Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The research report analyzes the market conditions of various non - ferrous metals including copper, alumina, electrolytic aluminum, etc., and provides corresponding trading strategies based on macro - environment, supply - demand relationship, and cost - profit analysis [1][9][17] Group 3: Summary by Related Catalogs Copper - **Market Review**: The main contract of Shanghai copper 2512 closed at 86,840 yuan/ton, up 0.16%. Spot trading improved slightly, with different premiums in different regions [1] - **Important Information**: Weak ADP employment data in the US, potential end of government shutdown, and production changes in some copper mines [1] - **Logic Analysis**: Loose macro - environment, tight supply in the short - term, and demand supported by power grid tenders [2][4] - **Trading Strategy**: Wait - and - see for one - sided trading, long - term bullish; possible phased rebound in ratio for arbitrage; wait - and - see for options [5][6][7] Alumina - **Market Review**: The 2601 contract of alumina fell 5 yuan to 2,821 yuan/ton, and spot prices in different regions showed different trends [9] - **Related Information**: Procurement prices in different regions, government actions in Guinea, production capacity changes, and cost data [10][11][12] - **Logic Analysis**: Supply - demand surplus, expected reduction in production, but new investment pressure at the end of the year [14] - **Trading Strategy**: Short - term narrow - range rebound, beware of selling pressure; wait - and - see for arbitrage and options [15][16] Electrolytic Aluminum - **Market Review**: The 2601 contract of Shanghai aluminum rose 190 yuan to 21,880 yuan/ton, and spot prices in different regions increased [18] - **Related Information**: US economic data, government shutdown news, inventory changes, and production capacity changes [18][19][21] - **Trading Logic**: Loose macro - environment, tight overseas supply, and domestic demand with certain resilience [22] - **Trading Strategy**: Maintain a volatile and strong trend for one - sided trading; wait - and - see for arbitrage and options [23][24] Casting Aluminum Alloy - **Market Review**: The 2601 contract of casting aluminum alloy rose 175 yuan to 21,245 yuan/ton, and spot prices showed different trends [26] - **Related Information**: US economic data, cost - profit data, and changes in warehouse receipts [26][27] - **Trading Logic**: Loose macro - environment, tight waste aluminum supply, and cost support [30] - **Trading Strategy**: Aluminum alloy prices are strong along with aluminum prices; wait - and - see for arbitrage and options [31] Zinc - **Market Review**: The 2512 contract of Shanghai zinc fell 0.18% to 22,680 yuan/ton, and spot trading was cold [33] - **Related Information**: Processing fee guidance price, inventory changes, and production reduction expectations in mines and smelters [34][35] - **Logic Analysis**: Tight supply at the mine end, reduced smelter profits, and limited upward space [35] - **Trading Strategy**: Range - bound for one - sided trading; hold SHFE - LME arbitrage; wait - and - see for options [37] Lead - **Market Review**: The 2512 contract of Shanghai lead rose 0.97% to 17,660 yuan/ton, and spot trading was okay [39] - **Related Information**: Inventory changes, profit conditions of recycling enterprises, and supply of recycled lead [40] - **Logic Analysis**: Supply is recovering, demand is weakening, and prices are under pressure [41] - **Trading Strategy**: Short at high levels for one - sided trading; wait - and - see for arbitrage; sell out - of - the - money call options [42] Nickel - **Market Review**: The main contract of Shanghai nickel NI2512 fell 740 to 118,710 yuan/ton, and spot premiums changed [44][45] - **Important Information**: Indonesia's policy on nickel smelters [47] - **Logic Analysis**: Loose supply - demand, limited rebound, and expected weakening in the off - season [47] - **Trading Strategy**: Short on rebounds for one - sided trading; wait - and - see for arbitrage; sell out - of - the - money call options [48][49][50] Stainless Steel - **Market Review**: The main contract of stainless steel SS2512 fell 95 to 12,425 yuan/ton, and spot prices were in a certain range [52] - **Important Information**: Decline in high - nickel pig iron prices and export price cuts by Indonesian enterprises [53] - **Logic Analysis**: Weak trading atmosphere, abundant cold - rolled supply, and downward - trending costs [53][55] - **Trading Strategy**: Short on rebounds for one - sided trading; wait - and - see for arbitrage [56][57] Tin - **Market Review**: The main contract of Shanghai tin 2512 closed at 292,440 yuan/ton, up 1.75%, and spot prices rose [59] - **Related Information**: US economic data and decline in Indonesian tin exports [60] - **Logic Analysis**: Potential end of US government shutdown, tight supply at the mine end, and slow demand recovery [61] - **Trading Strategy**: Tin prices may test previous highs; wait - and - see for options [62][63] Industrial Silicon - **Important Information**: Policies on new energy consumption and regulation [65] - **Logic Analysis**: Reduced demand for polysilicon, increased power prices in some areas, and limited upward space [66] - **Strategy Suggestion**: Range - bound operation for one - sided trading; long Si2512 and short Si2601 for arbitrage; sell out - of - the - money put options to take profit [67][68] Polysilicon - **Important Information**: News about the potential establishment of a storage platform [70] - **Logic Analysis**: Reduced supply and demand, marginal improvement in supply - demand, and short - term range - bound [70] - **Strategy Suggestion**: Range - bound operation and buy at low levels for one - sided trading; long PS2512 and short PS2601 for arbitrage; no suggestion for options [72][73][74] Lithium Carbonate - **Market Review**: The 2601 contract of lithium carbonate fell 180 to 86,580 yuan/ton, and spot prices rose [76] - **Important Information**: Policies on new energy, progress of a lithium salt project, and growth in global energy storage cell shipments [77] - **Logic Analysis**: Increased demand and supply - side disturbances support high - level prices [78] - **Trading Strategy**: High - level operation in the short - term; wait - and - see for arbitrage; sell out - of - the money put options [79][80][82]

Group 1: Market Information - The Fuji apple price index was 106.38, up 0.02 from the previous trading day. The average wholesale price of 6 kinds of fruits was 7.02, down 0.01 [2] - Futures prices: AP01 closed at 9207, down 22; AP05 at 9241, down 48; AP10 at 8345, down 44 [2] - Basis: The basis of Qixia first - and second - grade 80 apples against AP01, AP05, and AP10 were not available [2] Group 2: Market News and Views Apple Market News - In September 2025, the import volume of fresh apples was 0.97 million tons, a month - on - month decrease of 17.85% and a year - on - year decrease of 1.10%. The cumulative import volume from January to September 2025 was 10.81 million tons, a year - on - year increase of 19.49%. The export volume in September 2025 was about 7.08 million tons, a month - on - month increase of 3.50% and a year - on - year decrease of 6.32% [6] - The off - warehouse apple procurement in the producing areas is gradually ending. The remaining goods are mainly traded in the procurement market. The procurement enthusiasm from the cold storage in the northwest producing areas is relatively high. The market arrival is stable, and the sales are okay [6] - In the 2024 - 2025 production season, the profit of Qixia 80 first - and second - grade apple storage merchants was 0.4 yuan per catty, a decrease of 0.1 yuan per catty from last week [7] - The mainstream transaction price of apples in Luochuan, Shaanxi is stable. In Qixia, Shandong, the price of high - quality apples is stable, and the remaining off - warehouse goods are few [8] Trading Logic - This year, the apple production has decreased, the high - quality fruit rate is poor, and the storage difficulty has increased. It is expected that the cold - storage inventory data will probably be lower than last year. As of November 6, 2025, the national cold - storage inventory ratio was about 51.68%, a year - on - year decrease of 10.62 percentage points; the inventory was 6.8274 billion tons, a year - on - year decrease of 17.04% [9][10][12] Group 3: Trading Strategy - Unilateral: The apple fundamentals are strong, and the spot price has risen recently. Consider buying on dips [20] - Arbitrage: It is recommended to wait and see [20] - Options: It is recommended to wait and see [20]

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core View of the Report The report indicates that in November, with the large - scale listing of new cotton, there may be selling hedging pressure in the market. Although this year's cotton production is abundant, the expected increase may be less than previously thought. The market is entering a relatively off - season after the peak season, and orders have been mediocre recently. However, previous negative factors have been mostly reflected in the market. It is expected that Zhengzhou cotton futures will likely fluctuate, with limited upward and downward space. Additionally, upcoming Sino - US trade negotiations and the expiration of the Sino - US tariff agreement in November may have a significant impact on the market [6]. 3. Summary by Section 3.1 Market Information - **Futures Market**: In the cotton futures market, the closing prices of CF01, CF05, and CF09 contracts decreased by 45, 35, and 30 respectively. The trading volume of CF01 and CF05 increased by 111532 and 52444 hands respectively. In the棉纱 futures market, the CY01 contract decreased by 65, and the CY05 and CY09 contracts remained unchanged [2]. - **Spot Market**: The CCIndex3128B spot price increased by 7 yuan/ton, while the CY IndexC32S decreased by 30 yuan/ton. The prices of other spot products such as Cot A, FC Index:M: to - port price, etc., also had corresponding changes [2]. - **Price Spreads**: In the cotton and棉纱 markets, various price spreads, including inter - period spreads and cross - variety spreads, showed different degrees of change. For example, the 1 - month to 5 - month spread of cotton decreased by 10, and the CY01 - CF01 spread decreased by 20 [2]. 