日期 2025 年 11 月 7 日 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 碳酸锂期货日报 行业 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 有色金属研究团队 研究员：余菲菲 研究员：彭婧霖 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾与操作建议 数据来源：Wind，建信期货研究发展部 前，该项目累计产出锂辉石已超 4.5 万吨。Bougouni 项目一期目标年产能为 12.5 万吨，平均氧化锂品位 5.5%。一期重介质分选加工厂主要处理来自恩古 拉纳矿山的粗粒锂辉石原料，采用传统工艺流程，每年可向加工厂输送最多 100 万吨锂矿石，以最大限度提高锂辉石回收率。Kodal 近期已成功完成首批 锂辉石产品从矿区至科特迪瓦圣佩德罗港的运输工作。 3. 智利海关公布的数据显示，智利 10 月锂出口量为 27562 ...

Report Information - Report Type: Iron Ore Daily Review [1] - Date: November 7, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] Report Industry Investment Rating - Not provided Core Viewpoints - The current supply of iron ore has growth expectations, while demand continues to weaken under the suppression of downstream steel enterprises' profits. The overall fundamentals are weak, leading to a weak operation of ore prices. The current iron ore futures market lacks a clear mainline logic, and the price fluctuates within the previous trading range. It is necessary to observe whether there are signs of improvement in steel enterprises' profits and the support level of the lower edge of the previous trading range. Considering that the current rebar - iron ore ratio is at a historically low level, one can try the arbitrage strategy of "going long on rebar and short on iron ore" [11]. Summary by Directory 1. Market Review and Future Outlook 1.1 Spot Market Dynamics and Technical Analysis - On November 6, the main quotes of major iron ore external markets remained flat compared with the previous trading day, and the prices of major - grade iron ores at Qingdao Port were mainly flat compared with the previous day. Technically, the daily KDJ indicator of the iron ore 2601 contract continued to decline, and the green bar of the daily MACD indicator has enlarged since yesterday's death - cross [9]. 1.2 Future Outlook - In terms of supply, the shipments from Australia and Brazil have rebounded, and the arrivals have significantly increased after two consecutive weeks of low levels. Considering that the cumulative shipments in the past four weeks reached 109.784 billion tons, a 3.78% increase compared with the same period last month, and as the end of the year approaches, the shipment volume is expected to remain at a relatively high level. The arrivals in November are expected to fluctuate at a relatively high level, showing a pattern of being low in the first half and high in the second half. The first shipment of iron ore from Simandou in Guinea by Rio Tinto is expected to be in November, with a relatively low short - term shipment volume and limited actual impact, but the price of far - month iron ore contracts may be suppressed under the expectation of increased supply. - In terms of demand, the current daily average pig iron output has continued to decline, remaining below 2.4 million tons for two consecutive weeks, and the recent decline has been significant, mainly due to the continuous narrowing of steel production profits, with more than half of steel enterprises in a loss state. It is expected that the pig iron output will continue to decline in the near future. For the five major steel products, both production and demand have declined. Considering the gradually cooling weather, the demand for construction steel is expected to be further suppressed. - In terms of inventory, steel mills have returned to the state of replenishing inventory on demand, with the inventory available days at a relatively low level of 20 - 21 days this year. The port inventory has continued to accumulate and has now reached 145 million tons, and it is expected that the port inventory will continue to accumulate slightly in the future [10][11]. 2. Industry News - According to Mysteel data, from October 27 to November 2, the total transaction (signing) area of newly - built commercial housing in 10 key cities was 1.7436 million square meters, a 3% increase month - on - month and a 35.9% decrease year - on - year. During the same period, the total transaction (signing) area of second - hand housing in 10 key cities was 2.1225 million square meters, a 5.9% decrease month - on - month and an 18.5% decrease year - on - year [12]. 