Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - This week, the PTA futures market showed a strong sideways movement in the range of 4,600 - 4,800 yuan/ton. The overall PTA operating rate remained low, and the domestic PTA supply continued to tighten. The demand side changed little, with the polyester operating rate remaining high, while the orders and operating rate of the weaving end decreased relatively. The PTA supply - demand remained in a tight pattern [2]. - Recently, the reduction in PTA supply has exceeded expectations, and the expected reduction in polyester operating rate has been postponed. After the cancellation of India's BIS certification, PTA exports are expected to increase. The sales of filament yarn have increased significantly, and inventory has been reduced to a low level. The Sino - US negotiation at the end of October has released positive news, which may drive some external demand orders. The PTA supply - demand expectation has been significantly repaired. Although the orders and operating rate of the weaving end have decreased relatively, the expected decline in the operating rate of the downstream of polyester yarn is limited. Overall, the tight supply - demand of PX and the relatively good short - term supply - demand structure of PTA support the PTA price [3]. 3. Summary by Relevant Catalogs Market Review and Outlook - The PTA futures market fluctuated strongly in the range of 4,600 - 4,800 yuan/ton this week. Two PTA plants increased their load last week, but the overall operating rate was still low. The domestic PTA supply continued to tighten. During the period, the 2.5 - million - ton PTA plant of Honggang restarted, and the 1.2 - million - ton PTA plant of Zhongtai increased its load. The PTA load was adjusted to 73.7%, an increase of 2.7%. The demand side changed little, with the polyester operating rate remaining high, and the orders and operating rate of the weaving end decreasing relatively. The raw material PX supply was still tight, and the PXN was strong, but the crude oil trend weakened. The instability of crude oil led to insufficient motivation for PTA to follow the upward trend [2]. Key Concerns - Factors to be concerned about include polyester operating rate, PTA maintenance, loom operating rate, PX adjustment demand, and crude oil trend [4]. Weekly Changes in Fundamental Data | Indicator | Unit | Latest Week | Previous Period | Weekly Change | Weekly Change Rate | Frequency | | --- | --- | --- | --- | --- | --- | --- | | PTA Futures (Continuous) | yuan/ton | 4,678.00 | 4,636.00 | 42.00 | 0.91% | Daily | | PTA Output | 10,000 tons | 137.47 | 141.98 | - 4.51 | - 3.18% | Weekly | | Polyester Chip Operating Rate | % | 83.97 | 84.33 | - 0.36 | - 0.43% | Weekly | | Jiangsu and Zhejiang Loom Operating Rate | % | 66.93 | 67.69 | - 0.76 | - 1.12% | Weekly | | PXN | yuan/ton | 260 | 259 | 1.00 | 0.39% | Daily | | PTA Cash - flow Cost | yuan/ton | 4,641 | 4,686 | - 45.00 | - 0.96% | Daily | [5] Other Data Analysis Sections (Mainly Graph - related) - **PX Market**: It includes the review of PX's futures closing price, ex - factory price in East China, prices in Taiwan, South Korea, the US Gulf, etc., as well as the analysis of PX supply such as output, import volume, operating rate, and inventory [7][14]. - **PTA Market**: It includes the review of PTA's futures closing price and mainstream price in East China, and the analysis of PTA supply (output, operating rate, inventory), consumption (export, production of polyester products), and cost - profit [19][21][25].

Report Industry Investment Rating - The investment rating for the palm oil futures industry is "Oscillating with a Bullish Bias" [1] Core View of the Report - Last week, palm oil futures prices rebounded after hitting bottom. Due to frequent disturbances in US biodiesel policies and approaching the contract roll - over period, the market fluctuated greatly. Malaysian palm oil exports declined significantly month - on - month, and there was a high probability of inventory build - up in November, which pressured near - term futures prices. However, the import profit margin was in a deeper inversion, and there were no new ship purchases. The rapid decline in the futures price led to the repair of the soybean - palm oil price spread, which significantly boosted demand. Subsequently, the production growth rate of palm oil in Malaysia decreased sharply, and the market expected to enter a production - reduction cycle. As a result, the futures price rose significantly. In the short term, as the open interest of the 01 contract decreases rapidly, the inversion of the 1 - 5 price spread may be further repaired, and palm oil is expected to oscillate with a bullish bias. The operation suggestion is to go long at low prices [1] Summary by Related Catalogs Market Review and Outlook - Last week, palm oil futures prices rebounded after hitting bottom. At the beginning of the week, US biodiesel policies caused frequent disturbances, and during the contract roll - over period, the market fluctuated greatly. The Dalian palm oil futures price repeatedly broke previous lows, leading the decline in the oil and fat sector. The fundamental situation in the producing areas remained weak, with a significant month - on - month decline in Malaysian palm oil exports and a high probability of inventory build - up in November, which pressured near - term futures prices to break below the 4000 ringgit/ton mark. In China, there was a continuous large influx of palm oil, and inventories continued to increase. However, the import profit margin was in a deeper inversion, and there were no new ship purchases. The rapid decline in the futures price led to the repair of the soybean - palm oil price spread, which significantly boosted demand. The domestic spot basis rose rapidly, and traders and oil mills were strongly inclined to support prices. Later, the production data released by MPOA and SPPOMA showed a significant decline in the production growth rate. Considering the rainy season and frequent floods in the producing areas, the market expected to enter a production - reduction cycle. Additionally, the European Parliament supported a one - year postponement of the implementation of the "EU Zero - Deforestation Act", which caused the futures price to rise significantly. In the short term, as the open interest of the 01 contract decreases rapidly, the inversion of the 1 - 5 price spread may be further repaired, and palm oil is expected to oscillate with a bullish bias. The operation suggestion is to go long at low prices [1] Factors to Watch - Factors to watch include Malaysian palm oil production and export data, the repair of the soybean - palm oil price spread, and biodiesel policies [2] Palm Oil Ship - Date Quotations and Import Profit Calculations | Ship Date (24 - degree) | South China (CNF) | Forward Exchange Rate | Import Cost | Futures Price | Profit Against