Report Industry Investment Rating - Not provided in the content Core Viewpoints - The pure benzene market is expected to have a loose supply - demand pattern. With weak oil prices and downstream production - cut expectations, the short - term price may continue to fluctuate weakly. Attention should be paid to the impact of oil prices and geopolitical situations [2]. - The benzene - ethylene market generally continues to operate weakly. The supply - demand expectation is loose, and the short - term price driver remains weak. It is necessary to focus on the implementation rhythm of subsequent maintenance and the impact of macro and geopolitical factors on market sentiment [3]. Summary by Relevant Catalogs 1. Daily Market Summary Fundamental Information - **Price**: On October 17, the main contract of benzene - ethylene closed down 1.77% at 6,483 yuan/ton, with a basis of 12 (+77 yuan/ton); the main contract of pure benzene closed down 1.38% at 5,566 yuan/ton. The main contract of Brent crude oil closed at 57.0 US dollars/barrel (-0.9 US dollars/barrel), and the main contract of WTI crude oil closed at 61.1 US dollars/barrel (-0.8 US dollars/barrel). The spot price of pure benzene in East China was reported at 5,585 yuan/ton (-100/ton) [2]. - **Inventory**: The port inventory of benzene - ethylene was 19.7 tons (-0.5 tons), with a month - on - month destocking of 2.7%. The port inventory of pure benzene was 9.0 tons (-0.1 tons), with a month - on - month destocking of 1.1% [2]. - **Supply**: The production and capacity utilization rate of benzene - ethylene decreased slightly month - on - month. Currently, the weekly output of benzene - ethylene is 33.9 tons (-0.8 tons), and the factory capacity utilization rate is 71.9% (-1.7%) [2]. - **Demand**: The overall demand of the downstream 3S industry has recovered. The capacity utilization rate of EPS is 62.5% (+21.8%), the capacity utilization rate of ABS is 73.1% (+0.6%), and the capacity utilization rate of PS is 53.8% (-0.8%) [2]. Views - **Pure Benzene**: The supply - demand of crude oil is expected to remain weak. OPEC+ plans to increase production in November, and global oil consumption enters the off - season. Coupled with the tightening of US tariff policies, oil prices are under pressure. After the cease - fire agreement in Gaza, geopolitical risks ease. The short - term support level of Brent oil price is around 60 US dollars/barrel. In October, there are limited domestic plant overhauls, and some enterprises still have production plans, so the supply is expected to remain high. The downstream demand support is insufficient, most downstream products are in a loss state, and terminal demand is weak. The East China port may continue the destocking trend, but the low - price hydro - benzene in the north impacts the market, making the spot trading atmosphere in East China light. Overall, the supply - demand pattern of pure benzene is loose, and the short - term price may continue to fluctuate weakly [2]. - **Benzene - Ethylene**: The benzene - ethylene market continues to operate weakly. On the supply side, some enterprises stop production for maintenance due to profit pressure and inventory backlog, but new plants such as Jilin Petrochemical are about to be put into production, so the overall supply remains high. On the demand side, after the holiday, downstream devices resume work one after another, and the rigid demand drives a phased improvement in transactions, but downstream procurement is cautious, and the overall demand support is limited. Some downstream products are still in the loss range, and the finished product inventory pressure is high. On the cost side, the weakening of crude oil and pure benzene prices weakens the cost support, and the market sentiment is bearish. The domestic benzene - ethylene port inventory is still at a medium - high level, and the destocking rhythm is slow. Overall, the supply - demand expectation of benzene - ethylene is loose, and the short - term price driver is weak [3]. 2. Industrial Chain Data Monitoring - **Price Data**: The prices of benzene - ethylene and pure benzene futures and spot, as well as upstream products such as crude oil and naphtha, are provided, including their changes from October 16 to 17, 2025 [5]. - **Production and Inventory Data**: The production and inventory data of benzene - ethylene and pure benzene from October 10 to 17, 2025 are presented, showing the changes in production and inventory during this period [6]. - **Capacity Utilization Data**: The capacity utilization rates of pure benzene downstream industries (such as benzene - ethylene, caprolactam, etc.) and benzene - ethylene downstream industries (such as EPS, ABS, PS, etc.) from October 10 to 17, 2025 are given, reflecting the changes in the operating conditions of these industries [7]. 3. Industry News - OPEC+ production increased by 400,000 barrels per day month - on - month in September, with Saudi Arabia contributing 320,000 barrels per day. After the restart of oil exports in the Iraqi Kurdistan region, production may further recover in October [8]. - US refineries enter the autumn maintenance period, and the demand for refined oil decreases seasonally. EIA data shows that the US crude oil inventory increased by 3.7 million barrels more than expected last week [8]. - Israel and Hamas reached a cease - fire agreement, the tense situation in the Middle East eased, and the geopolitical premium of crude oil continued to decline [8]. 4. Industrial Chain Data Charts - The report provides multiple charts, including the price charts of pure benzene and benzene - ethylene, the price difference chart between benzene - ethylene and pure benzene, the inventory charts of benzene - ethylene and pure benzene, and the capacity utilization rate charts of related industries, with data sources mainly from iFinD and Steel Union Data [9][13][16]

