宏观日报 | 2025-11-21 关注上游价格波动 中观事件总览 生产行业：1）广东省人民政府印发《广东省国家数字经济创新发展试验区建设方案（2025-2027年）》提出，到2027 年，数字经济发展水平稳居全国首位，数字经济核心产业增加值占GDP比重超过16%，打造3个具有国际竞争力的 万亿级数字产业集群，培育若干高价值数字产业新赛道，数据产业规模年均复合增长率超15%，人工智能核心产业 规模超过4400亿元，规模以上工业企业数字化转型突破6万家，算力规模超过60EFLOPS（每秒浮点运算次数），将 广东打造为国际一流数字经济发展高地，将粤港澳大湾区建设为全球数字化水平最高的湾区。 服务行业：1）中共中央政治局委员、国务院副总理何立峰11月18日至20日到湖北、湖南调研。何立峰指出，要持 续推动外贸提质增效，完善高标准物流体系建设，加力支持制造业高质量发展，加快构建全国统一大市场，进一 步畅通国内国际双循环。此外还提到，要支持跨境电商等新业态新模式发展和海外仓建设，持续推动外贸市场多 元化，继续保持外贸平稳增长。 数据来源：iFind，华泰期货研究院 行业总览 下游：1）地产：二、三线城市商品房销售季节性 ...

Report Industry Investment Rating No relevant information provided. Core View of the Report - The nickel market is in a situation of high inventory and oversupply, and the nickel price is expected to remain in a low - level oscillation. The stainless - steel market faces low demand, high inventory, and a continuous downward shift in cost, and it is expected to maintain a low - level oscillation as well [1][3][5]. Summary by Related Contents Nickel Variety Market Analysis - **Futures**: On November 20, 2025, the main contract of Shanghai nickel 2601 opened at 115,750 yuan/ton and closed at 115,380 yuan/ton, a change of - 0.23% from the previous trading day's close. The trading volume was 124,692 (+42,129) lots, and the open interest was 152,848 (12,764) lots. It showed a weak and oscillating downward trend. The uncertainty of the Fed's policy increased, the probability of a December interest rate cut was less than 50%, the US dollar strengthened, and the supply - demand relationship became looser with rising inventory, leading to a clear short - term downward trend [1]. - **Nickel Ore**: The nickel ore market was mainly in a wait - and - see state, and the price remained stable. In the Philippines, the 1.4% nickel ore tender of Eramen landed at $42/wet ton, and the 1.25% nickel ore tender of Benguet had no deal. The nickel - iron tender price of downstream mainstream steel mills reached a new low of 880 yuan/nickel (including tax at the hatch bottom), and iron plants were not very motivated to produce and mostly adopted a wait - and - see attitude towards raw material procurement. In Indonesia, the second - phase domestic trade benchmark price in November dropped by $0.12 - 0.2/ton, and the mainstream premium was +26, with the premium range mostly between +25 - 26 [1]. - **Spot**: Jinchuan Group's sales price in the Shanghai market was 119,800 yuan/ton, an increase of 300 yuan/ton from the previous trading day. Downstream buyers made purchases mainly for rigid demand, and the overall spot transaction was okay. The premiums of Jinchuan nickel, imported nickel, and nickel beans were 4,100 yuan/ton, 500 yuan/ton, and 2,450 yuan/ton respectively. The previous trading day's Shanghai nickel warehouse receipt volume was 34,631 (- 793) tons, and the LME nickel inventory was 254,172 (-1,674) tons [2]. Strategy - It is recommended to mainly conduct range operations for single - side trading, and there are no suggestions for cross - period, cross - variety, spot - futures, and options trading [3]. Stainless - Steel Variety Market Analysis - **Futures**: On November 20, 2025, the main contract of stainless steel 2601 opened at 12,330 yuan/ton and closed at 12,285 yuan/ton. The trading volume was 119,724 (+31,045) lots, and the open interest was 192,398 (-4,171) lots. The price basically followed the trend of Shanghai nickel, showing an oscillating downward trend. Due to weak downstream demand, high inventory, and the continuous decline of nickel price, there was still no sign of price rebound [3]. - **Spot**: The price continued to decline and reached a historical low, the market sentiment was even more sluggish, and the transaction was light. The stainless - steel price in the Wuxi market was 12,675 (+0) yuan/ton, and that in the Foshan market was 12,700 (+0) yuan/ton. The SMM data showed that the ex - factory tax - included average price of high - nickel pig iron changed by - 2.50 yuan/nickel point to 894.5 yuan/nickel point [3]. Strategy - A neutral stance is recommended for single - side trading, and there are no suggestions for cross - period, cross - variety, spot - futures, and options trading [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The inventory is continuously being depleted, but the pace of depletion is slowing down, and consumption has certain support. Currently, the resumption of production at the mine end is in progress, and it is expected to gradually resume production in the future. Regulatory measures have been strengthened, and attention should be paid to the impact of significant changes in positions. It is necessary to focus on the inflection points of consumption and inventory. If consumption weakens and the mine end resumes production, the inventory may shift from depletion to accumulation, and the market may decline at that time [4]. 