1. Report Industry Investment Rating - No investment rating provided in the report. 2. Core View of the Report - Xinjiang merchants have high enthusiasm for purchasing red dates, actively finalizing orchards and trees, and have shipped the harvested goods to the inland. Point - price shipments by futures - cash companies have increased, and some merchants are actively purchasing old - season goods. The inventory at sample points shows an increasing trend. As of October 31, 2025, the physical inventory of 36 sample points in the red date industry this week is 9348 tons, a week - on - week increase of 245 tons, a 2.69% week - on - week increase, and a 120.78% year - on - year increase. In the sales area market, the price in the Hebei market has slightly decreased, and merchants are selectively making small - volume purchases, with the current price acceptance being average. It is expected that the production area will enter the concentrated harvesting stage in early November. It is recommended to pay attention to the changes in merchants' purchasing enthusiasm and purchase volume. In the short term, it is advisable to wait and see [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for red dates is 9740 yuan/ton, up 45 yuan; the main contract position is 158,526 lots, down 20,402 lots; the net long position of the top 20 futures holders is - 8823 lots, up 982 lots; the number of warehouse receipts is 0, with no change; the total number of valid warehouse receipt forecasts is 0, with no change [2]. 3.2 Spot Market - The unified price of red dates in Kashgar is 7.35 yuan/kg, with no change; the wholesale price of first - grade grey dates in Hebei is 4.6 yuan/jin, down 0.1 yuan; the unified price of red dates in Alar is 7.05 yuan/kg, with no change; the wholesale price of first - grade grey dates in Henan is 4.75 yuan/jin, with no change; the unified price of red dates in Aksu is 6.65 yuan/kg, with no change; the price of special - grade red dates in Henan is 10.5 yuan/kg, with no change; the price of special - grade red dates in Hebei is 10.29 yuan/kg, down 0.06 yuan; the price of special - grade red dates in Guangdong is 11.6 yuan/kg, with no change; the price of first - grade red dates in Guangdong is 10.6 yuan/kg, with no change [2]. 3.3 Upstream Market - The annual output of red dates is 6.069 million tons, an increase of 3.187 million tons; the planting area is 1.993 million hectares, a decrease of 41,000 hectares [2]. 3.4 Industry Situation - The national red date inventory this week is 9348 tons, an increase of 245 tons; the monthly export volume of red dates is 2,283,671 kg, a decrease of 81,222 kg; the cumulative monthly export volume is 23,548,402 kg, an increase of 2,283,671 kg [2]. 3.5 Downstream Situation - The cumulative sales volume of red dates of Hao Xiang Ni is - 2981.06 tons; the cumulative year - on - year output growth rate is 1.47%, a decrease of 34.59 percentage points [2]. 3.6 Industry News - In the Hebei Cuierzhuang market, 3 trucks of goods arrived. The reference price for first - grade red dates is 8.80 yuan/kg, and 7.60 yuan/kg for second - grade. Old - season goods are more popular than new - season goods, and the prices of all grades in the market have declined. In the Guangdong Ruyifang market, 6 trucks of goods arrived, with sufficient supply. The reference price for super - special red dates is 12.30 yuan/kg, 11.50 yuan/kg for special - grade, 10.50 yuan/kg for first - grade, and 8.80 yuan/kg for second - grade. Merchants are selectively purchasing, and the acceptance of new - season goods in the market is average [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - The overall performance of A-share Q3 reports is good, providing bottom support for the market. However, the decline in domestic manufacturing prosperity in October may suppress subsequent market trends. There is a sense of "good news exhausted" in the market, and the pressure on the RMB exchange rate restricts the loose monetary policy. It is recommended to wait and see for now [2]. 