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report The current crude oil market shows a pattern of weak supply and demand. The risk premium brought by geopolitical conflicts on the supply side is limited, and speculative funds are continuously withdrawing from long positions in crude oil. On the demand side, it is suppressed by weak refined oil consumption and refinery maintenance, and the deepening of the near - month discount of SC confirms the spot pressure. In the short term, the price will fluctuate weakly, and in the medium term, attention should be paid to the geopolitical risk premium and the results of the OPEC+ meeting in November and the winter heating demand in the Northern Hemisphere [8]. 3. Summary by Relevant Catalogs 3.1 Daily Market Summary 3.1.1 Changes in Crude Oil Futures Market Data - On October 17, 2025, the price of the SC crude oil main contract closed at 435 yuan/barrel, down 8.8 yuan (a decline of 1.98%) from the previous trading day. WTI and Brent crude oil futures prices remained stable, closing at 56.95 dollars/barrel and 61.02 dollars/barrel respectively. The SC - Brent spread narrowed significantly to 0.02 dollars/barrel, and the SC - WTI spread also narrowed to 4.09 dollars/barrel. The Brent - WTI spread remained unchanged at 4.07 dollars/barrel. The near - month discount of SC deepened, and the spread between consecutive contracts 1 - 3 widened to - 4.8 yuan/barrel [2]. 3.1.2 Positions and Trading Volume - As of the week ending October 14, Brent crude oil speculative net long positions decreased by 37,794 lots to 109,606 lots, and diesel net long positions were cut by 26,325 lots. Domestic SC crude oil warehouse receipts remained unchanged at 5.211 million barrels, and low - sulfur fuel oil warehouse receipts decreased by 3,000 tons [3]. 3.2 Analysis of Industrial Chain Supply - Demand and Inventory Changes 3.2.1 Supply Side - Ukraine's attacks on Russian refineries and gas processing plants, as well as the destruction of the Crimean oil depot, may weaken Russia's crude oil export and refined oil supply capabilities. There is no new development in OPEC+ production policy, but the sharp reduction in Brent speculative net long positions shows that the market's trust in OPEC+ to maintain production cuts has declined [4]. 3.2.2 Demand Side - The significant reduction in diesel speculative long positions and the high level of domestic fuel oil warehouse receipts reflect weak global industrial activities and shipping fuel demand. The expansion of the near - month discount of SC may be related to the weakening of immediate procurement demand due to seasonal maintenance of domestic refineries. The US strategic petroleum reserve release plan was not mentioned, and there is no sign of recovery in EIA apparent demand [5]. 3.2.3 Inventory Side - SC crude oil warehouse receipts remained at a high level of 5.211 million barrels, indicating that the pressure on domestic delivery storage capacity has not been relieved. The decrease in low - sulfur fuel oil warehouse receipts may suggest a marginal improvement in ship fuel demand in the Asia - Pacific region, but the absolute value is still at a low level. OECD commercial crude oil inventories are affected by geopolitical conflicts, and the overall inventory reduction speed may be lower than expected [6]. 3.3 Price Trend Judgment - In the short term, the price will fluctuate weakly, and the SC main contract may oscillate in the range of 435 - 445 yuan. Macroeconomic factors such as the Fed's interest - rate hike expectations and global economic slowdown pressure will still suppress the upside space of oil prices. In the medium term, attention should be paid to whether the OPEC+ meeting in November will extend production cuts and the realization of winter heating demand in the Northern Hemisphere [8]. 3.4 Industrial Chain Price Monitoring 3.4.1 Crude Oil - Futures prices: SC decreased by 1.98%, WTI increased by 0.53%, and Brent increased by 0.52%. Spot prices of most crude oil types decreased. Spreads such as SC - Brent and SC - WTI narrowed. Other assets such as the US dollar index, S&P 500, and DAX index also had corresponding changes. US commercial crude oil inventory increased by 0.84%, and the US refinery weekly operating rate decreased by 7.25% [10]. 3.4.2 Fuel Oil - Futures prices of FU and LU decreased, while NYMEX fuel oil increased. Most spot and paper - cargo prices of fuel oil decreased or remained unchanged. The Singapore and Chinese high - low sulfur spreads changed, and the Singapore fuel oil inventory increased by 5.89% [11]. 3.5 Industrial Dynamics and Interpretation 3.5.1 Supply - On October 19, the Ukrainian military attacked a refinery in Russia's Samara region and a gas processing plant in the Orenburg region [12]. 3.5.2 Demand - As of the week ending October 14, Brent crude oil and diesel speculators significantly reduced their net long positions [14]. 3.5.3 Inventory - On October 17, the medium - sulfur crude oil futures warehouse receipts remained unchanged at 5,211,000 barrels, low - sulfur fuel oil warehouse receipts decreased by 3,000 tons to 4,960 tons, and fuel oil futures warehouse receipts remained unchanged at 44,960 tons [15]. 3.5.4 Market Information - As of 2:30 closing, the prices of Shanghai gold, Shanghai silver, and SC crude oil main contracts had corresponding fluctuations. The Ukrainian special operations forces claimed to have attacked the Russian oil depot in Crimea [16]. 3.6 Industrial Chain Data Charts - The report provides multiple data charts, including the prices and spreads of WTI and Brent first - line contracts, the production of US crude oil, the number of oil rigs in the US and Canada, the operating rate of US refineries, and the inventory of US commercial crude oil, etc. [17][19][24]

