Group 1: Report Summary - The current global iron ore shipment volume decreased month-on-month, with both Australian and Brazilian ores showing a slight decline. Meanwhile, the arrival volume increased significantly, and the domestic iron ore production fluctuated slightly. Overall, the supply is relatively loose. On the demand side, affected by environmental protection and profit decline, the molten iron production decreased significantly. As the terminal demand gradually weakens, the future demand will continue to decline. In general, the current iron ore supply and demand are gradually weakening, and the peak season is coming to an end. Coupled with the implementation of macro policies, it is expected to maintain a volatile trend in the short term. Pay attention to the performance of terminal demand. The strategy is to expect range-bound fluctuations [4][5]. Group 2: Price and Spread - The spot price rebounded with fluctuations [6]. - The spread between PB powder and Super Special powder rebounded from a low level, and the spread between PB powder and Macfarlane powder also rebounded from a low level [12][16]. - The 1-5 spread rebounded slightly, and the basis of the 01 contract fluctuated at a low level [20]. - The screw-ore ratio fluctuated at a low level, and the ore-coke ratio fluctuated at a high level [27]. Group 3: Supply - The global iron ore shipment volume decreased slightly, and the shipment volume of non-mainstream ores fluctuated slightly [33]. - The shipment volume of Australian ore to China and Brazilian ore both decreased slightly [37]. - The shipment volume of FMG to China decreased, while that of BHP increased slightly [42]. - The shipment volume of RT and VALE both increased slightly [46]. - The shipping freight index fluctuated slightly [50]. - The arrival volume increased significantly [54]. - The production of domestic iron ore concentrate changed little [57]. Group 4: Demand - The profit of steel mills' blast furnaces continued to weaken [63]. - The profitability of steel mills declined, and the molten iron production decreased significantly [69]. Group 5: Inventory - The port clearance volume increased slightly, and the port inventory continued to rise [78]. - The inventory of Australian ore increased slightly, and the inventory of Brazilian ore fluctuated at a high level [82]. - The inventory of coarse powder fluctuated at a high level, and the inventory of lump ore decreased slightly [88]. - The consumption of steel mills decreased from a high level, and the inventory of imported ore decreased from a low level [96].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - PX market: Despite strong fundamentals, the PX market showed a "peak season without peak" characteristic. With cost - side rebounds and geopolitical uncertainties, it is expected to oscillate, but the upside is limited due to weakening downstream supply - demand expectations [3]. - Pure benzene market: Affected by new capacity and overseas supply surplus, the overall environment is bearish. Short - term decline space is limited, but there is still an oversupply expectation in the medium - to - long - term [4]. - Styrene market: In the traditional peak season, styrene prices are under pressure. The supply - demand structure has improved slightly, but high port inventories remain. It is expected to continue its low - level oscillation [6]. 3. Summary by Directory PX Market - **Cost**: International oil prices are oscillating at a low level. The naphtha price is 573 dollars, and the PX CFR price is 816 dollars. The APEC summit and OPEC+ meeting have different impacts on the cost side [3]. - **Supply**: Domestic PX production is 73.74 tons, a 1.85% week - on - week increase. The domestic PX capacity utilization rate is 87.93%, up 1.6% week - on - week. Asian PX capacity utilization is 78.09%, up 0.88% week - on - week [3]. - **Demand**: The downstream PTA capacity utilization rate is 78.38%, a 2.40% week - on - week increase and a 2.18% year - on - year decrease [3]. - **Price and Spread**: The report presents PX price trends, production and device status, supply - demand situation, and various spread data [7][9][12][14]. Pure Benzene Market - **Spot and Futures**: The pure benzene futures contract rebounded slightly this week. The basis between the futures and the spot in East China narrowed and then stabilized [4]. - **Supply and Demand**: In September 2025, the total supply was 271.2 tons, and the total demand was 259.3 tons. There was a double - reduction in supply and demand, with supply exceeding demand [4]. - **Inventory**: As of October 20, 2025, the commercial inventory in Jiangsu ports was 9.9 tons, a 10.0% month - on - month increase and a 10% year - on - year decrease [4]. - **Profit**: Among the five major downstream products of pure benzene, styrene, phenol, caprolactam, and adipic acid are in a loss state, while aniline still has profits and the margin is slightly expanding [4]. Styrene Market - **Spot and Futures**: The styrene futures contract has been weakly oscillating, and the spot price has declined. The port inventory remains at a high level [5]. - **Industrial Chain Profit**: The average profit of non - integrated styrene plants in China this week was - 454 dollars per ton, with a reduced loss of 102 dollars per ton compared to the previous period [5]. - **Industrial Chain Operating Rate**: The total production of styrene plants in China was 32.34 tons, a 1.1% week - on - week decrease. The capacity utilization rate was 66.72%, a 2.53% week - on - week decrease [5]. - **Downstream**: The production of UPR and EPS increased, while the capacity utilization rates of PS, ABS, and SBR decreased slightly, resulting in a slight decrease in overall styrene demand [5]. - **Inventory**: As of October 27, 2025, the inventory in Jiangsu ports was 19.3 tons, a 4.69% week - on - week decrease. It is expected that the port inventory will slightly increase [5].