3. Summary by Relevant Catalogs 3.1 Futures Disk - **Contract Prices**: IF (2512) latest price is 4596.6, up 18.8; IH (2512) is 3002.6, down 0.4; IC (2512) is 7108.0, up 38.8; IM (2512) is 7310.8, up 56.0. Their corresponding secondary contracts also have varying price changes [2]. - **Contract Spreads**: IF - IH, IC - IF, IM - IC, IC - IH, IM - IF, and IM - IH monthly contract spreads all increased, while the spreads between quarterly and monthly contracts showed mixed trends [2]. - **Futures Positions**: IF and IC top 20 net positions decreased, while IH and IM top 20 net positions increased [2]. 3.2 Spot Price - **Index Prices**: The Shanghai - Shenzhen 300 index is 4627.26, up 8.6; the Shanghai 50 index is 3008.0, down 5.0; the CSI 500 index is 7229.3, up 18.5; the CSI 1000 index is 7464.9, up 29.1 [2]. - **Basis**: The basis of IF, IH, IC, and IM main contracts all decreased [2]. 3.3 Market Sentiment - **Trading Volume and Balance**: A - share trading volume decreased by 440.55 billion yuan to 18,943.40 billion yuan; margin trading balance decreased by 31.40 billion yuan to 24,916.23 billion yuan. North - bound trading volume decreased by 268.32 billion yuan to 2409.10 billion yuan [2]. - **Other Indicators**: The proportion of rising stocks increased by 32.15 percentage points to 62.07%; Shibor remained unchanged at 1.315%. Option prices and implied volatilities generally decreased, while PCRs of trading volume and positions increased [2]. 3.4 Industry News - **PMI Data**: In October, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month; the non - manufacturing business activity index was 50.1%, up 0.1 percentage points; the composite PMI output index was 50.0%, down 0.6 percentage points [2]. - **Corporate Earnings**: As of October 31, 2025, the total revenue of A - share listed companies in the first three quarters was 53.41 trillion yuan, a year - on - year increase of 1.20%; the net profit attributable to shareholders was 4.70 trillion yuan, a year - on - year increase of 5.34%. The profit growth rate in Q3 reached 11.30%, up 10.19 percentage points from Q2 [2]. - **Market Performance**: Most A - share major indices closed higher. The Shanghai Composite Index rose 0.23%, the Shenzhen Component Index rose 0.37%, and the ChiNext Index rose 1.03%. Overseas, Powell's statement weakened the market's expectation of a December interest rate cut [2]. 3.5 Key Data to Watch - November 5, 21:15: US October ADP employment data; November 7, 9:30: China's October trade data; November 9, 9:30: China's October CPI and PPI [3].

免责声明 碳酸锂产业日报 2025/11/5 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，责任自负。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，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发， 需注明出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报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 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 79,140.00 | +580.00↑ 前20名净持仓（日，手） | -171,066.00 | +15365.00↑ | | 期货市场 | 主力合约持仓量（日，手） | 453,260.00 | -4114.00↓ 近远月合约价差（日，元/吨） | -1,200.00 | +140.00↑ | | | 广期所仓单（日，手/吨） | 26,830.00 | ...

| 项目类别 | 数据指标 最新 | 最新 | 环比 项目 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 108.620 | -0.01% T主力成交量 | 56314 | -10521↓ | | | TF主力收盘价 | 106.010 | 0% TF主力成交量 | 40527 | -9982↓ | | | TS主力收盘价 | 102.484 | -0.01% TS主力成交量 | 18650 | -679↓ | | | TL主力收盘价 | 116.430 | -0.08% TL主力成交量 | 92949 | 5978↑ | | 期货价差 | TL2512-2603价差 | 0.24 | -0.01↓ T12-TL12价差 | -7.81 | 0.05↑ | | | T2512-2603价差 | 0.24 | -0.02↓ TF12-T12价差 | -2.61 | 0.02↑ | | | TF2512-2603价差 | 0.03 | -0.02↓ TS12-T12价差 | -6.14 | 0.03↑ | | | TS2512-2 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On November 5, for the manganese - silicon 2601 contract, it was reported at 5776, up 0.24%. The spot price in Inner Mongolia was 5540, down 10 yuan/ton. It should be treated as a volatile market, and investors should control risks. For the silicon - iron 2601 contract, it was reported at 5560, up 0.98%. The spot price in Ningxia was 5220, down 40 yuan/ton. It should also be treated as a volatile market, and investors should control risks [2]. 3. Summary by Related Catalogs Futures Market - JM主力合约收盘价 was 1268.50 yuan/ton, up 15.50 yuan; J主力合约收盘价 was 1753.00 yuan/ton, up 24.00 yuan. JM期货合约持仓量 was 939019.00 hands, up 4651.00 hands; J期货合约持仓量 was 49255.00 hands, down 185.00 hands. The net position of the top 20 JM contracts was - 57205.00 hands, up 14755.00 hands; the net position of the top 20 J contracts was - 5144.00 hands, up 470.00 hands. The JM5 - 1 month contract spread was 63.50 yuan/ton, up 5.00 yuan; the J5 - 1 month contract spread was 142.00 yuan/ton, up 1.00 yuan. The JM and J warehouse receipts remained unchanged at 900.00 and 2070.00 respectively [2]. Spot Market - The prices of various types of coking coal and metallurgical coke in the spot market remained unchanged. The JM主力合约基差 was 301.50 yuan/ton, down 15.50 yuan; the J主力合约基差 was 22.00 yuan/ton, down 24.00 yuan [2]. Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 27.50 million tons, up 1.00 million tons; the weekly inventory was 295.00 million tons, up 10.60 million tons. The capacity utilization rate of 314 independent coal washing plants was 0.38%, up 0.01%. The monthly raw coal output was 41150.50 million tons, up 2100.80 million tons. The monthly import volume of coal and lignite was 4600.00 million tons, up 326.00 million tons. The daily average output of raw coal from 523 coking coal mines was 190.30 million tons, down 0.60 million tons. The weekly inventory of imported coking coal at 16 ports was 513.89 million tons, up 6.71 million tons; the weekly inventory of coke at 18 ports was 269.90 million tons, up 9.11 million tons [2]. Industry Situation - The monthly import volume of coking coal was 1092.36 million tons, up 76.14 million tons; the monthly export volume of coke and semi - coke was 54.00 million tons, down 1.00 million tons. The monthly output of coking coal was 3975.92 million tons, up 279.06 million tons. The capacity utilization rate of independent coking enterprises was 73.44%, down 0.03%. The weekly profit per ton of coke in independent coking plants was - 32.00 yuan, up 9.00 yuan. The monthly output of coke was 4255.60 million tons, down 4.10 million tons [2]. Downstream Situation - The weekly blast furnace operating rate of 247 steel mills nationwide was 81.73%, down 3.00%; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 88.59%, down 1.33%. The monthly crude steel output was 7349.01 million tons, down 387.84 million tons [2]. Industry News - On November 4, some steel mills in Hebei and Tianjin raised the coke purchase price for the third time, with an increase of 50 - 55 yuan/ton, effective from 0:00 on November 5, 2025. The Reserve Bank of Australia kept the key interest rate at 3.6% and warned of increased inflationary pressures. The CEOs of Morgan Stanley and Goldman Sachs warned that the stock market may be heading for a pull - back. The President of the Swiss National Bank said that inflation should rise slightly in the next few quarters [2]. Manganese - Silicon and Silicon - Iron Market - Manganese - silicon 2601 contract: On November 5, it was reported at 5776, up 0.24%. The spot price in Inner Mongolia was 5540, down 10 yuan/ton. Some steel mills in Shanxi planned to shut down for maintenance earlier than last year. The inventory increased rapidly, the output continued to decline slightly from a high level, and the cost of imported manganese ore decreased by 11.3 million tons. The iron - water demand declined seasonally. The spot profit in Inner Mongolia was - 160 yuan/ton, and in Ningxia was - 260 yuan/ton. The mainstream steel procurement price in October was 5820 yuan/ton, down 180 yuan/ton month - on - month [2]. - Silicon - iron 2601 contract: On November 5, it was reported at 5560, up 0.98%. The spot price in Ningxia was 5220, down 40 yuan/ton. The macro - environment saw the Reserve Bank of Australia keeping the key interest rate at 3.6% and warning of inflation. The supply - demand was in a weak balance, the inventory was at a neutral level, and the cost was supported in the short term. The spot profit in Inner Mongolia was - 310 yuan/ton, and in Ningxia was - 510 yuan/ton [2].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The international sugar market has a bearish fundamental outlook, with a significant global supply surplus expected in the 2025/26 sugar - crushing season. The most actively traded March raw sugar futures on ICE fell 0.43 cents, or 2.90%, to settle at 14.22 cents per pound. In the domestic market, the forecasted arrival of out - of - tariff - quota raw sugar in October is 17.45 tons, with the import volume expected to decrease month - on - month. Affected by news related to syrups and premixes, there is support at lower levels. However, the loose supply - demand situation still exerts pressure