1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The demand for propylene lacks support, and its upward movement is weak. Although the propylene price has stopped falling after reaching a low level, the supply - demand relationship remains weak, and the cost - side guidance is not strong, so the price may continue to be weak. Attention should be paid to the impact of the intensification of Sino - US trade frictions on the propane supply on the cost side [2] 3. Summary by Relevant Catalogs 3.1 Market News and Important Data - Propylene: The closing price of the main propylene contract is 6106 yuan/ton (+27), the spot price in East China is 6190 yuan/ton (-25), and in North China is 6215 yuan/ton (-45). The basis in East China is 84 yuan/ton (-52), and in North China is 109 yuan/ton (-72). The operating rate is 74% (-1%), the difference between China's propylene CFR and Japan's naphtha CFR is 226 US dollars/ton (+4), the difference between propylene CFR and 1.2 propane CFR is 132 US dollars/ton (-11), the import profit is - 400 yuan/ton (-6), and the in - plant inventory is 43390 tons (-1520) [1] - Propylene downstream: The operating rate of PP powder is 39% (-1.03%), and the production profit is - 85 yuan/ton (+0); the operating rate of propylene oxide is 68% (-4%), and the production profit is - 51 yuan/ton (-33); the operating rate of n - butanol is 90% (+2%), and the production profit is 85 yuan/ton (+28); the operating rate of octanol is 92% (-4%), and the production profit is 103 yuan/ton (+32); the operating rate of acrylic acid is 75% (-8%), and the production profit is 1205 yuan/ton (+18); the operating rate of acrylonitrile is 79% (+0%), and the production profit is - 673 yuan/ton (+47); the operating rate of phenol - acetone is 78% (+0%), and the production profit is - 526 yuan/ton (+0) [1] 3.2 Market Analysis - Supply side: The 600,000 - ton PDH unit of Bohai Petrochemical and the 650,000 - ton cracking unit of Yulong Petrochemical have stopped, while the 450,000 - ton PDH unit of Tianhong has restarted, and the PDH unit of Haiwei has the expectation of restarting. Coupled with the resumption of production of some major manufacturers in Shandong before the festival, the restart of PDH continues to suppress the propylene supply side [2] - Demand side: When the propylene price drops to a phased low, downstream buyers start to purchase at low prices, but the purchasing enthusiasm is not high, and the demand lacks continuous support. The overall downstream operating rate has declined. For propylene oxide, Lihuayi and Jinling have stopped for maintenance, and the PO unit of Hangjin Technology has a shutdown plan, resulting in a decline in the PO operating rate. The demand on the PP side is also difficult to improve, and the operating rate of PP powder has declined slightly. The operating rate of acrylic acid has declined significantly [2] - Cost side: International oil prices continue to decline under pressure due to weak demand and tariff disturbances. The price of external propane has rebounded slightly but is still weak. The cost side of propylene continues to drag down the propylene market [2] 3.3 Strategy - Unilateral: Wait and see - Inter - period: Sell high and buy back for the PL01 - 02 spread - Inter - variety: None [3] 3.4 Catalog - related Charts - **Propylene basis structure**: Includes charts of the closing price of the main propylene contract, the basis in East China and North China, the 01 - 05 contract, and the market prices in East China and Shandong [6][9][11] - **Propylene production profit and operating rate**: Includes charts of the difference between China's propylene CFR and Japan's naphtha CFR, propylene capacity utilization rate, PDH production gross profit and capacity utilization rate, MTO production gross profit, methanol - to - olefins capacity utilization rate, propylene naphtha cracking production gross profit, and crude oil main refinery capacity utilization rate [15][17][23] - **Propylene import and export profit**: Includes charts of the price differences between South Korea's FOB and China's CFR, Japan's CFR and China's CFR, Southeast Asia's CFR and China's CFR, and propylene import profit [30][32] - **Propylene downstream profit and operating rate**: Includes charts of the production profit and operating rate of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [38][40][43] - **Propylene inventory**: Includes charts of propylene in - plant inventory and PP powder in - plant inventory [62]