3. Summary by Relevant Catalogs Market Analysis - On November 20, 2025, the lithium carbonate main contract 2601 opened at 99,780 yuan/ton and closed at 98,980 yuan/ton, with the closing price changing by 0.84% compared to the previous day's settlement price. The trading volume was 1,595,646 lots, and the open interest was 479,602 lots, compared with 503,132 lots in the previous trading day. According to SMM spot quotes, the current basis is -9,200 yuan/ton (average price of electric carbon - futures). The lithium carbonate warehouse receipts on that day were 26,916 lots, changing by 150 lots compared to the previous trading day [1]. - According to SMM data, the price of battery - grade lithium carbonate was quoted at 87,800 - 94,800 yuan/ton, changing by 2,400 yuan/ton compared to the previous trading day. The price of industrial - grade lithium carbonate was quoted at 87,000 - 90,800 yuan/ton, also changing by 2,400 yuan/ton compared to the previous trading day. The price of 6% lithium concentrate was 1,245 US dollars/ton, changing by 45 US dollars/ton compared to the previous day [1]. - Customs data shows that in October, the import of spodumene decreased by a certain amount month - on - month, reaching 652,000 physical tons, equivalent to approximately 61,000 tons of lithium carbonate equivalent (LCE). Australia, Nigeria, and Zimbabwe together contributed 85.7% of the total imports. Among them, the ore from Australia was 295,000 tons, a 15% month - on - month decrease; the ore from Nigeria was about 110,000 tons, an 8% month - on - month decrease, with a significant increase in the proportion of lithium concentrate; the ore from Zimbabwe was 153,000 tons, a 40.9% month - on - month increase. In addition, the import from South Africa decreased significantly, with an import of nearly 50,000 tons in October, a 54.1% month - on - month decrease [2]. - According to the latest weekly statistical data, the weekly output increased by 585 tons to 22,130 tons. The production using spodumene and mica as raw materials, as well as the production from salt lakes and recycling, all increased slightly. The weekly inventory decreased by 2,052 tons to a total of 118,420 tons. The inventory of smelters and downstream decreased, while the inventory in other links increased. Recently, the consumer side still has good support [2]. Policy Adjustment - Starting from the trading time on November 24, 2025, the transaction fee standard for the lithium carbonate futures LC2601 contract will be adjusted to 0.032% of the transaction amount, and the intraday closing - out fee standard will also be adjusted to 0.032% of the transaction amount. For the lithium carbonate futures LC2602, LC2603, LC2604, and LC2605 contracts, the transaction fee standard will be adjusted to 0.016% of the transaction amount, and the intraday closing - out fee standard will also be adjusted to 0.016% of the transaction amount [3]. - Starting from the trading time on November 24, 2025, non - futures company members or customers are not allowed to open more than 500 lots per day on the lithium carbonate futures LC2601 contract, and not more than 2,000 lots per day on the lithium carbonate futures LC2602, LC2603, LC2604, and LC2605 contracts. Hedging transactions and market - making transactions are not subject to the above - mentioned daily open - position limits. Accounts with actual control relationships are managed as one account [3]. Strategy - Unilateral strategy: Mainly wait and see in the short term. Pay attention to the inflection points of inventory and consumption and the resumption of production at the mine end, and choose the opportunity to sell hedging at high prices [4]. - Option strategy: Sell out - of - the - money call options [4].

