Report Overview - Report Title: Polyolefin Daily Report - Date: November 13, 2025 [2] - Research Team: Energy and Chemical Research Team of Jianxin Futures 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The prices of polyolefins are expected to remain under pressure. There are no new production plans in November, but some maintenance devices will restart, increasing the capacity expansion pressure and intensifying the imbalance between supply and demand. The downstream demand is weak, with the seasonal peak of agricultural film production passing, the demand for pipes increasing first and then decreasing, and the downstream's willingness to stock up being low due to fear of price drops [6] 3. Summary by Directory 3.1 Market Review and Outlook - **Futures Market Performance**: The L2601 contract of linear low - density polyethylene (LLDPE) opened higher, fluctuated during the session, and closed down at 6,788 yuan/ton, a decrease of 6 yuan/ton (-0.09%), with a trading volume of 186,000 lots and an increase in positions by 2,586 lots to 586,919 lots. The PP2601 contract of polypropylene closed at 6,460 yuan/ton, a decrease of 7 yuan (-0.11%), with a decrease in positions by 4,959 lots to 636,600 lots. The futures market opened low and fluctuated, the market trading atmosphere changed little, traders mostly offered discounts, and downstream buyers mainly made small - order purchases [5][6] - **Supply and Demand Situation**: There are no new production plans in November, but some maintenance devices will restart, increasing the device operating load and the pressure of new capacity expansion, which intensifies the imbalance between supply and demand. The downstream demand is weak. The agricultural film production has reached a seasonal peak and is declining, the demand for pipes increases first and then decreases, the plastic weaving of PP is boosted by packaging demand, and BOPP enterprises mainly digest inventory. The downstream's low willingness to stock up due to fear of price drops further drags down the transaction price [6] 3.2 Industry News - **Inventory**: On November 12, 2025, the inventory level of major producers was 690,000 tons, a decrease of 20,000 tons (-2.82%) from the previous working day, compared with 680,000 tons in the same period last year [7] - **PE Market Price**: The prices of LLDPE in some areas decreased. The price range in North China was 6,760 - 7,000 yuan/ton, in East China was 6,900 - 7,400 yuan/ton, and in South China was 7,050 - 7,450 yuan/ton [7] - **Propylene Market**: The mainstream price of propylene in Shandong market was 5,750 - 5,780 yuan/ton, remaining unchanged from the previous working day. The market was in a supply - demand game, downstream factories mostly waited and watched for rigid demand, producers had a certain intention to stabilize the market, and individual offers had narrow discounts. The overall trading atmosphere was average [7] - **PP Market Price**: Most prices in the PP market fluctuated slightly, and some prices weakened. The mainstream price of North China wire drawing was 6,230 - 6,450 yuan/ton, in East China was 6,320 - 6,600 yuan/ton, and in South China was 6,400 - 6,550 yuan/ton [7] 3.3 Data Overview - The report provides multiple data charts, including L basis, PP basis, L - PP price difference, crude oil futures main contract settlement price, two - oil inventory, and two - oil inventory year - on - year increase/decrease rate, but specific data values are not described in detail in the text [9][13][17]

Report Summary 1. Reported Industry - The report focuses on the egg industry [1] 2. Core Viewpoints - The current egg market may enter a phase of correction, with red eggs showing stable supply and demand The decline in futures prices is mainly due to the re - entry of short - sellers after the end of the price increase phase The decline is expected to be limited, with support above the previous low In the long - term, the decline may accelerate culling and keep the replenishment rate low, presenting long - position opportunities in the more distant months, but in the short - term, the market will likely oscillate at the bottom with near - month contracts being weaker [8] 3. Summary by Section 3.1. Market Review and Operation Suggestions - **Market Review**: The egg 2601 contract closed at 3322, down 65 or 1.92%; the 2602 contract closed at 3069, down 31 or 1.00%; the 2512 contract closed at 3063, down 103 or 3.25% The average price in the main production areas was 2.99 yuan/jin, down 0.01 yuan/jin from the previous day, and in the main sales areas, it was 3.31 yuan/jin, also down 0.01 yuan/jin [7] - **Operation Suggestions**: In the short - term, treat the market as bottom - oscillating with near - month contracts being weaker In the long - term, gradually pay attention to long - position opportunities in more distant months [8] 3.2. Industry News - **Inventory**: As of the end of October 2025, the national monthly inventory of laying hens was about 1.359 billion, down 0.66% month - on - month, ending the previous continuous growth trend, but up 