3.2 Market News and Views - **Cotton Market News** - The Xinjiang cotton road transport price index remained flat on November 12, 2025, with a slight increase in transportation demand and available capacity. It is expected to fluctuate upward in the short term [4]. - On November 11, the Xinjiang machine - picked cotton and hand - picked cotton purchase indices decreased by 0.02 yuan/kg. The purchase price of machine - picked cotton in southern Xinjiang ranges from 5.3 to 6.1 yuan/kg, and the purchase progress in some areas is over 80% [4]. - As of November 10, 2025, the total cotton inventory in Zhangjiagang Free Trade Zone was 3.34 million tons, a year - on - year decrease of 0.41%. The proportion of cotton from different sources changed, with an increase in Brazilian and Australian cotton and a decrease in US cotton [5]. - **Trading Logic**: The supply of new cotton is increasing, and although there is a large - scale increase in production this year, the increase may be less than expected. The demand is in the off - season, and orders are mediocre. It is expected that Zhengzhou cotton will fluctuate, and Sino - US trade policies need attention [6]. - **Trading Strategies** - **Single - side Trading**: It is expected that US cotton will fluctuate, and Zhengzhou cotton will fluctuate slightly stronger. Previous long positions should take profits [7]. - **Arbitrage**: Hold a wait - and - see attitude [8]. - **Options**: Hold a wait - and - see attitude [9]. - **Cotton Yarn Industry News** - Last night, Zhengzhou cotton futures fluctuated weakly, and cotton yarn futures followed the same trend. The trading in the pure cotton yarn market weakened, with new orders insufficient. High - count yarn export orders are better, while domestic orders are average. Spinning mills' yarn prices are stable [9]. - The cotton textile market has not changed much recently, with trading being differentiated. The profit of fabric mills is around the break - even point, and the inventory of all - cotton fabric mills has decreased slightly. Fabric mills purchase cotton yarn according to orders [9]. 3.3 Options - **Option Data**: The report provides data on option contracts such as CF601C13400.CZC, including contract prices, yields, and Greeks (Delta, Gamma, Vega, Theta). The implied volatility of different option contracts varies [11]. - **Option Strategy**: Hold a wait - and - see attitude [13]. 3.4 Related Attachments The report includes multiple graphs, such as the 1% tariff - based domestic and international cotton price spread, cotton 1 - month, 5 - month, and 9 - month basis, CY05 - CF05 and CY01 - CF01 spreads, and cotton 9 - 1 and 5 - 9 spreads [15][18][22][23].

Group 1: Report Overview - Report Title: Galaxy Futures' Daily Report on Oils and Fats [1][2] - Report Date: November 12, 2025 [1][2] Group 2: Data Analysis Spot Prices and Basis - **Soybean Oil**: The 2601 closing price was 8288, up 50. Spot prices in Zhangjiagang, Guangdong, and Tianjin were 8548, 8598, and 8458 respectively. The basis in Zhangjiagang, Guangdong, and Tianjin were 310, 260, and 170 respectively, with no change in the basis [2]. - **Palm Oil**: The 2601 closing price was 8744, down 26. Spot prices in Guangdong, Zhangjiagang, and Tianjin were 8694, 8764, and 8854 respectively. The basis in Guangdong, Zhangjiagang, and Tianjin were -50, 20, and 110 respectively, with no change in the basis [2]. - **Rapeseed Oil**: The 2601 closing price was 9840, up 65. Spot prices in Zhangjiagang, Guangxi, and Guangdong were 10190, 10340, and 10340 respectively. The basis in Zhangjiagang, Guangdong, and Guangxi were 350, 500, and 500 respectively, with no change in the basis [2]. Month - to - Month Spreads - **Soybean Oil**: The 1 - 5 month - to - month spread was 224, up 12 [2]. - **Palm Oil**: The 1 - 5 month - to - month spread was -90, down 6 [2]. - **Rapeseed Oil**: The 1 - 5 month - to - month spread was 450, up 24 [2]. Cross - Variety Spreads - For the 01 contract, the Y - P spread was -456, up 76; the OI - Y spread was 1552, up 15; the OI - P spread was 1096, up 91; the oil - meal ratio was 2.71, up 0.01 [2]. Import Profits - The 24 - degree palm oil (from Malaysia & Indonesia) had a negative profit of -277, with a CNF price of 1057 in December. The Rotterdam rapeseed oil had a negative profit of -913, with a FOB price of 1080 in December [2]. Weekly Commercial Inventories (Week 45, 2025) - **Soybean Oil**: 115.7 tons this week, down from 121.6 tons last week and up from 107.8 tons last year [2]. - **Palm Oil**: 59.7 tons this week, up from 59.3 tons last week and up from 53.1 tons last year [2]. - **Rapeseed Oil**: 45.5 tons this week, down from 51.4 tons last week and up from 41.3 tons last year [2]. Group 3: Fundamental Analysis International Market - As of the week ending November 5, Argentine farmers sold 28.67 tons of 24/25 - year soybeans, with 22.97 tons purchased by local oil mills and 5.7 tons by the export industry. They also sold 3.11 tons of 25/26 - year soybeans, with 2.62 tons purchased by local oil mills and 0.49 tons by the export industry. The total sales of all - year soybeans were 32.2 tons, and the cumulative sales reached 8398.43 tons. The cumulative export sales registration of 24/25 - year soybeans was 1226.4 tons, and that of 25/26 - year soybeans was 186.7 tons [4]. Domestic Market - **Palm Oil**: Futures prices fluctuated and closed slightly lower. As of November 7, the national commercial inventory was 59.73 tons, up 0.45 tons from last week (0.76% increase). The import profit was around -200, and the basis was stable. It may have a limited upward movement due to lack of drivers and suggests short - term long positions at low prices or continued observation [5]. - **Soybean Oil**: Futures prices fluctuated and closed slightly higher. Last week, the actual soybean crushing