Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The rubber sector has sufficient supply and strong expectations for consumption growth. The state of ample natural rubber supply and strong consumption growth expectations continues compared to the September report. On the supply side, Thai rubber prices are resilient but show a widening year - on - year decline, and the cup - to - cup price difference indicates sufficient supply. On the consumption side, global auto sales and domestic tire production show marginal increases. In terms of expectations, key macro data is strengthening [5][6]. - In October, synthetic rubber was extremely weak, and the BR - RU spread widened. The capacity utilization rate of domestic butadiene rubber increased, and the cumulative production in the past 12 months also increased, indicating sufficient supply [7]. - The fundamentals of the rubber sector are relatively strong [8]. Summary by Relevant Catalogs 1. Macro Supply Global Data - Climate - Analyzed the ENSO index and its impact on RU unilateral, including ENSO index, its indexation for RU unilateral, and the influence on RU spot and futures prices. Also studied the impact of El Niño and Southern Oscillation on the spreads of smoke - sheet - RU and BR - RU [17][25][37]. Global Data - Commodity Valuation - Studied the relationship between crude oil, gold prices and rubber prices, including the impact of the prices of crude oil, Brent crude oil, and gold on RU unilateral, BR - RU spread, and smoke - sheet - RU spread [45]. 2. Micro Supply Global Data - Absolute Price - Presented the absolute prices of basic rubber raw materials in Thailand, Malaysia, Yunnan, and Hainan, including the latest, last - month, and last - year prices, as well as month - on - month and year - on - year changes [65]. Overseas Data - **ANRPC Rubber Alliance Natural Rubber Industry**: Analyzed the total production and total export volume of ANRPC natural rubber and their impacts on the BR - RU spread [68][72]. - **Thai Natural Rubber Industry**: Studied various aspects such as rainfall, glue and cup - rubber prices, the spread between smoke - sheet rubber and standard rubber, the inventory and shipment of rubber products, and the export of smoke - sheet rubber, and their impacts on RU unilateral, smoke - sheet - RU spread, and BR - RU spread [78][93][110][120]. - **Vietnamese Natural Rubber Industry**: Analyzed the natural rubber production in Vietnam and its impact on the 3L - RU spread [130]. Domestic Data - Not detailed in the summary part of the given content, but includes aspects such as China's rubber imports, production, apparent consumption, domestic glue products, and the supply of butadiene and butadiene rubber [29]. 3. Trade Circulation Global Data - Analyzed the balance sheets of the six major rubber - producing countries in Southeast Asia [45]. Overseas Data - Studied international trade, Japanese rubber inventory, Malaysian natural rubber retail inventory, Southeast Asian standard rubber processing profit, and overseas rubber and plastic machinery [46].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The current supply of eggs is under pressure, and November is a relatively off - season in the second half of the year. Considering the current spot price has fallen to a historical low, the short - term egg price is likely to remain at the current level. If the active culling of laying hens continues, the future supply pressure may ease, and the price may strengthen. - In the futures market, the near - term contracts are expected to continue to be weak without significant improvement, while the pre - Spring Festival contracts of the far - term may rebound if the culling of hens remains high [5][39][40]. 3. Summary by Relevant Catalogs 3.1 First Part: Preface Summary 3.1.1 Market Review - In October, the spot price of eggs was weak. The average price in the main producing areas dropped to around 2.7 yuan/jin, and then rebounded slightly after restocking. In the main selling areas, it dropped to around 2.97 yuan/jin and then rebounded to around 3.09 yuan/jin. - In November, the egg futures contracts were also weak. The supply of laying hens in production remained high, and the demand was average after the double festivals, resulting in weak egg prices. The November contract dropped to around 2748 at the lowest [4]. 3.1.2 Market Outlook - The supply side is still under pressure, and November is a relatively off - season. Given the current low spot price, the short - term egg price is likely to stay at the current level. If the active culling of laying hens continues, the supply pressure may ease, and the price may strengthen. - In the futures market, the near - term contracts are expected to be weak, while the far - term pre - Spring Festival contracts may rebound if the culling of hens remains high [5]. 3.1.3 Strategy Recommendation - For single - side trading, considering the weak oscillation of near - term contracts, shorting on rallies can be considered. - For arbitrage and options, it is recommended to wait and see [6]. 3.2 Second Part: Fundamental Situation 3.2.1 Market Review - In October, the spot price of eggs rebounded. The average price in the main producing areas reached around 2.91 yuan/jin and showed signs of stabilization, while in the main selling areas, it reached around 3.14 yuan/jin and then stabilized. - The October egg futures contracts were strong. Although the peak demand season was average, the significant increase in the spot price led to a rise in the futures price. However, due to the high inventory of laying hens in production, the increase in the futures price was limited [10]. 