Report Overview - Report Title: Copper Futures Daily Report [1] - Date: November 12, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Industry Investment Rating - Not provided Core Viewpoints - Copper prices are expected to continue to fluctuate strongly. The reopening of the US government may release the frozen TGA account, and the expectation of liquidity release has pushed up overnight risk assets. Although the rise of copper prices has narrowed due to the weakening of A - shares, the expected decline of domestic social inventories and the possible end of the US government shutdown will support copper prices [10]. Summary by Directory 1. Market Review and Operation Suggestions - Copper prices fluctuated strongly. The expectation of liquidity release pushed up overnight risk assets, and the intraday high of Shanghai copper's main contract jumped to 87,050. However, as A - shares weakened, the increase of copper prices narrowed. The spot copper rose 230 to 86,765, and the spot premium remained flat. The strengthening of copper prices slowed down the release of downstream orders, but with the gradual decline of domestic social inventories, the spot premium is expected to have limited downward space. The loss of spot imports expanded to over 700, the LME 0 - 3 contango narrowed to 14.85, and the Shanghai - London ratio decreased. It is expected that domestic social inventories will continue to decline in the short term, supporting copper prices [10]. 2. Industry News - In October, the sales volume of lithium concentrate in Brazil decreased significantly month - on - month because the largest lithium spodumene producer, Sigma lithium, did not export during this period. In October, Brazilian producers exported 9,993 tons of spodumene concentrate, an 85% decrease from the unusually high 66,800 tons in September, but exports increased by about 54% year - on - year. Sigma Lithium plans to announce its 7 - 9 monthly performance after the stock market closes on November 14 [11]. - On November 10, the State Administration for Market Regulation announced that it approved the establishment of a joint venture between Codelco and SQM with additional restrictive conditions. The two companies planned to form a joint venture through asset injection to jointly operate the lithium mine project in the Atacama Salt Lake in Chile. The restrictive conditions require the two companies and the joint venture to make commitments such as continuing to fulfill contracts, supplying fairly and reasonably without discrimination, and reporting major supply changes in a timely manner, which is beneficial to the stable supply and reasonable price of lithium carbonate products [11][12]

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 报告类型 焦炭焦煤日评 日期 2025 年 11 月 12 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：11月11日焦炭焦煤期货主力合约价格、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 | | J2601 | 174 ...

Group 1: Report Overview - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: November 12, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Group 2: Market Review and Operation Suggestions - Futures Market: Carbonate lithium futures prices rose significantly, with total positions increasing by 77,114 lots. After the evaluation report of the Jianxiawo mining area was released, the resumption time of the mine was postponed, and strong demand led to a short - term influx of funds. However, the current futures market sentiment is more exuberant than the spot market, and there is a high risk of short - term chasing [11]. - Spot Market: The price of electric carbon increased by 350 to 80,750. The spot price was significantly at a discount to the futures price. The price increase of lithium hexafluorophosphate and electrolyte slowed down. The price of Australian ore increased by 55 to 995, lithium mica ore increased by 60, ternary materials increased by 100 - 1,500, and lithium iron phosphate increased by 80 - 90. The industrial chain is still in the price - rising channel [11]. Group 3: Industry News - Copper in Data Centers: As the power density of AI servers exceeds 100kW/cabinet, high - speed copper cables are gradually replacing some optical modules as the mainstream choice for internal interconnection in data centers. In 2026, the global copper demand in data centers is expected to reach 710,000 tons, with AI - related scenarios contributing over 40% of the increase [12]. - Fortune Minerals: Fortune Minerals received a binding loan offer of CAD 3.8 million (about USD 2.7 million) from Prosper NWT. The loan will help the company acquire a refinery and existing facilities in Lamont County, Alberta. The company plans to build a hydrometallurgical plant there to process concentrates from the NICO cobalt - gold - bismuth - copper mine. The NICO project is in the late - stage development phase, and the mine's core deposit has a reserve of 33.1 million tons [12]. - NICO Project Funding: In March, the NICO project received additional funding support from the Canadian and US governments. The Canadian domestic funding reached CAD 7.5 million (about USD 5.5 million), covering 75% of the CAD 10 million additional engineering and testing work. The US Department of Defense awarded the company USD 6.38 million to expand cobalt production capacity [13]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The industrial silicon futures price showed a weak and volatile trend. The Si2601 contract closed at 9,180 yuan/ton, with a decline of 0.54%. The supply has decreased from 98,000 tons to 90,000 tons, and the total demand is 386,000 tons. The resistance in the short - term upper intensive trading area is still strong, and the spot price stalemate restricts the upward momentum of the futures price. The price is in a convergent and volatile state [4]. 