1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The copper futures price is expected to fluctuate at a high level, within the range of RMB 88,000 - 90,000 per ton for SHFE and USD 11,000 - 11,300 per ton for LME. The driving factors include short - term support from supply - side inventory decline and reduced imports, strong orders in the automotive sector on the demand side but overall procurement being constrained by high copper prices, and the impact of macro - sentiment affected by a stronger US dollar and weakened risk appetite [3][55]. 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 December 03, the SHFE main contract price rose slightly to RMB 88,970 per ton, up RMB 260 from the previous day. The basis strengthened, with the spot premium widening to RMB 180 per ton, and the LME (0 - 3) premium remained around USD 69.18 per ton [1]. - **持仓与成交**: The LME copper holding volume contracted, decreasing by 1,137 lots to 333,305 lots on December 02. The market trading volume was light, with terminal procurement mainly for rigid demand and a strong wait - and - see sentiment [1]. 3.1.2. Industry Chain Supply - Demand and Inventory Change Analysis - **供给端**: The LME inventory dropped to 28,969 tons on December 03, a month - on - month decrease of 5.23%, indicating short - term supply tightness. The arrival of imported copper decreased, and Nord Co., Ltd.'s copper foil production capacity expansion plan may increase long - term supply. The price increase of copper - clad laminates showed rising raw material cost pressure [2]. - **需求端**: The demand in the automotive field was strong. Nord Co., Ltd. received an order for 373,000 tons of copper foil from Zhongchuang Xinhang on December 03. However, high copper prices inhibited downstream procurement. The transaction in the recycled copper rod market was light, the refined - scrap price difference widened to RMB 4,182.23 per ton, and terminal cable enterprises had a strong wait - and - see sentiment [2]. - **库存端**: The SMM copper inventory in the country's major regions decreased by 14,500 tons month - on - month to 159,000 tons on December 01 due to reduced arrivals and good outbound shipments. The SHFE inventory slightly increased to 162,150 tons, and a slight inventory build - up is expected in the future [3]. 3.1.3. Price Trend Judgment The copper futures price is expected to fluctuate at a high level, with the price range of RMB 88,000 - 90,000 per ton for SHFE and USD 11,000 - 11,300 per ton for LME [3]. 3.2. Industry Chain Price Monitoring The report provides price and inventory data for multiple indicators on December 03, December 02, and November 27, 2025, including spot prices, premiums, LME (0 - 3) premiums, SHFE and LME prices, and LME, SHFE, and COMEX inventories, along with their changes and change rates [5]. 3.3. Industry Dynamics and Interpretations - On December 03, Nord Co., Ltd.'s wholly - owned subsidiary Baojiada signed a copper foil supply agreement with Zhongchuang Xinhang from 2026 - 2028, with a total supply of 373,000 tons over three years, with an estimated output value of nearly RMB 40 billion. Nord has planned to expand its global total production capacity to 300,000 tons per year by 2030 [6]. - On December 02, although the copper price rose, the price of recycled copper raw materials lacked upward momentum, resulting in a continuous widening of the refined - scrap price difference. As of December 01, the refined - scrap price difference had widened to RMB 4,182.23 per ton, but the market transaction was still light [6]. - On December 02, Jiantao, a copper - clad laminate giant, issued a price increase letter, raising the prices of its full - range of copper - clad laminate products by 5% - 10% starting from that day, mainly due to increased raw material cost pressure [6]. - On December 01, the SMM copper inventory in the country's major regions decreased by 14,500 tons to 159,000 tons. It is expected that the weekly copper inventory will slightly increase in the future [7]. - On December 01, SolGold rejected a preliminary conditional acquisition offer from Jiangxi Copper Group Co., Ltd. [7]. 3.4. Industry Chain Data Charts The report includes multiple data charts such as China's PMI, US employment situation, the correlation between the US dollar index and LME copper price, etc., with data sources from iFinD and Tonghui Futures Research and Development Department [8][10][12].