Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The stock index futures are expected to test new highs again, while the bond market for treasury bond futures may be volatile in the short term [17][21]. - Agricultural products show different trends, such as soybean meal with fading bullish factors and a falling price, and sugar with a weakening international market and a fluctuating - weak domestic market [24][27]. - In the black metal sector, steel prices are range - bound, coking coal and coke are in high - level oscillations, and iron ore should be treated with a bearish mindset [57][59][62]. - For non - ferrous metals, precious metals are in range consolidation, copper prices are restricted by consumption, and aluminum prices are relatively strong due to supply concerns [68][71][78]. - In the energy and chemical sector, crude oil prices are weakly volatile due to economic concerns, and asphalt prices are under pressure [16][30]. Summaries by Related Catalogs Financial Derivatives Stock Index Futures - On Thursday, the market rose across the board, with major indexes and futures contracts gaining. The market sentiment was stimulated, and the stock index is expected to continue to rise. Trading strategies include not chasing high prices, conducting IM/IC long 2512 + short ETF cash - and - carry arbitrage, and using bullish spreads at low prices [19][20][21]. Treasury Bond Futures - On Thursday, most treasury bond futures contracts closed down. The central bank's net withdrawal of liquidity affected the market. In the short term, the bond market may be volatile, and trading strategies include waiting and conducting 30Y - 7Y term spread short - selling arbitrage [22][23]. Agricultural Products Soybean Meal - CBOT soybean and soybean meal indexes declined. Brazil's soybean and soybean meal exports are expected to increase. The domestic market has a loss in crushing profit, and the far - month price may face pressure. Trading strategies include short - selling in the far - month and using a short - straddle option strategy [25][26][27]. Sugar - The international sugar market is in a downward trend with increased production in major regions. The domestic market is affected by international prices and increased supply, but is also supported by import policies. Trading strategies include range - bound operations, short - selling international sugar and going long on Zhengzhou sugar [30][31][32]. Oilseeds and Oils - The prices of CBOT soybean oil and BMD palm oil decreased. The palm oil inventory in Malaysia and China shows different trends. Short - term trading strategies include short - term long positions or waiting [33][34][35]. Corn/Corn Starch - The CBOT corn futures price fell. The domestic corn inventory and consumption data are mixed. The price is expected to be range - bound, and trading strategies include short - term long and short positions at appropriate times [37][38]. Live Pigs - The pig price is generally stable or slightly rising. The overall supply pressure still exists. Trading strategies include short - selling and using a short - straddle option strategy [39][40]. Peanuts - The peanut price is weak. The oil mill's purchase is suspended. The peanut is in a short - term bottom - oscillating phase. Trading strategies include short - term long positions and selling a PK601 - P - 7600 option [42][43][44]. Eggs - The egg price is rising. The inventory of laying hens is high, and the price increase space is limited. Trading strategies include closing short positions and waiting [46][48]. Apples - The apple inventory data shows a decrease compared to last year. The price is at a high level with large market divergence. It is recommended to wait and see [50][51]. Cotton - Cotton Yarn - The new cotton is about to be listed in large quantities. The supply may increase, and the demand is in the off - season. The cotton price is expected to be slightly stronger in the short term. Trading strategies include waiting [55][56]. Black Metals Steel - The supply of five major steel products decreased, and the inventory decreased slightly. The steel price is range - bound, affected by production, inventory, and demand. Trading strategies include holding long positions and long - shorting the coil - rebar spread [58][59]. Coking Coal and Coke - The coking coal auction price increased, and the coke price rose for the third time. The supply may be restricted by safety supervision, and the short - term price is in high - level oscillations. Trading strategies include waiting and buying on dips in the medium term [60][61][62]. Iron Ore - The global iron ore supply is high, and the domestic demand is weak. The iron ore price is expected to be bearish. Trading strategies include short - selling [63][64]. Ferroalloys - The prices of silicon iron and manganese silicon are at a low - valuation level. The previous short positions can be reduced. Trading strategies include short - selling a virtual straddle option combination [66]. Non - Ferrous Metals Precious Metals - The prices of gold and silver fluctuated. The US economic and political factors have mixed effects on precious metals. The price is expected to be range - bound. Trading strategies include range - bound operations [68][70][71]. Copper - The copper price is affected by the US government shutdown and supply - demand factors. The supply is tight, and the consumption is insufficient. Trading strategies include waiting and conducting cash - and - carry arbitrage [72][73]. Alumina - The alumina price is in a bottom - oscillating phase. The supply is expected to decrease, but the actual reduction has not occurred. Trading strategies include waiting [75][77][78]. Electrolytic Aluminum - The aluminum price is relatively strong due to overseas supply concerns and domestic consumption growth. Trading strategies include going long on dips and long - shorting the SHFE - LME spread [79][80]. Cast Aluminum Alloy - The price of cast aluminum alloy is strongly oscillating with the aluminum price. It is supported by cost and supply - demand factors. Trading strategies include going long on dips [82][83]. Zinc - The zinc price is range - bound. The supply may decrease due to reduced processing fees and increased exports. Trading strategies include waiting [85][86]. Lead - The lead price may decline due to increased supply and decreased demand. Trading strategies include holding short positions [88][90][92]. Nickel - The nickel market has a loose supply - demand relationship, and the cost support may weaken. The price is in a weak oscillation. Trading strategies include short - selling a 2512 contract short - straddle combination [93][94][95]. Stainless Steel - The stainless steel market has weak supply - demand, and the production profit is difficult to achieve. Trading strategies include short - selling on rebounds [96]. Industrial Silicon - The demand for industrial silicon is weakening, and the supply may decrease due to power price increases. The price is range - bound. Trading strategies include buying on dips [98]. Energy and Chemicals Crude Oil - The crude oil price is weakly volatile due to concerns about the economic outlook [16]. Asphalt - The asphalt price is under pressure due to weak reality and expectations [30]. Fuel Oil - The supply pressure of high - sulfur fuel oil continues to increase [30]. PX & PTA - There are more maintenance operations, and the demand is acceptable [32]. Ethylene Glycol - The supply - demand relationship will become looser in the fourth quarter [33]. Short - Fiber - The demand support is limited, and the price follows the cost increase [33]. PR (Bottle Chip) - The demand is transitioning from the peak season to the off - season [34]. Pure Benzene and Styrene - The price is oscillating in the short term [35]. Propylene - The supply pressure remains, and the price is falling [36]. Plastic PP - PE&PP production increases year - on - year and month - on - month [37]. Caustic Soda - The caustic soda price is weak [37]. PVC - The price is mainly oscillating [38]. Soda Ash - The cost is pushed up by coal prices [39]. Glass - Although there are rumors of production line shutdowns, the demand is weak [40]. Methanol - There is short - term weak support from gas restrictions [41]. Urea - The price rebounds due to news stimulation [42]. Pulp - The pulp price is in a stalemate, and the futures market is strongly oscillating [42]. Logs - The spot price is weakly oscillating [43]. Offset Printing Paper - The market is under pressure, and price increases are not well - implemented [44]. Natural Rubber and 20 - Number Rubber - The tire production increases month - on - month [45]. Butadiene Rubber - BD&BR production shows marginal reduction and month - on - month tire production increase [46].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The polyolefin market is facing increasing supply - side pressure and a general decline in downstream开工率. PE and PP spot prices are weakening, with supply increasing and demand remaining sluggish, and inventory pressure is still relatively large [4]. - For trading strategies, it is recommended to hold short positions in the L main 01 contract and the PP main 01 contract, and to take a wait - and - see approach for arbitrage and options [6]. 3. Summary by Relevant Catalogs 3.1 Comprehensive Analysis and Trading Strategies 3.1.1 Comprehensive Analysis - **Spot market**: Domestic PE market continued to be weak this week, with linear mainstream prices falling to 6780 - 7450 yuan/ton, high - pressure prices at 8750 - 9600 yuan/ton, and most low - pressure varieties falling. PP was also weak, with the average weekly price of East China拉丝 at about 6540 yuan/ton, a month - on - month decrease of about 60 yuan, a decline of 0.9%. The foreign market also followed the downward trend [4]. - **Supply**: PE maintenance capacity was 6.318 million tons, with a loss of 100,700 tons, a month - on - month decrease of 19,100 tons. Next week, the planned maintenance loss will further drop to 80,800 tons, and new production capacity will continue to be released. PP开工负荷率 was 78.8%, a month - on - month increase of 1.6 percentage points and a year - on - year increase of 1.2 percentage points. The parking loss this week was 158,000 tons, a month - on - month decrease of 13,000 tons [4]. - **Demand**: PE downstream开工普遍 declined, with the开工 rates of agricultural film, packaging, monofilament, and pipes at 50%, 53%, 48%, and 34% respectively. PP downstream开工 showed a differentiated trend, with the开工 rates of plastic weaving and BOPP film slightly increasing, while those of injection molding and modification remained basically the same as last week [4][16]. - **Inventory**: PE petrochemical synthetic resin inventory was 690,000 tons, a month - on - month decrease of 0.7%. PP two - oil synthetic resin inventory was 690,000 tons, a month - on - month slight decrease of 0.7%, but a year - on - year increase of 1.5%. The de - stocking rhythm of the middle and upper reaches was slow, and some production enterprises had finished product overstocking [5]. 3.1.2 Strategy Recommendation - **Single - side trading**: Hold short positions in the L main 01 contract, and it is advisable to lower the stop - loss to the recent low of 6850 points; hold short positions in the PP main 01 contract, and it is advisable to lower the stop - loss to the previous low of 6530 points [6]. - **Arbitrage**: Take a wait - and - see approach [6]. - **Options**: Take a wait - and - see approach [6]. 3.2 Core Logic Analysis - Not provided in the given content 3.3 PE Weekly Data Tracking - **Price**: The report presents data on PE futures and spot prices, non - standard price differences, cost - profit curves, US dollar prices, import profits, and downstream profits [20][23][26]. - **Inventory**: It includes data on total PE inventory, oil - based PE inventory, coal - based PE inventory, trader PE inventory, port PE inventory, and PE warehouse receipts [51]. - **New device commissioning**: Multiple new PE devices are scheduled to be commissioned in 2025, with a total planned commissioning capacity of 6.13 million tons [59]. - **Production and sales**: Data on PE monthly and weekly production,开工率, imports, and exports are provided [62][65][68][71]. - **Downstream situation**: Information on PE downstream开工率, orders, and raw material inventory is presented [74][79]. 3.4 PP Weekly Data Tracking - **Price**: The report provides data on PP futures and spot prices, non - standard price differences, cost - profit curves, import and export prices, and profits [84][87][93]. - **Inventory**: It includes data on total PP inventory, two - oil PP inventory, coal - chemical enterprise PP inventory, trader PP inventory, port PP inventory, and PP warehouse receipts [106]. - **New capacity situation**: Multiple new PP devices are scheduled to be commissioned in 2025, with a total planned commissioning capacity of 5.66 million tons [108]. - **Production and sales**: Data on PP monthly and weekly production,开工率, and imports and exports are provided [111][114][122]. - **Downstream situation**: Information on PP downstream product开工率, orders, and raw material inventory is presented [125][128].

