Report Summary 1. Report's Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The short - term steel price may fluctuate strongly, but the upside space is limited due to weak demand in the off - season [1] - The change of the Fed's top management is an important factor determining the future trend of precious metals. Gold may fluctuate more in the short term and oscillate at a high level in the medium term [1] - Iron ore is in a situation of strong supply and weak demand, and the futures price is expected to fluctuate under pressure [3] - The market sentiment of coking coal has gradually turned weak, but there is some resistance to further decline in futures prices [3] - The bond market has re - entered the oscillation range, and attention should be paid to the stock - bond seesaw and the capital market [4] - The short - term hog price will be under pressure, and it is recommended to short at an appropriate time [4] - Palm oil is expected to fluctuate in the short term, and attention should be paid to the callback risk [5] - The short - term price of soybean meal will remain in an oscillating pattern, and attention should be paid to the import news of Brazilian soybeans and the cost support of US soybeans [7] - Silver fluctuates with a bullish bias [7] - Methanol is expected to fluctuate in the short term, and it is recommended to wait and see or do short - term long on dips [8] - Soda ash is expected to fluctuate weakly in the short term, and it is recommended to wait and see or do short - term short on rebounds [9] - Plastic is expected to fluctuate in the short term, and it is recommended to wait and see [10] - Copper prices are expected to maintain a high - level oscillating trend, and attention should be paid to the Fed's interest - rate cut decision [11] 3. Summary by Commodity Steel - Domestic steel market prices are mainly slightly rising. The average price of 20mm third - grade seismic rebar in 31 major cities is 3283 yuan/ton, up 15 yuan/ton from the previous trading day. The short - term steel price may fluctuate strongly, but the upside space is limited [1] Gold - The Fed's top management may change. If a dovish chairman takes office, it will greatly boost risk appetite. Gold fluctuates more in the short term and may oscillate at a high level in the medium term [1] Iron Ore - From November 24th to November 30th, the total arrival volume of iron ore at 47 ports in China was 2784.0 tons, a decrease of 155.5 tons compared with the previous period. Iron ore is in a situation of strong supply and weak demand, and the futures price is expected to fluctuate under pressure [3] Coking Coal - The capacity utilization rate of 314 independent coal - washing plants is 36.5%, a week - on - week increase of 0.2%. The market sentiment has gradually turned weak, but there is some resistance to further decline in futures prices [3] Long - term Treasury Bonds - China's S&P composite PMI in November was 51.2, and the service industry PMI was 52.1. The bond market has re - entered the oscillation range [4] Hogs - The national average price of pork in the agricultural product wholesale market on December 3rd was 17.74 yuan/kg, up 0.9% from the previous day. The short - term hog price will be under pressure [4] Palm Oil - As of December 3rd, the domestic spot basis of 24 - degree palm oil in some regions has changed. It is expected to fluctuate in the short term and attention should be paid to the callback risk [5] Soybean Meal - On December 3rd, the domestic soybean meal spot market prices were stable with an upward trend. The short - term price will remain in an oscillating pattern, and it is expected to oscillate between 2980 - 3100 yuan/ton [7] Silver - The ADP employment data in the US in November showed a significant decline, and the market's expectation of the Fed's interest - rate cut has increased. Silver fluctuates with a bullish bias [7] Methanol - The market price of methanol in Jiangsu Taicang is 2122 yuan/ton, a decrease of 10 yuan/ton. It is expected to fluctuate in the short term, and the support level is at 2090 yuan/ton [8] Soda Ash - The national mainstream price of heavy - quality soda ash is 1260 yuan/ton, with stable prices recently. It is expected to fluctuate weakly in the short term, and the pressure level is at 1170 yuan/ton [9] Plastic - The mainstream price of LLDPE in North China is 6867 yuan/ton, a decrease of 5 yuan/ton compared with the previous day. It is expected to fluctuate in the short term, and the support level is at 6750 yuan/ton [10] Copper - Vale and Glencore are considering establishing a joint venture to develop a copper mine project. The copper price is expected to maintain a high - level oscillating trend, and attention should be paid to the Fed's interest - rate cut decision [11]

