| | | 沪锌产业日报 2025-09-24 ，下游维持按需采购动作，提货节奏扔较慢，但到货量偏少，国内社库下降，现货升水维持低位；海外LM E库存下降明显，现货升水走高，对锌价构成支撑。技术面，持仓增量价格下滑，空头氛围偏强，跌破2200 研究员: 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 0关口支撑。操作上，建议暂时观望。 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 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪锌主力合约收盘价(日,元/吨) | 21860 | 15 ...

Report Industry Investment Rating - Not provided Core Viewpoints - Driven by the rise in international oil prices, BZ2603 fluctuated strongly and closed at 5,907 yuan/ton. Last week, two new petrobenzene plants were shut down, and some hydrobenzene plants restarted. Overall, the domestic pure benzene supply decreased week-on-week. The aniline开工率 increased significantly last week, and the开工 rates of caprolactam and phenol increased week-on-week, while the开工 rates of styrene and adipic acid decreased week-on-week. Overall, the weighted downstream开工率 increased slightly. The arrival volume of ships at ports decreased, and the提货 volume increased, leading to a week-on-week decrease in pure benzene port inventory. This week, some petrobenzene and hydrobenzene plants are expected to restart, and the arrival quantity of imported goods is expected to increase, so the pure benzene supply is expected to rise week-on-week. The five major downstream plants have the expectation of increasing production, which may drive short-term demand up. However, in the medium and long term, large-scale styrene production capacity is in the rotation maintenance cycle, which limits the room for pure benzene demand to increase. As the National Day approaches, the pre-holiday stocking demand of downstream enterprises increases, which may support the pure benzene price to some extent. In terms of cost, the global crude oil supply and demand are weak, but the US sanctions against some oil-producing countries may be upgraded, and the international oil price rose significantly yesterday. In the short term, BZ2603 is expected to fluctuate with the oil price. Technically, pay attention to the support of the lower Bollinger Band around 5,850 and the pressure of the 10-day moving average around 5,985 [2] Summary by Relevant Catalogs Futures Market - The closing price of the main pure benzene contract was 5,907 yuan/ton, up 37 yuan; the settlement price was 5,910 yuan/ton, up 45 yuan. The trading volume was 5,133 lots, down 928 lots; the open interest was 12,986 lots, down 480 lots [2] Spot Market - The mainstream prices of pure benzene in the East China, North China, South China, and Northeast markets were 5,840 yuan/ton, 5,950 yuan/ton, 5,900 yuan/ton, and 5,947 yuan/ton respectively. The mainstream prices of hydrobenzene in Jiangsu and Shanxi were 6,050 yuan/ton and 5,740 yuan/ton respectively. The FOB mid-price of pure benzene in South Korea was 705 US dollars/ton, down 5 US dollars; the CFR mid-price of pure benzene in China was 722.5 US dollars/ton, down 5 US dollars [2] Upstream Situation - The spot price of Brent DTD crude oil was 68.6 US dollars/barrel, up 1.69 US dollars; the CFR mid-price of naphtha in Japan was 597.5 US dollars/ton, up 1.87 US dollars [2] Industry Situation - The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points; the weekly output was 450,100 tons, down 5,400 tons. The port inventory was 134,000 tons, down 10,000 tons. The production cost was 5,327.8 yuan/ton, down 118.2 yuan; the production profit was 737 yuan/ton, up 76 yuan [2] Downstream Situation - The开工率 of styrene was 73.44%, down 1.54 percentage points; the capacity utilization rate of caprolactam was 95.72%, up 6.41 percentage points; the capacity utilization rate of phenol was 78.54%, down 0.46 percentage points; the capacity utilization rate of aniline was 69.24%, down 0.1 percentage point; the capacity utilization rate of adipic acid was 64.3%, up 2 percentage points [2] Industry News - From September 12th to 18th, the capacity utilization rate of petrobenzene in China decreased by 0.94 percentage points to 78.35% week-on-week, and the capacity utilization rate of hydrobenzene increased by 5.35 percentage points to 59.94% week-on-week. The weighted downstream开工率 of pure benzene increased by 0.74 percentage points to 74.29% week-on-week. As of September 22nd, the pure benzene port inventory in Jiangsu was 107,000 tons, down 20.15% week-on-week. From September 12th to 18th, the profit of petrobenzene decreased by 18 yuan/ton to 425 yuan/ton week-on-week [2]

