Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Glass has resilient demand and low valuation, with supply and demand providing support, so it is recommended to buy on dips in the short - term [3] - For soda ash, short - term supply and demand are acceptable and the valuation is low, but the supply is at a high level and there is an expectation of inventory accumulation [4] Summary by Relevant Catalogs PART ONE: Main Viewpoints and Strategy Overview Glass - **Supply**: Production is stable, with a daily output of 161,300 tons this week, the same as on the 23rd. The industry start - up rate is 76.35% and the capacity utilization rate is 80.63%, both unchanged from the 23rd. There are no changes in production lines this week, and next week's production is expected to remain stable [3] - **Demand**: The peak - season demand is supported, and the recent production and sales fluctuate with prices. Overall, downstream demand has strong resilience [3] - **Inventory**: Inventory is slightly reduced. Enterprise inventory is 65.79 million heavy cases, a month - on - month decrease of 823,000 heavy cases (-1.24%), and a year - on - year increase of 28.85%. The inventory days are 28 days, 0.3 days less than the previous period [3] - **Basis/Spread**: The basis strengthened this week, and the 01 - 05 spread fluctuated [3] - **Valuation**: Valuation is low [3] - **Macro and Policy**: Macro sentiment is changeable, and the impact has temporarily subsided [3] - **Investment Viewpoint**: Supply and demand provide support, and the valuation is low [3] - **Trading Strategy**: Unilateral: Mainly buy on dips in the short - term; Arbitrage: None; Risk concerns: Daily melting volume, production and sales, and domestic and overseas macro - policy disturbances [3] Soda Ash - **Supply**: Supply is at a high level. This week's soda ash production is 757,600 tons, a month - on - month increase of 17,000 tons (2.29%). There are no planned overhauls next week, and with some enterprises increasing their loads, the overall supply is expected to increase [4] - **Demand**: Short - term direct demand is stable, and the daily melting volume of photovoltaic glass is stable. Downstream replenishment demand provides support [4] - **Inventory**: Inventory fluctuates. The total manufacturer inventory is 1.702 million tons, a decrease of 100 tons (-0.01%) compared to last Thursday. There is an expectation of inventory accumulation as supply recovers [4] - **Basis/Spread**: The basis fluctuated and strengthened this week, and the 01 - 05 spread fluctuated [4] - **Valuation**: Valuation is low [4] - **Macro and Policy**: Macro sentiment is changeable, and the impact has temporarily subsided [4] - **Investment Viewpoint**: Short - term supply and demand are acceptable, and the valuation is low [4] - **Trading Strategy**: Unilateral: None; Arbitrage: None; Risk concerns: Alkali plant production, glass production and sales, and domestic and overseas macro - policy disturbances [4] PART TWO: Futures and Spot Market Review - **Glass**: This week, the price fluctuated. The main contract closed at 1083 (-9), and the Shahe spot price was 1048 (-4). The 01 - 05 spread fluctuated, and the basis weakened [6][21] - **Soda Ash**: This week, the price fluctuated. The main contract closed at 1225 (-4), and the Shahe spot price was 1185 (0). The 01 - 05 spread fluctuated, and the basis strengthened [11][21] PART THREE: Supply - Demand Fundamental Data Glass - **Supply**: Production is stable. The daily output of national float glass is 161,300 tons, and the start - up rate and capacity utilization rate are unchanged. Production profit fluctuates and weakens [23][24] - **Demand**: Downstream deep - processing orders are average, and real - estate mid - and back - end completion data is poor. However, inventory is slightly reduced [27][28] Soda Ash - **Supply**: Supply