Report Summary 1) Report Industry Investment Rating No investment rating is provided in the report. 2) Core Viewpoint The rebound of the urea futures market is mainly due to short - term profit - taking by short - sellers. The spot market remains dull, and the previously expected upward drivers (chemical anti - involution and exports) have not materialized. If there is no further change in exports and domestic agricultural demand weakens, domestic demand may struggle to absorb high supply pressure, and urea prices may continue to fluctuate at low levels. However, considering the current low valuation of urea, it is not advisable to continue short - selling. The recommended trading strategy is to wait and see [1]. 3) Summary by Related Catalogs a) Price Changes - **Urea Futures Prices**: On October 16, compared with October 15, UR01 decreased by 4 yuan/ton (0.25%), UR05 decreased by 6 yuan/ton (0.36%), and UR09 decreased by 2 yuan/ton (0.12%) [1]. - **Domestic Spot Prices (Small - Granule)**: Shandong decreased by 10 yuan/ton (0.65%), Shanxi increased by 10 yuan/ton ( - 0.68%), Henan decreased by 10 yuan/ton (0.65%), while prices in Hebei, Northeast, and Jiangsu remained unchanged [1]. - **Basis and Spreads**: The spread between Shandong spot and UR increased by 4 yuan/ton, and the 01 - 05 spread decreased by 2 yuan/ton [1]. - **Upstream Costs**: The prices of anthracite coal in Henan and Shanxi remained unchanged at 1000 yuan/ton and 880 yuan/ton respectively [1]. - **Downstream Prices**: The prices of compound fertilizer (45%S) in Shandong and Henan remained unchanged at 2900 yuan/ton and 2500 yuan/ton respectively. The price of melamine in Shandong decreased by 17 yuan/ton ( - 0.33%), while that in Jiangsu remained unchanged [1]. b) Important Information On the previous trading day, the opening price of the main urea futures contract 2601 was 1599 yuan/ton, the highest price was 1610 yuan/ton, the lowest price was 1577 yuan/ton, the closing price was 1604 yuan/ton, and the settlement price was 1597 yuan/ton. The position volume of 2601 was 315,491 lots [1]. c) Trading Strategy The recommended trading strategy is to wait and see, with a view score of 0 [1].

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - **Lead**: The supply - tight pattern has improved, with some demand released in advance in September. Lead ingot inventory accumulation pressure is high, and prices may be under pressure. It is recommended to wait and see [1]. - **Zinc**: The fundamental situation of Shanghai zinc continues to be weak with strong supply and weak demand. Coupled with macro - disturbances, prices are under pressure. With the continuous depletion of LME zinc inventory and the deepening of the LME 0 - 3 back structure, be vigilant against overseas structural risks. It is also recommended to wait and see [1]. 3. Summary by Relevant Catalogs **Lead** - **Price and Market Data**: SMM1 lead ingot average price increased by 0.30% compared with the previous day, and the main contract of Shanghai lead closed down 0.06% from the previous day. The LME3 - month lead futures (electronic) closed at $1,971.50 per ton, down 0.73%. The Shanghai - London lead price ratio was 8.67, up 0.68% [1]. - **Fundamentals**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise. However, it has not significantly affected refinery operations. Some refineries have maintenance plans, and the operation of primary lead refineries fluctuates slightly. The production of some previously - shut - down secondary lead refineries has resumed, increasing supply. Terminal demand has not improved significantly, and the peak - season effect is not obvious [1]. - **Industry News**: A medium - large secondary lead refinery in Central China has gradually resumed production, with a daily refined lead output of 300 tons. On October 15, the [LME0 - 3 lead] was at a discount of $44.09 per ton, and the open interest increased by 10,976 to 152,739 lots [1]. **Zinc** - **Price and Market Data**: SMM1 zinc ingot average price decreased by 0.41% compared with the previous day, and the