Report Industry Investment Rating - No information provided Core View of the Report - The overall supply of Shanghai lead decreased slightly, demand increased slowly, and after the market digested the Fed's news and took profits, it showed a high - level consolidation. It is recommended to buy on dips for lead prices [2] Summary by Related Catalogs Futures Market - The closing price of the Shanghai lead main contract was 17,065 yuan/ton, down 20 yuan; the 11 - 12 month contract spread was - 25 yuan/ton, unchanged; the open interest was 94,814 lots, down 4,144 lots; the net position of the top 20 was 541 lots, up 261 lots; the warehouse receipts were 38,160 tons, down 3,450 tons; the SHFE inventory was 57,332 tons, down 9,229 tons; the LME 3 - month lead quote was 1,999 dollars/ton, down 0.5 dollars; the LME lead inventory was 219,975 tons, down 1,700 tons [2] Spot Market - The SMM 1 lead spot price was 16,950 yuan/ton, down 25 yuan; the Yangtze River Non - ferrous Market 1 lead spot price was 17,140 yuan/ton, down 30 yuan; the basis of the lead main contract was - 115 yuan/ton, down 5 yuan; the LME lead cash - 3 spread was - 42.13 dollars/ton, up 3.03 dollars [2] Upstream Situation - The capacity utilization rate of recycled lead was 37.88%, up 4.55 percentage points; the number of recycled lead production enterprises was 68; the monthly output of recycled lead was 22.42 tons, down 6.75 tons; the average weekly operating rate of primary lead was 80.56%, down 0.96 percentage points; the weekly output of primary lead was 3.59 tons, unchanged; the processing fee of 60% lead concentrate at major ports was - 90 dollars/kiloton, unchanged; the ILZSG lead supply - demand balance was - 0.5 kilotons, up 1.3 kilotons; the global lead mine output was 395.9 kilotons, up 15.7 kilotons; the lead ore import volume was 13.48 tons, up 1.27 tons [2] Industry Situation - The refined lead import volume was 1,820.55 tons, down 1,596.29 tons; the refined lead export volume was 2,752.22 tons, up 957.7 tons; the average domestic processing fee of lead concentrate was 370 yuan/ton, unchanged; the average price of waste batteries was 10,091.07 yuan/ton, down 23.22 yuan [2] Downstream Situation - The export volume of batteries was 49,680 units, up 1,925 units; the average price of lead - antimony alloy was 20,075 yuan/ton, down 25 yuan; the Shenwan industry index of batteries was 2,133.43 points, down 24.05 points; the monthly automobile output was 275.24 tons, up 24.24 tons; the monthly new - energy vehicle output was 133.3 tons, up 15.7 tons [2] Industry News - Fed Chair Powell was cautious about future rate cuts, and the dollar strengthened. He said there were risks in employment and inflation and avoided giving a clear signal on whether to cut rates in October. The "Fed whisperer" pointed out that Powell's remarks indicated that interest rates were still too tight, which might open the door for further rate cuts. Sino - US economic and trade negotiations made initial progress, which had a positive impact on market sentiment [2] Viewpoint Summary - On the supply side, some primary lead smelters entered the maintenance stage, the raw material market was in a tight balance, and the processing fee of lead concentrate continued to decline. The production of primary lead decreased, and the capacity release of recycled lead slowed down due to environmental inspections and low waste battery recycling efficiency. On the demand side, the demand for lead - acid batteries was stable, the "Golden September and Silver October" consumption season was approaching, and the demand in emerging energy storage fields was good. However, the spot trading was average when prices rose, and downstream enterprises were still waiting and seeing [2] Prompt Attention - No news on this day [2]

研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 本周EPS、PS、ABS装置负荷预计小幅调整、变化不大。库存回归去化周期，只是目前库存压力仍偏高。成 助理研究员: 徐天泽 期货从业资格号F03133092 苯乙烯产业日报 2025-09-24 | 项目类别 | 数据指标 环比 | 最新 | | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 58 期货成交量(活跃:成交量):苯乙烯(EB)(日, 期货收盘价(活跃合约):苯乙烯(日,元/吨) -7049 11月合约收盘价:苯乙烯(日,元/吨) | 6928 411907 | | | 245568 6928 | 11208 58 | | | 前20名持仓:买单量:苯乙烯(日,手) | | 手) | | | | | | 期货持仓量(活跃:成交量):苯乙烯(EB)(日, | | | | | | | | -1289 前20名持仓:净买单量:苯乙烯(日,手) | 399631 | | | -29310 | 135 | | | 手) 前2 ...