Report Industry Investment Rating - No relevant content provided Core Views of the Report - This week, the natural rubber market showed a trend of rising first and then falling under the combined influence of fundamentals and macro - sentiment. In the first half, strong raw material prices, continuous inventory reduction, and positive macro - expectations supported the rise of rubber prices; in the second half, after the macro - positive factors materialized, the market sentiment turned cautious, and rubber prices declined. In the future, heavy rainfall in major producing areas will limit rubber tapping, and raw material prices are expected to remain firm. On the demand side, tire companies still face shipment pressure, and foreign trade orders are under - performing. Some companies plan to reduce production or conduct maintenance in November, which will restrict the improvement of overall production capacity utilization. Overall, raw material prices will provide short - term support, but there is a lack of substantial positive factors on the demand side. Therefore, rubber prices are expected to fluctuate next week [3] Summary According to Relevant Catalogs Natural Rubber Price Data - As of October 30, the mainstream price of domestic full - latex in the Shanghai market was 14,800 yuan/ton, up 200 yuan/ton from last week. The US dollar price of Thai - produced 20 - standard rubber in the Qingdao Free Trade Zone was 1,870 US dollars/ton, up 10 US dollars/ton from last week [3] Main - producing Countries' Rubber Output and China's Natural Rubber Imports - No specific data analysis in the text, only historical data charts of ANRPC member countries' natural rubber output and China's natural rubber imports are presented [10][11][12] Tire Output - No specific data analysis in the text, only historical data charts of tire output are presented [13][14] Tire Enterprise Operating Rates - This week, the capacity utilization rate of semi - steel tire sample enterprises was 72.12%, a month - on - month decrease of 0.72% and a year - on - year decrease of 7.61%. The capacity utilization rate of full - steel tire sample enterprises was 65.34%, a month - on - month decrease of 0.53% and a year - on - year increase of 6.15%. Some enterprises suspended or restricted production this week, dragging down the operating rate [3] Tire Enterprise Inventories - No specific data analysis in the text, only historical data charts of the number of days of available inventory in semi - steel and full - steel tire factories in Shandong are presented [20][21][22] Natural Rubber Inventories - As of October 26, 2025, China's natural rubber social inventory was 1.0389 million tons, a month - on - month decrease of 11,000 tons, a decline of 1%. The total inventory of natural rubber in bonded and general trade in Qingdao was 432,200 tons, a decrease of 5,300 tons from the previous period, a decline of 1.2%. The bonded area inventory was 68,700 tons, a decline of 1.29%; the general trade inventory was 363,500 tons, a decline of 1.18% [3]

Report Title - The report is titled "Polyester: Favorable Tariff Policy Expected to Boost the Market" [1] Industry Investment Rating - No investment rating for the industry is provided in the report Core Viewpoint - The tariff policy is favorable, which is expected to boost the polyester market. Trade friction alleviation and potential policy support are likely to drive market improvement, though some segments face supply - related challenges [4][7][10] Summary by Catalog PX - PX processing fees are relatively strong. Due to sanctions on Russia by Europe and the US, some domestic refineries are worried, but PX supply is abundant as some plants are set to restart. PX - N is currently at $247/ton, nearly $30 higher than early October. The short - process processing range has also increased, and PX开工意愿 is strong, fluctuating with oil prices [5] PTA - There is a large potential supply pressure. New installations have increased PTA capacity by 10% compared to the end of last year. Although some plants are under maintenance in November, the supply increase pressure is just postponed. November is near the supply - demand balance, but the inventory accumulation expectation increases from December. The PTA processing fee is low, and it may continue to rebound with the support of the tariff policy, but the rebound strength is not optimistic [6] MEG - Domestic supply is at a high level in recent years. Coal - to - MEG load has reached a record high of 83%. Multiple new installations are scheduled to start production, increasing the long - term supply pressure. Import volume is expected to remain high in the fourth quarter. Current port inventory is around 500,000 tons, and the visible inventory will increase. MEG is