Report Industry Investment Rating - RU and NR are rated neutral; BR is also rated neutral [12] Core Viewpoints - For natural rubber, with the increase in domestic arrivals, the latest domestic Qingdao port inventory and social inventory have rebounded. With the overseas peak season, domestic arrivals are expected to maintain a good growth rate, and inventory is expected to increase further. However, due to rainfall in overseas main - producing areas, raw material prices are firm, and the cost - side support for natural rubber is strong, limiting the short - term downward space. The domestic futures price valuation is still low, but the supply - demand drive is insufficient, and the price is expected to fluctuate within a range [12] - For cis - polybutadiene rubber, after the sharp decline in the price of upstream butadiene raw materials, since late October, the production profit of cis - polybutadiene rubber has turned from loss to profit, which is conducive to the increase of the upstream device load in the later stage, partially offsetting the support from the recent centralized maintenance of upstream cis - polybutadiene rubber devices. The downstream demand is still resilient, and the supply - demand contradiction of cis - polybutadiene rubber itself is not prominent. It may follow the fluctuations of upstream butadiene raw materials. After the recent sharp decline, the butadiene price has stabilized, but the price weakness is difficult to change under sufficient supply [12] Summary by Relevant Catalogs Market News and Data - **Futures Prices**: On the previous trading day's close, the RU main contract was at 14,850 yuan/ton, down 25 yuan/ton from the previous day; the NR main contract was at 11,935 yuan/ton, down 25 yuan/ton; the BR main contract was at 10,235 yuan/ton, up 30 yuan/ton [1] - **Spot Prices**: The Shanghai market price of Yunnan - produced whole latex was 14,350 yuan/ton, down 100 yuan/ton; the Thai mixed rubber in Qingdao Free Trade Zone was 14,400 yuan/ton, down 200 yuan/ton; the Thai 20 - grade standard rubber in Qingdao Free Trade Zone was 1,820 US dollars/ton, down 10 US dollars/ton; the Indonesian 20 - grade standard rubber in Qingdao Free Trade Zone was 1,690 US dollars/ton, down 30 US dollars/ton; the ex - factory price of BR9000 of PetroChina Qilu Petrochemical was 10,500 yuan/ton, unchanged; the market price of BR9000 of Zhejiang Transfar was 10,150 yuan/ton, unchanged [1] Market Information - **Heavy - Truck Sales**: In October 2025, China's heavy - truck market sold about 93,000 vehicles (wholesale basis, including exports and new energy), a month - on - month decrease of about 12% from September and a year - on - year increase of about 40% from 66,400 vehicles in the same period last year. From January to October this year, the cumulative sales of China's heavy - truck market exceeded 900,000 vehicles, reaching 916,000 vehicles, a year - on - year increase of about 22%. It is expected that after November, the cumulative sales will exceed 1 million vehicles [2] - **Global Natural Rubber Production and Consumption**: According to the ANRPC's September 2025 report forecast, the global natural rubber production in September was expected to increase by 5% to 1.433 million tons, a 1% decrease from the previous month; the consumption was expected to decrease by 3.3% to 1.274 million tons, a 1.2% increase from the previous month. In the first three quarters, the cumulative global natural rubber production was expected to increase by 2.3% to 10.374 million tons, and the cumulative consumption was expected to decrease by 1.5% to 11.422 million tons [2] - **China's Natural Rubber Imports**: In September 2025, China's natural rubber (including technical classification, latex, smoked sheets, primary forms, mixed rubber, and compound rubber) imports were 595,900 tons, a month - on - month increase of 14.41% and a year - on - year increase of 20.92%. From January to September 2025, the cumulative import volume was 4.7172 million tons, a cumulative year - on - year increase of 19.65% [2] - **Thailand's Natural Rubber Exports**: In the first three quarters of 2025, Thailand's exports of natural rubber (excluding compound rubber) totaled 1.993 million tons, a year - on - year decrease of 8%. Among them, the total exports of standard rubber were 1.116 million tons, a year - on - year decrease of 20%; the exports of smoked sheets were 308,000 tons, a year - on - year increase of 22%; the exports of latex were 556,000 tons, a year - on - year increase of 10%. From January to September, the total exports of natural rubber to China were 759,000 tons, a year - on - year increase of 6%. Among them, the total exports of standard rubber to China were 459,000 tons, a year - on - year decrease of 19%; the total exports of smoked sheets to China were 99,000 tons, a year - on - year increase of 330%; the total exports of latex to China were 199,000 tons, a year - on - year increase of 70% [3] - **Automobile Production and Sales**: In September, China's automobile production and sales were 3.276 million and 3.226 million vehicles respectively, a month - on - month increase of 16.4% and 12.9% respectively, and a year - on - year increase of 17.1% and 14.9% respectively. For the first time in the same period in history, automobile production and sales exceeded 3 million vehicles, and the monthly year - on - year growth rate has remained above 10% for five consecutive months [4] - **China's Rubber Tire Exports**: In the first three quarters of 2025, China's rubber tire exports reached 7.28 million tons, a year - on - year increase of 5%; the export value was 127.7 billion yuan, a year - on - year increase of 4.2%. Among them, the exports of new pneumatic rubber tires reached 7.02 million tons, a year - on - year increase of 4.7%; the export value was 122.7 billion yuan, a year - on - year increase of 4%. Calculated by the number of pieces, the export volume reached 5.3491 billion pieces, a year - on - year increase of 5.4%. The exports of automobile tires in the first three quarters were 6.22 million tons, a year - on - year increase of 4.5%; the export value was 105.5 billion yuan, a year - on - year increase of 3.6% [4] - **EU Passenger - Car Sales**: According to the latest data released by the European Automobile Manufacturers Association (ACEA), in September 2025, the EU passenger - car market sales increased by 10% to 888,672 vehicles. The cumulative sales in the first three quarters increased by 0.9% year - on - year to 8.06 million vehicles [4] Market Analysis Natural Rubber - **Spot and Spreads**: On November 5, 2025, the RU basis was - 500 yuan/ton (- 75), the spread between the RU main contract and the mixed rubber was 475 yuan/ton (- 20), the NR basis was 941.00 yuan/ton (+ 172.00); the whole latex was 14,350 yuan/ton (- 100), the mixed rubber was 14,400 yuan/ton (- 200), the 3L spot was 14,950 yuan/ton (- 50). The STR20 was quoted at 1,820 US dollars/ton (- 10), the spread between the whole latex and 3L was - 600 yuan/ton (- 50); the spread between the mixed rubber and styrene - butadiene rubber was 3,700 yuan/ton (- 200) [6] - **Raw Materials**: The price of Thai smoked sheets was 58.30 Thai baht/kg (- 0.70), the price of Thai latex was 56.30 Thai baht/kg (unchanged), the price of Thai cup lump was 51.90 Thai baht/kg (- 1.40), and the difference between Thai latex and cup lump was 4.10 Thai baht/kg (+ 1.40) [7] - **Operating Rates**: The operating rate of all - steel tires was 65.34% (- 0.53%), and the operating rate of semi - steel tires was 72.12% (- 0.72%) [8] - **Inventories**: The social inventory of natural rubber was 447,668 tons (+ 15,439), the inventory of natural rubber at Qingdao Port was 1,056,012 tons (+ 17,061), the RU futures inventory was 120,900 tons (- 3,120), and the NR futures inventory was 44,655 tons (+ 2,015) [8] Cis - Polybutadiene Rubber - **Spot and Spreads**: On November 5, 2025, the BR basis was - 135 yuan/ton (- 30), the ex - factory price of butadiene of Sinopec was 6,900 yuan/ton (unchanged), the