Report on Investment Analysis of Multiple Commodities 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - The overall commodity market shows a mixed trend with different commodities facing various supply - demand situations and market factors. Some commodities are expected to be in a state of shock, while others have short - term upward or downward trends [1][2][4]. 3. Summary by Commodity Crude Oil - US commercial crude, gasoline, and distillate inventories increased in the week ending November 28, 2025. There are peace negotiations and Putin's visit to India for business promotion. The market is oversupplied, suppressing price increases. It should be treated with a weak - shock outlook [1]. Silver - The market is awaiting the ADP November private - sector employment report. With an 89% expectation of a December Fed rate cut, silver has upward momentum but may face short - term callback pressure and is bullish in the medium term [2]. Bean Meal - Domestic spot prices vary. The supply - demand fundamentals are stable, with high oil - mill crushing and slow de - stocking. The weak domestic breeding industry restricts demand. The 01 contract will likely remain in a shock pattern [4]. Palm Oil - Malaysian palm oil exports in November decreased by 39.21% compared to the previous month. Although production decreased, exports were weak, and there is a high probability of inventory accumulation. The domestic market is quiet, and it is advisable to wait and see [4]. Live Pigs - The planned December hog slaughter of key provincial breeding enterprises increased by 3.20% compared to November. The market is oversupplied, and prices are weak. It is recommended to short at the right time and farmers should hedge [5]. Long - term Treasury Bonds - The central bank had a net capital injection in November. The long - term capital is in a net - injection state, and the bond market is in a shock range. Attention should be paid to the stock - bond seesaw and capital market trends [5]. Gold - Trump plans to announce the next Fed chair in early 2026. A potential dovish chair could boost risk appetite. Gold is expected to be in a short - term shock - bullish and medium - term high - level shock state [6]. Methanol - Northwest production signing increased, prices in Jiangsu rose, and capacity utilization increased. Port and enterprise inventories decreased. The 01 contract is expected to be shock - bullish in the short term, and it is advisable to wait and see or go long on callbacks [7]. Soda Ash - The price is stable, production decreased, and inventories decreased. The float - glass industry is weak. The 01 contract is expected to be in a shock state, and it is advisable to wait and see or short on rebounds [8]. PTA - Supply decreased more than expected, polyester start - up decline was postponed, and exports may increase. The short - term price is supported by the relatively good supply - demand structure [9]. Natural Rubber - Raw material prices decreased, global production increased, and consumption decreased. The bonded area continued to accumulate inventory, and the market is expected to be in a shock state [10]. PVC - The price increased slightly, capacity utilization rose, and inventory increased. Supply is high, demand is weak in the domestic off - season, and cost support is strong. The 01 contract is expected to be in a shock state, and it is advisable to wait and see or go long on callbacks [10][11].

Report Industry Investment Ratings No specific industry investment ratings are provided in the reports. Core Views of the Report - The overall situation of the oil market is one of oversupply and short - term geopolitical instability. Oil prices are expected to be weak with fluctuations [1]. - Silver has upward momentum due to weak US economic data and potential Fed rate cuts, but may face short - term correction pressure and is bullish in the medium term [1]. - Steel prices are expected to be strong with fluctuations in the short term, but the upside is limited due to weak demand in the off - season [3]. - Manganese silicon prices are likely to remain low, with cost support but limited demand and difficulty in cost transmission [3]. - Coke market is in a situation of weak supply and demand in the off - season. The first round of price cuts is expected to be implemented, but multiple consecutive cuts are less likely [4]. - The pig market has an oversupply situation. It is recommended to take short - term profit - taking and wait and see, and farmers can choose the right time for hedging [5]. - Palm oil market trends are unclear in the short term, and it is advisable to wait and see [5]. - Rapeseed meal prices will maintain a volatile pattern in the short term, and changes in China - Canada trade policies