volume was 180.57 tons, and the operating rate was 49.67%. As of November 7, the commercial inventory was 115.72 tons, down 5.86 tons from last week (4.82% decrease). The inventory may decline slightly, but supply is still sufficient. It is expected to fluctuate, and suggests waiting for a pull - back to enter long positions [5][6]. - **Rapeseed Oil**: Futures prices fluctuated and closed slightly higher. Last week, the coastal rapeseed crushing volume was 0 tons, and the operating rate was 0%. As of November 7, the coastal inventory was 45.5 tons, down 5.9 tons from last week. The import profit was around -1100, and the basis was strong. It is recommended to go long on OI03 or 05 contracts on pull - backs [6]. Group 4: Trading Strategies Strategy Recommendations - **Unilateral**: After a sharp decline, oils and fats have stabilized and rebounded technically. Palm oil may have limited upward movement, suggesting short - term long positions at low prices or continued observation [8]. - **Arbitrage**: Observation [8]. - **Options**: Observation [8]. Group 5: Related Attachments - The report includes charts on the basis of East - China first - grade soybean oil, South - China 24 - degree palm oil, East - China third - grade rapeseed oil, Y 1 - 5 month - to - month spread, P 1 - 5 month - to - month spread, OI 1 - 5 month - to - month spread, Y - P 01 spread, and OI - Y 01 spread [10][12]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The U.S. corn market is expected to remain in a narrow - range oscillation. Although there may be a potential reduction in the yield per unit, the overall production is still expected to increase. The domestic corn market shows short - term strength in spot prices, but there is still a risk of price decline due to the potential seasonal selling pressure in Northeast China. The upward space for the 01 - contract corn futures is limited. For corn starch, the short - term upward space for the 01 - contract on the futures market is also limited as the price of North China corn may decline in November [4][6][7][8]. 3. Summary by Relevant Catalogs 3.1 Data - **Futures Market**: The closing prices of C2601, C2605, C2509, CS2601, CS2605, and CS2509 are 2177, 2251, 2279, 2490, 2577, and 2625 respectively. The trading volumes of C2601, C2605, C2509, CS2601, CS2605, and CS2509 decreased by 32.13%, 33.00%, 51.24%, 20.45%, 38.38%, and 14.63% respectively. The positions of C2601, C2605, C2509, CS2601, CS2605, and CS2509 changed by 0.96%, 3.01%, 1.77%, 1.23%, - 0.33%, and - 0.19% respectively [2]. - **Spot and Basis**: The spot prices of corn in Qinggang, Songyuan Jiji, Zhucheng Xingmao, Shouguang, Jinzhou Port, Nantong Port, and Guangdong Port are 1960, 2050, 2300, 2250, 2190, 2300, and 2320 respectively, with price changes of 0, 20, 10, 10, 10, 10, and 20. The basis is - 319, - 229, 21, - 29, 13, 21, and 41 respectively. The spot prices of starch in Longfeng, COFCO, Cargill, Yufeng, Jinyu, Zhucheng Xingmao, and Hengren Industry and Trade are 2650, 2650, 2800, 2890, 2800, 2900, and 2800 respectively, with no price changes. The basis is 73, 73, 223, 313, 223, 323, and 223 respectively [2]. - **Price Spreads**: The spreads of C01 - C05, C05 - C09, C09 - C01, CS01 - CS05, CS05 - CS09, CS09 - CS01, CS09 - C09, CS01 - C01, and CS05 - C05 are - 74, - 28, 102, - 87, - 48, 135, 346, 313, and 326 respectively, with price changes of 3, - 3, 0, 3, - 5, 2, 2, 0, and 0 respectively [2]. 3.2 Market Analysis - **Corn**: The U.S. corn market is in a narrow - range oscillation. The import profit of foreign corn has declined. The spot prices of corn in the north ports and Northeast China have increased. The supply in North China has decreased, and the spot price is strong. The price difference between Northeast and North China corn is large. The wheat price in North China is weak, and corn has a cost - performance advantage. The domestic breeding demand is stable, and some feed enterprises are building inventories in Northeast China. The 01 - contract corn futures are oscillating at a high level, and the basis of the spot market is weakening. The market is concerned about the seasonal selling pressure of Northeast corn and the inventory - building of downstream enterprises [4][6]. - **Starch**: The number of trucks arriving at Shandong deep - processing plants has decreased, and the corn spot price in Shandong is stable. The starch inventory has decreased this week, with the manufacturer's inventory at 113.3 million tons, a decrease of 0.5 million tons from last week, a monthly increase of 0.44%, and a year - on - year increase of 27.6%. The starch price depends on the corn price and downstream inventory - building. The by - product price is strong, and the profit of enterprises is good. The 01 - contract starch futures are oscillating at a high level following corn, but the corn price in North China may decline in November, and the starch spot price is also expected to fall [7]. 3.3 Trading Strategies - **Unilateral Trading**: The U.S. corn has support at 400 cents per bushel. It is recommended to wait and see for the 05 - and 01 - contract corn, and aggressive investors can try short - selling. - **Arbitrage**: Try to narrow the price spread between the 01 - contract corn and starch when it is high [9]. 3.4 Corn Options - **Option Strategy**: Adopt a short - term cumulative put option strategy with rolling operations [11].

