Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The methanol port inventory fluctuates slightly in the short - term, with an expected increase in the next week due to the anticipated rise in short - term visible unloading volume and no obvious improvement in demand. - Affected by cost pressure and falling downstream prices, the short - term olefin enterprise operation rate may continue to decline. - The MA2601 contract is expected to fluctuate in the range of 2230 - 2300 [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main methanol contract is 2257 yuan/ton, up 16 yuan/ton; the 1 - 5 spread is - 64 yuan/ton, down 2 yuan/ton. - The position of the main contract is 1197415 lots, down 23877 lots; the net long position of the top 20 futures holders is - 220178 lots, up 17268 lots. - The number of warehouse receipts is 12122, down 1750 [2]. Spot Market - The price in Jiangsu Taicang is 2200 yuan/ton, down 15 yuan/ton; the price in Inner Mongolia is 2010 yuan/ton, down 2.5 yuan/ton. - The price difference between East China and Northwest is 190 yuan/ton, down 12.5 yuan/ton; the basis of the main Zhengzhou methanol contract is - 41 yuan/ton, up 12 yuan/ton. - The CFR price of methanol at the main Chinese port is 257 dollars/ton, down 3 dollars/ton; the CFR price in Southeast Asia is 324 dollars/ton, unchanged. - The FOB price in Rotterdam is 267 euros/ton, down 1 euro/ton; the price difference between the main Chinese port and Southeast Asia is - 67 dollars/ton, down 3 dollars/ton [2]. Upstream Situation The price of NYMEX natural gas is 3.25 dollars/million British thermal units, down 0.15 dollars/million British thermal units [2]. Industry Situation - The inventory in East China ports is 102.7 tons, up 3 tons; the inventory in South China ports is 48.52 tons, down 0.92 tons. - The import profit of methanol is - 4.75 yuan/ton, up 10.36 yuan/ton; the monthly import volume is 142.69 tons, down 33.29 tons. - The inventory of inland enterprises is 360400 tons, up 500 tons; the operation rate of methanol enterprises is 85.65%, down 1.77% [2]. Downstream Situation - The operation rate of formaldehyde is 38.87%, down 2.01%; the operation rate of dimethyl ether is 5.33%, down 0.59%. - The operation rate of acetic acid is 74.4%, up 1.88%; the operation rate of MTBE is 67.79%, up 4.67%. - The operation rate of olefins is 90.43%, down 1.96%; the on - disk profit of methanol - to - olefins is - 886 yuan/ton, down 20 yuan/ton [2]. Option Market - The 20 - day historical volatility of methanol is 18.39%, up 0.31%; the 40 - day historical volatility is 15.34%, up 0.03%. - The implied volatility of at - the - money call options for methanol is 18.45%, up 1.01%; the implied volatility of at - the - money put options is 18.45%, up 1.17% [2]. Industry News - As of October 29, the inventory of Chinese methanol sample production enterprises is 37.61 tons, up 1.57 tons, a 4.36% increase; the pending orders of sample enterprises are 21.56 tons, down 0.01 tons, a 0.04% decrease. - As of October 29, the total inventory of Chinese methanol ports is 150.65 tons, down 0.57 tons. Among them, the inventory in East China has decreased by 2.97 tons, and the inventory in South China has increased by 2.40 tons. - The domestic methanol production has decreased due to more capacity losses from maintenance and production cuts than capacity output from recovery. The enterprise shipment rhythm is okay, and the unloading speed is average, with a large volume of unloading at non - dominant terminals [2].

| 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） | 5,852.00 | +62.00↑ | SF主力合约收盘价（日，元/吨） | 5,594.00 | +30.00↑ | | | SM期货合约持仓量（日，手） | 519,582.00 | -9222.00↓ | SF期货合约持仓量（日，手） | 331,706.00 | -8921.00↓ | | 期货市场 | 锰硅前20名净持仓（日，手） | -67,334.00 | -8729.00↓ | 硅铁前20名净持仓（日，手） | -32,728.00 | -3589.00↓ | | | SM5-1月合约价差（日，元/吨） | 38.00 | 0.00 | SF5-1月合约价差（日，元/吨） | 88.00 | +10.00↑ | | | SM 仓单（日，张） | 0.00 | -38603.00↓ SF | 仓单（日，张） | 0.00 | -8675.00↓ | | | 内蒙古锰硅 FeMn ...

