Report Date - October 10, 2025 [2] Research Team - Energy and Chemical Research Team includes researchers for different sectors such as crude oil, PTA/MEG, industrial silicon, polyolefins, pulp, and glass soda ash [3] Investment Rating - Not provided Core View - The national carbon market price is under pressure and fluctuating [4] Summary by Section 1. National Carbon Market Overview - In September, the national carbon market's highest price was 69.49 yuan/ton, the lowest was 57.72 yuan/ton, and the closing price dropped 16.35% from the last trading day of the previous month. The total trading volume was 32,700,907 tons, and the total turnover was 2,003,662,939.74 yuan. From January 1 to September 30, 2025, the trading volume was 98,098,802 tons, and the turnover was 6,797,362,256.82 yuan [7] - Fudan Carbon Index shows price expectations for October and December 2025 for national carbon emission allowances (CEA) and China Certified Emission Reductions (CCER), with some price indices showing declines [8] - From January to July 2025, thermal power generation decreased 1.30% year-on-year, cement production decreased 4.5% year-on-year, electrolytic aluminum production increased 2.54% year-on-year, pig iron production decreased 1.3% year-on-year, and crude steel production decreased 3.1% year-on-year [9][10] 2. Market News - At the 2025 China Carbon Market Conference, the Deputy Minister of Ecology and Environment introduced the progress and achievements of the national carbon market since 2024 and outlined future plans. The Minister reported on the significant achievements and challenges in climate change response and carbon peaking and neutrality work, highlighting issues like the resurgence of "two high" projects [11] 3. Data Summary - Not provided with specific summary information other than the mention of data sources and some chart references [13][17][22]

油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 多晶硅月报 日期 2025 年 10 月 10 日 能源化工研究团队 研究员:李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃/纯碱） 2025-07-09：《光伏电力行业专题报 告： ...

Group 1: Report Overview - Report Type: Copper Futures Daily Report [1] - Date: October 10, 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 - Short - term copper prices are on a strong upward trend driven by events and capital speculation. Although the spot market is weak at home and strong abroad, the inflow of global funds into the copper market is expected to continue the short - term upward trend of copper prices [7] Group 4: Market Review and Operational Suggestions - Shanghai copper opened high and moved high. The expected decline in production at the mine and smelting ends is being consolidated, and the supply - side pressure is easing, attracting global capital attention. The positions of LME, COMEX, and Shanghai copper are rising significantly, and the net long positions of CFTC and COTR funds are also increasing. However, the spot market is slightly weak, with the premium of Shanghai copper spot remaining flat at 15, and the downstream buying sentiment declining. The domestic social inventory increased by 18,000 tons during the holiday, and the positive structure of the near - month contract on the disk is expanding, so the spot premium is expected to be under pressure. The LME 0 - 3 contango structure has narrowed to 29.5, LME inventory has dropped to 139,000 tons, and COMEX inventory has increased to 304,000 tons, and the spot pressure in the overseas market is easing [7][10] Group 5: Industry News - Japan's PPC expects its copper production in the second half of the 2025/26 fiscal year to decrease by 2.5% year - on - year to 287,400 tons, and Mitsubishi Materials Corporation will reduce the concentrate processing volume of its Onahama smelter by about 25%, which means a reduction of about 75,000 ore tons in the second half of the fiscal year [11] - Aurubis has raised the long - term premium for electrolytic copper in Europe in 2026 to $315 per ton, a record high [11] - Teck Resources' Quebrada Blanca copper mine has extended its suspension due to a tailings dam heightening project. The 2025 copper production guidance has been lowered from 210,000 - 230,000 tons to 170,000 - 190,000 tons, and the 2026 forecast production has been reduced from 280,000 - 310,000 tons to 200,000 - 235,000 tons. The optimization project to increase the processing capacity by 5% - 10% will be postponed to after 2027 - 2028. Highland Valley Copper has also lowered its 2025 copper production guidance from 135,000 - 150,000 tons to 120,000 - 130,000 tons due to grade decline and maintenance needs [11][12]