Report Industry Investment Rating - Unilateral: Aluminum: Cautiously bullish; Alumina: Neutral; Aluminum alloy: Cautiously bullish. Arbitrage: Neutral [9] Report Core View - For electrolytic aluminum, after the Fed's probability of interest - rate cut expectation is lowered, the aluminum price rises and then falls. The overall domestic supply - demand fundamentals remain unchanged. Although the inventory is weaker than expected, the absolute value of social inventory is low. The macro - environment is still promising. Overseas, the spot premium of aluminum ingots continues to rise, and there is seasonal restocking in Q4. Domestically, the proportion of molten aluminum is high, and the output of aluminum rods is increasing. If the social inventory is destocked smoothly, the aluminum price may break through upwards [6]. - For alumina, the supply - demand surplus pattern remains unchanged, and the social inventory continues to increase. The current fundamentals have no positive factors, and the price is undervalued, but there may be continuous disturbances in overseas mines [7][8]. Summary by Related Data Aluminum Spot - On November 20, 2025, the price of East China A00 aluminum was 21,570 yuan/ton, with a change of 20 yuan/ton from the previous trading day; the spot premium of East China aluminum was - 10 yuan/ton, with a change of 10 yuan/ton from the previous trading day. The price of Central China A00 aluminum was 21,480 yuan/ton, and the spot premium changed by 20 yuan/ton to - 100 yuan/ton. The price of Foshan A00 aluminum was 21,450 yuan/ton, with a change of 30 yuan/ton from the previous trading day, and the aluminum spot premium changed by 20 yuan/ton to - 125 yuan/ton [1] Aluminum Futures - On November 20, 2025, the main contract of Shanghai aluminum opened at 21,620 yuan/ton, closed at 21,530 yuan/ton, with a change of - 10 yuan/ton from the previous trading day. The highest price was 21,640 yuan/ton, and the lowest price was 21,515 yuan/ton. The trading volume was 169,843 lots, and the position was 338,582 lots [2] Inventory - As of November 20, 2025, the domestic social inventory of electrolytic aluminum ingots was 621,000 tons, with a change of - 25,000 tons from the previous period; the warrant inventory was 69,408 tons, with a change of - 76 tons from the previous trading day; the LME aluminum inventory was 544,075 tons, with a change of - 2,000 tons from the previous trading day [2] Alumina Spot Price - On November 20, 2025, the SMM alumina price in Shanxi was 2,840 yuan/ton, in Shandong was 2,770 yuan/ton, in Henan was 2,860 yuan/ton, in Guangxi was 2,910 yuan/ton, in Guizhou was 2,935 yuan/ton, and the FOB price of Australian alumina was 320 US dollars/ton [2] Alumina Futures - On November 20, 2025, the main contract of alumina opened at 2,740 yuan/ton, closed at 2,732 yuan/ton, with a change of - 35 yuan/ton from the previous trading day's closing price, a change of - 1.26%. The highest price was 2,748 yuan/ton, and the lowest price was 2,716 yuan/ton. The trading volume was 266,933 lots, and the position was 411,305 lots [2] Aluminum Alloy Price - On November 20, 2025, the purchase price of Baotai civil primary aluminum was 16,700 yuan/ton, and the purchase price of mechanical primary aluminum was 16,900 yuan/ton, with no change from the previous day. The Baotai quotation of ADC12 was 20,800 yuan/ton, with no change from the previous day [3] Aluminum Alloy Inventory - The social inventory of aluminum alloy was 75,200 tons, and the in - factory inventory was 57,900 tons [4] Aluminum Alloy Cost - Profit - The theoretical total cost was 21,111 yuan/ton, and the theoretical profit was - 211 yuan/ton [5]

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints - Overseas, the unexpected increase in US non - farm payroll data has reduced the market's expectation of a Fed rate cut in December, leading to a decline in all three major US stock indexes [1][2][3] - The domestic market is operating with shrinking volume, with the trading volume of the two markets dropping to 1.7 trillion yuan. The willingness of funds to take over is limited, and the sustainability of sectoral market trends is weak. Attention should be paid to the support of the index at the lower edge of the box [2][3] 3. Summary by Relevant Catalogs Macro - economic Charts - The content includes charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rate and A - share trends, and US Treasury yields and A - share style trends [7][8] Spot Market