main contract of Shanghai zinc closed down 0.34% from the previous day. The LME3 - month zinc futures (electronic) closed at $2,968 per ton, up 0.94%. The Shanghai - London zinc price ratio was 7.39, down 1.26% [1]. - **Fundamentals**: Refineries have sufficient raw material stocks, and zinc concentrate processing fees are rising. Affected by the low internal - external price ratio, domestic zinc concentrate is more favored by refineries. The profit and production enthusiasm of refineries have improved, and production is increasing. Demand has not improved significantly, but the zinc ingot export window may open as the Shanghai - London ratio deteriorates [1]. - **Industry News**: Guatemala terminated the anti - dumping investigation on galvanized sheets from China. A zinc mine in North China bid again this week, with the winning bid price at 3,850 yuan per metal ton (including 20 - 80 split), a decrease of 650 yuan per metal ton compared with the previous period. On October 15, the [LME0 - 3 zinc] was at a premium of $139.83 per ton, and the open interest increased by 4,285 to 223,801 lots [1]

Group 1 - The price of CF oil was 545.50 yuan/ton on 2025/10/17, down 0.64 from the previous day [1] - The price index of ethylene fiber in Northeast Asia was 786.00 yuan/ton on 2025/10/17, unchanged from the previous day [1] - The average ex - factory cost price of ethylene oxide in East China was 6150.00 yuan/ton on 2025/10/17, with a 0.00% change from the previous day [1] - The spot price of methanol was 2317.50 yuan/ton on 2025/10/17, with a 0.00% change from the previous day [1] - The pit - mouth price of lignite (tax - included) in Inner Mongolia (Q3500) was 290.00 yuan/ton on 2025/10/17, with a 0.00% change from the previous day [1] - The closing price of the main contract of GCED was 4089.00 yuan/ton on 2025/10/16, up 0.79% from the previous day [1] - The settlement price of the main contract of GCED was 4056.00 yuan/ton on 2025/10/16, up 0.20% from the previous day [1] - The closing price of the near - month contract of GCED was 4130.00 yuan/ton on 2025/10/16, up 0.73% from the previous day [1] - The settlement price of the near - month contract of GCED was 4092.00 yuan/ton on 2025/10/16, up 0.07% from the previous day [1] - The mid - price index of diethylene glycol in the East China market (CFEI) was 4110.00 yuan/ton on 2025/10/16, with a 0.00% change from the previous day, and the price was 4155.00 yuan/ton on the same day, up 0.85% from the previous day [1] - The near - far price difference was 36.00 yuan/ton on 2025/10/16, down from 41.00 yuan/ton the previous day [1] - The basis was 66.00 yuan/ton on 2025/10/16, up 3.00 from the previous day [1] - The comprehensive operating rate of diethylene glycol was 65.84% on 2025/10/16, unchanged from the previous day [1] - The operating rate of diethylene glycol from petroleum was 69.94% on 2025/10/16, unchanged from the previous day [1] - The operating rate of diethylene glycol from coal was 59.65% on 2025/10/16, unchanged from the previous day [1] - The load rate of the PTA industrial chain was 89.38% on 2025/10/16, unchanged from the previous day [1] - The load rate of the PTA industrial chain in Zhejiang textile was 69.13% on 2025/10/16, up 1.51% from the previous day [1] - The external market profit of diethylene glycol from naphtha was - 108.69 yuan/ton on 2025/10/15, up 9.38 from the previous day [1] - The external market cash - flow situation of diethylene glycol from ethylene was - 125.90 yuan/ton on 2025/10/15, unchanged from the previous day [1] - The post - tax gross profit of GME from OMT was - 1717.08 yuan/ton on 2025/10/16, down 17.46 from the previous day [1] - The post - tax gross profit of the coal - based synthetic gas plant was 94.69 yuan/ton on 2025/10/16, down 39.82 from the previous day [1] - The price index of polyester fiber (CFEI C YDT) was 8425.00 yuan/ton on 2025/10/16, down 0.30% from the previous day [1] - The price index of polyester staple fiber (CFEI C) was 6750.00 yuan/ton on 2025/10/16, down 0.74% from the previous day, and the price index of polyester fiber (CFEI C) for polyester ester was 6300.00 yuan/ton on the same day, up 0.16% from the previous day [1] - The price index of bottle - grade PET chips (CFEI) was 5650.00 yuan/ton on 2025/10/16, up 0.36% from the previous day [1]

