Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The market for pure benzene and styrene continues to be weak, affected by external sanctions and new production capacities [1]. - The pure benzene market remains loose in the short - term, with prices under pressure. The styrene market will continue its weak and volatile pattern in the short - term [2][3]. 3. Summary by Directory 3.1. Daily Market Summary - **Fundamentals** - **Prices**: On October 28, the main styrene contract closed down 1.00% at 6,466 yuan/ton, with a basis of - 11 (+45 yuan/ton); the main pure benzene contract closed down 1.33% at 5,495 yuan/ton. The closing price of Brent crude oil was 61.3 dollars/barrel (-0.2 dollars/barrel), and the WTI crude oil main contract closed at 65.6 dollars/barrel (-0.3 dollars/barrel). The spot price of East China pure benzene was 5,485 yuan/ton (+0 yuan/ton) [2]. - **Cost**: The styrene port inventory was 20.3 tons (+0.6 tons), a 3.1% increase, and the pure benzene port inventory was 9.9 tons (+0.9 tons), a 10% increase [2]. - **Supply**: The styrene production rate and supply decreased slightly. The weekly styrene output was 32.7 tons (-1.2 tons), and the factory capacity utilization rate was 69.3% (-2.6%) [2]. - **Demand**: The overall demand for the downstream 3S production rate recovered. The EPS capacity utilization rate was 62.0% (-0.5%), the ABS capacity utilization rate was 72.8% (-0.3%), and the PS capacity utilization rate was 53.8% (+0%) [2]. - **Views** - **Pure Benzene**: International situation uncertainty and sanctions have led to a slight reduction in supply expectations, but there is still inventory accumulation pressure in the fourth quarter. The port inventory may rise again at the end of October to early November. The market is loose in the short - term, and prices are under pressure [2]. - **Styrene**: The market center continues to decline, and supply pressure is increasing. New production capacities have been put into operation, and although the balance sheet shows theoretical inventory reduction in the fourth quarter, the inventory reduction pressure is still high. The market will continue its weak and volatile pattern in the short - term [3]. 3.2. Industrial Chain Data Monitoring - **Prices**: The styrene futures main contract decreased by 1.00% to 6,466 yuan/ton, and the pure benzene futures main contract decreased by 1.33% to 5,495 yuan/ton. The prices of various types of pure benzene in different regions also showed certain declines [5]. - **Output and Inventory**: The Chinese styrene output decreased by 3.66% to 32.7 tons, and the pure benzene output decreased by 2.72% to 42.6 tons. The styrene and pure benzene port and factory inventories all increased to varying degrees [6]. - **Capacity Utilization**: The capacity utilization rates of some pure benzene and styrene downstream products decreased, such as styrene (-2.63%) and caprolactam (-3.52%) [7]. 3.3. Industry News - Trump's threat to impose a 100% tariff on China has been cancelled, China is expected to resume large - scale soybean purchases from the US, and Beijing will postpone the implementation of rare - earth export controls [8]. - US inflation data in September were lower than expected, increasing the prospect of the Fed's interest - rate cut. The Fed will hold an interest - rate meeting early on October 30 [8]. 3.4. Industrial Chain Data Charts The report provides multiple charts, including those on pure benzene and styrene prices, styrene - pure benzene spreads, and inventory and capacity utilization rates of related products [9][13][16]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The overall macro sentiment has been boosted by the positive signals from the China-US high-level talks on October 25th, but the pure benzene and styrene markets remain weak. The pure benzene market has a loose supply-demand situation, and its short-term price drive is still weak, while the macro benefits from the China-US talks may provide some support. The styrene market maintains a weak shock, with supply pressure and cautious replenishment sentiment on the demand side. The improvement in the macro situation may slow down the market's downward pressure [2][3]. Summary by Relevant Catalogs 1. Daily Market Summary Fundamentals - **Price**: On October 27th, the styrene main contract closed down 0.12% at 6,531 yuan/ton, with a basis of -56 (-62 yuan/ton); the pure benzene main contract closed down 0.05% at 5,569 yuan/ton. The spot price of East China pure benzene was 5,485 yuan/ton (-60 yuan/ton) [2]. - **Cost**: On October 27th, the Brent crude oil main contract closed at $61.5 per barrel (-$0.3 per barrel), and the WTI crude oil main contract closed at $65.9 per barrel (-$0.1 per barrel) [2]. - **Inventory**: The styrene port inventory was 203,000 tons (+6,000 tons), a month-on-month inventory accumulation of 3.1%. The pure benzene port inventory was 99,000 tons (+9,000 tons), a month-on-month inventory accumulation of 10% [2]. - **Supply**: The styrene operating rate and supply decreased slightly month-on-month. The current weekly styrene output was 327,000 tons (-12,000 tons), and the factory capacity utilization rate was 69.3% (-2.6%) [2]. - **Demand**: The overall demand of the downstream 3S operating rate recovered. The EPS capacity utilization rate was 62.0% (-0.5%), the ABS capacity utilization rate was 72.8% (-0.3%), and the PS capacity utilization rate was 53.8% (+0%) [2]. Views - **Pure Benzene**: The crude oil market continues to have a loose supply-demand pattern, with OPEC+ increasing production in November. The global oil consumption enters the off-season, and the US tariff policy tightens, keeping oil prices oscillating at a low level. After the ceasefire agreement in Gaza, the geopolitical risk has significantly eased. The supply of pure benzene is still high due to limited domestic device overhauls and new capacity release. The terminal demand is weak, and most downstream products are still in the loss range, with insufficient purchasing willingness. Overall, the supply and demand of pure benzene are relatively loose, and the short-term price drive is still weak, but the macro benefits from the China-US talks are expected to provide some support [2]. - **Styrene**: The styrene market generally maintains a weak shock. Although some devices are overhauled due to profit inversion and high inventory, new devices such as Jilin Petrochemical are about to be put into production, and the supply pressure still exists. On the demand side, the downstream devices such as PS, EPS, and ABS have gradually recovered after the festival, but the terminal orders are limited, and the replenishment sentiment is cautious. The weakening of crude oil and pure benzene costs further weakens the price support. The styrene supply and demand pattern is still loose, and the short-term price center may continue the weak shock, but the improvement in the macro aspect is expected to slow down the market's downward pressure [3]. 