Tracking Charts - **Domestic Main Stock Index Daily Performance**: On November 20, 2025, the Shanghai Composite Index fell 0.40% to 3931.05 points, the Shenzhen Component Index fell 0.76% to 12980.82 points, the ChiNext Index fell 1.12% to 3042.34 points, the CSI 300 Index fell 0.51% to 4564.95 points, the SSE 50 Index fell 0.40% to 3008.29 points, the CSI 500 Index fell 0.85% to 7061.95 points, and the CSI 1000 Index fell 0.63% to 7340.41 points [13] - Also includes charts of the trading volume of the Shanghai and Shenzhen stock markets and margin trading balances [14] Futures Market Tracking Charts - **Trading Volume and Open Interest of Stock Index Futures**: For IF, the trading volume was 128,286 (an increase of 5,673), and the open interest was 277,884 (an increase of 5,717); for IH, the trading volume was 58,076 (an increase of 4,537), and the open interest was 97,775 (an increase of 2,538); for IC, the trading volume was 137,568 (an increase of 4,976), and the open interest was 255,979 (an increase of 7,467); for IM, the trading volume was 211,533 (a decrease of 15,934), and the open interest was 361,945 (a decrease of 2,194) [16] - **Stock Index Futures Basis (Futures - Spot)**: For IF, the basis of the current - month contract was - 6.95 (a decrease of 2.06), the next - month contract was - 25.75 (a decrease of 2.66), the current - quarter contract was - 58.75 (a decrease of 2.66), and the next - quarter contract was - 103.95 (a decrease of 4.66); for IH, the basis of the current - month contract was 0.31 (an increase of 2.66), the next - month contract was - 5.69 (an increase of 3.66), the current - quarter contract was - 12.69 (an increase of 1.26), and the next - quarter contract was - 23.09 (an increase of 1.06); for IC, the basis of the current - month contract was 1.45 (an increase of 7.60), the next - month contract was - 61.95 (an increase of 6.00), the current - quarter contract was - 240.55 (an increase of 6.80), and the next - quarter contract was - 446.95 (an increase of 11.80); for IM, the basis of the current - month contract was 7.19 (an increase of 4.00), the next - month contract was - 76.81 (an increase of 12.20), the current - quarter contract was - 305.21 (an increase of 13.20), and the next - quarter contract was - 533.41 (an increase of 15.20) [39] - **Stock Index Futures Inter - delivery Spread**: The inter - delivery spread data for different contracts of IF, IH, IC, and IM are provided, including the differences between the next - month and current - month, next - quarter and current - month, etc. [46][48]

Group 1: Report Core Information - The report is about the US employment market as of November 20, 2025 [2] - The key data includes non - farm employment, recruitment, unemployment rate, and salary growth rate [2][3][4] Group 2: Recruitment Situation - As of October 31, 2025, the monthly average recruitment plan dropped significantly to 30,447 people, a decrease of 80,766 people compared to the September average, and it was 127,000 in 2021 (104,000 in 2019) [3] Group 3: Non - farm Employment - As of September 2025, the total non - farm employment increased by 119,000, with the government adding 22,000 and enterprises adding 97,000 [3] - In terms of industry structure, the retail industry added 139,000, the wholesale industry added 94,000, and the financial industry added 50,000 in September [3] - The unemployment rate in September rose to 4.4%, the highest since October 2021 [3] Group 4: Salary Growth Rate - As of September 2025, the average weekly salary growth rate of private non - farm employment increased to 3.8%, a slight increase of 0.3 percentage points compared to August [4] - In September, the growth rate of goods production was 3.7% (down 0.3 pct), and in service production, trade and transportation increased by 2.7 pct, information by 2.9 pct, and finance by 0.2 pct [4] - The non - farm employment presents a situation of apparent stability but internal weakness, with contradictory signals indicating weakening demand and a loose employment structure, which is not enough to prompt an immediate interest rate cut in December but strengthens the need for a subsequent interest rate cut cycle [4]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report presents the market liquidity situation of various sectors on November 20, 2025, including trading volume, holding amount, trading - holding ratio, and their changes compared with the previous trading day [1][2]. 