3.2.2 Fundamental Situation - **Supply Side** - In September, the national inventory of laying hens in production was 1.368 billion, an increase of 30 million from the previous month and a 6% year - on - year increase, higher than expected. Without considering delayed or concentrated culling, the estimated inventory of laying hens in production from October 2025 to January 2026 is approximately 1.36 billion, 1.36 billion, 1.356 billion, and 1.347 billion respectively. - In October, the proportion of large - sized eggs was 39.33% (low - middle level in the same period over the years), medium - sized eggs was 44.1% (medium level), and small - sized eggs was 16.57% (high - middle level). - The egg - laying rate in October changed little, remaining at a low level in the same period over the years, currently about 91.78%. It is expected to gradually increase as the weather gets colder. - In September, the monthly output of laying hen chicks in sample enterprises (accounting for about 50% of the national total) was 39.2 million, a 1.5% month - on - month and 14% year - on - year decrease. The current weekly market price of laying hen chicks in the Chinese market is 2.73 yuan per chick, a decrease of 0.16 yuan per chick from the previous month. - Due to the weak egg price and average peak - season demand, the culling enthusiasm increased, and the culling volume rose. From October 24th, the weekly culling volume of laying hens in the main producing areas was 20.02 million, a 1.4% decrease from the previous week. The average culling age of culled hens in that week was 499 days, the same as the previous week [11][12][14]. - **Demand Side** - In October, the demand was average, and the seasonal peak was weaker than in previous years. Although the recent demand has rebounded, it is still at a low - middle level in the same period over the years. As of October 25th, the weekly egg sales volume in the national representative selling areas was 7498 tons, a 1.6% increase from the previous week. - From January to September 2025, the total retail sales of social consumer goods were 36.5877 trillion yuan, a 4.5% year - on - year increase. In September, the absolute value of catering revenue was 450.9 billion yuan, a 0.9% year - on - year increase [21]. - **Inventory** - As of October 17th, the average weekly inventory in the production link was 1.04 days, a decrease of 0.01 days from the previous week, and the average weekly inventory in the circulation link was 1.1 days, the same as the previous week [21]. - **Cost and Breeding Profit** - The current feed cost has changed little and is expected to remain stable in the short term. In October, the corn price was 2242 yuan/ton, and the soybean meal price dropped to 2984 yuan/ton. The current comprehensive feed cost is about 2464 yuan/ton, corresponding to a feed cost of about 2.71 yuan/jin for one jin of eggs. - As of October 23rd, the average weekly profit per jin of eggs was - 0.22 yuan/jin, a decrease of 0.09 yuan/jin from the previous week. On October 24th, the expected profit of laying hen breeding was - 0.51 yuan per hen, a decrease of 2.79 yuan/jin from the previous week [28]. - **Substitutes** - The vegetable price index continued to rise. On October 26th, the total vegetable price index in Shouguang was 108.23. Although the vegetable price has increased significantly recently, it is at a relatively medium level in the same period over the years. - The pork price fluctuated this month with little overall change. As of October 26th, the national average wholesale price of pork was about 15.17 yuan/kg. The low vegetable price has a weak substitution demand for eggs, and the current low - level fluctuating pork price has a relatively limited substitution demand for eggs [34]. 3.3 Third Part: Future Outlook and Strategy Recommendation - The supply side is expected to be under pressure in November as the inventory of laying hens in production remains high. The demand in November is in the off - season, and the market performance is average. Considering the current low spot price, the short - term egg price is likely to remain at the current level. - Due to the previous low egg price and market losses, the culling enthusiasm of laying hens has increased. If the active culling continues, the future supply pressure may ease, and the price may strengthen. - In the futures market, the near - term contracts are expected to be weak without significant improvement, while the pre - Spring Festival contracts of the far - term may rebound if the culling of hens remains high [39][40].

Group 1: Market Information - The Fuji apple price index was 107.18, down 0.43 from the previous trading day; the average wholesale price of 6 fruits was 7.21, up 0.01 [2] - Among futures prices, AP01 was 9268, up 70 from the previous night; AP05 was 9664, down 20; AP10 was 8453, down 57 [2] Group 2: Market News and Views Apple Market News - As of September 25, 2025, the cold - storage inventory of apples in the main producing areas of China was 147,900 tons, a decrease of 60,200 tons from the previous week [5] - In August 2025, the export volume of fresh apples was about 68,400 tons, a month - on - month increase of 27.6% and a year - on - year decrease of 17.6%. From January to August 2025, the cumulative export volume was about 532,700 tons, a year - on - year decrease of 7.7%. In August 2025, the import volume was 11,800 tons, a month - on - month decrease of 33.3% and a year - on - year decrease of 15.3%. From January to August 2025, the cumulative import volume was 98,400 tons, a year - on - year increase of 22% [5] - The apple market in the producing areas remained stable yesterday. In Shandong, the purchasing enthusiasm of merchants was good, mainly trading in general goods. In the northwest producing areas, the acquisition was in the middle - late stage, and the proportion of unharvested goods was small, with cold - storage warehousing continuing [6] - In the 2024 - 2025 production season, the profit of storage merchants for 80 first - and second - grade apples in Qixia was 0.4 yuan per catty, a decrease of 0.1 yuan per catty from the previous week [7] - The mainstream transaction prices of apples in Luochuan, Shaanxi and