Report Summary 1. Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - For the industrial silicon market, the supply side still has a certain increase, the demand improvement is limited, and the market remains in an oversupply pattern, which may suppress the upside of the futures price. Attention should be paid to the support level of 8,300 - 8,500 yuan/ton [1]. - For the polysilicon market, recent supply - side news has pushed up the futures price. Considering the high raw material inventory of downstream enterprises, it is difficult to have concentrated restocking in the short term, and there is significant pressure for the spot price to rise further, which may limit the upside space of the futures price [1]. 3. Summary by Related Catalogs Industrial Silicon - **Price Changes**: On October 17, 2025, the average price of non - oxygenated 553 (East China) industrial silicon remained unchanged at 9,300 yuan/ton, and the average price of 421 (East China) remained unchanged at 9,700 yuan/ton. The closing price of the futures main contract increased by 0.41% to 8,605 yuan/ton [1]. - **Fundamentals**: In October, the southwest production area is entering the high - cost dry season. Some silicon enterprises will gradually reduce or stop production at the end of this month or next month. If northern silicon enterprises do not resume production on a large scale, the supply will tighten. On the demand side, polysilicon enterprises are still reducing production, but there may be an output increase in October. Organic silicon enterprises maintain the pre - holiday operating level, and silicon - aluminum alloy enterprises purchase as needed. The downstream's willingness to stock up at low levels is limited [1]. - **Investment Strategy**: The market remains in an oversupply pattern, which may suppress the upside of the futures price. Attention should be paid to the support level of 8,300 - 8,500 yuan/ton. The trading strategy is to conduct range operations [1]. Polysilicon - **Price Changes**: On October 17, 2025, the price of N - type dense material remained unchanged at 51.25 yuan/kg, the price of N - type re - feeding material remained unchanged at 52.75 yuan/kg, the price of N - type mixed material remained unchanged at 50.25 yuan/kg, and the price of N - type granular silicon remained unchanged at 50.5 yuan/kg. The closing price of the futures main contract increased by 3.36% to 52,575 yuan/ton [1]. - **Fundamentals**: On the supply side, polysilicon enterprises are still reducing production, but some new production capacity may be put into operation, and the output is expected to increase slightly in October. On the demand side, the market trading was light during the National Day holiday, with few new transactions. Downstream enterprises are resistant to high - priced resources, and the market is waiting for the industry meeting in October [1]. - **Investment Strategy**: The supply - side news has pushed up the futures price. Considering the high raw material inventory of downstream enterprises, it is difficult to have concentrated restocking in the short term, and there is significant pressure for the spot price to rise further, which may limit the upside space of the futures price. Before the implementation of supply - side reform policies, investors can try to go long on dips with a light position [1]. Industry News - Indian photovoltaic company Solex Energy received a solar module supply order worth approximately 4.379 billion yuan from five companies under the Zelestra Group. The order includes 615/620Wp double - glass (G12R specification) modules using N - type TOPCon technology and is scheduled for delivery from February to November 2026. This is an important move for Zelestra Group to expand its photovoltaic layout, and it will help Solex Energy release its production capacity [1].

