Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Copper prices are expected to continue to fluctuate strongly. The potential end of the US government shutdown and the expectation of liquidity release will support copper prices, while the continuous decline of domestic social inventories will also underpin copper prices [11]. 3. Summary by Related Catalogs 3.1 Market Review and Operation Suggestions - Copper prices fluctuated strongly. The expected release of liquidity from the unfreezing of the US TGA account drove an overnight rebound in risk assets. The main contract of Shanghai copper jumped to a maximum of 87,050 during the day, but the increase narrowed as the A - share market weakened. Spot copper rose 230 to 86,765, and the spot premium remained flat. The slowdown in downstream orders due to rising copper prices was offset by the decline in domestic social inventories, making it difficult for the spot premium to fall. The loss of spot imports widened to over 700, the LME 0 - 3 contango narrowed to 14.85, and the Shanghai - London ratio decreased, limiting the supply of imported goods. It is expected that domestic social inventories will continue to decline in the short term [11]. 3.2 Industry News - Japanese companies JX Advanced Metals, its partners, and Mitsubishi Materials plan to integrate Mitsubishi's copper concentrate procurement and copper product sales business into Pan Pacific Copper (PPC). The proposed integration aims to build a new framework for improving profitability by integrating copper concentrate procurement, reducing costs, and streamlining sales operations [12]. - Citi continues to expect copper prices to climb to an average of $12,000 per ton by the second quarter of 2026 (up to $14,000 per ton in a bullish scenario), and expects copper prices to fluctuate around $11,000 per ton for the rest of this year [12].

Group 1: Investment Rating - Not provided Group 2: Core Viewpoints - The short - term price of lithium carbonate futures is expected to fluctuate, and it is still bullish in the medium term. The short - term basis still has regression pressure, but considering the strong spot demand and continuous inventory reduction, the callback space of futures prices is also limited [8] Group 3: Summary by Directory 1. Market Review and Operation Suggestions - Lithium carbonate futures fluctuated. The selling sentiment in the A - share market and polysilicon was transmitted to lithium carbonate during the day, causing the futures price to fall to around 85,000 and then rebound at the end of the session. The total open interest increased by 11,156 lots, indicating strong capital entry willingness. The spot price of lithium carbonate rose by 1,000 to 83,300, and the basis has regressed. The prices of 6F, Australian ore, mica, ternary materials, and lithium iron phosphate all increased, and the price increase in the industrial chain continued, but the upward trend of electrolyte slowed down [8] 2. Industry News - Core Lithium optimized the mining plan for the Grants deposit in its Finniss lithium project, reducing pre - production capital expenditure by 35 - 45 million Australian dollars and advancing the production time of the first batch of ore. The ore reserves increased by 33% to 1.53 million tons, and the contained lithium oxide metal increased by 44% [11] - CATL's Chairman and CEO Zeng Yuqun said that the mass - produced fourth - generation lithium iron phosphate battery leads the mainstream second - and third - generation products in the industry, and the fifth - generation product has begun mass production, achieving new breakthroughs in energy density and cycle life [11] - The Jiangxi Natural Resources Department publicized the evaluation report of the mining right transfer income of the Jianxiawo lithium mine. According to the evaluation results, CATL may need to pay an additional 177 million yuan [12]

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: November 13, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Investment Rating - Not provided in the report Core View - The zinc price is supported by the temporary tightening of the ore end and exports but is restricted by weak consumption. In the short term, it will fluctuate within the upper - middle track of the Bollinger Bands [7]. Summary by Directory 1. Market Review - **Futures Market Data**: For different delivery months of SHFE zinc (2511, 2512, 2601), prices decreased slightly. The main contract 2512 closed at 22,680 yuan/ton, down 40 yuan with a 0.18% decline. The trading volume decreased while the open interest increased by 528 lots to 113,005 lots [7]. - **LME