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report analyzes the market conditions, important news, logical analysis, and trading strategies of plastic L and PP on a daily basis. Overall, the market shows a weak trend, with prices mostly falling. The trading strategies mainly involve holding short - positions for the main contracts of L and PP, with appropriate adjustments to stop - loss points according to market changes. [1][5][8] Summary by Related Catalogs Market Conditions - **L Plastic**: The L2601 contract generally shows a downward trend, with prices fluctuating. The LLDPE market price mostly declines, and the trading atmosphere is weak. Downstream demand is not strong, and traders often reduce prices to sell goods. For example, on November 7, 2025, the L2601 contract closed at 6802 points, down 3 points or 0.04%, and the LLDPE market price continued to fall [1]. - **PP Polypropylene**: The PP2601 contract also mostly shows a downward trend. The PP market price is weak, and the cost support is weakened. Downstream procurement is cautious, and the market trading volume is limited. For example, on November 7, 2025, the PP2601 contract closed at 6459 points, down 12 points or 0.19%, and the domestic PP market was still weak [1]. Important News - **Industry - related Policies and Events**: The 7 - department "Petrochemical and Chemical Industry Steady Growth Work Plan (2025 - 2026)" aims to achieve an average annual growth of over 5% in the industry's added value from 2025 to 2026. The US government shutdown has affected data supply, increasing the difficulty of decision - making for central banks [33][55]. - **Company - related News**: PetroChina Guangxi Petrochemical's 120 - million - ton/year ethylene plant was successfully put into operation, which will promote the development of the petrochemical industry in the southwest region. Zhonghua International focuses on the main business of chemical new materials, and its MIAK project has achieved certain results [8][15]. Logical Analysis - **Positive Factors**: In September, the domestic pipeline transportation industry's fixed - asset investment completion amount increased by 14.8% year - on - year, with continuous marginal growth for 8 months, which is beneficial to the polyolefin single - side. The EuroCoin index has strengthened for 6 consecutive months, which is also beneficial to the polyolefin single - side [49][30]. - **Negative Factors**: In October, the domestic manufacturing PMI declined to 49.0%, a year - on - year decline of 2.2%, which is negative for the rubber and plastic single - side. The domestic real estate prosperity index has declined for 6 consecutive months, which is negative for the polyolefin single - side [5][6]. Trading Strategies - **Single - side**: Most of the time, it is recommended to hold short - positions for the main 01 contracts of L and PP, and adjust the stop - loss points according to market changes. For example, on November 7, 2025, it was recommended to hold short - positions for the L main 01 contract, with the stop - loss point moved down to 6850 points [2]. - **Arbitrage (Long - Short)**: Most of the time, it is recommended to wait and see. - **Options**: Most of the time, it is recommended to wait and see.

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The copper market is affected by the long - term shutdown of the US government, and the short - term concern about liquidity has increased. The supply of copper mines is tight, and the demand is affected by high prices. The price is expected to be volatile [7]. - The alumina market is in a state of significant oversupply. There are expectations of production cuts, but the actual reduction has not yet occurred. The price is under pressure, and it is expected to be in a narrow - range bottom - grinding state [16]. - The aluminum market has a tight supply - demand pattern. The overseas supply is expected to decrease, and the domestic consumption is resilient. The price is expected to be strong after corrections [23]. - The casting aluminum alloy market is affected by cost support and tight supply - demand balance. The price is likely to rise and is expected to be strong [30]. - The zinc market has a tight ore end, and there are expectations of smelter production cuts. The supply surplus situation may be alleviated, but the upward space is limited [35]. - The lead market has a situation where supply may increase and demand is entering the off - season. The price may decline [42]. - The nickel market has a loose supply - demand situation, and the price is in a wide - range shock with a downward - moving center [49]. - The stainless steel market has weak terminal demand and sufficient supply. The price is expected to be weak [55]. - The tin market has a tight ore supply and slow demand recovery. The price is expected to be in a high - level shock [64]. - The industrial silicon market has a weakening demand in November. The supply is expected to decrease, and the price is expected to be in the range of (8500, 9500). Buying at low prices is recommended [68]. - The polysilicon market has a situation where supply and demand both decrease in November, and the supply reduction is greater. The price is expected to be weak in the short term, and buying after a correction is recommended [78]. - The lithium carbonate market has a tightening supply - demand situation in November, and the price is at a high level. There are differences after December, and the upward space may be limited [85]. 