Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core View of the Report - In the short term, lithium carbonate futures may maintain a relatively strong oscillation, but the upside space is limited. The current expansion of the supply - demand gap, continuous inventory reduction, and capital sentiment have pushed the price to break through the key resistance level, and the peak season of new energy vehicles and the incremental demand for energy storage provide support. However, the weak follow - up of spot prices, the increasing resistance of downstream to high prices, and the expected release of long - term mine production capacity will suppress the upward slope of prices [1][2][3] Group 3: Summary by Relevant Catalogs 1. Daily Market Summary a. Lithium Carbonate Futures Market Data Change Analysis - On November 10, the price of the lithium carbonate main contract rose significantly to 87,240 yuan/ton, a 6% increase from November 7; the basis weakened to - 6,240 yuan/ton. The main contract's open interest increased by 8.87% to 534,483 lots, and the trading volume soared by 21.7% to 986,569 lots [1][5] b. Industry Chain Supply - Demand and Inventory Change Analysis - Supply side: The operating rate of lithium salt plants remained at a high level of 75.3%. The prices of spodumene and lepidolite raw materials were stable, and the lithium extraction processes from salt lakes and spodumene contributed the main increments. The expectation of mine resumption in Yichun, Jiangxi weakened. - Demand side: In October, the retail sales of new energy vehicles increased by 17% year - on - year. The production schedules of power and energy - storage cells continued to improve. The prices of ternary materials and lithium iron phosphate increased slightly, but downstream acceptance of high prices was limited, and purchases were mainly for rigid needs. Policy promotion of energy - storage installation targets and new energy vehicle purchase tax adjustments stimulated the expectation of pre - demand. - Inventory and warehouse receipts: Lithium carbonate inventory decreased for four consecutive weeks to 123,953 tons, with a weekly inventory reduction of 3,405 tons. Warehouse receipts decreased simultaneously, and the supply - demand gap widened to - 1.68 million tons. The industry chain entered an active inventory - reduction cycle [2] c. Market Summary - In the short term, lithium carbonate futures may maintain a relatively strong oscillation, but the upside space is limited. The current expansion of the supply - demand gap, continuous inventory reduction, and capital sentiment have pushed the price to break through the key resistance level. The peak season of new energy vehicles and the incremental demand for energy storage provide support. However, the weak follow - up of spot prices, the increasing resistance of downstream to high prices, and the expected release of long - term mine production capacity will suppress the upward slope of prices. There is a need to be vigilant against the risk of technical corrections caused by capital profit - taking [3] 2. Industry Chain Price Monitoring - Data shows price changes of various products from November 7 to November 10 and from November 7 to October 31, including the main contract of lithium carbonate, basis, open interest, trading volume, and prices of battery - grade lithium carbonate, spodumene concentrate, lepidolite concentrate, etc. For example, the main contract of lithium carbonate rose from 82,300 to 87,240 yuan/ton, a 6% increase; the basis weakened from - 2,300 to - 6,240 yuan/ton [5] 3. Industry Dynamics and Interpretation a. Spot Market Quotation - On November 10, the SMM battery - grade lithium carbonate index price was 80,864 yuan/ton, a 493 - yuan/ton increase from the previous working day. The price of battery - grade lithium carbonate was in the range of 79,000 - 82,500 yuan/ton, with an average price of 80,750 yuan/ton, a 350 - yuan/ton increase. The price of industrial - grade lithium carbonate was in the range of 78,150 - 78,950 yuan/ton, with an average price of 78,550 yuan/ton, a 350 - yuan/ton increase. The market sentiment was high due to positive demand. Upstream reluctance to sell was increasing, and downstream material factories were cautious and observant, with very few market transactions. Currently, upstream and downstream enterprises are negotiating long - term agreements for next year, mainly focusing on the coefficient. The overall operating rate of lithium salt plants remained high, with the operating rates of the spodumene and salt - lake ends both above 60%, becoming the main supply forces. It is expected that the domestic lithium carbonate production in November can maintain the production level of October, with a roughly flat month - on - month change. In terms of demand, both the commercial and passenger new energy vehicles in the power market are growing rapidly; the energy - storage market has strong supply and demand, and the supply is continuously tight. The production schedules of cells and cathode materials continued to improve in November, and it is expected that lithium carbonate will continue to see a large - scale inventory reduction in November [6] b. Downstream Consumption Situation - On November 5, according to the data of the Passenger Car Association, from October 1 - 31, the retail sales of the national new energy passenger vehicle market were 1.4 million, a 17% year - on - year increase and an 8% increase from the previous month. The cumulative retail sales this year were 10.27 million, a 23% year - on - year increase; from October 1 - 31, the wholesale of new energy vehicles by national passenger vehicle manufacturers was 1.614 million, a 16% year - on - year increase and an 8% increase from the previous month. The cumulative wholesale this year was 12.061 million, a 30% year - on - year increase [7] c. Industry News - On October 28, Dazhong Mining's "Mining Plan for Jada Lithium Mine" passed the review of the Ministry of Natural Resources, with an annual mining scale of 2.6 million tons/year. After reaching full production, it can produce about 50,000 tons of lithium carbonate per year. - On October 23, the overall price of the echelon market remained stable, which was the result of the combined effects of supply - demand and cost factors. - On October 22, according to the National Market Supervision and Administration总局, China is about to enter the stage of large - scale retirement of power batteries. In 2024, the domestic power battery recycling volume exceeded 300,000 tons, corresponding to a market scale of over 48 billion yuan. It is expected that by 2030, the domestic market scale will exceed 100 billion yuan [9][10] 4. Industry Chain Data Charts - The content mentions multiple data charts, including those related to the main contract and basis of lithium carbonate futures, battery - grade and industrial - grade lithium carbonate prices, spodumene concentrate prices, etc., along with their data sources [13][16][22]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **Pure Benzene**: Pure benzene remains in a situation of strong supply and weak demand. Although the absolute valuation is low, there is no fundamental support for a reversal. The short - term price has an emotional rebound driven by the overall recovery of the chemical sector, but the sustainability needs verification. It is expected to fluctuate weakly in the future, and attention should be paid to changes in import rhythm and the recovery rhythm of downstream loads [2]. - **Styrene**: There are no significant short - term supply - demand contradictions for styrene, and the profit remains in a neutral range with a stable and slightly strong price performance. The current market sentiment is boosted by the rebound of the chemical ETF, but the fundamental improvement is limited, and the short - term market will mainly fluctuate and consolidate. Attention should be paid to the restart rhythm of devices in December and the progress of downstream inventory reduction [3]. 