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Short - term copper prices may remain strong around 85,000. The core drivers are supply contraction and macro - hedging demand. Supply - side production cuts in multiple mines intensify long - term shortage expectations, but demand - side declines in the refined copper rod operating rate and concerns about AI demand suppress price elasticity. Macroscopically, the increasing expectation of the Fed's interest rate cut may support prices through a weaker dollar, but market caution about the economic outlook persists [3]. 3. Summary by Relevant Catalogs 3.1 Daily Market Summary 3.1.1 Copper Futures Market Data Change Analysis - **Main Contract and Basis**: On October 16, the SHFE copper price closed at 84,980 yuan/ton, down 0.46% from the previous day and 390 yuan lower than on October 10. The spot premium and discount weakened overall. The discount of premium copper narrowed to 100 yuan/ton, the discount of flat - copper dropped to 40 yuan/ton, and the discount of wet - process copper widened to - 35 yuan/ton, indicating weak spot demand. The LME 0 - 3 month premium fell from 54.87 dollars/ton to 27.94 dollars/ton, showing a contraction in overseas spot premiums [1]. - **Position and Trading Volume**: The LME copper position decreased by 2,953 lots to 320,194 lots on October 15, and market trading activity cooled. Domestic SHFE inventories declined for two consecutive weeks, with a 900 - ton decrease on October 16 to 137,000 tons, but COMEX inventories increased slightly by 955 short tons to 343,000 short tons [1]. 3.1.2 Analysis of Industrial Chain Supply - Demand and Inventory Changes - **Supply Side**: Mine - end disturbances intensified. In August, the output of the El Teniente copper mine under Chile's Codelco decreased by 25% year - on - year to 93,400 tons, and the output of the Collahuasi mine decreased by 27%. Teck Resources lowered the 2025 output forecast of the Quebrada Blanca mine to 170,000 - 190,000 tons. Freeport's Grasberg copper mine declared force majeure due to a mudslide, and the 2026 output may be cut by 35%. Although BHP plans to restart four copper mines in the US, short - term new production capacity is limited, and the tailings re - processing cycle is long [2]. - **Demand Side**: Downstream demand is under significant pressure. The expected operating rate of refined copper rod enterprises in October will drop by 6.95 percentage points to 63.35% compared to the previous month, mainly due to high copper prices suppressing提货意愿 and post - holiday finished product inventory backlogs. Demand in traditional fields such as power and construction is flat, and concerns about the slowdown of AI - related demand are rising, further suppressing market sentiment [2]. - **Inventory Side**: Global visible inventories are differentiated. LME inventories decreased by 125 tons on October 16 to 44,400 tons but are still at a high level this year. SHFE inventories have been destocked for two consecutive weeks to 137,000 tons, while COMEX inventories have slightly accumulated, reflecting weak overseas demand [2]. 3.2 Industrial Chain Price Monitoring | Data Index | 2025 - 10 - 16 | 2025 - 10 - 15 | 2025 - 10 - 10 | Change | Change Rate | Unit | | --- | --- | --- | --- | --- | --- | --- | | SMM:1 Copper | 85,450 | 85,590 | 86,070 | - 140 | - 0.16% | yuan/ton | | Premium Copper (Spot Premium/Discount) | 100 | 130 | 100 | - 30 | - 23.08% | yuan/ton | | Flat - Copper (Spot Premium/Discount) | 40 | 70 | 20 | - 30 | - 42.86% | yuan/ton | | Wet - Process Copper (Spot Premium/Discount) | - 35 | 0 | - 45 | - 35 | - | yuan/ton | | LME (0 - 3) | - | 28 | 55 | - | - | dollars/ton | | SHFE Price | 84,980 | 85,370 | 85,320 | - 390 | - 0.46% | yuan/ton | | LME Price | - | 10,576 | 10,585 | - | - | dollars/ton | | LME Inventory | 44,406 | 44,531 | 36,295 | - 125 | - 0.28% | tons | | SHFE Inventory | 137,450 | 138,350 | 138,800 | - 900 | - 0.65% | tons | | COMEX Inventory | - | 343,235 | 342,280 | - | - | short tons | [5] 3.3 Industry Dynamics and Interpretations - On October 16, BHP is considering reopening four long - closed copper mines in Arizona, USA. The potential restart plan will focus on the Globe–Miami area, and BHP also plans to re - process tailings from closed operations there [6]. - On October 16, Yukon Metals detected multiple stacked skarn zones containing copper - gold mineralization in the first drill hole of its Birch copper - gold project [6]. - On October 16, Japan, Spain, and South Korea jointly stated that the processing fees (TC/RC) for copper concentrates are continuously falling, seriously eroding the profitability of smelters [6]. - On October 16, the output of the Collahuasi mine, a joint venture between Anglo American and Glencore, also decreased by 27%. Both companies lowered their 2025 - 2026 production targets. Meanwhile, Teck Resources lowered its 2025 output forecast for the Quebrada Blanca mine to 170,000 - 190,000 tons, far lower than the previous guidance [6]. - On October 16, after a fatal accident at the El Teniente copper mine, the largest underground copper mine of state - owned miner Codelco in Chile, the output in August decreased by 25% year - on - year, falling to the lowest level in 20 years at 93,400 tons [6]. 3.4 Industrial Chain Data Charts The report includes charts such as China PMI, US PMI, US employment situation, US interest rate and LME copper price correlation, dollar index and LME copper price correlation, TC processing fees, CFTC copper position situation, LME copper various net long position analysis, Shanghai copper warrant volume, LME copper inventory change, COMEX copper inventory change, and SMM social inventory [7][11][12][14][16][19][21][25][26][29].