Group 1: Report Overview - Report title: Peanut Daily Report [1] - Report date: November 12, 2025 [1][2] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core Views - Peanut spot prices are expected to remain relatively stable in the short term, with supply increasing and downstream demand remaining weak [4][8] - Peanut futures will continue to oscillate at the bottom, and the new - season peanut output is expected to be higher than last year with lower planting costs [8] - Oil mills' theoretical crushing profits are acceptable, and peanut oil and peanut meal prices are stable [4][6][8] Group 4: Data Summary Futures Market - PK604 closed at 7934, up 4 (0.05%), with a trading volume of 21,358 (-18.06%) and an open interest of 22,453 (3.82%) [2] - PK510 closed at 8182, down 8 (-0.10%), with a trading volume of 47 (-70.81%) and an open interest of 570 (1.79%) [2] - PK601 closed at 7914, up 18 (0.23%), with a trading volume of 92,242 (-29.64%) and an open interest of 165,618 (-0.56%) [2] Spot Market - Spot prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 7200, 7800, and 7800 respectively, with Henan Nanyang down 200 [2] - Imported Sudanese peanuts were priced at 8600 yuan/ton, and Senegalese peanuts at 7600 yuan/ton [2][4] - Peanut oil was priced at 14580 yuan/ton, up 10; soybean oil was priced at 8430 yuan/ton; peanut meal was priced at 3250 yuan/ton; soybean meal was priced at 3020 yuan/ton, down 10 [2] Spread - PK01 - PK04 spread was -20, up 14; PK04 - PK10 spread was -248, up 12; PK10 - PK01 spread was 268, down 26 [2] Group 5: Market Analysis - Peanut prices in Henan are stable, and those in the Northeast are strong. Imported peanut prices are stable. It is expected that peanut spot prices will be relatively stable in the short term [4] - Some peanut oil mills have started purchasing, with the mainstream transaction price at 7350 - 7600 yuan/ton, and the theoretical break - even price at 7910 yuan/ton [4] - Peanut oil and soybean oil prices are stable, and the by - product soybean meal in Rizhao is weak, while peanut meal is strong [4][6] Group 6: Trading Strategies Unilateral - Peanuts in contracts 01 and 05 are oscillating at low levels. It is advisable to try to go long on contract 05 peanuts at low prices [9] Inter - month Spread - Hold a wait - and - see attitude [10] Options - Sell and hold pk601 - P - 7600 [11] Group 7: Related Attachments - The report includes six figures showing historical data on Shandong peanut spot prices, peanut oil mill crushing profits, peanut oil prices, peanut spot - futures basis, and inter - contract spreads [16][19][22]

Group 1: Report General Information - Report Name: Black Metal Daily Report, dated November 12, 2025 [1] - Researcher: Zhou Tao [1] - Futures Practitioner Certificate Number: F03134259 [1] - Investment Consulting Certificate Number: Z0021009 [1] Group 2: Market Information - Futures - SF Main Contract: Closing price 5552, daily change -10, weekly change -8, trading volume 227389 (daily change 47369), open interest 107008 (daily change 11367) [2] - SM Main Contract: Closing price 5762, daily change -2, weekly change -14, trading volume 131411 (daily change -77160), open interest 353974 (daily change -2167) [2] Group 3: Market Information - Spot Silicon Iron - 72%FeSi in Inner Mongolia: Spot price 5280, daily change -50, weekly change -20 [2] - 72%FeSi in Ningxia: Spot price 5250, daily change -30, weekly change 0 [2] - 72%FeSi in Qinghai: Spot price 5300, daily change 0, weekly change 30 [2] - 72%FeSi in Jiangsu: Spot price 5500, daily change 0, weekly change -50 [2] - 72%FeSi in Tianjin: Spot price 5500, daily change -50, weekly change 50 [2] Silicon Manganese - Silicon Manganese 6517 in Inner Mongolia: Spot price 5600, daily change -20, weekly change -20 [2] - Silicon Manganese 6517 in Ningxia: Spot price 5560, daily change 0, weekly change 0 [2] - Silicon Manganese 6517 in Guangxi: Spot price 5600, daily change -20, weekly change 0 [2] - Silicon Manganese 6517 in Jiangsu: Spot price 5720, daily change 0, weekly change 20 [2] - Silicon Manganese 6517 in Tianjin: Spot price 5700, daily change 0, weekly change 20 [2] Group 4: Market Information - Basis/Spread Silicon Iron - Inner Mongolia - Main Contract: Basis -272, daily change -40, weekly change -12 [2] - Ningxia - Main Contract: Basis -302, daily change -20, weekly change 8 [2] - Qinghai - Main Contract: Basis -252, daily change 10, weekly change 38 [2] - Jiangsu - Inner Mongolia: Spread 220, daily change 50, weekly change -30 [2] - SF - SM Spread: -210, daily change -8, weekly change 6 [2] Manganese Silicon - Inner Mongolia - Main Contract: Basis -162, daily change -18, weekly change -6 [2] - Ningxia - Main Contract: Basis -202, daily change 2, weekly change 14 [2] - Guangxi - Main Contract: Basis -162, daily