is at a high level. This week's production is 757,600 tons, with an increase in both light and heavy alkali production. Next week, supply is expected to increase. Alkali plant profits are decreasing [31][33] - **Demand**: Overall demand is neutral. Short - term direct demand is stable, and the daily melting volume of photovoltaic glass is stable. There is an expectation of inventory accumulation [37]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The outcome of the China-US meeting today was below expectations, and the price of US soybeans declined. The profit margin of domestic soybean purchases has improved but remains poor. The domestic futures price is relatively low, and the futures market is expected to rebound in the short term to repair the crushing profit. However, the current abundant supply of near - term soybean meal in the spot market and the expected abundant global soybean supply in the long - term limit the upside potential of the futures market. Attention should be paid to the subsequent policy changes between China and the US and the impact of South American weather on the market [8]. 3. Summary by Relevant Catalogs 3.1 Spread and Price Difference Data - **Spot and Futures Basis**: On October 30th, the basis of the soybean meal main contract in Zhangjiagang was - 24, down 25; the basis of 43% soybean meal spot in Tianjin was 26, down 25; in Rizhao it was 6, down 25; in Dongguan it was - 44, down 25; in Zhanjiang it was - 4, down 15. The basis of rapeseed meal spot in Guangdong was 73, up 13 [6]. - **Price Difference**: The spot price difference between soybean meal and rapeseed meal in Guangdong was 593, down 3; the price difference between the main contracts of soybean meal and rapeseed meal was 448, down 16 [7]. - **Spread**: The RM1 - 5 spread was 1500, up 23; the M1 - M5 spread data was presented in the table; the M1 - RM1 spread was 900, and other spread data was also provided [6][7]. 3.2 Supply - related Information - **USDA Forecast**: The estimated ending inventory of US soybeans in the 25/26 season is 300 million bushels, and the expected yield per acre of 53.5 bushels may be revised downward. Exports depend on China - US policies [7]. - **Brazilian Soybean Sowing**: As of October 25th, the sowing rate of Brazilian soybeans was 34.4%, compared with 21.1% last week, 37.7% in the same period last year, and a five - year average of 42.5% [7]. - **Domestic Supply**: In November, domestic soybean meal is expected to start destocking, but the supply 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 needs to be supplemented, and the source of supplementation is uncertain [7][8]. 3.3 Demand - related Information - **Livestock and Poultry Demand**: In the short term, livestock and poultry are expected to maintain high inventory levels, and the reduction of production capacity is not obvious, which supports current demand. However, the current breeding profit is in deficit, and national policies tend to control the inventory and weight of pigs, which may affect long - term supply [8]. - **Soybean Meal Sales**: The downstream transactions of soybean meal are normal, and the pick - up is good [8]. 3.4 Inventory - related Information - **Soybean and Soybean Meal Inventory**: Domestic soybean and soybean meal inventories are at historically high levels compared to the same period. The inventory days of feed enterprises' soybean meal have decreased to a low level [8]. 3.5 Other Information - **Exchange Rate and Profit**: The exchange rate of the US dollar against the RMB and the Brazilian soybean CNF premium and the import soybean crushing profit data were presented in the report [7]. - **Domestic Oil Mill Data**: The opening rate and soybean crushing volume of domestic major oil mills, as well as the inventory data of domestic major oil mills' soybean meal and soybean, were provided [7].

