1. Report Industry Investment Ratings - There is no information about the report industry investment ratings in the provided content. 2. Core Views of the Report - On October 24, 2025, A - share three major indices strengthened, with the Shanghai Composite Index hitting a ten - year high. The Shanghai Composite Index rose 0.71% to 3950.31 points, the Shenzhen Component Index rose 2.02% to 13289.18 points, and the ChiNext Index rose 3.57% to 3171.57 points. The trading volume of the two markets reached 19742 billion yuan, a significant increase of 3303 billion yuan from the previous day [1]. - The prices of various futures products showed different trends. For example, the CSI 300 Index, coke, and coking coal indices rose, while the prices of some products like iron ore futures fell [1][2][3][4]. - Different factors affected the prices of various futures products. For instance, the supply - demand relationship, policy, and international trade factors influenced the prices of sugar, soybean meal, and other products [5][9]. 3. Summary by Related Catalogs Stock Index Futures - On October 24, A - share three major indices strengthened. The Shanghai Composite Index rose 0.71% to 3950.31 points, the Shenzhen Component Index rose 2.02% to 13289.18 points, and the ChiNext Index rose 3.57% to 3171.57 points. The trading volume of the two markets reached 19742 billion yuan, a significant increase of 3303 billion yuan from the previous day. The CSI 300 Index closed at 4660.68, a ring - up of 54.34 [1][2]. Coke and Coking Coal - On October 24, the coke weighted index fluctuated and sorted, closing at 1781.2, a ring - up of 25.4; the coking coal weighted index fluctuated in a narrow range, closing at 1261.2 yuan, a ring - up of 16.0. The炼焦煤 price in Linfen Anze market rose 50 yuan/ton on October 23. Steel inventory decreased, and the output of the top 10 coal enterprises increased year - on - year. The potential negative feedback risk will restrict the short - term rebound height of coal and coke prices, and the coking coal basis and inter - month positive spreads strengthened [3][4][5]. Zhengzhou Sugar - The consulting company Datagro predicted that the global sugar will have a surplus of 198 million tons in the 2025/26 season, compared with a previous forecast of a shortage of 500 million tons, which put pressure on the market. Affected by the decline of US sugar, the Zhengzhou sugar 2601 contract closed slightly lower in the night session on October 24 [5]. Rubber - The Shanghai rubber fluctuated slightly and closed slightly higher in the night session on October 24. As of October 24, the natural rubber inventory in the Shanghai Futures Exchange decreased by 9898 tons to 163450 tons, and the futures warehouse receipts decreased by 10980 tons to 124020 tons. The 20 - grade rubber inventory increased by 2924 tons to 46772 tons, and the futures warehouse receipts increased by 2521 tons to 42640 tons. The capacity utilization rate of tire sample enterprises increased slightly last week [6][8]. Soybean Meal - Internationally, on October 24, the CBOT soybean futures fluctuated. The market expected the Sino - US trade talks to improve the bilateral trade environment. The estimated US soybean harvest progress reached 73% as of October 19. The Brazilian soybean crop started well, with most mainstream institutions estimating the new - year output at about 1.78 billion tons. Domestically, on October 24, the M2601 main contract closed at 2933 yuan/ton, a decline of 0.17%. The domestic soybean imports in the first three quarters reached a record high, and the soybean inventory of oil mills was still high, limiting the rebound space [9]. Live Pigs - On October 24, the live pig futures price fluctuated. The LH2601 main contract closed at 12175 yuan/ton, a decline of 0.2%. The widening of the standard - fat price difference attracted second - round fattening, providing short - term support. However, the domestic live pig inventory was still at a high level, and the terminal consumption was weak, so the short - term market was in a situation of strong supply and weak demand [10]. Shanghai Copper - Shanghai copper maintained a volatile and slightly stronger trend, with the price center likely to move up slightly, supported by supply contraction expectations and macro - policy benefits. However, weak demand and uncertain factors may limit the increase [10]. Cotton - On the night of October 24, the main contract of Zhengzhou cotton closed at 13585 yuan/ton. The cotton inventory decreased by 23 lots compared with the previous day. The price of machine - picked cotton was concentrated at 6.2 - 6.4 yuan per kilogram. The Sino - US - Malaysia trade negotiations made phased progress [10]. Iron Ore - On October 24, the 2601 main contract of iron ore fluctuated and closed down, with a decline of 0.58% and a closing price of 771 yuan. The iron ore shipment volume increased month - on - month, the domestic arrival volume decreased from a high level, and the hot metal output continued to decline from a high level. Short - term iron ore prices were in a volatile trend [11]. Asphalt - On October 24, the 2601 main contract of asphalt fluctuated and closed up, with a rise of 0.92% and a closing price of 3299 yuan. The refinery production plan in November decreased significantly month - on - month, the inventory continued to decrease, and the demand for rigid - need stocking increased. The recent rise in crude oil prices boosted market sentiment, and short - term asphalt prices were in a volatile trend [11]. Logs - On October 24, the 2601 log contract opened at 830, with a minimum of 826, a maximum of 833.5, and closed at 829, with an increase of 672 lots in positions. Attention should be paid to the support of the moving average at 827 - 815. The spot prices in Shandong and Jiangsu remained unchanged. The supply - demand relationship had no major contradictions, and the market was in a pattern of gradual inventory reduction [11][12]. Steel - The recent macro - level was mixed, with limited incremental information from the "14th Five - Year Plan Press Conference" and a neutral impact on the market. Sino - US high - level economic and trade consultations released some positive signals, but the EU's sanctions on Russia affected some Chinese enterprises, adding uncertainties. The domestic demand recovery momentum was still weak, and the risk of market volatility due to unmet expectations should be警惕 [12]. Alumina - The bauxite port inventory decreased slightly, and the supply tightened, with firm ore prices. The alumina spot price continued to weaken, squeezing smelter profits and increasing the expectation of production cuts, so the domestic alumina supply might gradually decrease. The domestic electrolytic aluminum capacity and operation remained at a high level, and the demand for alumina might be slightly boosted. Overall, the alumina price might be supported [13]. Shanghai Aluminum - The alumina spot price continued to weaken, and the domestic macro - expectation boosted the aluminum price, increasing the electrolytic aluminum smelting profit and production enthusiasm. However, the incremental supply of domestic electrolytic aluminum was limited. The "14th Five - Year Plan" improved domestic consumption expectations, and the downstream start - up rate increased during the traditional peak season, strengthening aluminum consumption and reducing aluminum ingot inventory. However, the inhibitory effect of high aluminum prices on downstream demand should be carefully observed [13].

