Report Summary 1. Report Title - Nickel and Stainless Steel Daily Review 20251010: Limited Rebound Height [1] 2. Core View - On October 9, the main contract of Shanghai nickel fluctuated upwards, with a trading volume of 130,864 lots (+3,674) and an open interest of 86,038 lots (+9,898). LME nickel rose 0.91%. The spot market trading was average, and the basis changed from premium to discount. The nickel fundamentals are weak with inventory pressure, so the rebound height of nickel prices is expected to be limited [2]. 3. Market Data Summary Nickel Futures - **Futures Prices**: The closing prices of Shanghai nickel futures contracts (near - month, continuous - one, continuous - two, continuous - three) increased on October 9 compared to previous dates. For example, the near - month contract closed at 124,260 yuan/ton, up 3,950 yuan compared to September 24 [2]. - **Volume and Open Interest**: The trading volume of the active Shanghai nickel futures contract was 130,864 lots, an increase of 3,674 lots. The open interest was 86,038 lots, an increase of 9,898 lots [2]. - **Inventory**: Shanghai Futures Exchange nickel inventory decreased, while LME nickel inventory increased. The total LME nickel inventory on October 9 was 236,892 tons, an increase of 5,580 tons compared to September 24 [2]. - **Price Spreads**: The spreads between different - term Shanghai nickel futures contracts and the basis between spot and futures changed. For example, the basis between SMM 1 electrolytic nickel average price and the active Shanghai nickel futures contract changed from - 2,430 yuan/ton on September 24 to 1,000 yuan/ton on October 9 [2]. Stainless Steel Futures - **Futures Prices**: The closing prices of Shanghai stainless steel futures contracts also had changes. The near - month contract closed at 12,715 yuan/ton, up 225 yuan compared to September 24 [2]. - **Volume and Open Interest**: The trading volume of the active Shanghai stainless steel futures contract was 88,195 lots, a decrease of 39,957 lots compared to September 24. The open interest was 60,514 lots, a decrease of 7,320 lots [2]. - **Inventory**: The inventory of Shanghai stainless steel futures decreased. The inventory on October 9 was 86,551 tons, a decrease of 418 tons compared to September 24 [2]. - **Price Spreads**: The spreads between different - term Shanghai stainless steel futures contracts and the basis between spot and futures also changed. For example, the basis between 304/2B coil - trimmed edge (Wuxi) average price and the active futures contract was 970 yuan/ton on October 9 [2]. Other Market Data - **Nickel Ore Prices**: The prices of Philippine laterite nickel ore of different grades (0.9%, 1.5%, 1.8%) remained flat [2]. - **Nickel - related Product Prices**: The prices of nickel - related products such as nickel pig iron, battery - grade nickel sulfate, and electro - plating grade nickel sulfate had different changes [2]. 4. Industry News - The Indonesian Ministry of Energy and Mineral Resources (ESDM) revised the validity period of the Work Plan and Budget (RKAB) to one year, and required general mining license (IUP) and single - commodity mining license (IUPK) holders to re - apply for RKAB in 2026 and 2027 [2]. 5. Trading Strategy - Short - term: Short at high prices [2].