Report Industry Investment Rating There is no information provided about the report industry investment rating. Core Views of the Report - For the nickel variety, due to high inventory and a persistent supply - surplus situation, nickel prices are expected to remain in a low - level oscillation [3]. - For the stainless - steel variety, although stainless - steel prices are already at a low level, inventory accumulation has begun, material cost support has weakened, and demand falls short of expectations, so it is expected to maintain a low - level oscillation state [5]. Summary by Relevant Content Nickel Variety Market Analysis - **Futures**: On October 16, 2025, the Shanghai nickel main contract 2511 opened at 120,950 yuan/ton and closed at 121,270 yuan/ton, a 0.21% change from the previous trading day's close. The trading volume was 67,146 (-16,615) lots, and the open interest was 66,228 (-2,453) lots. The contract slightly opened lower, the price bottomed out and then rebounded slightly, and the overall non - ferrous metal sector had a small rebound under the expectation of a Fed rate cut in October [1]. - **Nickel Ore**: The nickel ore market remained on the sidelines, and prices were stable. Sea freight decreased due to reduced ship demand. The 1.4% nickel ore tender of the Eramen mine in Zambales, Philippines, was settled at FOB 43.5. Downstream iron plants' profits were affected, and they were cautious in purchasing nickel ore. Some northern domestic factories started "winter storage" of raw materials. The nickel ore market in Indonesia continued to have a loose supply pattern, and the domestic trade benchmark price in October (Phase II) was expected to rise by 0.06 - 0.11 dollars, with the current mainstream premium at +26 [1]. - **Spot**: Jinchuan Group's Shanghai market sales price was 123,400 yuan/ton, unchanged from the previous trading day. Spot prices were basically stable, and the spot premium of each brand did not fluctuate. The premium of Jinchuan nickel changed by 50 yuan/ton to 2,450 yuan/ton, the premium of imported nickel changed by 50 yuan/ton to 400 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 26,474 (-84) tons, and the LME nickel inventory was 250,344 (+3,588) tons [2]. Strategy - Unilateral: Mainly conduct range - bound operations. - There are no strategies for inter - delivery, cross - variety, spot - futures, and options [3]. Stainless - Steel Variety Market Analysis - **Futures**: On October 16, 2025, the stainless - steel main contract 2512 opened at 12,565 yuan/ton and closed at 12,615 yuan/ton. The trading volume was 125,870 (+12,654) lots, and the open interest was 201,245 (-4,171) lots. The contract slightly opened lower at night, was driven by Shanghai nickel and the black sector to further bottom out, and then followed the rebound of Shanghai nickel to rise slightly at the close [3]. - **Spot**: Overall spot trading was still light, and quotes continued to decline. However, after the futures market bottomed out and rebounded in the afternoon, market activity and prices rebounded slightly. The stainless - steel price in the Wuxi market was 12,950 (-50) yuan/ton, and in the Foshan market was 12,950 (-50) yuan/ton. The 304/2B premium was 445 to 745 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron changed by - 5.00 yuan/nickel point to 938.0 yuan/nickel point [3]. Strategy - Unilateral: Neutral. - There are no strategies for inter - delivery, cross - variety, spot - futures, and options [5].