Report Overview - The report is an index option data daily report by Guomao Futures Research Institute on October 31, 2025, focusing on the performance of Shanghai - Shenzhen stock index options [2][3] Index Market Performance Index Closing Price and Change - The Shanghai Composite 50 index closed at 1847.30, down 0.54%, with a turnover of 3046.6108 billion yuan and a trading volume of 65.74 billion [3] - The CSI 300 index closed at 7199.56, down 0.80%, with a turnover of 4709.911 billion yuan and a trading volume of 273.29 billion [3] - The CSI 1000 index closed at 4785.07, down 1.11%, with a turnover of 7485.0848 billion yuan and a trading volume of 297.39 billion [3] Overall A - Share Market - On October 30, the A - share market declined with heavy trading volume, and technology stocks adjusted across the board. The Shanghai Composite Index fell 0.73% to 3986.9 points, the Shenzhen Component Index fell 1.16%, the ChiNext Index fell 1.84%, the CSI 300 fell 0.8%, the Beijing Stock Exchange 50 fell 1.3%, the STAR 50 fell 1.87%, the Wind All - A fell 1.05%, the Wind A500 fell 0.82%, and the CSI A500 fell 0.88%. The total trading volume of A - shares was 2.46 trillion yuan, compared with 2.29 trillion yuan the previous day [5] CFFEX Index Option Trading Option Trading Volume - For the Shanghai Composite 50 index options, the trading volume of call options was 2.73 million contracts, and that of put options was 2.94 million contracts, with a trading volume PCR of 0.36. The open interest of call options was 3.96 million contracts, and that of put options was 4.00 million contracts, with an open - interest PCR of 1.07 [3] - For the CSI 300 index options, the trading volume of call options was 5.47 million contracts, and that of put options was 14.67 million contracts, with a trading volume PCR of 0.59. The open interest of call options was 8.49 million contracts, and that of put options was 9.11 million contracts, with an open - interest PCR of 0.93 [3] - For the CSI 1000 index options, the trading volume of call options was 28.72 million contracts, and that of put options was 28.34 million contracts, with a trading volume PCR of 0.89. The open interest of call options was 13.36 million contracts, and that of put options was 13.91 million contracts, with an open - interest PCR of 1.07 [3] Index Volatility Analysis Volatility Data - The report presents historical volatility cones and volatility smile curves for the Shanghai Composite 50, CSI 300, and CSI 1000 indexes, including historical volatility data for 5 - day, 20 - day, 40 - day, 60 - day, and 120 - day periods, as well as the current values and percentile values of historical volatility [3][4]

Report Summary 1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Core Viewpoints - The meeting between China and the US today fell short of expectations, and the price of US soybeans declined. The profitability of domestic soybean purchases has improved but remains poor. The domestic futures market has a low multiple, and the short - term expectation is for a rebound to repair the crushing profit. However, the current abundant supply of near - term soybean meal spot and the expected abundant global soybean supply in the long - term limit the upside potential of the futures market. Attention should be paid to the subsequent evolution of drivers brought about by China - US policies and South American weather changes [8]. 3. Summary by Related Catalogs 3.1 Basis and Spread Data - On October 30, the basis of the main contract of soybean meal in Zhangjiagang was - 24, with a decrease of - 25. The basis of 43% soybean meal spot in different regions showed various declines, such as - 25 in Tianjin and Rizhao [6]. - The basis of rapeseed meal spot in Guangdong was 73, with an increase of 13. The RM1 - 5 spread was 1500, with a change of 23 [6][7]. - The spot price difference between soybean meal and rapeseed meal in Guangdong was 593, with a decrease of - 3; the price difference between the main contracts was 448, with a decrease of - 16 [7]. 3.2 Ascending and Descending Premiums and Profit Data - The US dollar to RMB exchange rate and the ascending and descending premiums of Brazilian soybeans in 2025 were presented, along with the change in the spot crushing profit of imported soybeans. For example, the spot crushing profit of Brazilian soybeans was - 261.00 yuan/ton, with a change of 5 [7]. 3.3 Supply Situation - The USDA estimates the ending inventory of US soybeans in the 25/26 season to be 300 million bushels, and the expected yield per acre of 53.5 bushels may be adjusted downward. Exports depend on China - US policies. As of October 25, according to CONAB data, the sowing rate of Brazilian soybeans was 34.4%, compared with 21.1% last week, 37.7% in the same period last year, and a five - year average of 42.5%. It is expected that domestic soybean meal will start to reduce inventory in November, but the supply 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 [7]. 3.4 Demand Situation - In the short - term, livestock and poultry are expected to maintain a high inventory, and the reduction of production capacity is not obvious, which supports current demand. However, the current hog farming is showing losses, and national policies tend to control the inventory and weight of hogs, which may affect the supply in the far - term. The downstream transactions of soybean meal are normal, and the pick - up is good [8]. 3.5 Inventory Situation - Domestic soybean and soybean meal inventories are at historically high levels in the same period, and the number of days of soybean meal inventory in feed enterprises has decreased to a low level [8].