3. Summary by Related Catalogs Daily Market Summary - **Fundamentals** - **Price**: On November 10, the styrene main contract closed down 0.03% at 6315 yuan/ton with a basis of - 10 (- 18 yuan/ton); the pure benzene main contract closed flat at 5422 yuan/ton. The spot price of East China pure benzene was 5300 yuan/ton (- 15 yuan/ton) [2]. - **Cost**: On November 10, the Brent crude oil main contract closed at 59.8 dollars/barrel (+ 0.3 dollars/barrel), and the WTI crude oil main contract closed at 63.6 dollars/barrel (+ 0.3 dollars/barrel) [2]. - **Inventory**: Styrene port inventory was 17.9 tons (- 1.4 tons), a 7.1% month - on - month decrease. Pure benzene port inventory was 12.1 tons (+ 3.6 tons), a 42.4% month - on - month increase [2]. - **Supply**: Styrene production and supply fluctuated slightly month - on - month. The weekly styrene output was 33.3 tons (+ 1 ton), and the factory capacity utilization rate was 66.9% (+ 0.2%) [2]. - **Demand**: The overall demand of downstream 3S has recovered. The EPS capacity utilization rate was 53.9% (- 8.3%), the ABS capacity utilization rate was 71.6% (- 0.5%), and the PS capacity utilization rate was 53.5% (+ 1.5%) [2]. Industry News - The threat of a 100% tariff on China by Trump has been cancelled; China is expected to resume "substantial" purchases of US soybeans; Beijing will postpone the implementation of rare - earth export controls for one year and re - examine the plan [8]. - The US inflation data in September was lower than expected, enhancing the prospect of the Fed's interest - rate cut [8]. - On the early morning of October 30, the Fed held an interest - rate meeting, and the upper limit of the interest rate was adjusted to 4% as expected [8]. Industry Chain Data Monitoring - **Price**: Data shows the prices and price changes of styrene and pure benzene in different regions and forms from November 7 to 10, 2025, including futures, spot, and spreads, as well as the prices of upstream Brent crude oil, WTI crude oil, and naphtha [5]. - **Output and Inventory**: From October 31 to November 7, 2025, the output of styrene in China increased from 32.3 tons to 33.3 tons (a 2.94% increase), and the output of pure benzene increased from 42.9 tons to 43.8 tons (a 2.08% increase). Styrene port and factory inventories decreased, while pure benzene port inventory increased significantly [6]. - **Capacity Utilization**: The capacity utilization rates of pure benzene and styrene downstream products from October 31 to November 7, 2025, are presented, showing different changes in the utilization rates of various products such as styrene, EPS, ABS, etc. [7]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Supply - side overseas mine resumption and domestic anode copper capacity release bring increments, but the low operating rate of the copper processing industry on the demand - side limits the upside space. Domestic inventory depletion and the narrowing of LME backwardation support the price. There is a risk of price correction at high levels due to downstream resistance after the copper price breaks through 86,000 yuan/ton [6] - Copper prices are expected to fluctuate at high levels, ranging from 84,500 to 87,500 yuan/ton [39] Group 3: Summary by Directory 1. Daily Market Summary Copper Futures Market Data Change Analysis - As of November 10, the SHFE copper main - contract price rose slightly to 86,490 yuan/ton, a 0.65% increase from November 7. The LME copper price remained stable, closing at $10,695/ton on November 7, a 0.07% increase from November 4. The basis showed significant differentiation in spot premiums and discounts [1] - The LME copper open interest decreased slightly, with the open interest on November 7 decreasing by 1,670 lots to 324,423 lots. SHFE copper inventory increased by 1.06% to 135,900 tons, while domestic SMM mainstream area copper inventory decreased by 7,400 tons to 195,900 tons [2] Industry Chain Supply - Demand and Inventory Change Analysis - **Supply Side**: Overseas mine disruptions weakened as the Freeport Indonesia Grasberg copper mine resumed operation at the end of October. The domestic anode copper smelting capacity release accelerated, with the expected anode copper operating rate in November rising 6.86 percentage points to 59.91%, but the operating rate recovery of mineral anode copper enterprises was limited due to maintenance [3] - **Demand Side**: The copper processing sector showed a significant off - peak season during the peak period. In October, the copper strip operating rate decreased by 1.05 percentage points to 64.97% month - on - month, with a year - on - year decline of 7.76 percentage points. The H65 brass strip processing fee dropped to around 1,000 yuan/ton. Although the expected copper strip operating rate in November is to rise to 66.57%, it is still 6.98 percentage points lower than the same period last year [4] - **Inventory Side**: Global visible inventories showed differentiation. LME inventory increased by 395 tons to 43,800 tons, COMEX inventory increased by 2,950 short tons to 369,400 short tons, while domestic SMM inventory decreased by 7,400 tons due to reduced imports and improved outbound shipments [5] 2. Industry Chain Price Monitoring - Various copper - related price and inventory data are presented in a table, including SMM 1 copper price, spot premiums and discounts of different copper types, LME (0 - 3) backwardation or contango, SHFE and LME copper prices, and LME, SHFE, and COMEX copper inventories, along with their changes and rates of change from November 4 to November 10, 2025 [8] 3. Industry Dynamics and Interpretations - On November 10, the copper strip market demand was off - peak during the peak season, and the mainstream H65 brass strip processing fee returned to around 1,000 yuan/ton [9] - In October 2025, the overall operating rate of copper strip enterprises was 64.97%, a 1.05 - percentage - point decrease month - on - month and a 7.76 - percentage - point decrease year - on - year. The operating rates of large, medium, and small enterprises were 71.14%, 57.72%, and 55.9% respectively [9] - As of November 10, SMM national mainstream area copper inventory decreased by 7,400 tons week - on - week to 195,900 tons. Future imports are expected to decrease, and downstream procurement demand is expected to increase, leading to a further slight decrease in weekly copper inventory [9] - SMM expects that the overall operating rate of Chinese anode copper enterprises in November 2025 will rise 6.86 percentage points to 59.91%, with the operating rate of mineral anode copper enterprises expected to rise 9.65 percentage points to 68.78% and that of scrap - produced anode copper enterprises to be 55.77%, a 5.61 - percentage - point increase [9] - In October 2025, the operating rate of SMM Chinese anode copper enterprises was 53.05%, a 3.99 - percentage - point increase month - on - month. Due to maintenance, the operating rate of mineral anode copper enterprises decreased by 5.45 percentage points to 59.13%, while that of scrap - produced anode copper enterprises increased by 8.48 percentage points to 50.15% due to increased scrap copper supply and a wider refined - scrap price spread [9] 4. Industry Chain Data Charts - Multiple charts are presented, including those related to China PMI, US PMI, US employment situation, dollar index and LME copper price correlation, US interest rate and LME copper price correlation, TC processing fee, CFTC copper open interest, LME copper various net - long open interest analysis, SHFE copper warrant volume, LME copper inventory change, COMEX copper inventory change, and SMM social inventory [10][11][13]