Report Industry Investment Rating - High-sulfur fuel oil: Cautiously bearish, with a short-term focus on waiting and observing [3] - Low-sulfur fuel oil: Cautiously bearish, with a short-term focus on waiting and observing [3] - Cross-variety: None [3] - Cross-period: None [3] - Spot-futures: None [3] - Options: None [3] Core View of the Report - Crude oil prices have been weak recently due to looser fundamentals and potential tariff frictions, suppressing the overall energy sector. The fundamentals of fuel oil itself have a mix of long and short factors, with limited market drivers. High-sulfur fuel oil's supply from Iran and Russia is affected by sanctions and drone attacks, and after the end of the Middle East demand peak season, fuel oil exports have room for further growth. Low-sulfur fuel oil's current fundamentals and market structure are weaker than those of high-sulfur fuel oil, with increased supply from Africa, South America, etc., and potential risks in shipping and marine fuel demand. The pressure on the low-sulfur fuel oil market is expected to ease after the restart of the Dangote refinery's RFCC unit [2] Summary by Relevant Catalog Market Analysis - The night session of the main contract of the SHFE fuel oil futures closed down 0.82%, at 2,672 yuan/ton; the night session of the main contract of the INE low-sulfur fuel oil futures closed down 1.55%, at 3,114 yuan/ton [1] Strategy - High-sulfur fuel oil: Cautiously bearish, short-term wait-and-see [3] - Low-sulfur fuel oil: Cautiously bearish, short-term wait-and-see [3] - Cross-variety: No strategy [3] - Cross-period: No strategy [3] - Spot-futures: No strategy [3] - Options: No strategy [3] Charts - Multiple charts are provided, including those related to Singapore high-sulfur 380 fuel oil and low-sulfur fuel oil spot prices, swap near-month contracts, near-month spreads, as well as fuel oil FU and low-sulfur fuel oil LU futures' main contract closing prices, index closing prices, near-month contract prices, near-month spreads, and trading volume and open interest [4]

Report Industry Investment Rating - The 12 - contract is expected to be volatile and bullish, and there is no arbitrage strategy currently [9] Core View - The shipping market is affected by multiple factors such as geopolitics, supply - demand relationship, and contract price trends. Pay attention to the actual implementation of price increase letters in November and December, and the price adjustment of 10 - month contracts. The 12 - month contract focuses on the rhythm of price increase, and the 2026 February contract may have a large expected difference [1][7] Summary by Directory 1. Futures Price - As of October 16, 2025, the total open interest of all contracts of the container shipping index European line futures was 61,878 lots, and the single - day trading volume was 38,960 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2510, and EC2512 contracts were 1429.20, 1119.90, 1281.20, 1410.80, 1100.90, and 1651.10 respectively [8] 2. Spot Price - Different shipping alliances have different price quotes for the Shanghai - Rotterdam route. For example, in the Gemini Cooperation, Maersk's 43 - week quote for Shanghai - Rotterdam was 1100/1840, and the 44 - week quote was 1194/2010; HPL's price in the second half of October was 1185/1935, and the price in the first half of November was 1535/2535, with a quote of 1735/2835 for the second - half - month shipping schedule in November. Many shipping companies have issued price increase letters [1] 3. Container Ship Capacity Supply - From October to December 2025, the average weekly capacity from China to European base ports showed different trends. In October, the average weekly capacity in the remaining three weeks was 276,100 TEU. In November, the monthly average weekly capacity was 302,800 TEU, and in December, it was 287,700 TEU. There were 4 blank sailings and 3 TBNs in November, and 7 TBNs in December [3] 4. Supply Chain - There are geopolitical factors affecting the supply chain. For example, Israeli officials denied the start of the second - stage negotiations on the Gaza cease - fire, and the Houthi armed forces confirmed the death of their armed forces chief of staff. Also, the Chinese Ministry of Commerce imposed sanctions on 5 US - related subsidiaries of Hanwha Ocean Co., Ltd., and it is not yet known whether it will affect HMM's operations [3][4] 5. Demand and European Economy - The report does not provide direct information on demand and the European economy, but the shipping market is closely related to European economic conditions. The shipping companies' price adjustment strategies are related to the expected demand and economic situation in the future, such as preparing for the next - year long - term contract negotiations [7]