3. Summary According to the Catalog 3.1 Market Performance - The industrial silicon futures price was weakly volatile. The Si2601 contract closed at 9,180 yuan/ton, down 0.54%. The trading volume was 326,774 lots, and the open interest was 270,959 lots, with a net decrease of 10,544 lots. The spot price was stable, with the 553 price ranging from 9,100 to 9,500 yuan/ton and the 421 price ranging from 9,750 to 9,950 yuan/ton [4]. 3.2 Market News - On November 11, the number of industrial silicon warehouse receipts on the Guangzhou Futures Exchange was 46,079 lots, a net decrease of 176 lots from the previous trading day. On November 7, the industrial silicon market inventory was 452,400 tons, a weekly increase of 1.05% and a year - on - year increase of 42.49%. The weekly output was 90,900 tons, a weekly decrease of 7.85% and a year - on - year increase of 1.2%. On October 30, Hesheng Silicon Industry released its Q3 2025 report. Its operating income in the first three quarters was 15.206 billion yuan, a year - on - year decrease of 25.35%. The net profit attributable to the parent company was - 321 million yuan, a year - on - year decrease of 122.1%. The net cash flow from operating activities was 3.727 billion yuan, a year - on - year increase of 104.94%. In the third quarter, the operating income was 5.43 billion yuan, a year - on - year decrease of 23.51% and a quarter - on - quarter increase of 19.42%. The net profit attributable to the parent company was 76 million yuan, a year - on - year decrease of 84.12% and a quarter - on - quarter increase of 111.52% [5]. 3.3 Future Outlook - The weekly output has decreased from 98,000 tons to 90,000 tons. Pay attention to the implementation of the expected production cuts in the southwest region. In the short term, it is difficult to see a reversal in supply and demand. The expected output of polysilicon is also decreasing, and the total demand is 386,000 tons. The resistance in the short - term upper intensive trading area is still strong, and the stalemate in the spot price restricts the upward momentum of the futures price. The price of the main contract is still oscillating within the adjustment range after the anti - involution competition [4].

Report Information - Report Title: Sugar Daily Report [1] - Date: November 12, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] - Research Team: Agricultural Products Research Team [4] 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On Monday, New York raw sugar futures fluctuated strongly, with the main March contract rising 1.13% to 14.26 cents per pound. London ICE white sugar futures' main March contract rose 0.5% to $408.10 per ton. The Indian government plans to allow 1.5 million tons of sugar exports, but the market believes current sugar prices are below India's export parity, making exports difficult. Overnight, overseas stocks and commodities generally rose, and raw sugar followed the trend [7]. - Yesterday, the main Zhengzhou sugar contract rose first and then fell. The 01 contract closed at 5,480 yuan per ton, up 13 yuan or 0.24%, with an increase of 3,084 contracts in positions. The domestic spot sugar price remained flat, with 5,580 yuan per ton in Kunming and 5,840 yuan per ton in East China. The Guangxi Sugar Association issued a self - discipline convention for the 2025/26 sugar - crushing season, stipulating that the crushing should not start earlier than November 30, but some sugar mills have announced their crushing start in mid - November. Zhengzhou sugar failed to rise strongly today, with obvious pressure at the 5,500 mark. In terms of funds, speculative short positions slightly decreased [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market Quotes**: SR601 closed at 5,480 yuan per ton, up 13 yuan or 0.24%, with a position of 376,327 contracts and an increase of 3,084 contracts; SR605 closed at 5,411 yuan per ton, up 11 yuan or 0.20%, with a position of 115,315 contracts and a decrease of 607 contracts; US sugar 03 closed at 14.26 cents per pound, up 0.16 cents or 1.13%, with a position of 483,461 contracts and an increase of 400 contracts; US sugar 05 closed at 13.86 cents per pound, up 0.13 cents or 0.95%, with a position of 170,718 contracts and an increase of 2,605 contracts [7]. - **Domestic Market**: The main Zhengzhou sugar contract rose first and then fell. The domestic spot sugar price remained flat. The Guangxi Sugar Association's self - discipline convention was not fully followed, and some sugar mills planned to start crushing earlier. Zhengzhou sugar faced pressure at 5,500, and speculative short positions decreased [8]. 