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - The report predicts that the lithium carbonate futures price will remain in a low - level oscillation in the next one to two weeks due to the steady growth of supply, the slowdown of demand growth, and the decrease in the inventory reduction amplitude, with the overall market supply - demand balance being slightly loose [3][34][40] Group 3: Summary by Relevant Catalogs Daily Market Summary - **Futures Market Data Changes**: On December 2, 2025, the lithium carbonate main contract slightly declined to 96,560 yuan/ton, a decrease of 380 yuan or 0.39% from the previous day; the basis strengthened from - 3,140 yuan/ton to - 2,460 yuan/ton, an increase of 680 yuan. The open interest expanded to 552,239 lots, an increase of 8,606 lots or 1.58%, while the trading volume shrank to 454,290 lots, a decrease of 81,185 lots or 15.16% [1][31][37] Industry Chain Supply - Demand and Inventory Changes - **Supply Side**: The market prices of spodumene concentrate and lepidolite concentrate remained stable at 8,805 yuan/ton and 4,825 yuan/ton respectively, with stable cost support. The capacity utilization rate remained at 75.34%, but new production lines were gradually put into operation, and it is expected that the domestic lithium carbonate production in December will increase by about 3% month - on - month [2][31][39] - **Demand Side**: The prices of downstream cathode materials increased slightly. The sales volume of new energy vehicles from November 1 - 23 increased by 3% year - on - year, but it is predicted that the sales volume in December may decline slightly. The cell production was at a high level but decreased month - on - month, and the energy storage market had strong supply and demand. Overall, the demand remained stable but the growth momentum weakened [2][32][39] - **Inventory and Warehouse Receipts**: The lithium carbonate inventory decreased to 115,968 physical tons, a decrease of 2,452 tons or 2.07% from the previous week, continuing the de - stocking trend. It is expected that the de - stocking amplitude in December will slow down [2][31][40] Industry Chain Price Monitoring - On December 2, 2025, compared with December 1, the lithium carbonate main contract price slightly declined, the basis strengthened, the open interest increased, and the trading volume decreased. The market price of battery - grade lithium carbonate increased slightly, while the prices of spodumene concentrate and lepidolite concentrate remained unchanged. The prices of some cathode materials and batteries also had corresponding changes [5] Industry Dynamics and Interpretation - **Spot Market Quotations**: On December 2, the SMM battery - grade lithium carbonate index price decreased, while the average prices of battery - grade and industrial - grade lithium carbonate increased slightly. The lithium carbonate futures price fluctuated narrowly. The downstream material factories mainly relied on long - term contracts and customer - supplied channels, and the market transactions were light. The annual long - term contract negotiations between upstream and downstream enterprises were ongoing. It is expected that the domestic lithium carbonate production in December will increase, and the inventory will continue to be reduced but at a slower pace [6] - **Downstream Consumption**: From November 1 - 23, the retail and wholesale volumes of new energy passenger vehicles increased year - on - year and month - on - month, and the cumulative retail and wholesale volumes this year also increased significantly year - on - year [7] - **Industry News**: On November 26, Chuanneng Power mentioned in an institutional survey that its lithium mining project had basically reached the designed production capacity [9]