Report Industry Investment Rating - Copper: Cautiously bullish [7] - Arbitrage: On hold [7] - Options: short put @ 83,000 yuan/ton [7] Core Viewpoints - Overall, copper prices strengthened during the National Day holiday due to factors such as the restart of the Fed's interest - rate cut cycle and frequent mine - end disturbances. However, the continuous processing fee of - 40 dollars/ton reflects the tightening of mine - end resources, so the short - term rise in copper prices caused by mine - end disturbances may not be sustainable. When the trade dispute between China and the US intensified last Friday, copper prices fell. But low processing fees and the Fed's interest - rate cuts limit the downside of copper prices. It is recommended to buy copper on dips for hedging, with the buying range at 83,500 - 84,000 yuan/ton [7] Summary by Related Catalogs Market News and Important Data Futures Quotes - On October 16, 2025, the main Shanghai copper contract opened at 85,240 yuan/ton and closed at 85,050 yuan/ton, down 0.87% from the previous trading day's close. The night - session main contract opened at 84,530 yuan/ton and closed at 85,140 yuan/ton, up 0.08% from the afternoon close [1] Spot Situation - According to SMM, the spot price of SMM 1 electrolytic copper was at par to a premium of 120 yuan/ton, with an average premium of 60 yuan, down 60 yuan from the previous day. The copper price was 84,900 - 85,450 yuan/ton. The futures price first fell and then rose. The cross - month spread fluctuated between C50 and C20 yuan/ton, and the import loss narrowed to less than 1,000 yuan. The procurement and sales sentiment in the market rebounded. It is expected that downstream stocking willingness will be limited today, copper prices will fluctuate around 85,000 yuan, and spot trading volume may be similar to today [2] Important Information Summary - Interest rates: There is a divergence within the Fed on the interest - rate cut path. Governor Waller advocates a cautious 25 - basis - point cut per time, while Acting Governor Milan calls for a more aggressive 50 - basis - point cut. The core of the divergence lies in the speed of policy adjustment [3] - Geopolitics: Trump said he had a phone call with Russian President Putin, is committed to resolving the Ukraine conflict, and will meet with Putin in Budapest to discuss ending the conflict. They also discussed post - conflict trade between Russia and the US [3] Mine End - BHP is considering reopening four long - closed copper mines in Arizona. The potential restart plan will focus on the Globe–Miami area, and it also plans to reprocess the tailings of closed operations. The most important copper project in the state, the Resolution copper project, is still waiting for court rulings and final permits. Once operational, it can produce up to 1 billion pounds (about 453,000 tons) of copper per year [4] Smelting and Import - Japan, Spain, and South Korea are deeply concerned about the sharp decline in copper smelting processing fees and refining fees (TC/RCs). The current market environment hinders the sustainable development of the copper smelting and mining industries. Some companies are considering scaling back or exiting copper concentrate smelting operations, and they hope TC/RCs can return to a sustainable level [4] Consumption - In September 2025, China's non - ferrous metal industry prosperity index was 30.4, up 0.1 percentage point from last month, remaining in the lower - middle part of the "normal" range. The leading index was 70.4, up 0.4 percentage points, and the coincident index was 69.7, down 2.1 percentage points. In September, new energy vehicle production and sales reached 1.617 million and 1.604 million respectively, up 23.7% and 24.6% year - on - year. From January to September, new energy vehicle production and sales were 11.243 million and 11.228 million respectively, up 35.2% and 34.9% year - on - year [5] Inventory and Warehouse Receipts - LME warehouse receipts decreased by 450 tons to 137,450 tons. SHFE warehouse receipts decreased by 125 tons to 44,406 tons. On October 17, the domestic electrolytic copper spot inventory was 177,500 tons, an increase of 5,500 tons from the previous week [6] Strategy - Copper: It is recommended to buy on dips for hedging, with the buying range at 83,500 - 84,000 yuan/ton [7] - Arbitrage: On hold [7] - Options: short put @ 83,000 yuan/ton [7]