2. Industrial Chain Data Monitoring - **Price**: The styrene futures main contract decreased by 0.12%, and the spot price increased by 0.06%. The pure benzene futures main contract decreased by 0.05%, and the East China spot price decreased by 1.08%. The Brent crude oil decreased by 0.47%, and the WTI crude oil decreased by 0.08% [5]. - **Output and Inventory**: The domestic styrene output decreased by 3.66% to 327,000 tons, and the pure benzene output decreased by 2.72% to 426,000 tons. The styrene port inventory in Jiangsu increased by 3.05% to 203,000 tons, and the factory inventory increased by 1.47% to 196,000 tons. The national pure benzene port inventory increased by 10.00% to 99,000 tons [6]. - **Operating Rate**: The capacity utilization rate of styrene decreased by 2.63% to 69.3%, and the capacity utilization rate of downstream products such as EPS and ABS decreased slightly [7]. 3. 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, and Beijing will postpone the implementation of rare earth export controls by 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]. - The Fed will hold an interest rate meeting early on October 30th [8]. 4. Industrial Chain Data Charts - The report provides charts of pure benzene price, styrene price, styrene - pure benzene spread, etc., as well as charts related to inventory and capacity utilization rate of styrene, pure benzene, and their downstream products [9][13][16]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The current direction of lithium prices is determined by whether the low inventory of lithium ore collides with the resumption of production expectations and resonates with the downstream. The market has three major variables: lithium ore inventory, the resumption of production at Jianxiaowo, and the downstream production schedule in November. Whether the resumption of production at Jianxiaowo in November can resonate with the downstream production schedule is the key to the unilateral price movement [3][4]. 3. Summary According to Relevant Catalogs 3.1 Weekly Report Summary - **Fundamentals**: Domestic lithium concentrate inventory remains low, and the price of spodumene has risen significantly in the past week. The resumption of production at Jianxiaowo is uncertain. After the expiration of the LC2510 contract, lithium carbonate warehouse receipts have flowed out, and the basis has weakened. The social inventory is still high, and the spot market is relatively calm. In the case of tight upstream lithium ore, the production schedule in November is crucial [3]. - **Market Summary**: The market was strong last week. The futures contract price is at an important pressure level, and it is difficult to digest the upward selling pressure without significant marginal changes. The futures market sentiment is high, but the spot price is calm. The basis has weakened significantly, presenting a short - term opportunity in the term market. The unilateral price can go up or down, mainly depending on whether the resumption of production at Jianxiaowo in November can resonate with the downstream production schedule [4]. 3.2 Supply - Demand Balance Sheet - **Lithium Carbonate Balance Sheet**: In September 2025, the supply was 87,260 tons, the demand was 116,801 tons, the import volume was 20,000 tons, the export volume was 410 tons, and the inventory decreased by 9,951 tons. There was an inventory increase in August and significant inventory reduction in September [6][8]. - **Lithium Hydroxide Balance Sheet**: In September 2025, the supply was 27,470 tons, the demand was 24,715 tons, the import volume was 800 tons, the export volume was 7,200 tons, and the inventory decreased by 3,645 tons [9][11]. 3.3 Upstream Ore Supply, Demand, and Price - **Spodumene Import**: In September 2025, the total import volume was 520,514 tons, with an average import price of $684 per ton. Australia was the main source of imports, with an import volume of 347,215 tons and an average price of $734 per ton [13][17]. - **Chinese Lithium Ore**: In September 2025, the output of lithium mica was 8,150 tons, a month - on - month decrease of 9.24%, and the output of spodumene was 6,800 tons, a month - on - month increase of 1.95%. The lithium mica end still has uncertainties [18][23]. 3.4 Lithium Salt Supply, Demand, and Price - **Lithium Salt Spot and Futures Prices**: In the short term, the improvement in demand has boosted the futures price. As of October 24, 2025, the price of battery - grade lithium carbonate was 78,500 yuan per ton, and the price of industrial - grade lithium carbonate was 77,000 yuan per ton [26][28]. - **Production Cost and Profit**: The import ore price has risen significantly recently. As of October 24, 2025, the production cost of lithium carbonate from spodumene was 68,855 yuan per ton, and the production profit was 9,645 yuan per ton [39][43]. - **Lithium Carbonate Production**: In September 2025, the total production of lithium carbonate was 87,260 tons, a year - on - year increase of 52% and a month - on - month increase of 2%. Lithium辉石 was the main raw material for production [44][53]. - **Capacity Utilization Rate**: The next important node is the resumption of production at Jianxiaowo in November. As of September 2025, the overall capacity utilization rate of lithium salt was 55%, and the capacity utilization rate of lithium carbonate from spodumene was 68% [54][58]. - **Lithium Carbonate Monthly Import Volume**: In September 2025, the total import volume of lithium carbonate was 19,597 tons, with 6,948 tons from Argentina and 10,797 tons from Chile [59][63]. - **Lithium Carbonate Inventory**: After the expiration of the LC2510 contract, lithium carbonate warehouse receipts have flowed out, but the overall social inventory is still high [3][64]. 3.5 Lithium Salt Downstream Production and Demand - **Lithium Iron Phosphate**: In September 2025, the production of lithium iron phosphate was 356,750 tons, a year - on - year increase of 43.00% and a month - on - month increase of 12.75%. The capacity utilization rate was 65.00% [70][74]. - **Ternary Materials Production and Capacity Utilization Rate**: In September 2025, the production of ternary materials was 75,360 tons, a year - on - year increase of 31.50% and a month - on - month increase of 2.60%. The capacity utilization rate was not provided for this month, but in August it was 48% [75][79]. - **Ternary Materials Import and Export Volume**: In August 2025, the import volume of ternary materials was 5,567 tons, the export volume was 13,352 tons, and the net import volume was - 7,785 tons [80][84]. - **New Energy Vehicle Production and Sales**: The report provides data on the production of new energy vehicles, including pure - electric vehicles and plug - in hybrid vehicles, but specific analysis is not provided [85].