3. Summary According to Relevant Catalogs 3.1 Copper Market Review - Futures: The main contract of Shanghai copper 2512 closed at 86320 yuan/ton, up 1.04%, and the Shanghai copper index reduced positions by 299 lots to 557,300 lots [1]. - Spot: The Shanghai spot reported a premium of 30 yuan/ton, up 5 yuan/ton from the previous trading day. Guangdong reported a discount of 15 yuan/ton, unchanged from the previous trading day. The North China market reported a discount of 150 yuan/ton, up 10 yuan/ton [1]. Important Information - The US government has been shut down for 36 days, causing a 700 - billion - dollar liquidity shortage in the market [2]. - The US ADP employment in October increased by 42,000, exceeding expectations [2]. - Anglo Asian Mining signed a contract to sell copper concentrates from its new Demirli copper mine [2]. - Codelco lowered its annual copper production forecast for the second time in three months [3]. - As of November 6, the SMM national mainstream copper inventory increased by 3,200 tons to 203,300 tons [4]. Logic Analysis - Macro: The long - term shutdown of the US government increases short - term liquidity concerns [7]. - Supply: Multiple mining companies lowered production plans in Q3, and the supply of copper mines is tight. The non - US supply shortage is alleviated [7]. - Demand: High copper prices reduce the operating rates of copper rod and cable enterprises, and the procurement sentiment improves after price drops [7]. Trading Strategy - Single - side: Wait and see [8]. - Arbitrage: Continue to hold cross - market positive arbitrage and leave the market temporarily after the export window opens [13]. - Options: Wait and see [8]. 3.2 Alumina Market Review - Futures: The alumina 2601 contract rose 24 yuan to 2787 yuan/ton [10]. - Spot: The northern spot comprehensive price of alumina was flat at 2840 yuan, and the national weighted index dropped 2.6 yuan. The prices in different regions had varying changes [10]. Relevant Information - On November 6, 30,000 tons of alumina were traded in Australia at a FOB price of 320 US dollars/ton [11]. - As of November 6, the national alumina inventory was 4.218 million tons, up 88,000 tons from last week [11]. - Guinea's NMC started barge shipments of bauxite, and ELITE MINING resumed shipments after the rainy season [12]. - A project in Guangxi started the inquiry and selection for the red mud pipeline survey [15]. - Guangxi Long'an Hetai New Materials' 1 - million - ton alumina project is expected to be completed and trial - produced by the end of the year [15]. Logic Analysis - The supply - demand of alumina is in significant surplus. There are expectations of production cuts, but the actual reduction has not occurred. The import window is open, and new projects are progressing smoothly, putting pressure on prices [16]. Trading Strategy - Single - side: Narrow - range bottom - grinding [17]. - Arbitrage: Wait and see temporarily [18]. - Options: Wait and see temporarily [18]. 3.3 Electrolytic Aluminum Market Review - Futures: The Shanghai aluminum 2512 contract rose 280 yuan to 21,630 yuan/ton [20]. - Spot: The prices in East China, South China, and Central China all increased [20]. Relevant Information - The US Treasury's general account balance exceeded 1 trillion US dollars, sucking more than 700 billion US dollars from the market [20]. - The US ADP employment in October increased by 42,000, exceeding expectations [20]. - As of November 6, the domestic aluminum ingot inventory decreased by 7,000 tons [21]. - Century Aluminum's Icelandic smelter reduced production due to equipment failure [22]. Trading Logic - Macro: US economic data is better than expected, and the expectation of a Fed rate cut in December has improved [23]. - Fundamental: The supply - demand of aluminum is tight. Overseas supply is expected to decrease, and domestic consumption is resilient [23]. Trading Strategy - Single - side: Maintain a strong - trending shock [28]. - Arbitrage: Choose the opportunity to go long on SHFE aluminum and short on LME aluminum [28]. - Options: Wait and see temporarily [28]. 3.4 Casting Aluminum Alloy Market Review - Futures: The casting aluminum alloy 2512 contract rose 245 to 21,000 yuan/ton [26]. - Spot: The prices in different regions were flat [26]. Relevant Information - The Sino - US economic and trade teams reached a three - point consensus, and the US will cancel the "fentanyl tariff" [26]. - The US ADP employment in October increased by 42,000, exceeding expectations [26]. - The US government shutdown has a liquidity impact on the market [27]. - The weighted average full cost of the Chinese casting aluminum alloy (ADC12) industry in October was 20,498 yuan/ton, and the profit per ton increased [29]. Trading Logic - Macro: US economic data alleviates market concerns [30]. - Fundamental: The cost of raw materials rises, and the supply - demand is in a tight balance. The price is likely to rise [30]. Trading Strategy - Single - side: The aluminum alloy price is mainly strong following the aluminum price [31]. - Arbitrage: Wait and see temporarily [31]. - Options: Wait and see temporarily [31]. 3.5 Zinc Market Review - Futures: The Shanghai zinc 2512 rose 0.29% to 22,675 yuan/ton, and the Shanghai zinc index increased positions by 2,453 lots to 225,600 lots [33]. - Spot: The Shanghai zinc inventory decreased, and the spot premium continued to hold up, but downstream procurement was cautious [33]. Relevant Information - As of November 6, the SMM seven - region zinc ingot inventory decreased [34]. Logic Analysis - The ore end is tight, and there are expectations of smelter production cuts. The supply surplus may be alleviated, but the upward space is limited [35]. Trading Strategy - Single - side: Wait and see temporarily [38]. - Arbitrage: Hold the SHFE long - LME short arbitrage [38]. - Options: Wait and see temporarily [38]. 3.6 Lead Market Review - Futures: The Shanghai lead 2512 fell 0.4% to 17,430 yuan/ton, and the Shanghai lead index reduced positions by 2,494 lots to 122,400 lots [40]. - Spot: The average price of SMM1 lead decreased, and the downstream buying willingness improved slightly [40]. Relevant Information - As of November 6, the SMM five - region lead ingot inventory increased [41]. Logic Analysis - Supply may increase, and demand is entering the off - season. The price may decline [42]. Trading Strategy - Single - side: Hold profitable short positions. Be vigilant about the impact of funds on the price [43]. - Arbitrage: Wait and see temporarily [43]. - Options: Wait and see temporarily [43]. 3.7 Nickel Market Review - Futures: The main contract of Shanghai nickel NI2512 fell 80 to 119,750 yuan/ton, and the index increased positions by 7,869 lots [45]. - Spot: The premiums of different types of nickel had different changes [47]. Important Information - MMG's acquisition of Anglo American's Brazilian nickel business is under EU investigation [48]. - The global nickel price has dropped significantly in the past two years due to oversupply [48]. Logic Analysis - The LME nickel inventory is high, and the supply - demand is loose. The price is in a wide - range shock with a downward - moving center [49]. Trading Strategy - Options: Sell the wide - straddle combination of the 2512 contract [50]. 