用微弱。截至10月中旬，玻璃深加工企业订单天数均值约 10.4 天，对玻璃原片的采购积极性不高。而且， 由于市场竞争激烈，深加工企业利润空间被压缩，部分企业甚至处于亏损边缘，进一步抑制了其对玻璃的 采购需求。今日玻璃价格继续上扬，市场多头情绪较浓，但地产需要压制上行空间，预计后续上涨都能衰 退，操作上建议，玻璃主力短期逢高布局空单，注意操作风险。 纯碱玻璃产业日报 2025-10-29 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 纯碱主力合约收盘价(日,元/吨) 纯碱与玻璃价差(日,元/吨) | 1259 132 | 20 玻璃主力合约收盘价(日,元/吨) 6 纯碱主力合约持仓量(日,手) | 1127 1355081 | 14 -31991 | | | 玻璃主力合约持仓量(日,手) | 1673338 | -22459 纯碱前20名净持仓 | -231477 | 28966 | | 期货市场 | 玻璃前20名净持仓 | -231468 | 14685 纯碱交易所仓单(日,吨) | 874 ...

660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 尿素产业日报 2025-10-29 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1644 | 9 郑州尿素1-5价差(日,元/吨) | -73 | 0 -1948 | | | 郑州尿素主力合约持仓量(日,手) | 270349 | -2652 郑州尿素前20名净持仓 | -34609 | | | | 郑州尿素交易所仓单(日,张) | 0 | -2970 | | | | 现货市场 | 河北(日,元/吨) | 1630 | 0 河南(日,元/吨) | 1590 | 0 | | | 江苏(日,元/吨) | 1600 | -10 山东(日,元/吨) | 1610 | 0 | | | 安徽(日,元/吨) ...

免责声明 术上关注6939附近10日均线支撑。 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 塑料产业日报 2025-10-28 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:聚乙烯(日,元/吨) | 6985 | -39 1月合约收盘价:聚乙烯(日,元/吨) | 6985 | -39 | | | 5月合约收盘价:聚乙烯(日,元/吨) | 7062 | -28 9月合约收盘价:聚乙烯(日,元/吨) | 7101 | -18 | | | 成交量(日,手) | 220120 | -21326 持仓量(日,手) | 519487 | -4375 | | 1-5价差 | | -77 | -11 期货前20名持仓:买单量:聚乙烯(日,手) | 387932 | -1640 | | | 期货前20名持仓 ...

| | | 集运指数（欧线）期货日报 2025/10/28 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 | 项目类别 | 数据指标 环比 数据指标 | 最新 | 最新 | 环比 | | --- | --- | --- | --- | --- | | | EC主力收盘价 -11.9↓ EC次主力收盘价 | 1788.300 | 1548.7 | -38.80↓ | | 期货盘面 | +36.20↑ EC2512-EC2604价差 EC2512-EC2602价差 | 239.60 | 625.60 | +29.40↑ | | | EC合约基差 -13.30↓ | -475.59 | | | | 期货持仓头寸（手） EC主力持仓量 | 905↑ | 28900 | | | | | SCFIS（欧线）（周） 172.33↑ SCFIS（美西线）（周） | 1312.71 | 863.46 | -14.34↓ | | | SCFI（综合指数） ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 不锈钢产业日报 2025-10-28 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:不锈钢(日,元/吨) | 12750 | -65 11-12月合约价差:不锈钢(日,元/吨) | 5 | 20 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -14766 | -8314 主力合约持仓量:不锈钢(日,手) | 100253 | -14871 | | | 仓单数量:不锈钢(日,吨) | 73896 | 0 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/吨) | 13550 | 0 市场价:废不锈钢304:无锡(日,元/吨) | 9250 | 0 | | | SS主力合约基差(日,元/吨) | 320 | -85 | | | | 上游情况 | 电解镍产量(月,吨) | 29430 | 1120 镍铁产量合计(月,万金属吨) | 2.17 | -0.03 | | | 进口数量:精 ...