Report Title - PTA&PX承压于高库存，聚酯分化格局抑制反弹 [1] Key Points 1. Report Industry Investment Rating - Not provided 2. Core View of the Report - PTA and PX are pressured by high inventories, and the differentiated pattern of polyester restrains the rebound. The supply pressure of PX and PTA is increasing, while the demand is weak, and the inventory of PTA is accumulating, which may lead to the continued weakening of their prices. The polyester industry shows a differentiated pattern, with low inventory of filament supporting price resilience and high inventory of staple fiber having回调 pressure [1][3][4] 3. Summary According to Relevant Catalogs 3.1 Daily Market Summary - **PTA&PX**: On October 30, the PX main contract closed at 6,588.0 yuan/ton, down 0.96% from the previous trading day, with a basis of -103.0 yuan/ton. The PTA main contract closed at 4,570.0 yuan/ton, down 1.42% from the previous trading day, with a basis of -10.0 yuan/ton. The cost support of PX is weakening, the supply pressure is increasing, the demand for PTA is lack of elasticity, and the inventory is accumulating [2][3] - **Polyester**: On October 30, the short fiber main contract closed at 6,268.0 yuan/ton, unchanged from the previous trading day. The spot price in the East China market was 6,365.0 yuan/ton, unchanged from the previous trading day, with a basis of 97.0 yuan/ton. The terminal textile demand is weakening, the inventory of polyester filament is significantly lower than the average level in the past five years, while the inventory of polyester staple fiber is higher than the average level in the past five years. It is expected that the industrial chain will maintain the cost-driven logic in the short term, but the decline in demand may limit the increase of PTA, the low inventory of filament may support price resilience, and the high inventory of staple fiber may have回调 pressure [4] 3.2 Industrial Chain Price Monitoring - **PX**: The main contract price of PX futures decreased by 0.96%, the trading volume increased by 5.96%, and the open interest increased by 1.54%. The spot price of PX in the Chinese main port (CFR) remained unchanged, and the FOB price in South Korea decreased by 0.13%. The basis of PX increased by 48.76% [5] - **PTA**: The main contract price of PTA futures decreased by 1.42%, the trading volume increased by 28.41%, and the open interest increased by 0.40%. The spot price of PTA in the Chinese main port (CFR) remained unchanged. The basis of PTA increased by 89.58%, the 1-5 spread decreased by 15.38%, the 5-9 spread decreased by 22.22%, and the 9-1 spread increased by 17.14%. The import profit of PTA increased by 2.40% [5] - **Short Fiber**: The main contract price of short fiber futures decreased by 1.02%, the trading volume increased by 16.07%, and the open interest decreased by 8.18%. The spot price in the East China market decreased by 0.08%. The basis of PF increased by 60.82%, the 1-5 spread decreased by 600.00%, the 5-9 spread remained unchanged, and the 9-1 spread increased by 50.00% [5] - **Other Products**: The price of the Brent crude oil main contract decreased by 0.42%, the price of the WTI crude oil main contract decreased by 0.12%, the price of CFR Japanese naphtha increased by 0.26%, the price of ethylene glycol remained unchanged, the price of polyester chips remained unchanged, the price of polyester bottle chips decreased by 0.35%, the price of polyester POY remained unchanged, the price of polyester DTY remained unchanged, and the price of polyester FDY remained unchanged [5] - **Processing Spreads**: The processing spread of naphtha increased by 3.13%, the processing spread of PX decreased by 0.61%, the processing spread of PTA increased by 14.20%, the processing spread of polyester chips decreased by 17.64%, the processing spread of polyester bottle chips decreased by 11.18%, the processing spread of polyester short fiber decreased by 35.59%, the processing spread of polyester POY decreased by 18.60%, the processing spread of polyester DTY decreased by 9.94%, and the processing spread of polyester FDY decreased by 4.60% [6] - **Light Textile City Trading Volume**: The total trading volume of the Light Textile City increased by 9.60%, the trading volume of long fiber fabrics increased by 10.00%, and the trading volume of short fiber fabrics increased by 8.72% [6] - **Industrial Chain Load Rates**: The load rates of PTA factories, polyester factories, and Jiangsu and Zhejiang looms remained unchanged [6] - **Inventory Days**: The inventory days of polyester short fiber increased by 0.97%, the inventory days of polyester POY decreased by 27.97%, the inventory days of polyester FDY decreased by 16.44%, and the inventory days of polyester DTY decreased by 16.95% [6] 3.3 Industrial Dynamics and Interpretations - **Macroeconomic Dynamics**: On October 30, the Bank of Canada cut interest rates by 25 basis points as expected and hinted at a pause in rate cuts. The Federal Reserve cut interest rates by 25 basis points in October, ended the balance sheet reduction on December 1, and there were serious differences among officials regarding the December policy. Middle Eastern Gulf countries collectively announced a 25-basis-point interest rate cut. On October 29, Citibank lowered the short-term price targets for gold and silver. Trump said that Federal Reserve Chairman Powell was either incompetent or bad and would leave his position in "a few months" [7] - **Supply and Demand - Demand**: On October 29, the total trading volume of the Light Textile City was 708.0 million meters, a month-on-month decrease of 3.01%, with a trading volume of 560.0 million meters for long fiber fabrics and 149.0 million meters for short fiber fabrics [8] 3.4 Industrial Chain Data Charts - The report includes data charts on PX and PTA futures, spot prices, basis, processing spreads, industrial chain load rates, inventory days, and Light Textile City trading volumes [9][11][13][15][17][19][22][23][27][28][30] 3.5 Appendix: Big Model Inference Process - Supply-side: PX and PTA may face increased supply pressure, and the decline in crude oil prices reduces costs. Demand-side: Affected by downstream polyester and terminal textiles, demand is weak. Inventory-side: PTA factory inventories are accumulating. These factors may lead to the continued weakening of PX and PTA prices [35][36]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Short - term crude oil is likely to maintain a volatile pattern, as supply - side disruptions and weak demand are in a tug - of - war. Supply uncertainty is intensified by Russia's export decline and potential nationalization of European refineries, but the expected increase in UK North Sea production and the actual enforcement of US sanctions are questionable, which may limit the upside. Weak gasoline and diesel shipments on the demand side suppress refinery开工 willingness, and rising interest - rate hike expectations at the macro - level put pressure on oil prices [5]. Group 3: Summary by Relevant Catalogs 1. Daily Market Summary a. Crude Oil Futures Market Data Changes - On October 30, 2025, the SC crude oil main contract closed at 462.6 yuan per barrel, a slight 0.24% decline from the previous day, with a narrowed intraday