quotation of BR9000 of Qilu Petrochemical was 10,500 yuan/ton (unchanged), the quotation of BR9000 of Zhejiang Transfar was 10,150 yuan/ton (unchanged), the price of Shandong private cis - polybutadiene rubber was 9,750 yuan/ton (- 100), and the import profit of cis - polybutadiene rubber in Northeast Asia was - 2,458 yuan/ton (- 173) [9] - **Operating Rates**: The operating rate of high - cis cis - polybutadiene rubber was 66.90% (- 4.81%) [10] - **Inventories**: The inventory of cis - polybutadiene rubber traders was 3,680 tons (- 840), and the inventory of cis - polybutadiene rubber enterprises was 27,200 tons (- 1,450) [11]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The market sentiment is average, and the black commodities are oscillating. Steel prices are running weakly, iron ore prices face downward pressure but are difficult to show a trend direction in the short - term, coking coal prices are oscillating, and power coal prices are rising [1][3][4][6] Summary by Related Catalogs Steel Market Analysis - Yesterday, the main contract of rebar closed at 3,024 yuan/ton, and the main contract of hot - rolled coil closed at 3,253 yuan/ton, continuing the weak oscillation. The overall performance of spot steel transactions was average, with the total national building materials trading volume at 9.39 tons, still maintaining a low trading volume [1] Supply - Demand and Logic - The cost - side support for rebar remains, and the policy side needs further observation. Under the current fundamentals, the futures market will continue the weak oscillation pattern. The consumption of hot - rolled coils still has certain resilience. The iron water flows to hot - rolled coils, so the production is at a relatively high level. Since steel mills currently have profits, their willingness to reduce production is low. In November, the number of planned maintenance and production reduction of steel mills increases, and there are also environmental protection restrictions in the north from time to time [1] Strategy - Unilateral: Oscillating weakly; No strategies for inter - period, inter - variety, spot - futures, and options [2] Iron Ore Market Analysis - Yesterday, the iron ore futures prices oscillated. In the spot market, the prices of mainstream imported iron ore varieties fluctuated slightly. The enthusiasm of traders to offer was average, and the quotes mostly followed the market. Steel mills' purchases were mainly for rigid demand. The cumulative transaction volume of iron ore at major national ports was 1.088 million tons, a month - on - month decrease of 25.53%; the cumulative transaction volume of forward - looking spot was 1.499 million tons, a month - on - month increase of 107.62% [3] Supply - Demand and Logic - This week, the arrival volume of iron ore at ports rebounded significantly, a month - on - month increase of 58.6%. The current overall valuation of iron ore is neutral, and the supply - demand pattern of iron ore is changing from tight balance to looseness. The iron ore price faces downward pressure, but it is difficult to show a trend direction in the short - term under the support of downstream restocking demand. With the loss and production reduction of steel mills, the resilience of the demand side of iron ore has loosened, and the iron ore price faces correction pressure. Attention should be paid to the molten iron production and downstream inventory changes in the future [3] Strategy - Unilateral: Oscillating weakly; No strategies for inter - period, inter - variety, spot - futures, and options [3] Coking Coal and Coke Market Analysis - Yesterday, the coking coal and coke futures markets showed an oscillating and sorting trend, with obvious price differentiation between contracts. The closing prices of the main contracts of coking coal and coke both declined slightly. For imported Mongolian coking coal, the recent customs clearance volume has rebounded rapidly, the quotes fluctuate and adjust with the futures market, the trading volume is average, and