甲醇产业日报 2025-09-24 有提升，宁夏宝丰三期以及神华新疆烯烃装置预计本周重启，行业开工率或继续提升。MA2601合约短线预 计在2300-2380区间波动。 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 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价甲醇(日,元/吨) | 2351 | 8 甲醇1-5价差(日,元/吨) | -28 | 4 | | | 主力合约持仓量:甲醇(日,手) | 929200 | -38232 期货前20名持仓:净买单量:甲醇(日,手) | -134839 | 105 ...

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - PVC开工率环比下降，下游开工率窄幅上升，但因下游消耗有限，社会库存持续增长且压力偏高 [3] - 电石价格上涨带动电石法成本环比上升，目前电石法、乙烯法工艺持续亏损 [3] - 短期暂无新增检修计划，受部分装置重启影响，本周PVC产能利用率预计环比上升；新产能投放在即，中长期加大行业供应压力 [3] - 临近国庆长假，国内部分下游已完成备货，PVC需求预计边际减弱；终端地产市场偏弱，持续拖累国内需求 [3] - 印度PVC反倾销政策预计即将落地，出口市场观望为主，社会库存压力偏高，后市难去化 [3] - 近期电石供需博弈，价格预计持稳整理；乙烯法成本预计变化不大；短期供需偏弱给V2601盘面压力，技术上关注4830附近支撑线支撑 [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - 聚氯乙烯（PVC）收盘价为4919元/吨，环比上涨28元/吨；成交量为902670手，环比增加54062手；持仓量为1111748手，环比减少12387手 [3] - 期货前20名持仓中，买单量为864420手，环比增加19389手；卖单量为952064手，环比增加4665手；净买单量为 - 87644手，环比增加14724手 [3] 3.2 Spot Market - 华东地区乙烯法PVC价格为5000元/吨，环比下降10元/吨；电石法PVC价格为4746.92元/吨，环比下降38.85元/吨 [3] - 华南地区乙烯法PVC价格为4970元/吨，环比下降30元/吨；电石法PVC价格为4815元/吨，环比下降36.88元/吨 [3] - 中国PVC到岸价为700美元/吨，东南亚到岸价为650美元/吨，西北欧离岸价为710美元/吨，均无环比变化；基差为 - 179元/吨，环比下降28元/吨 [3] 3.3 Upstream Situation - 华中、华北、西北电石主流均价分别为2800元/吨、2768.33元/吨、2610元/吨，均无环比变化；内蒙液氯主流价为 - 350元/吨，无环比变化 [3] - VCM、EDC在CFR远东和CFR东南亚的中间价均无环比变化 [3] 3.4 Industry Situation - 聚氯乙烯（PVC）开工率为76.96%，环比下降2.98%；其中电石法开工率为76.89%，环比下降2.5%；乙烯法开工率为77.12%，环比下降4.19% [3] - 社会库存总计53.46万吨，环比增加0.3万吨；华东地区总计48.21万吨，环比增加0.38万吨；华南地区总计5.25万吨，环比减少0.08万吨 [3] 3.5 Downstream Situation - 国房景气指数为93.05，环比下降0.29；房屋新开工面积累计值为39801.01万平方米，环比增加4595.01万平方米；房地产施工面积累计值为643108.94万平方米，环比增加4377.94万平方米；房地产开发投资完成额累计值为31693.94亿元，环比增加3588.01亿元 [3] 3.6 Option Market - 20日历史波动率为9.49%，环比下降0.32%；40日历史波动率为11.22%，环比上升0.16% [3] - 平值看跌期权隐含波动率和平值看涨期权隐含波动率均为14.21%，环比上升0.55% [3] 3.7 Industry News - 9月13 - 19日，PVC产能利用率环比下降2.98%至76.96%；下游开工率环比上升1.69%至49.19%，其中管材开工率环比上升1.52%至39.13%，型材开工率环比上升0.21%至39.43% [3] - 截至9月18日，PVC社会库存在95.37万吨，环比上周上升2.03% [3] - 9月13 - 19日，电石法周度平均成本环比上升至5230元/吨，乙烯法周度平均成本上升至5631元/吨；电石法周度利润环比下降155元/吨至657元/吨，乙烯法周度利润环比上升20元/吨至 - 652元/吨 [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - Driven by the rise in international oil prices, L2601 fluctuated strongly and closed at 7,142 yuan/ton. Affected by the restart of some devices last week, PE production and capacity utilization increased month - on - month. Downstream demand is seasonally recovering, driving the downstream start - up rate to rise. Recently, the inventory of production enterprises and social inventory decreased month - on - month, and the total inventory pressure is not large. In the short term, L2601 is expected to fluctuate with oil prices, and technically, attention should be paid to the support of the Bollinger Band range near 7,084 and the pressure of the 10 - day moving average near 7,182 [3] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract for polyethylene was 7,142 yuan/ton, up 37 yuan; the 1 - month contract was 7,142 yuan/ton, up 37 yuan; the 5 - month contract was 7,182 yuan/ton, up 37 yuan; the 9 - month contract was 7,218 yuan/ton, up 25 yuan. The trading volume was 191,081 lots, up 10,438 lots; the open interest was 571,775 lots, down 17,901 lots. The 1 - 5 spread was - 40, unchanged. The long positions of the top 20 futures holders were 423,733 lots, down 5,604 lots; the short positions were 479,444 lots, down 8,589 lots; the net long positions were - 55,711 lots, up 2,985 lots [3] Spot Market - The average price of LLDPE (7042) in North China was 7,166.96 yuan/ton, down 3.91 yuan; in East China, it was 7,301.67 yuan/ton, down 3.81 yuan. The basis was 24.96 