Futures | | --- | --- | --- | --- | --- | --- | | January | 1050 | 7.0494 | 8874 | 8644 | - 230 | | February | 1053 | 7.0356 | 8882 | 8644 | - 238 | | March | 1056 | 7.0266 | 8896 | 8644 | - 252 | [3] This Week's Fundamental Data Weekly Changes - The report mainly analyzes the palm oil market from aspects such as the spot - futures market, supply, demand, and cost - profit [4] Spot - Futures Market Review - The report presents a graph of the basis of the main contract, but no specific data analysis is provided [6] Supply Situation Analysis - The report presents graphs of palm oil ship - purchase quantity statistics, expected palm oil arrival volume, and Malaysian palm oil production, but no specific data analysis is provided [9][10][13] Demand Situation Analysis - The report presents graphs of China's total palm oil liquid import quantity and Malaysian palm oil export quantity, but no specific data analysis is provided [14][17] Cost - Profit Analysis - The report presents a graph of the daily profit against futures for the December palm oil ship - date, but no specific data analysis is provided [21]

Report Industry Investment Ratings No relevant content provided. Core Views - The current spot sentiment of coking coal is poor, the fundamentals are slightly deteriorated, but the bottom - support of spot prices remains, and the futures price is expected to fluctuate [1]. - The market's expectation of a Fed rate cut in December increases, boosting risk appetite, and silver is expected to fluctuate upward [1]. - The supply - demand of rebar is weak, the inventory continues to decline, and the futures price is expected to fluctuate widely at a low level [3]. - Iron ore prices are expected to fluctuate in the short - term due to unstable supply and weakening demand [4]. - The economic fundamentals are under pressure, which is favorable for the bond market, but the bond market is expected to enter a fluctuating range [4]. - Gold is expected to fluctuate upward in the short - term and may fluctuate at a high level in the medium - term [5]. - The price of live pigs is expected to continue to adjust weakly after the normal slaughter of farmers [5]. - Palm oil prices are expected to fluctuate strongly in the short - term [7]. - The price of soybean meal is expected to maintain a fluctuating pattern in the short - term [7]. - Methanol futures price is expected to fluctuate strongly in the short - term [8]. - Glass futures price is expected to fluctuate in the short - term [9]. - PVC futures price is expected to fluctuate in the short - term [10][11]. - Crude oil prices are expected to fluctuate weakly in the short - term [11]. - Asphalt prices are expected to continue to be weak, and it is advisable to sell at high prices [12]. - Synthetic rubber prices are expected to fluctuate weakly at a low level [13]. Summary by Variety Coking Coal - Inventory: Coking coal inventory of 247 steel mills is 801.3 million tons, an increase of 4.22 million tons; available days are 13.01 days, an increase of 0.04 days. Injection coal inventory is 428.68 million tons, an increase of 1.23 million tons; available days are 12.64 days, an increase of 0.13 days [1]. - Supply: Domestic supply is still tight, and Mongolian coal customs clearance has slightly decreased, while seaborne coal arrivals remain high [1]. - Demand: Coke production has increased, but the purchasing sentiment of the middle and lower reaches is poor [1]. Silver - Market expectation: The market's expectation of a 25 - basis - point Fed rate cut in December has reached about 85% - 86% [1]. Rebar - Production: The blast furnace operating rate of 247 steel mills is 81.09%, a decrease of 1.10 percentage points; capacity utilization rate is 87.98%, a decrease of 0.60 percentage points; steel mill profitability is 35.06%, a decrease of 2.60 percentage points; daily hot metal output is 234.68 million tons, a decrease of 1.60 million tons [3]. - Demand: The capital availability rate of construction sites has weakened, and demand has decreased [3]. Iron Ore - Inventory: The total inventory of imported iron ore at 45 ports is 15210.12 million tons, an increase of 155.47 million tons; daily port throughput is 330.58 million tons, an increase of 0.66 million tons; the number of ships at ports is 112, a decrease of 8 [4]. - Supply - demand: Supply is affected by hurricanes, and demand is weakening [4]. Long - term Treasury Bonds - Economic data: In November, China's manufacturing PMI was 49.2%, an increase of 0.2 percentage points; non - manufacturing PMI was 49.5%, a decrease of 0.6 percentage points; comprehensive PMI output index was 49.7%, a decrease of 0.3 percentage points [4]. Gold - Market news: There are signs that the next Fed chairman may be determined by the end of the year, and a dovish chairman may boost risk appetite [5]. Live Pigs - Production data: As of November 28, the average slaughter weight is 123.66 kg, an increase of 0.06 kg; weekly slaughter operating rate is 34.18%, an increase of 0.18%;外购仔猪养殖利润 is - 248.95 yuan/head, a decrease of 84.03 yuan/head; self - breeding and self - raising profit is - 141.09 yuan/head, a decrease of 59.74 yuan/head; piglet price is 215.95 yuan/head, an increase of 5.95 yuan/head [5]. Palm Oil - Market situation: Indonesian suppliers may postpone palm oil shipments to December, and Malaysia is about to enter the production - reduction season [7]. Soybean Meal - Price: As of November 28, the domestic soybean meal spot price is stable, with Tianjin at 3080 yuan/ton, Shandong at 3010 yuan/ton, Jiangsu at 3000 yuan/ton, and Guangdong at 2990 yuan/ton [7]. - Demand: The domestic breeding industry is weak, which may limit the growth of soybean meal demand [7]. Methanol - Price and inventory: The market price in Jiangsu Taicang is 2110 yuan/ton, an increase of 5 yuan/ton; port inventory is 147.93 million tons, a decrease of 6.43 million tons; production enterprise inventory is 35.87 million tons, a decrease of 1.06 million tons; order backlog is 24.63 million tons, an increase of 0.09 million tons [8]. - Supply - demand: Domestic methanol production is at a high level, and downstream demand has slightly increased [8]. Glass - Price and production: The national average price of float glass is 1090 yuan/ton, an increase of 4 yuan/ton; the weekly average operating rate is 74.52%, a decrease of 0.34 percentage points; the total inventory of sample enterprises is 6236.2 million weight boxes, a decrease of 1.49% [9]. - Supply - demand: Enterprise profits are declining, production is expected to decrease, and downstream demand is weak [9]. PVC - Price and production: The price of East China SG - 5 type PVC is 4490 yuan/ton, an increase of 40 yuan/ton; the weekly capacity utilization rate is 80.22%, an increase of 1.39 percentage points; social inventory is 104.28 million tons, an increase of 0.99% [10][11]. - Supply - demand: Supply is at a high level, demand is average, and