Report Summary 1. Report Industry Investment Rating - Unilateral: Cautiously bearish. [5] - Arbitrage: Neutral. [5] 2. Core View - Zinc prices have declined, and there is restocking behavior in the spot market, but social inventories are increasing and are about to exceed the average of the past five years. Spot liquidity has improved, but procurement remains cautious. The TC of domestic and imported zinc ores continues to rise, leading to higher smelting profits and sustained smelting enthusiasm. The supply is expected to increase, and the pressure on the supply side is becoming more prominent. Even during the peak consumption season, the domestic inventory accumulation is expected to continue, and if the consumption peak expectations are not met, zinc prices will face significant pressure. [4] 3. Summary by Related Catalogs Important Data - **Spot**: The LME zinc spot premium is $139.83 per ton. The SMM Shanghai zinc spot price is -90 yuan/ton to 21,920 yuan/ton compared to the previous trading day, with a spot premium of -40 yuan/ton. The SMM Guangdong zinc spot price is -110 yuan/ton to 21,890 yuan/ton, with a spot premium of -100 yuan/ton. The Tianjin zinc spot price is -110 yuan/ton to 21,930 yuan/ton, with a spot premium of -30 yuan/ton. [1] - **Futures**: On October 16, 2025, the main SHFE zinc contract opened at 22,065 yuan/ton and closed at 21,940 yuan/ton, down 55 yuan/ton from the previous trading day. The trading volume was 91,938 lots, and the open interest was 87,075 lots. The highest price during the day was 22,085 yuan/ton, and the lowest was 21,880 yuan/ton. [2] - **Inventory**: As of October 16, 2025, the total inventory of zinc ingots in seven major regions monitored by SMM was 162,700 tons, a decrease of 300 tons from the previous period. The LME zinc inventory was 38,300 tons, a decrease of 50 tons from the previous trading day. [3] Market Analysis - Zinc prices have dropped, and there is restocking in the spot market, but social inventories are increasing and are approaching the five - year average. Spot liquidity has improved, but procurement remains cautious. The TC of domestic and imported zinc ores continues to rise, smelting profits are increasing, and smelting enthusiasm is high. The supply is expected to increase, and the inventory accumulation in China is expected to continue even during the peak consumption season. If the consumption peak expectations are not met, zinc prices will face significant pressure. [4] Strategy - Unilateral: Cautiously bearish. [5] - Arbitrage: Neutral. [5]

Report Industry Investment Rating - Not provided in the content Core View - On October 16, 2025, the trading volumes of various market sectors decreased compared to the previous trading day, while the positions generally increased [1][2] Summary by Directory I. Plate Liquidity - The report shows data on the trading volume, position amount, trading - position ratio, trading volume change rate, and position amount change rate of various market sectors [1][2] II. Stock Index Plate - On October 16, 2025, the stock index plate had a trading volume of 867.02 billion yuan, a decrease of 23.11% compared to the previous trading day; the position amount was 1338.077 billion yuan, a decrease of 4.62% compared to the previous trading day; the trading - position ratio was 64.63% [1] III. Treasury Bond Plate - The trading volume of the treasury bond plate was 326.154 billion yuan, a decrease of 34.87% compared to the previous trading day; the position amount was 813.641 billion yuan, an increase of 0.56% compared to the previous trading day; the trading - position ratio was 39.76% [1] IV. Basic Metals and Precious Metals (Metal Plate) - The basic metals plate had a trading volume of 355.143 billion yuan, a decrease of 27.70% compared to the previous trading day; the position amount was 526.166 billion yuan, an increase of 0.75% compared to the previous trading day; the trading - position ratio was 70.04% - The precious metals plate had a trading volume of 1173.02 billion yuan, a decrease of 15.18% compared to the previous trading day; the position amount was 532.15 billion yuan, an increase of 0.45% compared to the previous trading day; the trading - position ratio was 314.17% [1] V. Energy and Chemical Plate - The trading