Report Industry Investment Rating No relevant content provided. Core View of the Report The short - term oil price is expected to rebound with oscillations, but the upside space remains limited. Supply - side geopolitical risk premiums and OPEC+ production cuts provide support, while long - term supply increases and demand substitution risks exist. Demand - side Asian seasonal restocking is nearing an end, and narrowing refinery profits in Europe and the United States suppress processing volume growth. Although the oil price may briefly break through the previous high under certain circumstances, it lacks continuous upward momentum due to the slowdown in global economic growth and non - OPEC supply elasticity [5]. Summary According to Related Catalogs 1. Daily Market Summary (1) Crude Oil Futures Market Data Changes - On October 24, 2025, the price of the SC crude oil futures main contract rose by 5.2 yuan/barrel (1.13%) to 464.9 yuan/barrel, continuing the recent upward oscillation trend. WTI and Brent prices remained stable at 61.75 dollars/barrel and 65.26 dollars/barrel respectively. The SC - Brent spread changed from - 0.71 dollars/barrel to 0.01 dollars/barrel, and the SC - WTI spread widened by 0.72 dollars to 3.52 dollars/barrel. The SC continuous - consecutive three spread narrowed from - 5.8 yuan/barrel to - 4.8 yuan/barrel [2]. - In the week of October 21, Brent crude oil speculative net long positions were significantly reduced by 57,085 contracts to 52,521 contracts, a recent low, and diesel net long positions decreased by 11,375 contracts, indicating weakening confidence in continuous oil price increases and weakening refined oil demand expectations [3]. (2) Industrial Chain Supply - Demand and Inventory Changes - Supply side: The pipeline fire in Iraq's Zubair Oilfield did not affect production, with September oil exports at a high of 102 million barrels. Saudi Arabia's August oil export value increased by 7% year - on - year. Russia's Ryazan refinery stopped a key processing unit due to a drone attack, which may affect refined oil exports but not crude oil production. The US opened Alaska for drilling, and India's Reliance Industries increased crude oil purchases, suggesting potential non - OPEC supply increases [4]. - Demand side: India's October services PMI preliminary value of 60.7 supported Asian crude oil import demand. However, the expected reduction in China's refined oil retail price limit may suppress refinery restocking willingness. Indonesia's plan to implement the E10 gasoline policy in 2027 may suppress traditional gasoline demand in the long term. The reduction of US diesel speculative long positions reflected weakening industrial demand expectations, and there was no significant rebound signal in EIA apparent demand [4]. - Inventory side: The Shanghai Futures Exchange's crude oil warehouse receipts remained unchanged at 5.211 million barrels, indicating limited delivery storage capacity pressure. US Cushing inventory decreased recently, but EIA commercial crude oil inventory was still at a seasonal high, and the overall OECD inventory level suppressed the upward movement of oil prices [4]. 2. Industrial Chain Price Monitoring (1) Crude Oil - Futures prices: On October 24, 2025, the SC crude oil futures price was 464.9 yuan/barrel, up 1.13% from the previous day. WTI was 61.44 dollars/barrel, down 0.50%, and Brent was 64.92 dollars/barrel, down 0.52% [7]. - Spot prices: Most crude oil spot prices showed an upward trend, with the Brent spot price rising by 1.61%, the Oman spot price rising by 1.37%, etc. [7]. - Spreads: The SC - Brent spread increased by 149.30% to 0.35 dollars/barrel, the SC - WTI spread increased by 36.79% to 3.83 dollars/barrel, and the Brent - WTI spread decreased by 0.85% to 3.48 dollars/barrel [7]. - Other assets: The US dollar index increased by 0.01%, the S&P 500 increased by 0.79%, the DAX index increased by 0.13%, and the RMB exchange rate remained unchanged [7]. - Inventory and开工: US commercial crude oil inventory decreased by 0.23%, Cushing inventory decreased by 3.50%, and the US strategic reserve inventory increased by 0.20%. The US refinery weekly开工 rate increased by 3.38%, and the crude oil processing volume increased by 3.97% [7]. (2) Fuel Oil - Futures prices: On October 24, 2025, the FU fuel oil futures price was 2,814 yuan/ton, up 2.25% from the previous day, the LU was 3,224 yuan/ton, up 0.97%, and NYMEX fuel oil was 239.7 cents/gallon, up 0.57% [8]. - Spot prices: Some fuel oil spot prices increased, such as the high - sulfur 180 in Singapore rising by 2.28%, and the Russian M100 to - shore price rising by 4.75% [8]. - Paper - cargo prices: The high - sulfur 380 in Singapore (near - month) increased by 2.51% [8]. - Spreads: The Singapore high - low sulfur spread data was not provided, and the Chinese high - low sulfur spread decreased by 7.03% [8]. - Inventory: Singapore's fuel oil inventory decreased by 8.12% [8]. 3. Industrial Dynamics and Interpretation (1) Supply - On October 26, the fire in an oil pipeline in Iraq's Zubair Oilfield did not affect production, with the current daily output remaining at 400,000 barrels. Iraq's September total oil exports were 102.15 million barrels. Saudi Arabia's August oil export value increased by 7% year - on - year [9][10]. - On October 24, Russia's Ryazan refinery stopped a key processing unit after a drone attack. India's Reliance Industries bought millions of barrels of crude oil from the Middle East and the US. Italy's Eni Group raised its 2025 oil and gas production guidance, expecting an output of 171 - 172 million barrels of oil equivalent per day in 2025 and about 1.8 million barrels of oil equivalent per day in the fourth quarter. The US announced the opening of the Alaska coastal plain for oil drilling [10]. (2) Demand - Indonesia plans to implement a policy in 2027 to make the bio - ethanol content in gasoline reach 10% [11]. (3) Inventory - On October 24, the Shanghai Futures Exchange's medium - sulfur crude oil futures warehouse receipts remained unchanged at 5.211 million barrels, the low - sulfur fuel oil futures warehouse receipts remained unchanged at 4,960 tons, and the fuel