Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - The precious metals market is supported by safe - haven demand and rebounds. The US government shutdown, potential economic slowdown, and central bank gold - buying expectations provide bottom support for gold prices, but the strengthening of the US dollar and long - term interest rates pose potential suppression. The market may continue to fluctuate widely, and it is recommended to use an interval band trading strategy. The recommended trading intervals are 890 - 950 yuan/gram for the Shanghai Gold 2512 contract and 11,000 - 11,600 yuan/kilogram for the Shanghai Silver 2512 contract [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices**: The closing price of the Shanghai Gold main contract is 917.8 yuan/gram, up 5.54 yuan; the closing price of the Shanghai Silver main contract is 11,427 yuan/kilogram, up 151 yuan [2]. - **Positions**: The main contract positions of Shanghai Gold are 137,883 lots, down 3,545 lots; those of Shanghai Silver are 245,863 lots, up 1,589 lots. The top 20 net positions of the Shanghai Gold main contract are 104,020 lots, up 2,015 lots; those of the Shanghai Silver main contract are 98,371 lots, up 2,070 lots [2]. - **Warehouse Receipts**: The warehouse receipt quantity of gold is 87,816 kilograms, unchanged; that of silver is 639,940 kilograms, down 16,230 kilograms [2]. 3.2 Spot Market - **Prices**: The spot price of gold on the Shanghai Non - ferrous Metals Network is 913.8 yuan/gram, up 6.31 yuan; the spot price of silver is 11,323 yuan/kilogram, up 164 yuan [2]. - **Basis**: The basis of the Shanghai Gold main contract is - 4 yuan/gram, up 0.77 yuan; the basis of the Shanghai Silver main contract is - 104 yuan/kilogram, up 13 yuan [2]. 3.3 Supply and Demand Situation - **ETF Holdings**: Gold ETF holdings are 1,038.63 tons, unchanged; silver ETF holdings are 15,150.71 tons, down 16.93 tons [2]. - **CFTC Non - commercial Net Positions**: The weekly non - commercial net positions of gold in CFTC are 266,749 contracts, up 339 contracts; those of silver are 52,276 contracts, up 738 contracts [2]. - **Supply and Demand Quantities**: The quarterly total supply of gold is 1,313.01 tons, up 54.84 tons; the annual total supply of silver is 987.8 million troy ounces, down 21.4 million troy ounces. The quarterly total demand for gold is 1,313.01 tons, up 54.83 tons; the annual global total demand for silver is 1,195 million ounces, down 47.4 million ounces [2]. 3.4 Option Market - **Historical Volatility**: The 20 - day historical volatility of gold is 36.02%, down 0.01%; the 40 - day historical volatility is 26.9%, up 0.05% [2]. - **Implied Volatility**: The implied volatility of at - the - money call options for gold is 22.92%, down 2.11%; the implied volatility of at - the - money put options is 22.92%, down 2.1% [2]. 3.5 Industry News - The US federal government shutdown has entered the 36th day, which may reduce the Q4 economic growth rate by up to 2 percentage points. If the deadlock continues until Thanksgiving week, about $14 billion in economic losses will be irreparable [2]. - The US ADP employment in October increased by 42,000, exceeding the expected 30,000, but the overall labor demand is still slowing down, adding uncertainty to the Fed's December interest - rate decision [2]. - The US 10 - month ISM services PMI rose 2.4 points to 52.4, reaching an eight - month high, while the manufacturing PMI is still under pressure [2].

Report Industry Investment Rating - No information provided Core View of the Report - The new cotton cost is fixed, which supports the cotton price, but the upside is pressured by supply. It is expected that the cotton price will mainly fluctuate. The downstream demand has not fully started, orders are less than expected, and the market lacks confidence in future demand. Cotton textile enterprises mostly adopt a wait - and - see attitude and replenish inventory based on rigid demand. [2] Summary by Relevant Catalogs Futures Market - Zhengzhou cotton's main contract closing price is 13,605 yuan/ton, a decrease of 10 yuan; cotton yarn's main contract closing price is 19,870 yuan/ton, an increase of 50 yuan. - Cotton futures' top 20 net positions are - 113,512 lots, a decrease of 4,096 lots; cotton yarn futures' top 20 net positions are - 155 lots, an increase of 5 lots. - The main contract positions of cotton are 579,138 lots, a decrease of 1,553 lots; the main contract positions of cotton yarn are 25,040 lots, an increase of 19 lots. - The number of cotton warehouse receipts is 2,769 sheets, an increase of 17 sheets; the number of cotton yarn warehouse receipts is 6 sheets, unchanged. [2] Spot