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core View of the Report - The strengthening of the US dollar index may slow down the upward pace of Shanghai copper prices, despite expectations of Fed rate cuts, fiscal easing in multiple countries, and disruptions in overseas copper mine production. Pre - existing long positions should be held cautiously, or new long positions can be established after price corrections. Attention should be paid to support and resistance levels for Shanghai copper, London copper, and US copper [2] Group 3: Summary Based on Related Catalogs 1. Market Data Summary - **Shanghai Copper Futures**: On October 9, 2025, the closing price of the active contract was 86,750, up 3,640 from the previous period. The trading volume was 137,816 lots, a decrease of 18,253 lots. The open interest was 221,715 lots, an increase of 7,856 lots. The inventory was 29,703 tons, an increase of 2,880 tons. The Shanghai copper basis was - 1,010, a decrease of 1,140 [2] - **SMM Copper - related Prices**: The average price of SMM 1 electrolytic copper was 85,740, up 2,500. The average price of SMM flat - copper premium/discount was - 5, an increase of 25. The average price of SMM premium - copper premium/discount was 80, an increase of 10 [2] - **London Copper**: The closing price of LME 3 - month copper futures (electronic trading) on October 9, 2025, was 10,776.5, up 75.5. The LME copper futures 0 - 3 - month contract spread was - 24.9, an increase of 4.62. The LME copper futures 3 - 15 - month contract spread was 94.17, an increase of 24.45 [2] - **COMEX Copper**: The closing price of the active copper futures contract on October 9, 2025, was 5.14, up 0.051. The total inventory was 661,883, an increase of 4,585 [2] 2. Important Information - It is expected that by 2025, the top 20 global copper mines will contribute about 36% of global production, but most mines face geological, operational, and social challenges. BMI has significantly raised the forecast of the copper supply gap in 2026 from 72,000 tons to 400,000 tons. Citibank warns that if copper prices cannot effectively stimulate new production capacity, a supply shortage may occur in 2027 [2] 3. Long - Short Logic - **Supply Side**: There are disruptions in the production of multiple copper mines at home and abroad, leading to a negative China copper concentrate import index, tightening the supply - demand expectations of domestic copper concentrates. The expected increase in scrap copper supply has led to a slight increase in the processing fees of domestic crude copper or anode plates, and the maintenance capacity of copper smelters in October has increased month - on - month [2] - **Demand Side**: The sharp rise in copper prices has made downstream buyers purchase mainly based on rigid demand [2] - **Inventory Side**: The social inventory of Chinese electrolytic copper has increased compared to last week, the inventory of LME electrolytic copper has decreased, and the inventory of COMEX copper has increased [2] 4. Trading Strategy - Hold pre - existing long positions cautiously or establish new long positions after price corrections. Pay attention to the support level of 77,000 - 80,000 and the resistance level of 86,000 - 89,000 for Shanghai copper, the support level of 9,500 - 10,200 and the resistance level of 11,000 - 12,000 for London copper, and the support level of 4.0 - 4.5 and the resistance level of 5.5 - 6.0 for US copper [2]

Report Summary 1) Report Industry Investment Rating - Not provided in the report 2) Core View of the Report - After the holiday, the urea price dropped significantly. The previously expected upward drivers (chemical anti - involution and exports) did not materialize. Although India issued a new round of tenders during the National Day, the domestic market reaction was limited due to export policy uncertainties. If there is no further change in exports, with the weakening of domestic agricultural demand, domestic demand may not be able to absorb the high - supply pressure, and the urea price may continue to fluctuate weakly. However, since the current urea valuation is low, it is not recommended to continue short - selling. The trading strategy is to wait and see [1]. 3) Summary by Relevant Catalogs a) Price Changes - **Futures Prices**: On October 9, compared with September 30, UR01 dropped from 1670 yuan/ton to 1609 yuan/ton, a decrease of 61 yuan/ton (-3.65%); UR05 dropped from 1717 yuan/ton to 1677 yuan/ton, a decrease of 40 yuan/ton (-2.33%); UR09 dropped from 1742 yuan/ton to 1701 yuan/ton, a decrease of 41 yuan/ton (-2.35%) [1]. - **Domestic Spot Prices (Small - Granule)**: In Shandong, it dropped from 1600 yuan/ton to 1560 yuan/ton, a decrease of 40 yuan/ton (-2.50%); in Shanxi, it dropped from 1490 yuan/ton to 1460 yuan/ton, a decrease of 30 yuan/ton (-2.01%); in Henan, it dropped from 1590 yuan/ton to 1570 yuan/ton, a decrease of 20 yuan/ton (-1.26%); in Hebei, it dropped from 1640 yuan/ton to 1620 yuan/ton, a decrease of 20 yuan/ton (-1.22%); in Northeast China, it dropped from 1650 yuan/ton to 1630 yuan/ton, a decrease of 20 yuan/ton (-1.21%); in Jiangsu, it dropped from 1600 yuan/ton to 1570 yuan/ton, a decrease of 30 yuan/ton (-1.88%) [1]. - **Upstream and Downstream Prices**: The anthracite prices in Henan and Shanxi remained unchanged at 1000 yuan/ton and 880 yuan/ton respectively. The compound fertilizer (45%S) price in Shandong dropped from 2930 yuan/ton to 2900 yuan/ton (-1.02%), and in Henan, it dropped from 2520 yuan/ton to 2500 yuan/ton (-0.79%). The melamine prices in Shandong and Jiangsu remained unchanged at 5100 yuan/ton and 5200 yuan/ton respectively [1]. b) Basis and Spread - The basis of Shandong spot - UR remained unchanged at - 117 yuan/ton. The 01 - 05 spread decreased from - 47 yuan/ton to - 68 yuan/ton, a decrease of 21 yuan/ton [1]. c) Important Information - On the previous trading day, the opening price of the main urea futures contract 2601 was 1648 yuan/ton, the highest price was 1648 yuan/ton, the lowest price was 1604 yuan/ton, the closing price was 1609 yuan/ton, and the settlement price was 1619 yuan/ton. The position of 2601 was 310689 lots [1].