on the sugar market, and sugar prices are expected to remain at low levels in the short term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the sugar futures main contract is 5441 yuan/ton, down 40 yuan; the main contract's open interest is 367,492 lots, down 1330 lots. The number of sugar warehouse receipts is 7422, down 10; the net long position of the top 20 futures holders is - 53,717 lots, down 3869 lots. The total of valid warehouse receipt forecasts for sugar is 1586 [2] 3.2 Spot Market - The estimated import - processing price of Brazilian sugar within the quota is 4057 yuan/ton, up 51 yuan; that of Thai sugar is 4122 yuan/ton, up 51 yuan. The estimated price of imported Brazilian sugar outside the quota (50% tariff) is 5139 yuan/ton, up 66 yuan; that of Thai sugar is 5225 yuan/ton, up 67 yuan. The spot price of white sugar in Kunming is 5660 yuan/ton, down 20 yuan; in Nanning is 5700 yuan/ton, down 10 yuan; in Liuzhou is 5720 yuan/ton, down 10 yuan [2] 3.3 Upstream Situation - The national sugar - crop planting area is 1480 thousand hectares, up 60 thousand hectares; the planting area of sugarcane in Guangxi is 835.09 thousand hectares, down 12.86 thousand hectares. The cumulative national sugar production is 1116.21 million tons, up 44.98 million tons; the cumulative national sugar sales volume is 999.98 million tons. The monthly import volume of sugar is 550,000 tons, down 280,000 tons; the monthly total sugar exports from Brazil are 324.58 million tons, down 49.82 million tons [2] 3.4 Industry Situation - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1502 yuan/ton, down 40 yuan; the price difference between imported Thai sugar and Liuzhou sugar within the quota is 1437 yuan/ton, down 40 yuan. The price difference between imported Brazilian sugar and the current price of Liuzhou sugar outside the quota (50% tariff) is 420 yuan/ton, down 55 yuan; the price difference between imported Thai sugar and Liuzhou sugar outside the quota (50% tariff) is 334 yuan/ton, down 56 yuan [2] 3.5 Downstream Situation - The monthly output of refined sugar is 53.91 million tons, up 8.5 million tons; the monthly output of soft drinks is 1591.7 million tons, down 184.1 million tons [2] 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 6.74%, down 0.78%; the implied volatility of at - the - money put options is 6.75%, down 0.57%. The 20 - day historical volatility of sugar is 7.56%, up 0.1%; the 60 - day historical volatility is 6.82%, down 0.01% [2] 3.7 Industry News - The Indian Sugar and Bioenergy Manufacturers Association (ISMA) estimates that India's sugar production in the 2025/26 season will increase by 16% to 34.35 million tons, mainly driven by increased production in Maharashtra. The net sugar production this year is expected to be 30.95 million tons, higher than 26.1 million tons in the previous season [2]

免责声明 锰硅硅铁产业日报 2025/11/5 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。 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 | 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） | 5,776.00 | +22.00↑ | SF主力合约收盘价（日，元/吨） | 5,560.00 | +50.00↑ | | | SM期货合约持仓量（日，手） | 562,545.00 | +5369.00↑ | SF期货合约持仓量（日，手） | 359,967. ...

免责声明 棕榈油产业日报 2025-11-04 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:棕榈油(日,元/吨) 期货持仓量(活跃合约):棕榈油(日,手) | 8616 405977 | -48 棕榈油1-5价差(日,元/吨) 14740 注册仓单量:棕榈油(日,手) | -80 650 | -22 400 | | 期货市场 | 期货前20名持仓:净买单量:棕榈油(日,手) | -21407 | -8028 期货结算价(连续):BMD毛棕榈油(日,马来 | 4086 | -104 | | | 期货结算价(活跃合约):NYMEX轻质原油( | 61.05 | 西亚林吉特/吨) 0.07 | | | | | 日,美元/桶) | | | | | | | 现货价:棕榈油(24度):广东(日,元/吨) | 8570 | -30 棕榈油(马来西亚):FOB离岸价(日,美元/吨 | 1030 | -25 | | 现货价格 | 现货价:棕榈油(24度):张家港(日,元/吨) | 863 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The rapeseed meal market is in a situation of weak supply and demand. The supply is under less pressure due to import restrictions and oil - mill shutdowns, but the demand is also weakening as aquaculture demand decreases and soybean supply is relatively abundant with good substitution advantages [2]. - The rapeseed oil market is supported by the tightening supply of imported rapeseed and the de - stocking mode. However, the demand is mainly for essential needs due to the sufficient supply and good substitution advantage of soybean oil. The near - month contracts of rapeseed oil perform better than the far - month ones, and the price is in a narrow - range fluctuation, suggesting short - term observation [2]. 