3. Data Overview - The report provides multiple data charts, including the prices of major iron ore varieties at Qingdao Port, the price differences between high - grade, low - grade ores and PB powder, the basis between iron ore spot and January contract at Qingdao Port, the shipments from Brazil and Australia, the arrivals at 45 ports, domestic mine capacity utilization, major port iron ore trading volume, steel mill iron ore inventory available days, imported sintered powder ore inventory, port iron ore inventory and dredging volume, sample steel mill tax - free pig iron cost, blast furnace and electric furnace start - up rates and capacity utilization rates, national daily average pig iron output, apparent consumption of five major steel products, weekly production of five major steel products, and steel mill inventory of five major steel products. All data sources are Mysteel and the Research and Development Department of CCB Futures [16][20][26]

Group 1: Report Information - Report Name: Polyolefin Daily Report [1] - Date: November 7, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Quotes - Plastic 2601: Opened at 6810 yuan/ton, closed at 6805 yuan/ton, down 26 yuan/ton (-0.38%), with a trading volume of 305,000 lots and an increase in open interest of 25,025 lots to 578,172 lots [5] - Plastic 2605: Opened at 6891 yuan/ton, closed at 6886 yuan/ton, down 25 yuan/ton (-0.36%), with an open interest of 84,049 lots and an increase of 4,698 lots [5] - Plastic 2609: Opened at 6930 yuan/ton, closed at 6935 yuan/ton, down 28 yuan/ton (-0.40%), with an open interest of 2,088 lots and an increase of 68 lots [5] - PP2601: Opened at 6490 yuan/ton, closed at 6471 yuan/ton, down 37 yuan/ton (-0.57%), with an open interest of 652,784 lots and an increase of 8,183 lots [5] - PP2605: Opened at 6605 yuan/ton, closed at 6592 yuan/ton, down 25 yuan/ton (-0.38%), with an open interest of 147,404 lots and an increase of 1,154 lots [5] - PP2609: Opened at 6624 yuan/ton, closed at 6622 yuan/ton, down 30 yuan/ton (-0.45%), with an open interest of 7,179 lots and a decrease of 46 lots [5] Group 3: Market Review and Outlook - LianSu L2601 opened lower, fluctuated during the session, and closed down at 6805 yuan/ton, down 26 yuan/ton (-0.38%), with a trading volume of 305,000 lots and an increase in open interest of 25,025 lots to 578,172 lots. PP2601 closed at 6471 yuan/ton, down 37 yuan/ton (-0.57%), with an open interest of 652,800 lots and an increase of 818,000 lots [6] - Futures remained weak, which was negative for market sentiment. Most trade offers fell, and downstream purchasing enthusiasm was low, with only rigid demand purchases [6] - There are no new investment plans in November. Some maintenance devices will be restarted one after another, and the device operating load may continue to increase, and the pressure of new capacity expansion will intensify the imbalance between supply and demand [6] - The seasonal peak of agricultural film production has passed, and the demand for pipes has increased first and then decreased. The production of PP woven bags has been boosted by packaging demand, and BOPP enterprises are mainly digesting inventory. The downstream is dominated by fear of falling prices, and the willingness to stock up is low, which further drags down the transaction price [6] - In general, under the dual effects of weak cost support and continuous loose supply and demand, the downward pressure on polyolefin prices is expected to continue [6] Group 4: Industry News - On November 6, 2025, the inventory level of major producers was 695,000 tons, a decrease of 15,000 tons (-2.11%) from the previous working day; the inventory at the same time last year was 720,000 tons [7] - The PE market price continued to be weak. The price of LLDPE in North China was 6,780 - 7,000 yuan/ton, in East China was 6,900 - 7,500 yuan/ton, and in South China was 7,150 - 7,500 yuan/ton [7] - The mainstream price of propylene in the Shandong market was temporarily referred to as 5,650 - 5,650 yuan/ton, a decrease of 100 yuan/ton from the previous working day. The downstream demand continued to be weak, and the willingness of production enterprises to sell at a discount was obvious. The decline of propylene price widened, and the downstream factories were more wait - and - see, and the overall market transaction was still average [7] - The PP market remained weak, and the prices of some grades dropped by 30 - 50 yuan/ton. The mainstream price of North China drawstring was 6,220 - 6,450 yuan/ton, in East China was 6,330 - 6,550 yuan/ton, and in South China was 6,390 - 6,550 yuan/ton [7]