3.2 Industry News - **Brazilian Sugar Exports**: In the first week of November, Brazil exported 685,701.91 tons of sugar, with a daily average export of 137,140.38 tons, a 23% decrease compared to the daily average export in November last year. In October, Brazil exported about 4.205 million tons of sugar, a 12.8% year - on - year increase. From April to October in the 2025/26 crushing season, Brazil cumulatively exported 21.9568 million tons of sugar, a 5.27% year - on - year decrease [9][10]. - **Chinese Sugar Supply and Demand**: The China Sugar Association adjusted the sugar import volume for the 2024/25 season down by 380,000 tons to 4.62 million tons. It is predicted that the sugar production in the 2025/26 season will be 11.7 million tons, an increase of 500,000 tons from the previous month's prediction, and the sugar consumption will be 15.7 million tons, a decrease of 200,000 tons from the previous month's prediction. Southern sugar mills have started production, and 29 northern beet sugar mills have all started production, with a generally stable production situation [9]. - **Guangxi Sugar Production**: On November 15, some sugar mills in Guangxi are expected to start crushing, kicking off the 2025/26 production season, 7 days later than the same period last year. As of now, the number of sugar mills starting production before the end of November is expected to be significantly less than 61 last year, but some sugar mills in northern Guangxi will start earlier. In the past ten crushing seasons, the sugar production in Guangxi in November was between 40,000 and 510,000 tons, and the temperature difference was not obvious, which was not conducive to sugar accumulation [9]. - **Indian Sugar Exports**: The Indian central government has decided to allow the export of 1.5 million tons of sugar in the 2025 - 26 crushing season starting from October [9]. 3.3 Data Overview - The report provides multiple data charts, including spot price trends, 2601 contract basis, SR1 - 5 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and position data of the top 20 seats of the main Zhengzhou sugar contract [12][14][16]. - The trading and position data of the top 20 seats of the main Zhengzhou sugar contract show that the total trading volume was 171,320 contracts, a decrease of 16,172 contracts; the total long position was 257,739 contracts, an increase of 1,121 contracts; the total short position was 297,052 contracts, a decrease of 1,208 contracts [22].

Group 1: Report Overview - Report title: Pig Daily Report [1] - Report date: November 12, 2025 [2] Group 2: Investment Rating - There is no information about the industry investment rating in the report. Group 3: Core Viewpoints - The spot market is expected to fluctuate as supply stabilizes and demand increases slightly, but the support from second - round fattening is weak. The futures market, specifically the 2601 contract, may show a long - term weakening trend due to increased supply and concentrated second - round fattening and pressure - barring in October [9]. Group 4: Summary by Directory 1. Market Review and Operation Suggestions - **Market conditions**: On November 11, the main 2601 futures contract of live pigs opened slightly lower, fluctuated downward, and closed with a negative line. The highest was 11,995 yuan/ton, the lowest was 11,750 yuan/ton, and the closing price was 11,755 yuan/ton, down 1.80% from the previous day. The total index positions increased by 16,981 lots to 368,545 lots. The national average price of external ternary pigs was 11.87 yuan/kg, down 0.06 yuan/kg from the previous day [8]. - **Analysis**: In the long - term, pig slaughter is expected to increase slightly until the first half of next year. The concentrated second - round fattening and pressure - barring in October increased the supply pressure before the Spring Festival. In the short - term, the planned sales volume in November decreased by 3.27% compared to the actual sales volume in October. The demand side shows that second - round fattening is mainly in a wait - and - see state. Terminal consumption is rising but with insufficient incremental growth. The slaughter volume of sample slaughtering enterprises on November 11 was 162,400 heads, an increase of 100 heads from the previous day, 4,400 heads week - on - week, and 6,600 heads month - on - month [9]. 2. Industry News - There is no specific content about industry news in the report, only the titles of some related data charts are given. 3. Data Overview - As of October 30, the average profit per self - bred and self - raised pig was - 34.5 yuan/head, a monthly increase of 20 yuan/head; the profit per pig from purchasing piglets was - 258 yuan/head, a monthly increase of 50 yuan/head [13]. - As of October 31, the utilization rate of fattening pens was 55.5%, a monthly increase of 21.2 percentage points, the same as the previous year [13]. - As of the end of October, the price difference between 175 - kg fat pigs and standard pigs was 0.71 yuan/jin, a monthly increase of 0.36 yuan/jin [13]. - As of the end of October, the cost of fattening a 110 - kg pig to 140 kg was 12.18 yuan/kg, a decrease of 0.58 yuan/kg from the previous month; the cost of fattening a 125 - kg pig to 150 kg was 12.63 yuan/kg, a decrease of 0.44 yuan/kg from the previous month [13]. - The average slaughter weight of pigs in October was 128.1 kg, a decrease of 0.3 kg from September, a monthly decrease of 0.23%, and an increase of 2.2 kg compared to the same period last year, a year - on - year increase of 1.75% [13]. - In September, the slaughter volume of large - scale pig slaughtering enterprises nationwide was 35.84 million heads, a month - on - month increase of 7% and a year - on - year increase of 28.5% [13].