Market - The China Cotton Price Index (CCIndex:3128B) is 14,820 yuan/ton, a decrease of 5 yuan; the China Yarn Price Index for pure - combed 32 - count cotton yarn is 20,520 yuan/ton, unchanged. - The China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,196 yuan/ton, a decrease of 67 yuan; the arrival price of the imported cotton yarn price index for pure - combed 32 - count cotton yarn is 21,221 yuan/ton, a decrease of 7 yuan. - The China Imported Cotton Price Index (FCIndexM: sliding - scale tariff) is 14,096 yuan/ton, a decrease of 46 yuan; the arrival price of the imported cotton yarn price index for pure - combed 32 - count cotton yarn is 22,655 yuan/ton, an increase of 76 yuan. [2] Upstream Situation - The national cotton sown area is 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output is 6.16 million tons, an increase of 540,000 tons. [2] Industry Situation - The cotton - yarn price difference is 5,700 yuan/ton, an increase of 5 yuan; the national industrial inventory of cotton is 861,000 tons, a decrease of 9,000 tons. - The monthly import volume of cotton is 100,000 tons, an increase of 30,000 tons; the monthly import volume of cotton yarn is 130,000 tons, unchanged. - The daily import cotton profit is 729 yuan/ton, an increase of 30 yuan; the national commercial inventory of cotton is 1.0217 million tons, a decrease of 460,000 tons. [2] Downstream Situation - The yarn inventory days are 25.24 days, an increase of 0.39 days; the坯布 inventory days are 31.43 days, an increase of 0.31 days. - The monthly cloth output is 2.811 billion meters, an increase of 110 million meters; the monthly yarn output is 2.0738 million tons, an increase of 45,900 tons. - The monthly export value of clothing and clothing accessories is 1245.3247 million US dollars, a decrease of 169.2657 million US dollars; the monthly export value of textile yarns, fabrics and products is 1196.6516 million US dollars, a decrease of 42.6686 million US dollars. [2] Option Market - The implied volatility of cotton at - the - money call options is 8.61%, an increase of 3.05%; the implied volatility of cotton at - the - money put options is 8.62%, an increase of 3.12%. - The 20 - day historical volatility of cotton is 5.68%, a decrease of 1.1%; the 60 - day historical volatility of cotton is 7.87%, an increase of 0.1%. [2] Industry News - As of 24:00 on November 3, 2025, the cumulative notarized inspection of cotton processed by national cotton processing enterprises in the 2025/26 season is 8,812,496 bales, totaling 1.990242 million tons, a year - on - year increase of 42.83%. The cumulative notarized inspection volume of Xinjiang cotton is 1.955048 million tons, a year - on - year increase of 44.01%. - The Intercontinental Exchange (ICE) cotton futures were stable on Wednesday. Investors focused on the supply - demand report to be released next week. The ICE December cotton futures contract rose 0.03 cents, or 0.10%, to settle at 65.23 cents per pound. [2]

Report Investment Rating - Not provided in the content Core View - A-shares' major indices closed higher, with the Shanghai Composite Index up 0.97%, the Shenzhen Component Index up 1.73%, and the ChiNext Index up 1.84%. The trading volume in the Shanghai and Shenzhen stock markets rebounded to two trillion. Most industry sectors rose, with non-ferrous metals and electronics sectors strengthening significantly, while media, social services, and commercial retail sectors leading the decline. The Q3 reports of listed companies showed good overall performance, providing bottom support for the market. However, the decline in China's manufacturing PMI in October and the lack of new positive news after the China-US summit and economic and trade negotiations may suppress the market. The market is in a policy and performance vacuum period, and the stock index is expected to fluctuate. It is recommended to wait and see [2]. Summary by Relevant Catalogs Futures Contract Prices - IF main contract (2512) was at 4670.8, up 64.2; IF second main contract (2511) was at 4683.8, up 64.0. IH main contract (2512) was at 3041.4, up 31.4; IH second main contract (2511) was at 3043.0, up 32.0. IC main contract (2512) was at 7246.4, up 120.4; IC second main contract (2511) was at 7304.6, up 118.8. IM main contract (2512) was at 7405.0, up 75.2; IM second main contract (2511) was at 7487.8, up 79.6 [2]. Futures Price Spreads - IF - IH current month contract spread was 1640.8, up 34.6; IC - IF current month contract spread was 2620.8, up 61.4. IM - IC current month contract spread was 183.2, down 38.4; IC - IH current month contract spread was 4261.6, up 96.0. IM - IF