fluctuation range, indicating intensified market long - short game. WTI and Brent closed at $60.36 and $64.3 per barrel respectively, down 1.76% and 0.95% from the previous day, continuing the recent weakness. The SC - Brent spread widened to $0.86 per barrel, the SC - WTI spread rose to $4.8 per barrel, and the Brent - WTI spread widened to $3.94 per barrel. The spread between SC continuous and consecutive three - contract narrowed from - 4.8 yuan per barrel to - 3.5 yuan per barrel, with a slight relief of near - month contango pressure [2]. b. Supply - demand and Inventory Changes in the Industrial Chain - **Supply side**: Russian refined oil exports have dropped to the lowest point since the Russia - Ukraine conflict due to refinery shutdowns and tightened Western sanctions, which may further compress global refined oil supply. The US sanctions on Rosneft have triggered discussions in Germany about nationalizing its refineries in Germany, which may intensify European energy supply disruptions. BP is exploring new oil and gas resources in Gabon, but the short - term impact on supply is limited. The UK may cancel the North Sea oil and gas windfall tax, which may stimulate the recovery of North Sea production and relieve European supply pressure [3]. - **Demand side**: The news in the fuel oil market has improved, but the demand for gasoline and diesel remains weak, with refinery shipments being dull, reflecting weak terminal consumption. Some countries such as Hungary and India still rely on Russian crude oil, showing demand resilience [3]. - **Inventory side**: On October 24, excluding strategic reserves, commercial crude oil inventories decreased by 6.858 million barrels to 416 million barrels, a decline of 1.62%. The US Strategic Petroleum Reserve (SPR) inventory increased by 533,000 barrels to 409.1 million barrels, an increase of 0.13%, reaching the highest level since the week of September 30, 2022. Cushing crude oil inventory in Oklahoma increased by 1.334 million barrels. Refined oil inventory decreased by 3.362 million barrels, gasoline inventory decreased by 5.941 million barrels, and heating oil inventory decreased by 39,000 barrels [4]. c. Price Trend Judgment - Short - term crude oil is expected to maintain a volatile pattern, as the supply - side uncertainties and weak demand are in a stalemate [5]. 2. Industrial Chain Price Monitoring a. Crude Oil - **Futures prices**: On October 30, 2025, SC was at 458.90 yuan per barrel, down 0.80% from the previous day; WTI was at $60.29 per barrel, down 0.12%; Brent was at $64.03 per barrel, down 0.42%. - **Spot prices**: OPEC's basket price remained unchanged at $65.24 per barrel. Brent spot price was down 0.18% to $65.50 per barrel, while Oman, Victory, Dubai, ESPO, and Duri prices all increased, with Oman up 3.54% to $66.95 per barrel. - **Spreads**: SC - Brent spread decreased by 40.70% to $0.51 per barrel, SC - WTI spread decreased by 11.46% to $4.25 per barrel, Brent - WTI spread decreased by 5.08% to $3.74 per barrel, and SC continuous - consecutive three spread decreased by 22.86% to - 4.30 yuan per barrel. - **Other assets**: The US dollar index rose 0.40% to 99.52, the S&P 500 dropped 0.99% to 6,822.34 points, the DAX index dropped 0.02% to 24,118.89 points, and the RMB exchange rate rose 0.16% to 7.11. - **Inventory and开工**: US commercial crude oil inventory decreased by 1.62% to 415.966 million barrels, Cushing inventory increased by 6.28% to 22.565 million barrels, US strategic reserve inventory increased by 0.13% to 409.097 million barrels, API inventory decreased by 0.90% to 443.918 million barrels. The US refinery weekly开工 rate dropped 2.26% to 86.60%, and the US refinery crude oil processing volume decreased by 3.25% to 15.219 million barrels per day [7]. b. Fuel Oil - **Futures prices**: FU was at 2,751 yuan per ton, down 1.61%; LU was at 3,255 yuan per ton, up 0.28%; NYMEX fuel oil was at 241.47 cents per gallon, down 0.33%. - **Spot prices**: Most spot prices remained unchanged, except for the Russian M100 to - shore price, which dropped 2.27% to $431 per ton. - **Paper prices**: High - sulfur 180 and high - sulfur 380 in Singapore (near - month) both decreased by about 0.12%. - **Spreads**: The Singapore high - low sulfur spread decreased by 0.38% to $64.79 per ton, the Chinese high - low sulfur spread increased by 12.00% to 504 yuan per ton, the LU - Singapore FOB (0.5%S) spread increased by 0.49% to - 1,821 yuan per ton, and the FU - Singapore 380CST spread decreased by 2.58% to - 1,789 yuan per ton. - **Platts prices**: Platts (380CST) increased by 8.96% to $392.50 per ton, and Platts (180CST) increased by 9.13% to $397.43 per ton. - **Inventory**: Singapore fuel oil inventory decreased by 8.12% to 23.027 million tons, US distillate inventories in different sulfur - content ranges also changed, with some decreasing and some increasing [8]. 3. Industry Dynamics and Interpretations a. Supply - On October 30, Russian refined oil exports dropped to the lowest point since the Russia - Ukraine conflict due to refinery shutdowns and tightened Western sanctions. BP has signed an agreement to explore oil and gas offshore in Gabon. The US sanctions on Rosneft have led to discussions in Germany about nationalizing its business in Germany [9][10]. b. Demand - The crude oil trend has improved slightly, and the news in the fuel oil market has improved, but gasoline and diesel shipments are still weak, with terminal demand being hard to boost, and refinery shipments are dull. The market is expected to remain stable with narrow adjustments [11]. c. Inventory - The fuel oil inventory in Singapore for the week ending October 29 was to be announced [12]. d. Market Information - As of 2:30 on October 31, the Shanghai gold main contract rose 1.11%, the Shanghai silver main contract rose 1.47%, and the SC crude oil main contract fell 0.24%. Hungary's Prime Minister Orban hopes to get economic stimulus and exemption from US sanctions on Russian oil through a meeting with US President Trump. India is studying the impact of US sanctions on Russian oil companies. The UK may cancel the North Sea oil and gas windfall tax [13]. 4. Industrial Chain Data Charts - The report provides multiple data charts, including the prices and spreads of WTI and Brent first - line contracts, the spread between SC and WTI, US crude oil weekly production, US and Canadian oil rig numbers, OPEC crude oil production, global regional oil rig numbers, US refinery weekly开工 rate, US refinery crude oil processing volume, US weekly crude oil net imports, Japanese refinery actual capacity utilization rate, Shandong local refinery (atmospheric and vacuum)开工 rate, Chinese refined oil monthly production, US commercial crude oil inventory, US Cushing crude oil inventory, US strategic crude oil inventory, fuel oil futures price trends, Singapore high - low sulfur spreads, Chinese high - low sulfur spreads, cross - regional high - low sulfur spreads, international port IFO380 spot prices, and fuel oil inventory [14][16][18][20][21][23][27][29][33][34][36][40][41][43][47][48][50][54][57][58][59].