Report Industry Investment Rating - Not provided in the given content Core View of the Report - The copper price is expected to fluctuate at a high level in the next one to two weeks due to the continuous risk of structural shortage on the supply - side, support from the new energy sector but weakness in traditional sectors on the demand - side, and cautious macro sentiment [3][47] Summary According to Relevant Catalogs Copper Futures Market Data Change Analysis - **Main Contract and Basis**: On December 02, the SHFE main contract price dropped to 88,710 yuan/ton, a 0.57% decline from the previous day; the LME price fell to 11,145 dollars/ton, a 0.78% decrease. The premium of flat - water copper strengthened to 45 yuan/ton, and the LME(0 - 3) premium remained at 69.18 dollars/ton [1] - **Position and Trading Volume**: The LME position increased slightly to 334,442 lots on December 01, while the trading volume of the BC copper contract significantly shrank to 7,607 lots [1] Analysis of Industrial Chain Supply - Demand and Inventory Changes - **Supply Side**: The copper market faces a risk of structural shortage due to declining ore grades and extended project cycles. The Kamoa - Kakula smelter was put into operation on November 21, which will gradually reduce inventory. Saudi Arabia launched a mineral exploration tender, but the short - term supply increase is limited. Overall, the supply side is restricted by rising costs [2] - **Demand Side**: The demand in the power sector is stable. On December 02, Kingboard announced a 5 - 10% price increase to cope with the cost pressure of copper foil. The support from the new energy sector is evident as Nord Co., Ltd. signed a copper foil supply agreement from 2026 - 2028. However, traditional demand is weak, with the home appliance production schedule in December showing a 14.1% year - on - year decline, sluggish trading in the recycled copper rod market, and shrinking orders from brass rod enterprises [2] - **Inventory Side**: The LME inventory decreased to 30,568 tons on December 02, while the SHFE inventory rose to 161,800 tons. The SMM national inventory decreased by 14,500 tons to 159,000 tons on December 01 due to reduced imports, but a slight inventory build - up is expected [2] Industrial Chain Price Monitoring - **Spot (Premium/Discount)**: The price of SMM:1 copper premium copper decreased by 440 yuan/ton to 88,820 yuan/ton, a 0.49% decline; the flat - water copper premium increased by 20 yuan/ton to 45 yuan/ton, an 80% increase; the wet - process copper discount increased by 5 yuan/ton to - 35 yuan/ton, a 16.67% decrease; the LME(0 - 3) premium increased slightly [5] - **Price**: The SHFE price decreased by 510 yuan/ton to 88,710 yuan/ton, a 0.57% decline; the LME price decreased by 88 dollars/ton to 11,145 dollars/ton, a 0.78% decrease [5] - **Inventory**: The LME inventory decreased by 927 tons to 30,568 tons, a 2.94% decrease; the SHFE inventory increased by 2,375 tons to 161,800 tons, a 1.49% increase; the COMEX inventory increased by 2,592 short tons to 431,938 short tons, a 0.60% increase [5] Industry Dynamics and Interpretation - On December 02, the recycled copper rod market had weak follow - up price increase power of recycled copper raw materials, resulting in a widening refined - scrap price difference. However, the market trading was still sluggish [6] - On December 02, Kingboard raised the price of its copper - clad laminate products by 5 - 10% due to increased raw material costs [6] - On December 02, Nord Co., Ltd.'s subsidiary signed a 373,000 - ton copper foil supply agreement with CATL from 2026 - 2028 [6] - On December 01, the SMM national copper inventory decreased by 14,500 tons to 159,000 tons. A slight inventory build - up is expected in the future [7] - On December 01, SolGold rejected Jiangxi Copper's acquisition offer [7] Price Trend Judgment - The copper price is expected to fluctuate at a high level in the next one to two weeks, driven by the continuous risk of structural shortage on the supply - side, support from the new energy sector but weakness in traditional sectors on the demand - side, and cautious macro sentiment [3]