the market is mostly in a cautious wait - and - see state [4] Logic and Viewpoints - For coking coal, the domestic mine supply has not fully recovered, but the recent rapid rebound of Mongolian coking coal customs clearance volume has a certain impact on the short - term price. From the perspective of inventory, the inventory at all links in the industry is at a medium - low level, and the coking coal inventory is significantly lower than the same period last year, which supports the market fundamentals to maintain resilience. The market's expectation of the subsequent rise of raw material prices continues to increase. The continuous rise of thermal coal spot prices further strengthens the support for coking coal prices. For coke, the supply has shrunk, the third round of price increase is still in progress, and the downstream steel enterprises on the demand side still mainly purchase for rigid demand. Attention should be paid to the implementation of the new round of coke price increase, the steel mills' production reduction plans, and the recovery progress of coking coal supply [5] Strategy - Coking coal: Oscillating; Coke: Oscillating; No strategies for inter - period, inter - variety, spot - futures, and options [5] Power Coal Market Analysis - In the production areas, the coal prices are still strong, and the supply is still tight. With the railway transportation discount again, the platforms and traders are actively pulling and transporting, and the miners' inventory has been at a low level for a long time. Miners are optimistic about the future price increase recently, believing that the supply - demand mismatch is difficult to change in the short - term. At the ports, the port transactions are still mainly long - term agreements. Affected by the upstream price increase, the traders' quotes remain high, but the downstream acceptance of high - priced coal is low. Currently, it is difficult to find low - priced coal at the ports, the inventory accumulation is less than expected, the downstream demand is good, and the short - term price will mainly rise. In terms of imports, the recent import coal market has been actively tendering, the domestic - foreign price difference is large, there is a certain profit in imported coal, and the center of the recently awarded bid prices has also risen [6] Demand and Logic - Affected by the tight supply in the production areas, the short - term price will oscillate strongly. In the long - term, the pattern of loose supply remains unchanged, but the winter heating peak season is coming, and the non - power demand of the downstream is strong. Attention should be paid to the overall consumption and restocking situation in the future [6] Strategy - No strategy provided [6]

1. Report Industry Investment Rating - High - sulfur fuel oil: Short - term neutral, medium - term bearish [2] - Low - sulfur fuel oil: Short - term neutral, medium - term bearish [2] - Cross - variety: Go long on the spread of LU2601 - FU2601 at low levels [2] - Cross - term: None [2] - Spot - futures: None [2] - Options: None [2] 2. Core View of the Report - The main contracts of SHFE fuel oil futures and INE low - sulfur fuel oil futures rose at night. The FU and LU prices fluctuated weakly following the crude oil trend, with an unclear short - term trend. The high - low sulfur spread rebounded from the bottom, indicating a marginal change in the strength - weakness pattern [1]. - The fundamentals of high - sulfur fuel oil have loosened recently, with the crack spread and monthly spread weakening and relatively abundant supply. For low - sulfur fuel oil, the restart of Dangote refinery's RFCC unit has relieved local supply pressure, and the maintenance of Kuwait's Azur refinery has led to a phased decline in shipments. The estimated low - sulfur fuel oil shipments from Kuwait in November are 0 tons, compared with 55500 tons in October. The low - sulfur fuel oil market structure has certain short - term repair conditions, and the high - low sulfur spread is expected to fluctuate strongly in the short term, but the upside space may be limited [1]. 