Report Information - Report Name: Asphalt Daily Report [1] - Date: November 19, 2025 [2] Report Core View - With no support for oil prices and weakening asphalt demand, the central price of asphalt is expected to have further downside potential, and short - selling is recommended [7] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: For BU2601, the opening price was 3054 yuan/ton, the closing price was 3032 yuan/ton, the highest was 3072 yuan/ton, the lowest was 3029 yuan/ton, the decline was 0.36%, and the trading volume was 157,100 lots. For BU2602, the opening price was 3068 yuan/ton, the closing price was 3052 yuan/ton, the highest was 3071 yuan/ton, the lowest was 3049 yuan/ton, the decline was 0.36%, and the trading volume was 30,100 lots [6] - **Spot Market**: Today, asphalt spot prices in the northwest and northeast regions were relatively stable, while prices in other regions declined to varying degrees. Some major refineries lowered their asphalt settlement prices, driving down the spot price. Shengxing Petrochemical plans to switch to producing residual oil, and Yunnan Petrochemical plans to shut down for maintenance in the middle of the month, so the operating rate is expected to decline slightly. On the demand side, demand in the northern regions has shrunk significantly. Affected by rain and snow, road asphalt demand in the northwest, northeast, and northern North China will drop to zero. In North China, Shandong, and surrounding areas, the temperature will drop below freezing, and road projects will gradually stop, so the rigid demand for asphalt continues the seasonal downward trend. Rainfall in the northwest and the eastern part of the southwest has also affected project construction, and demand continues to decline marginally [6] 2. Industry News - **Shandong Market**: The mainstream transaction price of 70 A - grade asphalt was 3020 - 3520 yuan/ton, a decrease of 35 yuan/ton from the previous working day. The price difference between Qilu Petrochemical and local refineries widened, which was not conducive to resource consumption. Qilu lowered its settlement price, driving down the high - end price in the Shandong market. However, Hongrun stopped loading asphalt, Dongming shipped intermittently, and some refineries limited supply, so the tightened spot resources in circulation in Shandong were conducive to maintaining the firmness of local refinery prices, and the low - end price in the Shandong market rose slightly [8] - **South China Market**: The mainstream transaction price of 70 A - grade asphalt was 3100 - 3210 yuan/ton, a decrease of 5 yuan/ton from the previous working day. Sinopec Maoming lowered its road and shipping prices, and the quoted price of Jingbo Hainan's storage area also decreased, leading to a decline in the low - end price in the South China market. In addition, the intended price of new contracts in Jieyang is expected to be lowered, and the warehousing cost of some storage areas continues to decrease, which is negative for market sentiment [8] 3. Data Overview - The report presents multiple data charts, including the spot price of asphalt in South China, the basis of Shandong asphalt, the daily operating rate of asphalt, the comprehensive profit of Shandong asphalt, asphalt cracking, social inventory of asphalt, manufacturer inventory of asphalt, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [11][13][15][23]

Report Information - Report Title: Copper Futures Daily Report [1] - Date: November 18, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Industry Investment Rating - Not provided Core View - The copper price is expected to stop falling and rebound in the short term. Although the copper price has fallen from its high due to the hawkish signals from Fed officials, the pressure from the macro - side on the copper price is not expected to last. The tight spot market and frequent copper mine accidents provide support for the copper price [9]. Summary by Directory 1. Market Review and Operation Suggestions - On Monday, the Shanghai copper price dropped 0.91% to 86,450, and the total positions decreased by 11,326 lots. The copper price fell from its high due to the hawkish signals from Fed officials. The spot price dropped 585 to 86,510, and the spot premium increased 50 to 105. The month - to - month spread of the last trading day fluctuated significantly, and the premium of Shanghai copper against the current month strengthened significantly [9]. - The social inventory decreased by 0.73 tons over the weekend because of less imported and domestic arrivals. The LME0 - 3 swap fee turned to back at 3.88, and the Shanghai - London ratio fell below 8, leading to an expansion of the spot import loss to over 900. The short - term import window remained closed, and the supply of imported goods was expected to decline [9]. - The increase in spot premiums at home and abroad highlighted the tightness of the spot market. The probability of a 25BP interest rate cut by the Fed in December dropped to 40% due to the Fed officials' remarks. A large number of important US data will be released starting this Thursday, but the inflation and employment data in October still face challenges, which may lead to significant differences in the December Fed meeting. A rate cut in December is still ruled out in the short term [9]. - A bridge collapse at a copper mine in the Democratic Republic of Congo over the weekend caused 32 deaths. Frequent copper mine accidents maintained the support from the mine end [9]. 2. Industry News - On Saturday, a bridge at a copper mine in the southeast of the Democratic Republic of Congo collapsed, causing 49 deaths and sending 20 seriously injured people to the hospital [12]. - On November 15, Huixin Copper Industry in Siziwangqi Bainaimiao area cooperated with Amaowusu Mining Company for copper mining and beneficiation. The project with an annual output of 10,000 tons of copper concentrate powder and an annual processing capacity of 800,000 tons of ore officially started production. It is expected to process 6,000 tons of raw ore and produce 3,200 tons of copper concentrate powder by the end of the year, with an output value of 64 million yuan. After the deep exploration and mine operation are completed next year, the industrial output value will reach 1.1 billion yuan [12]. - The second - phase expansion project of Sichuan Southwest Copper Industry Co., Ltd. has completed the main construction and entered the final stage. The project focuses on the efficient and circular use of resources and will build a production line for the deep - processing of waste high - voltage cable copper with an annual processing capacity of 53,200 tons. After the full operation of the second - phase project, the company's total production capacity will reach 170,000 tons. It is expected to achieve an output value of 1.5 billion yuan in the fourth quarter of this year and a total annual output value of 4.5 billion yuan [13].