Report Industry Investment Rating - No relevant content found Core Viewpoints - Pure benzene is expected to maintain a weak reality and strong expectation co - existing shock pattern in the short term. December is the most pressured period, and it may gradually turn to a weak and stable pattern later [2]. - The core contradiction in the styrene market lies in high inventory and weak demand. It may maintain a weak consolidation in the short term, and attention should be paid to the supply recovery rhythm and downstream stocking intensity [3]. Summary by Related Catalogs 1. Daily Market Summary (1) Fundamentals - On December 2nd, the styrene main contract closed up 0.23% at 6,564 yuan/ton, with a basis of 51 (+0 yuan/ton); the pure benzene main contract closed down 0.02% at 5,454 yuan/ton [2]. - On December 2nd, Brent crude oil closed at $59.3 per barrel (+$0.7 per barrel), WTI crude oil closed at $63.2 per barrel (+$0.8 per barrel), and the spot price of East China pure benzene was 5,320 yuan/ton (+0 yuan/ton) [2]. - Styrene port inventory was 164,000 tons (+16,000 tons), a 10.7% month - on - month increase; pure benzene port inventory was 164,000 tons (+17,000 tons), an 11.6% month - on - month increase [2]. - Styrene production and capacity utilization fluctuated slightly month - on - month. Currently, the weekly styrene output is 335,000 tons (-8,000 tons), and the factory capacity utilization rate is 67.3% (-1.7%) [2]. - The overall demand of the downstream 3S industries has recovered. The EPS capacity utilization rate is 54.7% (-1.5%), the ABS capacity utilization rate is 71.2% (-1.2%), and the PS capacity utilization rate is 57.6% (+1.7%) [2]. (2) Views - Pure benzene: The short - term shock pattern of weak reality and strong expectation will continue. The emotional trading brought by overseas gasoline blending has cooled down. The pressure of full storage is rising, and the demand is still weak. The supply is expected to shrink in the long term, and the import volume after January is highly controversial. December is the most difficult period, and it may gradually stabilize later [2]. - Styrene: The core contradiction is high inventory and weak demand. The supply is expected to recover, and the supply - demand balance may shift from tight to wide. The demand remains in the off - season, and the price support is weak. It may maintain a weak consolidation in the short term [3]. 2. Industrial Chain Data Monitoring (1) Styrene & Pure Benzene Prices - On December 2nd, the styrene futures main contract price increased by 0.23% to 6,564 yuan/ton, and the spot price decreased by 0.03% to 6,654 yuan/ton. The pure benzene futures main contract price decreased by 0.02% to 5,454 yuan/ton, and the East China spot price remained unchanged at 5,320 yuan/ton [5]. (2) Styrene & Pure Benzene Production and Inventory - From November 14th to November 21st, China's styrene production decreased by 0.43% to 343,000 tons, and pure benzene production decreased by 1.67% to 447,000 tons [6]. - During the same period, the styrene port inventory in Jiangsu decreased by 15.16% to 148,000 tons, the domestic styrene factory inventory decreased by 0.70% to 188,000 tons, and the national pure benzene port inventory increased by 30.09% to 147,000 tons [6]. (3) Operating Rate - From November 14th to November 21st, the capacity utilization rate of styrene in pure benzene downstream decreased by 0.30 to 69.0, the capacity utilization rate of caprolactam increased by 2.18 to 88.2, the capacity utilization rate of phenol increased by 11.46 to 78.7, and the capacity utilization rate of aniline decreased by 4.49 to 75.7 [7]. - For styrene downstream, the EPS capacity utilization rate increased by 4.64 to 56.3, the VBS capacity utilization rate increased by 0.60 to 72.4, and the PS capacity utilization rate increased by 0.50 to 55.9 [7]. 3. Industry News - Japan's interest - rate hike prospects are stirring up the US market [8]. - The probability of the Fed cutting interest rates by 25 basis points in December is 89.2% [8]. - US President Trump said Kevin Hassett is a "potential" Fed chairman [8]. - US API crude oil inventories increased by 2.48 million barrels in the week ending November 28th, compared with a decrease of 1.859 million barrels in the previous week [8]. - Trump said on December 2nd that he would strike any country suspected of "smuggling drugs" into the US, including Venezuela [8].

碳酸锂年内高位维持强势，需求预期稳固支撑趋势 一、日度市场总结 碳酸锂期货市场数据变动分析 主力合约与基差 ：11月28日，碳酸锂主力合约价格小幅走高至96420元/ 吨，较11月27日上涨0.63%，延续近期震荡上行趋势，基差维持稳定 于-3620元/吨。 持仓与成交 ：持仓量显著扩大，11月28日主力合约持仓增至526998手，较 11月27日的507882手增加3.76%；成交量则大幅收缩至580962手，较前一日 741463手减少21.65%。 产业链供需及库存变化分析 供给端 ：锂盐厂整体开工率高位稳定于75.34%，无显著变化。11月国内碳 酸锂产量环比增长3%，同比大增49%，主要受锂辉石端和盐湖端支撑，其中 盐湖新增产线爬产顺利但受季节性气温影响部分回落；锂云母端产量环比 提升6%，因代加工订单增多。原料成本方面，锂辉石精矿和锂云母精矿价 格持稳于8805元/吨和4825元/吨，但进口锂辉石环比减量，叠加新项目如 川能动力李家沟锂矿于11月26日确认达产，供应增量压力持续。 需求端 ：下游需求整体强劲，新能源汽车销量增长提供支撑：11月1-23日 乘用车新能源零售84.9万辆，同比增长3%。 ...