current month contract spread was 2804.0, up 23.0; IM - IH current month contract spread was 4444.8, up 57.6 [2]. Futures Seasonal - Current Month Spreads - IF current season - current month was -45.8, down 3.6; IF next season - current month was -85, down 3.4. IH current season - current month was -5.0, down 4.2; IH next season - current month was -10.2, down 5.0. IC current season - current month was -226.6, up 3.6; IC next season - current month was -411.6, up 4.8. IM current season - current month was -301.0, down 3.0; IM next season - current month was -513.2, down 7.8 [2]. Futures Net Positions of Top 20 - IF top 20 net positions were -28,077.00, up 1771.0; IH top 20 net positions were -15,051.00, down 710.0. IC top 20 net positions were -23,040.00, up 2822.0; IM top 20 net positions were -36,449.00, down 154.0 [2]. Spot Prices - The CSI 300 was at 4693.40, up 66.2; IF main contract basis was -22.6, up 8.1. The SSE 50 was at 3044.7, up 36.8; IH main contract basis was -3.3, up 2.0. The CSI 500 was at 7345.7, up 116.4; IC main contract basis was -99.3, up 22.0. The CSI 1000 was at 7551.8, up 87.0; IM main contract basis was -146.8, up 7.2 [2]. Market Sentiment - A - share trading volume (daily, billion yuan) was 20,759.04, up 1815.64; margin trading balance (previous trading day, billion yuan) was 24,914.78, down 1.44. North - bound trading volume (previous trading day, billion yuan) was 2286.82, down 122.28; reverse repurchase (maturity volume, operation volume, billion yuan) was -3426.0, up 928.0. Main funds (yesterday, today, billion yuan) were -126.28, up 11.65. The proportion of rising stocks (daily, %) was 52.88, down 9.19; Shibor (daily, %) was 1.313, down 0.002 [2]. Option Data - IO at - the - money call option closing price (2511) was 47.20, up 20.80; IO at - the - money call option implied volatility (%) was 13.85, down 0.76. IO at - the - money put option closing price (2511) was 63.80, down 53.40; IO at - the - money put option implied volatility (%) was 13.85, down 1.74. The 20 - day volatility of the CSI 300 index (%) was 18.17, down 0.05; trading volume PCR (%) was 58.70, down 18.02; open interest PCR (%) was 86.31, up 7.18 [2]. Wind Market Strength - Weakness Analysis - All A - shares were at 6.30, unchanged; technical aspect was at 5.30, down 0.90. Capital aspect was at 7.30, up 0.90 [2]. Industry News - As of November 5, 1035 companies announced interim dividends (including quarterly, semi - annual dividends, and special dividends) this year, with a total dividend amount of 7356.86 billion yuan, exceeding last year's interim dividend amount. Among them, 316 companies had their first interim dividends. China announced specific measures to implement the consensus of the China - US economic and trade consultations in Kuala Lumpur, including stopping the implementation of additional tariffs on some imported goods from the US announced on March 4, continuing to suspend the 24% reciprocal tariff for one year while retaining the 10% additional tariff rate, and taking other measures on US entities and enterprises. The US ADP employment in October increased by 42,000, far exceeding the expected 30,000, and the previous month's data was revised to a decrease of 29,000 [2]. Key Data to Focus On - China's October trade data will be released on November 7 at 9:30; China's October CPI and PPI will be released on November 9 at 9:30 [3].

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 徐玉花 期货从业资格号F03132080 期货投资咨询从业证书号 Z0021386 免责声明 本报告中的信息均来源于公开可获得资料 ，瑞达期货股份有限公司力求准确可靠 ，但对这些信息的准确性及完整性不做任何保证 ，据此投资，责 本报告不构成个人投资建议 客户应考虑本报告中的任何意见或建议是否符合其特定状况 本报告版权仅为我公司所有 任何机构和个人不得以任何形式翻版 究瑞达期货股份有限公司研究院 告进行有悖原意的引用 、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | SM主力合约收盘价（日，元/吨） | 5,798.00 | +22.00↑ | SF主力合约收盘价（日，元/吨） | 5,586.00 | +26.00↑ | | | SM期货合约持仓量（日，手） | 561,276.00 | -1269.00↓ | SF期货合约持仓量（日，手） | 362,094.00 | +2127.00↑ | | ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - The Shanghai copper main contract fluctuated strongly, with decreasing positions, spot discount, and strengthening basis. The copper concentrate supply shortage has not improved, TC fees hover in the negative range, and the firm ore price provides solid cost support for copper prices. Due to many smelting plants under maintenance and tight supply of copper ore and blister copper, smelting capacity is limited. The price of sulfuric acid, a by - product of smelting, shows signs of decline, affecting smelting profits and weakening production enthusiasm. Domestic refined copper supply may gradually shrink. High copper prices affect downstream purchasing strategies, and downstream buyers are pressing prices and maintaining just - in - time demand. Overall consumption is expected to improve, and downstream demand may be released as copper prices decline. In general, the fundamentals of Shanghai copper may be in a stage of shrinking supply and gradually improving demand, with positive industry expectations and orderly inventory reduction. In the options market, the call - put ratio of at - the - money options is 1.29, up 0.0104 month - on - month, indicating a bullish sentiment, and implied volatility slightly decreased. Technically, the 60 - minute MACD shows that the double lines are below the 0 - axis and the red bars are expanding. It is recommended to go long on dips with a light position, paying attention to controlling the rhythm and trading risks [2]. Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai copper was 86,320 yuan/ton, up 650 yuan; the price of LME 3 - month copper was 10,759 dollars/ton, up 61.5 dollars. The spread between the main contract and the next - month contract was - 30 yuan/ton, down 10 yuan; the position of the main contract of Shanghai copper was 211,098 lots, down 5,926 lots. The net position of the top 20 futures holders of Shanghai copper was - 13,834 lots, down 182 lots; LME copper inventory was 133,975 tons, up 75 tons. The inventory of cathode copper in the Shanghai Futures Exchange was 116,140 tons, up 11,348 tons; LME copper cancelled warrants were 10,650 tons, down 275 tons. The warehouse receipts of cathode copper in the Shanghai Futures Exchange were 43,893 tons, down 2,856 tons [2]. Spot Market - The price of SMM 1 copper spot was 85,995 yuan/ton, up 660 yuan; the price of 1 copper spot in the Yangtze River Non - ferrous Metals Market was 85,865 yuan/ton, up 435 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper was 52 dollars/ton, unchanged; the average premium of Yangshan copper was 34 dollars/ton, unchanged. The basis of the CU main contract was - 325 yuan/ton, up 10 yuan; the LME copper premium (0 - 3) was - 38.37 dollars/ton, down 7.92 dollars [2]. Upstream Situation - The import volume of copper ore and concentrates was 258.69 million tons, down 17.2 million tons. The rough smelting fee (TC) of domestic copper smelters was - 42.15 dollars/kiloton, up 0.55 dollars. The price of copper concentrate in Jiangxi was 76,160 yuan/metal ton, up 440 yuan; the price of copper concentrate in Yunnan was 76,860 yuan/metal ton, up 440 yuan. The processing fee for blister copper in the south was 1,100 yuan/ton, up 200 yuan; the processing fee for blister copper in the north was 900 yuan/ton, up 200 yuan [2]. Industry Situation - The output of refined copper was 126.6 million tons, down 3.5 million tons. The import volume of unwrought copper and copper products was 490,000 tons, up 60,000 tons. The social inventory of copper was 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire scrap in Shanghai was 58,190 yuan/ton, down 1,000 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper was 730 yuan/ton, unchanged. The price of 2 copper scrap (94 - 96%) in Shanghai was 71,850 yuan/ton, down 900 yuan [2]. Downstream and Application - The output of copper products was 223.2 million tons, up 1 million tons. The cumulative value of investment in power grid infrastructure construction was 437.807 billion yuan, up 58.231 billion yuan. The cumulative value of real estate development investment was 6,770.571 billion yuan, up 739.652 billion yuan. The monthly output of integrated circuits was 4,371,236,100 pieces, up 120,949 pieces [2]. Options Situation - The 20 - day historical volatility of Shanghai copper was 18.16%, down 5.5%; the 40 - day historical volatility of Shanghai copper was 19.42%, up 0.03%. The implied volatility of at - the - money options in the current month was 15.27%, down 0.0033. The call - put ratio of at - the - money options was 1.29, up 0.0104 [2]. Industry News - In October, the retail sales of new energy passenger vehicles in China were 1.4 million, a year - on - year increase of 17% and a month - on - month increase of 8%, with a penetration rate of 58.7%. The ADP employment in the US increased by 42,000 in October, the largest increase since July 2025, higher than the market expectation of 28,000. The US ISM non - manufacturing PMI in October was 52.4, the highest since February 2025. The US federal government shutdown has entered the 36th day, breaking the previous record. The Congressional Budget Office said it may reduce the Q4 economic growth rate by up to 2 percentage points. If the deadlock continues until Thanksgiving week, about 14 billion dollars in economic losses will be irrecoverable. The State Council will continue to suspend the 24% additional tariff on US imports for one year, retaining the 10% tariff rate. Premier Li Qiang said China will focus on high - quality development and promote high - level opening - up [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - The lithium carbonate market shows a complex situation with both supply and demand sides having growth potential. The price of lithium carbonate futures is volatile, and the option market sentiment is bullish. It is recommended to conduct light - position short - term long trades at low prices while controlling risks [2]. 