1. Report Industry Investment Rating - No industry investment rating is provided in the report [2][3] 2. Core View of the Report - Suggest adopting a long - position approach and paying attention to the price range of 280,000 - 290,000 yuan/ton for tin investment. The macro - environment shows potential positive signals from China - US communication. The supply side may face shortages due to factors like the closure of illegal tin mines in Indonesia and changes in global tin - ore production. The demand side remains weak with most downstream and terminal enterprises being cautious. Technically, there is a decline in the bullish sentiment [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main Shanghai tin futures contract is 283,170 yuan/ton, down 3,550 yuan; the 11 - 12 month contract closing price is down 390 yuan but with a 180 - yuan increase in the ring - comparison. LME 3 - month tin is at 36,090 US dollars/ton, up 440 US dollars. The main contract open interest of Shanghai tin is 40,436 lots, down 4,648 lots. The net position of the top 20 futures is - 1,840 lots, up 230 lots. LME tin total inventory is 2,725 tons, down 25 tons. Shanghai Futures Exchange tin inventory is 5,766 tons, up 75 tons, and the warehouse receipt is 5,609 tons, down 43 tons [3] 3.2现货市场 - The SMM 1 tin spot price is 284,300 yuan/ton, up 800 yuan; the Yangtze River Nonferrous Market 1 tin spot price is 284,580 yuan/ton, up 770 yuan. The basis of the Shanghai tin main contract is 1,130 yuan/ton, up 4,350 yuan. The LME tin premium (0 - 3) is 100 US dollars/ton, down 43 US dollars [3] 3.3 Upstream Situation - The import volume of tin ore and concentrates is 0.87 million tons, down 0.16 million tons. The average price of 40% tin concentrate is 269,900 yuan/ton, up 600 yuan, and the processing fee is 10,500 yuan/ton, unchanged. The average price of 60% tin concentrate is 273,900 yuan/ton, up 600 yuan, and the processing fee is 6,500 yuan/ton, unchanged [3] 3.4 Industry Situation - The monthly output of refined tin is 14,000 tons, down 1,600 tons. The monthly import volume of refined tin is 1,501.64 tons, up 63.06 tons [3] 3.5 Downstream Situation - The price of 60A solder bar in Gejiu is 183,800 yuan/ton, unchanged. The cumulative monthly output of tin - plated sheets (strips) is 1.1093 million tons, up 0.1448 million tons. The monthly export volume of tin - plated sheets is 0.1976 million tons, up 0.031 million tons [3] 3.6 Industry News - Wang Yi talked with US Secretary of State Rubio, hoping for mutual efforts for high - level China - US interactions. From January to September, the profit of large - scale equipment manufacturing increased by 9.4% year - on - year, 6.2 percentage points higher than the average of all large - scale industries, driving the profit growth of all large - scale industrial enterprises by 3.4 percentage points. The profit of large - scale high - tech manufacturing increased by 8.7% year - on - year, 2.7 percentage points faster than from January to August. The IMF predicts that by 2030, the US government's total debt - to - GDP ratio will soar by over 20 percentage points to 143.4% [3] 3.7 View Summary - On the macro - level, there are positive signals from China - US communication. On the fundamental level, the closure of illegal tin mines in Indonesia may tighten tin - ore supply. Tin - ore imports in September decreased month - on - month, with slow production recovery in Myanmar, unexpected decline in Africa and Australia, and the upcoming rainy season in Africa. At the smelting end, raw material shortages are severe in Yunnan, and the waste - recycling system in Jiangxi is under pressure with low operating rates. On the demand side, most downstream and terminal enterprises are waiting and only making small - quantity purchases, with low restocking enthusiasm. LME inventory increased slightly, and the spot premium rebounded slightly. Technically, the long - position sentiment declined as open interest decreased and prices fell. It is recommended to take a long - position approach and focus on the 280,000 - 290,000 yuan/ton range [3] 3.8 Key Points to Watch - There is no news today [3]