change -18, weekly change 14 [2] - Guangxi - Inner Mongolia: Spread 0, daily change 0, weekly change 20 [2] Group 5: Market Information - Raw Materials Manganese Ore (Tianjin) - Australian Lump: Price 39.3, daily change 0.1, weekly change 0.5 [2] - South African Semi - Carbonate: Price 34.3, daily change 0, weekly change 0.1 [2] - Gabon Lump: Price 40.2, daily change 0, weekly change 0.4 [2] Lanthanum Charcoal Small Pieces - In Shaanxi: Price 820, daily change 0, weekly change 0 [2] - In Ningxia: Price 920, daily change 0, weekly change 110 [2] - In Inner Mongolia: Price 810, daily change 0, weekly change 10 [2] Group 6: Market Judgment - Trading Strategy - On November 12, the ferroalloy futures prices fluctuated within a narrow range. The silicon iron main contract closed at 5490, up 0.04%, with an increase of 4366 in open interest; the manganese silicon main contract closed at 5762, down 0.03%, with a decrease of 2167 in open interest [5] - Silicon Iron: Spot prices on the 12th were stable with a slight decline, with prices in some regions dropping by 30 - 50 yuan/ton. Supply remained high. Demand was expected to decline as the seasonal off - season approached, with steel production and apparent demand decreasing, and steel profits being poor. The tender price of the leading steel mill in Hebei in November decreased slightly compared to the previous month. The power price in the production area was stable with a slight increase. Overall, the supply - demand balance weakened marginally, but the cost side provided support. Previous short positions could be reduced on dips [5] - Manganese Silicon: Manganese ore spot prices on the 12th were stable with a slight increase, with the spot price of Australian lump in Tianjin rising by 0.1 yuan/ton degree. Manganese silicon spot prices were stable with a slight decline, with prices in some regions dropping by 20 yuan/ton. Some enterprises had minor maintenance, but overall production remained high. Steel demand was weak, steel mill profits were poor, leading to a downward trend in hot metal production. There was still downward pressure on future demand for manganese silicon. The overseas quotation of manganese ore was stable with a slight increase, and the power price also increased. The supply - demand balance of manganese silicon weakened marginally, the cost provided support, and the futures valuation was at a relatively low level. Previous short positions could be reduced [5] - Unilateral: The supply - demand balance weakens marginally, but the cost side provides support. Previous short positions can be reduced on dips; Arbitrage: Stay on the sidelines; Options: Sell out - of - the - money straddle option combinations [6] Group 7: Important Information - A large steel mill in Hebei's inquiry price for 75B silicon iron in November was 5600 yuan/ton, a decrease of 60 yuan/ton compared to October, with a quantity of 2716 tons, a decrease of 240 tons compared to October [7] - Since November 12, 2025, Shagang has lowered the scrap steel price by 30 yuan/ton, with the specific scrap steel price based on the 2025 - F17 price [8] Group 8: Cost and Profit Silicon Iron - Inner Mongolia: Production cost 5556 yuan/ton, profit - 336 yuan/ton [17] - Ningxia: Production cost 5659 yuan/ton, profit - 509 yuan/ton [17] - Shaanxi: Production cost 5663 yuan/ton, profit - 543 yuan/ton [17] - Qinghai: Production cost 5717 yuan/ton, profit - 547 yuan/ton [17] - Gansu: Production cost 5765 yuan/ton, profit - 565 yuan/ton [17] Silicon Manganese - Inner Mongolia: Production cost 5805 yuan/ton, profit - 185 yuan/ton [20] - Ningxia: Production cost 5834 yuan/ton, profit - 274 yuan/ton [20] - Guangxi: Production cost 6339 yuan/ton, profit - 739 yuan/ton [20] - Guizhou: Production cost 6159 yuan/ton, profit - 579 yuan/ton [20]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The market is pessimistic about the future freight rate height. Afternoon trading was affected by the news that the Houthi armed forces announced a halt to attacks on Red Sea merchant ships, strengthening the expectation of far - month resumption of navigation, causing a plunge in EC futures [6]. - The spot freight rate is basically in line with expectations. Although the resumption of navigation expectation has strengthened, it is still difficult to achieve large - scale resumption of navigation in the short term [6]. - In the second half of November, the upward momentum of freight rates weakens, and the freight rate height in December may be limited. Attention should be paid to the price adjustment actions of other shipping companies [7]. 