Report Information - Report Name: Soda Ash, Glass Daily Report [1] - Date: November 7, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - No relevant information provided. Core Viewpoints - Soda ash supply remains high with a slight decline in开工率 and a marginal increase in inventory. The downstream market mainly replenishes inventory at low prices, and the supply - demand weakness in the glass market persists. In winter, there is insufficient driving force in the supply - demand aspect of soda ash, and the pattern of oversupply may continue. The soda ash futures market is expected to maintain a volatile trend [8]. - The glass market is at a high level of supply this year. After the festival, 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. With the arrival of the off - season, there is no new driving force in the market. The short - term bullish sentiment from the Shahe production halt has been digested. The glass futures market is expected to be volatile in the near term, and the downward trend may be difficult to reverse in the medium term without new market expectations [9]. Summary by Section I. Soda Ash, Glass Market Review and Operation Suggestions Soda Ash - On November 6, the main soda ash futures contract SA601 showed a volatile and slightly stronger trend, closing at 1,207 yuan/ton, up 10 yuan/ton or 0.83%, with a daily reduction of 31,271 lots [8]. - Fundamentally, enterprise production and sales tend to balance, and inventory fluctuates little. Weekly soda ash production decreased 1.41% to 74.69 tons, remaining at a high level. The soda ash production facilities operate stably, and individual maintenance has little impact [8]. - In early November, the shipment of Chinese soda ash enterprises decreased, with a total shipment of 73.39 tons, a 3.14% decrease. The production of float glass decreased slightly, and the production of photovoltaic glass remained basically unchanged with inventory accumulation, so the subsequent demand for heavy soda ash may further decline [8]. - The inventory of soda ash plants fluctuated slightly, rising to 171.42 tons, in the median range of the past six months [8]. Glass - Fundamentally, four coal - fired production lines in Shahe will be 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 this year [9]. - After the festival, the factory inventory remains high, and the inventory days have continuously increased. The real estate market has not shown a stable trend, the completion data is weak, and the recovery of float glass demand may not be sustainable [9]. II. 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, the market price of heavy soda ash in Central China, and flat glass production [12][14][17]

Report Overview - Report date: November 7, 2025 [2] - Report industry: Eggs [1] - Research team: Agricultural Products Research Team [4] 1. Investment Rating - No investment rating provided in the report. 2. Core Views - The recent trend of the egg market has improved, with prices in low - price areas such as Hebei and Hubei gradually rising, and the northern red eggs remaining relatively stable. The egg inventory is at a turning point, but it is expected to remain high and decline slightly by the end of the year. The spot market is unlikely to have a continuous rebound without emotional support. The futures market is expected to fluctuate at a low level, and a straddle double - selling strategy is recommended for options. The risk lies in the unexpected duration and intensity of the continuous price increase in low - price areas [8] 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Market Review**: - For the 2601 egg contract, the previous settlement price was 3374, the opening price was 3390, the highest price was 3396, the lowest price was 3361, the closing price was 3386, with a rise of 12 and a gain of 0.36%. The trading volume was 119,686, the open interest was 177,065, and the open interest change was 166,565 [7] - For the 2602 egg contract, the previous settlement price was 3077, the opening price was 3085, the highest price was 3092, the lowest price was 3062, the closing