Group 1: Shipping Derivatives Data Shipping Freight Index - The current values of SCFI - West US, SCFI - East US, SCFIS - West US, SCFI - Northwest Europe, Index CCFI, and Comprehensive Index SCFI are 1107, 1246, 1403, 2153, 3032, and 862 respectively, with daily increases of 2.02%, 6.27%, 7.11%, 11.21%, 8.82%, and 28.42% [3]. - The current values of SCFI - Mediterranean and SCFIS - Northwest Europe are 1312 and 1746 respectively, with daily increases of 15.09% and 8.25% [3]. Shipping Futures Contracts - For contracts EC2506, EC5602, EC2608, EC2610, EC2512, and EC2604, the current values are 1403.3, 1132.5, 1175.9, 1487.5, 1583.0, and 1843.8 respectively, with daily changes of -1.38%, -2.22%, -0.63%, -1.45%, -1.43%, and -1.55% [3][4]. - The current positions of EC2606, EC2608, EC2610, EC2512, EC2602, and EC2604 are 1411, 1324, 1062, 30114, 16233, and 14460 respectively, with increases of 1, 24, 150, -1792, 348, and 66 respectively [4]. - The current month - spreads of 12 - 02, 12 - 04, and 02 - 04 are 260.8, 667.9, and 407.1 respectively, with decreases of 4.2, 8.7, and 4.5 respectively [4]. Group 2: Market News and Analysis Trade Agreements and Policies - US Treasury Secretary Scott Bessent 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 [5]. - US President Donald Trump is confident of reaching an agreement with Chinese leaders after the preliminary consensus reached in the Sino - US high - level economic talks [5]. - The US and Vietnam have agreed to establish a "reciprocal, fair, and balanced trade framework agreement" to strengthen bilateral economic relations [5]. Shipping Company Operations - CMA CGM, Maersk, and MSC have started to re - flag some ships to the Indian flag [5]. Canal Revenue Forecast - The Suez Canal Authority expects its revenue in 2026 to reach about $8 billion, compared to the current level of about $4 billion [5]. Group 3: EC Market Analysis Market Trend - The EC market showed a weak oscillation. It oscillated on Monday and Tuesday due to some airlines lowering their quotes for early November and the mskwk46 quote dropping by 150 to 2200, and rebounded on Wednesday due to the resurgence of geopolitical conflicts [5]. Spot Prices - In late October, Maersk's quote was 1800 - 1900, HPL's was 1900, OCCL's was 2600, CM's was 2100, EMC's was 2050, NSC's was 2050, YML's was 1350, and ONE's was 1450. In early November, NSK's quote was 2400, HPL's was 2500, CMA's was 2700, OCCL's dropped to 2300, EMC's was 2700, MSC's dropped to 2250, YML's was 2250, ONE's was 2550, and HMM's was 1900 [5]. Market Logic - The European route is in the regular year - end price - holding stage. The first attempt to hold prices in late October to stop the decline was initially effective, and it has now entered the second round in early November. There will be multiple rounds of year - end price - holding in the next two months, so the seasonal expectations are leading. Future attention should be paid to changes in Sino - US relations, end - of - month loading conditions, and empty - flight situations in November [5]. Investment Strategy - The recommended strategy is to wait and see [5].