Group 1: Report's Investment Rating for the Industry - No information provided in the given content Group 2: Core Viewpoints of the Report - Cost rebound drives PX and TA prices up, and attention should be paid to changes in polyester inventory [1] - Overall, the future price trend of PX and PTA is judged to be bullish or neutral - strong, with support from supply - side cost, potential demand strength, and low inventory pressure [54][61] Group 3: Summary by Relevant Catalogs 1. Daily Market Summary PTA & PX - On November 28, the PX main contract closed at 6830.0 yuan/ton, up 1.67% from the previous trading day, with a basis of - 263.0 yuan/ton; the PTA main contract closed at 4700.0 yuan/ton, up 1.47%, with a basis of - 90.0 yuan/ton [2] - Cost - end: On November 28, Brent crude's main contract closed at 62.92 dollars/barrel, and WTI at 59.1 dollars/barrel [2] - Supply - end: High PX device operating rate and stable PTA operating rate may push up PTA manufacturing cost and limit supply elasticity, providing upward support for PTA price [2] - Demand - end: Stable polyester operating rate may strengthen PTA's terminal consumption demand, especially in the polyester fiber field; stable or rising light textile city trading volume can boost PTA consumption, but seasonal demand decline may weaken price upward momentum [2] - Inventory - end: Low PTA factory inventory and deepening negative basis may strengthen upward pressure on futures prices; inventory accumulation may suppress price rebound space [3] Polyester - On November 28, the short - fiber main contract closed at 6250.0 yuan/ton, up 1.43% from the previous trading day; the spot price in the East China market was 6295.0 yuan/ton, up 15.0 yuan/ton, with a basis of 45.0 yuan/ton [4] - The MA15 of light textile city trading volume decreased from 710 million meters to 698.47 million meters, a decline of about 1.6%, indicating weakening terminal demand [4] - Polyester short - fiber inventory (6.28 days) is higher than the five - year average (4.96 days), while polyester filament (POY, FDY, DTY) inventories are lower than historical averages, showing inventory differentiation with prominent short - fiber pressure [4] 2. Industrial Chain Price Monitoring - PX futures: The main contract price rose 1.67%, trading volume decreased 26.72%, and open interest increased 2.16%; PX spot prices remained unchanged, and the basis decreased 74.17% [5] - PTA futures: The main contract price rose 1.47%, trading volume decreased 15.89%, and open interest increased 0.70%; PTA spot prices remained unchanged, and the basis decreased 309.09% [5] - Short - fiber futures: The main contract price rose 1.43%, trading volume decreased 22.55%, and open interest decreased 5.18%; the spot price in the East China market rose 0.24%, and the basis decreased 61.86% [5] - Other industrial chain prices: Brent crude, WTI, CFR Japan naphtha, ethylene glycol, and polyester bottle - chip prices remained unchanged; polyester chip, polyester POY, DTY, and FDY prices decreased [5] - Processing spreads: The spreads of naphtha and PX remained unchanged, while those of PTA, polyester chip, polyester bottle - chip, polyester short - fiber, POY, DTY, and FDY decreased [6] - Light textile city trading volume: The total volume was 778 million meters, with long - fiber fabric volume at 637 million meters and short - fiber fabric volume at 143 million meters [6] - Industrial chain load rates: PTA factory, polyester factory, and Jiangsu - Zhejiang loom load rates remained unchanged [6] - Inventory days: Polyester short - fiber, POY, and FDY inventory days increased, while DTY inventory days decreased [6] 3. Industrial Dynamics and Interpretation Macro Dynamics - On November 27, traders increased bets on the Bank of England's interest - rate cuts, expecting a cumulative 68 - basis - point cut by the end of 2026 [7] - On November 27, the US Treasury announced the replacement index value of October's CPI for inflation - protected Treasury bonds [7] - The Fed's Beige Book on November 27 showed that economic activity remained basically unchanged in recent weeks, with intensified consumer polarization [7] Supply - demand (Demand) - On November 27, the total trading volume in the light textile city was 778.0 million meters, a 14.58% month - on - month increase, with long - fiber fabric volume at 637.0 million meters and short - fiber fabric volume at 143.0 million meters [8] 4. Analysis of Future Price Trends Supply - end - High crude oil prices increase PX costs, which may drive up PX prices and support PTA supply costs; stable device operation can control supply pressure [53][59] Demand - end - Although there is no direct data, the rising prices may indicate good demand in the polyester and textile industries, but cautious judgment is needed [53][59] Inventory - end - Negative basis may indicate low inventory or strong futures expectations, suggesting potential price increases or low inventory levels [53][60]

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - The short - term pure benzene market is in a pattern of weak reality and strong expectation, with the price fluctuating in a certain range. December is the period with the greatest real - world pressure, and it may gradually stabilize after January 2026 due to supply contraction and demand improvement expectations [2]. - The styrene market currently has a structural contradiction of stable supply, pressured demand, and high inventory. It is difficult to show a trend in the short term and may maintain a weak oscillation pattern [3]. 3. Summary of Each Section 3.1 Daily Market Summary 3.1.1 Fundamentals - On November 28, the styrene main contract closed up 0.71% at 6566 yuan/ton with a basis of 64 (+0 yuan/ton); the pure benzene main contract closed up 0.77% at 5479 yuan/ton [2]. - On November 28, Brent crude closed at 58.7 dollars/barrel (+0 dollars/barrel), WTI crude at 62.9 dollars/barrel (+0.3 dollars/barrel), and the spot price of pure benzene in East China was 5345 yuan/ton (+15 yuan/ton) [2]. - Styrene port inventory was 16.4 tons (+1.6 tons), a 10.7% month - on - month increase; pure benzene port inventory was 16.4 tons (+1.7 tons), an 11.6% month - on - month increase [2]. - Styrene production and supply fluctuated slightly month - on - month. The weekly styrene output was 33.5 tons (-0.8 tons), and the plant capacity utilization rate was 67.3% (-1.7%) [2]. - The overall demand of the downstream 3S production capacity utilization rate recovered. The EPS capacity utilization rate was 54.7% (-1.5%), the ABS capacity utilization rate was 71.2% (-1.2%), and the PS capacity utilization rate was 57.6% (+1.7%) [2]. 