oil futures warehouse receipts decreased by 1,500 tons [12]. (4) Market Information - As of the week of October 21, diesel speculative net long positions decreased by 11,375 contracts to 45,766 contracts, and Brent crude oil speculative net long positions decreased by 57,085 contracts to 52,521 contracts [13]. - Ukrainian President Zelensky called for sanctions on all Russian oil companies, shadow fleets, and oil terminals. China's refined oil retail price limit is likely to be reduced on October 27 [13]. - India's October services PMI preliminary value was 60.7 [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 SC - WTI spread statistics, US crude oil weekly production, US and Canadian oil rig numbers, OPEC crude oil production, etc., with data sources from WIND, EIA, iFinD, etc. [14][16][18]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The easing of Sino - US relations and China's "15th Five - Year Plan" boost the overall demand for base metals, and the copper market is still favorable at the macro level [3]. - The supply gap in the copper market is expected to widen in 2026, and the negotiation of long - term contracts is difficult [3]. - The strong fundamentals of electrolytic copper are in a game with high copper prices, and downstream acceptance of high copper prices may decline [3]. - Although there are strong macro - level demand expectations for copper, the current actual demand is questionable [4]. - The fundamentals of the copper market are supported by the supply gap before 2026, and short - term variables are concentrated on the macro side. There may be short - term rapid declines, but they are good opportunities for long - positions [5]. 3. Summary by Directory 3.1 Electrolytic Copper Market Price - **1.1 Electrolytic Copper Upstream Market Price**: The Indonesia incident has continuously pushed up the ore price, and data on 20% copper concentrate market price, TC price, refined - scrap copper price difference, and copper import profit are presented [7][8][9]. - **1.2 Electrolytic Copper Spot - Futures Market Price**: The copper mine incident is the dominant factor, and data on Shanghai copper spot - futures price, basis, Yangshan Bonded Area premium, and LME copper and COMEX copper prices are shown [11][12][15]. - **1.3 Outer - Market Copper Position Data**: Overseas long - position speculation continues to increase, and data on overseas exchange inventory, LME copper warehouse receipt composition, fund position, and COMEX copper non - commercial position are provided [16][17][21]. 3.2 Electrolytic Copper Production and Inventory - **2.1 Electrolytic Copper Upstream Supply**: Data on copper concentrate net import volume, electrolytic copper net import volume, and scrap copper net import volume are presented [27][28][29]. - **2.2 Electrolytic Copper Production and Inventory**: Information on electrolytic copper monthly output, production rate, production cost, profit, and weekly inventory (including market inventory and factory inventory) is provided [32][34][36]. 3.3 Macro Data and Downstream Consumption - **3.1 US Dollar Index and US Treasury Yield**: Data on the US dollar index, US Treasury yield spread, real interest rate, and inflation are presented [38][39][41]. - **3.2 US Economic Data**: Information on US employment, market confidence index, social retail sales, inventory, central bank total assets, GDP growth rate, and stock index closing price is provided. The Fed hints at a possible halt to balance - sheet reduction [48][49][54]. - **3.3 Chinese Economic Data**: In July, new loans turned negative, PMI was slightly above the boom - bust line. Data on M1, M2 growth rates, new RMB loans, manufacturing PMI, social consumer goods retail sales, and GDP growth rate are presented [58][63][64]. - **3.4 Chinese Copper Downstream Consumption Data**: The "15th Five - Year Plan" may bring new expectations. Data on electrolytic copper monthly demand, copper foil production rate, terminal product output growth rate, and fixed - asset investment completion growth rate are provided [70][71].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The pure benzene market has a loose supply - demand situation. Although the macro - sentiment improvement due to Sino - US easing may briefly boost market confidence, the weak oil prices and insufficient demand still suppress the market [2] - The styrene market is oscillating weakly. The supply is abundant, the demand is cautious, and the cost support is weak. However, the macro - improvement from Sino - US talks may support the short - term market, but the supply - demand pattern remains to be improved [3] Group 3: Summary by Related Catalogs 1. Daily Market Summary Fundamental Aspects - **Prices**: On October 24, the styrene main contract closed down 0.09% at 6,539 yuan/ton with a basis of 6 (±34 yuan/ton); the pure benzene main contract closed down 0.57% at 5,572 yuan/ton [2] - **Costs**: On October 24, Brent crude oil closed at $61.8/barrel (+$3.3/barrel), WTI crude oil at $66.0/barrel (+$3.4/barrel), and the spot price of East China pure benzene was 5,545 yuan/ton (-15 yuan/ton) [2] - **Inventory**: Styrene port inventory was 20.3 tons (+0.6 tons), a 3.1% increase; pure benzene port inventory was 9.9 tons (+0.9 tons), a 10% increase [2] - **Supply**: The styrene production and capacity utilization decreased slightly. The weekly styrene output was 32.7 tons (-1.2 tons), and the factory capacity utilization was 69.3% (-2.6%) [2] - **Demand**: The overall demand of downstream 3S industries recovered. The EPS capacity utilization was 62.0% (-0.5%), ABS 72.8% (-0.3%), and PS 53.8% (+0%) [2] Views - **Pure Benzene**: The crude oil market supply - demand is loose, OPEC+ plans to increase production in November, and the global oil consumption enters the off - season. The supply of pure benzene is high, the downstream demand support is limited, and the inventory situation is complex. The Sino - US easing may boost market confidence [2] - **Styrene**: The styrene market is weakly oscillating. The supply is abundant, the demand is cautious, and the cost support is weak. The Sino - US talks may improve the macro - situation and support the short - term market [3] 2. Industrial Chain Data Monitoring Prices - Styrene futures main contract price decreased by 0.09% from 6,545 yuan/ton on October 23 to 6,539 yuan/ton on October 24; the spot price increased by 0.29% from 6,830 yuan/ton to 6,850 yuan/ton [5] - Pure benzene futures main contract price decreased by 0.57% from 5,604 yuan/ton to 5,572 yuan/ton; the East China spot price decreased by 0.27% from 5,560 yuan/ton to 5,545 yuan/ton [5] Production and Inventory - China's