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - In the short term, the price of lithium carbonate may maintain a relatively strong oscillation, but the upside space is restricted by the expected increase in future supply. The current low - inventory pattern and demand resilience support the price, and the reluctance of lithium salt manufacturers to sell exacerbates the shortage of spot goods. However, the gradual release of new production capacity such as Dazhong Mining, the supply elasticity after the commissioning of Tianqi Lithium's production line, and the risk of a month - on - month decline in new energy vehicle sales will suppress the momentum for the price to continuously break through the previous high [3] Group 3: Summary According to the Directory 1. Daily Market Summary - **Lithium carbonate futures market data change analysis** - **Main contract and basis**: On October 30, the price of the lithium carbonate main contract closed at 82,900 yuan/ton, up 1.5% from the previous day. The price center in the past week gradually shifted up from 79,520 yuan/ton to 82,900 yuan/ton, and market sentiment recovered. The basis weakened slightly from - 2,340 yuan/ton on October 29 to - 2,600 yuan/ton [1] - **Position and trading volume**: The position of the main contract continued to rise, reaching 506,900 lots on October 30, a 17.5% increase from 431,200 lots a week ago. The trading volume was 659,400 lots, which declined from the previous day but remained at a high level [1] - **Analysis of industrial chain supply - demand and inventory changes** - **Supply side**: The price of spodumene concentrate remained stable at 7,330 yuan/ton, while the price of lepidolite concentrate rose 3% to 3,775 yuan/ton. The capacity utilization rate remained at 74.39%, and the output in October may reach a record high [2] - **Demand side**: The retail sales of new energy vehicles from October 1 - 26 were flat year - on - year, but the demand for power batteries was strong, with the prices of ternary cells rising 0.89% - 1.96% within the week. The pre - placement of orders for energy storage and commercial vehicles further boosted the demand for lithium - battery materials [2] - **Inventory and warehouse receipts**: Lithium carbonate inventory decreased for two consecutive weeks, dropping to 130,400 tons on October 30, a 1.7% decrease from the previous week, and the upstream destocking speed accelerated [2] - **Market summary**: In the short term, the price of lithium carbonate may maintain a relatively strong oscillation, but the upside space is restricted by the expected increase in future supply. The current low - inventory pattern and demand resilience support the price, and the reluctance of lithium salt manufacturers to sell exacerbates the shortage of spot goods. However, the gradual release of new production capacity such as Dazhong Mining, the supply elasticity after the commissioning of Tianqi Lithium's production line, and the risk of a month - on - month decline in new energy vehicle sales will suppress the momentum for the price to continuously break through the previous high [3] 2. Industrial Chain Price Monitoring - On October 30, 2025, the price of the lithium carbonate main contract was 83,400 yuan/ton, up 0.60% from the previous day; the basis was - 3,100 yuan/ton, down 19.23% from the previous day; the position of the main contract was 532,871 lots, up 5.13% from the previous day; the trading volume of the main contract was 829,117 lots, up 25.73% from the previous day. The market price of battery - grade lithium carbonate remained unchanged at 80,300 yuan/ton, the market price of spodumene concentrate remained unchanged at 7,330 yuan/ton, the market price of lepidolite concentrate rose 3% to 3,775 yuan/ton, the price of lithium hexafluorophosphate rose 2.91% to 106,000 yuan/ton, the price of power - type ternary materials rose 0.22% to 139,000 yuan/ton, and the price of power - type lithium iron phosphate rose 0.59% to 35,805 yuan/ton [5] 3. Industry Dynamics and Interpretation - **Spot market quotation** - On October 30, the SMM battery - grade lithium carbonate index price was 79,881 yuan/ton, up 674 yuan/ton from the previous working day; the price range of battery - grade lithium carbonate was 78,200 - 81,800 yuan/ton, with an average price of 80,000 yuan/ton, up 850 yuan/ton from the previous working day; the price range of industrial - grade lithium carbonate was 77,300 - 78,300 yuan/ton, with an average price of 77,800 yuan/ton, up 850 yuan/ton from the previous working day. The futures price of lithium carbonate rose significantly, and the center of the main contract shifted up to the range of 82,200 - 85,000 yuan/ton. Currently, the operating rate of downstream material manufacturers continues to rise, and demand supports spot transactions. However, as the price rises, the reluctance of lithium salt manufacturers to sell intensifies, and the market transaction situation is dull. On the supply side, the overall operating rate of lithium salt manufacturers remains high, with the operating rates of the spodumene and salt - lake ends both maintaining above 60%, becoming the main supply force. It is expected that the total output of lithium carbonate in October will continue to rise and is expected to break through the historical high. The demand side is stronger. The new energy vehicle market is growing rapidly in both the commercial and passenger vehicle fields, and together with the energy storage market, it presents a pattern of strong supply and demand, continuously driving the demand for lithium - battery materials. In general, although the supply of lithium salt continued to grow steadily in October, due to the strong growth in demand continuously consuming inventory, the upstream inventory is currently at a low level, and the market has presented a significant de - stocking pattern [6] - **Downstream consumption situation** - According to the data of the Passenger Car Association, from October 1 - 26, the retail sales of new energy passenger vehicles in the country were 901,000 units, a 0% year - on - year increase compared with the same period in October last year, and an 8% decrease compared with the same period last month. The cumulative retail sales this year were 9,771,000 units, a 22% year - on - year increase; from October 1 - 26, the wholesale of new energy passenger vehicles by domestic manufacturers was 1,034,000 units, a 4% year - on - year increase compared with the same period in October last year, and a 5% decrease compared with the same period last month. The cumulative wholesale this year was 11,480,000 units, a 29% year - on - year increase [7] - **Industry news** - On October 28, Dazhong Mining's (001203.SZ) "Mining Plan for Jada Lithium Mine Mineral Resources" was officially approved by the Ministry of Natural Resources, with an annual mining scale of 2.6 million tons/year. The spodumene mining scale is among the top in the industry, and it can produce about 50,000 tons of lithium carbonate per year after reaching full production. This key node marks that it is closer to obtaining the mining license and will enter the "production capacity implementation sprint" stage. This mine is the core carrier of the company's strategic transformation from the traditional iron ore field to the new energy mineral track. The approval not only verifies its strength and responsibility in dimensions such as resource development efficiency, safety risk management and control, and green and sustainable operation, but also locks in the certainty of the "exploration - to - mining" process through the full - process authoritative compliance procedures of the Ministry of Natural Resources [9] - On October 20, Tianqi Lithium announced that after repeated commissioning and optimization, the first bag of battery - grade lithium hydroxide products from its 30,000 - ton/year lithium hydroxide project in Zhangjiagang, Jiangsu passed the sampling inspection by the company's internal laboratory, and all parameters were confirmed to meet the battery - grade lithium hydroxide standard. Subsequently, the company will continue to commission and optimize this project