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Pure benzene market remains in a low - level oscillation. The supply pressure persists due to high - level domestic production and limited demand absorption. The price is likely to fall rather than rise in the long - term, with short - term month - to - month spread strengthening. Attention should be paid to import rhythm and downstream open - run sustainability [2] - The supply of styrene is temporarily tightened due to concentrated equipment maintenance. It will be in a tight - balance state from October to November. The short - term inventory is expected to decline slightly, and the spot price is relatively resistant to decline. However, the cost support weakens, and the price fluctuates with crude oil. Short - term, it is expected to maintain a range - bound and strong trend [3] 3. Summary by Relevant Sections 3.1 Daily Market Summary 3.1.1 Fundamental Information - **Price**: On October 16, the main contract of styrene closed up 0.92% at 6600 yuan/ton, with a basis of - 65 (- 65 yuan/ton); the main contract of pure benzene closed up 1.17% at 5644 yuan/ton. The spot price of East China pure benzene was 5685 yuan/ton (+ 95 yuan/ton) [2] - **Cost**: On October 16, Brent crude oil closed at 57.8 dollars/barrel (- 0.9 dollars/barrel), and WTI crude oil closed at 61.9 dollars/barrel (- 0.5 dollars/barrel) [2] - **Inventory**: Styrene port inventory was 19.7 tons (- 0.5 tons), a month - on - month de - stocking of 2.7%. Pure benzene port inventory was 9.0 tons (- 0.1 tons), a month - on - month de - stocking of 1.1% [2] - **Supply**: Styrene's weekly output was 33.9 tons (- 0.8 tons), and the factory capacity utilization rate was 71.9% (- 1.7%) [2] - **Demand**: The overall demand of downstream 3S industries picked up. The capacity utilization rate of EPS was 62.5% (+ 21.8%), ABS was 73.1% (+ 0.6%), and PS was 53.8% (- 0.8%) [2] 3.1.2 Views - **Pure benzene**: Domestic pure benzene device maintenance was postponed, and some long - stopped small devices planned to resume operation. The supply pressure in the fourth quarter remained. Although there were new downstream device productions, the terminal market was weak, and the high supply was difficult to be digested. The market was mainly in a state of inventory accumulation, and the price was prone to fall [2] - **Styrene**: The supply was temporarily tightened due to equipment maintenance. Newly - put - into - production devices might start production in mid - to - late October. From October to November, it would maintain a tight - balance state. The demand was supported by the rigid needs of ABS and EPS enterprises, and the short - term inventory was expected to decline slightly [3] 3.2 Industrial Chain Data Monitoring 3.2.1 Price Data - **Styrene and pure benzene prices**: From October 13 to 14, the main styrene futures contract decreased by 2.18%, and the spot price remained unchanged. The main pure benzene futures contract decreased by 1.50%, and the price of pure benzene in East China decreased by 1.49%. The CFR price of pure benzene in China increased by 2.15% [5] - **Upstream prices**: From October 13 to 14, Brent crude oil increased by 1.00%, WTI crude oil increased by 0.94%, and the price of naphtha remained unchanged [5] 3.2.2 Output and Inventory Data - **Output**: From October 3 to 10, China's styrene output increased by 3.32%, and pure benzene output increased by 0.70% [6] - **Inventory**: From October 3 to 10, the port inventory of styrene in Jiangsu increased by 2.23%, and the domestic factory inventory decreased by 4.63%. The national port inventory of pure benzene decreased by 14.15% [6] 3.2.3 Capacity Utilization Data - **Pure benzene downstream**: From October 3 to 10, the capacity utilization rate of styrene increased by 2.37%, that of aniline increased by 1.12%, and that of phenol decreased by 0.34%. The capacity utilization rate of caprolactam remained unchanged [7] - **Styrene downstream**: From October 3 to 10, the capacity utilization rate of EPS decreased by 2.37%, ABS increased by 1.50%, and PS decreased by 1.70% [7] 3.3 Industry News - OPEC+ output in September increased by 400,000 barrels per day month - on - month, with Saudi Arabia contributing 320,000 barrels per day. Iraq's oil output in the Kurdistan region might further increase in October [8] - US refineries entered autumn maintenance, and the demand for refined oil decreased seasonally. Last week, US crude oil inventory increased by 3.7 million barrels more than expected [8] - Israel and Hamas reached a cease - fire agreement, easing the tension in the Middle East and reducing the geopolitical premium of crude oil [8] 3.4 Industrial Chain Data Charts - The report provides charts of 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, and the weekly capacity utilization rates of caprolactam, phenol, and aniline [9][13][16]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report analyzes the lithium carbonate futures market, including market data changes, supply - demand and inventory in the industrial chain, and provides price trend judgments. It notes that there are both bullish and bearish factors in the market, with supply increasing while demand is strong. The price is expected to maintain a range - bound oscillation in the next one to two weeks, and attention should be paid to inventory changes and downstream acceptance [31][32]. 3. Summary According to Relevant Catalogs 3.1 Daily Market Summary - **Carbonate Lithium Futures Market Data Changes**: On October 16, the price of the main lithium carbonate contract rose 3.05% to 74,940 yuan/ton, and the basis weakened by 2,220 yuan/ton to - 2,040 yuan/ton. The main contract's open interest decreased by 5.61% to 178,000 lots, while trading volume increased by 19.38% to 269,000 lots [1]. - **Supply - Demand and Inventory Changes in the Industrial Chain**: On the supply side, the prices of spodumene and lepidolite concentrates remained stable, and new production capacity was released, with the total lithium carbonate output expected to continue growing in October. On the demand side, the prices of ternary materials and lithium hexafluorophosphate increased, and the cost transfer pressure grew. The retail sales of new energy vehicles from October 1 - 12 showed a slight year - on - year decline but a month - on - month increase. Lithium carbonate inventory decreased for four consecutive weeks, and the spot market trading was inactive [2]. - **Market Summary**: Attention should be paid to whether the new energy market can form a positive influence under the rumor of the establishment of a polysilicon platform company. The supply - side capacity release and the demand - side peak - season stocking offset each other. Although the price increase of ternary materials and energy - storage demand drive the demand for lithium carbonate, the downstream's acceptance of high prices is decreasing, and electrolyte enterprises have not fully transferred the cost pressure [3]. 