yuan, down 40.91 yuan [3] Upstream Situation - The FOB mid - price of naphtha in Singapore was 64.7 US dollars/barrel, up 0.47 US dollars; the CFR mid - price of naphtha in Japan was 597.5 US dollars/ton, up 1.87 US dollars. The CFR mid - price of ethylene in Southeast Asia was 841 US dollars/ton, unchanged; in Northeast Asia, it was 846 US dollars/ton, unchanged [3] Industry Situation - The national PE petrochemical start - up rate was 80.36%, up 2.32 percentage points [3] Downstream Situation - The start - up rate of polyethylene (PE) for packaging film was 51.78%, up 0.48 percentage points; for pipes, it was 31.83%, up 0.16 percentage points; for agricultural film, it was 26.75%, up 2.63 percentage points [3] Option Market - The 20 - day historical volatility of polyethylene was 6.59%, up 0.04 percentage points; the 40 - day historical volatility was 6.25%, up 0.08 percentage points. The implied volatility of at - the - money put options was 10.3%, up 0.04 percentage points; for at - the - money call options, it was 10.31%, up 0.04 percentage points [3] Industry News - From September 12th to 18th, China's PE weekly production increased by 2.97% month - on - month to 631,000 tons, and the weekly capacity utilization increased by 2.23% month - on - month to 80.36%. The average start - up rate of PE downstream products increased by 0.8% month - on - month, with the agricultural film start - up rate increasing by 2.6% month - on - month. As of September 24th, the inventory of PE production enterprises was 458,300 tons, down 6.53% from the previous period; as of September 19th, the PE social inventory was 534,800 tons, down 2.17% from the previous period. As of September 19th, the cost of oil - based LLDPE increased by 1.24% week - on - week to 7,550 yuan/ton, and the profit decreased by 93 yuan/ton to - 300 yuan/ton; the cost of coal - based LLDPE increased by 0.52% week - on - week to 6,308 yuan/ton, and the profit decreased by 37 yuan/ton to 893 yuan/ton [3]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:多晶硅(日,元/吨) | 51380 | 1120 多晶硅11-12价差 | -2355 | 150 | | | 主力持仓量:多晶硅(日,手) | 111187 | -4904 多晶硅-工业硅价差(日,元/吨) | 42360 | 1025 | | 现货市场 | 品种现货价:多晶硅(日,元/吨) | 52500 | -150 多晶硅(菜花料)平均价(日,元/千克) | 30 | 0 | | | 基差:多晶硅(日,元/吨) | 1120 | -1270 多晶硅(致密料)平均价(日,元/千克) | 36 | 0 | | | 光伏级多晶硅周平均价(周,美元/千克) | 6.54 | 0.09 多晶硅(复投料)平均价(日,元/千克) | 34.8 | 0 | | 上游情况 | 主力合约收盘价:工业硅(日,元/吨) | 9020 | 95 出口数量工业硅(月,吨) | 76642.01 | 2635.83 | | | 品种现货价:工业 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The fundamentals of lithium carbonate may feature stable supply and positive demand expectations. The raw material end shows strong price - holding sentiment from overseas mines and traders, with increased purchasing sentiment from domestic producers. The supply is steadily increasing slightly, while the demand is approaching the end of pre - holiday stocking, leading to more cautious buying attitudes and reduced trading activity in the spot market. The option market sentiment is bullish, and the implied volatility slightly increases. Technically, the 60 - minute MACD shows double lines above the 0 - axis with expanding green columns. The operation suggestion is to conduct light - position oscillating trading and control risks [2]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main contract is 72,880 yuan/ton, down 780 yuan; the net position of the top 20 is - 158,881 hands, up 2,939 hands; the position volume of the main contract is 260,654 hands, up 4,747 hands; the spread between near - and far - month contracts is - 180 yuan/ton, down 20 yuan; the warehouse receipts of GZEE are 39,749 hands, up 300 hands [2]. 