3. Summary by Directory I. Plate Liquidity - The report provides data on trading volume, holding amount, and trading - holding ratio of multiple sectors, including stock index, treasury bond, basic metal, precious metal, energy and chemical, agricultural product, and black building materials sectors, along with their changes compared to the previous trading day [1][2] II. Stock Index Plate - On November 20, 2025, the trading volume was 727.794 billion yuan, a change of - 0.76% from the previous trading day; the holding amount was 1339.553 billion yuan, a change of + 0.73%; the trading - holding ratio was 53.89% [1] III. Treasury Bond Plate - The trading volume was 575.231 billion yuan, a change of + 25.53% from the previous trading day; the holding amount was 838.221 billion yuan, a change of - 0.09%; the trading - holding ratio was 67.68% [1] IV. Basic Metal and Precious Metal (Metal Plate) - Basic metal: The trading volume was 564.088 billion yuan, a change of - 4.94% from the previous trading day; the holding amount was 606.192 billion yuan, a change of - 0.64%; the trading - holding ratio was 113.62% - Precious metal: The trading volume was 977.091 billion yuan, a change of + 21.73% from the previous trading day; the holding amount was 447.343 billion yuan, a change of + 0.71%; the trading - holding ratio was 290.76% [1] V. Energy and Chemical Plate - The trading volume was 529.415 billion yuan, a change of + 11.44% from the previous trading day; the holding amount was 456.358 billion yuan, a change of - 0.98%; the trading - holding ratio was 108.10% [1] VI. Agricultural Product Plate - The trading volume was 309.372 billion yuan, a change of - 11.18% from the previous trading day; the holding amount was 599.657 billion yuan, a change of + 0.17%; the trading - holding ratio was 44.96% [1] VII. Black Building Materials Plate - The trading volume was 263.688 billion yuan, a change of + 29.96% from the previous trading day; the holding amount was 369.927 billion yuan, a change of - 0.92%; the trading - holding ratio was 71.80% [2]

1. Report Industry Investment Rating - High-sulfur fuel oil: Neutral in the short term, bearish in the medium term [2] - Low-sulfur fuel oil: Neutral in the short term, bearish in the medium term [2] - Cross-variety: None [2] - Cross-period: None [2] - Spot-futures: None [2] - Options: None [2] 2. Core Viewpoints of the Report - The main contract of Shanghai Futures Exchange fuel oil futures closed up 2.45% at 2,553 yuan/ton overnight, while the main contract of INE low-sulfur fuel oil futures closed down 0.06% at 3,153 yuan/ton [1] - Crude oil prices continue to oscillate weakly. Although there are short-term disturbances from geopolitical and macro factors, the medium-term expectation of oversupply in the oil market is gradually being realized, which exerts some pressure on the unilateral price of fuel oil [1] - In terms of the fundamentals of fuel oil itself, low-sulfur fuel oil has recently performed stronger than high-sulfur fuel oil, but the situation reversed again yesterday [1] - The low-sulfur fuel oil market lacks a sustainable upward driver. Part of the Azur refinery's facilities under maintenance due to malfunctions are expected to restart around November 29, and Kuwait's low-sulfur fuel oil shipments have been zero so far in November. Supply will resume after the facilities restart [1] - There are still supporting factors in the high-sulfur fuel oil market. In particular, Ukrainian drones have continuously attacked Russian refineries, leading to a decline in their operating rates. Recent fuel oil shipments have been low, and the impact of US sanctions may further materialize [1] 3. Summary by Relevant Catalogs Market Analysis - The main contract of Shanghai Futures Exchange fuel oil futures closed up 2.45% at 2,553 yuan/ton overnight, and the main contract of INE low-sulfur fuel oil futures closed down 0.06% at 3,153 yuan/ton [1] - Crude oil prices are in a weak oscillation. The medium-term oversupply expectation in the oil market is pressuring fuel oil prices [1] - Low-sulfur fuel oil recently outperformed high-sulfur fuel oil, but the situation reversed. The low-sulfur market lacks a sustainable upward driver, while the high-sulfur market has supporting factors [1] Strategy - High-sulfur fuel oil: Neutral in the short term, bearish in the medium term [2] - Low-sulfur fuel oil: Neutral in the short term, bearish in the medium term [2] - No strategies for cross-variety, cross-period, spot-futures, and options [2]