3.2 Industrial Chain Price Monitoring - On October 16, the price of the main lithium carbonate contract was 74,940 yuan/ton, up 3.05% from the previous day; the basis was - 2,040 yuan/ton, down 1,233.33%. The open interest of the main contract was 177,951 lots, down 5.61%, and the trading volume was 268,890 lots, up 19.38%. The market price of battery - grade lithium carbonate remained unchanged at 72,900 yuan/ton, and the prices of spodumene and lepidolite concentrates also remained unchanged. The price of lithium hexafluorophosphate rose 1.35% to 75,000 yuan/ton, and the price of power ternary materials rose 2.33% to 131,500 yuan/ton [5]. 3.3 Industry Dynamics and Interpretations - **Spot Market Quotes**: On October 16, the SMM battery - grade lithium carbonate index price was 73,064 yuan/ton, up 27 yuan/ton from the previous day. The price of battery - grade lithium carbonate was 72,400 - 73,600 yuan/ton, and the average price was 73,000 yuan/ton, remaining unchanged. The price of industrial - grade lithium carbonate was 70,150 - 71,350 yuan/ton, and the average price was 70,750 yuan/ton, remaining unchanged. The lithium carbonate futures price fluctuated sharply, and the main contract was in the range of 72,800 - 75,000 yuan/ton. The downstream material factories were cautious, and the overall market trading was inactive. In October, the supply is expected to grow steadily, but the strong demand in the power and energy - storage fields will drive the market into a significant de - stocking stage, forming a stage of tight supply [6]. - **Downstream Consumption**: From October 1 - 12, the retail sales of new energy passenger vehicles nationwide were 367,000 units, a year - on - year decrease of 1% but a month - on - month increase of 1%. The retail penetration rate of new energy passenger vehicles was 53.5%, and the cumulative retail sales this year were 9.236 million units, a year - on - year increase of 23%. The wholesale volume of new energy passenger vehicles from October 1 - 12 was 328,000 units, a year - on - year increase of 1% but a month - on - month decrease of 11%. The wholesale penetration rate of new energy passenger vehicles was 60.2%, and the cumulative wholesale volume this year was 10.775 million units, a year - on - year increase of 31% [7]. - **Industry News**: On October 16, the actual settlement discounts between precursor manufacturers and cathode material enterprises for quarterly orders or large - scale single orders increased significantly. On September 20, the electromechanical equipment of EVE Energy's Hungary base entered the site, marking the project's civil engineering entering a critical stage. The base is expected to be completed in 2026 and will create about 1,000 jobs. On September 25, Tianqi Lithium's 30,000 - ton battery - grade lithium hydroxide project in Zhangjiagang was completed and put into operation [8][9]. 3.4 Industrial Chain Data Charts The report provides multiple data charts, including those on the main lithium carbonate futures 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 [10][12][14][15][17][18][22][24].

Report Industry Investment Rating No relevant content provided. Core View of the Report The polyester raw material market is experiencing a weak and volatile trend due to weakening cost support and emerging inventory pressures. The polyester industry chain is expected to maintain a weak and volatile state under the pattern of "strong supply, weak demand, and inventory backlog" [2][5]. Summary According to Relevant Catalogs 1. Daily Market Summary - **PX & PTA**: On October 15, the PX main contract closed at 6,312.0 yuan/ton, down 0.41% from the previous trading day, with a basis of -33.0 yuan/ton. The PTA main contract closed at 4,422.0 yuan/ton, also down 0.41%, with a basis of -32.0 yuan/ton. The supply side has marginal contraction but long - term pressure. The demand side shows weak traditional peak - season demand, and the inventory is starting to accumulate [3][4]. - **Polyester**: On October 15, the short - fiber main contract closed at 6,050.0 yuan/ton, down 0.17% from the previous trading day. Terminal demand is weakly stable but shows no obvious improvement. High inventory across the industry chain strongly suppresses prices, and the polyester industry chain is expected to remain weakly volatile [5]. 2. Industrial Chain Price Monitoring - **PX**: The main contract price of PX futures decreased by 0.41% to 6,312 yuan/ton, and the trading volume decreased by 4.51%. The PX spot price in the Chinese main port (CFR) remained unchanged, while the South Korean FOB price increased by 0.93% [6]. - **PTA**: The main contract price of PTA futures decreased by 0.41% to 4,422 yuan/ton, and the trading volume decreased by 16.71%. The PTA spot price in the Chinese main port (CFR) remained unchanged. The PTA import profit increased by 0.25% [6]. - **Short - fiber**: The main contract price of short - fiber futures decreased by 0.17% to 6,050 yuan/ton, and the trading volume decreased by 15.90%. The spot price in the East China market decreased by 0.24% [6]. - **Other Products**: The price of the Brent crude oil main contract increased by 0.31%, and the price of the WTI main contract decreased by 0.49%. Some products such as CFR Japanese naphtha and ethylene glycol remained unchanged in price [6]. 3. Industry Dynamics and Interpretation - **Macro - dynamics**: On October 15, some officials expected two more interest rate cuts by the end of the year. The Fed Chair Powell mentioned issues such as tight money - market liquidity and employment risks. The most crowded trade shifted from long US stock giants to long gold. OPEC maintained its global crude oil demand growth forecast and expected a significant narrowing of the supply gap next year [8]. - **Supply - demand (Demand)**: On October 15, the total trading volume in the Light Textile City was 776.0 million meters, a month - on - month increase of 8.08%. The trading volume of long - fiber fabrics was 607.0 million meters, and that of short - fiber fabrics was 172.0 million meters [9].