3. Summary by Relevant Catalogs Market Analysis and Strategy Recommendation - **Market Performance**: On November 12, EC2512 closed at 1749.4 points, up 0.19% from the previous day's closing price. On November 7, the SCFI European line was reported at $1323/TEU, a month - on - month decrease of 1.6%. The latest SCFIS European line reported after Monday's trading was 1504.8 points, a month - on - month increase of 24.5% [4][6]. - **Logic Analysis**: Shipping companies' long - term contract cargo has improved, but the upward momentum in the second half of November is weakening. MSK's Shanghai - Rotterdam quote for Week 48 decreased by $250 compared with last week. The freight rate in December may be limited. Attention should be paid to the price adjustment actions of other shipping companies. The demand from November to December is expected to gradually improve, and the current supply of shipping capacity in December is relatively sufficient, but there is still an expectation of price support [7]. - **Trading Strategy**: For the EC2602 contract, it is recommended to go long at low prices with a light position, and be vigilant against the risk of resumption of navigation. For arbitrage, it is recommended to wait and see [8][9]. Industry News - On November 11, COSCO Shipping Specialized Transport Co., Ltd. launched three liner series products, including Southeast Asia heavy - lift liner, Northwest Europe liner, and Persian Gulf liner routes [9]. - The US envoy Kushner discussed the second - phase peace agreement for Gaza with Israeli Prime Minister Netanyahu [10]. - The US military is studying the establishment of a temporary base near the Gaza Strip to accommodate 10,000 people to supervise the cease - fire between Israel and Hamas [10]. Data Presentation - **Futures Disk**: The closing prices, price changes, price change percentages, trading volumes, trading volume change percentages, open interests, and open interest change percentages of different EC futures contracts on November 12 are presented. The price differences and their changes between different contracts are also shown [4]. - **Container Freight Rates**: The weekly container freight rates, month - on - month changes, and year - on - year changes of various routes are provided, including the SCFIS European line, SCFIS US West line, and various SCFI routes [4]. - **Fuel Costs**: The prices, month - on - month changes, and year - on - year changes of WTI crude oil and Brent crude oil near - month contracts are given [4].

丙烯期货周报 大宗商品研究所 温健翔 从业资格证号： F03118724 投资咨询资格证号： Z0022792 目录 第一章 综合分析与交易策略 第二章 核心逻辑分析和数据追踪 GALAXY FUTURES 1 综合分析与交易策略 【综合分析】 供应端10月末利华益维远60万吨PDH装置重启，东华张家港60万吨PDH装置预计11月初重启。镇海炼化60万吨蒸汽裂解 装置，万华化学52万吨丙烷裂解装置分别预计11月底和12月初重启。国内丙烯负荷预计维持在78%高负荷左右。丙烯下 游衍生品价格普遍下跌，对原料采购心态较为谨慎，丙烯仍处于投产周期，工厂库存高位，市场供应压力 大。下游需求占 比最大的聚丙烯的开工率持续低迷，多数下游衍生品行业利润欠佳的现状短期内难以改善，在丙烯下跌趋势中持续观望情 绪较浓，综合来看丙烯市场缺乏强劲成本拉动和需求端显著改善的前提下，仍然维持弱势。 【交易策略】 GALAXY FUTURES 3 丙烯跌至年内低位 期权：卖看涨期权。 GALAXY FUTURES 2 目录 单边：震荡偏弱。 第一章 综合分析与交易策略 第一章 综合分析与交易策略 套利：观望。 第二章 核心逻辑分析和数据追踪 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - PX and PTA market is expected to maintain a tight - balance with PTA prices oscillating upwards, while MEG, short - fiber, and bottle - chip markets are expected to experience short - term oscillations [7]. 3. Summary According to Related Catalogs 3.1 Comprehensive Analysis and Trading Strategies - **PX**: This week, PX supply increased while demand decreased. The spot floating price showed a near - strong and far - weak pattern, and the paper - goods maintained a back structure. The naphtha cracking spread strengthened, and the profitability of long - and short - process PX devices was good. The PX operating rate recovered and remained at a high level in Asia. The trading strategy is a long - position for unilateral trading, waiting and seeing for arbitrage, and selling both call and put options [7][22][26]. - **PTA**: This week, PTA's supply and demand both declined, and the social inventory continued to rise. The spot processing fee remained low. The trading strategy is a long - position for unilateral trading, waiting and seeing for arbitrage, and selling both call and put options [7][30]. - **MEG**: Recently, the willingness of holders to sell increased, and the basis fluctuated within a narrow range. The supply and demand both decreased, and there was still an expectation of inventory accumulation in the future. The trading strategy is short - term oscillation for unilateral trading, waiting and seeing for arbitrage, and selling out - of - the - money call options [7][43]. - **Short - fiber**: This week, short - fiber supply increased while demand remained stable. Factory sales were weak, and inventory rose. The trading strategy is short - term oscillation for unilateral trading, waiting and seeing for arbitrage, and selling both call and put options [7][21]. - **Bottle - chip**: The bottle - chip operating rate weakened slightly this week, and the trading atmosphere was light. The trading strategy is short - term oscillation for unilateral trading, waiting and seeing for arbitrage, and selling both call and put options [7][16]. 