cost support is strong [10][11]. Crude Oil - OPEC+ decision: OPEC+ will suspend production increases from January to March 2026, and may partially or fully resume the daily production increase of 1.65 million barrels in the future [11]. Asphalt - Production and inventory: The capacity utilization rate of 69 sample modified asphalt enterprises is 10.6%, unchanged from the previous week; the inventory of 54 sample asphalt plants is 61.5 million tons, a decrease of 1.0%; the inventory of 104 social warehouses is 108.1 million tons, a decrease of 2.1% [12]. Synthetic Rubber - Production: In October, the domestic production of butadiene rubber was 13.76 million tons, an increase of 0.72 million tons compared with the previous month; the capacity utilization rate was 71.39%, an increase of 10.93 percentage points compared with the same period last year [13]. - Demand: The capacity utilization rate of semi - steel tire sample enterprises is 66%, a decrease of 3.36 percentage points; the capacity utilization rate of all - steel tire sample enterprises is 62.75%, an increase of 0.71 percentage points [13].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The European Central Bank's decision not to cut interest rates has a bearish impact on the US dollar index and is favorable for precious metals. With an increased expectation of a Fed rate cut in December, silver is expected to be moderately bullish in the medium term [1]. - Domestic methanol production is at a high level, downstream demand is slightly increasing, and port inventories are decreasing. The methanol 01 contract is expected to fluctuate in the short term, with support at the 2100 level [1]. - During the negotiation of next year's long - term agreements, the supply of lithium carbonate remains high, while demand in the power and energy storage markets is strong. It is expected to see significant inventory reduction in November [3]. - After the start of the safety production assessment in November, the supply support of coking coal has weakened, but the downward trend of coking coal futures needs further observation [4]. - The production and apparent demand of rebar have declined, and inventories have continued to decrease. Steel prices are expected to be slightly bullish in the short term, but the upside is limited [4]. - Pig prices are mainly stable. Although some producers try to raise prices, the large supply and weak downstream demand make it difficult for prices to rise [5]. - The implementation delay of the EU Deforestation - Free Act and the approaching of the palm oil production - reduction season support palm oil prices, but due to contract roll - over, it is recommended to wait and see [5]. - The supply of soybean meal is abundant, and the weak domestic aquaculture industry restricts demand growth. The 01 contract is expected to remain volatile in the short term [6]. - The economic data in October shows downward pressure, which is favorable for the bond market. However, due to the end - of - year period, the bond market is expected to be volatile [6]. - The potential resolution of the Russia - Ukraine conflict and the increased expectation of a Fed rate cut make gold bullish in the short term and may be volatile at a high level in the medium term [7]. - The decline in US drilling platforms and production, along with the uncertainty of the Russia - Ukraine peace plan, lead to an oil price rebound. The OPEC+ meeting is expected to maintain the current production level [8]. - The low polyester inventory and the decline in PTA load make the PTA supply - demand structure relatively good in the short term [8]. - The low tire operating rate and weak terminal demand, along with the strong raw material prices and expected increase in overseas shipments, make the natural rubber market expected to be volatile [10]. - The domestic soda ash market is stable, with production fluctuating and downstream enterprises purchasing on demand. The soda ash 01 contract is expected to fluctuate in the short term [10]. - The supply pressure of polypropylene is increasing, and the supply - demand imbalance makes its trend weak. The PP 01 contract is expected to fluctuate in the short term [11]. Summaries by Commodity Precious Metals - **Silver**: The European Central Bank's stance on interest rates and the increased Fed rate - cut expectation are favorable for silver, which is moderately bullish in the medium term [1]. - **Gold**: The potential resolution of the Russia - Ukraine conflict and the Fed rate - cut expectation make gold bullish in the short term and may be volatile at a high level in the medium term [7]. Chemicals - **Methanol**: The domestic methanol market has high production, increasing downstream demand, and decreasing inventories. The 01 contract is expected to fluctuate in the short term [1]. - **Carbonate Lithium**: During the negotiation of long - term agreements, high supply and strong demand lead to expected inventory reduction in November [3]. - **PTA**: Low polyester inventory and reduced PTA load make the supply - demand structure relatively good in the short term [8]. - **Rubber**: Low tire operating rate, weak terminal demand, strong raw material prices, and expected increase in overseas shipments make the market expected to be volatile [10]. - **Soda Ash**: The domestic market is stable, with production fluctuating and downstream enterprises purchasing on demand. The 01 contract is expected to fluctuate in the short term [10]. - **Polypropylene**: Supply pressure is increasing, and the supply - demand imbalance makes its trend weak. The 01 contract is expected to fluctuate in the short term [11]. Energy - **Crude Oil**: The decline in US production and the uncertainty of the Russia - Ukraine peace plan lead to a price rebound. The OPEC+ meeting is expected to maintain the current production level [8]. Metals - **Coking Coal**: After the safety production assessment, supply support has weakened, but the downward trend of futures needs further observation [4]. - **Rebar**: Production and demand have declined, and inventories have decreased. Steel prices are expected to be slightly bullish in the short term, with limited upside [4]. Agricultural Products - **Pig**: Prices are mainly stable, with producers trying to raise prices but facing difficulties due to large supply and weak demand [5]. - **Palm Oil**: The implementation delay of the EU Deforestation - Free Act and the approaching production - reduction season support prices, but due to contract roll - over, it is recommended to wait and see [5]. - **Soybean Meal**: Abundant supply and weak aquaculture demand restrict growth. The 01 contract is expected to remain volatile in the short term [6]. Bonds - **Long - term Treasury Bonds**: The economic data in October shows downward pressure, which is favorable for the bond market. However, due to the end - of - year period, the bond market is expected to be volatile [6].