Group 1: Report Industry Investment Rating - The report does not provide an industry investment rating [1] Group 2: Report's Core View - The high inventory suppresses the spot price of methanol. In the short - term, the methanol price may be weakly volatile. The recommended trading strategy is to wait and see [1] Group 3: Summary According to Relevant Catalogs 1. Methanol Futures and Spot Prices - MA01 decreased from 2328.00 yuan/ton on September 30, 2025, to 2290.00 yuan/ton on October 9, 2025, a decrease of 1.63%. MA05 decreased from 2362.00 yuan/ton to 2346.00 yuan/ton, a decrease of 0.68%. MA09 decreased from 2329.00 yuan/ton to 2320.00 yuan/ton, a decrease of 0.39% [1] - Among spot prices, prices in most regions decreased, except for Hubei which increased by 1.28% from 2340.00 yuan/ton to 2370.00 yuan/ton [1] 2. Methanol Basis and Related Prices - The basis of Taicang spot - MA increased from - 90.50 yuan/ton to - 80.00 yuan/ton [1] - Coal and natural gas prices were relatively stable, with slight decreases in some coal prices and no change in industrial natural gas prices [1] 3. Methanol Profit Situation - Coal - made methanol profit decreased from 334.80 yuan/ton to 324.80 yuan/ton, a decrease of 2.99%. Natural gas - made methanol profit remained unchanged at - 422.00 yuan/ton [1] - MTO profit in the Northwest decreased by 55.86% from - 58.00 yuan/ton to - 90.40 yuan/ton, and in the East by 0.76% from - 590.07 yuan/ton to - 594.57 yuan/ton [1] - Among downstream products, the profit of acetic acid increased by 0.96%, MTBE by 4.94%, formaldehyde by 1.83%, and dimethyl ether by 4.29% [1] 4. Important Information - Domestic futures: The main methanol contract MA2601 fell, opening at 2321 yuan/ton, closing at 2290 yuan/ton, down 50 yuan/ton, with trading volume of 545,698 lots and open interest of 999,972 lots, showing increased volume and open interest [1] - Foreign information: In a Middle - Eastern country, two methanol plants with a total capacity of 3.3 million tons restarted. Currently, all plants are operating, with only a few at low loads. The daily output is gradually increasing. The overall loading volume is around 243,000 tons, a decrease compared to the same period last month [1] 5. Market Logic and Strategy - Market logic: During the holiday, the methanol spot price dropped. High imports and blocked freight during the holiday led to high port inventory and supply pressure. The downstream's short - term restocking power was insufficient before the holiday, and the traditional downstream peak season is ending. The supply side's drive should be focused on in the fourth quarter [1] - Trading strategy: Wait and see [1]

| 铅锌日评20251010：震荡整理 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/10/10 指标 单位 今值 | | | | | 变动 近期趋势 | | | | 元/吨 16,800.00 SMM1#铅锭平均价格 | | | | | 0.00% | | | | 期货主力合约收盘价 元/吨 17,115.00 | 沪铅期现价格 | | | | 1.03% | | | | 元/吨 -315.00 沪铅基差 | | | | | -175.00 | | | | 升贴水-上海 元/吨 -10.00 | | | | | -10.00 | | | | 升贴水-LME 0-3 美元/吨 -29.64 升贴水-LME 3-15 美元/吨 -68.30 | | | | | 7.66 5.90 | | | | 沪铅近月-沪铅连一 元/吨 -15.00 | 价差 | | | | 500.00 | | | | 元/吨 沪铅连一-沪铅连二 -20.00 | | | | | 25.00 | | | | 铅 沪铅连二-沪铅连三 元/吨 ...