Report Information - Report Date: November 12, 2025 [2] - Report Type: MEG Daily Report [1] Industry Investment Rating - Not provided Core View - The ethylene glycol market currently has fewer bullish supports, and the overall macro - market is cautious. It is expected that the ethylene glycol price will mainly show a weak trend [7] Summary by Directory 1. Market Review and Operation Suggestions - Futures market: EG2601 closed at 3,875 yuan/ton, down 61 yuan, with a position of 362,650 contracts, an increase of 12,625 contracts; EG2605 closed at 3,966 yuan/ton, down 44 yuan, with a position of 41,893 contracts, an increase of 1,907 contracts. On the 11th, the main ethylene glycol futures contract opened at 3,954 yuan, with a high of 3,955 yuan, a low of 3,969 yuan, a settlement price of 3,921 yuan, and a close of 3,875 yuan, down 61 yuan from the previous trading day's settlement price. The total volume was 174,576 lots, and the position was 362,650 lots [7] 2. Industry News - Oil price: News of the potential end of the US government shutdown injected optimism into the market, boosting the demand expectation of the world's largest oil - consuming country and offsetting concerns about global supply growth. International oil prices continued to rise slightly. On November 10th, the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $60.13 per barrel, up $0.38 or 0.64% from the previous trading day, with a trading range of $59.41 - $60.48. The settlement price of Brent crude oil futures for January 2026 on the London Intercontinental Exchange was $64.06 per barrel, up $0.43 or 0.68% from the previous trading day, with a trading range of $63.32 - $64.34 [8] - Ethylene glycol market in Zhangjiagang: This week's spot negotiation price was 3,942 - 3,943 yuan/ton, down 57.5 yuan/ton from the previous working day. Next week's spot negotiation price was 3,941 - 3,943 yuan/ton, and the negotiation price for late November was 3,941 - 3,943 yuan/ton. The basis of this week's spot relative to EG2601 was at a premium of 67 - 68 yuan/ton, next week's spot basis relative to EG2601 was at a premium of 66 - 68 yuan/ton, and the basis for late November relative to EG2601 was at a premium of 66 - 68 yuan/ton [8] - Polyester market: The trading atmosphere of polyester filament cooled compared with the previous day. After the price increase of polyester factories today, the sales volume shrank, and the terminal demand weakened marginally and locally. The futures price of polyester staple fiber first rose and then fell, the price of staple fiber factories was stable, the price of traders decreased slightly, the downstream demand weakened, and the on - site trading was average [8] 3. Data Overview - The report provides multiple data charts, including MEG futures price, spot - futures price difference, international crude oil futures main contract closing price, raw material price index (ethylene), PTA - MEG price difference, MEG price, MEG downstream product price, and MEG downstream product inventory, with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16]

Group 1: Report Information - The report is a daily report on the soda ash and glass industries dated November 12, 2025 [1][2] Group 2: Industry Investment Rating - No information provided Group 3: Core Views - The soda ash market is expected to maintain a volatile trend in the short - term, with a long - term supply - exceeding - demand pattern likely to continue due to weakening demand from the glass industry and sufficient supply [8] - The glass market is currently in a state of high supply and weak demand. The short - term price is mainly volatile, and the medium - term market is likely to trend downward if there is no new market stimulus [9] Group 4: Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions - **Soda Ash Futures Data**: On November 11, for the SA601 contract, the opening price was 1225 yuan/ton, the highest was 1238 yuan/ton, the lowest was 1209 yuan/ton, the closing price was 1215 yuan/ton, up 4 yuan/ton or 0.33%, with a position reduction of 31,964 lots. For the SA605 contract, the opening price was 1300 yuan/ton, the highest was 1309 yuan/ton, the lowest was 1285 yuan/ton, the closing price was 1292 yuan/ton, down 1 yuan/ton or 0.07%, with a position increase of 6944 lots [7] - **Soda Ash Market Analysis**: The weekly production of soda ash decreased 1.41% to 746,900 tons. The total shipment volume of Chinese soda ash