行业 铝日报 日期 2025 年 11 月 18 日 有色金属研究团队 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 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 铝观点： 17 日沪铝延续回落走势，主力 2601 收盘报 21725，下跌 1.14%，总持仓较上 一交易日减少 41911 至 741668 手，处于历史高位水平。现货上，铝价虽有所下行 但绝对价仍处于较高位置，下游维持按需采购，日内华东报平水，中原贴水-140， 华南贴水-150。进口窗口关闭，现货进口亏损收窄至-2000 元/吨左右。国产矿相 对坚挺，几内亚矿价低位徘徊，氧化铝运行产能保持高位，过剩压力显著，但随 着月均价下行北方的高成本企业已经有亏损减产风险，氧化铝成本支撑逻辑逐渐 凸显，关注低位企稳的可能性。电解铝海外供应收紧逻辑仍存，冰岛铝厂因电气 设备故 ...

行业 集运指数日报 日期 2025 年 11 月 18 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | | 表1：集运欧线期货11月17日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2512 | 1,783.5 | 1,800.0 | 1,792.3 | 1,802.5 | 8.8 | 0.49 | 7097 | 12086 | -2434 | | EC2602 | 1,617.2 | 1,720.0 | 1,726.0 | 1,727.9 | 108.8 | 6.73 | 44502 | 38880 | 837 | | EC2604 | 1,163.1 | 1,170.2 | ...

研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 请阅读正文后的声明 行业 镍日报 日期 2025 年 11 月 18 日 有色金属研究团队 ＃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 镍观点： 受宏观转弱以及基本面高库存压制，沪镍破位下行，主力合约刷新数年低点 至 11.63 万/吨附近。金川镍平均升水较上日持平报 3900，国产电积镍升贴水报 -50-400。8-12%高镍生铁均价下跌 3 至 902.5 元/镍点，电池级硫酸镍均价较上日 下跌 10 至 28390 元/吨。印尼矿端周度下跌，短期支撑转弱。而镍终端需求拖累 显著。不锈钢市场已进入年末的消费淡季，下游需求持续低迷，且上周不锈钢的 社会库存也结束了连 ...

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 期货从业资格号：F03134307 报告类型 铁矿石日评 日期 2025 年 11 月 18 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 fengzeren@ccb.ccbfutures.com 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：11月17日钢材、铁矿期货主力合约价格、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 | ...