Report Industry Investment Rating No relevant content provided. Core View of the Report The ethylene glycol market is currently facing supply and inventory pressures, lacking bullish support. In the short term, it is expected to maintain a low-level oscillation pattern, with the upside limited by high inventory and weak demand, and the downside supported by cost differences. Attention should be paid to inventory inflection points and coal-based plant maintenance trends [1][2]. Summary According to Relevant Catalogs 1. Daily Market Summary - **Price and Basis**: The price of the ethylene glycol futures main contract decreased slightly from 4,061 yuan/ton on October 14th to 4,057 yuan/ton on October 15th, a decline of 0.1%. The East China spot price also weakened, and the basis narrowed from 69 yuan/ton to 63 yuan/ton, indicating a slight relief in futures discount pressure but still cautious market sentiment [1]. - **Position and Trading Volume**: The position of the main contract increased by 2,469 lots to 339,900 lots, while the trading volume dropped significantly by 25.66% (a decrease of 39,900 lots), showing intensified differences between long and short positions but decreased capital activity and increased market waiting sentiment [1]. - **Supply Side**: The overall ethylene glycol operating rate rose slightly from 70.5% to 71.04%, mainly due to a 0.9-percentage-point increase in the oil-based operating rate to 76.49%, while the coal-based operating rate remained unchanged at 62.95%. The profits of various ethylene-based production routes generally improved, but the coal-based profit decreased by 76 yuan/ton to 410.87 yuan/ton, and the profits of natural gas-based and associated gas-based production also decreased by 50 yuan/ton each. Cost pressure may suppress the release of non-oil-based production capacity [1]. - **Demand Side**: The polyester factory load remained stable at 89.42%, and the Jiangsu and Zhejiang loom load remained at 63.43%. Terminal demand did not show significant improvement, and downstream procurement was mainly for rigid demand. The gap between high polyester operating rates and low weaving loads persisted, and demand transmission was不畅 [2]. - **Inventory Side**: The inventory at the East China main port increased by 34,000 tons to 541,000 tons, reaching a recent high, while the Zhangjiagang inventory decreased by 13,000 tons to 165,000 tons, indicating concentrated port arrivals but uneven regional distribution and a marginal increase in overall inventory pressure [2]. 2. Industrial Chain Price Monitoring - **Futures and Spot Prices**: The main contract price of MEG futures decreased by 0.10%, and the trading volume decreased by 25.66%. The position increased by 0.73%. The East China spot price decreased by 0.24% [4]. - **Profit**: The profits of ethylene-based production routes generally increased, with the SD oxidation method increasing by 10.37%, the SHELL oxidation method increasing by 14.35%, etc. The coal-based profit decreased by 15.67%, the natural gas-based profit decreased by 3.13%, and the associated gas-based profit decreased by 12.25% [4]. - **Operating Rate**: The overall ethylene glycol operating rate increased by 0.77%, mainly due to a 1.20% increase in the oil-based operating rate. The coal-based, polyester, and Jiangsu and Zhejiang loom operating rates remained unchanged [4]. - **Inventory and Arrival Volume**: The East China main port inventory increased by 6.71%, while the Zhangjiagang inventory decreased by 7.30% [4]. 3. Industrial Dynamics and Interpretation - **October 15th Market**: In the morning, the negotiation focus of the East China US dollar market rebounded slightly, with November shipments negotiated in the range of 485 - 488 US dollars/ton, and no transactions were heard. In the afternoon, the market fluctuated little. The mainstream market focus moved down, the South China market seller quotes were lowered, and the market transactions were light. The overnight crude oil price decline dragged down market sentiment, and the spot basis narrowed slightly. The Shaanxi region's ethylene glycol market spot price remained stable [5]. 4. Industrial Chain Data Charts - The report includes charts such as 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, East China main port inventory statistics, and ethylene glycol industry total inventory [6][8][10].

Report Industry Investment Rating No relevant content provided. Core View of the Report Short-term copper prices may continue to operate strongly above the 82,000-point level. Supply-side disruptions in the mining sector and the mismatch in the release rhythm of smelting capacity, combined with Aurubis raising the European long-term premium to $315 per ton, support the downside space. However, the weakness in traditional demand sectors, the increase in global inventories, and the significant narrowing of the LME basis suppress the upside momentum. At the macro level, the expected Fed policy and dollar fluctuations may intensify price volatility [6]. Summary by Relevant Catalogs Daily Market Summary - **Copper Futures Market Data Changes**: On October 14, the LME copper price was reported at $10,584.5 per ton, a 2.01% decline from the previous day, continuing the recent high-level correction trend. The LME (0 - 3) premium dropped significantly from $226.78 per ton to $54.87 per ton. The spot premium and copper discount narrowed to 100 yuan per ton, and the flat copper discount also shrank to 20 yuan per ton. The LME copper open interest slightly increased by 70 lots to 323,147 lots on October 14, but overall capital flow was relatively stable. Meanwhile, the open interests of other metals such as aluminum, lead, and zinc all decreased to varying degrees [1][2]. - **Analysis of Industrial Chain Supply, Demand, and Inventory Changes** - **Supply Side**: Global copper mine supply disturbances have intensified. Codelco's August production dropped sharply to 93,400 tons due to an accident at the El Teniente copper mine. Japan's PPC and Mitsubishi Materials announced a 2.5% year-on-year reduction in copper production and a 25% reduction in concentrate processing volume in the second half of the 2025/26 fiscal year, further intensifying the expectation of tight supply. Domestically, the expansion project of Tongling Nonferrous' copper anode slime treatment system and the standardization renovation of Jiangxi Copper's Wutong Mine may improve long-term smelting efficiency, but the short-term actual increase is limited [3]. - **Demand Side**: The production and sales of new energy vehicles maintained a high growth rate, supporting the resilience of copper consumption, but the performance of traditional sectors was differentiated. The brass rod market was affected by the sharp fluctuations in copper prices, and the downstream purchasing willingness was low. Enterprise orders were mainly long-term orders. The demand potential in the power and energy storage fields remained to be released. SMM spot data showed that downstream buying interest was weak, and both the procurement and sales sentiment indexes were below the neutral level [4]. - **Inventory Side**: Global visible inventories continued to accumulate. The LME inventory increased to 36,295 tons on October 14, the COMEX inventory rose to 342,000 short tons, and the SHFE inventory slightly decreased to 138,800 tons but remained at a high level for the year. The inventory pressure highlighted the market's concern