3. Summary According to Related Catalogs 3.1 Futures Market - The closing price of the active rapeseed oil contract is 9443 yuan/ton, down 27 yuan; the closing price of the active rapeseed meal contract is 2497 yuan/ton, up 6 yuan. The ICE rapeseed closing price is 647.6 Canadian dollars/ton, up 9.7 Canadian dollars; the closing price of the active rapeseed contract is 5130 yuan/ton, down 130 yuan [2]. - The 1 - 5 month spread of rapeseed oil is 363 yuan/ton, down 23 yuan; the 1 - 5 month spread of rapeseed meal is - 85 yuan/ton, up 8 yuan. The net long positions of the top 20 futures holders for rapeseed oil are - 3380 lots, down 5277 lots; for rapeseed meal, they are - 24967 lots, up 13261 lots [2]. - The number of rapeseed oil warehouse receipts is 7540, unchanged; the number of rapeseed meal warehouse receipts is 2955, unchanged. The main - contract positions for rapeseed oil are 213040 lots; for rapeseed meal, they are 375310 lots [2]. 3.2 Spot Market - The spot price of rapeseed oil in Jiangsu is 9770 yuan/ton, down 30 yuan; the spot price of rapeseed meal in Nantong is 2530 yuan/ton, up 10 yuan. The average price of rapeseed oil is 9887.5 yuan/ton, down 30 yuan [2]. - The import cost of rapeseed is 7969.31 yuan/ton, up 150.43 yuan. The spot price of rapeseed in Yancheng, Jiangsu is 5700 yuan/ton, unchanged. The oil - meal ratio is 3.78, down 0.03 [2]. - The basis of the rapeseed oil main contract is 327 yuan/ton, down 3 yuan; the basis of the rapeseed meal main contract is 33 yuan/ton, up 4 yuan. The spot price difference between rapeseed oil and soybean oil is 1360 yuan/ton, down 80 yuan [2]. 3.3 Substitute Spot Prices - The spot price of 24 - degree palm oil in Guangdong is 8570 yuan/ton, down 30 yuan; the spot price difference between rapeseed oil and palm oil is 1200 yuan/ton, unchanged. The spot price of soybean meal in Zhangjiagang is 3050 yuan/ton, up 10 yuan; the spot price difference between soybean meal and rapeseed meal is 520 yuan/ton, unchanged [2]. 3.4 Upstream Situation - The global rapeseed production forecast is 90.96 million tons, up 1.38 million tons; the annual rapeseed production forecast is 13446 thousand tons, up 1068 thousand tons. The total rapeseed import volume is 11.53 tons, down 13.13 tons [2]. - The crushing profit of imported rapeseed is 596 yuan/ton, down 63 yuan. The total rapeseed inventory in oil mills is 2 tons, down 1 ton; the weekly operating rate of imported rapeseed is 1.6%, down 1.33% [2]. 3.5 Industry Situation - The import volume of rapeseed oil and mustard oil is 16 tons, up 2 tons; the import volume of rapeseed meal is 15.77 tons, down 5.57 tons [2]. - The rapeseed oil inventory in coastal areas is 3.8 tons, down 0.4 tons; the rapeseed meal inventory is 0.71 tons, unchanged. The rapeseed oil inventory in the East China region is 47.8 tons, down 1.6 tons; the rapeseed meal inventory is 26.05 tons, down 0.7 tons [2]. - The rapeseed oil inventory in Guangxi is 2.4 tons, down 0.3 tons; the rapeseed meal inventory in South China is 20.7 tons, down 0.6 tons. The weekly rapeseed oil pick - up volume is 1.84 tons, up 1.49 tons; the weekly rapeseed meal pick - up volume is 0.39 tons, up 0.17 tons [2]. 3.6 Downstream Situation - The monthly output of feed is 201.5 tons; the monthly output of edible vegetable oil is 3128.7 tons, up 495 tons. The monthly retail sales of social consumer goods in the catering industry is 4508.6 billion yuan, up 12.9 billion yuan [2]. 3.7 Option Market - The implied volatility of at - the - money call options for rapeseed meal is 23.8%, up 1.31%; the implied volatility of at - the - money put options is 18.97%, down 3.52%. The 20 - day historical volatility is 25.27%, up 4.27%; the 60 - day historical volatility is 26.8%, up 1.45% [2]. - The implied volatility of at - the - money call options for rapeseed oil is 14.42%, down 0.19%; the implied volatility of at - the - money put options is 13%, down 1.6%. The 20 - day historical volatility is 13.77%, up 0.22%; the 60 - day historical volatility is 15.09%, up 0.03% [2]. 