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: November 18, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Investment Rating - No investment rating information is provided in the report. Core View - Due to the lack of key economic data during the US government shutdown, Fed officials' remarks dominated market expectations. A dovish voting member turning hawkish dampened the expectation of a December interest rate cut, leading to a collective correction in base metals. The domestic lead, tin, and aluminum led the decline in non - ferrous metals, with a decline of over 1%. Shanghai zinc basically gave back the weekly gains last Friday, opened lower and fluctuated on Monday, with the main contract closing at 22,465 yuan/ton, down 75 yuan or 0.33%. The LME inventory increased by 1,175 tons on the 17th. The supply of domestic zinc concentrate is tight, and the smelting processing fees continue to decline. Although the TC decline squeezes smelting profits, the sulfuric acid price is still rising steadily. SMM estimates that the refined zinc output in November may decline slightly month - on - month. Overall, the market sentiment is cautious as a series of data will be released after the US government resumes operation. LME zinc maintains high - level volatility. Against the background of the realization of increased domestic exports, the supply - demand pattern has improved marginally, and the focus of the fundamentals has shifted to the support of the tight - mine logic on zinc prices. In the short term, it is expected to fluctuate in the range of 22,300 - 22,800 yuan [7]. Summary by Directory 1. Market Review - **Futures Market Quotes**: For SHFE zinc, the 2511 contract opened at 22,435 yuan/ton, closed at 22,455 yuan/ton, with a high of 22,475 yuan/ton, a low of 22,385 yuan/ton, down 30 yuan or 0.13%, and the open interest decreased by 65 to 5,520. The 2512 contract opened at 22,460 yuan/ton, closed at 22,465 yuan/ton, with a high of 22,495 yuan/ton, a low of 22,385 yuan/ton, down 75 yuan or 0.33%, and the open interest decreased by 8,703 to 91,450. The 2601 contract opened at 22,475 yuan/ton, closed at 22,490 yuan/ton, with a high of 22,530 yuan/ton, a low of 22,420 yuan/ton, down 75 yuan or 0.33%, and the open interest decreased by 1,842 to 78,331 [7]. - **Inventory and Market Factors**: On the 17th, LME zinc inventory increased by 1,175 tons, with an increase of 800 tons in Hong Kong, 500 tons in Kaohsiung, and a decrease of 12 tons in Singapore. The Cash - 3M spread was 175.85B. The supply of domestic zinc concentrate is tight, SMM domestic zinc concentrate processing fees dropped 200 to 2,650 yuan/ton, and imported ore TC dropped 4.17 to 98.37 US dollars/ton [7]. 2. Industry News - **Price and Premium Information**: On November 17, 2025, the mainstream transaction price of 0 zinc was concentrated between 22,515 - 22,620 yuan/ton, and that of 1 zinc was between 22,445 - 22,550 yuan/ton. In the Ningbo market, the mainstream brand 0 zinc was traded at about 22,505 - 22,550 yuan/ton. In the Tianjin market, 0 zinc ingots were mainly traded at 22,360 - 22,490 yuan/ton. In the Guangdong market, 0 zinc was mainly traded at 22,350 - 22,440 yuan/ton, and the price difference between Shanghai and Guangdong widened [8][9]. 3. Data Overview - The report presents figures including 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, with data sources from Wind, SMM, and the research and development department of Jianxin Futures [10][13]

行业 原油日报 日期 2025 年 11 月 18 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 | | | | SC：元/桶 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌幅% | 成交量（万手） | | --- | --- | --- | --- | --- | --- | --- | --- | | WTI | 主力 | 58.66 | 59.81 | 60.47 | 58.66 | 2.00 | 30.09 | | Brent | 主力 | 63.36 | 64.29 | 64.87 | 63.36 | 2.03 | 46.11 | | SC | 主力（元/桶） | 456.6 | 458.1 | 462.2 | 455.4 | 0.59 | 4.36 | 数据来源：wind,建信期货研究发展部 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3 ...

Report Summary 1. Reported Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints of the Report - The vegetable oil sector rebounded from a low level, and the strategy is mainly to conduct band buying. Rapeseed oil is expected to fluctuate in the range of 9400 - 10000, and attention should be paid to the arrival and crushing of Australian seeds and the development of China - Canada relations. There is a chance for a reverse spread between the January and May contracts of rapeseed oil. The current price of soybean oil around 8000 has limited downside space but is suppressed by high inventory in the short term. Palm oil is expected to see a reduction in production and inventory starting from November [8]. - If the increase in bio - fuel consumption squeezes global supply, palm oil prices may soar in the first quarter of next year [11]. 3. Summary by Relevant Catalogs 3.1行情回顾与操作建议 - **Market Review**: The table shows the trading information of multiple futures contracts such as P2605, P2601, Y2605, etc., including pre - settlement price, opening price, high price, low price, closing price, change, change rate, trading volume, open interest, and open interest change. For example, the closing price of P2605 is 8796, up 22 or 0.25% [7]. - **Spot Price Basis**: In the East China market, the basis price of first - grade soybean oil and the basis prices of different grades of rapeseed oil in different months are given. In the Guangdong market, the quotes of palm oil traders for different grades are provided [7]. - **Operation Suggestions**: For rapeseed oil, pay attention to the technical support below and the 1 - 5 reverse spread. For soybean oil, there is value in buying at the current price. For palm oil, conduct band buying as it is expected to reduce production and inventory [8]. 3.2行业要闻 - **Palm Oil Export**: From November 1 - 15, Malaysia's palm oil exports were 728,995 tons, a 15.5% decrease compared to the same period in October. Exports to China remained basically the same at 99,000 tons [11]. - **Palm Oil Production Forecast**: Indonesia's palm oil production in 2026 is expected to drop from 49.4 million tons this year to 49 million tons, and Malaysia's production in 2026 is expected to reach 19.5 million tons, lower than this year's estimated 19.86 million tons. The global palm oil production in the 2025/26 season is expected to increase by 1.5 million tons [11]. 3.3数据概览 - Multiple charts are presented, including the spot price of 24 - degree palm oil in South China, the basis change of palm oil, the spot price of third - grade rapeseed oil in East China, the spot price of fourth - grade soybean oil in East China, the basis change of soybean oil, the basis change of rapeseed oil, various price spreads of palm oil futures, the US dollar - RMB exchange rate, and the US dollar - Malaysian ringgit exchange rate. All data sources are from Wind and the Research and Development Department of CCB Futures [15][16][23][24][29][30].