Inventory**: As of November 11, LME zinc inventory was 35,300 tons, an increase of 1,475 tons from the beginning of the month. The Cash - 3M spread dropped to 117.04B, and the supply shortage eased [7]. - **Domestic Zinc Mine**: Northern domestic mines have seasonal production cuts, and some mines control production actively after completing their annual plans. The domestic zinc concentrate TC has weakened month - on - month, squeezing smelting profits, but the sulfuric acid price is still rising [7]. - **Consumption and Inventory**: The peak consumption season is ending, and environmental protection warnings are frequent, so consumption is hard to boost. The export window is open, increasing zinc exports, and domestic social inventory has dropped below 160,000 tons [7]. 2. Industry News - **Zinc Transaction Prices**: On November 12, 2025, the mainstream transaction prices of 0 zinc were 22,690 - 22,755 yuan/ton, and different brands had different transaction price ranges and premium/discount situations in different markets such as Shanghai, Ningbo, Tianjin, and Guangdong [8] 3. Data Overview - **Data Charts**: The report includes charts on the price trends of zinc in two markets, SHFE monthly spreads, SMM's weekly inventory of zinc ingots in seven regions, and LME zinc inventory [11][13]

Report Overview - Report Type: Steel Daily Report - Date: November 13, 2025 - Research Team: Black Metal Research Team, including researchers Zhai Hepan, Nie Jiayi, and Feng Zeren [1][2][3] 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Report's Core View The report predicts that the steel futures market will oscillate weakly in the future, but the room for continuous decline is limited. It is recommended to attempt buying hedging or investment in the large basis range after mid - November, while paying attention to the resistance of the spot market and whether subsequent production data can stabilize periodically [10]. 3. Summary by Directory 3.1行情回顾与后市展望 (Market Review and Future Outlook) - **Market Review**: On November 12, the main contracts of rebar and hot - rolled coil futures 2601 rebounded with narrowed gains. Some spot market prices of rebar and hot - rolled coil showed more increases than decreases. The KDJ indicators of the 2601 contracts of rebar and hot - rolled coil showed divergent trends, with the J and K values turning up and the D value continuing to decline. The MACD green bars of these contracts narrowed [5][7]. - **Future Outlook**: Recently, coal supply - guarantee policies have been introduced, causing a significant decline in the prices of coke and coking coal futures. Fundamentally, steel mills have accelerated their production cuts recently, putting pressure on raw material prices and steel costs to decline. Due to a large drop in demand, the destocking of social inventories has slowed down, especially the social inventory of hot - rolled coils is significantly higher than the same period in recent years. The weekly demand for the five major steel products has dropped back to the level of mid - September, changing the previous expectation of strong demand in November. In terms of raw materials, the arrival volume of iron ore at domestic ports has decreased by 3.8% month - on - month in the past 4 weeks, but increased by 11.9% in the previous 4 weeks, with overall sufficient supply. The coke production of independent coking enterprises has dropped significantly to the lowest level since mid - March. Although coking plants and steel mills continue to destock coke, the port coke inventory has increased in the past 5 weeks. Since October 25, the customs clearance volume of Mongolian coal has rebounded significantly. The inventories of coking coal in 230 independent coking plants and ports have increased by 22.8% and 19.1% respectively compared with the previous lows in August - September [8][10]. 3.2 行业要闻 (Industry News) - **Energy Policy**: The National Energy Administration has issued a guidance on promoting the integrated and coordinated development of new energy, aiming to improve the complementary development level of multiple new energy sources [11]. - **Steel - related Enterprises**: Baosteel Co., Ltd. has set medium - and long - term carbon reduction targets. Fangda Special Steel is cooperating with CATL to develop key chassis components. Western Cement has signed three projects with Mozambique, investing nearly 2 billion yuan. Baodi Mining's acquisition, if successful, will enhance its market competitiveness [11][12]. - **Other Industries**: The production and sales of new energy vehicles in China from January to October have increased significantly, and the monthly sales of new energy vehicles in October exceeded 50% of the total new vehicle sales. The domestic sales and exports of excavators in China have increased. The Guangdong foreign trade has increased in the first 10 months. The global oil and gas demand is expected to continue to grow until 2050, and the LNG market scale will expand [11][13]. 