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core View of the Report The current supply and demand are both strong, the upstream inventory pressure is not significant, the expectation of lithium ore supply contraction has weakened, the downstream inventory build - up has peaked, and the demand peak may have arrived. It is expected that the lithium carbonate price will fluctuate at a low level. Attention should be paid to the situation after the Jiangxi mine end submits the output report. The recommended trading strategy is to wait and see [1]. 3. Summary by Relevant Content 3.1 Carbonate Lithium Futures and Spot Market - **Futures Market**: On October 15, 2025, the main contract of lithium carbonate futures fluctuated within a range. The trading volume was 225,238 lots (- 45,089), and the open interest was 188,523 lots (- 4,408). The inventory was 35,180 tons. The spreads between different contracts also showed certain changes, such as the spread between the near - month and the first - continuous contract being - 60 [1]. - **Spot Market**: The trading in the spot market was weak, and the basis premium narrowed. The average price of SMM battery - grade lithium carbonate was 73,000 yuan/ton, and there were also price data for other lithium - related products such as lithium hydroxide, lithium hexafluorophosphate, etc. [1]. 3.2 Supply and Demand Situation - **Supply Side**: Last week, the output of lithium carbonate increased. The prices of lithium spodumene concentrate and lithium mica remained stable [1]. - **Demand Side**: Last week, the output of lithium iron phosphate and ternary materials increased. In October, the production of lithium carbonate and lithium hydroxide increased, and the output of power batteries increased last week. In terms of terminal demand, the year - on - year growth rate of new energy vehicle production and sales slowed down in September, the 3C shipments were average, and the production plan of energy - storage batteries increased in October [1]. 3.3 Inventory Situation The registered warehouse receipts were 33,076 (- 2,004) tons. The social inventory decreased, the smelters' inventory increased, and the downstream and other inventories decreased [1]. 3.4 Industry News The National Development and Reform Commission and other departments issued the "Three - Year Doubling" Action Plan for the Service Capacity of Electric Vehicle Charging Facilities (2025 - 2027), aiming to achieve a doubling of charging service capacity by the end of 2027 [1].

1. Report Industry Investment Rating - No information provided in the document. 2. Core View of the Report - Uncertainties in Sino - US trade, concerns about the weakening US employment market, the Fed's potential future interest - rate cuts and possible halt to balance - sheet reduction, the unresolved US federal government shutdown crisis, uncertainties about mutual tariff imposition between China and the US, the expansion of fiscal deficits in many countries, geopolitical risks in regions like Russia - Ukraine and the Middle East, and continuous gold purchases by central banks of many countries will support precious metal prices in the medium and long term [1]. 3. Summary by Relevant Content 3.1 Precious Metal Market Data 3.1.1 Gold - Shanghai Gold: The closing price was 958.50 yuan/gram, with a change of 18.55 yuan compared to a previous period; trading volume was 55,176.00, and the position volume was 234,136.00 [1]. - Spot Shanghai Gold T + D: The trading volume was 55,176.00, and the position volume was 234,136.00 [1]. - COMEX Gold Futures: The closing price was 4007.90, the trading volume was 301,947.00, and the position volume was 370,287.00; inventory was 39,285,218.72 troy ounces [1]. - London Gold Spot: The price was 4204.60 US dollars/ounce; SPDR Gold ETF holdings were 1013.15, and iShare Gold ETF holdings were 487.42 [1]. 