Report Overview - Report Title: Copper Futures Monthly Report - Date: October 10, 2025 - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Report Industry Investment Rating - The report does not mention the industry investment rating. Core Viewpoint - Supported by the fundamentals, the copper price will strengthen, and the support level of the main contract of Shanghai copper will rise to 82,000 [9][16]. Summary of Each Section 1. Market Review and Future Outlook 1.1 Market Review - In September, the main contract of Shanghai copper traded between 79,380 and 83,820, with total positions rising 9.7% to 533,000 lots. The spot premium of domestic 1 electrolytic copper dropped to a discount at the end of the month. Social inventories continued to accumulate slightly, and bonded area inventories decreased by 0.21 million tons to 730,000 tons. LME copper traded between 9,844 and 10,485, with total positions up 12% to 300,000 lots. COMEX copper traded between 452.55 and 493.95, with total positions up 36% to 245,000 lots [11]. 1.2 Future Outlook - Fundamentally, the tight supply of raw materials will limit the growth of refinery production in the fourth quarter, while demand is expected to strengthen. Macroscopically, the Fed's interest - rate cuts are beneficial to the copper price. Overall, the copper price is expected to strengthen [9][15][16]. 2. Supply Side: Tight Raw Materials are Spreading to the Smelting End 2.1 Tight Supply - Demand in the Copper Concentrate Market - From January to July 2025, global copper mine supply increased by 536,000 tons to 13.485 million tons. Due to the accident at the Grasberg mine, the global copper mine increment in 2025 is expected to be adjusted down to 450,000 tons. The new project in the second half of 2025 is the second - phase of Julong Copper Mine, with a new capacity of 200,000 tons, but the capacity will be released in 2026. In September, the decline of imported copper concentrate TC slowed down. The demand for copper concentrate in China far exceeds the supply, and the supply - demand tension has intensified [17][18]. 2.2 Intensified Tightness of Cold Materials - In August, the import of anode copper decreased significantly, and the import of scrap copper was stable. The supply of cold materials is expected to remain tight in October, and the upside space for cold material processing fees is limited [20][22]. 2.3 Realization of Refinery Production - Cut Expectations - In September, the electrolytic copper production decreased significantly due to increased refinery maintenance and difficulties in purchasing anode copper. It is expected that the production will continue to decline in October and may further decrease in November due to maintenance plans and tight anode plate supply [25]. 3. Demand Side: Lackluster Peak Season for Copper Products, Resilient Terminal Demand 3.1 Lackluster Peak Season for Domestic Copper Products Production - From January to August, the domestic copper product output reached 16.6 million tons, with a year - on - year growth of 10.7%. In September, the start - up rates of copper rods and their downstream industries were lower than expected, and the peak season was lackluster [28][29]. 3.2 Obvious Recovery in the Automobile Market Driven by National Consumption - Promotion Policies - In August, automobile production and sales increased by 8.7% and 10.1% month - on - month respectively. New energy vehicle production and sales maintained rapid growth, and the export of new energy vehicles increased significantly year - on - year [32][33]. 3.3 Power Grid Investment Growth Offset the Decline in Power Source Investment - From January to August, the power grid investment was 379.576 billion yuan, with a year - on - year growth of 14%. It is expected to further increase to address the imbalance between power source and power grid investment. The power source investment growth is expected to lag behind that of the power grid [35][36]. 3.4 Rebound in Household Appliance Output Growth, Continued Slowdown in Exports - From January to August 2025, the output of air conditioners, refrigerators, and washing machines increased by 6%, 2%, and 8% year - on - year respectively, while the export growth slowed down. Global household appliance production and sales may face downward pressure in 2025 [40]. 3.5 The Downward Cycle of the Real Estate Market Continues - From January to August 2025, real estate investment, new construction, and completion growth rates were - 12.9%, - 19.5%, and - 17% respectively. The real estate market is expected to provide no support for copper demand this year [42][43].