volume of the energy and chemical plate was 360.968 billion yuan, a decrease of 11.46% compared to the previous trading day; the position amount was 440.987 billion yuan, an increase of 0.15% compared to the previous trading day; the trading - position ratio was 69.58% [1] VI. Agricultural Products Plate - The trading volume of the agricultural products plate was 254.671 billion yuan, a decrease of 23.70% compared to the previous trading day; the position amount was 560.52 billion yuan, an increase of 2.45% compared to the previous trading day; the trading - position ratio was 41.85% [1] VII. Black Building Materials Plate - The trading volume of the black building materials plate was 250.856 billion yuan, a decrease of 8.73% compared to the previous trading day; the position amount was 347.698 billion yuan, an increase of 2.73% compared to the previous trading day; the trading - position ratio was 67.58% [2]

Report Industry Investment Rating No information provided. Core Views - The price of the main EG futures contract closed at 4,089 yuan/ton, up 32 yuan/ton or 0.79% from the previous trading day. The spot price in the East China market was 4,126 yuan/ton, up 4 yuan/ton or 0.10%. The spot basis in East China was 68 yuan/ton, up 3 yuan/ton [1]. - The production profit of ethylene - based EG was -$66/ton, up $1/ton, and that of coal - based syngas EG was -526 yuan/ton, down 52 yuan/ton [1]. - According to CCF data, the inventory at the main ports in East China was 54.1 tons, up 3.4 tons; according to Longzhong data, it was 49.3 tons, up 5.0 tons. The inventory continued to accumulate [1]. - On the supply side, domestic EG production is at a high level, and there are still many overseas supply losses. On the demand side, pre - holiday stocking has slightly boosted demand, but the increase in polyester load is limited. Under the new device production, there is great pressure for inventory accumulation in the fourth quarter, and the port inventory has bottomed out and rebounded [2]. Summary by Directory Price and Basis - The main EG futures contract closed at 4,089 yuan/ton, up 32 yuan/ton or 0.79% from the previous trading day. The spot price in the East China market was 4,126 yuan/ton, up 4 yuan/ton or 0.10%. The spot basis in East China was 68 yuan/ton, up 3 yuan/ton [1]. Production Profit and Operating Rate - The production profit of ethylene - based EG was -$66/ton, up $1/ton, and that of coal - based syngas EG was -526 yuan/ton, down 52 yuan/ton [1]. International Spread No specific data provided in the given text. Downstream Sales, Production and Operating Rate - Pre - holiday stocking has slightly boosted demand, but the increase in polyester load is limited. Attention should be paid to the sustainability of the demand recovery [2]. Inventory Data - According to CCF data, the inventory at the main ports in East China was 54.1 tons, up 3.4 tons; according to Longzhong data, it was 49.3 tons, up 5.0 tons. From October 9th to 12th, the actual arrival at the main ports was 8.7 tons, and the planned arrival this week was 10.2 tons at the main ports and 2.5 tons at the secondary ports. The inventory continued to accumulate [1]. Strategies - Unilateral: Cautiously short - sell on rallies for hedging. There is great pressure for inventory accumulation in the fourth quarter, and the port inventory has bottomed out and rebounded [3]. - Inter - period: Reverse spread of EG2601 - EG2605 [3]. - Inter - variety: None [3].

Report Summary 1. Report Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [8] - Arbitrage: Short the gold-silver ratio at high levels [9] - Options: On hold [9] 2. Core View of the Report - Despite differences in the Fed's interest rate cut rhythm, the overall monetary policy tone strengthens the market's expectation of loose trading. Therefore, it is expected that the gold price will be mainly fluctuating and strengthening in the near future, and the silver price will also maintain a fluctuating and strengthening pattern. The gold-silver ratio is expected to narrow [8]. 