Report Summary 1) Report Industry Investment Rating - Unilateral: Neutral, waiting for the market bottom to consolidate [2] - Inter - period: None [2] - Inter - variety: None [2] - Spot - futures: None [2] - Options: None [2] 2) Core View of the Report - The asphalt futures market is in a low - level oscillation state. The cost side of crude oil is weak, and the fundamentals lack positive stimuli. Although there are some bottom signals, the rebound momentum is insufficient. The spot market is generally stable, with a weak trading atmosphere and no clear positive signals [1]. 3) Summary by Related Catalogs Market Analysis - On November 20, the closing price of the main BU2601 contract of asphalt futures in the afternoon session was 3058 yuan/ton, up 10 yuan/ton or 0.33% from the previous settlement price. The open interest was 191,962 lots, down 2,515 lots from the previous day, and the trading volume was 317,665 lots, up 135,611 lots from the previous day [1]. - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast, 3156 - 3650 yuan/ton; Shandong, 3030 - 3520 yuan/ton; South China, 3090 - 3210 yuan/ton; East China, 3200 - 3400 yuan/ton [1]. - The asphalt futures market maintains a low - level oscillation. The crude oil cost is weak, and the fundamentals lack positive stimuli. There are bottom signals but insufficient rebound momentum. In the spot market, the price in North China decreased slightly yesterday, while prices in other regions were relatively stable. Although the supply in some areas is tight, the overall terminal demand is weak, resource consumption is slow, the willingness of market participants to buy at the bottom is limited, and the trading atmosphere is poor [1]. Strategy - Unilateral: Adopt a neutral strategy and wait for the market bottom to be consolidated [2]. - Inter - period: No strategy [2]. - Inter - variety: No strategy [2]. - Spot - futures: No strategy [2]. - Options: No strategy [2].

1. Report Industry Investment Rating - Unilateral: Neutral, mainly wait - and - see in the short term [2] - Inter - period: None [2] - Cross - variety: None [2] - Spot - futures: None [2] - Options: None [2] 2. Core View of the Report - The LPG market has support currently, but the upward driving force may be limited. The PG futures market shows a volatile and slightly stronger trend under the background of rising external market prices and high - premium support for LPG arrival costs. The spot market has mixed price movements, with some areas in Shandong and North China seeing price cuts, while others remain stable. The overall market atmosphere is okay, and downstream buyers purchase as needed. Overseas supply is relatively abundant, domestic supply is decreasing due to maintenance, port inventories are decreasing, and demand shows an increasing trend in the combustion end with the arrival of winter, while the chemical end demand is relatively stable but profit factors limit the growth space of industry operating rates and raw material demand [1]. 3. Summary by Relevant Content Market Analysis - On November 20th, regional prices were as follows: Shandong market, 4260 - 4400; Northeast market, 4040 - 4150; North China market, 4250 - 4400; East China market, 4170 - 4350; Yangtze River market, 4510 - 4810; Northwest market, 4300 - 4350; South China market, 4250 - 4450 [1]. - In the second half of December 2025, the CIF price of propane in East China was 567 US dollars/ton, down 1 US dollar/ton, and butane was 557 US dollars/ton, down 3 US dollars/ton. In RMB terms, propane was 4426 yuan/ton, down 5 yuan/ton, and butane was 4348 yuan/ton, down 20 yuan/ton. In South China, the CIF price of propane was 559 US dollars/ton, down 3 US dollars/ton, and butane was 549 US dollars/ton, down 5 US dollars/ton. In RMB terms, propane was 4364 yuan/ton, down 20 yuan/ton, and butane was 4285 yuan/ton, down 36 yuan/ton [1]. Strategy - Unilateral: Neutral, mainly wait - and - see in the short term [2] - Inter - period: None [2] - Cross - variety: None [2] - Spot - futures: None [2] - Options: None [2] Figures - Figures related to LPG spot prices in different regions (Shandong, East China, South China, North China, Northeast, Yangtze River) and ether - post carbon four spot prices in different regions (Shandong, East China, North China, Northeast, Yangtze River, Northwest), as well as PG futures prices (main contract, index, near - month contract), spreads, and trading volume and open interest are provided [3].