Report Information - Report Title: Carbonate Lithium Futures Monthly Report [1] - Date: October 10, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Report Industry Investment Rating - No information provided. Core Viewpoints - In October, domestic carbonate lithium supply is expected to exceed 110,000 tons, with demand continuing to be strong. The demand growth rate is expected to be faster than the supply growth rate, and social inventory is likely to decrease. Considering cost support and uncertainties in the Yichun mining area, the price of carbonate lithium futures is expected to move upward, with a bottom support at 72,000 yuan [8][11]. Summary by Directory 1. Market Review and Future Outlook - **Market Review**: In September, the main carbonate lithium contract fluctuated weakly, with a monthly decline of 5.68%. The total position decreased by 8.9% to 678,000 lots. The spot lithium price followed the futures price, with a monthly decline of 7.7%. The social inventory decreased by 4,311 tons, indicating a turning point [10]. - **Future Outlook**: In October, domestic carbonate lithium supply is expected to exceed 110,000 tons. Demand is expected to continue to grow, and the demand growth rate is likely to be faster than the supply growth rate. Social inventory is expected to decrease further. The price of carbonate lithium futures is expected to move upward, with a bottom support at 72,000 yuan [11]. 2. Supply and Demand Analysis - **Lithium Ore**: By the end of September, the price of Australian ore with 6% lithium content decreased by 7% to $835/ton. In August, domestic lithium ore imports decreased by 17.5% month-on-month. Chinese lithium ore production decreased due to a significant reduction in lithium mica output. In the future, Australian ore supply is expected to increase steadily, African lithium ore production is growing, and American lithium ore supply is expected to increase slightly. Chinese lithium ore production is also expected to increase [15][16][17]. - **Future Lithium Ore Supply Increment**: In 2025, Australian ore production is expected to reach 479,000 tons of LCE, African lithium ore production is expected to increase by 64,000 tons of LCE to 267,000 tons of LCE, American lithium ore supply is expected to increase by 9,000 tons to 81,000 tons of LCE, and Chinese lithium ore production is expected to reach 255,000 tons of LCE. In 2026, the supply of lithium ore from various regions is expected to continue to increase [21][24][26]. - **High Growth in Carbonate Lithium Production Despite Salt Factory Losses**: In September, domestic carbonate lithium production reached a record high of 87,260 tons, a year-on-year increase of 52% and a month-on-month increase of 2%. In August, carbonate lithium imports increased significantly. Although salt factories are operating at a loss, carbonate lithium production continues to grow. In October, carbonate lithium production is expected to exceed 90,000 tons [29]. - **Future Carbonate Lithium Supply Increment**: In 2025, global carbonate lithium production is expected to increase by 310,000 tons, and in 2026, it is expected to increase by 275,000 tons [33]. 3. Demand Side: High Growth of Lithium Batteries Driven by New Energy Vehicles and Energy Storage Demand - **Increase in Cathode Material Production and Price Resistance**: By the end of September, the prices of cathode materials showed mixed trends. In September, the production of cathode materials increased, with lithium iron phosphate leading the way. In October, the production of ternary cathode materials and lithium iron phosphate is expected to continue to increase [35][36]. - **Increase in Lithium Battery Price and Quantity and Good Export Performance**: By the end of September, the prices of lithium batteries increased. In September, Chinese lithium battery production increased significantly, and exports continued to increase. The inventory of lithium batteries decreased [47][48]. - **New Energy Vehicle Sales Growth Led by China and Europe**: From January to August, global new energy vehicle sales increased by 29.5% year-on-year to 13.286 million units. In 2025, global new energy vehicle sales are expected to increase by 32% year-on-year to 23.56 million units, and in 2026, the growth rate is expected to drop to 24% [56][58]. - **High Growth in the Energy Storage Field Unaffected by Policy Disturbances**: In 2025, the global new energy storage installation is expected to reach 328 GWh, driving an increase in energy storage battery demand of 274 GWh to 644 GWh. In 2026, the global new energy storage installation is expected to reach 420 GWh [59][60]. 4. Carbonate Lithium Production Cost Analysis - The production costs of carbonate lithium from different raw materials vary significantly. In the third quarter of 2025, the integrated costs of mica, spodumene, and salt lake all decreased slightly. The current cost support level for carbonate lithium is around 62,000 yuan [61]. 5. Supply and Demand Balance Sheet - In August, domestic social inventory decreased by 590 tons to 141,100 tons, indicating a turning point. In September, domestic carbonate lithium production is expected to decline slightly, and social inventory is expected to decrease further [63][64].