5.59% year - on - year compared to October 2024 [9] - **Replenishment**: In October 2025, the monthly hatchling volume of laying hen chicks in sample enterprises was about 39.15 million, slightly down from 39.2 million in September 2025 and significantly down from 44.83 million in the same period in 2024 The cumulative replenishment from July to October 2025 was about 158.14 million, compared to about 176.1 million in the same period in 2024 [9] - **Culling Volume**: As of November 6, 2025, the national culling volume in the previous three weeks was 20.02 million, 20.53 million, and 19.81 million respectively, showing a fluctuating trend [9] - **Culling Age**: As of November 6, 2025, the average culling age was 493 days, 1 day earlier than the previous week and 6 days earlier than the previous month, indicating an accelerated culling process [14] 3.3. Data Overview - The report presents multiple data charts, including the monthly inventory of laying hens in China, egg chicken farming profit, egg prices in the main production areas, seasonal trends of egg 12 contracts, basis of egg 12 contracts, and the spread between egg 12 - 02 contracts [13][10][11]

1. Report Information - Report Type: Daily Report on Freight Index for Container Shipping to Europe [1] - Date: November 13, 2025 [2] - Researcher: He Zhuoqiao (Macro Precious Metals), Huang Wenxin (Treasury Bonds and Container Shipping), Nie Jiayi (Stock Index Futures) [3] 2. Industry Investment Rating - Not provided 3. Core Viewpoints - This week, the SCFIS index rose 24.5% week-on-week to 1504.8, better than expected. Although the actual demand may not support a large increase in freight rates, the market is likely to form a bottoming-out and recovery trend, and the bottom of freight rates within the year may have appeared. However, with the December contract in a premium state, the market is starting to consider the potential for rate increases and the likelihood of them materializing. The February contract incorporates strong expectations of a pre - Spring Festival shipping rush, which drives up the prices of far - month contracts. It is recommended to consider shorting the off - season April contract [8]. 4. Summary by Directory 4.1 Market Review and Operation Suggestions - The SCFIS index rose 24.5% week - on - week to 1504.8 this week. The price increase in the first half of November was well - implemented, but the attempt to raise prices in the second half fell short. Shipping companies have lowered their quoted price increases for November and December. For example, the Premier Alliance aggressively reduced the first - half November quote for the Shanghai - Rotterdam route to $1806 - 1935 per forty - foot equivalent unit (FEU), and maintained the second - half quote at $2535 per FEU. The OCEAN Alliance also slightly lowered the first - half November quote to $2150 - 2520 per FEU, and most maintained the second - half quote at $2800 - 3000, except for CMA CGM, whose quote for the second half of November to the first half of December was $3170 - 3920, but lower than the previous quote. It is recommended to pay attention to shorting the off - season April contract [8]. 4.2 Industry News - From November 3 to November 7, the overall China export container shipping market was stable, with freight rates on different routes diverging due to supply - demand fundamentals. The composite index declined slightly. In October, China's exports decreased by 1.1% year - on - year in US dollars, with the growth rate slowing compared to September. In the first 10 months of 2025, China's exports showed a stable growth trend. On November 7, the Shanghai Export Containerized Freight Index (SCFI) was 1495.10 points, down 3.6% from the previous period. - In the European route, the eurozone's composite PMI in October reached 52.5, better than expected. Germany's service industry recovered strongly, while France's economy was weak. Freight demand remained stable this week, and freight rates fell after continuous increases. On November 7, the freight rate from Shanghai Port to basic European ports was $1323 per twenty - foot equivalent unit (TEU), down 1.6% from the previous period. - In the Mediterranean route, the market situation was similar to that of the European route, with slightly better supply - demand fundamentals and a slight increase in spot booking prices. On November 7, the freight rate from Shanghai Port to basic Mediterranean ports was $2029 per TEU, up 2.3% from the previous period. - In the North American route, the US government shutdown has lasted for 36 days, which may cause greater economic damage. The labor demand in the US job market is slowing, and wage growth has stagnated. Freight demand was relatively stable this week, and spot booking prices fell from high levels. On November 7, the freight rates from Shanghai Port to basic ports in the US West and East were $2212 per FEU and $2848 per FEU respectively, down 16.4% and 17.2% from the previous period. - The situation in northern Israel is tense. The Israeli Defense Forces carried out large - scale air strikes on Hezbollah military targets in southern Lebanon, and both sides are on high alert. Egypt proposed a new plan, asking Hamas to provide information on tunnels to be destroyed in exchange for allowing 200 Hamas militants in the Rafah tunnels to return to the Hamas - controlled area with weapons. Israel has not responded to this plan [9][10]. 