trading sideways at a low level but may rebound under tariff policy support [8] Terminal Demand - Affected by cooling and "Double Eleven" orders, the starting rate of Jiangsu and Zhejiang looms has reached a high of 76% this year, but it is 6% lower than the same period last year. Polyester product inventories have decreased, and polyester load is expected to remain between 90% - 91% in November. The cancellation of the "fentanyl tariff" and the suspension of the 24% counter - tariff are expected to improve the terminal export market [7][10] Short - fiber - The short - fiber starting rate has slightly increased to around 95.5%. Factory inventories are at a low level, and the processing fee has slightly decreased to around 1,100 yuan/ton. Downstream pure - polyester yarn factories' starting rate is 73%, and product inventories have slightly decreased. With the support of the tariff policy, demand may improve significantly, and the processing fee is not expected to be pessimistic, with the absolute price fluctuating strongly [13] Bottle - chip - From January to September 2025, domestic demand was 7.357 million tons, a year - on - year increase of 6.8%, and exports were 4.809 million tons, a year - on - year increase of 14%. The profitability of bottle - chips has improved but has declined recently. With new installations planned to start production and the expected seasonal decline in the soft - drink market, the market pressure remains, and the processing fee increase space is limited. However, the absolute price may rebound with raw materials under the tariff policy [14]

Report Title - "Grease Weekly Market Observation" [1] Core Viewpoints - Palm oil is expected to oscillate in the short term due to factors such as higher-than-expected production in Malaysia, slower export growth, potential inventory accumulation, and uncertain Indonesian biodiesel policies [33] - Soybean oil is likely to experience short - term oscillations. Uncertainty in US biodiesel policies and the potential resumption of soybean trade between China and the US are key factors, along with high domestic inventory [33] - Rapeseed oil is also expected to have short - term oscillations. Tensions in China - Canada relations, low domestic rapeseed inventory, and potential supply relief from Australian rapeseed are important considerations [33] Market Review - If Indonesia implements the B50 policy, the palm oil used for blending will reach about 17 million tons, 3 million tons higher than the current B40 policy, and the exportable supply will drop significantly [4] - The US government shutdown has suspended the release of key information, and attention should be paid to US biodiesel policies and Sino - US relations [4] - Brazil may not be able to increase the biodiesel blending ratio from 15% to 16% by March 2026, which may affect soybean crushing demand [5] - In the 11th week of the 2025/26 season, Canada's rapeseed export slowed down, with exports of 124,000 tons in the week ending October 19 [5] Fundamental Observation Supply - As of October 24, the rapeseed oil production of coastal oil mills was 0.45 million tons, a week - on - week decrease of 0.04 million tons [7] Demand - As of October 24, the total transaction volume of 24 - degree palm oil in key domestic oil mills was 7,032 tons, a week - on - week increase of 2,799 tons [8] - As of October 24, the domestic soybean oil transaction volume was 66,500 tons, a week - on - week increase of 7,500 tons [8] - As of October 24, the pick - up volume of rapeseed oil in coastal oil mills was 14,510 tons, a week - on - week increase of 1,600 tons [8] Inventory - As of October 24, the commercial inventory of palm oil in key domestic regions was 607,100 tons, a week - on - week increase of 31,400 tons, or 5.45% [9] - As of October 24, the commercial inventory of soybean oil in key domestic regions was 1,250,300 tons, a week - on - week increase of 26,300 tons, or 2.15% [9] - The rapeseed oil inventory was 536,000 tons, a week - on - week decrease of 15,000 tons, or 2.72% [9] Cost and Profit - As of October 24, the CIF price of Malaysian palm oil was $1,094 per ton, the import cost was 9,332 yuan per ton, and the hedging profit for November and December shipments was negative [10] Production and Trade - MPOA data shows that Malaysia's palm oil production from October 1 - 20 is estimated to increase by 10.77%. From October 18 - 24, 4 new palm oil purchase ships and 1 wash - out ship were added in China [11] - As of October 24, the actual soybean crushing volume of oil mills was 2.3674 million tons, the operating rate was 65.13%, and the soybean oil production was 449,800 tons, a week - on - week increase of 38,200 tons [11] Spot Prices - As of October 24, the spot price of Zhangjiagang's fourth - grade soybean oil was 8,240 yuan per ton, a week - on - week decrease of 140 yuan per ton [13] - The spot price of 24 - degree palm oil in Guangdong was 9,000 yuan per ton, a week - on - week decrease of 250 yuan per ton [13] - The spot price of Nantong's fourth - grade rapeseed oil was 10,090 yuan per ton, a week - on - week decrease of 70 yuan per ton [13] Malaysia's Palm Oil Situation Production - In September 2025, Malaysia's palm oil production was 1.8412 million tons, a month - on - month decrease of 0.73%. From October 1 - 20, production is estimated to increase by 10.77% [15] Inventory - In September, the inventory was 2.361 million tons, a month - on - month increase of 7.2%, and at a high level year - on - year [16] Export - In August, Malaysia's palm oil export volume was 1.4276 million tons, a month - on - month increase of 7.69%. From October 1 - 20, export volume increased compared to the same period in September [17] Consumption - Malaysia's domestic palm oil consumption was 333,500 tons, a month - on - month decrease of 33.21% [17] India's Palm Oil Import - In September, India's palm oil import volume dropped to a four - month low, with 829,000 tons imported, a month - on - month decrease of 161,500 tons, or 16.31% [19] Domestic Palm Oil Situation - In September, domestic palm oil import volume was 150,000 tons, a month - on - month decrease of 190,000 tons [21] - In September, palm oil demand was 251,400 tons, a month - on - month decrease of 122,700 tons [23] - As of October 24, the import profit of 24 - degree palm oil was - 184 yuan per ton, a week - on - week decrease of 69 yuan per ton [26] Domestic Soybean Oil Situation - As of October 24, the oil mill operating rate rose to 65.13%, and soybean oil production was 449,800 tons, a week - on - week increase of 38,200 tons [28] - As of October 24, the commercial inventory of soybean oil in key domestic regions was 1,250,300 tons, a week - on - week increase of 26,300 tons [29] - In September, soybean oil export volume was 51,900 tons, a month - on - month increase of 19,300 tons [29] Domestic Rapeseed Oil Situation - As of October 24, the rapeseed oil production of coastal oil mills was 0.45 million tons, a week - on - week decrease of 0.04 million tons. The rapeseed oil inventory was 536,000 tons, a week - on - week decrease of 15,000 tons [31]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The silicon manganese market will continue to fluctuate within a range in the short term, with cost support and high inventory pressure coexisting, limiting the upside potential of prices. Future focus should be on the release of new production capacity in the north and the rhythm of production cuts in the south [7]. - The silicon ferro market is in a stalemate between cost support and weak demand. Short - term prices are resilient due to macro - sentiment but have limited upside potential. Future focus should be on changes in production in major producing areas and terminal demand, and it is expected to continue to fluctuate within a range [10]. Summary by Directory Part One: Market Viewpoints Silicon Manganese - **Price**: As of October 24, the prices of silicon manganese 6517 in most major producing areas remained stable, with a slight decline in Ningxia [4]. - **Cost and Profit**: Costs in various regions generally decreased or remained stable, with profit losses showing differentiation. The overall profitability was still poor but with local improvements [4]. - **Supply**: As of October 24, the operating rate and output of silicon manganese enterprises continued to decline, and the supply pressure continued to ease [4]. - **Demand**: As of October 24, the daily output of molten iron decreased slightly, the blast furnace operating rate increased slightly, and the weekly demand for silicon manganese in the five major steel products increased [5]. - **Inventory**: Factory - end inventory continued to increase, especially in Ningxia. The inventory of steel mills decreased slightly but remained at a medium - high level overall [5]. - **Manganese Ore Supply and Inventory**: The port inventory of manganese ore increased, with significant changes in the inventory of different types of manganese ore at different ports [6]. - **Viewpoint**: The silicon manganese market continued to oscillate last week. Supply pressure eased, but high - inventory limited price increases. Demand was acceptable, and cost support was enhanced. Overall, it will continue to fluctuate within a range in the short term [7]. Silicon Ferro - **Price**: As of October 24, the prices of silicon ferro 72 in major producing areas generally increased, and market sentiment improved [8]. - **Cost and Profit**: The cost increased overall, and profit performance was differentiated, with