Group 1: Report Core Views - US economic slowdown pressure increases, Fed's December rate - cut expectation surges, precious metals are oscillating with an upward bias; gold is short - term oscillating with an upward bias and may oscillate at a high level in the medium term [1] - L2601 contract of plastics is expected to run weakly in the short term, with the upper pressure at the 6770 line [1] - Iron ore is expected to run within an oscillating range as supply is strong and demand is stable during the macro vacuum period [3] - The downward persistence of coking coal futures is to be observed due to potential year - end production decline and the upcoming Politburo meeting [4] - Steel prices may oscillate in the short term, and the upside space may be limited by weak off - season demand [4] - LH2601 contract of live pigs still has downward pressure and will remain weak after adjustment [5] - Palm oil prices are supported by future fundamentals, but the main contract is facing roll - over, so it is recommended to wait and see [5] - The 01 contract of soybean meal will maintain an oscillating pattern in the short term [7] - The bond market has entered an oscillating range again, and the operation difficulty has increased [7] - Silver is oscillating with an upward bias in the medium term [7] - Crude oil should be treated with an oscillating and weakening view [8] - The 01 contract of methanol is expected to oscillate in the short term, with the lower support at the 2100 line [8] - The 01 contract of soda ash is expected to run weakly in the short term, with the upper pressure at the 1190 line [9][10] Group 2: Industry Data Plastics - North China LLDPE mainstream price is 6919 yuan/ton, down 14 yuan/ton from the previous day; LLDPE weekly output is 30.46 tons, down 1.19% week - on - week; production enterprise inventory is 16.61 tons, down 15.98% week - on - week; oil - based daily production profit is - 335 yuan/ton; the average operating rate of China's polyethylene downstream products has increased by 0.2% week - on - week [1] Iron Ore - From November 17th to 23rd, the global iron ore shipping volume is 3278.4 tons, a decrease of 238.0 tons compared with the previous period; the shipping volume from Australia and Brazil is 2637.4 tons, a decrease of 271.3 tons; Australia's shipping volume is 1839.6 tons, a decrease of 210.9 tons, and the volume shipped to China is 1553.6 tons, a decrease of 319.4 tons [3] Coking Coal - This week, the daily output of raw coal from 523 coking coal sample mines is 191.3 tons, a decrease of 2.1 tons compared with the previous period; the daily output of raw coal in Shanxi is 110.2 tons, a decrease of 2 tons; 11 new coal mines have stopped production, involving a production capacity of 11.35 million tons; 1 new coal mine has resumed production, involving a production capacity of 1.75 million tons [4] Steel - On November 24th, domestic steel market prices mainly rose slightly; the ex - factory price of Tangshan Qian'an common billet resources increased by 30 to 2980 yuan/ton; 2 steel mills raised the ex - factory price of construction steel by 30 yuan/ton, and 2 steel mills lowered the ex - factory price by 20 - 30 yuan/ton; the average price of 20mm third - grade seismic - resistant rebar in 31 major cities across the country is 3283 yuan/ton, an increase of 15 yuan/ton compared with the previous trading day [4] Live Pigs - On November 26th, the average wholesale price of pork in the national agricultural product wholesale market is 17.87 yuan/kg, an increase of 0.8% compared with the previous day; the price of eggs is 7.27 yuan/kg, a decrease of 1.1% compared with the previous day [5] Palm Oil - From November 1st to 25th, 2025, the yield per unit of Malaysian palm oil increased by 3.34% month - on - month, the oil extraction rate increased by 0.41% month - on - month, and the output increased by 5.49% month - on - month [5] Soybean Meal - As of November 26th, the domestic soybean meal spot market price has increased steadily; the price in Tianjin market is 3060 yuan/ton, up 10 yuan/ton; the price in Shandong market is 3000 yuan/ton, up 10 yuan/ton; the price in Jiangsu market is 2980 yuan/ton, remaining stable; the price in Guangdong market is 2970 yuan/ton, remaining stable; the national soybean meal inventory has reached 1.1515 million tons [6][7] Short - term Treasury Bonds - Shibor short - end varieties mostly declined; the overnight variety remained flat at 1.316%; the 7 - day variety increased by 2.0BP to 1.453%; the 14 - day variety decreased by 3.3BP to 1.507%; the 1 - month variety decreased by 0.1BP to 1.519% [7] Crude Oil - News shows that there are still differences among parties regarding the "peace plan" for Ukraine, and all parties need time to weigh their interests [8] Methanol - The market price of methanol in Jiangsu Taicang is 2088 yuan/ton, an increase of 28 yuan/ton; the domestic methanol weekly capacity utilization rate is 88.75%, an increase of 1.8%; the downstream total capacity utilization rate is 74.77%, an increase of 0.42% week - on - week; the inventory of Chinese methanol port samples is 1.3635 million tons, a decrease of 115,800 tons week - on - week; the inventory of Chinese methanol sample production enterprises is 373,700 tons, an increase of 15,000 tons week - on - week; the orders to be delivered by sample enterprises are 230,700 tons, a decrease of 15,600 tons week - on - week [8] Soda Ash - The national mainstream price of heavy soda ash is 1261 yuan/ton, and the price has been relatively stable recently; the weekly output of soda ash is 739,200 tons, a decrease of 1.02% compared with the previous period; the total inventory of soda ash manufacturers is 1.7073 million tons, a decrease of 0.4% week - on - week; the operating rate of float glass is 75%, a decrease of 0.92 percentage points week - on - week; the average price of national float glass is 1091 yuan/ton, remaining the same as the previous day; the total inventory of national float glass sample enterprises is 63.247 million weight cases, a decrease of 0.18% compared with the previous period [9]

Key Points of Investment Analysis 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the given content. 2. Core Views - OPEC+ maintains an increasing production stance, global economy and demand are weak, and new peace talks between Russia and Ukraine ease geopolitical risks, leading to a weakening trend in international oil prices [1]. - The potential end of the Russia - Ukraine conflict is favorable for risk appetite and negative for gold, but increased expectations of Fed rate cuts make gold oscillate upwards in the short - term and may oscillate at a high level in the medium - term [2]. - The domestic lithium market may face weakening fundamentals in the future, and short - term lithium prices may struggle to maintain a strong trend [4]. - The steel market has no obvious supply - demand contradiction recently, and short - term steel prices may oscillate upwards, but the upside is limited due to weak demand in the off - season [4]. - The cost of ferrosilicon remains high, but the market supply - demand is still loose, and the price is expected to run at a low level around the cost [5]. - The overall supply of pigs exceeds demand, and the short - term LH2601 contract still has downward pressure [6]. - The supply of soybean meal is abundant, and the demand is limited, so the short - term 01 contract will maintain an oscillating pattern [6]. - The export of Malaysian palm oil has declined, and the short - term near - month contract will run weakly [7]. - The supply - demand structure of PTA is relatively good in the short - term, but it is advisable to wait and see due to the weakening trend of crude oil [7]. - The natural rubber market is expected to oscillate weakly [8]. - The bond market is favorable in the medium - term but with increased operation difficulty, and attention should be paid to the stock - bond seesaw effect [9]. - The market's expectation of a Fed rate cut in December has increased to 80%, and silver will oscillate in the short - term and remain bullish in the long - term [10]. 