3.3 数据概览 (Data Overview) The report provides multiple data charts, including the social inventory of rebar and hot - rolled coil in major cities, the spot prices of rebar and hot - rolled coil in major markets, the weekly output of five major steel products, the steel mill inventory of five major steel products, the blast furnace and electric furnace operating rates and capacity utilization rates, the national average daily pig iron output, the apparent consumption of five major steel products, and the basis between Shanghai spot and January contracts of rebar and hot - rolled coil. The data sources are Mysteel and the Research and Development Department of CCB Futures [17][18][26]

Group 1: Report Information - Report Name: Sugar Daily Report [1] - Date: November 13, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] - Research Team: Agricultural Products Research Team [4] Group 2: Market Review and Operation Suggestions Futures Market - SR601 closed at 5478 yuan/ton, down 4 yuan or 0.07%, with a position reduction of 3479 lots [7] - SR605 closed at 5411 yuan/ton, down 4 yuan or 0.07%, with a position increase of 953 lots [7] - US Sugar 03 closed at 14.28 cents/pound, up 0.08 cents or 0.56%, with a position increase of 991 lots [7] - US Sugar 05 closed at 13.89 cents/pound, up 0.10 cents or 0.73%, with a position increase of 2499 lots [7] Market Analysis - New York raw sugar futures fluctuated strongly, with the main March contract up 0.56% to 14.28 cents/pound [7] - London ICE white sugar futures' main March contract was up 0.37% to $409.60/ton [7] - Zhengzhou sugar's main contract fluctuated in place, with the 01 contract closing at 5478 yuan/ton, down 4 yuan or 0.07%, and a position reduction of 3479 lots [8] - Domestic sugar spot prices fell, with Kunming at 5570 yuan/ton and East China at 5820 yuan/ton [8] - The Guangxi Sugar Association agreed that the crushing start time should not be earlier than November 30, but some sugar mills have announced crushing starts in mid - November [8] - Zhengzhou sugar failed to break through, with obvious pressure at the 5500 yuan mark [8] - Speculative short positions decreased slightly [8] Group 3: Industry News - DATAGRO reduced the 2025/26 global sugar surplus forecast from 2.8 million tons to 1 million tons due to production cuts in Brazil and India [9] - DATAGRO revised Brazil's central - southern sugar production forecast from 41.1 million tons to 40.8 million tons and the cane - to - sugar ratio from 51.6% to 51.2% [9] - Brazil exported 685,701.91 tons of sugar in the first week of November, with an average daily export of 137,140.38 tons, a 23% decrease from the average daily export in November last year [9] - The China Sugar Association adjusted the 2024/25 sugar import volume down by 380,000 tons to 4.62 million tons [9] - The 2025/26 sugar production in China is predicted to be 11.7 million tons, an increase of 500,000 tons from last month's forecast [9] - The 2025/26 sugar consumption in China is predicted to be 15.7 million tons, a decrease of 200,000 tons from last month's forecast [9] - Southern cane sugar mills have started production, and all 29 northern beet sugar mills are in operation with stable production [9] Group 4: Data Overview - Figures include spot price trends, 2601 contract basis, SR1 - 5 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and Zhengzhou sugar main contract's top 20 positions' trading and holding data [11][15][18][21] - Data sources are Wind, Zhengzhou Commodity Exchange, and Jianxin Futures Research and Development Department [12][14][16]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The soda ash futures market is expected to maintain a weak and volatile trend. Although there are anti - involution expectations in the soda ash industry, they have not materialized, and the market has returned to the logic of weak reality. The supply - demand pattern of soda ash may continue to be oversupplied [8]. - The glass futures market is currently dominated by oscillations. In the medium term, if there is no new market expectation to stimulate, the downward trend of the glass market is difficult to reverse due to weak demand and high supply [9]. 