4.3 Data Overview 4.3.1 Spot Freight Rates for Container Shipping - The SCFIS for the European route (basic ports) on November 10, 2025, was 1504.8, up 24.5% from 1208.71 on November 3. The SCFIS for the US West route (basic ports) was 1329.71, up 4.9% from 1267.15 on November 3 [12]. 4.3.2 Futures Market of Container Shipping Index (European Route) - The trading data of container shipping futures to Europe on November 12 shows that different contracts had different price changes, trading volumes, and open interest changes. For example, the EC2512 contract had a previous settlement price of 1811.3, a closing price of 1749.4, a decline of 61.9, and a decline rate of 3.42%. The trading volume was 22,970, and the open interest decreased by 4,048 [6]. 4.3.3 Shipping - Related Data Charts - The report provides multiple data charts, including those on container shipping spot prices, futures trends, container ship capacity in Europe, global container ship orders, and freight rates between Shanghai and European ports [13][19][22]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core View of the Report - The polysilicon market lacks the internal driving force for supply - demand improvement, and the fundamentals remain weakly - realistic. The spot price is expected to fluctuate, and the futures price will mainly remain in high - level fluctuations [4]. Group 3: Summary According to the Directory 1. Market Performance and Outlook - The price of the polysilicon main contract was weak first and then strong. The closing price of the PS2601 contract was 53,460 yuan/ton, with a gain of 0.43%. The trading volume was 413,154 lots, and the open interest was 140,617 lots, with a net increase of 2,149 lots [4]. - The transaction price range of polysilicon n - type re -投料 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]. - In October, the output was 137,000 tons. In November, there is an expectation of production cuts in the southwest production area, with the monthly output expected to be around 120,000 tons. The realization degree of production cuts needs to be observed under the current profit improvement conditions. The output of silicon wafers and solar cells remains stable at 55 - 60GW, but the terminal demand has entered a trough after the "rush - to - install" period and there is no optimistic repair expectation. The industrial chain profit is currently concentrated in the silicon material end, and the downstream silicon wafer and component prices have loosened recently, so there is great resistance to spot price increases [4]. 2. Market News - On November 12, the number of polysilicon warehouse receipts was 9,850 lots, remaining the same as the previous trading day [5]. - 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 [5]. - The China Photovoltaic Industry Association stated that the rumors on the Internet are all false information. The association and enterprises in the industry are working together, and relevant work is progressing steadily [5].

Industry - The industry under research is cotton [1] Report Date - The report was released on November 13, 2025 [2] Researchers - The researchers include Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [3] Core Viewpoints - Zhengzhou cotton is in a state of oscillatory adjustment. The latest cotton price index for grade 328 is 14,851 yuan/ton, up 9 yuan/ton from the previous trading day. The spot market shows different price ranges and basis levels for different cotton qualities. The overall trading in the pure cotton yarn market is marginally weakening, with new orders insufficient and differentiation among varieties. The profit of weaving factories is around the break - even line. Some local all - cotton grey cloth prices have increased, and the overall price is stable. The shipment of all - cotton weaving factories has increased locally, and the inventory has decreased. Internationally, the US government shutdown crisis shows signs of improvement, and the NASS monthly supply - demand report is scheduled for November 14. Domestically, the seed cotton purchase is gradually ending, the purchase price has declined from the peak, and the market is concerned about changes in production expectations. The import of US cotton may pick up. As of the end of October, the commercial cotton inventory level is slightly higher than that of last year. The downstream terminal demand remains tepid but has some resilience, and there has been a marginal improvement in local downstream demand recently. The textile and clothing export in October declined both year - on - year and month - on - month, but the weekly data shows that the operating rate of textile enterprises has increased slightly and the finished product inventory has decreased. The supply pressure