3.8 Stainless Steel Market Review - Futures: The main contract of stainless steel SS2512 rose 35 to 12,590 yuan/ton, and the index increased positions by 10,369 lots [52]. - Spot: The spot prices of cold - rolled and hot - rolled stainless steel were in a certain range [52]. Important Information - The US steel market demand is strong, and the EU recycling industry opposes possible steel tariffs [53]. - India temporarily relaxes import restrictions on non - compliant stainless steel products [55]. Logic Analysis - Terminal demand is weak, and supply is sufficient. The price is expected to be weak [55]. Trading Strategy - Single - side: Weak - trending shock [53]. - Arbitrage: Wait and see temporarily [53]. 3.9 Tin Market Review - Futures: The main contract of Shanghai tin 2512 closed at 283,420 yuan/ton, up 1390 yuan/ton or 0.49%, and the position decreased by 1,849 lots to 66,355 lots [59]. - Spot: The average price of Shanghai metal network tin ingots increased, but the overall consumption was weak [59]. Relevant Information - The US ADP employment in October increased by 42,000, exceeding expectations [60]. - The US government has been shut down for 36 days [61]. - Yunnan has achieved over - target exploration of strategic minerals [61]. - Xingye Yinxi's production of tin in the first three quarters of 2025 decreased [61]. Logic Analysis - US employment data alleviates market pessimism. The ore supply is tight, and demand recovery is slow. The price is expected to be in a high - level shock [64]. Trading Strategy - Single - side: The supply - demand is weak, and the price is in a high - level shock [65]. - Options: Wait and see temporarily [66]. 3.10 Industrial Silicon Important Information - In Yunnan, the number of operating industrial silicon furnaces decreased in October, and it is expected to be less than 20 in November [68]. Logic Analysis - In November, the demand for industrial silicon weakens. The supply is expected to decrease, and the price is expected to be in the range of (8500, 9500). Buying at low prices is recommended [68]. Strategy Suggestion - Single - side: Buy at low prices [69]. - Arbitrage: None [70]. - Options: Sell out - of - the - money put options and hold [71]. 3.11 Polysilicon Important Information - Hubei launches a bidding for the sustainable development price settlement mechanism of new energy projects in 2025 [73]. Logic Analysis - In November, supply and demand both decrease, and the supply reduction is greater. The price is expected to be weak in the short term, and buying after a correction is recommended [78]. Strategy Suggestion - Single - side: Buy after a correction [79]. - Arbitrage: Reverse arbitrage of far - month contracts [80]. - Options: None [81]. 3.12 Lithium Carbonate Market Review - Futures: The lithium carbonate 2601 contract rose 1540 to 80,500 yuan/ton, and the index increased positions by 25,948 lots. The Guangzhou Futures Exchange warehouse receipts decreased by 410 to 26,420 tons [83]. - Spot: The SMM prices of battery - grade and industrial - grade lithium carbonate decreased [83]. Important Information - In October, the new - energy vehicle retail and wholesale in China increased year - on - year and month - on - month [84]. - The demand for lithium carbonate is expected to increase significantly in 2026, while the supply growth is limited [84]. - Samsung SDI will supply Tesla with energy - storage batteries [84]. - Salt Lake Co., Ltd.'s lithium salt project is in trial operation [84]. - Chile's lithium carbonate exports in October increased [84]. Logic Analysis - In November, the supply - demand of lithium carbonate tightens, and the price is at a high level. There are differences after December, and the upward space may be limited [85]. Trading Strategy - Single - side: Pay attention to whether the support of the lower moving average is effective [86]. - Arbitrage: Wait and see temporarily [88]. - Options: Sell the wide - straddle option combination [88].

Group 1: Report General Information - Report Title: White Sugar Daily Report [2] - Report Date: November 6, 2025 [2] - Researcher: Liu Qiannan [4] Group 2: Data Analysis Futures Market - SR09: Closing price 5,390, down 3 (-0.06%), volume 4,309 (increase of 1,685), open interest 11,206 (increase of 1,462) [5] - SR01: Closing price 5,448, up 7 (0.13%), volume 155,276 (decrease of 29,200), open interest 372,447 (increase of 4,955) [5] - SR05: Closing price 5,388, down 5 (-0.09%), volume 24,379 (decrease of 6,357), open interest 113,419 (increase of 5,455) [5] Spot Market - Spot prices in different regions: Liuzhou 5,720, Kunming 5,905, Wuhan 6,000, Nanning 0, Bayuquan 6,015, Rizhao 5,820, Xi'an 6,130, all unchanged from the previous day [5] - Basis: Liuzhou 272, Kunming 457, Wuhan 552, Nanning -5448, Bayuquan 567, Rizhao 372, Xi'an 682 [5] Monthly Spread - SR5 - SR01: Spread -60, down 12; SR09 - SR5: Spread 2, up 2; SR09 - SR01: Spread -58, down 10 [5] Import Profit - Brazil: ICE主力 14.12, premium (0.46), freight 42.25, quota - in price 3,893, out - of - quota price 4,941, spread with Liuzhou 779, spread with Rizhao 879, spread with futures 507 [5] - Thailand: ICE主力 14.12, premium 0.89, freight 18.00, quota - in price 3,958, out - of - quota price 5,026, spread with Liuzhou 694, spread with Rizhao 794, spread with futures 422 [5] Group 3: Market Outlook Important Information - In India, protests in Kolhapur, Maharashtra, over sugarcane prices have escalated, disrupting sugarcane harvesting and transportation, and many sugar mills have not started operations [7] - Some sugar groups in China have completed inventory clearance for the 24/25 and 23/24 seasons, and Guangxi is expected to start the 25/26 sugar - making season next week [7] - Processed sugar prices are stable with average trading volume [8] Logical Analysis - Internationally, major sugar - producing regions are increasing production. Brazil's 2025/26 