3.1.2 Views - Pure benzene: The short - term market is in a weak reality and strong expectation pattern. The overseas gasoline - blending logic has cooled. Demand is in the off - season, and the supply is expected to shrink after January 2026. December has the greatest pressure, and it may gradually stabilize later [2]. - Styrene: The market has a structural contradiction of stable supply, pressured demand, and high inventory. It is difficult to show a trend in the short term and may maintain a weak oscillation pattern. Attention should be paid to overseas supply changes and domestic demand recovery [3]. 3.2 Industrial Chain Data Monitoring 3.2.1 Styrene and Pure Benzene Prices - From November 25 to 26, 2025, the styrene futures main contract rose 1.35%, and the spot price fell 0.90%. The pure benzene futures main contract rose 0.96%, and the East China spot price rose 0.76% [5]. - The price of Brent crude fell 1.51%, and WTI crude fell 1.47% [5]. 3.2.2 Styrene and Pure Benzene Output and Inventory - From November 14 to 21, 2025, Chinese styrene output decreased 0.43%, and pure benzene output decreased 1.67% [6]. - Styrene port inventory in Jiangsu decreased 15.16%, and factory inventory decreased 0.70%. Pure benzene port inventory increased 30.09% [6]. 3.2.3 Capacity Utilization Rate - From November 14 to 21, 2025, the capacity utilization rate of styrene in the pure benzene downstream decreased 0.30%, and that of caprolactam increased 2.18%. The capacity utilization rate of EPS in the styrene downstream increased 4.64% [7]. 3.3 Industry News - The EU imposed sanctions on several Russian individuals [8]. - The US non - farm payrolls in September increased by 119,000, higher than market expectations [8]. - Iran's foreign minister announced the official termination of the Cairo Agreement signed with the International Atomic Energy Agency [8]. - The US Department of Energy announced a restructuring, prioritizing oil and nuclear resources [8]. 3.4 Industrial Chain Data Charts - The report provides multiple charts showing the prices, inventories, and capacity utilization rates of styrene and pure benzene over different time periods [10][12][18]

Copper Futures Market Data Change Analysis - **Main Contracts and Basis**: On November 28, the SHFE main contract price was reported at 87,360 yuan/ton, up 0.39% from November 27; the LME price on November 27 was 10,930 US dollars/ton, slightly down 23 US dollars from November 24. In terms of basis, the premium copper rose to 180 yuan/ton on November 28, up 5 yuan from November 27, with the premium strengthening; the flat copper remained stable at 55 yuan/ton; the discount of wet-process copper narrowed to -30 yuan/ton, with the discount improving. The LME (0-3) premium rose to 16.56 US dollars/ton on November 27, significantly strengthening from November 24 [1]. - **Positions and Transactions**: The LME positions increased by 3,102 lots to 330,192 lots on November 27, and the trading volume expanded. The SHFE inventory increased to 159,425 tons on November 28, up 1.43% from November 27 [1]. *** Industrial Chain Supply, Demand, and Inventory Change Analysis - **Supply Side**: The CSPT reached a consensus on November 27 to reduce the copper ore production capacity load by more than 10% in 2026 to improve the supply-demand fundamentals. Japan's Mitsubishi Materials announced on November 28 that it plans to cut the primary copper smelting volume by 30%-40% by 2035 due to the sharp decline in processing and refining fees. The concentrate supply remains tight, and the LME inventory dropped to 35,244 tons on November 28, down 11.5% from November 24 [2]. - **Demand Side**: The demand in the power sector is strong. The second-phase project of the Meizhou Pumped Storage Power Station of China Southern Power Grid was put into operation on November 28, supporting the demand for copper cables; the "Sahuang" project in Qinghai started on November 27, with a total investment of 73 billion yuan, which will generate rigid demand for UHV power transmission. However, the construction and consumer electronics sectors are weak. On November 28, information showed that the construction industry's orders slowed down due to high copper prices; the domestic sales production plan of household air conditioners in December decreased by 29.9% year-on-year, and the high base combined with poor terminal price transmission restrained the demand. The copper cable operating rate this week was 66.89%, slightly up 1.22% month-on-month, but the brass rod operating rate was only 50.48%, restricted by high copper prices and terminal wait-and-see sentiment [2]. - **Inventory Side**: The LME inventory on November 28 was 35,244 tons, showing a continuous decline; the SHFE inventory on November 28 was 159,425 tons, up 1.43% from November 27; the raw material inventory of refined copper rod enterprises on November 27 decreased by 2.17% month-on-month to 27,000 tons, and the finished product inventory decreased by 1.34% month-on-month, but information indicated that the finished product inventory increased at the end of the month. Overall, the inventory is differentiated, with obvious destocking in the LME and inventory accumulation in the SHFE [3]. *** Price Trend Judgment It is expected that the copper price will fluctuate at a high level in the next one to two weeks. The tightening of the supply side (CSPT's production reduction plan and Japan's smelting cut) provides support, the implementation of power projects on the demand side offsets the weakness in the construction and consumer electronics sectors, and the macro sentiment is favorable due to the increasing expectation of the Fed's interest rate cut. The copper price is expected to fluctuate between 87,000-89,000 yuan/ton [4].

