrogenated) was 9350 with no change, 421 was 9650 with no change, 441 was 9600 with a 200 increase, and 3303 was 10500. In Huangpu Port, 421 was 9950 with no change, and 553 (oxygenated) was 9250. In Tianjin Port, 421 was 9800 with no change, and 553 (hydrogenated) was 9600. In Sichuan, 421 was 9750 with no change [1]. Price Difference - The difference between SI2511 and SI2512 was -375 with a 5 increase. The difference between SI2512 and SI2601 was 15 with a -15 decrease. The difference between 421 spot and 553 oxygenated spot was 300 with no change. The basis (East China 553 spot - main contract) was 385 with a -45 decrease [1]. Warehouse Receipts - The total warehouse receipt capacity was 280,000 tons, with a decrease from 39677 to 39297. Many warehouses had no change in warehouse receipts, while some had decreases, such as -100 in Zhongchu Lutong (No. 1 Sijingzhilu), -6 in Waiyun Tianjin Binhai, -7 in Jianfa Tianjin Binhai, -56 in Qingdao Port Logistics, -3 in Jianfa Gaoke (Waiyun Longquanyi), -7 in Xiangyu Sichuan Shanghai, -5 in Zhongchu Wuxi, -14 in Jianfa Dongguan [1]. Industry Dynamics - The contract dispute between Xinjiang Transformer Factory of TBEA Co., Ltd. and Xinjiang Qibu Hesheng Silicon Industry Co., Ltd. and Xinjiang Zhongbu Hesheng Brick Industry Co., Ltd. will be heard in Changji People's Court on November 4, 2025, with the case number "(2025) Xin 2301 Min Chu 9566" [1].