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - In the short - term, the market sentiment may shift from relative optimism to caution, and the stock index may enter an oscillatory phase to accumulate momentum for the next upward movement. Under the background of policy support and abundant macro - liquidity, there is still strong support below the stock index [1]. - For bonds, the asset shortage and weak economy are favorable, but the central bank's short - term interest rate risk warning suppresses the upward space [1]. - The precious metals (gold and silver) are under short - term pressure due to the hawkish remarks of Fed Chairman Powell, but factors such as the decline in market risk appetite and the ongoing US government shutdown still support their prices, and they are expected to oscillate in the short - term [1]. - For non - ferrous metals, the prices of copper, aluminum, zinc, nickel, stainless steel, and tin are all expected to oscillate in the short - term, with different influencing factors such as macro - environment, production, and supply - demand conditions [1]. - For black metals, the prices of steel products (such as rebar and hot - rolled coil) and related products (such as iron ore, glass, and soda ash) also show oscillatory trends, affected by factors like production, inventory, and macro - sentiment [1]. - For agricultural products, the prices of palm oil, soybean, cotton, sugar, and other products have different trends, influenced by factors such as production, demand, and seasonal factors [1]. - For energy and chemical products, various products such as crude oil, fuel oil, rubber, and chemical fibers have different price trends, affected by factors such as OPEC+ production policy, geopolitical situation, and supply - demand relationship [1]. 3. Summary by Relevant Catalogs 3.1 Macro - Financial - **Stock Index**: Short - term oscillatory, with support below due to policy and liquidity [1]. - **Treasury Bonds**: Asset shortage and weak economy are favorable, but short - term interest rate risk warning restricts the upward space [1]. - **Precious Metals (Gold and Silver)**: Short - term oscillatory, pressured by hawkish Fed remarks but supported by other factors [1]. 3.2 Non - Ferrous Metals - **Copper**: Price回调, but limited downward space [1]. - **Aluminum**: Oscillatory due to limited industrial drivers and digested macro - benefits [1]. - **Alumina**: Fundamentally weak, with increasing production and inventory, and the cost support needs attention [1]. - **Zinc**: Short - term high - level oscillatory, affected by macro - sentiment and market conditions [1]. - **Nickel**: Short - term macro - dominated oscillatory, with high - inventory pressure, and long - term surplus pressure [1]. - **Stainless Steel**: Short - term oscillatory, and short - term operations are recommended [1]. - **Tin**: Medium - and long - term, attention should be paid to buying on dips opportunities [1]. 3.3 Black Metals - **Rebar**: Concerned about upward pressure after the realization of macro - sentiment, and the virtual value accumulated put strategy can be appropriately participated [1]. - **Hot - Rolled Coil**: Concerned about upward pressure after the realization of macro - sentiment [1]. - **Iron Ore**: Near - month limited by production restrictions, far - month with upward opportunities, but overall pressured by supply and inventory [1]. - **Glass**: Price downward space is limited in the short - term, and price fluctuations are strengthened [1]. - **Soda Ash**: Bullish, but the breakthrough is uncertain [1]. - **Coke**: Industrial customers can consider selling hedging when the disk rises [1]. 3.4 Agricultural Products - **Palm Oil**: Currently pressured by high inventory, waiting for the production - reduction and inventory - removal cycle [1]. - **Soybean**: Domestic soybean has low valuation, and the disk is expected to rebound to repair the crushing margin, but the rebound height is limited [1]. - **Cotton**: The new - year cotton demand has great uncertainty, and the disk is under pressure but with limited downward space [1]. - **Sugar**: Seasonally strong in the short - term, but limited rebound space after the new sugar is on the market [1]. 3.5 Energy and Chemical Products - **Crude Oil and Fuel Oil**: OPEC+ may maintain a small increase in production in November, and the short - term geopolitical speculation cools down [1]. - **Rubber (Natural and Synthetic)**: Different trends, affected by factors such as cost, supply, and market atmosphere [1]. - **PTA and Related Products**: PTA price is affected by "anti - involution" policy and device conditions, and short - fiber price follows the cost [1]. - **Ethylene Glycol**: Affected by factors such as crude oil and coal prices, and polyester demand [1]. - **Benzene and Related Products**: Affected by factors such as benzene price, device operation, and profit [1]. - **Plastics (PE, PP, PVC)**: Different trends, affected by factors such as maintenance, supply, and demand [1]. - **Caustic Soda and LPG**: Affected by factors such as production plans, inventory, and international market conditions [1].