Variety Views Stock Index Futures - On October 23, 2025, A-share market's three major indexes rose collectively. The Shanghai Composite Index rose 0.22% to 3922.41 points, the Shenzhen Component Index rose 0.22% to 13025.45 points, and the ChiNext Index rose 0.09% to 3062.16 points. The trading volume of the two markets was 1643.9 billion yuan, a slight decrease of 23.9 billion yuan from the previous day [1]. - The CSI 300 Index fluctuated widely on October 23, closing at 4606.35, up 13.78 from the previous day [2]. Coke and Coking Coal - On October 23, the weighted index of coke was strong, closing at 1790.7, up 68.8 from the previous day [3]. - On October 23, the weighted index of coking coal continued to rebound, closing at 1271.4 yuan, up 59.5 from the previous day [4]. - For coke, the rising coking coal spot price has eroded the profits of coking enterprises, and some are still slightly loss - making. The coke demand from steel mills is mainly on - demand procurement, and the coke spot circulation is smooth. For coking coal, the overall domestic coal supply is stable, and the demand of coking enterprises is weak due to poor profitability [5]. Zhengzhou Sugar - Affected by sufficient global sugar supply, the US sugar market declined slightly on Wednesday. However, the Zhengzhou sugar 2601 contract rose on October 23, supported by stable spot prices and bargain - hunting. China's finished sugar production in September 2025 was 539,000 tons, a year - on - year increase of 35.4%, and the cumulative production from January to September was 10.984 million tons, a year - on - year increase of 10.8% [5]. Rubber - Supported by factors such as expectations of a new round of China - US trade consultations, positive global light - vehicle sales data in September, and rising crude oil prices, the Shanghai rubber futures rose slightly on October 23. In September 2025, the seasonally adjusted annualized sales volume of global light vehicles was 94 million vehicles per year, with a year - on - year increase of 6.9% in that month and a 5% increase in cumulative sales from January to September [6]. Soybean Meal - Internationally, on October 23, CBOT soybean futures closed up. Market predictions are that as of October 16, US soybean export sales were between 600,000 and 2 million tons. Domestically, the supply of imported soybeans is loose, and the supply of soybean meal also remains loose. The concern about the long - term supply gap due to the stagnant Sino - US soybean trade is decreasing, and the rebound space of soybean meal may be limited [8]. Live Hogs - On October 23, live hog futures fluctuated. The short - term price is supported by the increasing number of second - fattening hogs, but the supply pressure is high, and the terminal consumption is weak. The live hog market is in a situation of strong supply and weak demand in the short term [9]. Palm Oil - On October 23, palm oil futures continued to decline, but the decline slowed down. The import price inversion of near - term shipments of palm oil in China has widened [9]. Shanghai Copper - On October 23, the main contract of Shanghai copper rose. The price increase is supported by the tight global copper mine supply, low overseas inventories, and the expectation of the Fed's interest rate cut. Future focus should be on US CPI data and China - US trade talks [10]. Iron Ore - On October 23, the main contract of iron ore 2601 closed up. The current iron ore price is in a volatile trend. With the shrinking profit of steel mills and the end of the peak season, the iron ore price may be affected [10]. Asphalt - On October 23, the main contract of asphalt 2601 rose. The supply of asphalt from local refineries in November will decrease significantly, and the cost support is strong in the near term. The asphalt price will be volatile in the short term [10]. Logs - On October 23, the spot prices of logs in Shandong and Jiangsu remained unchanged. The supply - demand relationship has no major contradictions, and the market is in a pattern of gradually reducing inventory [11]. Cotton - On the night of October 24, the main contract of Zhengzhou cotton closed at 13585 yuan/ton. The cotton inventory decreased by 39 lots compared with the previous day. The price of machine - picked cotton is concentrated at 6.2 - 6.4 yuan per kilogram. The peak season of downstream yarn mills has passed, and the off - season is approaching [12]. Steel - On October 23, the rb2601 contract closed at 3071 yuan/ton, and the hc2601 contract closed at 3256 yuan/ton. The coking coal price is rising, and the second round of coke price increase is likely to be implemented. The steel price may fluctuate upward under high - cost support [12]. Alumina - On October 23, the ao2601 contract closed at 2838 yuan/ton. The domestic alumina market has a structural surplus. The supply is sufficient, the demand is stable, and the price is under pressure [12]. Shanghai Aluminum - On October 23, the al2512 contract closed at 21165 yuan/ton. Overseas aluminum supply is tight, but the rise of aluminum price is restricted by market sentiment. The supply of aluminum ingots is normal, and the social inventory is at a low level. The demand is cooling down [13].