3. Summaries by Product Crude Oil - As of November 21, 2025, US commercial crude oil inventories decreased by 1.86 million barrels, gasoline inventories increased by 539,000 barrels, and distillate inventories increased by 753,000 barrels [1]. - New peace talks between Russia and Ukraine have attracted market attention, and international oil prices are running weakly [1]. Gold - Trump's team has made great progress in ending the Russia - Ukraine conflict, and the conflict may end soon, which is negative for gold [2]. - Increased expectations of Fed rate cuts make gold oscillate upwards in the short - term and may oscillate at a high level in the medium - term [2]. Carbonate Lithium - The SMM battery - grade carbonate lithium index price is 92,462 yuan/ton, down 145 yuan/ton from the previous working day [4]. - The domestic lithium market may face weakening fundamentals in the future, and short - term lithium prices may struggle to maintain a strong trend [4]. Rebar - The blast furnace operating rate of 247 steel mills is 82.19%, down 0.62 percentage points from last week; the blast furnace iron - making capacity utilization rate is 88.58%, down 0.22 percentage points from last week [4]. - The steel market has no obvious supply - demand contradiction recently, and short - term steel prices may oscillate upwards, but the upside is limited due to weak demand in the off - season [4]. Ferrosilicon - The national inventory of 60 independent ferrosilicon enterprises is 73,050 tons, down 10.21% or 8,310 tons from the previous period [5]. - The cost of ferrosilicon remains high, but the market supply - demand is still loose, and the price is expected to run at a low level around the cost [5]. Live Pigs - On November 25, the average wholesale price of pork in the national agricultural product market was 17.72 yuan/kg, down 1.1% from the previous day [6]. - The overall supply of pigs exceeds demand, and the short - term LH2601 contract still has downward pressure [6]. Soybean Meal - As of November 25, the domestic soybean meal spot prices remained stable [6]. - The supply of soybean meal is abundant, and the demand is limited, so the short - term 01 contract will maintain an oscillating pattern [6]. Palm Oil - From November 1 - 25, the export volume of Malaysian palm oil decreased by 16.4% - 18.8% compared with the same period last month [7]. - The export of Malaysian palm oil has declined, and the short - term near - month contract will run weakly [7]. PTA - This week, the domestic PTA output is 141.98 million tons, down 3.09 million tons from last week and up 2.88 million tons from the same period last year [7]. - The supply - demand structure of PTA is relatively good in the short - term, but it is advisable to wait and see due to the weakening trend of crude oil [7]. Natural Rubber - The price of Thai raw material glue is 57 Thai baht/kg, and the price of cup glue is not available; the price of Hainan glue for whole - milk production is 16,100 yuan/ton [8]. - The natural rubber market is expected to oscillate weakly [8]. Long - term Treasury Bonds - An upcoming policy briefing may affect the bond market. The bond market is favorable in the medium - term but with increased operation difficulty, and attention should be paid to the stock - bond seesaw effect [9]. Silver - The market's expectation of a Fed rate cut in December has increased to 80%, and silver will oscillate in the short - term and remain bullish in the long - term [10].

Report Summary 1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - **Oil**: OPEC+ maintains its production - increasing stance, and the global economy and demand are not good. With the new peace talks between Russia and Ukraine attracting market attention and the geopolitical tension risk easing, international oil prices are expected to be weak in the short - term, but the rise of the US stock market has pushed international oil prices to end higher after a decline [1]. - **Silver**: Affected by the Fed's interest - rate cut expectations, risk appetite is boosted, and the bullish attribute of precious metals increases. Silver is expected to fluctuate upwards, and the divergence between gold and silver should be noted [1]. - **Iron Ore**: The supply - demand situation of iron ore is improving marginally, and the demand resilience supports the rebound of ore prices. However, considering the drag of off - season steel, ore prices are expected to have room for correction. It is recommended to combine range trading and selling at high prices [3]. - **Manganese Silicon**: In the off - season, steel production may decline seasonally. Although the production of manganese silicon has been decreasing recently, the overall supply contraction is limited due to the upcoming new production capacity. The market inventory pressure is difficult to relieve significantly, and the price is expected to run at a low level around the cost [4]. - **Rebar**: The supply - demand contradiction in the steel market is not obvious recently, inventory is still decreasing, and manufacturers have a strong willingness to support prices. Short - term steel prices may fluctuate upwards, but the weak off - season demand may limit the upward space [5]. - **Rubber**: The domestic rubber - producing areas are gradually entering the production - reducing and suspension season, and the supply shortage expectation is rising. However, the arrival of overseas ships is expected to increase, and the terminal demand support is insufficient. The natural rubber market is expected to fluctuate weakly in the short term [6]. - **Rapeseed Meal**: The clearance process of Australian rapeseed arrivals has become the core focus of the market. The spot market faces the double situation of slow trading rhythm and strong inventory reduction pressure. Short - term rapeseed meal prices will maintain a volatile pattern [7]. - **Live Pigs**: The current market supply pressure persists. Although the pickling demand in some regions supports pig prices to a certain extent, the supply - demand pattern has not changed, and there is a lack of continuous upward momentum. The LH2601 contract still has downward pressure in the short term [9]. - **Palm Oil**: Domestic palm oil has continued to arrive in large quantities, leading to inventory accumulation, which is bearish for palm oil. However, the strong willingness of traders and oil mills to support prices provides some support. The near - month contract is expected to run weakly in the short term [9]. - **Short - term Treasury Bonds**: The winning bid rate of the Treasury cash is lower than the previous period, indicating a significant decline in inter - bank capital costs and a continuous loosening of the capital market. The bond market is expected to fluctuate slightly upwards in the medium term [10]. - **Gold**: The Russia - Ukraine conflict remains unresolved, and the Fed's interest - rate cut expectations are increasing. Gold is expected to fluctuate upwards and may oscillate at a high level in the medium term [10]. - **PX**: Due to good blending oil benefits and other factors, PXN continues to expand, which strongly supports PX. PX is expected to run strongly in the short term, with the risk of a sharp drop in crude oil [11]. - **Methanol**: Domestic methanol production is at a high level, downstream demand is stable, and port inventory is decreasing. The methanol 01 contract is expected to fluctuate in the short term, with support at the 2060 level [11][12]. - **Glass**: The profit of float glass enterprises is stable at a low level, production is expected to be stable, and inventory is higher than in previous years. The glass 01 contract is expected to fluctuate weakly in the short term, with pressure at the 1035 level [12]. - **PVC**: Domestic PVC production is expected to remain high, downstream demand is weak, and inventory is expected to increase. The cost provides strong support. The PVC 01 contract is expected to fluctuate in the short term, with pressure at the 4540 level [13]. 