3. Summary According to Related Catalogs Futures Market - The closing price of the main contract is 80,500 yuan/ton, up 1,360 yuan; the net position of the top 20 is - 164,646 hands, up 6,420 hands; the position volume of the main contract is 471,983 hands, up 18,723 hands; the spread between near - and far - month contracts is - 2,480 yuan/ton, down 1,280 yuan; the Guangzhou Futures Exchange warehouse receipt is 26,420 hands/ton, down 410 hands [2]. Spot Market - The average price of battery - grade lithium carbonate is 80,400 yuan/ton, down 100 yuan; the average price of industrial - grade lithium carbonate is 78,200 yuan/ton, down 100 yuan; the basis of the Li₂CO₃ main contract is - 100 yuan/ton, down 1,460 yuan [2]. Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 970 US dollars/ton, unchanged; the average price of amblygonite is 8,405 yuan/ton, up 65 yuan; the price of lepidolite (2 - 2.5%) is 3,060 yuan/ton, unchanged [2]. Industry Situation - The monthly output of lithium carbonate is 47,140 tons, up 1,260 tons; the monthly import volume is 19,596.90 tons, down 2,250.01 tons; the monthly export volume is 150.82 tons, down 218.09 tons; the enterprise operating rate is 47%, up 1%; the monthly output of power batteries is 151,200 MWh, up 11,600 MWh; the price of lithium manganate is 33,000 yuan/ton, unchanged; the price of lithium hexafluorophosphate is 11.90 million yuan/ton, up 0.25 million yuan; the price of lithium cobalt oxide is 343,500 yuan/ton, unchanged; the price of ternary material (811 type) in China is 164,500 yuan/ton, unchanged; the price of ternary material (622 power type) in China is 144,500 yuan/ton, unchanged [2]. Downstream and Application - The price of ternary material (523 single - crystal type) in China is 156,000 yuan/ton, unchanged; the operating rate of ternary cathode materials is 53%, down 2%; the price of lithium iron phosphate is 3.48 million yuan/ton, unchanged; the operating rate of lithium iron phosphate cathode is 59%, up 2%; the monthly output of new energy vehicles is 1,617,000, up 226,000; the monthly sales volume is 1,604,000, up 209,000; the cumulative sales penetration rate is 46.09%, up 0.55%; the cumulative sales volume is 11,228,000, up 2,908,000; the monthly export volume is 222,000, down 2,000; the cumulative export volume is 1,758,000, up 830,000; the 20 - day average volatility of the target is 31.02%, up 0.32%; the 40 - day average volatility is 27.41%, up 0.06% [2]. Option Situation - The total subscription position is 239,975, down 1,773; the total put position is 130,787, up 17,281; the put - call ratio of the total position is 54.50%, up 7.5481%; the implied volatility of at - the - money IV is 0.28%, down 0.0027% [2]. Industry News - In October 2025, Chile exported 25,000 tons of lithium carbonate, a 56% month - on - month increase. From January to October 2025, Chile exported 189,400 tons of lithium carbonate, a 5.3% year - on - year decrease. In October 2025, Chile exported 1,708 tons of lithium sulfate, all to China, an 80% month - on - month decrease. From January to October 2025, Chile exported 72,000 tons of lithium sulfate, an 81% year - on - year increase [2]. - As of the end of September, China's new energy storage installed capacity exceeded 100 million kilowatts, more than 30 times that at the end of the 13th Five - Year Plan, ranking first in the world [2]. - TrendForce predicts that the global demand for solid - state batteries (including semi - solid) will exceed 206 GWh in 2030 and expand to over 740 GWh in 2035 [2]. - In October 2025, the retail sales of new energy passenger vehicles in China were 1.4 million, a 17% year - on - year increase and an 8% month - on - month increase, with a penetration rate of 58.7% [2]. 4. Technical Analysis - On the technical side, the 60 - minute MACD has both lines below the 0 - axis and the green bar is converging [2]. 5. Operation Suggestion - Conduct light - position short - term long trades at low prices and pay attention to controlling trading rhythm and risks [2].