Variety Views Stock Index Futures - On October 22, the Shanghai Composite Index fluctuated and closed down 0.07% at 3,913.76; the Shenzhen Component Index fell 0.62% to 12,996.61; the ChiNext Index dropped 0.79% to 3,059.32. The trading volume of the two markets was 1.6679 trillion yuan, a decrease of 206 billion yuan from the previous day. The CSI 300 Index closed at 4,592.57, down 15.30 [1]. Coke and Coking Coal - On October 22, the coke weighted index fluctuated widely, closing at 1,735.0, up 17.7. The coking coal weighted index rebounded weakly, closing at 1,224.3 yuan, up 17.7. The port coke spot market price declined, with the Rizhao Port quasi - first - class metallurgical coke at 1,450 yuan/ton, down 30 yuan/ton. Many mainstream coke enterprises in Hebei, Shanxi, Shaanxi and other places initiated a second price increase of 50 - 55 yuan/ton, but steel mills haven't responded. Coke enterprises' production is stable, with low inventory. The increase in coking coal price has squeezed coke enterprises' profits. Some steel mills have poor arrivals due to production control, but the high daily pig iron output still supports coke demand [1]. - In the coking coal market, the price of lean clean coal in Changzhi increased by 60 yuan to 1,250 yuan/ton, while the price of Mongolian No. 5 raw coal at Ganqimaodu Port decreased by 15 yuan/ton to 1,100 yuan/ton. Due to over - production checks and safety inspections, the supply of coking coal is tightening, but downstream coke enterprises are cautious about purchasing high - priced resources, and the transaction price of some coal types has declined [2]. Zhengzhou Sugar - Affected by the expected increase in sugar production in Brazil's central - southern region in the 2026/27 season, the US sugar futures fell on Tuesday. The Zhengzhou sugar 2601 contract declined on Wednesday and slightly at night due to factors such as the fall of US sugar and the reduction of spot prices. Brazil's central - southern sugar production in the next season is estimated to be 43.2 million tons, higher than the current season's 41.42 million tons. Indonesia aims to produce 3 million tons of white sugar in 2026, up from 2.8 million tons this year [2]. Rubber - Due to short - term over - increase and technical factors, the Shanghai rubber futures fluctuated and closed slightly higher on Wednesday, and continued to rise slightly at night supported by the rebound of crude oil prices. As of October 19, 2025, the total inventory of natural rubber in Qingdao was 437,500 tons, a decrease of 18,600 tons (4.07%) from the previous period. The bonded area inventory decreased by 1.70% to 69,600 tons, and the general trade inventory decreased by 4.51% to 367,900 tons. The inbound and outbound rates of warehouses also changed [3]. Palm Oil - On October 22, after continuous small - scale fluctuations, the willingness of long - position holders to support the price weakened, and the palm oil futures deviated from the consolidation range and fell rapidly. The main contract P2601 closed with a negative line, at 9,164, down 1.40% from the previous day. Malaysia's palm oil production from October 1 - 20 increased by 10.77%, with different increases in different regions [4]. Soybean Meal - Internationally, on October 22, the CBOT soybean futures closed higher. Due to the US government shutdown, the USDA stopped updating key data. The market estimated that the US soybean harvest rate was 73% as of last Sunday, and the export sales volume as of October 16 was expected to be 60 - 200 million tons. Brazil's 2025/26 soybean production is predicted to reach 178.5 million tons. Domestically, the M2601 contract closed at 2,885 yuan/ton, down 0.14%. The supply of imported soybeans is abundant, the oil mills' operating rate is high, but downstream replenishment is weak, and the inventory reduction is slow. The short - term soybean meal price will fluctuate, and future attention should be paid to Sino - US trade and soybean arrivals [5]. Live Pigs - On October 22, the live pig futures price fluctuated. The LH2601 contract closed at 12,220 yuan/ton, down 0.12%. The increasing spread between standard and fat pigs has attracted second - fattening, which supports the short - term price. However, the supply pressure is high, and the terminal consumption is weak after the holidays. The short - term market is in a situation of strong supply and weak demand, and the rebound space may be limited. Attention should be paid to the slaughter rhythm and capacity control policies [6]. Shanghai Copper - The main contract of Shanghai copper fluctuated. The supply of copper concentrate is expected to be tight due to production disturbances at home and abroad, and refinery maintenance capacity increased in October. The downstream demand has some resilience, and the inventory shows a pattern of accumulation in China and reduction overseas. With uncertainties in Sino - US tariff negotiations and the strengthening of the US dollar index, the market has both long and short factors. Technically, pay attention to the support at 84,000 yuan/ton and the resistance at 86,000 yuan/ton [7]. Iron Ore - On October 22, the iron ore 2601 contract closed up 0.65% at 774 yuan. The iron ore shipment volume rebounded, and the domestic arrival volume declined from the high level. The pig iron output is still high but may decline as steel mills' profits shrink and the peak season ends. The short - term iron ore price will fluctuate [7]. Asphalt - On October 22, the asphalt 2601 contract rose 2.95% to 3,249 yuan. The asphalt capacity utilization rate increased slightly, and the shipment volume rebounded. However, due to cold air, the terminal project construction slowed down, and the demand peak season is approaching the end. The short - term asphalt price will fluctuate [7]. Cotton - On Wednesday night, the main contract of Zhengzhou cotton closed at 13,540 yuan/ton. The cotton inventory decreased by 14 lots. The price of machine - picked cotton was stable with a slight increase, and the opening rates of downstream spinning mills were stable [8]. Logs - On October 22, the 2511 log futures opened at 802, with a low of 786, a high of 803, and closed at 795, with an increase of 68 lots in positions. The price tested the previous low. The spot prices in Shandong and Jiangsu remained unchanged. The market is gradually reducing inventory, and attention should be paid to spot prices, import data, inventory changes and macro - market sentiment [8]. Steel - On October 22, the rb2601 contract closed at 3,068 yuan/ton, and the hc2601 at 3,247 yuan/ton. Independent electric arc furnace steel mills are in loss, and the supply is expected to shrink. Downstream demand is average, with better sales of low - priced resources. The firm coking coal market supports the steel price. The steel market supply and demand are balanced, and the price will continue to fluctuate [9]. Alumina - On October 22, the ao2601 contract closed at 2,829 yuan/ton. The domestic bauxite market has regional differences, but the price is stable due to balanced supply and demand. The supply surplus pressure is increasing due to high domestic production and open import window. Some high - cost enterprises are close to the break - even point, and large - scale production cuts may start in November. The electrolytic aluminum plants have high inventory and low procurement enthusiasm [9]. Shanghai Aluminum - On October 22, the al2512 contract closed at 21,045 yuan/ton. The spot market was average. Although the inventory decreased and holders wanted to support the price, the high and fluctuating Shanghai aluminum price suppressed downstream consumption. Enterprises maintained rigid demand procurement, and the spot premium declined. The weighted average full cost of Chinese electrolytic aluminum in October 2025 is expected to decline slightly, mainly due to the falling alumina price, but the decline is limited due to the increase in electricity and auxiliary material costs [10].