price was 3080, with a rise of 3 and a gain of 0.10%. The trading volume was 29,085, the open interest was 111,607, and the open interest change was 369 [7] - For the 2512 egg contract, the previous settlement price was 3198, the opening price was 3215, the highest price was 3240, the lowest price was 3200, the closing price was 3227, with a rise of 29 and a gain of 0.91%. The trading volume was 329,917, the open interest was 166,597, and the open interest change was - 8266 [7] - **Operation Suggestions**: The spot price of eggs has risen, with the average price in the main production areas at 2.92 yuan/jin, up 0.05 yuan/jin from yesterday, and the average price in the main sales areas at 3.17 yuan/jin, unchanged from yesterday. The 12 - contract rose 1.93%. The futures market is expected to fluctuate at a low level, and a straddle double - selling strategy is recommended for options [8] 3.2 Industry News - As of the end of September, the national monthly inventory of laying hens was about 1.368 billion, a month - on - month increase of 0.2%, and a year - on - year increase of 6.0%. The monthly output of laying hen chicks in sample enterprises in September was about 39.2 million, down from 39.81 million in August and significantly lower than 45.64 million in the same period in 2024. The culling volume in the first three weeks as of October 23 was 20.02 million, 20.32 million, and 19.76 million respectively. The average culling age as of October 23 was 499 days, unchanged from last week and 1 day later than last month [9][18] 3.3 Data Overview - The report provides multiple data charts, including the monthly inventory of laying hens in China, egg production area average prices, egg contract basis, and contract spreads, with data sources from Wind, Zhuochuang Information, and Trading Famen [11][12][17]

Report Information - Report Name: PTA Daily Report [1] - Date: November 7, 2025 [2] Investment Rating - Not provided Core View - PX maintenance rumors support the PX market, cost drives up PTA, and the downstream polyester operating load is relatively high with good rigid demand. It is expected that the PTA market will rise [6] Summary by Section 1. Market Review and Operation Suggestions - On the 6th, the closing price of the PTA main futures TA2601 was 4,688 yuan/ton, up 104 yuan/ton or 2.27%. The settlement price was 4,620 yuan/ton, and the daily open interest increased by 61,763 lots. The closing price of TA2605 was 4,750 yuan/ton, up 100 yuan/ton, with a trading volume of 66,851 lots, an increase of 3,185 lots [6] 2. Industry News - US crude oil inventories unexpectedly increased significantly, and the international oil price continued to fall. However, gasoline inventories dropped to the lowest level in three years, limiting the decline. On Wednesday (November 5), the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $59.6 per barrel, down $0.96 or 1.59%. The settlement price of Brent crude oil futures for January 2026 on the London Intercontinental Exchange was $63.52 per barrel, down $0.92 or 1.43% [7] - The estimated price of PX in the Chinese market was $825 - 827 per ton, up $10 per ton; the estimated price in the South Korean market was $805 - 807 per ton, up $10 per ton. The cost - side oil market continued to fluctuate. Domestic PX plants operated relatively stably, and the demand side showed well due to the release of new PTA production capacity. Participants still had confidence in the future market under the tight - balance pattern [7] - The PTA price in the East China market was 4,541 yuan/ton, up 34 yuan/ton. The average daily negotiation basis was at a discount of 79 yuan/ton to the futures 2601, down 2 yuan/ton [7] 3. Data Overview - The report provides multiple data charts including PTA futures price summary, spot - futures price difference, international crude oil futures main contract closing price, upstream raw material spot price, PX price, MEG price, PTA processing margin, TA5 - 9 spread, PTA warehouse receipt quantity, polyester factory load rate, PTA downstream product price, and PTA downstream product inventory, with data sources from Wind and the Research and Development Department of CCB Futures [11][13][17]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Industrial silicon futures prices fluctuated narrowly, with the