3.2 Spot Market - The average price of battery - grade lithium carbonate is 73,850 yuan/ton, unchanged; the average price of industrial - grade lithium carbonate is 71,600 yuan/ton, unchanged; the basis of the Li₂CO₃ main contract is 970 yuan/ton, up 780 yuan [2]. 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 0 dollars/ton, down 876 dollars; the average price of amblygonite is 7,210 yuan/ton, down 55 yuan; the price of lepidolite (2 - 2.5%) is 2,645 yuan/ton, unchanged [2]. 3.4 Industry Situation - The monthly output of lithium carbonate is 45,880 tons, up 1,280 tons; the monthly import volume is 21,846.92 tons, up 8,001.60 tons; the monthly export volume is 368.91 tons, up 2.56 tons; the monthly operating rate of lithium carbonate enterprises is 46%, down 2 percentage points; the monthly output of power batteries is 139,600 MWh, up 5,800 MWh; the price of lithium manganate is 32,000 yuan/ton, unchanged; the price of lithium hexafluorophosphate is 5.80 ten - thousand yuan/ton, up 0.05 ten - thousand yuan; the price of lithium cobalt oxide is 230,000 yuan/ton, unchanged; the price of ternary material (811 type): China is 146,000 yuan/ton, up 1,000 yuan; the price of ternary material (622 power type): China is 120,500 yuan/ton, up 1,000 yuan [2]. 3.5 Downstream and Application Situation - The price of ternary material (523 single - crystal type): China is 128,500 yuan/ton, up 1,500 yuan; the monthly operating rate of ternary cathode materials is 55%, up 3 percentage points; the price of lithium iron phosphate is 3.43 ten - thousand yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes is 57%, up 6 percentage points; the current - month output of new energy vehicles (CPCA) is 1,391,000 vehicles, up 148,000 vehicles; the current - month sales volume of new energy vehicles (CPCA) is 1,395,000 vehicles, up 133,000 vehicles; the cumulative sales penetration rate of new energy vehicles (CPCA) is 45.53%, up 0.54 percentage points; the cumulative sales volume and year - on - year increase of new energy vehicles is 9,620,000 vehicles, up 2,583,000 vehicles; the current - month export volume of new energy vehicles is 224,000 vehicles, down 10,000 vehicles; the cumulative export volume and year - on - year increase of new energy vehicles is 1.532 million vehicles, up 714,000 vehicles; the 20 - day average volatility of the underlying is 26.58%, up 0.11 percentage points; the 40 - day average volatility of the underlying is 41.93%, up 0.09 percentage points [2]. 3.6 Option Situation - The total subscription position is 212,688 contracts, up 798 contracts; the total put position is 105,367 contracts, up 668 contracts; the total position put - call ratio is 49.54%, up 0.1287 percentage points; the at - the - money IV implied volatility is 0.41%, up 0.0117 percentage points [2]. 3.7 Industry News - In August 2025, China's new energy vehicle exports reached 315,000 vehicles, a growth of 83%. From January to August 2025, the export volume was 2.02 million vehicles, a year - on - year increase of 51%, higher than the 24% growth rate in the same period of 2024. The export growth is mainly driven by plug - in hybrid and hybrid vehicles, especially the strong export performance of plug - in hybrid pickups. The exports are mainly to the Middle East and developed markets, especially Western Europe and Asia. The Ministry of Industry and Information Technology will compile a new - era development plan for intelligent and connected new energy vehicles, and promote pilot projects for access and road - going of intelligent and connected vehicles and "vehicle - road - cloud integration" applications. The "Implementation Opinions on 'Artificial Intelligence + Transportation'" will be issued. Haimuxing (688559.SH) has achieved the "oxide + lithium - metal anode" technology route and completed the commercial cycle of lithium - metal solid - state batteries for low - altitude aircraft, with the equipment being delivered in batches [2].