should be focused on in the future [6]. - PX prices are expected to be strong with fluctuations in the medium term, and the supply is expected to contract [6]. - Natural rubber market will operate with fluctuations, affected by factors such as inventory accumulation and weak downstream demand [7]. - Short - term treasury bond market has entered a volatile range, and the stock - bond seesaw and capital market trends should be monitored [8]. - Methanol 01 contract is expected to be strong with fluctuations in the short term, and it is recommended to wait and see or take short - term long positions [8]. - Soda ash 01 contract is expected to operate with fluctuations in the short term, and it is recommended to wait and see or take short - term short positions on rebounds [9]. - Gold is expected to be strong with fluctuations in the short term and may fluctuate at high levels in the medium term, and the differentiation between gold and silver should be noted [9]. - Ethylene glycol 01 contract is expected to operate with fluctuations in the short term, and it is recommended to wait and see or take short - term long positions [10]. Summaries According to Different Product Categories Energy and Chemicals - **Crude Oil**: Attacks on the Caspian Pipeline Consortium and US threats to close Venezuelan airspace, along with OPEC+ keeping production unchanged in Q1 2026, led to a more than 1% increase in overnight oil prices. Supply is in excess, and short - term geopolitical instability exists. Pay attention to US - Russia negotiations [1]. - **PX**: Domestic and Asian PX device loads have declined. Although some factories use MX to supplement PX production, the supply remains at a relatively high level. There are potential maintenance and load - reduction plans for PX devices at home and abroad, and the supply is expected to contract [6]. - **Methanol**: Domestic methanol production is at a high level, downstream demand has increased slightly, port inventory has decreased, and overall downstream demand is stable. The 01 contract is expected to be strong with fluctuations in the short term [8]. - **Soda Ash**: The price of heavy - quality soda ash is relatively stable. Production has decreased, and inventory has declined. The float glass market has slightly decreased in production, and the soda ash market is expected to operate with fluctuations [9]. Metals - **Silver**: Weak US economic data may strengthen the expectation of Fed rate cuts. Silver has upward momentum but may face short - term correction pressure [1]. - **Thread Steel**: The steel market has no obvious supply - demand contradiction, inventory is decreasing, and manufacturers are willing to support prices. Steel prices are expected to be strong with fluctuations in the short term, but the upside is limited [3]. - **Manganese Silicon**: The start - up rate of manganese silicon enterprises has decreased. The cost of imported manganese ore has increased, but manufacturers' profits are poor. The market supply - demand is loose, and prices are likely to remain low [3]. - **Coke**: Coke production and inventory of steel mills have increased. Supply has increased, while demand has weakened in the off - season. The first round of price cuts has started, but multiple consecutive cuts are less likely [4]. Agricultural Products - **Pig**: The price of pork has declined. The supply is in excess, and the pickling season has limited impact. It is recommended to take short - term profit - taking and wait and see [5]. - **Palm Oil**: The production of palm oil in Malaysia has decreased slightly. Market expectations of Indonesia reducing export taxes may affect prices, and the short - term trend is unclear [5]. - **Rapeseed Meal**: The inventory of rapeseed meal has decreased slightly. The arrival of Australian rapeseed and customs clearance efficiency affect supply expectations, and prices will maintain a volatile pattern [6]. Others - **Short - term Treasury Bonds**: Short - term funds show differentiation. The bond market is affected by economic fundamentals and year - end policies, and has entered a volatile range [8]. - **Natural Rubber**: The raw material price is strong, but downstream demand is weak. The inventory in bonded areas has increased, and the market is expected to operate with fluctuations [7]. - **Ethylene Glycol**: The overall supply of ethylene glycol has decreased slightly, port inventory has increased, downstream polyester demand is stable, and terminal demand is weak. The 01 contract is expected to operate with fluctuations [10]. - **Gold**: Potential changes in the Fed's top leadership may affect the precious metal market. Gold is expected to be strong with fluctuations in the short term and may fluctuate at high levels in the medium term [9].