to achieve continuous and stable production of products and flexible switching of lithium carbonate [9] 4. Industrial Chain Data Charts - The report provides data charts on the lithium carbonate futures main contract and basis, battery - grade and industrial - grade lithium carbonate prices, lithium concentrate prices, lithium hexafluorophosphate and electrolyte prices, ternary precursor prices, ternary material prices, lithium iron phosphate prices, lithium carbonate operating rate, lithium carbonate inventory, and cell selling prices, with data sources including iFinD, SMM, and Shanghai Steel Union [10][13][15]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The domestic pure benzene market will maintain a weak and volatile pattern in the short term, with high inventory and weak demand hindering price rebounds. Attention should be paid to port destocking rhythm and downstream start - up changes [2] - The styrene market will continue its weak consolidation trend. If downstream orders do not improve significantly, styrene will remain under the dual constraints of high inventory and low demand, and the price center may continue to decline. Attention should be paid to subsequent import rhythm and device maintenance dynamics [3] Summary by Directory 1. Daily Market Summary (1) Fundamental Information - Price: On October 30, the styrene main contract closed down 1.41% at 6421 yuan/ton, with a basis of 9 (+62 yuan/ton); the pure benzene main contract closed down 1.47% at 5445 yuan/ton. The spot price of East China pure benzene was 5350 yuan/ton (-60 yuan/ton), Brent crude oil closed at 60.5 US dollars/barrel (+0.3 US dollars/barrel), and WTI crude oil closed at 64.9 US dollars/barrel (+0.5 US dollars/barrel) [2] - Inventory: Styrene port inventory was 19.3 tons (-1 ton), a month - on - month destocking of 4.7%; pure benzene port inventory was 8.5 tons (-1.4 tons), a month - on - month destocking of 14.1% [2] - Supply: Styrene's weekly output was 32.3 tons (-0.4 tons), and the factory capacity utilization rate was 66.7% (-2.5%) [2] - Demand: The overall demand of downstream 3S industries improved. The EPS capacity utilization rate was 62.2% (+0.2%), the ABS capacity utilization rate was 72.1% (-0.7%), and the PS capacity utilization rate was 52.0% (-1.8%) [2] (2) Views - Pure benzene: The domestic pure benzene market is in a weak and volatile pattern. Supply is abundant, imports increase port inventory, demand recovery is limited, and the cost - side support is weak [2] - Styrene: The styrene market continues to be weak. Supply is marginally loose, demand is cautious, and high port inventory suppresses the market [3] 2. Industrial Chain Data Monitoring (1) Price Data - Styrene futures and spot prices declined, and the basis increased. Pure benzene futures and spot prices also declined, and the spread between domestic and imported pure benzene widened [5] - The prices of Brent crude oil and WTI crude oil increased slightly, while the price of naphtha remained unchanged [5] (2) Output and Inventory Data - Styrene production decreased by 1.09% to 32.3 tons, and pure benzene production increased by 0.66% to 42.9 tons [6] - Both styrene port and factory inventories decreased, and pure benzene port inventory decreased by 14.14% [6] (3) Capacity Utilization Data - Among pure benzene downstream industries, the capacity utilization rates of styrene and caprolactam decreased, while those of phenol and aniline increased [7] - Among styrene downstream industries, the EPS capacity utilization rate increased slightly, while the ABS and PS capacity utilization rates decreased [7] 3. Industry News - Trump's threat to impose 100% tariffs on China has been cancelled, China is expected to resume "substantial" purchases of US soybeans, and Beijing will postpone the implementation of rare - earth export controls by one year and re - examine the plan [8] - US inflation data in September were lower than expected, increasing the prospect of the Fed's interest - rate cut [8] - On the early morning of October 30, the Fed adjusted the interest - rate ceiling to 4% as expected [8] 4. Industrial Chain Data Charts - The report provides multiple charts including pure benzene price, styrene price, styrene - pure benzene spread, and inventory and capacity utilization rate of related products [9][13][16]

Report Industry Investment Rating - No relevant content provided Core View of the Report - Ethylene glycol futures may continue to trade in a low-level consolidation pattern in the short term. The narrowing profit margin of coal-based production restricts the elasticity of domestic supply. The divergence between the high load of polyester factories and the low load of weaving machines reflects poor inventory transfer in the industrial chain. If there are no trend fluctuations in crude oil and coal prices, ethylene glycol may continue to trade in a narrow range. Attention should be paid to the commissioning progress of new plants in November and the seasonal inflection point of downstream orders [2] Summary According to Relevant Catalogs 1. Daily Market Summary - **主力合约与基差**: The price of the ethylene glycol main contract dropped from 4,100 yuan/ton to 4,032 yuan/ton, a decrease of 1.66%. The intraday fluctuation range was 4,069 - 4,109 yuan/ton. The spot price in East China remained stable at 4,180 yuan/ton, and the basis widened to 148 yuan/ton (futures at a discount), indicating that the support in the spot market was stronger than that in the futures market [1] - **持仓与成交**: The open interest of the main contract declined for four consecutive days to 312,500 lots, and the trading volume also decreased to 139,400 lots. The market trading activity decreased, reflecting a weakening divergence among funds on the short-term direction [1] - **供给端**: The overall ethylene glycol operating rate remained stable at 69.12%. The operating rates of oil-based and coal-based production were maintained at 71.24% and 66.2% respectively. The profit of ethylene-based production processes improved significantly (e.g., the profit of DOW's chemical method rebounded by 129 yuan/ton), while the coal-based profit decreased by 13.4% to 336 yuan/ton. Fluctuations in coal prices at the cost end may suppress the willingness of coal-based plants to increase production in the future [1] - **需求端**: The load of polyester factories remained stable at a high level of 89.42%, and the load of weaving machines in Jiangsu and Zhejiang remained at 63.43%. The seasonal weakening of terminal orders suppressed the replenishment momentum of the weaving sector, and there were blockages in demand transmission [1] - **库存端**: The inventory at the main ports in East China decreased by 56,000 tons to 523,000 tons (a decrease of 9.67%). The inventory in Zhangjiagang decreased sharply by 18.4% to 151,000 tons. The decrease in arrivals and the increase in port shipments promoted the reduction of visible inventory, and the short-term inventory pressure was significantly relieved [1] 2. Industrial Chain Price Monitoring - **期货与现货价格**: The price of the ethylene glycol main contract decreased from 4,100 yuan/ton to 4,032 yuan/ton, a decrease of 1.66%. The spot price in East China decreased from 4,180 yuan/ton to 4,115 yuan/ton, a decrease of 1.56% [4] - **利润情况**: The profits of ethylene-based production processes generally improved, with increases ranging from 14.46% to 39.89%. The coal-based profit decreased by 13.41% to 336 yuan/ton. The profits of natural gas-based and oilfield associated gas-based production decreased by 1.94% and 8.38% respectively [4] - **产业链开工负荷**: The overall ethylene glycol operating rate, coal-based