enterprises at the beginning of November decreased 3.14% to 733,900 tons. The inventory of soda ash plants slightly increased to 1,714,200 tons. The short - term price rebound was affected by the increase in light soda ash price and equipment maintenance, while the long - term supply - demand relationship is weak [8] - **Glass Futures Data**: On November 11, for the FG601 contract, the opening price was 1066 yuan/ton, the highest was 1071 yuan/ton, the lowest was 1051 yuan/ton, the closing price was 1053 yuan/ton, down 20 yuan/ton or 1.86%, with a position increase of 83,472 lots. For the FG605 contract, the opening price was 1203 yuan/ton, the highest was 1206 yuan/ton, the lowest was 1182 yuan/ton, the closing price was 1184 yuan/ton, down 23 yuan/ton or 1.90%, with a position increase of 17,297 lots [7] - **Glass Market Analysis**: Four coal - fired production lines in Shahe were shut down in the short - term. The glass industry is at a high supply level this year. The inventory after the festival remains high, and the demand recovery is weak. The short - term price is volatile, and the medium - term may trend downward [9] 2. Data Overview - The report provides data on the price trends of active contracts for soda ash and glass, weekly production and enterprise inventory of soda ash, market price of heavy soda ash in Central China, and flat glass production, with data sources including Wind and iFind [13][14][15]

PTA 日报 行业 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 日期 2025 年 11 月 12 日 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 一、 行情回顾与操作建议 | 表1：期货行情 | | | | | | --- | --- | --- | --- | --- | | 合约 | 收盘价（元/吨） | 涨跌 | 总量 | 增减 | | TA2601 | 4648 | -24 ...

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report The spot price of polysilicon will continue to be in a stalemate in the short - term. The supply improvement of polysilicon lacks internal driving force, and attention should be paid to the support strength at the lower edge of the range [4]. 3) Summary by Relevant Catalogs a. Market Performance - The price of the polysilicon main contract fluctuated strongly first. The closing price of the PS2601 contract was 53,720 yuan/ton, with a gain of 1.08%. The trading volume was 218,786 lots, and the open interest was 125,974 lots, with a net increase of 457 lots [4]. - The transaction price range of polysilicon n - type re - feeding materials was 49,000 - 55,000 yuan/ton, with an average transaction price of 53,200 yuan/ton, remaining flat month - on - month. The transaction price range of n - type granular silicon was 50,000 - 51,000 yuan/ton, with an average transaction price of 50,500 yuan/ton, also remaining flat month - on - month [4]. b. Future Market Outlook - In November, the polysilicon output was 120,000 tons. Whether the production cut will be implemented under the current profit improvement needs further observation. The output of downstream silicon wafers and cells remained stable at 55 - 60GW, but there was no optimistic expectation for the repair of the cliff - like decline in terminal demand. The industrial chain profit was currently concentrated in the silicon material end, and the downstream's willingness to continue price hikes was decreasing [4]. - The policy support continued to fall short, and the internal driving force for the improvement of polysilicon supply - demand was limited. There was an increase in positions and a decline in volume during the session, so attention should be paid to the support strength at the lower edge of the range (net short increase of 11,785) [4]. c. Market News - On November 11, the number of polysilicon warehouse receipts was 9,850 lots, remaining unchanged from the previous trading day [4]. - In September 2025, the newly - installed photovoltaic capacity was 9.66GW, a month - on - month increase of 31.25%. From January to September, the cumulative newly - installed photovoltaic capacity was 240.27GW [4]. d. Energy Development Measures - Coordinate the external transmission and local consumption of "Shagehuang" new energy bases, optimize the integrated development and consumption of hydropower, wind, and solar bases, promote the standardized and orderly development and consumption of offshore wind power, scientifically and efficiently promote the development and consumption of provincial - level centralized new energy, and actively expand the development and consumption space of distributed new energy [4][5].