losses deepening in some areas [8]. - **Supply**: As of October 24, the operating rate and output in major producing areas increased slightly, and the supply pressure remained high [8]. - **Demand**: Steel mills' procurement of silicon ferro increased slightly, but it was still in a "peak - season without peak" state. Non - steel demand was weak [9]. - **Inventory**: Enterprise - end inventory decreased, with significant destocking in Inner Mongolia, while steel - mill inventory increased slightly [9]. - **Blue Coke Supply and Inventory**: The price of blue coke increased, supply recovered slightly, and inventory accumulated [9]. - **Viewpoint**: The silicon ferro market showed a slightly stronger oscillating pattern last week. Supply pressure remained high, costs increased, demand was weak, and inventory showed different trends at the enterprise and steel - mill ends. It will remain in a stalemate and fluctuate within a range in the short term [10]. Part Two: Silicon Manganese Supply - Demand Tracking - **Price Spread Tracking**: Multiple price spreads of silicon manganese contracts are presented, including 01 - contract basis, 1 - 5 spread, etc., with historical data from 2021 - 2025 [14][19]. - **Spot Price**: The spot prices of silicon manganese in different regions are provided, and the port prices of manganese ore remained firm [26][31]. - **Port Inventory**: The port inventory of manganese ore is tracked, with a significant decline in the inventory of South African ore in Qinzhou Port [46]. - **Enterprise Operating Rate and Output**: The operating rate and daily output of 187 sample silicon manganese enterprises are shown [55]. - **Steel - Mill Demand**: The daily output of molten iron in 247 steel mills and the demand for silicon manganese in the five major steel products are presented [58]. - **Inventory**: The inventory of silicon manganese in sample enterprises in different regions and the inventory - available days of steel mills are tracked [62][66]. Part Three: Silicon Ferro Supply - Demand Tracking - **Price Spread Tracking**: Multiple price spreads of silicon ferro contracts are presented, including 01 - contract basis, 5 - 9 spread, etc., with historical data from 2021 - 2025 [70][75]. - **Spot Price**: The spot prices of silicon ferro in different regions increased [79]. - **Cost Factors**: The spot price of blue coke continued to rise, and the electricity prices in Qinghai and Ningxia decreased [84]. - **Enterprise Operating Rate and Output**: The operating rate and daily output of 136 independent silicon ferro enterprises are shown [94]. - **Demand**: The weekly demand for silicon ferro in the five major steel products and the monthly output of crude steel are presented [96]. - **Inventory**: The inventory of silicon ferro in sample enterprises and the inventory - available days of steel mills are tracked [104].

Group 1: Report Overview - The report is titled "Negotiations Look Promising, Sharp Rise in US Soybeans Boosts Soybean Meal" and is dated October 28, 2025 [1] - The report is from the Financial Research Institute of Hongye Futures, written by Chen Chunlei [3] Group 2: Market Performance - The Soybean No. 1 2601 contract continued its oscillating rebound. The spot price slightly increased; the market price of Fuyin soybeans rose from 4000 yuan/ton to around 4040 yuan/ton. The soybean basis strengthened oscillatingly, and the premium on the futures decreased [4] - The Soybean Meal 01 contract stopped falling and rebounded. The spot price of soybean meal recovered; the price of Zhangjiagang 43% protein soybean meal rose from 2870 yuan/ton to around 2910 yuan/ton. The basis strengthened oscillatingly, and the futures maintained a slight premium [4] Group 3: Domestic Soybean Situation - Domestic soybean harvesting is nearing completion with quality differentiation. As of October 24, the remaining soybean ratio in Heilongjiang reached 95%, 75% in Anhui, 70% in Henan, and 75% in Shandong. Heilongjiang's soybeans are of good quality, while those in North China are of poor quality [4] - Soybean supply is abundant, and initial Sino-US talks are promising. In September, domestic soybean imports were 12.87 million tons, a 4.8% increase from the previous month and a 13.2% increase year-on-year. From January to September, cumulative imports were 86.185 million tons, a 5.3% increase year-on-year. There is a possibility of purchasing US soybeans. As of October 24, the arrival volume of soybeans at oil mills was 2.145 million tons, a slight decrease from the previous month, and the port soybean inventory was 9.731 million tons, also a slight decrease but at a recent high [4] Group 4: US Soybean Situation - US soybeans rebounded significantly. The US government is still shut down, but some