Report Information - Report Title: Pulp Monthly Report [1] - Date: October 10, 2025 [2] - Core View: In October, supported by seasonality and cost, pulp prices may have a phased rebound. However, without significant improvement in industry profits, it is difficult to have a trend change, and the pulp market will mainly fluctuate at a low level [7] - Strategy: Range operation, short near-term contracts and long far-term contracts [7] - Important Variables: Macroeconomic policies, supply disruptions, and demand performance [7] Group 1: Market Review - In September, pulp prices fluctuated at a low level with a monthly decline of 2.8%. The Fed cut interest rates by 25 basis points on September 17, and the Sino-US leaders' call promoted trade negotiations. In the domestic market, the CPI in August decreased by 0.4% year-on-year, industrial added value increased by 5.2% year-on-year with a slight month-on-month decline, and the year-on-year growth rate of total retail sales of consumer goods continued to slow down to 3.4%. The pulp peak season in September fell short of expectations, and the fundamentals remained weak [9] - The FOB prices of imported wood pulp showed a mixed trend, and the RMB exchange rate fluctuated within a narrow range. The cost support for imported softwood pulp was relatively weak. In the European market, the consumption of chemical pulp in August increased by 2.4% year-on-year, and the inventory of chemical pulp increased by 11.3% year-on-year. In August, the chemical pulp shipments of the world's top 20 pulp-producing countries increased by 10.3% year-on-year, with softwood pulp up 5% and hardwood pulp up 14.7%. It is expected that the subsequent imports will remain at a relatively high level compared to the same period [9] - As of late September, the inventory in major regions and ports decreased by 2.8% month-on-month. Although September entered the traditional consumption peak season, downstream paper mills lacked confidence, processing profits were difficult to improve, and the enthusiasm for raw material procurement was poor. The average monthly price of imported softwood pulp in September decreased by 2.23% compared to the previous month, while that of imported hardwood pulp increased by 1.08% [9] - Arauco's September wood pulp FOB prices were as follows: softwood pulp Silver Star at $700/ton, natural pulp Venus at $590/ton, and hardwood pulp Star at $540/ton [9] Group 2: Global Commodity Pulp Shipments Increase Year-on-Year - Global commodity pulp shipments increased year-on-year. According to PPPC, in July, the softwood pulp shipments of the world's top 20 pulp-producing countries were 1.77 million tons, a month-on-month increase of 3.22% and a year-on-year increase of 4.11%; the hardwood pulp shipments were 2.65 million tons, a month-on-month decrease of 12.69% and a year-on-year increase of 11.08% [17] - In July, the ratio of global commodity chemical pulp shipments to production capacity decreased seasonally but remained at a relatively high level compared to the same period. It decreased by 9.49% compared to the previous month and increased by 7.29% compared to the same period last year. In July, the inventory days of softwood pulp for global producers were 50 days, basically the same as the previous month and 7 days more than the same period last year; for hardwood pulp, it was 45 days, 1 day more than the previous month and 2 days less than the same period last year [17] - China's pulp imports decreased both month-on-month and year-on-year in August. In August, China imported 2.65 million tons of pulp, a month-on-month decrease of 8.0% and a year-on-year decrease of 5.7%. From January to August, the cumulative pulp imports were 24.11 million tons, a year-on-year increase of 5.0%. By variety, in August, the imports of softwood pulp were 610,000 tons, a year-on-year decrease of 10.1%; the imports of hardwood pulp were 1.26 million tons, a year-on-year decrease of 1.4% [17] - The inventory in major ports continued to decline in September. As of late September, the inventory in major domestic ports and regions was approximately 1.99 million tons, a decrease of 2.8% compared to the previous month. Among them, the inventory in Qingdao Port increased by 0.8% compared to the previous month, while that in Changshu Port decreased by 11.8% [17] Group 3: No Obvious Improvement in Downstream Market Demand - The year-on-year growth rate of China's cumulative output of machine-made paper slowed down. In August 2025, the output of machine-made paper and paperboard was 13.919 million tons, a year-on-year increase of 1.5%. From January to August, the cumulative output was 106.659 million tons, a year-on-year increase of 2.7% [38] - The finished product inventory of China's papermaking and paper products industry decreased. In August, the inventory of the papermaking and paper products industry was flat year-on-year and decreased by 0.4% month-on-month. The finished product inventory decreased by 1.1% year-on-year and 2.4% month-on-month [38] - In September, the prices of downstream base paper