about the loose future supply and demand [5]. Industrial Chain Price Monitoring | Data Index | 2025 - 10 - 15 | 2025 - 10 - 14 | 2025 - 10 - 09 | Change | Change Rate | Unit | | --- | --- | --- | --- | --- | --- | --- | | SMM: 1 Copper | 85,590 | 86,070 | 85,180 | -480 | -0.56% | Yuan/ton | | Spot (Premium/Discount) - Premium Copper | 130 | 100 | 150 | 30 | 30.00% | Yuan/ton | | Spot (Premium/Discount) - Flat Copper | 70 | 20 | 45 | 50 | 250.00% | Yuan/ton | | Spot (Premium/Discount) - Wet - Process Copper | 0 | -45 | -45 | 45 | 100.00% | Yuan/ton | | LME (0 - 3) | 28 | 55 | 227 | -27 | -49.08% | Dollar/ton | | SHFE Price | 85,370 | 85,320 | 84,900 | 50 | 0.06% | Yuan/ton | | LME Price | 10,576 | 10,585 | 10,802 | -9 | -0.08% | Dollar/ton | | LME Inventory | 44,531 | 36,295 | 32,890 | 8,236 | 22.69% | Tons | | SHFE Inventory | 138,350 | 138,800 | 139,350 | -450 | -0.32% | Tons | | COMEX Inventory | 343,235 | 342,280 | 340,875 | 955 | 0.28% | Short tons | [8] Industry Dynamics and Interpretation - On October 15, the pre - approval publicity of the environmental impact report of the upgrade, renovation, and expansion project of Tongling Nonferrous Metals Group Co., Ltd.'s copper anode slime treatment system was announced. The project will expand the treatment scale of copper anode slime (dry basis) from 5,000 tons per year to 12,000 tons per year [9]. - On October 14, the on - site standardization renovation of the - 310m middle section hole bottom of Jiangxi Copper's Wutong Mine officially started, which will be carried out in three stages [9]. - On October 10, Codelco's copper production in August dropped significantly to 93,400 tons due to an accident at the El Teniente copper mine [9]. - On October 9, Japan's PPC and Mitsubishi Materials announced production expectations for the second half of the 2025/26 fiscal year. PPC expects a 2.5% year - on - year decline in copper production, and Mitsubishi Materials will reduce the concentrate processing volume of the Onahama Smelter by about 25% [10]. - On October 9, Aurubis raised the long - term premium for electrolytic copper in Europe in 2026 to $315 per ton, a record high [10].

Report Industry Investment Rating No relevant content provided. Core View of the Report The current crude oil market is gradually realizing the "weak reality" market expectation. Short - term logic is dominated by negative factors, with low - level fluctuations expected for short - term crude oil prices. SC is weaker than the external market due to domestic warehouse receipt pressure and weak demand. If OPEC+ further signals an increase in production and US inventories continue to accumulate, the oil price center may continue to decline [4]. Summary by Relevant Catalogs 1. Daily Market Summary - **Crude Oil Futures Market Data Changes**: On October 15, 2025, the price of the SC crude oil main contract dropped from 448.6 yuan/barrel to 443.7 yuan/barrel, a 1.09% decline, showing a five - day consecutive decline. WTI and Brent prices remained stable at 58.59 dollars/barrel and 62.28 dollars/barrel respectively. The SC - Brent spread narrowed from 0.54 dollars/barrel to 0, and the SC - WTI spread decreased from 4.23 dollars/barrel to 3.69 dollars/barrel. The SC continuous - consecutive 3 spread widened from - 1.5 yuan/barrel to - 3.8 yuan/barrel, indicating concerns about future supply pressure. Crude oil - related warehouse receipts remained unchanged, suggesting no significant change in short - term delivery willingness [2]. - **Supply - demand and Inventory Changes in the Industrial Chain**: - **Supply**: Libya's oil revenue in the first nine months reached 7.94 billion Libyan dinars, indicating continued production recovery. Pemex in Mexico reached a salary - increase agreement with the union, potentially reducing production interruption risks. However, UK sanctions on Russian oil companies may intensify geopolitical supply disruptions [3]. - **Demand**: US API data showed an unexpected 2.99 - million - barrel increase in gasoline inventory (expected a decrease of 0.838 million barrels), reflecting weak terminal fuel demand. Refined oil inventory decreased more than expected (- 4.79 million barrels) due to industrial demand support. India's commitment to stop importing Russian oil may suppress Asian market sentiment in the short term, but actual implementation will take time [3]. - **Inventory**: US API crude oil inventory increased by 7.36 million barrels, the largest weekly increase since February 2025, and Cushing's inventory pressure rose, indicating a loose supply - demand situation in the US. China's SC crude oil warehouse receipts remained at a high level of 5.4 million barrels, strengthening the expectation of inventory accumulation in the Asian market [3]. 2. Industrial Chain Price Monitoring - **Crude Oil**: - **Futures Prices**: On October 15, 2025, the SC price dropped to 443.70 yuan/barrel, a 1.09% decline; WTI dropped to 58.30 dollars/barrel, a 0.49% decline; Brent rose to 62.47 dollars/barrel, a 0.31% increase. - **Spot Prices**: OPEC's basket price remained unchanged; Brent, Dubai, and ESPO prices increased, while Oman, Victory, and Duri prices decreased. - **Spreads**: SC - Brent, SC - WTI spreads decreased, while Brent - WTI spread increased. The SC continuous - consecutive 3 spread widened significantly. - **Other Assets**: The US dollar index decreased, the S&P 500 increased, the DAX index decreased, and the RMB exchange rate decreased slightly. - **Inventory and Operation**: US commercial crude oil inventory, strategic reserve inventory, and API inventory increased, while Cushing's inventory decreased. The US refinery weekly operating rate and crude oil processing volume increased [6]. - **Fuel Oil**: - **Futures Prices**: FU, LU, and NYMEX fuel oil prices decreased. - **Spot Prices**: Most fuel oil spot prices remained stable, with some increasing slightly and the Russian M100 arrival price decreasing. - **Spreads**: Singapore and China's high - low sulfur spreads, LU - Singapore FOB (0.5%S), and FU - Singapore 380CST spreads decreased. - **Platts and Inventory**: Platts (380CST) and Platts (180CST) prices decreased, and Singapore's inventory decreased [7]. 3. Industry Dynamics and Interpretations - **Supply**: US API crude oil imports from October 4 - 10 decreased. Mexico's Pemex reached a 4.5% salary - increase agreement with the union. Libya's oil revenue in the first nine months reached 7.94 billion Libyan dinars [8][9]. - **Demand**: India's oil import value in September reached 1.4 billion dollars [10]. - **Inventory**: US API crude oil inventory from October 4 - 10 increased by 7.36 million barrels, the largest increase since February 7, 2025. API refined oil inventory decreased more than expected, and API gasoline inventory increased unexpectedly. Crude oil and fuel - related warehouse receipts remained mostly unchanged [11]. - **Market Information**: India promised to stop importing Russian oil, but implementation will take time. US Bank warned that Brent oil prices may fall below $50. The UK will impose sanctions on Russian oil companies. OPEC Secretary - General predicted that oil will still account for 30% of the global energy structure by 2050 [12]. 4. Industrial Chain Data Charts The report provides multiple data charts, including those related to WTI, Brent, and SC prices and spreads, US and global oil production, refinery operating rates, and fuel oil prices and inventories [15][17][19] etc.