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - This week, steel prices rose slightly, market sentiment was high, inventory was depleted, and there were expectations of maintenance production. The overall market enthusiasm was relatively high, demand improved to some extent, and raw material support remained strong. The bottom of steel prices may have been determined. As of November 28, the average price of 20mm third - grade seismic rebar in major cities across the country was 3,291 yuan/ton, a weekly increase of 23 yuan/ton; the average price of 8.0mm HPB300 high - speed wire rod was 3,473 yuan/ton, a weekly increase of 23 yuan/ton. - In December, the Central Economic Work Conference is about to be held, and there are still expectations of interest rate cuts overseas. The macro - environment is warm, and the futures market has the driving force to rebound from a low level. However, the rebar inventory level is still relatively high year - on - year. As the off - season deepens, demand expectations are still under pressure, and the upside space of the futures market is limited. It is expected that the futures price will fluctuate widely at a low level. [2] 3. Summary by Directory Market Review and Outlook - This week, steel prices rose slightly, with improved demand and strong raw material support. The bottom of steel prices may be determined. - Looking ahead, the upcoming December Central Economic Work Conference and overseas interest rate cut expectations create a warm macro - environment, driving a potential low - level rebound in the futures market. But high rebar inventory and weakening demand in the off - season limit the upside space, and the futures price is expected to have wide - range low - level fluctuations. [2] Fundamental Data Weekly Changes | Data Item | Unit | Latest Week | Previous Week | Weekly Change | Weekly Change Rate | Frequency | | --- | --- | --- | --- | --- | --- | --- | | Daily average pig iron output of steel mills | 10,000 tons | 234.68 | 236.28 | - 1.6 | - 0.68% | Weekly | | Rebar inventory in steel mills | 10,000 tons | 146.73 | 153.32 | - 6.59 | - 4.30% | Weekly | | Rebar social inventory | 10,000 tons | 384.75 | 400.02 | - 15.27 | - 3.82% | Weekly | | Hot - rolled coil inventory in steel mills | 10,000 tons | 78.02 | 78.02 | 0 | 0% | Weekly | | Hot - rolled coil social inventory | 10,000 tons | 322.88 | 324.09 | - 1.21 | - 0.37% | Weekly | [4]

Report Industry Investment Rating - The investment rating for the precious metals futures industry is "oscillating with a bullish bias" [2] Core View of the Report - Last week, precious metals rose smoothly driven by the Fed's interest rate cut expectations. The market's pricing for a December rate cut is over 85%. Silver's increase was significantly higher than that of gold. With the temporary easing of Sino - US trade and the start of important Russia - Ukraine conflict negotiations, the world's risk - aversion sentiment decreased, and the Fed's rate - cut cycle increased the risk appetite for stocks and other commodities, suppressing gold. Gold may face high - level oscillations in the medium term, while silver may have a catch - up rally [2] - The Fed's Beige Book shows that economic activity was basically flat in most of the 12 Fed districts, with 2 districts reporting a slight decline and 1 a slight increase. The overall outlook is unchanged, and some point out an increased risk of economic slowdown in the next few months. After the US government shutdown, more economic tracking data will be available, and the US economic downward pressure is increasing. If Trump chooses a dovish Fed chair, the expectation of a January rate cut will increase, boosting the upward momentum of precious metals, especially silver. Silver may follow gold's fluctuations passively, and its volatility will strengthen [3] Summary by Relevant Catalogs Market Review and Outlook - Precious metals rose last week due to Fed rate - cut expectations. The market's pricing for a December rate cut is over 85%. Silver outperformed gold. Gold may face high - level oscillations in the medium term, and silver may have a catch - up rally [2] - The Fed's Beige Book indicates mixed economic activity in different districts. The US economic downward pressure is increasing. A dovish Fed chair may boost precious metals in January, and silver's volatility will strengthen [3] Attention Factors - Factors to watch include Fed rate - cut expectations, international geopolitics, and US economic data exceeding expectations [4] Charts and Data - The report presents multiple charts related to the futures market (gold and silver futures prices, trading volume, and positions), interest rates and exchange rates (dollar index, US interest rates vs. gold prices), macro - data (US CPI, PCE inflation, employment, PMI, etc.), and fund positions and ratios (ETF positions, asset management institutional positions, gold - silver ratio, etc.) all sourced from Flush and Ningzheng Futures [5][11][15]