3.1.2 Silver - Shanghai Silver: The closing price was 11,961.00 yuan/ten grams, the trading volume was 2,421,975.00, and the position volume was 10,117.00; inventory was 1,030,429.00 (in ten - gram units) [1]. - Spot Shanghai Silver T + D: The trading volume was 1,699,552.00, and the position volume was 452,782.00 [1]. - COMEX Silver Futures: The closing price was 52.53, the trading volume was 21,002.00, and the position volume was 126,571.00; inventory was 515,632,550.48 troy ounces [1]. - London Silver Spot: The price was 52.59 US dollars/ounce; US iShare Silver ETF holdings were 15,422.61 [1]. 3.2 Important Information - The US court temporarily prohibited Trump from large - scale layoffs during the government shutdown, and earlier, the White House "steward" said that government layoffs during the shutdown could exceed 10,000. Trump - appointed Fed governor Milan said that trade uncertainties made interest - rate cuts more urgent [1]. - The Fed's Beige Book showed that US economic activity had changed little since the last report in early September, tariffs had pushed up prices, and consumers had felt the impact [1]. 3.3 Trading Strategy - It is advisable to mainly lay out long positions after price corrections. For London Gold, pay attention to the support level around 3600 - 3800 and the resistance level around 4383 - 4778; for Shanghai Gold, the support level is around 790 - 810 and the resistance level is around 1000 - 1100. For London Silver, the support level is around 40 - 47 and the resistance level is around 57 - 68; for Shanghai Silver, the support level is around 9000 - 11000 and the resistance level is around 13000 - 14800 [1].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - Nickel: On October 15, the nickel market showed a weak fundamental situation with inventory pressure, but the valuation was at a low level. It is expected that nickel prices will fluctuate at a low level. The trading strategy is to wait and see [1][2]. - Stainless steel: On October 15, the stainless - steel market had a loose fundamental situation, with inventory accumulation and a loosening cost support. It is expected that the price will fluctuate weakly. The trading strategy is to short on rallies [2]. 3. Summary by Relevant Data Nickel - **Futures Prices**: On October 15, the closing prices of Shanghai nickel futures' near - month, continuous - one, continuous - two, and continuous - three contracts were 121,010 yuan/ton, 120,900 yuan/ton, 121,330 yuan/ton, and 121,550 yuan/ton respectively. The trading volume was 83,761 hands (-26,323), and the open interest was 68,681 hands (-4,426). LME3 - month nickel official price was 15,210 dollars/ton, up 0.10% [2]. - **Spot Prices**: SMM 1 electrolytic nickel average price was 122,300 yuan/ton. Nickel bean average price was 123,550 yuan/ton. 1 Jinchuan nickel average price was 123,500 yuan/ton. 1 imported nickel (Russian nickel) average price was 121,450 yuan/ton [2]. - **Inventory**: Shanghai Futures Exchange nickel inventory was 26,558 tons (+1,531). LME nickel registered warehouse receipts were 240,486 tons (-240,486), and cancelled warehouse receipts were 0 tons (-6,270). The total LME nickel inventory was 246,756 tons (+3,498) [2]. - **Supply and Demand**: In August 2025, global refined nickel production was 323,300 tons, consumption was 273,400 tons, with a supply surplus of 49,900 tons. From January to August 2025, global refined nickel production was 2,549,400 tons, consumption was 2,244,300 tons, with a supply surplus of 305,100 tons [2]. Stainless Steel - **Futures Prices**: On October 15, the closing prices of Shanghai stainless - steel futures' near - month, continuous - one, continuous - two, and continuous - three contracts were 12,345 yuan/ton, 12,525 yuan/ton, 12,560 yuan/ton, and 12,660 yuan/ton respectively. The trading volume was 113,216 hands (-37,540), and the open interest was 193,490 hands (+3,239) [2]. - **Spot Prices**: 304/2B coil - cut edge (Wuxi) average price was 13,550 yuan/ton. 304/No.1 coil (Wuxi) average price was 12,500 yuan/ton. 316L/2B coil (Wuxi) average price was 25,300 yuan/ton [2]. - **Inventory**: Shanghai Futures Exchange stainless - steel inventory decreased. The 300 - series social inventory last week was 619,400 tons (+33,900) [2].