styrene production decreased by 3.66% from 33.9 tons on October 17 to 32.7 tons on October 24; pure benzene production decreased by 2.72% from 43.8 tons to 42.6 tons [6] - Styrene port inventory in Jiangsu increased by 3.05% from 19.7 tons to 20.3 tons; factory inventory increased by 1.47% from 19.3 tons to 19.6 tons [6] - Pure benzene port inventory nationwide increased by 10% from 9.0 tons to 9.9 tons [6] Capacity Utilization - The capacity utilization of styrene in pure benzene downstream decreased by 2.63% from 71.9% to 69.3%; that of caprolactam decreased by 3.52% from 92.4% to 88.9% [7] - Among styrene downstream industries, the EPS capacity utilization decreased by 0.54% from 62.5% to 62.0%, ABS by 0.30% from 73.1% to 72.8%, and PS remained unchanged at 53.8% [7] 3. Industry News - Trump's threat to impose 100% tariffs on China is cancelled; China is expected to resume "substantial" purchases of US soybeans; 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 all lower than expected, enhancing the prospect of the Fed's interest - rate cut [8] - The Fed will hold an interest - rate meeting at dawn on October 30 [8] 4. Industrial Chain Data Charts - The report includes charts on pure benzene price, styrene price, styrene - pure benzene spread, SM import pure benzene cost vs. domestic pure benzene cost, styrene port inventory, styrene factory inventory, pure benzene port inventory, ABS inventory, aniline weekly capacity utilization, caprolactam weekly capacity utilization, and phenol weekly capacity utilization [9][13][16]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The copper price is expected to remain in a high - level oscillation around 85,000 yuan in the next 1 - 2 weeks. The main contradictions are the balance - sheet gap caused by Freeport canceling the 4th - quarter sales contract after the Indonesian mine accident and the increase in precious - metal demand due to the decline in the US national credit caused by the federal government shutdown. As long as these contradictions continue, the copper price is unlikely to decline. In the short term, the focus is on the US government shutdown event [6]. 3. Summary by Relevant Catalogs 3.1 Daily Market Summary 3.1.1 Copper Futures Market Data Change Analysis - **主力合约与基差**: On October 23, the price of the SHFE copper main contract rose to 85,710 yuan/ton, a 0.75% increase from the previous day. However, the spot premium/discount generally weakened. The discount of flat - copper widened to - 10 yuan/ton, and that of wet - copper deepened to - 55 yuan/ton. The LME (0 - 3) discount narrowed to - 6.36 dollars/ton, a significant improvement from - 30.22 dollars/ton the previous week [1]. - **持仓与成交**: The LME copper open interest contracted slightly for two consecutive days, indicating cautious market sentiment. The domestic spot market was inactive, with the premium/discount in North China dropping to a discount of 240 yuan/ton, and downstream resistance to high prices was significant [2]. 3.1.2 Industry Chain Supply - Demand and Inventory Change Analysis - **供给端**: Short - term disturbances intensified. Jinlong Copper started its annual overhaul on October 11, which might affect the refined - copper output for that month. The Tetelo Copper Mine in Angola is about to be put into production, and Southeast Copper's optimization of sulfur - iron concentrate batching has enhanced its cold - material processing capacity, increasing the medium - and long - term supply increment expectation [3]. - **需求端**: Structural differentiation was prominent. Chinese demand was significantly suppressed by high prices. After the copper price exceeded 85,000 yuan/ton, orders from enameled - wire and processing enterprises decreased significantly, and end - users turned to consuming their own inventories. The US and India became new growth poles, and infrastructure and new - energy demand in the US provided support for the copper price [4]. - **库存端**: On October 23, the SMM national copper inventory decreased by 0.5 tons week - on - week to 18.16 tons, mainly due to a short - term decline in imports and domestic arrivals. However, domestic supplies are expected to increase later. With the continuous decline of LME inventory for three weeks, the marginal reduction of global visible inventory supported the price [5]. 3.1.3 Market Summary The copper price may remain in a high - level oscillation around 85,000 yuan in the next 1 - 2 weeks. The main contradictions are still the balance - sheet gap and the increase in precious - metal demand, and the short - term focus is on the US government shutdown [6]. 3.2 Industry Chain Price Monitoring On October 23, the SMM 1 copper price was 85,530 yuan/ton, a 0.48% increase from the previous day. The premium of premium - copper decreased by 33.33% to 40 yuan/ton, the discount of flat - copper widened by 200% to - 10 yuan/ton, and the discount of wet - copper deepened by 22.22% to - 55 yuan/ton. The LME (0 - 3) discount widened by 81.60% to - 12 dollars/ton. The SHFE price rose to 85,710 yuan/ton, a 0.75% increase, and the LME price rose to 10,817 dollars/ton, a 1.49% increase. The LME inventory decreased by 1.38% to 36,048 tons, the SHFE inventory increased by 0.05% to 136,925 tons, and the COMEX inventory increased by 0.29% to 347,498 short tons [8]. 3.3 Industry Dynamics and Interpretation - On October 23, Jinlong Copper's 2025 annual equipment overhaul started on October 11, with 22 fixed - asset investment projects and 320 regular overhaul projects planned, and the work is progressing smoothly [9]. - As of October 23, the SMM national copper inventory decreased by 0.5 tons week - on - week to 18.16 tons. Import and domestic arrivals were low, but domestic supplies are expected to increase, and demand is expected to pick up, so the weekly inventory is expected to increase [10]. - The Tetelo Copper Mine in Angola, held by China's ShiningStarIcarus with an investment of 250 million dollars, is about to start production. It is expected to produce 25,000 tons of copper concentrate annually in the first two years, starting with open - pit mining and switching to underground mining in the second half of 2026 [10]. - On October 22, Southeast Copper achieved a "zero breakthrough" in the procurement of sulfur - iron concentrate, which can improve smelting heat income, optimize the batching structure, and enhance cold - material processing capacity [10]. - On October 21, copper - consumption growth is being driven by the US and India, while the growth rate of Chinese demand is slowing down [10]. 3.4 Industry Chain Data Charts The report includes charts on China PMI, US PMI, US employment, the correlation between the US interest rate and LME copper price, the correlation between the US dollar index and LME copper price, TC processing fees, CFTC copper open interest, LME copper net - long open interest analysis, Shanghai copper warrant volume, LME copper inventory change, COMEX copper inventory change, and SMM social inventory [11][16][15].