Group 1: Stock Index Futures - On October 21, A-share market strengthened, with Shanghai Composite Index rising 1.36% to 3916.33, Shenzhen Component Index rising 2.06% to 13077.32, and ChiNext Index rising 3.02% to 3083.72. The trading volume of Shanghai and Shenzhen markets reached 1873.9 billion yuan, an increase of 136.3 billion yuan from the previous day [1]. - The CSI 300 Index was strong on October 21, closing at 4607.87, a rise of 69.65 [2]. Group 2: Coke and Coking Coal - On October 21, the weighted coke index weakened, closing at 1697.9, a decrease of 45.9 [3]. - The weighted coking coal index was weak on October 21, closing at 1191.4 yuan, a decrease of 42.3 [4]. - Coke price increase took effect on October 1. In September 2025, China's crude steel output was 73.49 million tons, a year-on-year decrease of 4.6%. Current iron - water output is 2409500 tons, a decrease of 590 tons. Coke inventory is higher than the same period. The average profit per ton of coke for 30 independent coking plants is - 13 yuan/ton [5]. - Tangshan Mongolian 5 coking coal is reported at 1422, equivalent to 1202 on the futures market. The central bank keeps LPR unchanged. Mine - end开工率 has rebounded, and there is no inventory pressure at the mine end. The开工率 of coal - washing plants has rebounded. The cumulative import growth rate has declined for 3 consecutive months, and inventory is expected to rise seasonally [5]. Group 3: Zhengzhou Sugar - Affected by the increase in Brazil's sugar exports in the first three weeks of October, ICE sugar rebounded on Monday. Driven by short - covering, Zhengzhou sugar contract 2601 rose slightly on Tuesday but fell at night due to short - selling. In September 2025, China's imports of syrup and white sugar premix totaled 151400 tons, a year - on - year decrease of 135200 tons. Brazil exported 34620.93 tons of sugar in the first three weeks of October, with an average daily export of 179586.23 tons, a 6% increase compared to the average daily export in October last year [5]. Group 4: Rubber - Due to the temporary easing of trade tensions and rainfall in Thai production areas, spot prices in Southeast Asian rubber production areas increased. Driven by funds, Shanghai rubber rose on Tuesday and slightly closed higher after night trading. In the first three quarters of 2025, China's rubber tire exports reached 7.28 million tons, a year - on - year increase of 5%. Thailand may face floods from October 21 - 26. The weather improvement in major rubber - producing countries may keep rubber production stable in Q4 [6]. Group 5: Soybean Meal - On October 21, CBOT soybean futures weakened. Due to the US government shutdown, the USDA stopped updating key data. The market estimates that as of last Sunday, the US soybean harvest rate was 73%. As of October 16, Brazil's soybean planting rate reached 24%, higher than 18% last year. Brazil's soybean production is expected to reach 178 million tons, a year - on - year increase of 3.6% [7][8]. - On October 21, domestic soybean meal futures weakened. The main contract M2601 closed at 2861 yuan/ton, a decrease of 0.97%. Domestic soybean imports are abundant, oil - mill开工率 is high, downstream replenishment is weak, and inventory reduction is slow. Concerns about the long - term supply gap are decreasing. Short - term soybean meal lacks upward momentum and will fluctuate [9]. Group 6: Live Pigs - On October 21, live - pig futures prices rose slightly. The main contract LH2601 closed at 12235 yuan/ton, a rise of 0.66%. The increasing spread between standard and fat pigs attracted second - round fattening, but the supply pressure is high, and terminal consumption is weak. The short - term market is supply - strong and demand - weak, and the rebound space is limited [10]. Group 7: Palm Oil - On October 21, palm oil futures prices fluctuated in a narrow range. The main contract P2601 closed with a small negative candlestick. From October 1 - 20, Malaysia's palm oil production increased by 2.71% month - on - month, and exports increased by 2.5% month - on - month [11]. Group 8: Shanghai Copper - Affected by global macro - risks, copper prices may be under pressure, but supply shortages provide support. Technically, Shanghai copper may test the 86000 yuan/ton mark. The downstream purchasing sentiment is poor, and the spot market trades around par. Attention should be paid to macro news, overseas mine production, and downstream replenishment [11]. Group 9: Cotton - On Tuesday night, the main Zhengzhou cotton contract closed at 13540 yuan/ton. Cotton inventory decreased by 19 lots. The price of machine - picked cotton is 6.2 - 6.3 yuan/kg. The temperature in Xinjiang is rising, which is beneficial for cotton picking [12]. Group 10: Iron Ore - On October 21, the main iron ore contract 2601 rose slightly, closing at 769.5 yuan. Iron ore shipments rebounded, and domestic arrivals decreased. Iron - water output is high but may decline. Short - term iron ore prices will fluctuate [12]. Group 11: Asphalt - On October 21, the main asphalt contract 2601 rose slightly, closing at 3157 yuan. Asphalt production capacity utilization increased slightly, and shipments rebounded. However, cold air affects construction, and demand is weakening. Short - term prices will fluctuate [12][13]. Group 12: Logs - On October 21, the 2511 log contract opened at 808, closed at 803.5, and decreased by 276 lots. Spot prices in Shandong and Jiangsu remained stable. The supply - demand relationship is balanced, and the market is gradually reducing inventory. Attention should be paid to spot prices, imports, inventory, and macro - sentiment [13]. Group 13: Steel - On October 21, rb2601 closed at 3047 yuan/ton, and hc2601 closed at 3219 yuan/ton. Domestic steel demand is weak, and some mills and traders are reducing inventory by cutting prices. As losses increase, mills may increase production cuts. Iron ore prices are under pressure, while coking coal supply is tight. Short - term steel prices will fluctuate [13]. Group 14: Alumina - On October 21, ao2601 closed at 2810 yuan/ton. After the rainy season in Guinea, bauxite shipments and arrivals increased, reducing the cost support for alumina. Consumption demand is stable, and there are sporadic production cuts at the smelting end. The futures price is close to the average cash - cost line, and the downward space is limited. The spot market is slightly warmer [14]. Group 15: Shanghai Aluminum - On October 21, al2512 closed at 20965 yuan/ton. Macro uncertainties are high, and Sino - US trade representatives will talk. The supply is stable, and social inventory varies. Demand is weakening, but some large - scale traders' purchases support the price. The basis is stable, and the spot is at a discount [14].