3. Summary by Related Contents Market Analysis - The main contract of SHFE fuel oil futures closed up 0.15% at 2731 yuan/ton at night, and the main contract of INE low - sulfur fuel oil futures closed up 0.58% at 3296 yuan/ton [1]. - The high - low sulfur spread has rebounded from the bottom, and the fundamentals of high - sulfur fuel oil have loosened with relatively abundant supply. For low - sulfur fuel oil, local supply pressure has been relieved, and Kuwait's shipments are expected to decline in November [1]. Strategy - High - sulfur: Short - term neutral, medium - term bearish; Low - sulfur: Short - term neutral, medium - term bearish [2]. - Cross - variety strategy: Go long on the spread of LU2601 - FU2601 at low levels [2]. Figures - There are multiple figures showing the prices, spreads, closing prices, and trading volumes of Singapore's high - sulfur and low - sulfur fuel oil spot, swaps, and domestic fuel oil futures [3][4][11][13]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The acrylene market continues to decline due to weak demand, a loose supply pattern, and limited cost - side support. Although some PDH units in Shandong have shut down or plan to shut down, the acrylene market remains weak. The cost - side support is limited due to the oversupply pressure of international oil prices and the weakness of external propane. The demand side is difficult to improve significantly as downstream new projects are mostly postponed, the overall downstream operating rate has declined, and the terminal demand is entering the off - season [2]. Summary by Relevant Catalogs 1. Acrylene Basis Structure - The acrylene basis structure includes data on the acrylene main contract closing price, East China basis, North China basis, and 01 - 05 contract. The acrylene main contract closing price is 5977 yuan/ton (- 49), the East China basis is - 137 yuan/ton (+ 14), and the North China basis is - 195 yuan/ton (- 29) [1][14][8] 2. Acrylene Production Profit and Operating Rate - The acrylene production profit and operating rate involve indicators such as the difference between acrylene CFR in China and naphtha CFR in Japan, acrylene capacity utilization rate, PDH production profit, and MTO production profit. The acrylene capacity utilization rate is 75% (+ 1%) [1][16] 3. Acrylene Import and Export Profit - The acrylene import and export profit is reflected in the import profit, which is - 392 yuan/ton (- 44). It also includes the price differences between South Korea FOB - China CFR, Japan CFR - China CFR, and Southeast Asia CFR - China CFR [1][29] 4. Acrylene Downstream Profit and Operating Rate - For acrylene downstream products, the operating rates and production profits of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone are considered. For example, the PP powder operating rate is 43% (+ 2.00%) with a production profit of 100 yuan/ton (+ 70); the propylene oxide operating rate is 69% (+ 1%) with a production profit of - 488 yuan/ton (- 68) [1] 5. Acrylene Inventory - The acrylene inventory includes the acrylene factory inventory, which is 45050 tons (- 1210), and the PP powder factory inventory [1][64]

农产品日报 | 2025-11-06 油厂开机率下滑，豆粕偏强震荡 粕类观点 市场要闻与重要数据 政策变化 玉米观点 期货方面，昨日收盘豆粕2601合约3073元/吨，较前日变动+58元/吨，幅度+1.92%；菜粕2601合约2537元/吨，较前 日变动+40元/吨，幅度+1.60%。现货方面，天津地区豆粕现货价格3070元/吨，较前日变动+10元/吨，现货基差M01-3， 较前日变动-48；江苏地区豆粕现货3010元/吨，较前日变动+40元/吨，现货基差M01-63，较前日变动-18；广东地 区豆粕现货价格3020元/吨，较前日变动跌+40元/吨，现货基差M01-53，较前日变动-18。福建地区菜粕现货价格2720 元/吨，较前日变动+30元/吨，现货基差RM01+183，较前日变动-10。 近期市场资讯，11月3日，商品经纪公司StoneX称，就2025/26年度大豆作物而言，11月产量预估较10月的估值上调 了0.1%，预计将达到1.789亿吨。11月4日，巴拉那州农村经济部发布的数据显示，本周巴拉那州2025/26年度大豆 种植面积已达预计面积的79%，较上周上升8个百分点。去年同期大豆种植率为85% ...