| | | 沪镍产业日报 2025-10-28 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪镍(日,元/吨) | 120560 | -1840 11-12月合约价差:沪镍(日,元/吨) | -260 | 80 | | | LME3个月镍(日,美元/吨) | 15335 | 10 主力合约持仓量:沪镍(日,手) | 115046 | 6057 | | | 期货前20名持仓:净买单量:沪镍(日,手) | -38140 | -4457 LME镍:库存(日,吨) | 251238 | 384 | | | 上期所库存:镍(周,吨) | 36075 | 1656 LME镍:注销仓单:合计(日,吨) | 6408 | -24 | | | 仓单数量:沪镍(日,吨) | 31385 | 1605 | | | | 现货市场 | SMM1#镍现货价(日,元/吨) | 122150 | -900 现货均价:1#镍板:长江有色(日,元/吨) | 122250 | -900 | | | ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The main contract of Shanghai copper fluctuated and declined, with a decrease in open interest, a premium in the spot market, and a strengthening basis. Fundamentally, the tight supply situation of copper concentrates has not improved, with TC fees hovering in the negative range. Overseas mine disturbances still have an impact, and ore prices remain firm. On the supply side, due to a large number of maintenance operations and the tight supply of copper ore and blister copper, smelting capacity may be restricted. Additionally, the price of sulfuric acid, a by - product of smelting, shows signs of decline, affecting smelting profits and potentially leading to a decline in the operating rate. Domestic refined copper supply is gradually contracting. On the demand side, copper prices remain high due to cost support and overseas macro - sentiment. Downstream buyers are hesitant due to high prices and adopt a cautious wait - and - see purchasing strategy, resulting in a weak trading sentiment in the spot market. High copper prices thus suppress downstream demand. Overall, the fundamentals of Shanghai copper may be in a situation of weak supply and demand, with industrial inventory accumulating. In the options market, the call - put ratio of at - the - money options is 1.37, a month - on - month increase of 0.1909, indicating a bullish sentiment in the options market and a slight increase in implied volatility. Technically, for the 60 - minute MACD, the two lines are above the 0 axis, and the green bars are expanding. The operation suggestion is to conduct light - position oscillating trading, paying attention to controlling the rhythm and trading risks [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper was 86,980 yuan/ton, a decrease of 1,390 yuan; the price of LME 3 - month copper was 10,907 dollars/ton, a decrease of 122 dollars. The spread between the main contract and the next - month contract was 30 yuan/ton, an increase of 20 yuan. The open interest of the main contract of Shanghai copper was 281,306 lots, a decrease of 12,078 lots. The net position of the top 20 futures holders of Shanghai copper was - 30,089 lots, a decrease of 6,554 lots. LME copper inventory was 135,975 tons, a decrease of 375 tons. The inventory of cathode copper in the Shanghai Futures Exchange was 104,792 tons, a decrease of 5,448 tons. The LME copper cancelled warrants were 9,975 tons, a decrease of 375 tons. The warehouse receipts of cathode copper in the Shanghai Futures Exchange were 35,846 tons, a decrease of 2,856 tons [2]. 3.2现货市场 - The spot price of SMM 1 copper was 87,905 yuan/ton, a decrease of 310 yuan; the spot price of 1 copper in the Yangtze River Non - ferrous Metals Market was 88,175 yuan/ton, a decrease of 100 yuan. The CIF (Bill of Lading) price of Shanghai electrolytic copper was 52 dollars/ton, unchanged. The average premium of Yangshan copper was 34.5 dollars/ton, unchanged. The basis of the CU main contract was 925 yuan/ton, an increase of 1,080 yuan. The LME copper cash - 3 - month spread was - 23.84 dollars/ton, an increase of 2.13 dollars [2]. 3.3 Upstream Situation - The import volume of copper ore and concentrates was 258.69 million tons, a decrease of 17.2 million tons. The rough smelting fee (TC) of domestic copper smelters was - 42.7 dollars/kiloton, a decrease of 1.73 dollars. The price of copper concentrates in Jiangxi was 78,540 yuan/metal ton, an increase of 1,830 yuan; the price in Yunnan was 79,240 yuan/metal ton, an increase of 1,830 yuan. The processing fee for blister copper in the South was 900 yuan/ton, a decrease of 100 yuan; the processing fee in the North was 700 yuan/ton. The production of refined copper was 126.6 million tons, a decrease of 3.5 million tons. The import volume of unwrought copper and copper products was 490,000 tons, an increase of 60,000 tons [2]. 