3. Summary by Variety Energy and Chemicals - **Oil**: As of November 21, the number of active drilling rigs in the US reached 419, the highest since October. The US has proposed a 28 - point new plan to end the Russia - Ukraine conflict [1]. - **PX**: This week's PX output was 74.81 million tons, a week - on - week decrease of 0.41%. The domestic PX average weekly capacity utilization rate was 89.21%, a week - on - week decrease of 0.36% [11]. - **Methanol**: The market price of methanol in Jiangsu Taicang is 2053 yuan/ton, an increase of 53 yuan/ton. The domestic methanol weekly capacity utilization rate is 88.75%, an increase of 1.8% [11]. - **Rubber**: As of November 23, the total inventory of natural rubber in Qingdao was 468,900 tons, a week - on - week increase of 16,300 tons, an increase of 3.60% [6]. - **Palm Oil**: As of November 21, the commercial inventory of palm oil in key domestic areas was 667,100 tons, a week - on - week increase of 13,900 tons, an increase of 2.13% [9]. Metals - **Silver**: Fed officials' statements have increased the expectation of an interest - rate cut, boosting the bullish sentiment of silver [1]. - **Iron Ore**: From November 17 to 23, the total arrival volume of iron ore at 47 ports in China was 2.9395 million tons, a week - on - week increase of 569,600 tons [3]. - **Manganese Silicon**: The weekly demand for silicon - manganese in five major steel products this week was 121,407 tons, a week - on - week increase of 2.38%. The weekly supply decreased by 1.33% to 196,910 tons [4]. - **Rebar**: On November 24, the domestic steel market prices mainly rose slightly. The average price of 20mm grade - 3 earthquake - resistant rebar in 31 major cities was 3283 yuan/ton, an increase of 15 yuan/ton from the previous trading day [5]. - **Gold**: The US and Ukraine have completed a 19 - point peace agreement draft, but sensitive issues remain to be determined [10]. - **PVC**: The price of East China SG - 5 type PVC is 4440 yuan/ton, a day - on - day increase of 20 yuan/ton. The PVC capacity utilization rate is 78.83%, a week - on - week increase of 0.32 percentage points [13]. - **Glass**: The average price of national float glass is 1094 yuan/ton, a day - on - day decrease of 9 yuan/ton. The float glass start - up rate is 74.86%, a week - on - week decrease of 0.14 percentage points [12]. Agricultural Products - **Rapeseed Meal**: As of November 21, the rapeseed inventory of major coastal oil mills was 0 tons, the rapeseed meal inventory was 0.01 million tons, a week - on - week decrease of 0.19 million tons [7]. - **Live Pigs**: On November 24, the average price of pork in the national agricultural product wholesale market was 17.92 yuan/kg, an increase of 0.1% from last Friday [9]. - **Eggs**: On November 24, the price of eggs was 7.35 yuan/kg, an increase of 1.2% from last Friday [9]. Bonds - **Short - term Treasury Bonds**: On November 24, the winning bid rate of the 2025 central Treasury cash management commercial bank time deposit (the eleventh issue) was 1.73%, lower than the previous 1.76% [10].

Report Industry Investment Ratings No relevant content provided. Core Views - The short - term price of iron ore is expected to fluctuate strongly, gold may oscillate at a high level in the medium - term, and the price of rebar is expected to oscillate widely at a low level [1][3]. - Coking coal is expected to oscillate, while the LH2601 contract of live pigs is under downward pressure and will adjust weakly [4]. - Palm oil is running weakly after breaking through the support level, and the price of soybean meal's 01 contract will decline and oscillate weakly in the short - term [5]. - The bond market will oscillate slightly more in the medium - term, and silver is bearish in the short - term but bullish in the medium - term [7]. - The 01 contract of methanol is expected to oscillate weakly in the short - term, and the 01 contract of soda ash will run weakly [8][9]. - The L2601 contract of plastic will run weakly in the short - term, and the price of crude oil is weakly running in stages [10][11]. - The asphalt market is weak, and the price of synthetic rubber will oscillate weakly [11][12]. Summary by Variety Iron Ore - Mysteel statistics show that the total inventory of imported iron ore at 45 ports is 15,054.65 tons, a week - on - week decrease of 75.06 tons; the daily average port clearance volume is 3.2992 million tons, an increase of 29,700 tons; the number of ships at ports is 120, an increase of 4. Shipping is increasing, and the arrival volume is fluctuating. The molten iron output is expected to decline seasonally, but there is short - term support, and the restocking demand has not been released. The short - term price will oscillate strongly [1]. Gold - Multiple Fed officials signaled interest rate cuts, but due to the lack of employment data, the decision to cut rates is still highly uncertain. Gold is under pressure and may oscillate at a high level in the medium - term [1]. Rebar - As of the week of November 20, rebar production was 2.0796 million tons, a week - on - week increase of 79,600 tons or 3.98%; factory inventory was 1.5332 million tons, a week - on - week decrease of 71,000 tons or 4.43%; social inventory was 4.0002 million tons, a week - on - week decrease of 157,300 tons or 3.78%; apparent demand was 2.3079 million tons, a week - on - week increase of 144,200 tons or 6.66%. The demand has recovered, the fundamentals have improved, but the inventory is still relatively high year - on - year. The price is expected to oscillate widely at a low level [3]. Coking Coal - The utilization rate of the approved production capacity of 523 coking coal mine samples is 86.9%, a week - on - week increase of 0.7%. The daily average output of raw coal is 1.934 million tons, a week - on - week increase of 15,000 tons; the daily average output of clean coal is 758,000 tons, a week - on - week increase of 1,000 tons. The supply is tight, the demand is weakening, and the price is expected to oscillate [4]. Live Pigs - As of November 21, the average slaughter weight of live pigs is 123.6 kg, an increase of 0.07 kg; the weekly slaughter start - up rate is 34.06%, an increase of 0.11%; the profit of purchasing piglets for breeding is - 164.92 yuan per head, a decrease of 43.13 yuan per head; the profit of self - breeding and self - raising is - 81.351 yuan per head, a decrease of 17.42 yuan per head; the price of piglets is 210 yuan per head, an increase of 0.95 yuan per head. The market supply is large, and the LH2601 contract is under downward pressure [4]. Palm Oil - From November 1 - 20, 2025, the yield per unit of Malaysian palm oil increased by 7.96% month - on - month, the oil extraction rate increased by 0.45% month - on - month, and the output increased by 10.32% month - on - month. The demand for biodiesel is expected to weaken significantly, and palm oil is running weakly [5]. Soybean Meal - As of November 21, the physical inventory days of soybean meal in feed enterprises is 7.98 days, a decrease of 0.25 days from the previous period and the same as the same period last year. The supply of imported soybeans is sufficient, the demand is stable, and the price of the 01 contract will decline and oscillate weakly [5]. Long - term Treasury Bonds - The intensive issuance of treasury bonds is an important manifestation of the continuous implementation of proactive fiscal policies, which may lead to the early implementation of fiscal easing policies next year. The bond market is expected to oscillate slightly more in the medium - term [7]. Silver - The US economic data shows certain resilience, which boosts risk appetite. There are differences in the market's expectation of an interest rate cut in December, but the expectation still exists. Silver is bearish in the short - term and bullish in the medium - term [7]. Methanol - The market price of methanol in Jiangsu Taicang is 2,000 yuan/ton, and the price is stable. The weekly utilization rate of domestic methanol production capacity is 88.75%, an increase of 1.8%. The downstream utilization rate is 74.77%, a weekly increase of 0.42%. The port inventory has decreased. The 01 contract is expected to oscillate weakly in the short - term [8]. Soda Ash - The mainstream price of heavy soda ash nationwide is 1,260 yuan/ton, and the price is relatively stable. The weekly output is 739,200 tons, a week - on - week decrease of 1.02%. The total inventory of manufacturers is 1.7073 million tons, a weekly increase of - 0.4%. The 01 contract is expected to run weakly [9]. Plastic - The