Industry Information - Reported industry: Eggs [1] - Report date: November 18, 2025 [2] Investment Rating - No investment rating provided in the report Core Viewpoints - The spot egg market has weakened again, with prices in the Hubei and Hunan powder egg regions declining, while prices in the northern red egg region remain stable. Egg sales have returned to a slow pace, and prices are expected to adjust narrowly at a low level this week. Futures prices have declined due to the temporary weakness of the spot market, with near - term contracts falling more significantly and far - term contracts being relatively firm due to the expectation of reduced inventory. The egg - laying hen inventory decreased month - on - month for the first time in October, and there is an expectation of a continuous slight decline in the medium - term. If the low - price period in the fourth quarter is longer, the probability and elasticity of a reversal in the first quarter and second quarter of next year will be greater. Short - term prices are expected to fluctuate at a low level, and opportunities for long positions in far - term contracts can be considered on dips, while a reverse spread between near - and far - term contracts is advisable [8] Summary by Section 1. Market Review and Operation Suggestions - **Market Review**: For the egg 2601 contract, the previous settlement price was 3251, the opening price was 3210, the highest price was 3231, the lowest price was 3190, the closing price was 3229, down 22 or - 0.68% from the previous day, with a trading volume of 201,850 and an open interest of 219,756 (an increase of 207,641). For the 2602 contract, the previous settlement price was 3048, the opening price was 3036, the highest price was 3042, the lowest price was 3018, the closing price was 3038, down 10 or - 0.33%, with a trading volume of 27,929 and an open interest of 117,265 (an increase of 2589). For the 2512 contract, the previous settlement price was 3043, the opening price was 3000, the highest price was 3023, the lowest price was 2970, the closing price was 2987, down 56 or - 1.84%, with a trading volume of 99,000 and an open interest of 57,337 (a decrease of 14,044) [7] - **Spot Market**: The average price of eggs in the main producing areas was 2.96 yuan/jin, down 0.01 yuan/jin from the previous day, and the average price in the main consuming areas was 3.28 yuan/jin, unchanged from the previous day. The 01 contract fell 0.68% [8] - **Operation Suggestions**: Short - term prices are expected to fluctuate at a low level. Opportunities for long positions in far - term contracts can be considered on dips, but there may be fluctuations in the near term. A reverse spread between near - and far - term contracts is advisable [8] 2. Industry News - **Inventory**: As of the end of October 2025, the monthly inventory of laying hens in China was about 1.359 billion, down 0.66% month - on - month from 1.368 billion at the end of September 2025, ending the previous continuous growth trend, but up 5.59% year - on - year compared with 1.287 billion at the end of October 2024 [9] - **Chick Rearing**: In October 2025, the monthly output of egg - laying chicks by sample enterprises was about 39.15 million, slightly less than 39.2 million in September 2025 and significantly less than 44.83 million in the same period of 2024. The total chick rearing volume in the past four months (July - October 2025) was about 158.14 million, compared with about 176.1 million in the same period of 2024 [9] 3. Data Overview - **Culling Volume**: As of November 13, 2025, the weekly culling volumes of laying hens in the previous three weeks were 20.53 million, 19.81 million, and 19.47 million respectively, showing a downward trend [17] - **Culling Age**: As of November 13, 2025, the average culling age of laying hens was 493 days, unchanged from the previous week and 6 days earlier than the previous month [17]