3.4产业情况 - The social inventory of copper was 41.82 million tons, an increase of 0.43 million tons. The price of 1 bright copper wire scrap in Shanghai was 60,540 yuan/ton, an increase of 1,300 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper was 650 yuan/ton, unchanged. The price of 2 copper scrap (94 - 96%) in Shanghai was 74,050 yuan/ton, an increase of 1,200 yuan [2]. 3.5下游及应用 - The production of copper products was 223.2 million tons, an increase of 1 million tons. The cumulative completed investment in power grid infrastructure was 437.8 billion yuan, an increase of 58.224 billion yuan. The cumulative completed investment in real estate development was 6,770.571 billion yuan, an increase of 739.652 billion yuan. The monthly production of integrated circuits was 4,371,236,100 pieces, an increase of 120,949 pieces [2]. 3.6期权情况 - The 20 - day historical volatility of Shanghai copper was 23.77%, an increase of 1.19 percentage points; the 40 - day historical volatility was 17.9%, an increase of 0.43 percentage points. The implied volatility of at - the - money options in the current month was 23.95%, an increase of 0.0277. The call - put ratio of at - the - money options was 1.37, an increase of 0.1909 [2]. 3.7行业消息 - Diplomatic Minister Wang Yi had a phone call with US Secretary of State Rubio, expressing hope for the two sides to work towards each other to prepare for high - level interactions and create conditions for the development of bilateral relations. Spokesperson Guo Jiakun of the Ministry of Foreign Affairs responded to multiple hot issues such as the possible meeting between the Chinese and US presidents, Sino - US trade agreements, and the final agreement of TikTok, stating that the two sides are in close communication about the meeting of the two presidents [2]. - From January to September 2025, under the influence of multiple factors such as the continuous manifestation of the new policies' effects, the in - depth promotion of the national unified market, and the low base in the same period last year, the profits of national industrial enterprises above the designated size increased year - on - year, driving the benefits of related product industries and their chain industries to improve. Driven by the automobile replacement subsidy policy, from January to September 2025, the automobile production was 24.05 million units, a year - on - year increase of 11%. The automobile industry's revenue from January to September 2025 was 7,823.5 billion yuan, a year - on - year increase of 7.8%; the cost was 6,886.7 billion yuan, an increase of 8.6%; the profit was 348.3 billion yuan, a year - on - year increase of 3.4%; the profit margin of the automobile industry was 4.5%, lower than the average profit margin of 6% of downstream industrial enterprises. In September, the automobile industry's revenue was 1,018.6 billion yuan, a year - on - year increase of 9.8%; the cost was 897.8 billion yuan, an increase of 11.3%; the profit was 44.7 billion yuan, a year - on - year increase of 38%; the profit margin of the automobile industry was 4.4%, a significant increase compared to August and a good increase compared to 3.4% in September last year [2]. - In September, the profits of national industrial enterprises above the designated size increased by 21.6% year - on - year, 1.2 percentage points faster than in August, with the growth rate exceeding 20% for two consecutive months. The new productive forces in high - tech manufacturing and equipment manufacturing industries grew rapidly, and the profits of private and foreign - funded enterprises accelerated significantly [2]. - Since this year, over 76 million consumers have purchased over 126 million units of 12 categories of home appliances through the trade - in program, over 81 million consumers have purchased over 88 million digital products such as mobile phones, and 87,000 sales stores across the country have carried out the trade - in program for electric bicycles, with a cumulative exchange of over 12 million new vehicles [2].