Si2601 closing at 9020 yuan/ton, a decline of 0.06%, a trading volume of 276,196 lots, and an open interest of 232,849 lots, a net decrease of 9,304 lots [4]. - Spot prices were slightly raised and then stabilized, with the 553 price ranging from 9,000 to 9,400 yuan/ton and the 421 price ranging from 9,600 to 9,950 yuan/ton [4]. - In November, the southwest production areas are expected to enter the seasonal production - reduction stage. Sichuan and Yunnan produced over 90,000 tons in October, compared with 64,200 tons in the same period last year. However, the northern production areas have an expected increase in production. The current supply - demand imbalance has not been reversed, and the actual production reduction after profit repair remains to be observed. Spot prices are generally stable, and the 01 price is in a convergent oscillation stage, still operating within the adjustment range after August [4]. 3. Summary by Directory 3.1 Market Performance - Industrial silicon futures prices fluctuated narrowly. The Si2601 closed at 9020 yuan/ton, down 0.06%, with a trading volume of 276,196 lots and an open interest of 232,849 lots, a net decrease of 9,304 lots [4]. - Spot prices were slightly raised and then stabilized, with the 553 price ranging from 9,000 to 9,400 yuan/ton and the 421 price ranging from 9,600 to 9,950 yuan/ton [4]. 3.2 Market News - On November 6th, the number of industrial silicon warehouse receipts on the GZEE was 46,281 lots, a net increase of 86 lots from the previous trading day [5]. - On October 31st, the industrial silicon market inventory was 447,700 tons, a weekly increase of 0.58% and a year - on - year increase of 43.59% [5]. - In September, the industrial silicon export volume was 70,232.72 tons, a decrease of 8.36% from the previous month and a year - on - year increase of 7.73%. From January to September, the cumulative industrial silicon export volume was 491,400 tons, a cumulative year - on - year increase of 1.55%, with an average monthly export volume of 61,500 tons [5].

021-60635736 zhaihepan@ccb.ccbfutures.com 期货从业资格号：F3033782 投资咨询证书号：Z0014484 ＃summary＃ 每日报告 | | | | | 表1：11月6日钢材期货主力合约价格、成交及持仓情况（单位：元/吨、%、手、亿元） | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | RB2601 | 3024 | 3026 | 3042 | 3017 | 3037 | 0.40% | 884,740 | 2,020,353 | -11,428 | -0.06 | | HC2601 | 3253 | 3253 | 3271 | 3241 | 3256 | 0.22% | 462,037 | 1,365,348 | -7,743 | -0.15 | | SS2512 | 12535 | 12 ...

Report Information - Report Name: "集运指数日报" [1] - Date: November 7, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Report Summary - **Industry Investment Rating**: Not provided - **Core View**: Although actual demand may not support a large price increase, the bottom of container shipping rates within the year may have appeared, and it is recommended to maintain the idea of buying on dips for the December contract. The conflict in the Middle East is expected to be difficult to resolve within the year, and the Red Sea may still be difficult to resume shipping in the short term [8] Section Summaries 1. Market Review and Operation Suggestions - **Market Situation**: As the year - end peak season and long - term contract season approach, shipping companies continue to raise quotes for November and December, but the increase is lower than before. The SCFIS index has declined again, and it is difficult for price increases to fully materialize. The actual demand may not support large price increases, but the bottom of container shipping rates within the year may have appeared. The conflict in the Middle East is frequent and difficult to resolve, and the Red Sea may not resume shipping in the short term [8] - **Operation Suggestions**: Continue to maintain the idea of buying on dips for the December contract [8] 2. Industry News - **Market Conditions in Late October**: From October 27 to 31, the China export container shipping market was good, with stable overall transport demand. Most route market freight rates continued to rise, driving the comprehensive index up. The Shanghai Export Containerized Freight Index on October 31 was 1550.70 points, up 10.5% from the previous period [9] - **European Routes**: In October, the eurozone's composite PMI rose to 52.2, better than market expectations. The market freight rate continued to rise, and on