3.8 Industry News - On November 3, ICE rapeseed futures closed higher, supported by trade optimism and the spill - over effect of CBOT soybean futures. The January rapeseed futures closed 10.90 Canadian dollars higher at 647.90 Canadian dollars per ton [2]. - The US Treasury Secretary confirmed that China has agreed to purchase 12 million tons of US soybeans this season and at least 25 million tons per year in the next three years, which boosts the US soybean futures price and benefits the domestic meal market [2]. - The Canadian Prime Minister and the Chinese President's meeting in South Korea failed to make a breakthrough on rapeseed tariffs. The harvest of Canadian rapeseed is over, with a large supply and weakening exports, but an agreement with Pakistan provides additional support [2]. - GAPKI expects Indonesia's palm oil production to increase by 10% in 2025, and the B50 biodiesel plan in Indonesia is uncertain, causing concerns about long - term biodiesel demand [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The precious metals market may continue to experience wide - range fluctuations. The tariff policy narrative is uncertain, and the ongoing US government shutdown and central bank gold - buying expectations provide bottom support for gold prices. However, the strengthening of the US dollar and long - term yields pose potential pressure on gold prices. The weakening of the interest - rate cut expectation and the strengthening of the US dollar may hinder the upward movement of gold prices. If the narrative of the end of the US government shutdown heats up, it may also suppress the upward expectation of gold prices. It is recommended to adopt an interval - band trading strategy. The recommended trading range for the Shanghai Gold 2512 contract is 890 - 950 yuan/gram, and for the Shanghai Silver 2512 contract is 11000 - 11600 yuan/kilogram [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai Gold main contract is 915.58 yuan/gram, down 7 yuan; the closing price of the Shanghai Silver main contract is 11238 yuan/kilogram, down 217 yuan. The main - contract positions of Shanghai Gold are 144602 hands, down 6771 hands; those of Shanghai Silver are 257090 hands, down 4377 hands. The net positions of the top 20 in the Shanghai Gold main contract are 101888 hands, down 2567 hands; those of Shanghai Silver are 93370 hands, down 192 hands [3] 3.2现货市场 - The warehouse - receipt quantity of gold is 87816 kilograms, unchanged; that of silver is 665610 kilograms, up 6759 kilograms. The spot price of gold on the Shanghai Non - ferrous Metals Network is 916 yuan/gram, down 1.5 yuan; the spot price of silver is 11343 yuan/kilogram, down 7 yuan. The basis of the Shanghai Gold main contract is 0.42 yuan/gram, up 5.5 yuan; the basis of the Shanghai Silver main contract is 105 yuan/kilogram, up 210 yuan [3] 3.3 Supply - Demand Situation - Gold ETF holdings are 1041.78 tons, up 2.58 tons; silver ETF holdings are 15189.82 tons, unchanged. The non - commercial net positions of gold in CFTC are 266749 contracts, up 339 contracts; those of silver are 52276 contracts, up 738 contracts. The total supply of gold in the quarter is 1313.01 tons, up 54.84 tons; the total supply of silver in the year is 987.8 million troy ounces, down 21.4 million troy ounces. The total demand for gold in the quarter is 1313.01 tons, up 54.83 tons; the global total demand for silver in the year is 1195 million ounces, down 47.4 million ounces [3] 3.4 Option Market - The 20 - day historical volatility of gold is 35.96%, up 0.01%; the 40 - day historical volatility is 26.96%, up 0.01%. The implied volatility of at - the - money call options for gold is 25.83%, down 0.59%; the implied volatility of at - the - money put options for gold is 25.83%, down 0.59% [3] 3.5 Industry News - The US Treasury Secretary said that if China continues to block rare - earth exports, the US may impose additional tariffs on China. The Chinese Foreign Ministry responded that dialogue and cooperation are the right ways. A Fed governor called for more aggressive interest - rate cuts, saying that the Fed's policy is too tight. Another Fed governor said that each Fed meeting is real - time for monetary policy, and the Fed's dual - mandate risks have increased. The US October ISM manufacturing index was 48.7, remaining below the boom - bust line, and the tariff policy still suppresses the manufacturing outlook [3]