agricultural services are open, and subsidy funds have been issued. The US soybean harvest may be near completion. The positive expectation of Sino-US negotiations boosted US soybeans to a nearly one-year high [5] Group 5: Oil Mill Operations - The operating rate of oil mills continued to rise, and soybean meal inventory increased again. The profit from crushing Brazilian soybeans declined due to high costs. As of October 24, the operating rate of oil mills was 65.13%, a rebound from the previous month. The soybean crushing volume was 2.3674 million tons, reaching a recent high. The soybean inventory at oil mills was 7.513 million tons, a slight decrease from the previous month. The soybean meal output was 1.87 million tons, a rebound from the previous month. The soybean meal inventory at oil mills was 1.0546 million tons, a slight increase from the previous month, and the unfulfilled contracts for soybean meal were 4.2125 million tons, a further decline from the previous month [5] Group 6: Feed Demand - Feed demand is strong. In the pig farming sector, pig prices rebounded from a low level, and the loss margin narrowed. As of October 24, the profit from purchasing piglets for fattening was -289.07 yuan per head, a significant loss, while the profit from self-breeding and self-fattening was -185.68 yuan per head, with the loss narrowing. In the poultry sector, egg prices declined again, and egg-laying hens were in a loss-making situation, with insufficient culling, and the inventory in September remained at a historical high. As of October 24, the inventory days of soybean meal at feed mills were 7.95 days, a slight increase from the previous month [6] Group 7: Market Outlook - Domestic soybean harvesting is nearing completion, with quality differentiation, and prices have stabilized and rebounded. Domestic soybean supply is high, and there is a possibility of importing US soybeans under the expectation of Sino-US negotiations. The operating rate of oil mills is rising, and soybean meal inventory is increasing again. Demand is strong. Soybean No. 1 will oscillate and rebound, and soybean meal will oscillate and stabilize. Enterprises are advised to make purchases on dips as needed [6]

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - For industrial silicon, the current supply is relatively balanced with an increase in the north and a decrease in the south, and the overall supply will gradually decline in November. The demand in the polysilicon segment will weaken after November due to the dry - season and quota production, and there is still pressure to reduce inventory. It is expected that the short - term market will remain range - bound, and market sentiment changes should be monitored [6]. - For polysilicon, the current supply and demand are both weak, and the inventory is slightly accumulating. However, it is supported by industrial policies and market expectations, and it is expected to remain in high - level oscillation in the short term. Attention should be paid to the implementation of policies [7]. 3. Summary by Related Catalogs Industrial Silicon - **Price**: As of October 24, 2025, the spot price of Xinjiang industrial silicon 553 oxygen - passed was 8800 yuan/ton, unchanged from last week. The futures main contract rebounded slightly, closing at 8920 yuan/ton on October 24 [6]. - **Supply**: Xinjiang's output increased due to newly ignited silicon furnaces, while the start - up in the northwest (Qinghai, Ningxia, Gansu) changed little. Yunnan had a small reduction in production under high - cost pressure, and the start - up rate is expected to decline further in November. Sichuan's start - up decreased gradually during the dry season. Overall, the output increased slightly this month and is expected to decline next month [6]. - **Demand**: Polysilicon production decreased slightly, reducing the consumption of industrial silicon. The start - up of organic silicon was basically stable, and a small amount of monomer production capacity under maintenance will resume next week. The start - up rate of aluminum alloy enterprises remained stable, with primary aluminum alloy running stably and recycled aluminum alloy restricted by the tight supply of scrap aluminum. In September, the export of industrial silicon was 70200 tons, an 8% decrease from the previous month and an 8% increase year - on - year [6]. - **Cost**: The cost of industrial silicon remained stable this week [6]. - **Inventory**: As of October 23, the national social inventory of industrial silicon was 559000 tons, a decrease of 3000 tons from last week [6]. Polysilicon - **Price**: As of October 24, 2025, the spot price of N - type dense material was 50000 yuan/ton, unchanged from last week. The futures main contract fluctuated and