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On November 6, the JM2601 contract of coking coal closed at 1290.5, up 2.38%. The spot price of Tangshan Mongolian No.5 coking coal was reported at 1460, equivalent to 1240 on the futures market. The macro - level policy adjusted the tariff on US imports. Fundamentally, the mine's operating rate declined for three consecutive weeks due to safety inspections, with neutral inventory and seasonal increase in total inventory. Technically, the daily K - line is above the 20 - day and 60 - day moving averages, and it should be treated as a wide - range oscillation. [2] - On November 6, the J2601 contract of coke closed at 1776.5, up 2.07%. The third round of price increase for coke in the spot market was implemented. Macro - level data showed that 21 troubled real - estate enterprises in the Chinese mainland had debt restructuring approved or completed. Fundamentally, the molten iron output continued to decline seasonally, and the total coke inventory was higher than the same period. The average profit per ton of coke for 30 independent coking plants was - 32 yuan/ton. Technically, the daily K - line is above the 20 - day and 60 - day moving averages, and it should be treated as a wide - range oscillation. [2] 3. Summary by Related Catalogs Futures Market - JM主力合约收盘价为1290.50元/吨，环比上涨22.00元；J主力合约收盘价为1776.50元/吨，环比上涨23.50元。JM期货合约持仓量为984216.00手，环比增加45197.00手；J期货合约持仓量为49120.00手，环比减少135.00手。焦煤前20名合约净持仓为 - 57205.00手，环比增加14755.00手；焦炭前20名合约净持仓为 - 5144.00手，环比增加470.00手。JM5 - 1月合约价差为54.50元/吨，环比下降9.00元；J5 - 1月合约价差为135.50元/吨，环比下降6.50元。焦煤仓单为400.00张，环比减少500.00张；焦炭仓单为2070.00张，环比无变化。[2] Spot Market - 干其毛都蒙5原煤价格为1170.00元/吨，环比上涨5.00元；唐山一级冶金焦价格为1830.00元/吨，环比上涨55.00元。俄罗斯主焦煤远期现货价格为158.50美元/湿吨，环比无变化；日照港准一级冶金焦价格为1620.00元/吨，环比上涨50.00元。京唐港澳大利亚进口主焦煤价格为1710.00元/吨，环比无变化；天津港一级冶金焦价格为1720.00元/吨，环比上涨50.00元。京唐港山西产主焦煤价格为1860.00元/吨，山西晋中灵石中硫主焦价格为1610.00元/吨，环比上涨40.00元；内蒙古乌海产焦煤出厂价为1330.00元/吨，环比无变化。JM主力合约基差为319.50元/吨，环比上涨18.00元；J主力合约基差为53.50元/吨，环比上涨31.50元。[2] Upstream Situation - 314家独立洗煤厂精煤日产量为27.50万吨，环比增加1.00万吨；精煤周库存为295.00万吨，环比增加10.60万吨。产能利用率为0.38%，环比增加0.01%。原煤月产量为41150.50万吨，环比增加2100.80万吨。煤及褐煤月进口量为4600.00万吨，环比增加326.00万吨。523家炼焦煤矿山原煤日均产量为186.30万吨，环比减少4.00万吨。16个港口进口焦煤周库存为513.89万吨，环比增加6.71万吨。[2] Industry Situation - 独立焦企全样本炼焦煤周总库存为1052.70万吨，环比增加23.00万吨；焦炭周库存为59.87万吨，环比增加1.23万吨。全国247家钢厂炼焦煤周库存为796.32万吨，环比增加13.36万吨；焦炭周库存为629.05万吨，环比减少4.11万吨。独立焦企全样本炼焦煤可用天数为12.96天，环比增加0.19天；247家样本钢厂焦炭可用天数为11.57天，环比增加0.50天。炼焦煤月进口量为1092.36万吨，环比增加76.14万吨；焦炭及半焦炭月出口量为54.00万吨，环比减少1.00万吨。炼焦煤月产量为3975.92万吨，环比增加279.06万吨；焦炭月产量为4255.60万吨，环比减少4.10万吨。独立焦企产能利用率为73.44%，环比下降0.03%；独立焦化厂吨焦盈利为 - 32.00元/吨，环比增加9.00元。[2] Downstream Situation - 全国247家钢厂高炉开工率为81.73%，环比下降3.00%；高炉炼铁产能利用率为88.59%，环比下降1.33%。粗钢月产量为7349.01万吨，环比减少387.84万吨。[2] Industry News - 国务院关税税则委员会自2025年11月10日13时01分起，调整对原产于美国的进口商品加征关税措施，一年内继续暂停实施24%的对美加征关税税率，保留10%的对美加征关税税率。郑商所发布动力煤期货2611合约有关事项公告，交易保证金标准为50%，涨跌停板幅度为10%，非期货公司会员或者客户单日开仓交易的最大数量为20手。泰国商业部外贸厅对原产于中国的热轧钢板反倾销案发起反规避调查。瑞典央行维持政策利率在1.75%不变。[2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - The spot market prices in Hebei decreased slightly, and buyers were selective in purchasing with limited transactions. The current price acceptance is average. The production area has entered the concentrated harvesting stage. It is recommended to pay attention to the changes in buyers' purchasing enthusiasm and volume. For short - term operations, it is advisable to wait and see [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the futures main contract for red dates was 9705 yuan/ton, a decrease of 35 yuan. The main contract's open interest was 158,289 lots, a decrease of 237 lots. The net long position of the top 20 futures holders was - 8573 lots, an increase of 250 lots. The number of warehouse receipts was 0, with no change, and the total valid warehouse receipt forecasts were also 0, with no change [2] Spot Market - The prices of various grades of red dates in different regions showed a downward trend. For example, the wholesale price of first - grade grey dates in Hebei decreased by 0.05 yuan/jin to 4.55 yuan/jin, and the price of red dates of all grades in Henan also decreased to varying degrees [2] Upstream Market - The annual red date production was 6.069 million tons, an increase of 3.187 million tons, while the planting area was 1.993 million hectares, a decrease of 41,000 hectares [2] Industry Situation - The national red date inventory was 9348 tons this week, an increase of 245 tons from last week, a 2.69% week - on - week increase and a 120.78% year - on - year increase. The monthly export volume of red dates was 2,283,671 kg, a decrease of 81,222 kg, and the cumulative monthly export volume was 23,548,402 kg, an increase of 2,283,671 kg [2] Downstream Situation - The