Report Industry Investment Rating - Not provided Core Viewpoints - Due to the central bank's resumption of trading in government bonds in the open market, market expectations for the adjustment of the interest rate yield curve have increased, leading to a limited rebound in government bond futures. With the easing of Sino - US trade relations, the risk - aversion sentiment has cooled, and towards the end of the year, policy marginal variables have weakened. The year - end capital market trading has not started, and under the guidance of the central bank's loose liquidity, the probability of significant fluctuations in the year - end capital market is low. The bond market as a whole may fall into a narrow - range fluctuation again, but it is necessary to continuously monitor whether there will be a capital market trading situation at the end of the year [2]. - From January to October, the total profit of industrial enterprises above the designated size in China increased by 1.9% year - on - year, and the cumulative growth rate has been increasing for three consecutive months. In October, affected by factors such as a higher base in the same period last year and a relatively rapid increase in financial expenses, the profit of industrial enterprises above the designated size decreased by 5.5% year - on - year. In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month, the non - manufacturing PMI was 49.5%, down 0.6 percentage points from the previous month, and the composite PMI output index was 49.7%, down 0.3 percentage points from the previous month. China's economic sentiment level is generally stable. In the fourth quarter, the economic downward pressure has increased, but towards the end of the year, the probability of large - scale stimulus policies is low. Overall, the economic fundamentals of the bond market do not support the bond market to break through the shock range, and the bond market may fall into narrow - range fluctuations again, still mainly characterized by shock [3]. Summary by Directory 1. Futures Market Review - The report presents figures on the prices, trading volumes, and open interests of long - term, ultra - long - term, short - term, and medium - term government bond futures [5][6] 2. Macro - fundamentals - The report shows figures related to official PMI, GDP, industrial added value, fixed assets investment, and total retail sales of consumer goods [9][12] 3. Policy - making - The report includes figures on general public budget, M2, new RMB loans, inflation data, import and export data, central bank open - market operations, and the M2 - social financing gap [17][21][22] 4. Capital - market - The report provides figures on inter - bank certificate of deposit issuance rates, interest rate swaps, capital expectations, benchmark interest rates, and capital costs [25][29] Factors to Monitor - The factors to monitor include the stock - bond seesaw, economic data, and the intensity and method of counter - cyclical adjustment [4]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - Last week, the port methanol market stopped falling and rebounded due to factors such as slower-than-expected unloading of foreign vessels and the backflow of port supplies to the inland. The overall profit of methanol enterprises is poor, with high domestic methanol production expected to continue. Although the Middle East's seasonal gas restrictions are gradually taking effect, the imported volume in December is likely to remain high. The overall demand for methanol downstream is expected to be stable, but the oversupply situation is difficult to change, and the port inventory is at a high level. It is expected that the methanol price will fluctuate in the near term, with the support level for the 01 contract at 2050 yuan/ton [2]. Group 3: Summary by Relevant Catalogs 1. Market Review and Outlook - **Port Market**: Last week, the port methanol market price stopped falling and rebounded, with the price in Jiangsu ranging from 1990 - 2110 yuan/ton. The port methanol inventory decreased significantly, and the market price trended stronger [2]. - **Inland Market**: The inland methanol price rose, with the price in the main production area of Ordos North Line ranging from 1985 - 1990 yuan/ton, and the downstream receiving price in Dongying ranging from 2155 - 2175 yuan/ton [2]. - **Outlook**: The overall profit of methanol enterprises is poor, domestic methanol production is expected to remain high, and the imported volume in December is likely to remain high. The overall demand for methanol downstream is expected to be stable, but the oversupply situation is difficult to change, and the port inventory is at a high level. It is expected that the methanol price will fluctuate in the near term, with the support level for the 01 contract at 2050 yuan/ton [2]. 