| 碳酸锂日评20251010:低位震荡 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期(日) | 2025-09-24 | 2025-10-09 | 2025-09-30 | 较昨日变化 | 近两周走势 | VMV | 收盘价 | 72680.00 | 840.00 | 近月合约 | 73580.00 | 72740.00 | | | 73340.00 | 72800.00 | 72880.00 | 540.00 | VM | 连一合约 | 收盘价 | 收盘价 | 73440.00 | 72860.00 | 72900.00 | 580.00 | VM | 连二合约 | | 73440.00 | 72860.00 | 72860.00 | 580.00 | VM | 连三合约 | 收盘价 | 收盘价 | 72880.00 | 540.00 | 73340.00 | 72800.00 | VVVV | | | 砖酸锂期 ...

| 甲醇日评20251010: 高库存压制现货价格 | | | | | | | --- | --- | --- | --- | --- | --- | | 单位 | 指标 | 2025/10/9 | 2025/9/30 | 变化值 | 要化值 | | | | | | (絶対值) | (相对值) | | 元/吨 | MA01 | 2290.00 | 2328.00 | -38.00 | -1.63% | | 元/吨 | MA05 甲醇期货价格 | 2346.00 | 2362.00 | -16.00 | -0.68% | | 元/吨 | (收盘价) MA09 | 2320.00 | 2329.00 | -9.00 | -0.39% | | 元/呼 | 太仓 | 2210.00 | 2237.50 | -27.50 | -1.23% | | 元/吨 | 山东 | 2330.00 | 2340.00 | -10.00 | -0.43% | | 元/吨 | 广东 期现价格 | 2222.50 | 2250.00 | -27.50 | -1.22% | | | 甲醇观赏价格 及基差 | | | | | | 元/吨 | ...

| 工业硅&多晶硅日评20251010：高位整理 | | | | | --- | --- | --- | --- | | 单位 今值 变动 近期趋势 2025/10/10 指标 | | | | | 元/吨 不通氧553#（华东）平均价格 9,300.00 0.00% | | | | | 工业硅期现价格 期货主力合约收盘价 元/吨 | | 8,640.00 | 0.00% | | 元/吨 基差（华东553#-期货主力） | | 660.00 | - | | N型多晶硅料 元/千克 | | 51.05 | 0.00% | | 多晶硅期现价格 元/吨 期货主力合约收盘价 | | 50,765.00 | -1.16% | | 基差 元/吨 | | 285.00 | 595.00 | | 不通氧553#（华东）平均价格 元/吨 | | 9,300.00 | 0.00% | | 不通氧553#（黄埔港）平均价格 元/吨 | | 9,350.00 | 0.00% | | 不通氧553#（天津港）平均价格 元/吨 | | 9,250.00 | 0.00% | | 不通氧553#（昆明）平均价格 元/吨 | | 9,350.0 ...

Report Summary 1) Report Industry Investment Rating - Not provided in the report. 2) Core View - After the holiday, the urea price dropped significantly. The potential upward drivers (chemical anti - involution and exports) did not appear. Due to the uncertainty of export policies, the domestic market's reaction to India's new tender during the National Day was limited. If there is no further change in exports, with the weakening of domestic agricultural demand, domestic demand may not be able to absorb the high supply pressure, and the urea price may continue to fluctuate weakly. However, the current urea valuation is low, and it is not recommended to continue short - selling. The trading strategy is to wait and see, with a view score of 0 [1]. 3) Summary by Relevant Catalog A. Futures and Spot Prices - **Urea Futures Prices**: On October 9, UR01 closed at 1609 yuan/ton, down 61 yuan or 3.65% from September 30; UR05 closed at 1677 yuan/ton, down 40 yuan or 2.33%; UR09 closed at 1701 yuan/ton, down 41 yuan or 2.35% [1]. - **Domestic Spot Prices (Small - Granule)**: On October 9, the prices in Shandong, Shanxi, Henan, Hebei, Northeast, and Jiangsu were 1560, 1460, 1570, 1620, 1630, and 1570 yuan/ton respectively, with changes of - 40 (-2.50%), - 30 (-2.01%), - 20 (-1.26%), - 20 (-1.22%), - 20 (-1.21%), and - 30 (-1.88%) yuan compared to September 30 [1]. B. Basis and Spread - The basis of Shandong spot - UR01 was - 117 yuan/ton on October 9, unchanged from September 30. The spread of 01 - 05 was - 68 yuan/ton on October 9, down 21 yuan from September 30 [1]. C. Upstream and Downstream Prices - **Upstream**: The prices of anthracite coal in Henan and Shanxi remained unchanged at 1000 and 880 yuan/ton respectively [1]. - **Downstream**: The prices of compound fertilizer (45%S) in Shandong and Henan were 2900 and 2500 yuan/ton on October 9, down 30 (-1.02%) and 20 (-0.79%) yuan respectively compared to September 30. The prices of melamine in Shandong and Jiangsu remained unchanged at 5100 and 5200 yuan/ton respectively [1]. D. Important Information - On the previous trading day, the opening price of the main urea futures contract 2601 was 1648 yuan/ton, the highest price was 1648 yuan/ton, the lowest price was 1604 yuan/ton, the closing price was 1609 yuan/ton, and the settlement price was 1619 yuan/ton. The trading volume of 2601 was 310,689 lots [1].