mainstream price of LLDPE in North China is 6,939 yuan/ton, a decrease of 17 yuan/ton from the previous day. The weekly output is 304,600 tons, a week - on - week decrease of 1.19%. The production enterprise inventory is 197,700 tons, a weekly decrease of 4.4%. The L2601 contract is expected to run weakly in the short - term [10]. Crude Oil - OPEC+ maintains its stance of increasing production, the global economy and demand are poor, and the new peace talks between Russia and Ukraine have attracted market attention. The price of crude oil is weakly running in stages [11]. Asphalt - The capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises is 24.8%, a week - on - week decrease of 4.2%. The sample shipment volume of 54 domestic asphalt enterprises is 370,000 tons, a week - on - week increase of 2.2%. The market is weak, and it is advisable to sell short at high prices [11]. Synthetic Rubber - The output of butadiene in October is 457,300 tons, a year - on - year increase of 14.49%, and the output from January to October is 4.472 million tons, a year - on - year increase of 15.46%. The import in October is 35,000 tons, a year - on - year decrease of 35.00%. The supply pressure on the raw material side is increasing, and the demand lacks substantial benefits. The price is expected to oscillate weakly [12].

Report Summary Core Viewpoints - The overall supply of the crude oil market is in an oversupply situation, with downward driving forces and weakening short - term geopolitical influence, so it should be treated as oscillating weakly [1]. - The Fed's October FOMC meeting minutes increase the uncertainty of a December interest rate cut, and precious metals are in a state of oscillation. Gold is under pressure and may oscillate at a high level in the medium term [1]. - The national pig price adjusted strongly, but the supply - demand pattern remains unchanged, lacking continuous upward momentum. The LH2601 contract still has downward pressure in the short term [3]. - The export of Malaysian palm oil in November has declined significantly, weakening the fundamentals and suppressing the spot price. However, the departure of a large number of short positions in the main contract of palm oil on the Dalian Commodity Exchange has supported the futures price, and low - buying operations are recommended [3]. - The supply of imported soybeans is sufficient, the oil mill's operating rate is slowly recovering, and the demand is relatively stable. The increase in soybean meal inventory restricts the upward space of the spot price, and the 01 contract price is expected to decline and oscillate weakly in the short term [4]. - The downstream polyester demand in November is expected to remain high, and the PTA supply side has many maintenance plans, with improved supply - demand conditions. However, the crude oil price is unstable, so it is advisable to wait and see [4]. - The raw material price of rubber is high, but the terminal demand is insufficient, and the price is expected to oscillate [5]. - The domestic methanol operating rate is at a high level, the downstream demand is relatively stable, and the port inventory is decreasing. The 01 contract is expected to oscillate weakly in the short term, and it is advisable to wait and see [7]. - The good data of the US real estate market increase risk appetite and are beneficial to silver. The market still maintains the expectation of a December interest rate cut. Silver is under short - term pressure but is still bullish in the medium term [7]. - The domestic PVC production is expected to remain high, the profit is poor, the downstream demand is limited, and the social inventory is expected to rise. The 01 contract is expected to oscillate weakly in the short term, and it is advisable to wait and see or short on rebounds [8]. - The money market is marginally tight, which is negative for short - term bonds. The economy is under pressure in the fourth quarter, and the central bank's operations are beneficial to the bond market. The bond market is expected to oscillate slightly bullishly in the medium term [9]. - The supply and demand of float glass are loose, the inventory of sample enterprises is higher than in previous years, and the downstream orders are weak. The 01 contract is expected to run weakly in the short term, and it is advisable to wait and see or short on rebounds [10]. Commodity - Specific Summaries Crude Oil - The overall supply of the crude oil market is in an oversupply situation, with downward driving forces and weakening short - term geopolitical influence, so it should be treated as oscillating weakly [1]. Gold - The Fed's October FOMC meeting minutes increase the uncertainty of a December interest rate cut, and precious metals are in a state of oscillation. Gold is under pressure and may oscillate at a high level in the medium term. Attention should be paid to the impact of the US dollar index on gold [1]. Pig - On November 20, the national average pork price was 17.94 yuan/kg, up 0.1% from the previous day. The price has been low, and the farming side's sentiment to support the price has emerged, but the supply - demand pattern remains unchanged, and the LH2601 contract still has downward pressure in the short term [3]. Palm Oil - Malaysia's palm oil exports from November 1 - 20 decreased significantly. The fundamental weakness suppresses the spot price, but the departure of a large number of short positions in the main contract of palm oil on the Dalian Commodity Exchange has supported the futures price. Low - buying operations are recommended [3]. Soybean Meal - As of November 20, the domestic soybean meal spot price was 3048 yuan/ton. The supply of imported soybeans is sufficient, the oil mill's operating rate is slowly recovering, and the demand is relatively stable. The increase in inventory restricts the upward space of the spot price, and the 01 contract price is expected to decline and oscillate weakly in the short term [4]. PTA - PTA social inventory decreased by 3.92 million tons to 324.88 million tons. The downstream polyester demand in November is expected to remain high, and the PTA supply side has many maintenance plans, with improved supply - demand conditions. However, the crude oil price is unstable, so it is advisable to wait and see [4]. Rubber - The raw material price of rubber is high, but the terminal demand is insufficient, and the price is expected to oscillate. The capacity utilization rate of semi - steel tire and full - steel tire sample enterprises has decreased [5]. Methanol - The domestic methanol operating rate is at a high level, the downstream demand is relatively stable, and the port inventory is decreasing. The 01 contract is expected to oscillate weakly in the short term, and it is advisable to wait and see [7]. Silver - The good data of the US real estate market increase risk appetite and are beneficial to silver. The market still maintains the expectation of a December interest rate cut. Silver is under short - term pressure but is still bullish in the medium term. Attention should be paid to the differentiation between gold and silver [7]. PVC - The price of PVC in East China decreased by 30 yuan/ton to 4420 yuan/ton. The domestic PVC production is expected to remain high, the profit is poor, the downstream demand is limited, and the social inventory is expected to rise. The 01 contract is expected to oscillate weakly in the short term, and it is advisable to wait and see or short on rebounds [8]. Short - term Treasury Bonds - The money market is marginally tight, which is negative for short - term bonds. The economy is under pressure in the fourth quarter, and the central bank's operations are beneficial to the bond market. The bond market is expected to oscillate slightly bullishly in the medium term, and attention should be paid to the stock - bond seesaw effect [9]. Glass - The national average price of float glass decreased by 4 yuan/ton to 1106 yuan/ton. The supply and demand of float glass are loose, the inventory of sample enterprises is higher than in previous years, and the downstream orders are weak. The 01 contract is expected to run weakly in the short term, and it is advisable to wait and see or short on rebounds [10].