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - Crude oil prices are expected to maintain a strong rebound in the short term, with SC crude oil potentially showing stronger performance. The supply side is subject to disruptions such as restricted Russian oil exports, refinery accidents, and geopolitical conflicts, strengthening the expectation of a marginal tightening. On the demand side, although local refining capacity is damaged, India's shift to non - Russian crude oil procurement and geopolitical risk premiums still provide support. The strengthening of the SC - Brent spread reflects that the Chinese market is more sensitive to supply disruptions, and combined with the boost of domestic shale oil reserve increase news to long - term expectations, SC crude oil may continue to be relatively strong [8]. Group 3: Summary by Relevant Catalogs 1. Daily Market Summary a. Crude Oil Futures Market Data Changes Analysis - On October 23, 2025, the price of the SC crude oil main contract rose significantly by 3.48% to 459.7 yuan/barrel, up 12.5 yuan from the previous day. WTI and Brent prices remained stable at 59.38 and 64.35 US dollars/barrel respectively. The SC - Brent spread changed from - 1.58 US dollars/barrel to 0.2 US dollars/barrel, strengthening by 112.66%, and the SC - WTI spread also widened by 1.78 US dollars to 5.17 US dollars/barrel. The Brent - WTI spread remained unchanged at 4.97 US dollars/barrel [2]. - Crude oil futures warehouse receipt data was generally stable. Medium - sulfur crude oil warehouse receipts remained at 5.211 million barrels, and low - sulfur fuel oil and fuel oil warehouse receipts were also flat. The SC crude oil continuous - continuous 3 spread rebounded slightly from - 7.0 yuan/barrel to - 5.8 yuan/barrel, narrowing the near - month discount [3]. b. Analysis of Industrial Chain Supply - Demand and Inventory Changes - **Supply side**: US sanctions on Russian oil companies Rosneft and Lukoil directly impacted Russian oil exports. Indian refineries planned to significantly cut Russian oil imports due to sanctions. Attacks on Russian refineries and sanctions on them further increased the risk of damage to Russian refining capacity. The opening of drilling in Alaska in the US and the discovery of shale oil in the Sichuan Basin in China provided potential long - term supply increments, but had limited short - term impact [4]. - **Demand side**: The Chevron El Segundo refinery's hydrocracking unit was shut down for three weeks, potentially suppressing local US crude oil demand. However, Indian refineries' "readjustment" of Russian oil imports to other sources might increase the procurement demand for non - Russian crude oil. Geopolitical conflict escalation could stimulate risk - aversion sentiment and indirectly support oil prices [5]. - **Inventory side**: US Cushing and commercial crude oil inventories showed no significant fluctuations. Chinese warehouse receipt data remained stable, and OECD member countries' inventory pressure was not prominent. Low - sulfur fuel oil and fuel oil warehouse receipts were flat, indicating no expectation of inventory accumulation for refined oil products, and refinery profits might maintain resilience [6]. 2. Industrial Chain Price Monitoring a. Crude Oil - **Futures prices**: On October 23, 2025, the SC price was 459.70 yuan/barrel, up 2.80% from the previous day; WTI was 61.75 US dollars/barrel, up 3.99%; Brent was 65.26 US dollars/barrel, up 1.41%. - **Spot prices**: The OPEC basket price remained unchanged at 63.36 US dollars/barrel. Other spot prices such as Brent, Oman, etc., showed varying degrees of increase. - **Spreads**: The SC - Brent spread strengthened by 55.06% to - 0.71 US dollars/barrel, the SC - WTI spread decreased by 17.40% to 2.80 US dollars/barrel, and the Brent - WTI spread decreased by 29.38% to 3.51 US dollars/barrel. The SC continuous - continuous 3 spread increased by 17.14% to - 5.80 yuan/barrel. - **Other assets**: The US dollar index, S&P 500, DAX index, etc., also showed certain changes. - **Inventory and开工**: US commercial crude oil inventory decreased by 0.23%, Cushing inventory decreased by 3.50%, and the US strategic reserve inventory increased by 0.20%. The US refinery weekly开工率 increased by 3.38% to 88.60%, and the US refinery crude oil processing volume increased by 3.97% to 1.573 million barrels/day [9]. b. Fuel Oil - **Futures prices**: FU was 2,752.00 yuan/ton, up 2.27%; LU was 3,193.00 yuan/ton, up 1.82%; NYMEX fuel oil was 238.33 cents/gallon, up 4.27%. - **Spot prices**: Some spot prices such as the marine 180CST Singapore FOB and marine 380Cst Singapore FOB increased, while others remained unchanged. - **Paper prices**: High - sulfur 180 and high - sulfur 380 Singapore (near - month) paper prices increased. - **Spreads**: The Singapore high - low sulfur spread decreased by 30.81% to 42.97 US dollars/ton, and the Chinese high - low sulfur spread decreased by 0.90% to 441.00 yuan/ton. - **Inventory**: Singapore fuel oil inventory increased by 5.89% to 2,506.30 million barrels, and US distillate inventories showed different changes [10]. 3. Industrial Dynamics and Interpretation a. Supply - On October 24, the Trump administration announced the opening of oil drilling in the coastal plain of Alaska. - On October 23, the Ukrainian military attacked the Ryazan refinery in Russia. Due to US sanctions, Indian refineries planned to cut Russian oil imports significantly, and some Indian companies stopped or readjusted Russian oil imports. China discovered a new shale oil resource in the Sichuan Basin [11][12]. b. Demand - The main contract of liquefied petroleum gas (LPG) rose more than 2.00% intraday, and the Chevron El Segundo refinery's hydrocracking unit was shut down for three weeks after a fire [13]. c. Inventory - Low - sulfur fuel oil and fuel oil futures warehouse receipts remained unchanged, and medium - sulfur crude oil futures warehouse receipts also remained unchanged. Some other warehouse receipts such as petroleum asphalt decreased [14]. d. Market Information - As of 2:30 closing, the main contracts of Shanghai gold, Shanghai silver, and SC crude oil showed different price changes. The UK government imposed sanctions on a Dubai oil trading company, and the spot premium of Middle East benchmark Dubai crude oil soared. Poland supported the destruction of the "Friendship" oil pipeline [15]. 4. Industrial Chain Data Charts - The report includes various data charts such as WTI, Brent first - line contract prices and spreads, SC and WTI spread statistics, US crude oil weekly production, etc., with data sources from WIND, EIA, etc. [17][19][21]