Report Industry Investment Rating - No investment rating provided in the report [1] Core View - The report's view on methanol is that it will experience low-level fluctuations, and it's necessary to wait before going long. Methanol prices are relatively high compared to upstream coal and downstream polyolefin prices, and the short-term upward driving force is limited due to high port inventory pressure and insufficient downstream replenishment drive. The inventory turning point may occur around mid-November, and the subsequent possible driving force lies in potential supply reductions, such as the expected gas restrictions in Iran. Overall, it's advisable to wait before going long on methanol [1] Summary by Relevant Catalogs 1. Price and Basis - **Methanol Futures Prices**: MA01 closed at 2,298 yuan/ton on October 15, 2025, up 1.06% from the previous day; MA05 closed at 2,311 yuan/ton, up 0.48%; MA09 closed at 2,269 yuan/ton, up 0.44%. The spot price in Taicang was 2,310 yuan/ton, up 25 yuan from the previous day [1] - **Spot Prices**: Prices in Shandong remained unchanged at 2,305 yuan/ton; in Guangdong, it rose 2.5 yuan to 2,270 yuan/ton; in Shaanxi, it dropped 7.5 yuan to 2,072.5 yuan/ton; in Inner Mongolia, it dropped 17.5 yuan to 2,060 yuan/ton [1] - **Basis**: The basis of Taicang spot - MA was 12 yuan/ton on October 15, up 1 yuan from the previous day [1] 2. Cost and Profit - **Coal and Natural Gas Prices**: Coal prices in Baotou, Datong, and Yulin increased, with the largest increase of 2.10% in Yulin. Industrial natural gas prices in Hohhot and Chongqing remained unchanged [1] - **Methanol Profit**: Coal - based methanol profit was 312.20 yuan/ton, down 6.30 yuan from the previous day; natural - gas - based methanol profit was - 165.20 yuan/ton, up 30.20 yuan. Northwest MTO profit remained unchanged at - 502 yuan/ton, while East China MTO profit dropped 142 yuan to - 1003.07 yuan/ton, a decrease of 16.49% [1] - **Downstream Profit**: Acetic acid profit was 554.53 yuan/ton, down 5.21%; MTBE profit was 480.20 yuan/ton, down 9.43%; formaldehyde and dimethyl ether profits remained unchanged [1] 3. Important Information - **Domestic Futures**: Methanol's main contract MA2601 fluctuated upwards, opening at 2,275 yuan/ton and closing at 2,298 yuan/ton, up 1 yuan/ton. Trading volume was 736,803 lots, and open interest was 1,038,960 lots, showing a decrease in both volume and open interest [1] - **Foreign Information**: The US Treasury's Office of Foreign Assets Control (OFAC) added 13 Chinese enterprises to the SDN list and sanctioned multiple ships, with 11 ships sanctioned in total, accounting for about 12% of the shipping capacity from a certain Middle - Eastern country [1] 4. Trading Strategy - The recommended trading strategy is to wait and see, with a view score of 0 [1]

Report Industry Investment Rating - No industry investment rating information is provided in the report. Core View - The price of Shanghai copper may be weak first and then strong due to the uncertainty of whether China and the US will impose additional tariffs, the expectation of future interest rate cuts and the halt of balance - sheet reduction by the Federal Reserve, and production disruptions in multiple overseas copper mines [1] Summary by Relevant Catalogs 1. Shanghai Copper Futures Active Contract - On October 15, 2025, the closing price was 85,800, up 1,390 from the previous day; the trading volume was 125,819 lots, down 85,165 from the previous day; the open interest was 175,899 lots, down 11,667 from the previous day; the inventory was 44,531 tons, up 8,236 from the previous day; the Shanghai copper basis was - 565, down 2,145 from the previous day [1] 2. Shanghai Copper Basis or Spot Premium and Discount - SMM 1 electrolytic copper - semi - average price on October 15, 2025 was 85,235, down 755 from the previous day; SMM flat - water copper opening premium and discount - average price was 70, up 50 from the previous day; SMM premium copper opening premium and discount - average price was 130, up 30 from the previous day; SMM wet - process copper opening premium and discount - average price was 0, up 45 from the previous day; SMM Guixi copper opening premium and discount - average price was 150, up 20 from the previous day; EQ copper opening premium and discount: average price was - 90, up 15 from the previous day; SMM RMB Yangshan copper premium - average price was 369.43, up 0.12 from the previous day; SMM Yangshan copper premium (warehouse receipt) - average price was 45, unchanged from the previous day; SMM Yangshan copper premium (bill of lading) - average