Report Title - Nickel and Stainless Steel Daily Review 20250930: Low-level Fluctuation [1] Industry Investment Rating - Not provided Core Views - On September 29, the main nickel contract on the Shanghai Futures Exchange fluctuated at a low level. The trading volume was 97,757 lots (-65,749), and the open interest was 83,149 lots (-735). LME nickel rose 0.99%. The spot market trading was okay, and the basis premium narrowed. With weak rebound of non-ferrous metals following copper and weak nickel fundamentals and inventory pressure, nickel prices are expected to fluctuate at a low level [2]. - On September 29, the main stainless steel contract fluctuated at a low level. The trading volume was 163,211 lots (-12,046), and the open interest was 87,251 lots (-11,471). The spot market trading was weak, and the basis premium widened. Although the fundamentals are loose, there is support at the cost - end and the inventory pressure is not significant, so stainless steel prices are expected to fluctuate within a range [2]. Summary by Content Nickel Market Futures Market - Futures near - month contract closing price on September 29 was 120,820 yuan/ton, down 280 yuan from the previous day. Futures continuous - one contract closing price was 121,560 yuan/ton, down 280 yuan. Futures continuous - two contract closing price was 121,270 yuan/ton, down 330 yuan. Futures continuous - three contract closing price was 121,440 yuan/ton, down 320 yuan [2]. - Shanghai silver futures trading volume on September 29 was 97,757 lots, a decrease of 65,749 lots from the previous day. The open interest of the active contract was 83,149 lots, a decrease of 735 lots [2]. Spot Market - SMM 1 electrolytic nickel average price on September 29 was 122,000 yuan/ton, down 450 yuan. 1 Jinchuan nickel average price was 123,175 yuan/ton, down 425 yuan. 1 imported nickel (Russian nickel) average price was 121,200 yuan/ton, down 375 yuan [2]. - Nickel bean average price on September 29 was 123,325 yuan/ton, down 375 yuan [2]. Inventory - Shanghai Futures Exchange nickel inventory on September 29 was 25,057 tons, a decrease of 96 tons from the previous day. LME nickel total inventory was 231,312 tons, an increase of 1,188 tons [2]. Stainless Steel Market Futures Market - Futures near - month contract closing price on September 29 was 12,620 yuan/ton, down 100 yuan from the previous day. Futures continuous - one contract closing price was 12,760 yuan/ton, down 80 yuan. Futures continuous - two contract closing price was 12,785 yuan/ton, down 95 yuan. Futures continuous - three contract closing price was 12,930 yuan/ton, down 75 yuan [2]. - Shanghai stainless steel futures active contract trading volume on September 29 was 163,271 lots, a decrease of 12,046 lots from the previous day. The open interest was 98,722 lots, a decrease of 11,471 lots [2]. Spot Market - 304/2B coil - trimmed edge (Wuxi) average price on September 29 was 13,700 yuan/ton, unchanged. 304/2B coil - rough edge (Wuxi) average price was 13,100 yuan/ton, down 50 yuan [2]. Inventory - Shanghai Futures Exchange stainless steel inventory on September 29 was 87,148 tons, a decrease of 357 tons from the previous day. The 300 - series stainless steel social inventory last week was 596,200 tons, an increase of 2,800 tons [2]. Trading Strategies - For nickel, the trading strategy is to wait and see [2]. - For stainless steel, it is recommended to wait and see [2].