cumulative sales volume of red dates of HaoXiangNi in the quarter was - 2981.06 tons, and the cumulative year - on - year production growth rate was 1.47%, a decrease of 34.59 percentage points [2] Industry News - In the Hebei market, old - season red dates were more popular than new - season ones. In the Guangdong market, the prices of new - season red dates were higher, and the market acceptance was average. Xinjiang buyers were actively purchasing, and the number of spot - futures companies selling at the fixed price increased [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - **Corn**: In the US, as the corn harvest progresses, supply pressure will gradually increase, but the recent rise in soybeans and wheat provides spill - over support. In China, the main producing areas are in the stage of releasing sales pressure, with sufficient market supply. Feed and deep - processing rigid demand exists, and the expansion of CGS storage acquisition boosts traders' enthusiasm. The futures market showed a slightly stronger trend at the end of the day, and short - term observation is recommended [2]. - **Corn Starch**: With the increase in new - season corn supply and the recovery of processing profits, the industry's operating rate has continuously rebounded, increasing supply - side pressure. However, downstream signing and提货 have slowed down slightly, and inventory has increased slightly. The futures market fluctuated and closed higher along with the corn market, and short - term observation is recommended [3]. 3. Summary by Relevant Catalogs Futures Market - **Prices**: The closing price of the 20 - corn starch futures active contract was 2469 yuan/ton, down 9 yuan; the corn monthly spread (1 - 5) was 18 yuan/ton, down 1 yuan; the corn starch monthly spread (1 - 3) was - 90 yuan/ton; the CS - C spread of the main contract was 345 yuan/ton [2]. - **Positions**: The futures positions of the active contracts of yellow corn and corn starch were 970616 hands and 222626 hands respectively, with an increase of 34867 hands and 7374 hands. The net long positions of the top 20 futures holders of corn and corn starch were - 91289 hands and - 59953 hands respectively, with an increase of 11371 hands and 723 hands. The registered warehouse receipts of yellow corn and corn starch were 0 hands and 12453 hands respectively [2]. Outer - Disk Market - The closing price of the active contract of CBOT corn was 4.25 cents per bushel, and the total position of CBOT corn was 1543065 contracts, an increase of 13269 contracts. The non - commercial net long position of CBOT corn was - 15017 contracts, a decrease of 51186 contracts [2]. Spot Market - **Corn Prices**: The average spot price of corn was 2236.47 yuan/ton, down 1.18 yuan; the flat - hatch price of corn at Jinzhou Port was 2150 yuan/ton; the CIF price of imported corn was 2054.11 yuan/ton, up 69.58 yuan; the international freight of imported corn was 0 US dollars/ton [2]. - **Corn Starch Prices**: The ex - factory quotes of corn starch in Changchun, Weifang, and Shijiazhuang were 2510 yuan/ton, 2750 yuan/ton, and 2680 yuan/ton respectively, with no change. The basis of the main corn starch contract was 41 yuan, down 18 yuan; the basis of the main corn contract was - 18.82 yuan, down 2.33 yuan [2]. - **Substitute Prices**: The average spot price of wheat was 2487.67 yuan/ton, down 3.51 yuan; the spread between cassava starch and corn starch was 291 yuan, down 7 yuan; the spread between corn starch and 30 - powder was - 236 yuan, down 2 yuan [2]. Upstream Situation - **Sowing and Yield Forecast**: The predicted sowing areas of corn in the US, Brazil, Argentina, China, and Ukraine were 36.44 million hectares, etc., and the predicted yields were 131 million tons, etc. [2]. - **Inventory**: The corn inventory in southern ports was 12.7 million tons, and the deep - processing corn inventory was 282.7 million tons, an increase of 49.3 million tons. The corn inventory in northern ports was 108 million tons [2]. Industry Situation - **Inventory**: The weekly inventory of starch enterprises was 112.8 million tons, a decrease of 1.2 million tons; the monthly import volume of corn was 6 million tons, and the monthly export volume of corn starch was 12780 tons, a decrease of 2020 tons [2]. Downstream Situation - **Output and Consumption**: The monthly output of feed was 201.5 million tons; the weekly consumption of deep - processing corn was 8.99 million tons; the alcohol enterprise operating rate was 68.42%, and the starch enterprise operating rate was 58.86%, an increase of 3.24 percentage points [2]. - **Profit**: The processing profits of corn starch in Shandong, Hebei, and