Report Industry Investment Rating No information provided. Core View of the Report The current lithium carbonate futures price is strongly supported by the demand side. The surge in orders in the power and energy storage sectors drives the spot price to rise steadily. Coupled with the accelerated inventory depletion, the market's expectation of supply tightness continues to heat up. Although lithium salt production capacity is gradually being released, the ramp - up period of newly launched projects is long, and the lithium ore price has not risen, so the cost side does not form a drag. The market's long - term expectation has changed marginally again due to the news that Jianxiaowo may not resume production in November. The price is expected to maintain a relatively strong oscillation in the future [1][2][3]. Summary by Relevant Catalogs 1. Daily Market Summary - **Carbonate Lithium Futures Market Data Changes**: On October 23, the price of the main lithium carbonate futures contract rose significantly to 79,940 yuan/ton, with a daily increase of 3.66%. The basis weakened to - 5,140 yuan/ton, and the futures premium widened. The open interest of the main contract increased by 18.66% to 419,000 lots, and the trading volume increased by 30.41% to 491,000 lots [1]. - **Supply - demand and Inventory Changes in the Industrial Chain**: On the supply side, the capacity utilization rate of lithium salt plants increased to 74.39%, new production lines of spodumene and salt lakes continued to release production capacity, but the price of spodumene concentrate remained at 6,685 yuan/ton, with limited cost - side support. Tianqi Lithium's 30,000 - ton lithium hydroxide project in Zhangjiagang was put into production, but it had little impact on the diversion of lithium carbonate supply in the short term. On the demand side, the demand for power batteries increased explosively. From October 1 - 19, the retail penetration rate of new energy vehicles reached 56.1%. The price of lithium iron phosphate battery cells rose to 0.338 yuan/Wh, and the price of ternary materials exceeded 136,500 yuan/ton. The energy storage market also expanded. Leading enterprises such as CATL were operating at full capacity and accelerating expansion. The prices of auxiliary materials such as electrolyte and lithium hexafluorophosphate rose due to cost - push. Lithium carbonate inventory decreased for two consecutive weeks, dropping to 132,700 tons on October 17, with a faster - than - expected destocking speed [2]. - **Market Summary**: The current lithium carbonate futures price is mainly supported by the demand side. The surge in orders in the power and energy storage fields drives the spot price to rise steadily. Coupled with the accelerated inventory depletion, the market's expectation of supply tightness continues to increase. Although lithium salt production capacity is gradually being released, the ramp - up period of newly launched projects is long, and the lithium ore price has not risen, so the cost side does not form a drag. The market's long - term expectation has changed again due to the news that Jianxiaowo may not resume production in November [3]. 2. Industrial Chain Price Monitoring - On October 23, the main lithium carbonate futures contract price was 79,940 yuan/ton, up 3.66% from the previous day. The basis was - 5,140 yuan/ton, down 54.82% from the previous day. The open interest of the main contract was 419,147 lots, up 18.66%, and the trading volume was 490,920 lots, up 30.41%. The market price of battery - grade lithium carbonate was 74,800 yuan/ton, up 1.36%. The market price of spodumene concentrate was 6,685 yuan/ton, unchanged. The market price of lithium mica concentrate was 3,400 yuan/ton, unchanged. The price of lithium hexafluorophosphate was 90,500 yuan/ton, up 4.02%. The price of power - type ternary materials was 136,500 yuan/ton, up 0.15%. The price of power - type lithium iron phosphate was 34,395 yuan/ton, up 0.61% [5]. - From October 17 to October 10, the lithium carbonate capacity utilization rate increased from 71.31% to 74.39%, up 4.32%. The lithium carbonate inventory decreased from 134,801 tons to 132,658 tons, down 1.59%. The price of 523 cylindrical ternary battery cells was 4.50 yuan/piece, up 1.81%. The price of 523 square ternary battery cells was 0.49 yuan/Wh, up 24.49%. The price of 523 soft - pack ternary battery cells was 0.51 yuan/Wh, up 24.39%. The price of square lithium iron phosphate battery cells was 0.34 yuan/Wh, up 1.81%. The price of cobalt - acid lithium battery cells was 7.25 yuan/Ah, up 7.41% [5]. 3. Industry Dynamics and Interpretation - **Spot Market Quotations**: On October 23, the SMM battery - grade lithium carbonate index price was 74,821 yuan/ton, up 458 yuan/ton from the previous day. The battery - grade lithium carbonate was priced at 74,000 - 75,600 yuan/ton, with an average price of 74,800 yuan/ton, up 450 yuan/ton. The industrial - grade lithium carbonate was priced at 71,950 - 73,150 yuan/ton, with an average price of 72,550 yuan/ton, up 450 yuan/ton. The lithium carbonate futures price continued to fluctuate, and the center of the main contract shifted up to the range of 77,000 - 80,000 yuan/ton. Currently, the operating rate of downstream material factories continues to rise, and demand supports spot transactions. On the supply side, new production lines have been launched at both the spodumene and salt - lake ends, and the total lithium carbonate output in October is expected to have growth potential. On the demand side, both the commercial and passenger new energy vehicles in the power market are growing rapidly, and the energy storage market has strong supply and demand. Overall, although the supply in October is growing steadily, the strong demand in the power and energy storage fields will drive the market into a stage of significant inventory depletion, and a temporary supply - tight situation is expected to form [6]. - **Downstream Consumption Situation**: According to the data of the Passenger Car Association, from October 1 - 19, the retail sales of new energy vehicles in the national passenger car market were 632,000 units, a year - on - year increase of 5% compared with the same period in October last year and a 2% increase compared with the same period last month. The retail penetration rate of new