Industry Investment Rating - No information provided Core Viewpoints - On October 20, 2025, the A-share market showed a general upward trend, but the trading volume decreased. Different futures varieties had different price trends, affected by various factors such as supply and demand, policies, and international market conditions [1] - Most futures varieties are currently in a state of complex supply - demand relationships, with short - term trends being mainly volatile, and different varieties have different influencing factors and future focus points [5][8] Summary by Variety Stock Index Futures - On October 20, the three major A - share indexes rose collectively. The Shanghai Composite Index rose 0.63% to 3863.89 points, the Shenzhen Component Index rose 0.98% to 12813.21 points, and the ChiNext Index rose 1.98% to 2993.45 points. The trading volume of the two markets was 1737.6 billion yuan, a decrease of 200.5 billion yuan from the previous trading day. The CSI 300 index rebounded and consolidated, closing at 4538.22, a rise of 23.99 [1][2] Coke and Coking Coal - On October 20, the coke weighted index fluctuated and consolidated, closing at 1735.3, a rise of 28.9; the coking coal weighted index had a narrow - range consolidation, closing at 1229.0 yuan, a rise of 29.5 [3][4] - The supply of coking coal increased, but production was restricted by over - production inspections. The strong thermal coal market supported the price of coking coal. Coke production decreased with the decline of hot metal, and factors such as shrinking steel mill profits and inventory accumulation restricted the rise of coking coal prices. In the short term, the upward driving force of double - coking was insufficient [5] Zhengzhou Sugar - Although the US sugar fell last Friday, the Zhengzhou sugar 2601 contract did not follow. Affected by the decrease in imports in September, short - covering pushed the futures price to close slightly higher. Supported by bargain - hunting, the contract also rose slightly at night [5] Rubber - On October 20, Shanghai rubber fluctuated narrowly, with natural rubber being strong and 20 - number rubber being weak. At night, it fluctuated slightly and closed slightly lower. Trump signed an executive order to impose new tariffs on imported trucks and parts from November 1 [6] Soybean Meal - Internationally, on October 20, CBOT soybean futures fluctuated and closed higher. As of October 17, the sown area of Brazilian soybeans had reached 23.27% of the expected total area, compared with 9.33% in the same period last year. Domestically, on October 20, soybean meal futures fluctuated and closed higher, with the M2601 contract closing at 2895 yuan/ton, a rise of 0.94%. In the short term, soybean meal lacked upward driving force and was expected to fluctuate [6][8] Live Pigs - On October 20, live pig futures rebounded from the bottom, with the LH2601 contract closing at 12155 yuan/ton, a rise of 4.16%. In the short term, the live pig market was in a situation of strong supply and weak demand, and the rebound space might be limited [8] Palm Oil - On October 20, palm oil futures prices fluctuated slightly within the range. The main contract P2601 closed with a small negative line with an upper shadow. The export volume of Malaysian palm oil from October 1 - 20 increased by 3.4% compared with the same period last month [8] Shanghai Copper - Shanghai copper was strong. The contraction of global copper mine supply, continuous maintenance of domestic smelters, and the Fed's loose policy provided support for copper prices. The 86000 yuan/ton integer mark was a key pressure level [9] Cotton - On the night of October 20, the main contract of Zhengzhou cotton closed at 13480 yuan/ton. Cotton inventory decreased by 55 lots compared with the previous trading day. The price of machine - picked cotton increased on average, and the machine - picking progress in Xinjiang was more than half [9] Logs - On October 20, the 2511 log contract opened at 802, with the lowest at 798.5, the highest at 806.5, and closed at 802.5, with a reduction of 503 lots. The futures price rebounded near the 800 mark, and attention should be paid to the support of the spot price and the pressure of the 807 moving average [9] Iron Ore - On October 20, the main contract of iron ore 2601 fluctuated and closed down, with a decline of 0.58% and a closing price of 767 yuan. The iron ore shipping volume decreased slightly, the domestic arrival volume increased significantly, and the port inventory continued to accumulate. In the short term, the iron ore price was in a volatile trend [10] Asphalt - On October 20, the main contract of asphalt 2601 fluctuated and closed up, with a rise of 0.13% and a closing price of 3141 yuan. The asphalt production capacity utilization rate increased slightly, and the shipment volume rebounded month - on - month. In the short term, the asphalt price was expected to fluctuate [10] Steel - On October 20, rb2601 was reported at 3045 yuan/ton, and hc2601 was reported at 3215 yuan/ton. The domestic steel demand was weak, and the supply - demand situation was weak. The raw fuel market was divided, and the steel price was expected to fluctuate in the short term [11][13] Alumina - On October 20, ao2601 was reported at 2806 yuan/ton. The supply of imported alumina ore was stable, and the inventory was high. The industry's operating capacity was at a high level. Before the emergence of a clear production - reduction signal, the market was in a weak rebound pattern with limited space [13] Shanghai Aluminum - On October 20, al2511 was reported at 20910 yuan/ton. The overseas and domestic macro signals were generally neutral and slightly improved. The macro - level provided mild support for the non - ferrous sector, but Sino - US relations might still cause disturbances [14]

Report Summary 1. Market Performance on October 17, 2025 - A-share market: The three major A-share indices declined. The Shanghai Composite Index fell 1.95% to 3839.76 points, the Shenzhen Component Index dropped 3.04% to 12688.94 points, and the ChiNext Index decreased 3.36% to 2935.37 points. The trading volume of the two markets reached 1938.1 billion yuan, a slight increase of 7 billion yuan from the previous day [1]. - Index performance: The CSI 300 Index closed at 4514.23, down 104.19 [2]. 2. Futures Market Performance 2.1. Coke and Coking Coal - Coke: The weighted index of coke fluctuated within a narrow range, closing at 1700.3, up 28.2. The spot price of coke at ports remained stable. Due to rising raw - material prices and environmental protection inspections, coke supply slightly shrank, while demand from steel mills was strong [3][5]. - Coking coal: The weighted index of coking coal oscillated in a narrow range, closing at 1194.0 yuan, up 16.6. The prices of some coking coal varieties changed. Supply was affected by production at coal mines, and demand from downstream enterprises was mainly for rigid replenishment [4][5]. 2.2. Zhengzhou Sugar - Affected by factors such as reduced imports from Pakistan and increased European exports, the US sugar market declined. The Zhengzhou sugar 2601 contract rose slightly at night due to short - covering. Brazilian sugar production in the second half of September increased by 10.76% year - on - year to 3.14 million tons [5]. 2.3. Rubber - Shanghai rubber fluctuated slightly. As of October 17, the inventory and warehouse receipts of natural rubber and 20 - grade rubber decreased. The capacity utilization rate of tire enterprises recovered [6]. 2.4. Palm Oil - The palm oil futures on the Dalian Commodity Exchange oscillated at night. Although the export situation in Malaysia was better than expected and there were expectations of export control in Indonesia, the price lacked upward momentum [7]. 2.5. Soybean Meal - Internationally, CBOT soybean futures rose. The US soybean harvest was at its peak, and the export expectation to China decreased. Domestically, the soybean meal futures rose. The supply of soybean meal was abundant, and the futures market lacked upward drivers [8]. 2.6. Live Hogs - Live hog futures weakened. The market was in a stage of over - supply, and consumption was in the off - season, resulting in a bearish fundamental situation [9]. 2.7. Shanghai Copper - With a clear contraction in global copper mine supply, ongoing domestic smelter maintenance, and increasing macro - economic easing expectations, copper prices were expected to be supported. The demand was likely to be released when prices declined, and the copper market was likely to be oscillating strongly [9]. 2.8. Cotton - The closing price of the Zhengzhou cotton main contract was 13425 yuan/ton at night. Cotton inventory decreased, and the short - fiber price declined. The cotton picking progress in Xinjiang accelerated [9]. 2.9. Iron Ore - The iron ore 2601 main contract declined slightly. The supply was relatively loose, and the price was in an oscillating trend [10]. 2.10. Asphalt - The asphalt 2601 main contract declined. The capacity utilization rate increased slightly, and the demand showed no obvious peak - season characteristics, with prices expected to oscillate [10][11]. 2.11. Logs - The log futures price rebounded near the 800 mark. The spot prices in Shandong and Jiangsu remained unchanged, and the market was gradually destocking [11]. 2.12. Steel - Steel mills in Guangdong were in a state of serious loss. Steel mills issued price - limit sales notices, which were expected to stabilize market confidence and prices [11]. 2.13. Alumina - The port inventory of bauxite decreased, and the price was firm. Alumina supply might contract due to profit losses of smelters, while demand was stable [12]. 2.14. Shanghai Aluminum - The supply of electrolytic aluminum was expected to increase slightly, and the demand was boosted by the macro - economic situation and the peak - season effect [12].