Group 1: Report's Investment Rating - No information provided on the industry investment rating [1] Group 2: Core Viewpoint - The ethylene glycol price may maintain a volatile and slightly stronger pattern. The supply-side operating rate has increased, but the deterioration of oil-based profits may curb further production increases, while the improvement of coal-based profits supports production. The demand side is stable, and the overall inventory is flat but with local increases. In the short term, the price may be supported by trading activity and basis, but inventory pressure needs attention. It is expected that the price will fluctuate and consolidate at the current level [37] Group 3: Summary by Directory 1. Daily Market Summary - **Price and Basis**: The ethylene glycol futures price rose slightly from 3,873 yuan/ton to 3,885 yuan/ton, a 0.31% increase. The East China spot price increased by 10 yuan/ton to 3,890 yuan/ton, a 0.26% increase. The basis narrowed from +7 yuan/ton to +5 yuan/ton. Oil-based profits deteriorated, coal-based profits improved significantly by 66.34%, and natural gas-based profits remained stable at 1,430 yuan/ton [2] - **Position and Trading Volume**: The trading volume of the main contract increased significantly by 44,107 lots to 193,887 lots, a 29.45% increase, indicating increased market trading activity. The position decreased by 3,366 lots to 283,437 lots, a 1.17% decrease, possibly due to profit-taking or position transfer [2] - **Supply Side**: The overall ethylene glycol operating rate increased by 1.5 percentage points to 67.97%, mainly driven by a 2.5 percentage point increase in the oil-based operating rate to 75.95%. The coal-based operating rate remained stable at 55.64%. The ethylene-based and methanol-based operating rates remained unchanged [2] - **Demand Side**: The downstream polyester factory load remained stable at 89.42%, and the Jiangsu and Zhejiang loom load remained stable at 63.43%, indicating no significant change in terminal demand and maintaining rigid support but lacking incremental drivers [2] - **Inventory Side**: The East China main port inventory remained flat at 732,000 tons, with overall pressure controllable. However, the Zhangjiagang inventory increased by 10,000 tons to 285,000 tons, a 3.64% increase, reflecting an increase in local arrivals or slower shipments [3] 2. Industrial Chain Price Monitoring - **Futures and Spot Prices**: The main contract price of ethylene glycol futures increased by 0.31%, and the trading volume increased by 29.45%, while the position decreased by 1.17%. The East China spot price increased by 0.26% [5] - **Profit**: The profits of various ethylene-based production methods decreased, the coal-based profit increased by 66.34%, and the natural gas-based and oilfield associated gas-based profits remained unchanged [5] - **Operating Rate**: The overall ethylene glycol operating rate increased by 2.3%, the oil-based operating rate increased by 3.47%, and the coal-based, ethylene-based, and methanol-based operating rates remained unchanged. The polyester factory load and Jiangsu and Zhejiang loom load remained stable [5] - **Inventory**: The East China main port inventory remained unchanged, and the Zhangjiagang inventory increased by 3.64% [5] 3. Industry Dynamics and Interpretation - **Market Conditions**: On November 28, the East China US dollar market had limited fluctuations, the crude oil market supported the cost side, the overseas supply of ethylene glycol decreased, the spot basis continued to weaken, the mainstream market center declined, and the Shaanxi market price remained stable [6] 4. Industrial Chain Data Charts - The report provides charts on the closing price and basis of the ethylene glycol main contract, ethylene glycol production profit, domestic ethylene glycol plant operating rate, downstream polyester plant operating rate, East China main port inventory statistics, and ethylene glycol industry total inventory [7][9][11]