declined, closing at 52305 yuan/ton on October 24 [7]. - **Supply**: Three enterprises resumed production and increased output in October, and the production is expected to increase slightly this month. According to the fourth - quarter production plans of each enterprise, some production capacity in the southwest region is expected to be gradually shut down for maintenance during the dry season in November, and the production will gradually decline from November to December [7]. - **Demand**: Terminal demand is weak, and component and cell manufacturers have a weak willingness to purchase. Downstream purchasing enterprises are mainly waiting and watching, and no actual transactions have been made. A new round of transactions is expected to be carried out in batches next week. In September, the import volume of polysilicon was 1291.8 tons, a 28% increase from the previous month; the export volume was 2149.5 tons, a 28% decrease from the previous month [7]. - **Cost**: The cost of polysilicon remained stable this week [7]. - **Inventory**: The inventory is on the rise, and the purchasing pace of crystal - pulling factories has slowed down [7]. Price and Spread - **Industrial Silicon Price**: As of October 24, 2025, Xinjiang industrial silicon 553 oxygen - passed was 8800 yuan/ton, and 421 oxygen - passed was 9100 yuan/ton, both unchanged from last week [10]. - **Industrial Silicon Spread**: As of October 24, 2025, the spread between Yunnan industrial silicon 553 oxygen - passed and 421 oxygen - passed was 400 yuan/ton, and the spread between Xinjiang industrial silicon 553 oxygen - passed and 421 oxygen - passed was 300 yuan/ton, both unchanged from last week [14]. - **Polysilicon Price**: As of October 24, 2025, the price of N - type dense material was 50000 yuan/ton, P - type dense material was 33000 yuan/ton, and P - type cauliflower material was 30500 yuan/ton, all unchanged from last week [18]. - **Polysilicon Spread**: As of October 24, 2025, the premium of N - type dense material over P - type dense material was 17000 yuan/ton, and the premium over P - type cauliflower material was 19500 yuan/ton, both unchanged from last week [22]. Cost - **Silicon Coal and Silica Stone**: As of October 24, 2025, the delivered price of Ningxia silicon coal was 1140 yuan/ton, and Xinjiang silicon coal was 1700 yuan/ton, both unchanged from last week. The delivered price of Hubei silica stone was 340 yuan/ton, Xinjiang was 320 yuan/ton, and Yunnan was 290 yuan/ton, all unchanged from last week [26]. - **Petroleum Coke and Electricity Price**: As of October 24, 2025, the price of Shandong port Saudi petroleum coke was 1555 yuan/ton, a 50 - yuan increase from last week. The electricity price in Xinjiang was 0.375 yuan/kWh, Sichuan was 0.325 yuan/kWh, and Yunnan was 0.33 yuan/kWh, all unchanged from last week [30]. - **Wood Chips and Graphite Electrodes**: As of October 24, 2025, the price of Yunnan wood chips was 490 yuan/ton, Yunnan charcoal was 2450 yuan/ton, and Jiangsu high - power graphite electrodes were 12750 yuan/ton, all unchanged from last week [34]. Downstream Products - **Silicon Wafers**: As of October 24, 2025, the average prices of N - type M10 - 182(130µm), N - type G10L - 183.75(130µm), N - type G12R - 210R(130µm), and N - type G12 - 210(130µm) were 1.34, 1.34, 1.365, and 1.69 yuan/piece respectively, a decrease of 0.01 yuan/piece from last week. Due to weak terminal demand, second - tier and tail enterprises actively lowered prices [37]. - **Batteries**: As of October 24, 2025, M10 single - crystal TOPCon, G10L single - crystal TOPCon, G12R single - crystal TOPCon, and G12 single - crystal TOPCon were quoted at 0.315, 0.315, 0.285, and 0.31 yuan/watt respectively, with decreases of 0.003, 0.003, 0.002, and 0 yuan/watt respectively from last week. Overseas market demand has declined, and export order support has weakened [41]. - **Components**: As of October 24, 2025, 182 single - sided TOPCon, 210 single - sided TOPCon, 182 double - sided TOPCon, and 210 double - sided TOPCon were quoted at 0.68, 0.7, 0.68, and 0.7 yuan/watt respectively, unchanged from last week. Terminal demand has not improved significantly, and cost pressure has increased [45]. Other Related Products - **Organic Silicon**: As of October 24, 2025, the price of organic silicon DMC in East China was 11300 yuan/ton, unchanged from last week. The start - up was stable, and the price remained stable [49]. - **Aluminum Alloy**: As of October 24, 2025, the price of Shanghai aluminum alloy ingot ADC12 was 20800 yuan/ton, a 100 - yuan increase from last week. Aluminum alloy enterprises maintained stable start - up, the primary aluminum sector was relatively stable, and recycled aluminum alloy was restricted by scrap aluminum supply [53].