3.2 Core Logic Analysis 3.2.1 Polyester - The polyester operating rate decreased slightly, production and sales were average, raw - material inventory decreased slightly, and processing fees fluctuated within a narrow range [10]. - The comprehensive operating rate of Jiangsu and Zhejiang texturing increased by 2% to 88%, the comprehensive operating rate of weaving decreased by 1% to 75%, and the comprehensive operating rate of printing and dyeing decreased by 2% to 80% [12]. - The production and sales of polyester filaments were weak, the operating rate changed little, factory inventory increased, and processing fees strengthened slightly. The average inventory days of polyester filaments increased by 0.7 days to 16.5 days [14]. - The bottle - chip trading atmosphere weakened, the operating rate decreased slightly, and the demand improvement in the off - season was limited [16]. - Short - fiber supply increased while demand remained stable, factory inventory increased, and the future demand showed a seasonal decline [21]. 3.2.2 PX - The PX trading atmosphere was light this week. The December spot floating price was negotiated around +4 to +7, and the January floating price was around +2. The paper - goods monthly spread maintained a back structure [22]. - The naphtha cracking spread strengthened, and the profitability of long - and short - process PX devices was good. The average weekly spread of Asian PXN was 238 dollars/ton, and the average weekly spread of PX - MX was 110 dollars/ton [24]. - The PX operating rate recovered, and the Asian PX operating rate remained at a high level [26]. 3.2.3 PTA - Since late September, PTA's social inventory has continuously increased, and the basis and monthly spread have remained weak [28]. - PTA's supply and demand both decreased this week, and the spot processing fee remained low, with an average weekly processing fee of around 136 yuan/ton [30]. 3.2.4 MEG - Recently, the willingness of holders to sell increased, and the basis fluctuated within a narrow range [33]. - MEG's supply and demand both decreased this week, and the operating rate declined. There was still an expectation of inventory accumulation in the future [43]. 3.3 Weekly Data Tracking 3.3.1 PX - **Price**: It shows the price trends of Asian PX, naphtha, and PX in the Chinese market [47]. - **Spreads and Profits**: It includes various spreads and profit indicators such as NAP Japan CFR - BLENT, PX - BLENT, PX - MX, etc. [49]. - **Disproportionation and Blending Oil Spreads and Profits**: It involves indicators such as the Asian toluene disproportionation - blending oil spread, toluene blending oil spread, and disproportionation profit [53]. - **Regional Spreads and Profits**: It shows the spreads and profits between different regions such as the United States and South Korea for toluene, xylene, and PX [56][57][59]. - **Supply and Demand**: It shows the PX operating rate and load in China and Asia [61][62]. 3.3.2 PTA - **Price**: It shows the spot prices of PTA and PX, and the spot processing fee and internal - external spread of PTA [67][68]. - **Spreads**: It includes the PTA01 basis and the PTA1 - 5 monthly spread [71]. - **Profits**: It shows the profits of PTA from crude oil, naphtha, and PX [73]. - **Supply and Demand**: It shows the PTA load index and polyester load [77]. - **Inventory**: It shows the PTA social inventory, factory inventory, and warehouse receipts [79]. 3.3.3 MEG - **Price**: It shows the spot price of ethylene glycol in East China and the prices of related raw materials [81]. - **Spreads**: It includes various spreads such as the internal - external spread of ethylene glycol, the East - South China spread, and the spot basis [83][86]. - **Profits**: It shows the profits of oil - based ethylene glycol production, MTO, and coal - based ethylene glycol production [93]. - **Supply and Demand**: It shows the ethylene glycol load index and the operating rate of synthetic - gas - based MEG [99]. 3.3.4 Polyester - **Profits**: It shows the weighted profit of polyester, the average profit of filaments, and the profits of short - fiber and bottle - chip [104]. - **Supply**: It shows the operating rates of polyester, bottle - chip, filaments, and short - fiber [106]. - **Inventory**: It shows the average inventory days of filaments, short - fiber inventory days, and the inventory days of different types of polyester filaments [109]. - **Demand**: It shows the operating rates of Jiangsu and Zhejiang printing and dyeing, weaving, and texturing, as well as the operating rate and inventory of pure - polyester yarn, and the export amount of textiles and clothing [112][117][120].