Market Overview - On October 16, 2025, A-share's three major indexes showed mixed results, with the Shanghai Composite Index rising 0.10% to 3916.23, the Shenzhen Component Index falling 0.25% to 13086.41, and the ChiNext Index rising 0.38% to 3037.44. The trading volume of the two markets dropped below 2 trillion to 1931.1 billion, a decrease of 141.7 billion from the previous day [1] Index Performance - The CSI 300 index fluctuated and consolidated on October 16, closing at 4618.42, up 12.13 from the previous day [2] Commodity Futures Coke and Coking Coal - On October 16, the weighted coke index fluctuated widely, closing at 1696.3, up 38.5 from the previous day. The weighted coking coal index had a narrow - range consolidation, closing at 1201.3 yuan, up 40.8 from the previous day [3][4] - Coke: The loss situation of coke enterprises has improved, and the enthusiasm for starting work has recovered. The daily average pig iron output of sample steel mills has slightly declined, but the absolute level remains above 2.4 million tons. Steel mills are consuming raw material inventories and mainly purchasing on - demand [5] - Coking coal: After the long holiday, coal mine production has recovered. Most mines are operating normally. The import volume through the China - Mongolia freight customs clearance port is stable at a high level. The profit of coke enterprises has been repaired, and the iron output of steel mills remains at a high level [5] Zhengzhou Sugar - The US sugar futures closed lower on Wednesday. The Zhengzhou sugar 2601 contract stopped falling and rebounded slightly on Thursday due to bottom - fishing buying. Brazil is expected to have a 2025 sugarcane planting area of 9.355219 million hectares, an increase of 1.5% from the previous month's forecast, and a sugarcane output of 695.532937 million tons, a decrease of 1.6% from the previous year [5] Rubber - Affected by the optimistic expectation of US interest rate cuts, the Shanghai rubber market rebounded on Thursday. The prediction of tire prices by Chinese tire dealers in October shows that the proportion of those bearish on prices has increased [6] Palm Oil - On October 16, the palm oil futures price fluctuated slightly within the range. From October 1 - 15, 2025, Malaysia's palm oil yield, oil extraction rate, and output all increased compared to the same period last month [6][8] Soybean Meal - Internationally, the CBOT soybean futures closed higher on October 16. The US soybean crushing volume in September was higher than expected. Brazil is expected to increase its 2025/2026 soybean planting area by 3.6% from the previous month and 0.1% from last year, with an output increase of 14.4% from the previous year. Domestically, the soybean meal futures weakened on October 16. The soybean crushing volume in September was about 9.7 million tons, and it is expected to be about 8.5 million tons in October. The soybean meal inventory remains above 1 million tons, and the supply is loose [9] Live Pigs - On October 16, the live pig futures closed lower. In October, the supply of suitable - weight pigs is sufficient, and the consumption after the festival has declined. The short - term market is in a situation of strong supply and weak demand [10] Shanghai Copper - The strong expectation of the Fed's interest rate cut and the global shortage of copper ore supply support the copper price. However, the uncertainty of Sino - US trade relations and the US government shutdown have disturbed the market sentiment. The price may fluctuate within a range [10] Iron Ore - On October 16, the iron ore 2601 contract closed lower. The iron ore shipment volume continued to decline slightly, the domestic arrival volume increased significantly, and the port inventory continued to accumulate. The iron ore price is in a volatile trend in the short term [11] Asphalt - On October 16, the asphalt 2511 contract closed higher. The asphalt production capacity utilization rate increased slightly, and the shipment volume rebounded. However, due to capital and weather factors, the demand improvement is limited, and the price will fluctuate in the short term [11] Cotton - On Thursday night, the Zhengzhou cotton main contract closed at 13340 yuan/ton. The cotton inventory decreased by 49 lots compared to the previous day. The machine - picked cotton price is 6 - 6.3 yuan per kilogram, and the short - fiber price has fallen. The cotton picking progress in Xinjiang is faster than in previous years [11] Logs - On October 16, the log futures price fell below the 800 - yuan mark. The spot prices in Shandong and Jiangsu remained unchanged. The supply - demand relationship has no major contradictions, and the market is gradually destocking [11][12] Steel - On October 16, the steel prices fell weakly. Some steel mills have arranged maintenance and production cuts. In the short term, the steel price may be adjusted narrowly, and the decline may slow down [12] Alumina - On October 16, the alumina futures price closed at 2790 yuan/ton. The overseas bauxite supply is stable and loose, the domestic supply has not triggered large - scale production cuts, and the inventory is rising. The consumption in the northwest may be boosted by winter storage, but the overall market trading atmosphere is dull [13] Shanghai Aluminum - On October 16, the Shanghai aluminum futures price closed at 20975 yuan/ton. The supply of aluminum ingots is tightening, the inventory is at a historical low, and the downstream consumption in the peak season is strong. The aluminum price will continue to be strong in the short term [13]

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core Views - On October 15, 2025, the A-share market showed an upward trend, with the Shanghai Composite Index rising 1.22% to 3912.21 points, the Shenzhen Component Index rising 1.73% to 13118.75 points, and the ChiNext Index rising 2.36% to 3025.87 points. The trading volume of the two markets was 2072.9 billion yuan, a significant decrease of 503.4 billion yuan from the previous day [1]. - The prices of various futures products showed different trends. Some were affected by factors such as supply and demand, international market conditions, and policy changes [1][5][7]. 