Group 1: Investment Ratings - No investment ratings for the industries are provided in the report. Group 2: Core Views - Silver is under short - term pressure but remains bullish in the medium term due to the difficulty of the Fed's December decision caused by the lack of employment data and the downward pressure on the US economy [1]. - Natural rubber shows a co - existence of raw material support and demand suppression, with a large price difference between natural and synthetic rubber, resulting in a transitional period of natural rubber price fluctuations [2]. - The price of live pigs is stable with a slight upward trend, but the supply - side pressure is still large, and the LH2601 contract has short - term downward pressure [4]. - The price of soybean meal is limited in its upward space due to sufficient supply, slow recovery of oil mill operating rates, and relatively stable demand, and the 01 contract is in a short - term weakening and fluctuating state [5]. - Palm oil has strong support at the bottom in the short term. Although affected by the decline of rapeseed oil futures, the departure of a large number of short - positions in the main contract provides support, and low - buying operations are recommended [6]. - Crude oil has a downward driving force under the situation of oversupply, and short - term geopolitical influence is weakened, so it should be treated with a weakening and fluctuating view [7]. - PTA has support in supply and demand, but with the loosening of crude oil prices, it is necessary to be cautious when chasing high prices and consider appropriate profit - taking [9]. - Short - term treasury bonds are slightly bullish in the medium term, with increased trading difficulty due to factors such as loose liquidity, the stock - bond seesaw effect, and open - market bond trading [9]. - Gold is under pressure and may oscillate at a high level in the medium term due to the uncertainty of the Fed's December interest - rate cut [10]. - Methanol is expected to fluctuate weakly in the short term, and it is recommended to wait for further stabilization [10]. - Plastic is expected to fluctuate weakly in the short term, and short - selling on rebounds is recommended [11]. - Soda ash is expected to run weakly in the short term, and it is recommended to wait and see or short - sell on rebounds [12]. Group 3: Summaries by Product Silver - The US Bureau of Labor Statistics will not release the October employment report, and the Fed's December decision is difficult. The downward pressure on the US economy suppresses the sentiment of going long on silver, but the possibility of a Fed rate cut in December still exists, which exerts pressure on precious metals [1]. Natural Rubber - Thai raw rubber prices are high due to weather factors. In China, natural rubber social inventory shows different trends in light and dark rubber, with a slow seasonal inventory build - up in Qingdao. Terminal demand is insufficient, and the price difference between natural and synthetic rubber is large [2]. Live Pigs - On November 19, the average price of pork in the national agricultural product wholesale market increased slightly. The pig price is stable with a slight upward trend, but the supply - side pressure is still large, and the LH2601 contract has short - term downward pressure [4]. Soybean Meal - As of November 19, domestic soybean meal spot prices declined in different regions, and the trading volume increased. Sufficient imported soybean supply, slow recovery of oil mill operating rates, and relatively stable demand limit the upward space of soybean meal prices [5]. Palm Oil - On November 19, a Malaysian palm oil producer aimed to maximize plantation output. The US biodiesel plan boosts the vegetable oil market, but the decline of rapeseed oil futures drags down palm oil. The departure of short - positions in the main contract provides support [6]. Crude Oil - As of November 14, US crude oil inventory decreased, gasoline inventory increased, and daily production decreased slightly. Market speculation around Russia led to a sharp decline in oil prices, and the overall supply is in an oversupply situation [7]. PTA - The polyester market has low inventory, and downstream demand is expected to remain high in November. PTA supply has many maintenance plans in November, and the supply - demand situation has improved, but crude oil price fluctuations need attention [9]. Short - term Treasury Bonds - Shibor short - term varieties mostly declined, indicating loose capital. The economy is under pressure in the fourth quarter, and the central bank's open - market operations and short - term liquidity injection are favorable for the bond market, but trading is more difficult [9]. Gold - The Fed's October FOMC meeting minutes show deep differences on interest - rate cuts, increasing the uncertainty of a December rate cut, and gold is under pressure [10]. Methanol - The price of methanol in Jiangsu Taicang decreased. The domestic methanol operating rate is at a high level, downstream demand is stable, and port inventory decreased this week. The 01 contract is expected to fluctuate weakly [10]. Plastic - The mainstream price of LLDPE in North China decreased. Supply is sufficient, production enterprise inventory increased, and downstream factory operating rates decreased slightly. The L2601 contract is expected to fluctuate weakly [11]. Soda Ash - The mainstream price of heavy - quality soda ash decreased. Weekly production decreased, and factory inventory decreased slightly. The operating rate of float glass decreased slightly, and the soda ash 01 contract is expected to run weakly [11][12].