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For rapeseed meal, near - month rapeseed arrivals are low, reducing supply pressure, and the seasonal demand for rapeseed meal in aquaculture is increasing. However, the good substitution advantage of soybean meal weakens the demand expectation. Amid frequent trade policy news, the market is cautious, and short - term trading is recommended [2]. - For rapeseed oil, domestic consumption support is limited, and the supply - demand of vegetable oil is still loose. But the low oil mill operating rate and limited near - month rapeseed purchases reduce supply pressure. Before the Sino - Canadian trade negotiation makes substantial progress, rapeseed oil may maintain a relatively strong oscillation [2]. Summary by Relevant Catalogs Futures Market - Futures prices of rapeseed oil, rapeseed meal, ICE rapeseed, and domestic rapeseed all decreased. For example, the futures收盘价(活跃合约) of rapeseed oil dropped by 147 yuan/ton to 9996 yuan/ton [2]. - There were changes in month - to - month spreads, open interest, net long positions, and warehouse receipts of rapeseed oil and rapeseed meal [2]. 现货市场 - Spot prices of rapeseed oil, rapeseed meal, and related substitutes decreased. For instance, the spot price of rapeseed oil in Jiangsu dropped by 160 yuan/ton to 10050 yuan/ton [2]. - The oil - meal ratio increased by 0.06 to 3.9, and there were changes in basis and spot price differences between different oils and meals [2]. Upstream Situation - Global rapeseed production increased slightly, and the import volume of rapeseed increased by 7.06 tons to 24.66 tons. The import rapeseed crushing profit increased by 56 yuan/ton to 987 yuan/ton [2]. - The oil mill inventory of rapeseed remained unchanged, and the weekly operating rate of imported rapeseed increased by 0.27% to 13.06% [2]. Industry Situation - The import volume of rapeseed oil and rapeseed meal changed, and the inventory of rapeseed oil and rapeseed meal in coastal, East China, and other regions also changed. For example, the coastal rapeseed oil inventory increased by 1 ton to 14 tons [2]. - The weekly提货量 of rapeseed oil and rapeseed meal decreased [2]. Downstream Situation - The monthly output of feed increased by 99.9 tons to 2927.2 tons, and the monthly output of edible vegetable oil increased by 30 tons to 450.6 tons. The monthly catering revenue decreased by 8.4 billion yuan to 4495.7 billion yuan [2]. Option Market - The implied volatility and historical volatility of rapeseed meal and rapeseed oil options changed. For example, the implied volatility of at - the - money call options of rapeseed meal increased by 1.79% to 18.8% [2]. Industry News - ICE rapeseed futures declined due to the weakness of CBOT soybean oil futures. The US soybean market is affected by factors such as harvest area adjustment, and Argentina's cancellation of agricultural export taxes may intensify international competition [2]. Key Points to Watch - The rapeseed operating rate and rapeseed oil and meal inventories in various regions reported by Myagric on Monday, as well as the trends of Sino - Canadian and Sino - US trade relations [2]