3. Summary by Variety Stock Index Futures - On October 15, the A-share market rebounded. The Shanghai Composite Index regained the 3900 - point mark, and the trading volume decreased significantly [1]. - The CSI 300 Index was strong on October 15, closing at 4606.29, a rise of 67.22 [2]. Coke and Coking Coal - On October 15, the coke weighted index showed weak consolidation, closing at 1663.8, a rise of 5.6 [3]. - The coking coal weighted index showed narrow - range shock consolidation, closing at 1165.0 yuan, a rise of 10.7 [4]. - Factors affecting prices include changes in import freight, customs clearance issues, and downstream supply - demand contradictions. The cost support for coke is loosening, and the second - round price increase is difficult [5]. Zhengzhou Sugar - Affected by the rebound of US sugar and short - term large declines, the Zhengzhou Sugar 2601 contract stopped falling and rebounded slightly on October 15. Thailand's 2025/26 sugar production is expected to increase by 5% to 10.5 million tons [5]. Rubber - Due to the warning of heavy rain in Thailand from October 16 - 21, the spot price in Southeast Asia rose, and Shanghai rubber rebounded on October 15. China's automobile production and sales in September increased both month - on - month and year - on - year [6]. Soybean Meal - Internationally, on October 15, CBOT soybean futures fluctuated. As of October 9, Brazil's soybean sowing area reached 14% of the expected total area. Domestically, on October 15, soybean meal futures fluctuated. The soybean crushing volume in September was about 9.7 million tons, and it is expected to be about 8.5 million tons in October. The inventory is above 1 million tons, and the supply is loose [7]. Live Pigs - On October 15, live pig futures closed down. In October, the supply of suitable - weight pigs is sufficient, and consumer demand lacks growth. The short - term market is in a situation of strong supply and weak demand [8]. Palm Oil - On October 15, palm oil futures prices continued to decline slightly. The export volume of Malaysian palm oil from October 1 - 15 increased compared with the same period last month [8]. Shanghai Copper - Powell's remarks on the employment market and the possible shutdown of a smelter in Indonesia supported the price, but the increase was limited by inventory increase and weak downstream procurement. It is expected to maintain a high - level range - bound pattern in the short term [9]. Iron Ore - On October 15, the iron ore 2601 contract fell. The shipping volume decreased slightly, the domestic arrival volume increased significantly, and the port inventory continued to accumulate. The iron water production remained high, but the pressure to reduce production increased in the future [9]. Asphalt - On October 15, the asphalt 2511 contract fell. The production and shipment volume decreased month - on - month, and the demand was affected by weather and funds. The short - term price will fluctuate [9]. Logs - On October 15, the log 2511 contract continued to decline, breaking through the 800 - point mark. The spot prices in Shandong and Jiangsu remained unchanged. The import volume from January - September decreased by 12.7% year - on - year [11]. Cotton - On the night of October 15, the main contract of Zhengzhou cotton closed at 13260 yuan/ton. The inventory decreased by 50 lots. The price of machine - picked cotton is 5.9 - 6.2 yuan/kg. The cotton picking in Xinjiang is more than half completed, and the supply pressure is increasing [11]. Steel - On October 15, the rb2601 contract was reported at 3034 yuan/ton, and the hc2601 contract was reported at 3212 yuan/ton. After the holiday, the steel market transaction was weak, and the steel industry's profit continued to shrink. The steel price may be adjusted weakly in a narrow range in the short term [12]. Alumina - On October 15, the ao2601 contract was reported at 2797 yuan/ton. The supply is in surplus, and the price is weakly adjusted. The start of winter storage in the northwest may boost demand, but the overall transaction is dull [12]. Shanghai Aluminum - On October 15, the al2511 contract was reported at 20910 yuan/ton. The Sino - US economic and trade relations are uncertain, putting pressure on the non - ferrous market. The downstream processing industry's start - up is stable, and the terminal demand is supportive [13].

Report Summary Core Viewpoints - On October 14, 2025, most futures varieties showed different trends. A - share stock indexes generally declined, while some futures like coke and焦煤 showed slight increases, and others like sugar, rubber, and palm oil were affected by various factors and showed downward or fluctuating trends [1][2][3][4]. Industry Analysis Stock Index Futures - On October 14, A - share three major indexes collectively declined. The Shanghai Composite Index fell 0.62% to 3865.23 points, the Shenzhen Component Index fell 2.54% to 12895.11 points, and the ChiNext Index fell 3.99% to 2955.98 points. The trading volume of the two markets reached 2576.2 billion yuan, an increase of 221.5 billion yuan from the previous day. The CSI 300 Index closed at 4539.06, a decline of 54.91 [1][2]. Coke and Coking Coal - On October 14, the coke weighted index showed a weak shock, closing at 1665.5, a rise of 4.8. The coking coal weighted index had a narrow - range consolidation, closing at 1167.5 yuan, a rise of 6.5. Coke's coking profit is near the break - even point, and the demand increment is insufficient. Coking coal's supply recovery is slow, and the supply - demand contradiction is not prominent [3][4][5]. Zhengzhou Sugar - Affected by the prospect of global supply surplus in the 2025/26 season and other factors, the US sugar fell on Monday. The Zhengzhou Sugar 2601 contract fell sharply on Tuesday and then had a slight rebound at night. As of the end of September, Guangxi's sugar sales volume increased, but the sales rate decreased, and the industrial inventory increased [5]. Rubber - Affected by factors such as Sino - US economic and trade relations, crude oil prices, and Southeast Asian spot prices, Shanghai rubber declined on Tuesday and had a slight decline at night. In September 2025, China's imports of natural and synthetic rubber increased compared with the same period in 2024 [6]. Palm Oil - On October 14, palm oil futures prices declined slightly. Malaysia lowered the reference price of crude palm oil in November while keeping the export tariff unchanged [7]. Soybean Meal - Internationally, on October 14, CBOT soybean futures were weakly volatile. Domestically, soybean meal futures were also weakly volatile. High imports of soybeans and the expected early listing of Brazilian soybeans help ease concerns about the supply shortage [8]. Live Pigs - On October 14, live pig futures rebounded from a low level. Currently, the live pig market is in a situation of strong supply and weak demand, but it is expected to stabilize and rebound after November, with the rebound height limited by over - capacity expectations [9]. Shanghai Copper - Fed's interest - rate cut expectations and overseas copper mine supply disturbances support copper prices, but Sino - US trade disputes and weak domestic demand lead to copper price fluctuations. The inventory has increased, and the peak - season demand is lower than expected [9]. Iron Ore - On October 14, the iron ore 2601 contract declined. The supply is relatively loose, and there is an increasing pressure on steel mills to reduce production in the future, so the iron ore price is in a volatile trend [10]. Asphalt - On October 14, the asphalt 2511 contract declined. The production and shipment of asphalt decreased, and the demand is affected by weather and funds, so the price is in a volatile trend [10]. Logs - On October 14, log futures prices continued to decline. The spot price remained stable, and the import volume from January to September decreased year - on - year. The supply - demand relationship has no major contradictions, and the market is in a pattern of inventory reduction [12]. Cotton - On the night of October 14, Zhengzhou cotton futures closed at 13240 yuan/ton. The cotton inventory decreased, and the Sino - US trade war has a certain suppressing effect on the cotton market [12]. Steel - On October 14, steel futures prices showed a general downward trend. After the holiday, steel demand is average, the inventory reduction speed may be slow, and the cost support is insufficient, so the steel price may be weakly volatile in the short term [12]. Alumina - On October 14, alumina futures closed at 2805 yuan/ton. The spot market supply is abundant, the inventory is accumulating, and the price is expected to continue to decline [13]. Shanghai Aluminum - On October 14, Shanghai aluminum futures closed at 20860 yuan/ton. The macro - situation is complex, and the supply is stable. The demand is improving, and the social inventory in the East China region has decreased [13].