price was 52, unchanged from the previous day [1] 3. Spread (Near - month and Far - month) - On October 15, 2025, the spread between Shanghai copper near - month and Shanghai copper continuous - 1 was - 150, down 140 from the previous day; the spread between Shanghai copper continuous - 1 and Shanghai copper continuous - 2 was - 50, down 80 from the previous day; the spread between Shanghai copper continuous - 2 and Shanghai copper continuous - 1 was 60, down 30 from the previous day [1] 4. London Copper - On October 15, 2025, the closing price of LME 3 - month copper futures (electronic trading) was 10,576, down 22.5 from the previous day; the LME copper futures 0 - 3 - month contract spread was 27.94, down 26.93 from the previous day; the LME copper futures 3 - 15 - month contract spread was 171.49, up 18.49 from the previous day; the ratio of Shanghai - London copper prices was 8.1127, up 0.15 from the previous day [1] 5. COMEX Copper - On October 15, 2025, the closing price of the copper futures active contract was 4.972, down 0.16 from the previous day; the total inventory was 343,235, up 2,360 from the previous day [1] 6. Key Information and Investment Strategy - **Supply Side**: Multiple domestic and foreign copper mines have production disruptions, leading to a negative China copper concentrate import index and a tight domestic copper concentrate supply - demand expectation. The expected increase in scrap copper supply has led to a rise in domestic crude copper or anode plate processing fees. Copper smelters' maintenance capacity in October increased month - on - month [1] - **Demand Side**: The shipping enthusiasm of domestic electrolytic copper spot traders has weakened, resulting in low downstream purchasing sentiment [1] - **Inventory Side**: China's electrolytic copper social inventory increased compared with last week; LME electrolytic copper inventory decreased compared with last week; COMEX copper inventory increased compared with last week [1] 7. Trading Strategy - It is recommended to mainly lay out long positions after the price drops. Pay attention to the support level around 80,000 - 83,000 and the resistance level around 86,000 - 89,000 for Shanghai copper. For London copper, pay attention to the support level around 9,500 - 10,200 and the resistance level around 11,000 - 12,000. For US copper, pay attention to the support level around 4.0 - 4.5 and the resistance level around 5.5 - 6.0 [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoint - The rebound of the urea futures market is mainly due to short - term profit - taking by short sellers. The spot market remains dull. The previously expected upward drivers (chemical anti - involution and exports) have not materialized. If there is no further change in exports and domestic agricultural demand weakens, domestic demand may not be able to absorb the high supply pressure, and urea prices may continue to fluctuate at a low level. However, the current urea valuation is already at a low level, 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 Related Catalogs Urea Futures Prices (Closing Price) - On October 15, UR01 was 1597 yuan/ton, a decrease of 3 yuan or 0.19% from October 14; UR05 was 1671 yuan/ton, a decrease of 2 yuan or - 0.12%; UR09 was 1707 yuan/ton, a decrease of 5 yuan or - 0.29% [1]. Domestic Spot Prices (Small - Granule) - On October 15, the prices in Shandong, Henan, Hebei, Northeast, and Jiangsu remained unchanged at 1550 yuan/ton, 1540 yuan/ton, 1590 yuan/ton, 1620 yuan/ton, and 1560 yuan/ton respectively. The price in Shanxi was 1460 yuan/ton, an increase of 10 yuan or 0.68% from October 14 [1]. Basis and Spread - On October 15, the spread between Shandong spot and UR01 was - 121 yuan/ton, an increase of 2 yuan from October 14; the spread between 01 - 05 was - 74 yuan/ton, an increase of 5 yuan [1]. Upstream Cost - On October 15, the anthracite coal prices in Henan and Shanxi remained unchanged at 1000 yuan/ton and 880 yuan/ton respectively [1]. Downstream Prices - On October 15, the prices of compound fertilizer (45%S) in Shandong and Henan remained unchanged at 2900 yuan/ton and 2500 yuan/ton respectively. The melamine prices in Shandong and Jiangsu remained unchanged at 5084 yuan/ton and 5100 yuan/ton respectively [1]. Important Information - On the previous trading day, the opening price of the urea futures main contract 2601 was 1600 yuan/ton, the highest price was 1611 yuan/ton, the lowest price was 1596 yuan/ton, the closing price was 1600 yuan/ton, and the settlement price was 1604 yuan/ton. The position of 2601 was 322,686 lots [1].