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The lithium carbonate market is currently in a state of divergence due to both supply and demand increases. It is expected to maintain a narrow - range fluctuation within the 72,000 - 75,000 point range in the near term. The supply - demand contradiction is not yet intensified, and price breakthrough requires new driving factors [1][3]. Group 3: Summary by Directory 1. Daily Market Summary - **Futures Market Data**: On October 15, the main contract of lithium carbonate closed at 72,720 yuan/ton, up 0.06% from the previous day, showing a narrow - range oscillation pattern in the past week. The basis weakened to 180 yuan/ton. The main contract's open interest decreased by 4,408 lots to 188,523 lots, and the trading volume shrank by 16.68% to 225,238 lots [1][5]. - **Supply - Demand and Inventory**: The utilization rate of lithium salt production capacity remained at a high level of 71.3%. The prices of spodumene concentrate and lithium mica remained stable at 6,370 yuan/ton and 3,400 yuan/ton respectively. The demand for power batteries was strong, with new - energy passenger vehicle retail sales in September increasing by 16% year - on - year to 1.307 million vehicles, and the penetration rate reaching 58.5%. The price of ternary materials significantly rebounded, and the price of lithium hexafluorophosphate rose by 500 yuan to 74,000 yuan/ton. The total inventory of lithium carbonate decreased for four consecutive weeks to 134,801 tons, and the registered warrants also decreased, indicating that the industry chain has entered the active de - stocking stage [2]. 2. Industrial Chain Price Monitoring - On October 15, the price of the lithium carbonate main contract increased slightly by 40 yuan to 72,720 yuan/ton, with a change rate of 0.06%. The basis weakened by 40 yuan to 180 yuan/ton, with a change rate of - 18.18%. The open interest of the main contract decreased by 4,408 lots to 188,523 lots, and the trading volume decreased by 45,089 lots to 225,238 lots. The market price of battery - grade lithium carbonate remained unchanged at 72,900 yuan/ton. The prices of spodumene concentrate and lithium mica also remained stable. The price of lithium hexafluorophosphate rose by 500 yuan to 74,000 yuan/ton, and the price of power - type ternary materials increased by 3,000 yuan to 128,500 yuan/ton [5]. 3. Industrial Dynamics and Interpretation - **Spot Market Quotation**: On October 15, the SMM battery - grade lithium carbonate index price was 73,037 yuan/ton, up 30 yuan/ton from the previous working day. The price range of battery - grade lithium carbonate was 72,400 - 73,600 yuan/ton, with an average price of 73,000 yuan/ton, remaining unchanged from the previous working day. The price range of industrial - grade lithium carbonate was 70,150 - 71,350 yuan/ton, with an average price of 70,750 yuan/ton, also remaining unchanged. The lithium carbonate futures price continued the oscillating trend, with the main contract in the range of 72,200 - 73,800 yuan/ton. In October, the supply is expected to increase steadily, but the strong demand in the power and energy - storage fields will drive the market into a significant de - stocking stage, resulting in a phased supply - tight situation [6]. - **Downstream Consumption**: According to preliminary statistics from the Passenger Car Association, from September 1 - 30, the retail sales of new - energy passenger vehicles nationwide reached 1.307 million, a year - on - year increase of 16% and a month - on - month increase of 17%. The penetration rate of new - energy passenger vehicle retail sales was 58.5%, and the cumulative retail sales this year reached 8.878 million, a year - on - year increase of 24%. The wholesale volume of new - energy passenger vehicles by manufacturers nationwide was 1.489 million, a year - on - year increase of 21% and a month - on - month increase of 15%. The wholesale penetration rate was 53.8%, and the cumulative wholesale volume this year reached 10.433 million, a year - on - year increase of 32% [7]. - **Industry News**: On September 20, the mechanical and electrical equipment of EVE Energy's Hungary base officially entered, marking the project's civil engineering entering a critical stage. The base is expected to be completed in 2026 and will supply large - cylindrical batteries to BMW Group's Debrecen plant. On September 25, Tianqi Lithium's 30,000 - ton battery - grade lithium hydroxide project in Zhangjiagang, Jiangsu was completed and put into operation. On September 20 - 24, Tibet Mining's 10,000 - ton lithium carbonate project at Zabuye Salt Lake completed a 120 - hour functional assessment, indicating its official operation, which is expected to significantly improve the domestic lithium resource self - sufficiency rate [8][9].