Group 1: Report's Industry Investment Rating - No relevant information found Group 2: Report's Core Viewpoints - The pure benzene market is currently in a stage where cost reduction and supply - demand improvement offset each other. It is likely to maintain a weak and stable oscillation in the short term. The benzene - ethylene market is still in a state where multiple supply - demand forces are intertwined. In the short term, it is expected to remain in a low - level oscillation [2][3] Group 3: Summary of Each Section 1. Daily Market Summary Fundamental Analysis - On November 27, the main contract of styrene closed down 0.20% at 6520 yuan/ton with a basis of 55 (+3 yuan/ton), and the main contract of pure benzene closed down 0.48% at 5437 yuan/ton. The closing price of Brent crude oil was 58.7 dollars/barrel (+0.7 dollars/barrel), and WTI crude oil was 62.5 dollars/barrel (+0.7 dollars/barrel). The spot price of pure benzene in East China was 5330 yuan/ton (+0 yuan/ton) [2] - Styrene port inventory was 16.4 tons (+1.6 tons), a 10.7% month - on - month increase, and pure benzene port inventory was 16.4 tons (+1.7 tons), an 11.6% month - on - month increase. The weekly production of styrene was 33.5 tons (-0.8 tons), and the factory capacity utilization rate was 67.3% (-1.7%) [2] - The overall demand of the downstream 3S industries recovered. The capacity utilization rate of EPS was 54.7% (-1.5%), ABS was 71.2% (-1.2%), and PS was 57.6% (+1.7%) [2] Views - For pure benzene, the market has been significantly affected by the large fluctuations in crude oil and refined oil. The gasoline crack spread first strengthened and then weakened, weakening the support from gasoline blending. Supply may contract due to some overseas plant shutdowns and domestic load - reduction plans. However, the weakening cost due to falling oil prices restricts price increases. The market is likely to maintain a weak and stable oscillation in the short term [2] - For styrene, the market is in a state where multiple supply - demand forces interact. The overall domestic operation rate has been low since October, absorbing the impact of new production capacity. Domestic downstream demand has changed little, but previous exports increased. The weakening cost has led to an oscillatory consolidation of the spot and futures markets. The basis remains relatively strong, providing some support to the spot. In the short term, it is expected to maintain a low - level oscillation [3] 2. Industrial Chain Data Monitoring Price Data - The main contract of styrene futures decreased by 0.20%, and the spot price increased by 1.22%. The basis increased by 5.77%. The main contract of pure benzene futures decreased by 0.48%, while the East China spot price remained unchanged. The FOB prices of pure benzene in South Korea and CFR in China increased slightly, and the FOB price in the US remained unchanged [5] - The spread between domestic pure benzene and CFR decreased by 2.94%, and the spread between pure benzene in East China and Shandong decreased by 71.43%. The prices of Brent crude oil, WTI crude oil increased by 1.21% and 1.20% respectively, and the price of naphtha remained unchanged [5] Production and Inventory Data - The production of styrene in China decreased by 2.40%, and the production of pure benzene decreased by 0.11%. The port inventory of styrene in Jiangsu increased by 10.72%, and the domestic factory inventory increased by 1.24%. The national port inventory of pure benzene increased by 11.56% [6] Capacity Utilization Rate - The capacity utilization rate of pure benzene downstream products: styrene decreased by 1.66%, caprolactam decreased by 1.54%, phenol increased by 2.15%, and aniline increased by 1.51%. The capacity utilization rate of styrene downstream products: EPS decreased by 1.52%, ABS decreased by 1.20%, and PS increased by 1.70% [7] 3. Industry News - The EU imposed sanctions on several Russian individuals. The number of non - farm payrolls in the US in September increased by 119,000, higher than market expectations. The Iranian Foreign Minister announced the termination of the Cairo Agreement with the International Atomic Energy Agency. The US Department of Energy announced a restructuring, prioritizing oil and nuclear resources [8] 4. Industrial Chain Data Charts - The report includes charts on the prices of pure benzene and styrene, the spread between styrene and pure benzene, the cost comparison between imported and domestic pure benzene, the inventory of styrene and pure benzene at ports and factories, and the capacity utilization rates of related products [13][18][22]