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core View of the Report - The copper price is close to a new high due to macro - positive stimuli. The overall sentiment in the market is optimistic. The copper price may continue to rise in the medium - to - long - term and could potentially break through historical highs following the trend of gold [3][4] Group 3: Summary Based on Related Information Market Performance - Today, the US dollar rose slightly while the RMB soared. Non - ferrous metals remained strong throughout the day. Shanghai copper, London copper, and domestic spot copper all increased. The closing price of Shanghai copper was 88,370, and the spot price was 88,340. The spot was at a discount of - 30 points to the futures. The spot basis turned to a discount of - 45 points, and spot trading was poor. The LME spot discount narrowed slightly to - 26 dollars this week, indicating general foreign spot demand. US copper inventories continued to rise significantly this week, London copper inventories decreased, and Shanghai copper inventories increased, with general spot demand. The RMB exchange rate rose significantly this week, and the Yangshan copper premium dropped to 34.5 dollars, showing weak domestic spot demand. The London - Shanghai ratio of copper prices rose to 8.09, and the premium of international copper over Shanghai copper increased to 595 points, with the foreign price - to - value ratio higher than the domestic one [3] Technical and Fundamental Analysis - Technically, London copper surged today, trading around 11,050 dollars. Shanghai copper also rose sharply, closing at 88,370, hitting a recent high with a strong technical pattern. Both trading volume and open interest of Shanghai copper increased, and market sentiment was optimistic. Macroscopically, the global trade pattern is gradually stabilizing, the Fed's interest - rate cut cycle continues, and global monetary policies are becoming more accommodative, which is a medium - term positive for copper prices. In terms of supply and demand, mine production in places like Indonesia has declined, but short - term spot demand remains weak, inventories are high, and there is growth potential for medium - to - long - term copper demand, presenting a generally neutral situation that requires attention [3][4] Future Events to Watch - In the short - term, important macro events to follow include the results of Sino - US talks, the Fed's interest - rate meeting early Thursday, the APEC meeting at the end of the month where Sino - US leaders may meet, and the end of the US government shutdown. In the medium - term, it is necessary to monitor whether Sino - US relations can continue to improve, whether the Fed's interest - rate cut cycle can persist, when the current weak domestic and foreign spot demand will improve, and whether AI - related demand can materialize [4] Copper Market Indicator Monitoring | Date | RMB Exchange Rate | Spot Premium/Discount (yuan/ton) | Yangshan Copper Premium (dollars/ton) | LME Copper - Futures and Spot Spread | Main Contract London - Shanghai Ratio | | ---- | ---- | ---- | ---- | ---- | ---- | | Oct 21 | 7.1269 | 450 | 35 | - 23 | 8.05 | | Oct 22 | 7.1256 | - 320 | 34 | - 30 | 8.03 | | Oct 23 | 7.1246 | - 520 | 40 | - 6 | 8.05 | | Oct 24 | 7.1259 | - 1170 | 39 | - 12 | 7.97 | | Oct 27 | 7.1136 | - 30 | 34.5 | - 26 | 8.09 | [5]

Group 1: Market Sentiment and General Situation - The sentiment in the futures financial market is positive, with the market expected to fluctuate upward in the future [3] - The Sino - Malaysian negotiation may achieve important results, and Chinese and US leaders may meet at the APEC meeting at the end of the month. China's industrial enterprise profits in September exceeded expectations, leading to an optimistic market sentiment [4] Group 2: Aluminum Market Data - Today, Shanghai Aluminum closed at 21,360, and the spot price was 21,160, with a spot - to - futures discount of - 200 points. This week, the spot discount of Shanghai Aluminum widened to - 60 yuan, and today's spot trading was poor [4] - This week, the domestic electrolytic aluminum social inventory decreased slightly, the SHFE aluminum inventory decreased slightly, and the LME inventory also decreased slightly. The LME spot premium dropped to 3 US dollars, indicating improved overseas demand [4] - The RMB exchange rate rose significantly this week, and the Shanghai - London ratio of aluminum prices dropped significantly to 7.48, with the domestic market performing weaker than the overseas market [4] - From October 21st to October 27th, the RMB exchange rate, spot premium, and other aluminum market indicators changed. For example, the RMB exchange rate decreased from 7.1269 to 7.1136, and the spot premium changed from 0 to - 60 [5] Group 3: Technical Analysis and Market Outlook - Today, crude oil rose slightly, and London Aluminum soared, trading around 2,884 US dollars. Shanghai Aluminum fluctuated upward and closed at 21,160, with a strong technical pattern [4] - The trading volume and open interest of Shanghai Aluminum both increased, and the market sentiment was optimistic. The domestic electrolytic aluminum social inventory decreased slightly this week, and the spot trading was average [4] - The hype about anti - involution subsided, and alumina fluctuated slightly. The situation in Russia and Ukraine is unclear, and tariff news has a great impact on the market. In the short term, the market sentiment is strong, and aluminum prices will rise with copper prices. In the medium term, attention should be paid to changes in spot demand [4]