showed a mixed trend, and the demand growth was relatively limited. As of September 28, the monthly average price of the white cardboard market was 3,960 yuan/ton, a 0.35% increase compared to the previous month. In September, the cost pressure in the market remained high, and paper mills raised prices by 100 yuan/ton. The new production capacity in Central China was postponed, and terminal inventories were low, with mainly rigid demand replenishment [38] - As of September 28, the monthly average price of the tissue paper market was 5,647 yuan/ton, a 1.06% increase compared to the previous month. In September, several paper enterprises in Southwest China shut down or reduced production, the market supply tightened, and paper enterprises raised prices to sell. The prices in Guangxi also showed an upward trend driven by the price of bagasse pulp [38] - As of September 28, the monthly average price of the offset printing paper market was 4,807 yuan/ton, a 2.77% decrease compared to the previous month. In early September, the idle production lines in Shandong resumed production, increasing the market supply pressure. Downstream printing factories received average orders. Some factories in South China shut down briefly due to weather, and the consumption of base paper was slow. Coupled with the delay of publishing tenders, the overall market sales were slow [39] - As of September 28, the monthly average price of the coated paper market was 4,968 yuan/ton, a 4.13% decrease compared to the previous month. In September, some large-scale idle production lines resumed production, increasing the industry supply. Distributors actively reduced inventories to avoid price decline risks. Downstream printing and packaging orders were average, and the consumption speed of base paper was slow [39] Group 4: Differentiated Trends in Gross Profit Margins of Wood Pulp Paper Products - The overall gross profit margins of wood pulp paper products showed a differentiated trend. According to the National Bureau of Statistics, from January to August 2025, the cumulative year-on-year decline in operating income of the papermaking and paper products industry was 1.9%, and the cumulative year-on-year decline in total profit was 18.8%, with the overall decline slightly narrowing [50] - In September, the monthly average of major raw material costs fluctuated weakly compared to the previous month, and the prices of terminal paper products showed a mixed trend. The overall gross profit margins showed a differentiated trend. By variety, in September, the gross profit margin of white cardboard increased by 2.03 percentage points compared to the previous month; the gross profit margin of tissue paper slightly increased by 0.04 percentage points; the gross profit margin of offset printing paper decreased by 1.77 percentage points; and the gross profit margin of coated paper decreased by 3.06 percentage points [50]

021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 原油日报 日期 2025 年 10 月 10 日 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅碳市场） 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 每日报告 一、行情回顾与操作建议 | ...

Group 1: Report Information - Industry: Oil and fat [1] - Date: October 10, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operational Suggestions Market Review | Contract | Previous Settlement Price | Opening Price | High Price | Low Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | P2605 | 9004 | 9250 | 9364 | 9204 | 9360 | 356 | 3.95% | 56876 | 96520 | 7060 | | P2601 | 90616 | 9452 | 9580 | 9438 | 9570 | 380 | 4.13% | 509596 | 379054 | 46907 | | Y2605 | 7876 | 7996 | 8096 | 7972 | 8074 | 198 | 2.51% | 60570 | 224422 | 5157 | | Y2601 | 8114 | 8212 | 8340 | 8212 | 8332 | 218 | 2.69% | 336990 | 506255 | -8109 | | O1605 | 9522 | 9619 | 9749 | 9617 | 9729 | 207 | 2.17% | 13285 | 52813 | 254 | | OI601 | 10046 | 10160 | 10266 | 10129 | 10248 | 202 | 2.01% | 209869 | 329150 | 25710 | [7] Spot Price and Basis - East China third - grade rapeseed oil: Spot price is OI2601 + 270 (October - November: OI2601 + 280). East China first - grade rapeseed oil in October is OI2601 + 390. - East China first - grade soybean oil basis price: November - January is 01 + 230, December - February is 01 + 240, January - March is 01 + 200, April - July is 05 + 250. - Guangdong traders' palm oil quotes: Dongguan factories' 24 - degree palm oil is 01 - 70; Dongguan Chunjin's 24 - degree palm oil is 01 + 0. [7] Core View - After the holiday, the three major oils strongly made up for losses. The palm oil main contract P2601 was the strongest, with a gain of over 4%. - The Malaysian Palm Oil Board (MPOB) will release an official monthly report on October 10. A survey shows that Malaysia's palm oil inventory in September will decline for the first time since February due to increased exports and decreased production. - Indonesia is promoting the B50 biodiesel blending project, raising concerns about tight palm oil supply. - Near - term rapeseed oil continues the de - stocking trend, with relatively concentrated supply. Traders mainly hold prices