2. Weekly Changes in Fundamental Data - **Spot and Futures Market**: Last week, the port methanol market price stopped falling and rebounded, with the price in Jiangsu ranging from 1990 - 2110 yuan/ton [8]. - **Supply Situation**: As of November 27, the capacity utilization rate of China's methanol plants was 89.09%, a week-on-week increase of 0.37%. The average weekly profit of coal-based methanol in Northwest Inner Mongolia was -283 yuan/ton, a decrease of 12.10 yuan/ton from the previous period, a month-on-month decrease of -4.47%. The average weekly profit of coke oven gas-based methanol in Hebei was 149 yuan/ton, an increase of 27 yuan/ton from last week, a month-on-month increase of 22.13%. The average weekly profit of natural gas-based methanol in the Southwest was -530 yuan/ton, a decrease of 12 yuan/ton from last week, a month-on-month decrease of 2.32% [9]. - **Demand Situation**: As of November 27, the average weekly capacity utilization rate of MTO plants in the Jiangsu and Zhejiang regions was 87.09%, an increase of 1.78 percentage points from last week. The production of the downstream acetic acid Sopu plant fluctuated, and the load of the Shunda plant continued to decrease. Ineos, Guangxi Huayi, and Xinjiang Zhonghe Hezhong continued to be under maintenance, while Yankuang resumed normal operation. Therefore, the acetic acid load increased slightly this period [11]. - **Inventory Analysis**: As of November 26, the total inventory of the Chinese methanol port samples was 136.35 tons, a decrease of 11.58 tons from the previous inventory of 147.93 tons, a month-on-month decrease of -7.83%. Compared with the inventory of 117.70 tons in the same period last year, it increased by 18.65 tons, a year-on-year increase of 15.84% [13]. - **Position Analysis**: As of November 28, the long positions of the top 20 members in the methanol futures were 997,639, a decrease of 13,683, and the short positions were 1,181,791, a decrease of 23,223. The net positions of the top 20 members were bearish [16]. 3. Key Factors to Watch - Methanol production start - up changes [3] - Methanol port inventory changes [3]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - Last week, the national live pig spot price showed a slow downward trend. From November 24th to 28th, the reference price dropped from 11.80 yuan/kg to 11.53 yuan/kg. The price of foreign three - yuan live pigs decreased significantly, with the average price on the 28th being 11.28 yuan/kg, a 7.54% week - on - week decline and a year - on - year decline of over 31% [1]. - On the supply side, there are diseases in some areas, increasing the supply. Slaughterhouses have smooth acquisitions, and the slaughter weight of southern farms is generally heavy, resulting in sufficient pork supply. On the demand side, the weather has not cooled down, there is no significant boost to demand, pickling and enema have not been concentrated, and the demand side has no support [1]. - The market supply - demand pattern of oversupply has not changed, lacking the power for continuous growth. It is expected that the live pig price will rise first and then fall this week, with the overall price center moving down [1]. Group 3: Summary by Relevant Catalogs Market Review and Outlook - The live pig spot price declined last week. The reference price on November 24th was 11.80 yuan/kg, dropping to 11.53 yuan/kg on the 28th. The price of foreign three - yuan live pigs decreased significantly, with a 7.54% week - on - week decline and a year - on - year decline of over 31% [1]. - The supply is sufficient due to diseases in some areas and heavy slaughter weights in southern farms. The demand has no significant boost as the weather has not cooled down and pickling and enema have not been concentrated [1]. - The market supply - demand pattern remains oversupplied, and the price is expected to rise first and then fall this week, with the overall price center moving down [1]. Factors to Watch - Changes in the inventory of breeding sows, the progress of consumption recovery, and policy regulation dynamics [2]. Weekly Changes in Fundamental Data | Indicator | Unit | Latest Week | Previous Period | Weekly Change | Frequency | | --- | --- | --- | --- | --- | --- | | Piglets | yuan/head | 215.95 | 210 | 5.95 | Weekly | | Weekly average slaughter weight | kg | 123.66 | 123.6 | 0.06 | Weekly | | Profit from purchasing piglets for breeding | yuan/head | - 248.95 | - 164.92 | - 84.03 | Weekly | | Profit from self - breeding and self - raising | yuan/head | - 141.09 | - 81.35 | - 59.74 | Weekly | | Slaughter start - up rate | % | 36 | 36.18 | - 0.18 | Weekly | [3]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - This week, the coking coal and coke markets showed an overall pattern of weak fluctuations, with intensified gaming between supply and demand sides. Affected by the increasing bearish sentiment in the market, speculative demand significantly weakened, leading to a large accumulation of inventory in upstream mines and coal washing plants, and prices continued to bottom out. There is a strong atmosphere of expecting a price drop in coke, and steel mills may officially propose the first round of coke price cuts next week. - Currently, the spot sentiment is poor, the fundamentals have slightly deteriorated marginally, and both the spot and futures prices continue to be under pressure. However, the current valuation level of the futures market is too low, and the low - production state of domestic coal mines will continue. There are strong expectations for mid - and downstream winter storage replenishment in the future, and there is still support at the bottom of the spot price. It is expected that the futures market will fluctuate. [1] Summary by Relevant Catalogs Market Review and Outlook - The coking coal and coke markets were weak and fluctuating this week. Due to bearish sentiment, speculative demand weakened, and upstream inventory accumulated. Coke price cuts are expected next week. - Despite current pressure, low futures valuation, continued low coal mine production, and winter storage expectations suggest the market will likely oscillate. [1] Fundamental Data Weekly Changes - The total coking coal inventory was 2106.1 million tons, a week - on - week decrease of 20.67 million tons (-0.97%). - The total coke inventory was 884.68 million tons, a week - on - week increase of 4.05 million tons (0.46%). - The daily average pig iron output of steel mills was 234.68 million tons, a week - on - week decrease of 1.6 million tons (-0.68%). - The profit per ton of coke for independent coking enterprises was 46 yuan/ton, a week - on - week increase of 27 yuan/ton (142.11%). [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints of the Report - This week, oil prices fluctuated weakly with a pattern of falling first and then rising. Concerns about a possible peace agreement led to sudden intraday drops in oil prices in the first half of the week, while in the second half, as it became clear that the demands of Russia and Ukraine were still far from consensus, the concerns eased and oil prices rebounded from the lows [2]. - The OPEC+ meeting on Sunday decided to suspend production increases in the first quarter of next year and remained cautious about whether to continue increasing production after April next year, indicating concerns about oversupply and strengthening the reality of an oversupplied crude oil market [3]. - Short - term negotiations between the US and Russia are crucial, especially with Putin set to meet the US Middle East envoy. Attention should be paid to geopolitical factors, weekly crude oil data, and India's procurement policies [3][4]. 3. Summary by Relevant Catalogs Market Review and Outlook - As of November 28, the prices of SC2601, Brent, and WTI crude oil were 453.9 yuan/barrel, 62.32, and 58.48 US dollars/barrel respectively [2]. - The "peace plan" changed from 28 to 19 items. US officials said Ukraine agreed to the terms of the peace agreement with some minor details undetermined, but Russia remained calm and was not in a hurry to negotiate on key issues [2]. Fundamental Data Changes | Type | Unit | Latest Week | Previous Period | Weekly Change | Weekly Change Rate | Frequency | | --- | --- | --- | --- | --- | --- | --- | | SC Crude Oil Futures | yuan/barrel | 453.900 | 447.40 | 6.50 | 1.45% | Daily | | Oman Crude Oil Spot | US dollars/barrel | 64.43 | 62.96 | 1.47 | 2.33% | Daily | | Brent Crude Oil Futures | US dollars/barrel | 62.32 | 61.89 | 0.43 | 0.69% | Daily | | WTI Crude Oil Futures | US dollars/barrel | 58.48 | 57.98 | 0.50 | 0.86% | Daily | | US Crude Oil Production | thousand barrels/day | 13862 | 13834 | 28 | 0.20% | Weekly | | US Crude Oil Inventory | thousand barrels | 426929 | 424155 | 2774 | 0.65% | Weekly | | Comprehensive Refinery Profit | yuan/ton | 621 | 854 | - 233 | - 27.28% | Weekly | [5] Factors to Watch - Geopolitical factors, weekly crude oil data, and India's procurement policies [4].