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The A-share market showed a collective decline on October 13, 2025, with the Shanghai Composite Index down 0.19%, the Shenzhen Component Index down 0.93%, and the ChiNext Index down 1.11%. The trading volume in the Shanghai and Shenzhen stock markets reached 2354.8 billion yuan, a decrease of 160.9 billion yuan from the previous trading day [1]. - Futures prices of various commodities showed different trends. For example, the CSI 300 Index fluctuated widely and closed lower; coke and coking coal futures prices trended weaker; Zhengzhou sugar futures prices declined; rubber futures prices decreased; soybean meal futures prices oscillated; hog futures prices were weak; palm oil futures prices continued to decline slightly; copper futures prices had an upward - moving center with intraday corrections; cotton futures prices had a certain change in inventory; log futures prices dropped significantly; iron ore futures prices oscillated upward; asphalt futures prices oscillated downward; steel futures prices might oscillate weakly; alumina futures prices were weak; and aluminum futures prices had limited upward space [1][2][3][4][6][7][8][9][10][12][13][14]. 3. Summary by Commodity Category Stock Index Futures - On October 13, the A - share market had a collective decline. The Shanghai Composite Index closed at 3889.50 points, down 0.19%; the Shenzhen Component Index closed at 13231.47 points, down 0.93%; the ChiNext Index closed at 3078.76 points, down 1.11%. The trading volume in the Shanghai and Shenzhen stock markets was 2354.8 billion yuan, a decrease of 160.9 billion yuan from the previous trading day. The CSI 300 Index closed at 4593.98, a decrease of 22.86 [1][2]. Coke and Coking Coal - On October 13, the coke weighted index oscillated weakly, closing at 1665.5, down 19.0; the coking coal weighted index was weak, closing at 1162.4 yuan, down 18.2. During the National Day holiday, coking coal prices were weak, with some domestic and imported coal prices falling. Coke had its first round of price increase. Supply and demand of coke and coking coal were affected by the holiday, with changes in production, demand, and inventory [3][4][5][6]. Zhengzhou Sugar - Affected by factors such as the global sugar supply surplus and the decline in US sugar prices, the Zhengzhou sugar 2601 contract oscillated downward on October 13. The sugar production in the central - southern region of Brazil in the second half of September was expected to increase, and the sugar sales and inventory in Guangxi also changed [6]. Rubber - Affected by the resurgence of Sino - US trade disputes and the decline in Southeast Asian spot prices, the Shanghai rubber futures price oscillated downward on October 13. The total monitored natural rubber production in Malaysia in August decreased year - on - year and month - on - month, and the inventory situation also changed. The inventory in Qingdao showed different trends in bonded and general trade warehouses [7]. Soybean Meal - Internationally, the CBOT soybean futures rebounded slightly on October 13. The US soybean harvest was progressing actively, and the Brazilian soybean sowing progress was ahead of schedule. Domestically, the soybean meal futures oscillated on October 13. The import volume of soybeans in China was still high, and the cost support weakened. The market was affected by the Sino - US trade situation [8]. Hog - On October 13, the hog futures were weakly running. The supply of suitable - weight standard pigs was increasing, and the post - holiday consumption declined. However, the market was expected to stabilize and rebound after November, but the rebound height was limited by the over - capacity expectation [9]. Palm Oil - On October 13, the palm oil futures price continued to decline slightly. As of October 10, the national key - area palm oil commercial inventory decreased slightly compared with the previous week but increased compared with the same period last year [10]. Copper - The expectation of the Fed's interest rate cut in October and the shortage of supply provided support for copper prices. The intraday correction was due to the Sino - US trade friction. The supply - side support remained unchanged, and the LME copper inventory decreased [10][12]. Cotton - On the night of October 13, the main contract of Zhengzhou cotton closed at 13235 yuan/ton. The cotton inventory decreased, and the machine - picked cotton price was in a certain range. The cotton harvest progress in different regions of Xinjiang was different [12]. Log - On October 13, the log 2511 contract had a large - scale decline. The spot prices in Shandong and Jiangsu remained unchanged, and the import volume from January to September decreased year - on - year [12]. Iron Ore - On October 13, the iron ore 2601 main contract oscillated upward. The recent iron ore shipping volume decreased, the domestic arrival volume increased, and the port inventory continued to accumulate. The iron water production decreased slightly but remained high, and the steel mills had a certain replenishment demand after the holiday [13]. Asphalt - On October 13, the asphalt 2511 main contract oscillated downward. The asphalt production and shipment volume decreased, and the inventory decreased. The demand in the north was for rush - work, while the demand in the south was affected by rainfall [13]. Steel - On October 13, the steel futures prices showed different trends. The post - holiday steel market transaction was poor, and the market was affected by factors such as inventory increase, tariff events, and policy expectations [13]. Alumina - On October 13, the alumina 2601 contract closed at 2820 yuan/ton. The alumina enterprise operating rate remained high, the supply pressure increased, and the demand - side consumption increased slightly but the export volume declined, resulting in an oversupply situation [14]. Aluminum - On October 13, the aluminum 2511 contract closed at 20885 yuan/ton. The domestic electrolytic aluminum supply remained high, the demand showed structural differentiation, and the social inventory continued to accumulate. The upward space of aluminum prices was limited [14].