operating rate, oil-based operating rate, polyester factory load, and Jiangsu and Zhejiang weaving machine load remained unchanged. The ethylene-based operating rate decreased by 4.0% to 63.1%, and the methanol-based operating rate remained unchanged [4] - **库存与到港量情况**: The inventory at the main ports in East China decreased by 56,000 tons to 523,000 tons, a decrease of 9.67%. The inventory in Zhangjiagang decreased by 34,000 tons to 151,000 tons, a decrease of 18.38% [4] 3. Industrial Dynamics and Interpretation - On October 30, the negotiation in the East China US dollar market was stable in the morning, with near-month cargoes negotiated in the range of 489 - 492 US dollars/ton, and no transactions were heard. In the afternoon, the negotiation in the East China US dollar market moved down, with near-month cargoes negotiated in the range of 486 - 489 US dollars/ton, and transactions were heard within the range [5] - On October 30, the center of the mainstream market remained stable. The quotes of holders in the South China market remained stable, and the market negotiation was average, with the current delivery price around 4,260 yuan/ton [5] - On October 30, international oil prices rebounded, providing some support at the cost end. The fundamental pattern of ethylene glycol changed little, but the macro atmosphere improved slightly. The center of the ethylene glycol market remained stable, with the current negotiation price in East China around 4,160 yuan/ton [5] - On October 30, the spot quotes in the Shaanxi ethylene glycol market remained stable, with the average market price around 3,790 yuan/ton for self-pickup. The supply of coal-based products was tight, and downstream players' purchases were stable, so the quotes of Shaanxi products remained stable [5] 4. Industrial Chain Data Charts - The report includes charts on the closing price and basis of the ethylene glycol main contract, ethylene glycol production profit, domestic ethylene glycol plant operating rate, downstream polyester plant operating rate, ethylene glycol inventory statistics at the main ports in East China (weekly), and total ethylene glycol industry inventory [6][8][10]

Report Industry Investment Rating - Not provided in the report Core Viewpoints of the Report - Short - term oil prices are expected to be weakly volatile, and in the medium - term, attention should be paid to the game between geopolitics and policies. Geopolitical conflicts provide bottom support for prices, but factors such as US shale oil production increase, reduced Indian procurement, and concerns about economic slowdown due to the Fed's interest - rate cut expectations suppress the upward space. If OPEC+ does not send a clear signal to cut production and US production increases, oil prices may remain in low - level volatility. If geopolitical risks escalate or inventory is depleted more than expected, it may trigger a staged rebound [5] Summary According to Relevant Catalogs 1. Daily Market Summary 1.1 Crude Oil Futures Market Data Change Analysis - On October 29, the SC crude oil main contract closed at 458 yuan/barrel, down 1.78% from the previous day. WTI and Brent closed at 60.18 and 63.86 dollars/barrel respectively, with a decline of over 2%. The SC - Brent spread widened from 0.9 to 1.3 dollars/barrel, and the SC - WTI spread strengthened from 4.39 to 4.98 dollars/barrel, indicating that SC crude oil was relatively resistant to decline compared to the external market. The Brent - WTI spread slightly widened from 3.49 to 3.68 dollars/barrel, reflecting an increase in Brent's discount to WTI [2] - SC crude oil futures warehouse receipts remained unchanged at 4.202 million barrels, indicating stable liquidity in the spot market. Japan's commercial crude oil inventory decreased by 37,700 liters from the previous week to 10.0272 million liters, and the refinery operating rate increased from 86.2% to 91.2%, suggesting a recovery in refining demand in Asia [3] 1.2 Analysis of Industrial Chain Supply - Demand and Inventory Changes - **Supply side**: Geopolitical conflicts continue to disrupt supply. Ukraine's attacks on Russian refineries and oil storage facilities may suppress Russian refining capacity in the short term, but Russian crude oil exports are not currently affected by sanctions. The production of the Johan Sverdrup oilfield in Norway may decline next year, while the production increase at the Bacalhau oilfield in Brazil is going smoothly, and the December loading plan in the North Sea is stable. The supply side shows regional differentiation. The acceleration of US shale oil development and the Fed's interest - rate cut expectations may increase medium - term supply pressure [4] - **Demand side**: The implied demand for US distillate oil increased from 4.9193 million barrels/day to 5.0873 million barrels/day, showing support from industrial and seasonal demand. The increase in Japan's refinery operating rate and the decrease in refined oil inventory indicate marginal improvement in Asian demand. However, Indian refiners such as MRPL have suspended purchasing Russian oil due to sanctions risks, which may lead to local trade flow adjustments. Germany's high dependence on Russian oil may exacerbate European energy supply uncertainty if it nationalizes Rosneft's business in Germany [4] - **Inventory side**: Japan's crude oil and refined oil inventories have decreased across the board, the US EIA commercial inventory has not shown significant accumulation, and China's SC warehouse receipts are stable. Currently, global inventory pressure is not prominent. However, attention should be paid to the potential impact of US shale oil production increase and Brazil's new production capacity release on future inventory [4] 2. Industrial Chain Price Monitoring 2.1 Crude Oil - **Futures prices**: On October 29, SC was at 462.6 yuan/barrel, down 0.02% from the previous day; WTI was at 60.36 dollars/barrel, up 0.30%; Brent was at 64.3 dollars/barrel, up 0.69% [7] - **Spot prices**: Among them, the price of OPEC's basket of crude oils remained unchanged at 65.46 dollars/barrel; the price of Brent increased by 1.15 dollars/barrel to 65.62 dollars/barrel, with a rise of 1.78%; the price of Oman decreased by 0.94 dollars/barrel to 64.66 dollars/barrel, a decline of 1.43%, etc. [7] - **Spreads**: The SC - Brent spread decreased from 1.3 to 0.86 dollars/barrel, a decline of 33.85%; the SC - WTI spread decreased from 4.98 to 4.8 dollars/barrel, a decline of 3.61%; the Brent - WTI spread increased from 3.68 to 3.94 dollars/barrel, a rise of 7.07% [7] - **Other assets**: The US dollar index rose from 98.72 to 99.12, an increase of 0.41%; the S&P 500 index decreased slightly by 0.3 points to 6,890.59 points; the DAX index decreased by 154.42 points to 24,124.21 points, a decline of 0.64%; the RMB exchange rate remained unchanged [7] - **Inventory**: US commercial crude oil inventory decreased by 6.858 million barrels to 415.966 million barrels, a decline of 1.62%; Cushing inventory increased by 1.334 million barrels to 22.565 million barrels, a rise of 6.28%; the US strategic reserve inventory increased by 0.533 million barrels to 409.097 million barrels, an increase of 0.13% [7] - **Operating rate**: The weekly operating rate of US refineries decreased from 88.6% to 86.6%, a decline of 2.26%; the crude oil processing volume of US refineries decreased by 511,000 barrels/day to 1.5219 million barrels/day, a decline of 3.25% [7] 2.2 Fuel Oil - **Futures prices**: FU decreased from 2,818 yuan/ton to 2,796 yuan/ton, a decline of 0.78%; LU decreased from 3,273 yuan/ton to 3,246 yuan/ton, a decline of 0.82%; NYMEX