sugar production is expected to reach a historically high level, and India may export nearly 2 million tons of sugar in the 2025/26 season. The fundamental situation of raw sugar is weak, and the long - term trend is downward [9] - Domestically, short - term sugar production is expected to increase, and international sugar prices have fallen significantly. However, due to tightened imports of syrup and premixed powder and relatively high previous pricing costs, there is some support for domestic sugar prices. In the short term, Zhengzhou sugar prices are expected to fluctuate within a range, and in the long term, prices are expected to be weak but with limited downward space [10] Trading Strategies - Unilateral: International sugar prices have resumed their downward trend. Domestic sugar prices are expected to fluctuate, so it is recommended to operate within the range (sell high, buy low) [11] - Arbitrage: Short foreign sugar and long Zhengzhou sugar [11] - Options: Observe [11] Group 4: Related Attachments - Figures include Guangxi and Yunnan monthly inventory, Guangxi and Yunnan sales - to - production ratios, Liuzhou white sugar spot price, Liuzhou - Kunming sugar spot price difference, white sugar basis for different months, and Zhengzhou sugar spreads for different contract months [13][14][18]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The overall situation of the oil market is that after a significant decline, it has stabilized and is experiencing a technical rebound. However, in the short - term, each oil variety lacks a clear driving force, and the upward space is limited [6][8][9]. - For palm oil, one can consider short - term long positions at low prices or continue to wait and see. Attention should be paid to the progress of Indonesia's B50 policy and the October Malaysian palm oil production [6]. - For soybean oil, it is recommended to wait and see for now, and consider lightly testing long positions after the price pull - back stabilizes [8]. - For rapeseed oil, continue to pay attention to the purchase of rapeseed and rapeseed oil and policy changes [9]. 3. Summary by Directory 3.1 Data Analysis - **Spot Prices and Basis**: - Soybean oil's 2601 closing price is 8188, up 50. Spot prices in Zhangjiagang, Guangdong, and Tianjin are 8438, 8488, and 8358 respectively. The basis in Guangdong, Zhangjiagang, and Tianjin is 300, 250, and 170 respectively [3]. - Palm oil's 2601 closing price is 8732, up 142. Spot prices in Guangdong, Zhangjiagang, and Tianjin are 8632, 8732, and 8832 respectively. The basis in Guangzhou, Zhangjiagang, and Tianjin is - 100, 0, and 100 respectively [3]. - Rapeseed oil's 2601 closing price is 9564, up 157. Spot prices in Zhangjiagang, Guangxi, and Guangdong are 9914 and 10064 respectively. The basis in Zhangjiagang and Guangxi is 350 and 500 respectively [3]. - **Monthly Spread Closing Prices**: - For soybean oil, the 1 - 5 monthly spread is 182, down 6; for palm oil, it is - 66, up 40; for rapeseed oil, it is 391, up 46 [3]. - **Cross - Variety Spreads**: - The Y - P 01 contract spread is - 544, up 107; the OI - Y spread is 1376, up 92; the OI - P spread is 832, up 15; the oil - meal ratio is 2.67, up 0.02 [3]. - **Import Profits**: - The 24 - degree palm oil's disk profit from Malaysia and Indonesia is - 224, with a CNF price of 1045 for the December shipment. The disk profit of crude rapeseed oil from Rotterdam is - 1331, with a FOB price of 1085 for the December shipment [3]. - **Weekly Commercial Oil Inventories (in 10,000 tons)**: - In the 44th week of 2025, the soybean oil inventory is 121.6 (last year's same - period 110.1, last week 125.0), palm oil inventory is 53.9, and rapeseed oil inventory is 51.4 (last year's same - period 41.8, last week 53.5) [3]. 3.2 Fundamental Analysis - **International Market**: Palm companies have increased the discount on soybean oil, attracting buyers from India and Pakistan. India bought about 140,000 tons of palm oil this week, and Pakistan's purchases remained stable. However, factors such as higher - than - expected production prospects of growers, a decline in Malaysia's exports in early November, and a stronger ringgit may limit price increases [5]. - **Domestic Market (P/Y/OI)**: - **Palm Oil**: The price has stabilized and rebounded, and the YP spread has widened, making palm oil more cost - effective. As of October 31, 2025, the national key - area palm oil commercial inventory is 59.28 tons, a decrease of 1.43 tons from last week, a decline of 2.36%. The import profit inversion has narrowed to around - 300. There are rumors of 3 near - month purchase ships today. It is recommended to consider short - term long positions at low prices or continue to wait and see [6]. - **Soybean Oil**: The price oscillated slightly higher. Last week, the actual soybean crushing volume of oil mills was 2253400 tons, with an operating rate of 61.99%. As of October 31, 2025, the national key - area soybean oil commercial inventory is 1215800 tons, a decrease of 34500 tons from last week, a decline of 2.76%. It is recommended to wait and see for now and consider lightly testing long positions after the price pull - back stabilizes [7][8]. - **Rapeseed Oil**: The price oscillated higher, up more than 1%. Last week, the rapeseed crushing volume of major coastal oil mills was 6000 tons, with an operating rate of 1.6%. As of October 31, 2025, the coastal rapeseed oil inventory is 514000 tons, a decrease of 21000 tons. The European rapeseed oil FOB price is stable at around 1100 US dollars, and the import profit inversion has expanded to around - 1100. It is necessary to continue to pay attention to the purchase of rapeseed and rapeseed oil and policy changes [9]. 3.3 Trading Strategies - **Unilateral**: Consider short - term long positions at low prices or continue to wait and see for palm oil [11]. - **Arbitrage**: Wait and see [12]. - **Options**: Wait and see [13]. 3.4 Related Attachments The report provides multiple charts, including the spot basis of East China's first - grade soybean oil, South China's 24 - degree palm oil, and East China's third - grade rapeseed oil, as well as the monthly spreads of Y, P, OI, and cross - variety spreads of Y - P 01 and OI - Y 01 [15][17].