Group 1: Report Industry Investment Rating - No relevant content provided. Group 2: Core Viewpoints of the Report - PTA prices rapidly declined due to no clear news of "anti-involution" in the PTA industry. Despite the continuous recovery of crude oil prices, PTA prices only rebounded slightly before. Although the overall load of domestic PTA plants decreased due to low processing fees, the polyester industry's profits were still constrained by overcapacity pressure caused by new production capacity and the commissioning of overseas plants. With the cost support provided by rising crude oil prices, PTA prices rebounded rapidly after a long period of low - level operation. The current downstream polyester operating rate remained above 91%, with demand slightly exceeding expectations and recent polyester sales generally high. Also, with positive news from China - US economic and trade negotiations, the market sold on positive news [2]. Group 3: Summary of Data Changes Spot and Futures Prices - PTA spot price remained unchanged at 4535, MEG inner - market price decreased by 5 to 4147. PTA closing price dropped by 66 to 4570, and MEG closing price decreased by 68 to 4032 [2]. Short - fiber - related Data - 1.4D direct - spinning polyester staple fiber price decreased by 10 to 6430, short - fiber basis decreased by 11 to 140, 11 - 12 spread increased by 8 to 28, and polyester staple fiber cash flow increased by 6 to 246. The price difference between 1.4D direct - spinning and imitation large - chemical fiber decreased by 10 to 1030 [2]. Bottle - chip - related Data - Polyester bottle - chip prices in the Jiangsu and Zhejiang markets decreased, with the average price down 5 yuan/ton. The processing fee for bottle - chip spot decreased by 7.33 to 447 [2]. Yarn - related Data - T32S pure - polyester yarn price remained unchanged at 10320, and its processing fee increased by 10 to 3890. The price of polyester - cotton yarn 65/35 45S remained unchanged at 16300, and its profit increased by 2.85 to 1539 [2]. Other Fiber - related Data - The price of primary three - dimensional hollow (with silicon) fiber increased by 15 to 7010, and the cash flow of hollow staple fiber 6 - 15D increased by 16.68 to 543. The price of primary low - melting - point staple fiber increased by 10 to 7420 [2]. Operating Rates and Sales Ratios - Direct - spinning short - fiber load (weekly) decreased by 0.01 to 94.40%, polyester staple fiber sales ratio increased by 2% to 43.00%, polyester yarn startup rate (weekly) remained unchanged at 63.50%, and recycled cotton - type load index (weekly) decreased by 0.01 to 51.00% [3].

ITG国贸期货 贵金属数据日报 | | | | | 国贸期货研究院 | | 投资咨询号: Z0013700 | | | 2025/10/31 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 宏观金融研究中心 白素娜 | | 从业资格号:F3023916 | | | | | | 日期 | 伦敦金现 | 伦敦银现 | COMEX更金 | CONEX日银 | AU2512 | AG2512 | AU (T+D) | AG (T+D) | | 内外盘金 | | (美元/盎司) | (美元/盎司) | (美元/盎司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 银15点机 | | | | | | | | | | | 格跟踪 | 2025/10/30 | 3973. 16 | 47.85 | 3985. 80 | 47.61 | 912. 16 | 11253.00 | 908. 84 | 11210.00 | | (本表数 据来源: | 2025/10/29 | 397 ...