for shipment, and the basis quote continues to rise. Pay attention to China - Canada trade progress and rapeseed raw material supply, and mainly allocate more. - In the case of soybean oil, the estimated soybean imports in the fourth quarter are still relatively sufficient, but the import cost has increased, providing support at the lower level. - The oil and fat sector is dominated by long - position funds. It is advisable to buy at low levels and roll long positions. [8] Group 3: Industry News - The Malaysian Palm Oil Association (MPOA) said that the estimated palm oil production in Malaysia in September 2025 was 1.81 million tons, a month - on - month decrease of 2.35%. The production in Peninsular Malaysia decreased by 6.17% month - on - month, the production in Sabah increased by 2.35% month - on - month, the production in Sarawak increased by 6.62% month - on - month, and the production in East Malaysia increased by 3.44% month - on - month. - Data from the Southern Palm Oil Millers Association (SPPOMA) in Malaysia showed that from October 1 - 5, Malaysia's palm oil production increased by 12.55% month - on - month, with the fresh fruit bunch (FFB) yield per unit area increasing by 11.61% month - on - month and the oil extraction rate (OER) increasing by 0.18% month - on - month. - A survey shows that Malaysia's palm oil inventory in September will decline for the first time since February. The production is expected to be 1.794 million tons, a month - on - month decrease of 3.3%, the export volume is expected to be 1.427 million tons, a month - on - month increase of 7.7%, and the inventory will drop to 2.146 million tons, a month - on - month decrease of 2.5%. - Indonesia's Energy Ministry announced that the laboratory tests for B50 fuel were completed in August. The next step is to conduct road tests and applicability tests for non - automotive diesel machinery to ensure the safety of B50 use. The government is accelerating the implementation of the mandatory blending policy of biodiesel (B50) with a 50% palm oil ratio in 2026 to reduce dependence on imported diesel, and it is expected to launch B50 biodiesel in the second half of 2026. - Brazil's Energy Ministry's biofuel director said that the policy to increase the biodiesel blending ratio in diesel from 15% to 16% in March 2026 may not be implemented on schedule due to the government's incomplete technical feasibility study report, tight policy promotion time, and high implementation difficulty. [9][10][17] Group 4: Data Overview - The report provides multiple data charts, including the spot price of East China third - grade rapeseed oil, the spot price of East China fourth - grade soybean oil, the spot price of South China 24 - degree palm oil, palm oil basis changes, soybean oil basis changes, rapeseed oil basis changes, P1 - 5 spread, P5 - 9 spread, P9 - 1 spread, US dollar - Malaysian ringgit exchange rate, and US dollar - Chinese yuan exchange rate. All data sources are Wind and the Research and Development Department of CCB Futures. [11][16][18][22][27][28]

行业 白糖日报 日期 2025 年 10 月 10 日 研究员：王海峰 021-60635728 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 农产品研究团队 研究员：林贞磊 研究员：余兰兰 研究员：洪辰亮 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：期货行情 | | | | | | | --- | --- | --- | --- | --- | --- | | 合约 | 收盘价（元/吨 美分/磅） | 涨跌 | 涨跌幅 | 持仓量（张） | 增减 | | SR601 | 5528 | 38 | 0.69% | 373744 | -14293 | | SR605 | 5492 | 42 | 0.77% | 64062 | -1687 | | 美糖 03 | 16.60 | 0.15 | 0.91% | 464803 | -2953 | | 美糖 05 | 16.14 | 0.15 | 0.94% | 1 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Futures prices of plastics and PP decreased, with plastics L2601 closing at 7077 yuan/ton, down 79 yuan/ton (-1.1%), and PP2601 at 6745 yuan/ton, down 128 yuan (-1.86%). This weakened the spot trading atmosphere, causing some prices to loosen. The post - holiday social inventory increased, and the demand in October had some resilience but limited new orders. The cost support from crude oil was weak, putting pressure on polyolefins [3][4]. 3. Summary by Directory 3.1 Market Review and Outlook - Plastics L2601 opened lower, fluctuated downward during the session, and closed lower. PP2601 also dropped. The futures' weak performance affected the spot market, with traders offering discounts. The post - holiday inventory increase and limited new orders led to high de - stocking pressure. Crude oil's supply expectation adjustment reduced cost support for polyolefins [3][4]. 3.2 Industry News - On October 9, 2025, the major producers' inventory was 860,000 tons, a 270,000 - ton increase (45.76%) from before the holiday, compared to 930,000 tons in the same post - holiday period last year. PE market prices were weak, while the mainstream price of propylene in the Shandong market rose 90 yuan/ton. PP market prices declined [5]. 3.3 Data Overview - Multiple figures were presented, including L and PP basis, L - PP spread, crude oil futures settlement price, two - oil inventory, and its year - on - year change rate, with data sources from Wind and Zhuochuang Information [7][13][15].