Report Industry Investment Rating - The overall rating for commodities and stock index futures is neutral [2] Core Viewpoints - Domestic market has positive news, but economic foundation needs strengthening. The "15th Five-Year Plan" boosts market sentiment and economic expectations, and the average GDP growth rate during the "15th Five-Year Plan" is expected to be around 5%. The Sino-US economic and trade teams have reached consensus on three aspects, and the A-share market showed an upward trend on November 5th [1]. - The Fed's stop of QT is still slow, and liquidity risks need attention in November. There are differences among Fed officials regarding inflation and employment risks. The US government shutdown continues, and the 10 - month ISM manufacturing index has declined [1]. - For commodities, it is advisable to wait and see in the near term. Pay attention to potential breakthrough directions in the second half of inflation, such as non - ferrous metals and energy [1]. Summary by Related Catalogs Market Analysis - Domestic market: The "15th Five - Year Plan" sets goals, and the average GDP growth rate during the "15th Five - Year Plan" is expected to be around 5%. Sino - US economic and trade teams reached three - point consensus. In October, the national manufacturing PMI was 49, with a month - on - month value of - 0.8. On November 5th, the A - share market had an upward trend, and the ChiNext Index rose by over 1% [1]. - US market: The Fed cut interest rates by 25BP and will end balance sheet reduction on December 1st. There are differences among Fed officials on inflation and employment risks. The US government shutdown entered its 36th day on November 5th. The 10 - month ISM manufacturing index dropped to 48.7%, and the ADP employment number increased by 42,000 [1]. - Commodities: It is advisable to wait and see in the near term. The black sector is affected by downstream demand expectations. The non - ferrous sector is boosted by global easing expectations. The energy supply is expected to be relatively loose in the medium term. Attention should be paid to the "anti - involution" space in the chemical sector and changes in agricultural products and precious metals [1] Strategy - The overall rating for commodities and stock index futures is neutral [2] To - do News - The State Council Tariff Commission will continue to suspend the 24% additional tariff on US imports for one year while retaining the 10% tariff from November 10, 2025 [3]. - The US federal government shutdown entered its 36th day on November 4th, breaking the historical record [3]. - The US 10 - month ADP employment number increased by 42,000, higher than the expected 30,000 [3]. - The US Supreme Court will decide on Trump's tariff policy, and Treasury Secretary Bessent will go to the Supreme Court to emphasize the importance of tariffs [3]

FICC日报 | 2025-11-05 银行板块支撑沪指宽幅震荡 市场分析 出口韧性强。中外关系方面，国家主席习近平会见俄罗斯总理米舒斯京时强调，双方要稳步扩大相互投资，开展 好能源、互联互通、农业、航空航天等传统领域合作；挖掘人工智能、数字经济、绿色发展等新业态合作潜力， 打造新的合作增长点。数据方面，商务部公布，前三季度，我国服务贸易进出口总额59362.2亿元，同比增长7.6%。 其中，出口26015亿元，增长14.4%；进口33347.2亿元，增长2.8%；服务贸易逆差7332.2亿元，同比减少2382.4亿 元。 指数调整。现货市场，A股三大指数调整，沪指跌0.41%收于3960.19点，创业板指跌1.96%。行业方面，板块指数 跌多涨少，银行、公用事业、环保行业领涨，有色金属、电力设备、医药生物、美容护理行业跌幅居前。当日沪 深两市成交额降至1.9万亿元。海外方面，随着美国东部时间进入11月4日，美国国会参议院再次未能通过联邦政府 临时拨款法案。美国联邦政府"停摆"进入第35天，追平美国史上最长"停摆"纪录。美国三大股指全线收跌，纳指跌 2.04%报23348.64点。 期指基差下降。期货市场，基 ...

Report Industry Investment Rating - Not provided Core Views - The report presents the trading data of various index options on November 4, 2025, including trading volume, PCR, and VIX [1][2][3] Summary by Directory 1. Option Trading Volume - On November 4, 2025, the trading volume of SSE 50 ETF options was 91.70 million contracts; CSI 300 ETF options (Shanghai) was 92.51 million contracts; CSI 500 ETF options (Shanghai) was 150.17 million contracts; Shenzhen 100 ETF options was 7.27 million contracts; ChiNext ETF options was 179.24 million contracts; SSE 50 index options was 3.60 million contracts; CSI 300 index options was 12.40 million contracts; CSI 1000 options was 27.34 million contracts [1] 2. Option PCR - The turnover PCR of SSE 50 ETF options was reported at 0.82, with a month - on - month change of - 0.07; the position PCR was 0.89, with a month - on - month change of + 0.03. Similar data were provided for other options [2] 3. Option VIX - The VIX of SSE 50 ETF options was reported at 17.29%, with a month - on - month change of - 0.08%. Similar data were provided for other options [3]