3. Summary by Relevant Catalogs Market Analysis - There are differences within the Fed on the path of interest rate cuts. Governor Waller advocates a cautious pace of 25 basis points per cut, while Milan calls for a more aggressive 50 basis point cut. Trump said he had a phone call with Russian President Putin and would meet with him in Budapest to discuss ending the conflict between Russia and Ukraine [1]. Futures Quotes and Trading Volume - On October 16, 2025, the Shanghai gold main contract opened at 958.00 yuan/gram and closed at 966.42 yuan/gram, a change of 0.63% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. The night session closed at 981.90 yuan/gram, up 1.60% from the afternoon close. The Shanghai silver main contract opened at 11,938.00 yuan/kg and closed at 12,017.00 yuan/kg, a change of 0.43% from the previous trading day's close. The trading volume was 2,204,572 lots, and the open interest was 468,355 lots. The night session closed at 12,208 yuan/kg, up 1.59% from the afternoon close [2]. U.S. Treasury Yield and Spread Monitoring - On October 16, 2025, the U.S. 10-year Treasury yield closed at 3.973%, unchanged from the previous trading day. The spread between the 10-year and 2-year Treasury yields was 0.553%, a decrease of 0.21 basis points from the previous trading day [3]. Changes in Positions and Trading Volume of Gold and Silver on the SHFE - On the Au2508 contract, the long position decreased by 493 lots compared with the previous day, and the short position decreased by 288 lots. The total trading volume of the Shanghai gold contract was 611,400 lots, a change of 8.99% from the previous trading day. On the Ag2508 contract, the long position increased by 2 lots, and the short position decreased by 2 lots. The total trading volume of the silver contract was 3,239,346 lots, a change of 8.63% from the previous trading day [4]. Tracking of Precious Metal ETF Positions - The gold ETF position was 1,022.60 tons, unchanged from the previous trading day. The silver ETF position was 15,423 tons, unchanged from the previous trading day [5]. Tracking of Precious Metal Arbitrage - On October 16, 2025, the domestic premium for gold was -7.79 yuan/gram, and the domestic premium for silver was -1,446.70 yuan/kg. The price ratio of the main gold and silver contracts on the SHFE was about 80.42, a change of 0.21% from the previous trading day. The foreign gold-silver ratio was 79.70, a change of -3.10% from the previous trading day [6]. Fundamentals - On October 16, 2025, the trading volume of gold on the Shanghai Gold Exchange T+d market was 87,610 kg, a change of 58.78% from the previous trading day. The trading volume of silver was 1,365,382 kg, a change of -19.66% from the previous trading day. The gold delivery volume was 15,260 kg, and the silver delivery volume was 1,290 kg [7].

Report Summary 1) Report Industry Investment Rating - The investment rating for the industry is neutral [4] 2) Core View of the Report - The prices of the three major oils fluctuated yesterday. The overall supply - demand pattern of the market is stable, with both long and short factors coexisting and a lack of strong trends. Future attention should be paid to changes in biodiesel policies [3] 3) Summary by Related Catalogs Market Analysis - **Futures Prices**: The closing price of the palm oil 2601 contract was 9312.00 yuan/ton yesterday, a decrease of 10 yuan or - 0.11% compared to the previous day; the closing price of the soybean oil 2601 contract was 8256.00 yuan/ton, an increase of 4.00 yuan or + 0.05%; the closing price of the rapeseed oil 2601 contract was 9935.00 yuan/ton, an increase of 3.00 yuan or + 0.03% [1] - **Spot Prices**: In the Guangdong region, the spot price of palm oil was 9190.00 yuan/ton, a decrease of 20.00 yuan or - 0.22%, with a spot basis of P01 + - 122.00, a decrease of 10.00 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 8420.00 yuan/ton, a decrease of 10.00 yuan/ton or - 0.12%, with a spot basis of Y01 + 164.00, a decrease of 14.00 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 10250.00 yuan/ton, an increase of 10.00 yuan or + 0.10%, with a spot basis of OI01 + 315.00, an increase of 7.00 yuan [1] - **Market News**: Indonesia is considering implementing a 1% sustainable aviation fuel (SAF) blended fuel program for international flights departing from Jakarta and Bali in 2026. The C&F prices of US Gulf, US West, and Brazilian soybeans (November shipment) increased by 3, 3, and 1 dollars/ton respectively compared to the previous trading day. The import soybean premium quotes also increased by 2 cents/bushel for all regions. Last week (October 5 - 11), Brazil exported 1538934 tons of soybeans, 266768 tons of soybean meal, and 902772 tons of corn, and this week (October 12 - 18) it plans to export 2153936 tons of soybeans, 672337 tons of soybean meal, and 1889800 tons of corn [2] Strategy - The strategy is to maintain a neutral stance [4]