3. Summary by Sections 3.1 Soda Ash and Glass Market Review and Operation Suggestions - **Soda Ash Market on November 12th**: The main soda ash futures contract SA601 fluctuated downward. The closing price was 1,214 yuan/ton, a decrease of 11 yuan/ton or 0.89%, with a daily increase of 7,975 lots. The enterprise production and sales tend to be balanced, and the inventory fluctuates slightly. The weekly production decreased by 1.41% to 746,900 tons, remaining at a high level. The demand may decline further due to the slight decrease in float glass production and the inventory accumulation of photovoltaic glass. The inventory of soda ash plants increased slightly to 1.7142 million tons, in the middle range of the past six months. The short - term rebound of the market is affected by the increase in light soda ash prices and equipment maintenance, but in the long - term, the supply - demand pattern is expected to remain oversupplied [7][8]. - **Glass Market on November 12th**: Four coal - fired production lines in Shahe were shut down in the short term. The photovoltaic glass market is in a weak balance, and the overall glass supply is at a high level for the year. After the holiday, the factory inventory remains high, and the demand recovery is weak. Although the production limit in Shahe has been implemented, the actual situation is not as expected, and the market lacks new driving forces. The market is currently in a state of expectation game between year - end rush work and winter storage, and the medium - term market direction is still dominated by fundamentals [9]. 3.2 Data Overview - The report provides multiple data charts, including the price trends of active soda ash and glass contracts, weekly soda ash production, soda ash enterprise inventory, central China heavy soda ash market price, and flat glass production, with data sources from Wind, iFind, and the research and development department of Jianxin Futures [13][14][15]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The bond market environment has improved. The negative factors in the bond market have basically been released, and November is a stage of accumulating positive factors. Although there are some uncertain disturbances, considering the central bank's bond - buying operations, the bottom of Treasury bond futures is supported. With the slowdown of economic momentum, the expectation of monetary easing is expected to heat up again. It is recommended to pay attention to this week's economic activity data and the central bank's outright reverse - repurchase operations and seize the opportunity to buy on dips [11][12]. 3. Summary by Relevant Catalogs 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - **Market Conditions**: The third - quarter monetary policy implementation report released last night sent a signal of monetary easing, and the marginal improvement of the money market today boosted the bond market sentiment, leading to an overall rise in Treasury bond futures. The yields of major term interest - bearing bonds in the inter - bank market declined slightly. The yield of the 10 - year Treasury bond active bond 250016 was reported at 1.7990%, down 0.5bp [8][9]. - **Money Market**: The pressure on the money market has marginally eased. The central bank made a net injection of 1300 billion yuan today. The inter - bank money sentiment index declined slightly, indicating a marginal reduction in capital pressure. The weighted overnight rate of inter - bank deposits fell 9bp to 1.42%, and the 7 - day rate fell 2.22bp to 1.49%. The medium - and long - term funds were stable, and the 1 - year AAA certificate of deposit rate fluctuated narrowly around 1.62 - 1.64% [10]. - **Conclusion**: The domestic economic indicators have been weakening since June, especially the investment sector has accelerated its decline, and the export growth turned negative in October. Although the inflation data rebounded over the weekend, the demand - side improvement was not obvious. Currently, the combination of loose monetary policy and loose fiscal policy has been intensified. The restart of Treasury bond trading has brought direct buying demand to the bond market. The impact of loose fiscal policy on the bond market should be limited in the short term. Overall, the bond market environment has improved, and there is support at the bottom of Treasury bond futures [11][12]. 