October 31, the freight rate from Shanghai Port to European basic ports was 1344 US dollars/TEU, up 7.9% from the previous period [9] - **Mediterranean Routes**: The market situation was basically the same as that of European routes, and the spot booking price continued to rise. On October 31, the freight rate from Shanghai Port to Mediterranean basic ports was 1983 US dollars/TEU, up 12.4% from the previous period [9] - **Military News in the Middle East**: Israel carried out military operations in Lebanon and Gaza, and the situation in the region remained tense [10] - **Sino - US Trade Consensus**: After the talks between Chinese and US leaders in Busan, South Korea, the two sides reached a new trade consensus. China will suspend additional export controls on rare earths and other key minerals, terminate antitrust and anti - dumping investigations against US semiconductor supply chain - related enterprises, and the US will take corresponding measures [10][11] 3. Data Overview 3.1 Container Shipping Spot Prices | Route | Price on 2025/11/3 | Price on 2025/10/27 | Change | Month - on - Month (%) | | --- | --- | --- | --- | --- | | SCFIS: European Routes (Basic Ports) | 1208.71 | 1312.71 | - 104 | - 7.9% | | SCFIS: US West Routes (Basic Ports) | 1267.15 | 1107.32 | 159.83 | 14.4% | [13] 3.2 Container Shipping Index (European Routes) Futures Quotes | Contract | Previous Settlement Price | Opening Price | Closing Price | Settlement Price | Change | Change (%) | Trading Volume | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | EC2512 | 1,923.4 | 1,899.0 | 1,848.2 | 1,845.1 | - 75.2 | - 3.91 | 35518 | 28412 | - 5660 | | EC2602 | 1,631.4 | 1,622.0 | 1,601.0 | 1,597.1 | - 30.4 | - 1.86 | 9591 | 22625 | 273 | | EC2604 | 1,195.8 | 1,194.0 | 1,178.0 | 1,176.4 | - 17.8 | - 1.49 | 2051 | 14208 | - 329 | | EC2606 | 1,419.8 | 1,428.8 | 1,414.2 | 1,404.7 | - 5.6 | - 0.39 | 132 | 1455 | - 9 | | EC2608 | 1,498.1 | 1,490.1 | 1,484.0 | 1,497.0 | - 14.1 | - 0.94 | 120 | 1306 | - 31 | | EC2610 | 1,140.0 | 1,140.0 | 1,140.0 | 1,138.6 | 0.0 | 0.00 | 269 | 1432 | 156 | [6] 3.3 Shipping - Related Data Charts - The report also provides multiple charts, including the Shanghai Export Containerized Freight Index, container shipping index (European routes) futures trends, European container ship capacity, global container ship order backlog, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates, with data sources from Wind and the Research and Development Department of Jianxin Futures [13][17][19]

Group 1: Report Overview - Report Name: Copper Futures Daily Report [1] - Date: November 7, 2025 [2] - Research Team: Non - Ferrous Metals Research Team [4] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - Copper prices are expected to oscillate upwards as they return to the logic of improved macro - atmosphere, strong medium - term fundamentals, and short - term high prices suppressing spot demand [10] Group 4: Market Review and Operation Suggestions - Copper prices rose, the US dollar index declined, and risk assets rose across the board. Shanghai copper reached 86,000, with total positions decreasing by 299 lots. Spot copper rose 660 to 85,995, and the premium rose to 30 [10] - Due to the rising copper prices, downstream buyers showed obvious fear of high prices. The social inventory in China increased by 0.32 tons this week compared with Monday, indicating weak short - term demand [10] - The LME0 - 3 contango widened to 38, the spot import loss was nearly 500 yuan/ton, and the trading volume of Yangshan copper was limited [10] Group 5: Industry News - There are rumors that Glencore plans to shut down the Horne smelter and CCR refinery in Canada. The two facilities have a combined annual output of over 300,000 tons of copper, accounting for about 17% of US imports. If the shutdown plan is implemented, it will exacerbate the global supply shortage [11] - Kenadyr Metals Corp. announced that its Adelita copper - gold - silver project has obtained all social, environmental, and exploration permits and a 20 - year mining license. The first - phase exploration plan will start in November [11] - On November 5, Zambia reopened its border with Tanzania, resuming the flow of goods on an important trade corridor. The average number of trucks cleared in each direction per day is 250 [11]