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - PTA prices quickly declined due to the lack of clear news on the "anti - involution" in the PTA industry. Although crude oil prices have been rising, PTA prices only rebounded slightly before. The polyester industry's profit is under pressure from over - capacity caused by new domestic and overseas installations. With cost support from rising crude oil prices and policy - expectation stimulus, PTA prices rebounded rapidly after long - term low - level operation. The downstream polyester operating rate remains above 91%, and recent polyester sales are relatively high. [2] - The inventory of ethylene glycol (MEG) at East China ports is still low, with limited weekly arrivals. Overseas imports of MEG are expected to decline, while domestic installations are putting pressure on prices. Coal - based MEG installations are also resuming. The overall polyester inventory is in good condition, and the downstream weaving load is maintained. However, as the polyester peak season is ending and the crude oil fundamentals are weakening, the polyester market is expected to operate weakly. [2] Group 3: Summary by Related Catalogs 1. Market Data - **Crude Oil and PTA - Crude Oil**: INE crude oil price dropped from 462.6 yuan/barrel on October 29, 2025, to 458.9 yuan/barrel on October 30, 2025, a decrease of 3.70 yuan/barrel. PTA - SC decreased from 1274.2 yuan/ton to 1235.1 yuan/ton, a decrease of 39.11 yuan/ton. PTA/SC ratio decreased from 1.3790 to 1.3704, a decrease of 0.0087. [2] - **PX**: CFR China PX decreased from 818 to 817, and PX - naphtha spread decreased from 249 to 246. [2] - **PTA**: PTA主力期价 dropped from 4636 yuan/ton to 4570 yuan/ton, a decrease of 66.0 yuan/ton. The spot price remained unchanged at 4535 yuan/ton. The spot processing fee decreased from 170.1 yuan/ton to 164.1 yuan/ton, and the disk processing fee decreased from 261.1 yuan/ton to 199.1 yuan/ton. The main - contract basis increased from (76) to (71), and the number of PTA warehouse receipts increased from 48579 to 61295. [2] - **MEG**: MEG主力期价 dropped from 4100 yuan/ton to 4032 yuan/ton, a decrease of 68.0 yuan/ton. MEG - naphtha was (120.62) yuan/ton on October 29 and (120.81) yuan/ton on October 30. MEG inner - market price decreased from 4152 to 4147, and the main - contract basis decreased from 83 to 78. [2] - **Industry Operating Rates**: PX, PTA, MEG operating rates and polyester load all remained unchanged at 86.21%, 80.09%, 64.41%, and 89.28% respectively. [2] - **Polyester Products**: POY150D/48F, FDY150D/96F, DTY150D/48F prices remained unchanged. POY, FDY, DTY cash flows increased by 1.0 respectively. The long - filament sales rate decreased from 48% to 43%. The price of 1.4D direct - spinning polyester staple fiber decreased from 6440 to 6430, and the cash flow decreased from 272 to 263. The short - fiber sales rate decreased from 43% to 42%. The price of semi - bright polyester chips remained unchanged at 5565, and the cash flow increased from (53) to (52). The chip sales rate increased from 37% to 46%. [2] 2. Device Maintenance - A 2.2 - million - ton PTA device in East China slightly reduced its load, and the recovery time is to be tracked. [2]

Report Summary 1. Industry Investment Rating No investment rating is provided in the report. 2. Core View - The report anticipates that Zhengzhou sugar futures will mainly fluctuate weakly. The large current import volume of raw sugar, increasing pressure of imported sugar arrivals, and an import cost of 5300 - 5400 are expected to suppress the futures market. With the recent start of sugar - cane crushing in Yunnan and the upcoming concentrated start in Guangxi, new selling pressure may emerge. However, as the current futures price is close to the domestic sugar - making cost, the market may show a resistive decline before the new domestic sugar is launched [3]. 3. Key Data Summaries Domestic Spot Prices - In Nanning, Guangxi, the warehouse price per ton of sugar is 5780 yuan, with no change; in Kunming, Yunnan, it's 5720 yuan, unchanged; in Dali, Yunnan, it's 5565 yuan, also unchanged; and in Rizhao, Shandong, it's 5850 yuan, with no change [3]. Futures Prices - SR01 is at 5472 yuan, down 22 yuan; SR05 is at 5407 yuan, down 23 yuan; SR01 - 05 data is not provided; the difference between SR01 and SR05 is not given [3]. Exchange Rates and International Futures - The RMB to USD exchange rate is 7.1183, up 0.0019; the Brazilian real to RMB is 1.2818, up 0.0212; the Indian rupee to RMB is 0.084, down 0.0004. The ICE raw sugar main contract is at 14.43, unchanged; the London white sugar main contract is at 573, up 3; the Brent crude oil main contract is at 64.3, unchanged [3].