3.2行业要闻 (Industry News) - The US announced a one - year suspension of the implementation of the export control penetration rule. The Chinese Ministry of Commerce responded that this was an important measure for the US to implement the consensus reached in the China - US economic and trade consultations in Kuala Lumpur. - The central bank's third - quarter monetary policy implementation report pointed out that it will implement a moderately loose monetary policy, keep social financing conditions relatively loose, and continue to improve the monetary policy framework. - The Chinese Minister of Commerce had a video meeting with the German Federal Minister for Economic Affairs and Climate Action to exchange views on China - Germany and China - EU economic and trade issues. - Mexico postponed the increase of tariffs on Chinese goods, and the EU considered forcing member states to remove Huawei and ZTE equipment. The Chinese Ministry of Foreign Affairs urged the EU to provide a fair, transparent, and non - discriminatory business environment for Chinese enterprises. The US announced a one - year suspension of the 301 investigation on China's shipbuilding and other industries, and China announced corresponding counter - measures [13][14]. 3.3数据概览 (Data Overview) - **Treasury Bond Futures Market**: Includes information on the trading data of Treasury bond futures contracts (such as opening price, closing price, settlement price, etc.), the spread between main - contract tenors, the spread between main - contract varieties (e.g., 2 - year vs 30 - year, 10 - year, 5 - year; 5 - year vs 30 - year, 10 - year; 10 - year vs 30 - year), and the trend of main - contract prices [6][15][16]. - **Money Market**: Involves the term - structure changes and trends of SHIBOR, as well as the changes in the weighted average interest rate of inter - bank pledged repurchase and the interest rate of inter - bank deposit - pledged repurchase [28][32]. - **Derivatives Market**: Presents the fixed - rate curves of Shibor3M interest - rate swaps and FR007 interest - rate swaps [34].

Group 1: Report Information - Report Name: Pulp Daily Report [1] - Date: November 13, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Investment Rating - There is no information about the industry investment rating in the report. Group 3: Core View - In the short term, pulp prices are trending stronger due to low warrant quantities and rising overseas quotes in November. It is recommended to monitor the cost digestion performance of downstream paper mills and adopt a wait - and - see approach [7]. Group 4: Summary by Directory 1. Market Review and Operation Suggestions - The previous settlement price of the pulp futures 01 contract was 5,492 yuan/ton, and the closing price was 5,482 yuan/ton, a decline of 0.18%. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4,870 - 6,500 yuan/ton, remaining stable compared to the previous trading day. The Shandong Yinxing quotation was 5,520 - 5,530 yuan/ton [7]. - Finnforest Metsa notified Chinese customers that the November quote for softwood pulp would be raised by $20. In September, the chemical pulp shipments of the world's top 20 pulp - producing countries increased by 8.3% year - on - year, with softwood pulp up 3.8% and hardwood pulp up 11.8%. Shipments to the Chinese market continued to grow [7]. - As of November 6, 2025, the weekly pulp inventory in major regions and ports decreased by 2.31% month - on - month, with inventory at Qingdao Port and Tianjin Port decreasing [7]. - The performance of downstream base papers remained differentiated. The packaging paper market continued to be favorable, while other base papers mainly replenished inventory as needed. Tendering for offset paper publications was ongoing, but social demand was limited [7]. 2. Industry News - On November 12, during the 8th CIIE, the sub - forum "Promoting Green Trade Liberalization and Accelerating Global Green Transformation" of the 8th Hongqiao International Economic Forum was held. Zhai Jingli, Vice President of Asia Pulp & Paper (APP), was invited to attend and discuss with domestic and foreign political, business, academic, and research guests [8]. 3. Data Overview - The report provides various data charts including import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price spreads, needle - broadleaf price spreads, inter - delivery spreads, warrant totals, domestic main port pulp inventories, European main port wood pulp inventories, prices and spreads of coated paper, offset paper, white cardboard, and whiteboard paper, and the US dollar - RMB exchange rate [14][16][18][25][26][27]