energy vehicles in the national passenger car market was 56.1%, and the cumulative retail sales this year were 9.502 million units, a year - on - year increase of 23%. From October 1 - 19, the wholesale volume of new energy vehicles by national passenger car manufacturers was 676,000 units, a year - on - year increase of 6% compared with the same period in October last year and a 5% increase compared with the same period last month. The wholesale penetration rate of new energy vehicles by national passenger car manufacturers was 58.5%, and the cumulative wholesale volume this year was 11.123 million units, a year - on - year increase of 30% [7]. - **Industry News**: On October 20, Tianqi Lithium announced that after repeated debugging and optimization, the first bag of battery - grade lithium hydroxide products from its 30,000 - ton lithium hydroxide project in Zhangjiagang, Jiangsu, passed the sampling inspection of the company's internal laboratory, and all parameters were confirmed to meet the battery - grade lithium hydroxide standard. On October 16, the overall price of the echelon market remained stable. On the supply side, affected by the traditional sales peak season of "Golden September and Silver October", the output of battery cell factories increased, providing some support for the number of battery cells in the echelon recycling field. On the demand side, the acceptance of higher prices was low. However, on the cost side, due to the adjustment of the cobalt export policy in the Democratic Republic of the Congo, the price of cobalt salts rose significantly, driving up the prices of ternary cathode materials and new battery cells. Recently, the lithium salt price has remained relatively stable. Some enterprises, considering cost control, have gradually shifted their short - term purchasing targets to lithium iron phosphate battery cells. Also, the previous price increase has reached the psychological expectation of downstream enterprises, which together keep the echelon market price stable. On October 16, for quarterly orders or large - volume single orders, the actual settlement discount between precursor manufacturers and cathode material enterprises has been significantly increased [9][10]. 4. Industrial Chain Data Charts - The report provides data charts including the main lithium carbonate futures and basis, the prices of battery - grade and industrial - grade lithium carbonate, the price of lithium concentrate, the prices of lithium hexafluorophosphate and electrolyte, the price of ternary precursor, the price of ternary materials, the price of lithium iron phosphate, the lithium carbonate operating rate, the lithium carbonate inventory, and the battery cell selling price [11][14][15]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views of the Report - The overall energy and chemical industry chain of pure benzene and styrene is weak. The pure benzene market may continue its weak and volatile trend in the short term, while the styrene market may operate in a weak and volatile manner in the short term [1][2][3] Group 3: Summary by Relevant Catalogs 1. Daily Market Summary (1) Fundamental Analysis - **Price**: On October 23, the main contract of styrene closed up 0.11% at 6,545 yuan/ton, with a basis of 40 (+68 yuan/ton); the main contract of pure benzene closed up 0.74% at 5,604 yuan/ton [2] - **Cost**: On October 23, the main contract of Brent crude oil closed at $58.5 per barrel (+$1.3 per barrel), and the main contract of WTI crude oil closed at $62.6 per barrel (+$1.3 per barrel). The spot price of pure benzene in East China was 5,560 yuan/ton (+50 yuan/ton) [2] - **Inventory**: Styrene port inventory was 203,000 tons (+6,000 tons), a month-on-month increase of 3.1%. Pure benzene port inventory was 99,000 tons (+9,000 tons), a month-on-month increase of 10% [2] - **Supply**: The operating rate and supply of styrene decreased slightly month-on-month. Currently, the weekly output of styrene is 327,000 tons (-12,000 tons), and the factory capacity utilization rate is 69.3% (-2.6%) [2] - **Demand**: The overall demand of the downstream 3S operating rate has recovered. The EPS capacity utilization rate is 62.0% (-0.5%), the ABS capacity utilization rate is 72.8% (-0.3%), and the PS capacity utilization rate is 53.8% (+0%) [2] (2) Views - **Pure Benzene**: The pure benzene market continued its weak consolidation, with the spot price center slightly shifting downward. The supply pressure continued to rise, and the terminal demand was weak, with limited support for pure benzene. The market is expected to continue its weak and volatile trend in the short term [2] - **Styrene**: The styrene market fluctuated weakly, with the main contract slightly declining. Both the supply and demand sides were weak, and the market is expected to operate in a weak and volatile manner in the short term [3] 2. Industrial Chain Data Monitoring (1) Styrene and Pure Benzene Prices - On October 23, the main contract of styrene futures increased by 0.11% to 6,545 yuan/ton, and the spot price decreased by 0.06% to 6,830 yuan/ton. The main contract of pure benzene futures increased by 0.74% to 5,604 yuan/ton, and the spot price in East China increased by 0.91% to 5,560 yuan/ton [5] (2) Styrene and Pure Benzene Production and Inventory - From October 17 to October 24, the production of styrene in China decreased by 3.66% to 327,000 tons, and the production of pure benzene decreased by 2.72% to 426,000 tons. Styrene port inventory in Jiangsu increased by 3.05% to 203,000 tons, and pure benzene port inventory nationwide increased by 10.00% to 99,000 tons [6] (3) Operating Rate - From October 17 to October 24, the capacity utilization rate of styrene decreased by 2.63% to 69.3%, and the capacity utilization rate of downstream products such as caprolactam and EPS also showed different degrees of decline [7] 3. Industry News - OPEC+ production increased by 400,000 barrels per day in September, with Saudi Arabia contributing 320,000 barrels per day. Iraqi Kurdistan's oil exports restarted, and production may further recover in October [8] - US refineries entered the autumn maintenance period, and refined oil demand declined seasonally. EIA data showed that US crude oil inventories increased by 3.7 million barrels last week [8] - Israel and Hamas reached a ceasefire agreement, easing the tense situation in the Middle East, and the geopolitical premium of crude oil continued to decline [8] 4. Industrial Chain Data Charts - The report provides charts on pure benzene prices, styrene prices, styrene-pure benzene spreads, and inventory and capacity utilization rates of related products [9][13][16]