Jilin were 59 yuan/ton, 124 yuan/ton, and 114 yuan/ton respectively, with a decrease of 5 yuan/ton, 8 yuan/ton, and no change [2]. Option Market - The 20 - day and 60 - day historical volatilities of corn were 9.31% and 7.38% respectively, with a decrease of 0.04 percentage points and 0.17 percentage points. The implied volatilities of at - the - money call and put options of corn were 8.12%, an increase of 1.11 percentage points [2]. Industry News - As of November 3, the planting progress of the first - season corn in Brazil's Paraná state in the 2025/26 season was 99%, up from 98% last week and the same as last year [2]. - China will cancel the maximum 15% retaliatory tariffs on some US agricultural products starting from November 10, while retaining the 10% additional tax [2]. - Analysts expect that as of November 2, the US corn harvest was 83% complete, up from 72% a week ago [2].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The global sugar market is facing a large supply surplus in the 2025/26 sugar season, with the expected increase in sugar production in India, the world's second-largest sugar producer, intensifying concerns about oversupply. ICE's most actively traded March raw sugar futures fell 0.11 cents, or 0.80%, to settle at 14.11 cents per pound. In the domestic market, the forecasted arrival of out-of-quota raw sugar in October is 175,000 tons, with the import volume expected to decrease month-on-month. Additionally, recent news about syrups and premixes provides some support. However, the loose supply-demand situation still exerts pressure on the sugar market, and sugar prices are expected to remain low in the short term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the sugar futures main contract is 5,448 yuan/ton, with a net increase of 4,955; the main contract position is 372,447 hands. The number of sugar warehouse receipts is 7,422; the net long position of the top 20 futures positions is -60,088 hands, a decrease of 6,371 hands. The effective warehouse receipt forecast for sugar is 1,586. The estimated import processing price of Brazilian sugar within the quota is 3,966 yuan/ton, a decrease of 90; the estimated import processing price of Thai sugar within the quota is 5,021 yuan/ton, a decrease of 118. The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5,106 yuan/ton, a decrease of 119; the estimated import price of Thai sugar outside the quota (50% tariff) is 5,750 yuan/ton [2] 3.2现货市场 - The spot price of white sugar in Kunming is 5,660 yuan/ton; the spot price in Nanning is 5,750 yuan/ton; the spot price in Liuzhou is 5,720 yuan/ton [2] 3.3 Upstream Situation - The national sugarcane planting area is 1,480 thousand hectares, a decrease of 12.86 thousand hectares; the planting area of sugarcane in Guangxi is 1,116.21 thousand hectares. The cumulative national sugar production is 835.09 million tons, a decrease of 5.49 million tons; the cumulative national sugar sales volume is 811.38 million tons, an increase of 86.92 million tons. The monthly import volume of sugar is 550,000 tons, a decrease of 280,000 tons; the total monthly sugar exports from Brazil are 3.2458 million tons, a decrease of 498,200 tons [2] 3.4 Industrial Situation - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1,596 yuan/ton, an increase of 93; the price difference between imported Thai sugar and Liuzhou sugar within the quota is 1,530 yuan/ton, an increase of 94. The price difference between imported Brazilian sugar and the current price of Liuzhou sugar outside the quota (50% tariff) is 502 yuan/ton, an increase of 121; the price difference between imported Thai sugar and Liuzhou sugar outside the quota (50% tariff) is 541 yuan/ton [2] 3.5 Downstream Situation - The monthly output of refined sugar is 53.91 million tons; the monthly output of soft drinks is 1,591.7 million tons, a decrease of 184.1 million tons [2] 3.6 Options Market - The implied volatility of at-the-money call options for sugar is 8.15%, an increase of 1.41%; the implied volatility of at-the-money put options for sugar is 8.22%, an increase of 1.47%. The 20-day historical volatility of sugar is 7.93%, an increase of 0.36%; the 60-day historical volatility is 6.96%, an increase of 0.14% [2] 3.7 Industry News - As of October 31, the cumulative sugar sales in Yunnan Province reached 2.3115 million tons, compared with 1.9991 million tons in the same period last year. The sugar sales rate was 95.57% (98.38% in the same period last year). In October, the single-month sugar sales in Yunnan were 97,500 tons, an increase of 18,600 tons year-on-year. ICE raw sugar futures fell to a five-year low on Wednesday [2]