Group 1: Report Investment Ratings - The investment rating for the pig market is cautiously bearish [3] - The investment rating for the egg market is cautiously bearish [6] Group 2: Core Views - The pig market is facing an oversupply situation, with high pressure on supply after the Spring Festival and potential challenges in consumption absorption. The supply - demand imbalance may persist [2] - The egg market has low inventory build - up willingness from deep - processing and feed enterprises, and the situation of oversupply remains due to the concentrated listing of new grain [5] Group 3: Market News and Key Data Pig Market - Futures: The closing price of the live pig 2601 contract was 11,685 yuan/ton, a change of - 50 yuan/ton (- 0.43%) from the previous trading day [1] - Spot: In Henan, the price of external ternary live pigs was 11.96 yuan/kg, a change of - 0.25 yuan/kg; in Jiangsu, it was 12.15 yuan/kg, a change of - 0.34 yuan/kg; in Sichuan, it was 11.63 yuan/kg, a change of - 0.21 yuan/kg [1] - Agricultural product wholesale prices: On November 4, the "Agricultural Product Wholesale Price 200 Index" was 124.96, down 0.13 points; the "Vegetable Basket" product wholesale price index was 126.95, down 0.16 points. The average wholesale price of pork was 18.02 yuan/kg, up 0.2%; beef was 66.73 yuan/kg, up 0.6%; mutton was 63.20 yuan/kg, down 0.1%; eggs were 7.27 yuan/kg, down 0.3%; white - striped chicken was 17.22 yuan/kg, down 2.2% [1] Egg Market - Futures: The closing price of the egg 2512 contract was 3144 yuan/500 kg, a change of - 14 yuan (- 0.44%) from the previous trading day [3] - Spot: In Liaoning, the egg spot price was 2.69 yuan/jin; in Shandong, it was 2.85 yuan/jin; in Hebei, it was 2.69 yuan/jin. The spot basis remained unchanged in these regions, with only the basis difference changing by + 14 [3] - Inventory: On November 4, 2025, the production - link inventory was 1.15 days, and the circulation - link inventory was 1.29 days, both unchanged from the previous day [4] Group 4: Market Analysis Pig Market - The inventory of large and medium - sized pigs over 5 months old decreased by 0.1% month - on - month and the year - on - year decline narrowed by 2.4%. The number of newborn piglets increased by 0.3% month - on - month and 6.6% year - on - year. The large - scale farms had a 1.8% month - on - month and 11% year - on - year increase, indicating significant long - term supply pressure mainly due to post - Spring Festival consumption decline and supply increase [2] - The second - fattened pigs entering the market this month are expected to be slaughtered at the end of the year, and the consumption side may not be able to absorb the supply increase, so the supply - strong and demand - weak pattern may persist [2] Egg Market - Deep - processing and feed enterprises have relatively low inventory, weak inventory - building willingness, and a strong wait - and - see attitude. The new grain is concentrated on the market, and the oversupply situation remains. Attention can be paid to farmers' grain - selling progress and traders' inventory levels [5] Group 5: Strategies Pig Market - Take a cautiously bearish stance [3] Egg Market - Take a cautiously bearish stance [6] Corn Market - It is expected that the corn price will continue to fluctuate weakly this week [5]

新能源及有色金属日报 | 2025-11-05 海外仓单风险持续 重要数据 现货方面：LME锌现货升水为130.71美元/吨。SMM上海锌现货价较前一交易日变化230元/吨至22580元/吨，SMM 上海锌现货升贴水-90元/吨；SMM广东锌现货价较前一交易日230元/吨至22570元/吨，广东锌现货升贴水-100元/ 吨；天津锌现货价较前一交易日250元/吨至22570元/吨，天津锌现货升贴水-100元/吨。 期货方面：2025-11-04沪锌主力合约开于22610元/吨，收于22670元/吨，较前一交易日185元/吨，全天交易日成交 150552手，全天交易日持仓116923手，日内价格最高点达到22840元/吨，最低点达到22595元/吨。 库存方面：截至2025-11-04，SMM七地锌锭库存总量为16.17万吨，较上期变化0.03万吨。截止2025-11-04，LME 锌库存为33825吨，较上一交易日变化0吨。 市场分析 目前冶炼厂原料库存可用天数下滑，叠加冬储需求，对矿端采购需求旺盛，海内外矿TC均出现明显回落，冶炼综 合利润被严重压缩，高成本地区面临亏损的窘境。供给端预期增速下滑，11月预期同 ...