fuel oil increased from 238.58 cents/gallon to 242.28 cents/gallon, an increase of 1.55% [8] - **Spot prices**: Most of the spot prices remained unchanged, with only the Russian M100 CIF price decreasing from 445 dollars/ton to 441 dollars/ton, a decline of 0.90% [8] - **Paper prices**: The prices of high - sulfur 180 and high - sulfur 380 in Singapore (near - month) decreased by 2.61% and 2.56% respectively [8] - **Spreads**: The Singapore high - low sulfur spread is not provided, the Chinese high - low sulfur spread decreased from 455 yuan/ton to 450 yuan/ton, a decline of 1.10%; the LU - Singapore FOB (0.5%S) spread decreased from - 1,840 yuan/ton to - 1,867 yuan/ton, a decline of 1.47%; the FU - Singapore 380CST spread decreased from - 1,808 yuan/ton to - 1,830 yuan/ton, a decline of 1.22% [8] - **Inventory**: Some US distillate inventories decreased, such as the DOE distillate inventory decreasing by 3.362 million barrels to 112.189 million barrels, a decline of 2.91%, while the inventory of US distillates (>500ppm) increased by 49,000 barrels to 7.05 million barrels, an increase of 0.70% [8] 3. Industry Dynamics and Interpretations 3.1 Supply - On October 29, India's HMEL company suspended further purchases of Russian crude oil. Ukraine attacked two Russian refineries and a natural gas processing plant. Russian crude oil exports are in line with the October plan and are not currently affected by new sanctions. The production of the Johan Sverdrup oilfield in Norway may decline next year, while the production increase at the Bacalhau oilfield in Brazil is going smoothly. The loading volume of North Sea crude oil in December is stable. China's Xinjiang Jimusar shale oil annual output has exceeded 1.5 million tons [9][10] 3.2 Demand - The implied demand for US distillate oil in the week ending October 24 increased from 4.9193 million barrels/day to 5.0873 million barrels/day [10] 3.3 Inventory - On October 29, the Shanghai Futures Exchange's energy - chemical warehouse receipts remained mostly unchanged. As of the week ending October 25, Japan's commercial crude oil inventory decreased, and the refinery operating rate increased [11] 3.4 Market Information - The UK may cancel the windfall profit tax on the oil and gas industry earlier than expected. The Fed's interest - rate decision is expected to be cut. Germany is discussing the nationalization of Rosneft's business in Germany. Indian refiners have suspended purchasing Russian oil due to sanctions risks. An Indian - Vitol joint venture is expected to be established in Singapore [12] 4. Industrial Chain Data Charts - The report provides multiple data charts, including the prices and spreads of WTI and Brent front - month contracts, the spread between SC and WTI, US weekly crude oil production, OPEC crude oil production, and various inventory and operating rate data charts [14][16][18]

1. Report Industry Investment Rating - This part is not mentioned in the provided content. 2. Core Viewpoints of the Report - The prices of pure benzene and styrene are expected to remain weak. Pure benzene will continue its weak and volatile trend due to high supply pressure and limited demand recovery. Styrene will also maintain a weak and volatile pattern as it faces pressures on both supply and demand sides and lacks upward momentum in the short term [2][3]. 3. Summary by Relevant Catalogs 3.1 Daily Market Summary - **Fundamentals** - **Prices**: On October 29, the main contract of styrene closed up 0.73% at 6,513 yuan/ton with a basis of -53 (-42 yuan/ton), and the main contract of pure benzene closed up 0.56% at 5,526 yuan/ton [2]. - **Costs**: On October 29, the main contract of Brent crude oil closed at $60.2/barrel (-$1.2/barrel), WTI crude oil at $64.4/barrel (-$1.2/barrel), and the spot price of East China pure benzene was 5,485 yuan/ton (+0 yuan/ton) [2]. - **Inventory**: Styrene port inventory was 193,000 tons (-10,000 tons), a 4.7% month - on - month decrease, while it continued to accumulate. Pure benzene port inventory was 85,000 tons (-14,000 tons), a 14.1% month - on - month decrease [2]. - **Supply**: The operating rate and supply of styrene decreased slightly month - on - month. Currently, the weekly output of styrene was 327,000 tons (-12,000 tons), and the plant capacity utilization rate was 69.3% (-2.6%) [2]. - **Demand**: The overall demand of the downstream 3S operating rate recovered. The capacity utilization rate of EPS was 62.0% (-0.5%), ABS was 72.8% (-0.3%), and PS was 53.8% (+0%) [2]. - **Views** - **Pure Benzene**: Sanctions on some Chinese refineries by European and American countries have led to a decline in the operation of some pure benzene plants and an adjustment in domestic supply expectations. However, the overall balance sheet shows that pure benzene will continue to accumulate inventory in the fourth quarter. From late October, the export shipments from South Korea are expected to arrive at ports in late October to early November, which may lead to a new round of inventory accumulation. The demand is weak, and the price of pure benzene will continue its weak and volatile trend. Future focus lies on the expansion of sanctions and the impact of external policies and crude oil prices [2]. - **Styrene**: The styrene market continues to be under pressure, with supply - side pressure further increasing. Two new plants have been put into operation, adding a total capacity of about 1.2 million tons. Although there may be a phased reduction in inventory in the fourth quarter, the overall de - stocking pressure is still high. The news of unplanned production cuts may affect the supply - demand structure. The demand from downstream industries remains at a low level, and the cost - side support has weakened. The market is expected to maintain a weak and volatile pattern [3]. 3.2 Industry Data Monitoring - **Prices of Styrene and Pure Benzene**: The main contract of styrene futures increased by 0.73% from October 28 to October 29, while the spot price decreased by 1.28%. The main contract of pure benzene futures increased by 0.56%, and the prices of pure benzene in South Korea, the US, and China CFR remained unchanged. The prices of Brent crude oil, WTI crude oil, and naphtha all decreased [5]. - **Output and Inventory of Styrene and Pure Benzene**: From October 17 to October 24, the output of styrene in China decreased by 3.66% to 327,000 tons, and the output of pure benzene decreased by 2.72% to 426,000 tons. The port and factory inventories of styrene and the port inventory of pure benzene all increased [6]. - **Operating Rate**: From October 17 to October 24, the operating rates of styrene and caprolactam in the downstream of pure benzene decreased, while the operating rate of aniline increased slightly. Among the downstream of styrene, the operating rates of EPS and ABS decreased slightly, and the operating rate of PS remained unchanged [7]. 3.3 Industry News - Trump's threat to impose a 100% tariff on China has been cancelled. China is expected to resume "substantial" purchases of US soybeans, and Beijing will postpone the implementation of rare - earth export controls for one year and re - examine the plan [8]. - The inflation data in the US in September was lower than expected, increasing the possibility of the Fed cutting interest rates [8]. - The Fed held an interest - rate meeting early on October 30 [8]. 3.4 Industry Data Charts - The report provides charts on the prices, production, inventory, and operating rates of pure benzene and styrene, as well as the prices of related upstream products, including Brent crude oil, WTI crude oil, and naphtha [9][13][16].