1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - The upward momentum of freight rates in the second half of November is insufficient, and the EC futures market declined on November 6. Spot freight rates show that the long - term cargo of shipping companies has improved, but the upward momentum in the second half of November has weakened. The demand from November to December is expected to gradually improve, but attention should be paid to the impact of possible tariff adjustments on the shipping rhythm. In terms of supply, the weekly average capacity from Shanghai to the 5 Nordic ports is increasing. Short - term attention should be paid to the shipping companies' cargo - collecting performance and the impact of the adjusted last trading day on the EC2602 contract valuation [7][8]. 3. Summary by Related Catalogs 3.1 Container Shipping - Container Shipping Index (European Line) 3.1.1 Futures Market - The closing prices of EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 contracts decreased, with declines of - 5.03%, - 3.09%, - 1.80%, - 0.83%, - 0.88%, and - 0.25% respectively. The trading volume of most contracts decreased, except for EC2608 and EC2610 which increased by 44.58% and 116.94% respectively. The positions of most contracts decreased, except for EC2602 which increased by 1.22% and EC2610 which increased by 12.23% [6]. - The spreads between different contracts also changed. For example, the spread of EC12 - EC02 decreased by 46.8, and the spread of EC12 - EC04 decreased by 76.2 [6]. 3.1.2 Container Freight Rates - SCFIS European Line index was 1208.71 points, with a week - on - week decrease of - 7.92% and a year - on - year decrease of - 46.48%. SCFIS US West Line index was 1267.15 points, with a week - on - week increase of 14.43% and a year - on - year decrease of - 54.40%. The SCFI comprehensive index was 1550.70 points, with a week - on - week increase of 10.49% and a year - on - year decrease of - 29.04% [6]. 3.1.3 Fuel Costs - The price of WTI crude oil near - month contract was $59.48 per barrel, with a current ratio decrease of - 1.13% and a year - on - year decrease of - 16.69%. The price of Brent crude oil near - month contract was $63.28 per barrel, with a current ratio decrease of - 1.03% and a year - on - year decrease of - 15.4% [6]. 3.2 Market Analysis and Strategy Recommendation 3.2.1 Market Analysis - MSK's WK47 weekly quote of $2250 was lower than market expectations, and the upward momentum of freight rates in the second half of November was insufficient, leading to a decline in the EC futures market. The spot price of SCFIS European Line decreased by 7.9%, slightly exceeding market expectations, mainly due to the change in the settlement index rhythm caused by the rolling and delay of some ships in the second half of October. Maersk expects the interference in the Red Sea area to last for a whole year and is cautious about the fourth - quarter development due to a large number of new ships entering the market. The Ministry of Commerce announced the adjustment of relevant restrictions on the US from November 10, and attention should be paid to the impact on shipping volume and rhythm [7]. 3.2.2 Strategy Recommendation - Unilateral trading: It is expected that the shipping companies' upward momentum in the second half of November will weaken, and the futures market has already factored in peak - season expectations. It is expected to fluctuate in the short term, and it is recommended to wait and see. - Arbitrage: Wait and see [9][10]. 3.3 Industry News - Maersk has selected New Times Shipbuilding to build 8 + 4 18000TEU dual - fuel LNG - powered container ships, with new ships expected to be delivered from 2028 to 2029. The total cost of all 12 ships will reach $2.316 billion if the optional orders are confirmed [10]. - The EU - China Chamber of Commerce expressed deep concern about the EU's investigation into the so - called subsidy issue of Chinese enterprises, emphasizing that the EU's "Foreign Subsidies Regulation" should not be used as a unilateral tool for protectionism [10].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The US corn is expected to remain in a narrow - range oscillation. The spot price of domestic corn still has room to decline, and the 01 corn contract is likely to continue to fall. The corn starch spot price is expected to decline later, and the 01 starch contract on the short - term disk is expected to oscillate at the bottom [7][5][6] Summary by Directory First Part: Data - **Futures Market Data**: The closing prices of different corn and corn starch futures contracts showed varying degrees of increase, with the increase ranging from 0.35% to 0.93%. The trading volume also had significant growth, with the increase rate ranging from 44.48% to 89.04%. The changes in the open interest were relatively small, with an increase or decrease range of - 1.33% to 6.00% [1] - **Spot Market Data**: The spot prices of corn in different regions such as Qinggang, Songyuan Jiji, and Zhucheng Xingmao were provided, along with their price changes. The spot prices of starch from different manufacturers like Longfeng, COFCO, and Cargill were also given, with no price changes on that day [1] - **Basis and Spread Data**: The basis of corn and corn starch, as well as the spreads between different futures contracts (including corn inter - period spreads, starch inter - period spreads, and cross - variety spreads) and their price changes were presented [1][4] Second Part: Market Judgment - **Corn**: The US corn rebounded due to the easing of Sino - US relations, but the production remained high, resulting in a narrow - range oscillation. The import profit of foreign corn decreased. The spot price of corn in the Northeast was stable, while the supply in North China increased, causing the spot price to decline. The domestic breeding demand was stable, but the downstream feed enterprises had low inventory. The 01 corn contract showed a strong oscillation, and the spot basis weakened. The spot price of corn still had room to decline in the short term [3][5] - **Starch**: The number of trucks arriving at Shandong deep - processing plants increased, and the spot price of corn in Shandong was stable. The starch inventory increased this week, with a monthly increase of 0.89% and a year - on - year increase of 33.26%. The starch price was mainly affected by the corn price and downstream stocking. The by - product price was strong, and the enterprise profit was good. The 01 starch contract followed the corn to oscillate strongly, and it was expected to oscillate at the bottom in the short term [6] - **Trading Strategy**: The US corn is expected to continue to narrow - range oscillate. The spot price of North China corn is relatively stable, while the Jilin corn is being listed in large quantities, putting pressure on the spot price. It is recommended to short the 05 and 01 corn contracts on a short - term basis and try to narrow the spread between the 01 corn and starch contracts when the spread is high [7][8] Third Part: Corn Options - The option strategy is a short - term strategy of accumulating puts and calls, with rolling operations [10] Fourth Part: Related Attachments - The attachments include various graphs showing the spot prices of corn in different regions, the basis of corn 01 contract, the spreads between different corn and corn starch contracts, and the basis and spreads of the corn starch 01 contract [12][14][18]

1. Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: November 6, 2025 [2] 2. IM Futures 2.1 Daily Quotes - The underlying index, CSI 1000, closed at 7,551.83, up 1.17%. The main contract, IM2512, rose 1.03% to close at 7,405 points [4]. - The total trading volume of the four IM contracts was 203,430 lots, down 35,254 lots from the previous day; the total open interest was 349,856 lots, down 16,927 lots from the previous day [5]. 2.2 Basis - The main contract was at a discount of 146.83 points to the spot, up 7.23 points from the previous day; the annualized basis rate was -16.45% [5]. 2.3 Positions - The report details the positions of major members in different IM contracts, including trading volume, long positions, and short positions, and their changes from the previous day [15][17][19] 3. IF Futures 3.1 Daily Quotes - The underlying index, SSE 300, closed at 4,693.40, up 1.43%. The main contract, IF2512, rose 1.39% to close at 4,670.8 points [20]. - The total trading volume of the four IF contracts was 111,413 lots, down 5,203 lots from the previous day; the total open interest was 264,651 lots, down 5,389 lots from the previous day [21]. 3.2 Basis - The main contract was at a discount of 22.6 points to the spot, up 8.06 points from the previous day; the annualized basis rate was -4.01% [21]. 3.3 Positions - The report details the positions of major members in different IF contracts, including trading volume, long positions, and short positions, and their changes from the previous day [33][35][36] 4. IC Futures 4.1 Daily Quotes - The underlying index, CSI 500, closed at 7,345.72, up 1.61%. The main contract, IC2512, rose 1.69% to close at 7,246.4 points [38]. - The total trading volume of the four IC contracts was 133,488 lots, down 13,675 lots from the previous day; the total open interest was 249,495 lots, down 6,940 lots from the previous day [39]. 4.2 Basis - The main contract was at a discount of 99.32 points to the spot, up 22.02 points from the previous day; the annualized basis rate was -11.37% [39]. 4.3 Positions - The report details the positions of major members in different IC contracts, including trading volume, long positions, and short positions, and their changes from the previous day [52][54][56] 5. IH Futures 5.1 Daily Quotes - The underlying index, SSE 50, closed at 3,044.74, up 1.22%. The main contract, IH2512, rose 1.04% to close at 3,041.4 points [58]. - The total trading volume of the four IH contracts was 51,481 lots, down 1,639 lots from the previous day; the total open interest was 96,234 lots, down 744 lots from the previous day [58]. 5.2 Basis - The main contract was at a discount of 3.34 points to the spot, up 2.03 points from the previous day; the annualized basis rate was -0.91% [59]. 5.3 Positions - The report details the positions of major members in different IH contracts, including trading volume, long positions, and short positions, and their changes from the previous day [71][73][75]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The supply of peanuts is increasing, while downstream demand remains weak. Peanut prices are expected to be relatively stable in the short term. Peanut oil prices are stable, and peanut meal prices have recently stabilized. Oil mills' theoretical profit from peanut pressing is acceptable. The peanut futures will continue to fluctuate at the bottom, and the new - season peanut output is expected to be higher than last year with lower planting costs [3][7] Group 3: Summary by Directory First Part: Data - **Futures盘面**: PK604 closed at 7862, down 8 (-0.10%), with a trading volume of 9,447 (up 50.38%) and an open interest of 17,046 (up 42.35%); PK510 closed at 8140, up 14 (0.17%), with a trading volume of 26 (up 4.00%) and an open interest of 528 (up 3.94%); PK601 closed at 7788, down 14 (-0.18%), with a trading volume of 55,253 (up 14.43%) and an open interest of 168,130 (up 2.51%) [1] - **Spot and Basis**: In the spot market, the prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 7400, 7800, and 7800 respectively, with no change. The prices of Rizhao peanut meal, Rizhao soybean meal, peanut oil, and Rizhao first - grade soybean oil were 3250, 3050, 14580, and 8310 respectively, with the soybean oil price up 10. The basis for Henan Nanyang was - 388, and for Shandong Jining and Linyi was 12. The price difference between soybean meal and peanut meal was - 3, and the price difference between peanut oil and soybean oil was 6270. The import prices of Sudanese peanuts were 8600 and Senegalese peanuts were 7600, with no change [1] - **Spreads**: The spread of PK01 - PK04 was - 74, down 6; the spread of PK04 - PK10 was - 278, down 22; the spread of PK10 - PK01 was 352, up 28 [1] Second Part: Market Analysis - Peanut prices in Henan have declined, while those in the Northeast have remained stable. The price of 308 common peanuts in Fuyu, Jilin was 4.3 yuan/jin, and in Changtu, Liaoning was 4.3 yuan/jin, both unchanged. The price of Baisha common peanuts in Henan was 3.5 - 3.7 yuan/jin, down 0.1 yuan/jin, and in Junan, Shandong was 3.8 yuan/jin, down 0.1 yuan/jin. Imported peanut prices were stable. The mainstream purchase price of peanut oil mills was 7650 - 7800 yuan/ton, and the theoretical break - even price was 7920 yuan/ton. The prices of soybean oil and peanut oil were stable. The price of Rizhao soybean meal dropped by 10 yuan/ton to 3020 yuan/ton, and the 48 - protein peanut meal was quoted at 3210 yuan/ton [3][5] Third Part: Trading Strategies - **Single - sided**: Peanuts in contracts 01 and 05 will fluctuate at low levels [8] - **Calendar Spread**: Hold a wait - and - see attitude [9] - **Options**: Hold the short position of pk601 - P - 7600 [10] Fourth Part: Related Attachments - There are six figures including the spot price of Shandong peanuts, the pressing profit of peanut oil mills, the price of peanut oil, the basis between peanut spot and continuous contracts, the spread between peanut 10 - 1 contracts, and the spread between peanut 1 - 4 contracts [13][18][19]