Report Overview - Report Date: November 13, 2025 [2] - Reported Industry: Oil and Fat [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The oil and fat market has stabilized and rebounded, with rapeseed oil showing the strongest performance. Rapeseed oil inventory is decreasing, and attention should be paid to Australian rapeseed arrivals and China-Canada relations. Soybean oil has limited downside space and has buying value but is restricted by high inventory in the short term. Palm oil is expected to see reduced production and inventory starting from November. The oil and fat sector has rebounded from a low level, and trading should focus on band buying [7]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Quotes**: Dongguan rapeseed oil traders' quotes are 01+620 for third-grade rapeseed oil and 01+720 for first-grade rapeseed oil. The basis price of first-grade soybean oil in the East China market is 01+270 in November and 01+280 from December to January. Guangdong palm oil traders' quotes are stable, with 18-degree palm oil at 01+120 (Guangzhou warehouse and Dongguan warehouse), 24-degree at 01 - 20 (Dongguan warehouse), and 28-degree at 01 - 20 (Dongguan warehouse) [7]. - **Market Analysis**: Rapeseed oil inventory is decreasing due to interrupted imports and suspended crushing. Soybean oil has limited downside space but is restricted by high inventory. Palm oil is expected to reduce production and inventory starting from November [7]. - **Operation Suggestion**: Focus on band buying [7]. 3.2 Industry News - **Malaysian Palm Oil Production**: From November 1 - 10, Malaysian palm oil production decreased by 2.16% month-on-month, with fresh fruit bunch (FFB) yield decreasing by 4.14% and oil extraction rate (OER) decreasing by 0.4% [10]. - **Domestic Palm Oil Inventory**: As of the end of the 45th week of 2025, the total domestic palm oil inventory was 55.2 million tons, a decrease of 0.3 million tons from the previous week; the contract volume was 4.2 million tons, a decrease of 0.3 million tons. The inventory of 24-degree and below palm oil was 53.3 million tons, a decrease of 0.5 million tons, and the high-degree palm oil inventory was 2.0 million tons, an increase of 0.3 million tons [10]. - **MPOB Report**: In October, Malaysian palm oil inventory increased by 4.4% to 2.46 billion tons, production increased by 11.02% to 2.04 billion tons, and exports increased by 18.58% to 1.69 billion tons. The surveyed October inventory was expected to be 2.44 billion tons, and production was expected to be 1.94 billion tons, with exports expected to be 1.48 billion tons [9][10]. 3.3 Data Overview - The report provides multiple data charts, including the spot prices of East China third-grade rapeseed oil, East China fourth-grade soybean oil, and South China 24-degree palm oil, as well as the basis changes of palm oil, soybean oil, and rapeseed oil, and the price spreads of palm oil contracts. All data sources are from Wind and the Research and Development Department of Jianxin Futures [14][15][22].

Report Overview - Report Title: MEG Daily Report - Date: November 13, 2025 - Industry: Energy and Chemicals [1][2] Core View - Due to insufficient bullish support at the fundamental and macro levels of ethylene glycol, market participants are mostly cautious and waiting. It is expected that ethylene glycol may maintain a weak and volatile trend in the short term [7] Section Summaries 1. Market Review and Operation Suggestions - Futures Market: The closing price of EG2601 was 3891 yuan/ton, down 30 yuan; the closing price of EG2605 was 3979 yuan/ton, down 18 yuan. The trading volume of the main ethylene glycol futures contract on the 12th was 192,653 lots, and the open interest was 366,485 lots [7] 2. Industry News - Oil Price: International oil prices rose for the third consecutive day, but the increase was limited due to concerns about oversupply. On November 11th, the settlement price of WTI crude oil futures for December 2025 was $61.04 per barrel, up $0.91 or 1.51%; the settlement price of Brent crude oil futures for January 2026 was $65.16 per barrel, up $1.10 or 1.72% [8] - Ethylene Glycol Market: The spot negotiation price of ethylene glycol in Zhangjiagang this week was 3956 - 3958 yuan/ton, down 23 yuan/ton from the previous working day. The basis of this week's spot, next week's spot, and November's spot were all at a premium of 65 - 67 yuan/ton compared to EG2601 [8] - Polyester Market: The sales of polyester filament were sluggish, the raw material market weakened, the polyester appropriately gave back the price difference, and downstream purchases were few [8] 3. Data Overview - The report presents multiple data charts including PTA - MEG price difference, MEG price, MEG futures price, futures - spot price difference, international crude oil futures main contract closing price, raw material price index (ethylene), MEG downstream product price, and MEG downstream product inventory [10][15][16]