is increasing during the peak season of new cotton listing and processing [7][8] Section Summaries 1. Market Review and Operation Suggestions - **Market Review**: For futures contracts, CF2601 closed at 13,570 yuan/ton, down 0.48% from the previous trading day, with a trading volume of 255,193 lots and an open interest of 564,881 lots, a decrease of 9,024 lots. CF2605 closed at 13,580 yuan/ton, down 0.41%, with a trading volume of 8,345 lots and an open interest of 264,282 lots, an increase of 2,505 lots. CF2609 closed at 13,745 yuan/ton, down 0.33%, with a trading volume of 280 lots and an open interest of 6,169 lots, an increase of 54 lots. In the spot market, the 328 - grade cotton price index is 14,851 yuan/ton, up 9 yuan/ton. The price of machine - picked cotton in northern Xinjiang is mainly between 14,600 - 14,800 yuan/ton (gross weight), and the basis is in different ranges. The basis of grade 41 machine - picked cotton in northern Xinjiang is mainly above CF01 + 900 [7] - **Analysis of Market Conditions**: The international market is waiting for the US NASS monthly supply - demand report. Domestically, the seed cotton purchase is approaching the end, the purchase price has dropped, and the market is concerned about production expectations. The import of US cotton may increase. The downstream demand is tepid but has some resilience, and the operating rate of textile enterprises has increased slightly while the inventory has decreased [8] 2. Industry News - From November 3 - 9, the large - scale machine - picking of cotton in Xinjiang was basically completed. Picking in northern Xinjiang has ended, and the purchase volume is scarce. Picking in southern Xinjiang is in the final stage. As the picking nears the end, the quality of seed cotton has declined from the peak, and the purchase price has also decreased. The machine - picked cotton purchase price is mostly between 6.1 - 6.3 yuan/kg, and the high - quality seed cotton purchase price remains around 6.4 - 6.5 yuan/kg. The purchase price of hand - picked cotton in Xinjiang has also slightly decreased, ranging from 6.8 - 7.1 yuan/kg. As of 24:00 on November 11, the cumulative public inspection of cotton in Xinjiang in the 25/26 season was 260,000 tons, and the national cumulative public inspection was 2.62 million tons [9][10] 3. Data Overview - The report provides multiple data charts, including those related to the Chinese cotton price index, cotton spot price, cotton futures price, cotton basis change, CF1 - 5 spread, CF5 - 9 spread, CF9 - 1 spread, cotton commercial inventory, cotton industrial inventory, warehouse receipt volume, US dollar - RMB exchange rate, and US dollar - Indian rupee exchange rate [17][18][19][21][29][31]

Report Overview - Report Title: PTA Daily Report - Date: November 13, 2025 - Research Team: Energy and Chemical Research Team of Jianxin Futures 1. Investment Rating - No investment rating provided in the report. 2. Core View - Crude oil's premium is gradually receding due to the easing of the European geopolitical situation. Despite the boost from the Middle East issue, it's difficult for oil prices to rise, providing limited cost support for PTA. PTA prices are expected to fluctuate weakly [6]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - On the 12th, the closing price of PTA's main futures contract TA2601 was 4,670 yuan/ton, down 8 yuan/ton (-0.17%), with a settlement price of 4,670 yuan/ton and a daily reduction of 18,488 lots. The closing price of TA2605 was 4,732 yuan/ton, down 2 yuan/ton, with a trading volume of 60,961 lots, an increase of 6,401 lots [6]. 3.2 Industry News - Investors are evaluating the impact of US sanctions on a European country. The US government shutdown is expected to end soon, and international oil prices have risen for three consecutive days. However, concerns about oversupply have limited the increase. On November 11th, the settlement price of WTI crude oil futures for December 2025 was $61.04 per barrel, up $0.91 (1.51%); the settlement price of Brent crude oil futures for January 2026 was $65.16 per barrel, up $1.10 (1.72%). - The price of PX in the Chinese market was estimated at $825 - 827 per ton, up $5 per ton; the price in the South Korean market was estimated at $805 - 807 per ton, up $5 per ton. The oil market at the cost - end continued to rise. Domestic PX and PTA plants were operating stably, and trading was cautious during the annual contract negotiation period. The closing price of PTA's main futures contract TA2601 was 4,670 yuan/ton, down 8 yuan/ton (-0.17%), with a settlement price of 4,670 yuan/ton and a daily reduction of 18,488 lots [7]. 3.3 Data Overview - The report presents multiple charts including international crude oil futures prices, upstream raw material spot prices, PX prices, MEG prices, PTA prices, price spreads, PTA warehouse receipts, polyester factory load rates, PTA downstream product prices, and inventory [11][13][17]. All data sources are Wind and Jianxin Futures Research and Development Department.

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].