Qixia, Shandong were stable. In Luochuan, the mainstream price of semi - commercial 70 and above apples was 3.5 - 4.0 yuan per catty. In Qixia, the price of new - season paper - bag Fuji 80 and above first - and second - grade apples was 3.5 - 5.0 yuan per catty [8] Trading Logic - The high - quality fruit rate of new - season apples is poor this year due to weather. The apple quality is low, the fruit diameter is small, and the proportion of water cracks and mold diseases has increased. The high - quality fruit rate is poor, resulting in a low apple warehouse - receipt production rate and high warehouse - receipt costs [9] - The poor apple quality makes it difficult to preserve, and the market is worried that cold - storage apples cannot be preserved until the far - month delivery. The apple storage volume may be lower than expected, and the high - quality effective inventory may be even lower [9] - Recently, the apple price has shown a strong trend, but considering the large increase and high current price, the upward space may be relatively limited [11] Trading Strategy - For unilateral trading, it is recommended that previous long positions take profits and wait and see [12] - For arbitrage and options, it is recommended to wait and see [13][14] Group 3: Related Attachments - The report includes 10 figures, such as the price of Qixia first - and second - grade paper - bag 80 apples, the price of Luochuan semi - commercial paper - bag 70 apples, AP contract main - force basis, and the price difference between different AP contracts, etc. [16][17][23]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The supply - side acquisition progress of cotton has entered a peak, with acquisition prices basically stable and slightly rising recently, around 6.2 yuan/kg. The demand - side shows little change. Considering the results of Sino - US economic and trade consultations, Zhengzhou cotton is expected to be slightly stronger in the short - term [6]. - For the cotton market, it is expected that the future trend of US cotton will likely be volatile, while Zhengzhou cotton is expected to show a slightly stronger volatile trend. For the cotton trading strategy, it is recommended to wait and see for arbitrage and options [7][8][9]. - In the cotton yarn industry, the trading volume of the pure cotton yarn market is average, with prices remaining stable. Some manufacturers plan to reduce prices to sell goods. Order demand is generally weak, but there are re - order situations due to Double 11, and high - count yarn orders for export are good. The price of all - cotton grey cloth is stable with a slight downward trend, and the inventory of manufacturers is accumulating [9]. 3. Summary by Directory First Part: Market Information - **Futures Market**: It shows the closing prices, price changes, trading volumes, and open interest of various cotton and cotton yarn futures contracts such as CF01, CF05, CY01, etc. For example, the closing price of CF01 contract is 13,600, with a decrease of 20, and the trading volume is 211,342 hands [2]. - **Spot Market**: Lists the prices and price changes of various cotton and cotton yarn spot products, such as the price of CCIndex3128B is 14,843 yuan/ton, with an increase of 13 yuan/ton, and the price of CY IndexC32S is 20,475 yuan/ton, remaining unchanged [2]. - **Price Spreads**: Includes cotton inter - period spreads, cotton yarn inter - period spreads, cross - variety spreads, and internal - external price spreads. For example, the 1 - month to 5 - month cotton inter - period spread is - 10, with a decrease of 5 [2]. Second Part: Market News and Views - **Cotton Market News**: - The Xinjiang cotton road transportation price index on October 30, 2025, was 0.1803 yuan/ton·km, remaining unchanged from the previous period. It is expected to show an overall fluctuating upward trend in the short term [4]. - On October 29, 2025, the machine - picked cotton acquisition index in Xinjiang was 6.28 yuan/kg, a decrease of 0.02 yuan/kg from the previous day, and the hand - picked cotton acquisition index was 7.05 yuan/kg, remaining unchanged [4]. - In September 2025, Japan's clothing imports entered the peak season, with both import volume and value increasing significantly compared to the previous month. The import value was 372.276 billion yen (equivalent to 2.524 billion US dollars), a year - on - year increase of 7.52% and a month - on - month increase of 13.12%. The import volume was 110,000 tons, a year - on - year increase of 5.13% and a month - on - month increase of 21.91% [5]. - The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, and the 24% counter - tariff on Chinese goods will continue to be suspended for one year. China will adjust its counter - measures accordingly, and both sides agree to extend some tariff exclusion measures [5][6]. - **Trading Logic**: The supply - side acquisition progress is at a peak, and acquisition prices are stable with a slight increase. The demand - side changes little. Considering the Sino - US economic and trade consultation results, Zhengzhou cotton is expected to be slightly stronger in the short term [6]. - **Trading Strategy**: - Unilateral: It is expected that the future trend of US cotton will likely be volatile, while Zhengzhou cotton is expected to show a slightly stronger volatile trend [7]. - Arbitrage: Wait and see [8]. - Options: Wait and see [9]. - **Cotton Yarn Industry News**: - The night - session of Zhengzhou cotton rose yesterday. The trading volume of the pure cotton yarn market is average, with prices remaining stable. Some manufacturers plan to reduce prices to sell goods. Overall order demand is weak, but there are re - order situations due to Double 11, and high - count yarn orders for export are good. The price of Xinjiang - produced high - grade compact - spun C32S is 21,600 - 21,800 yuan/ton [9]. - The price of all - cotton grey cloth is stable with a slight downward trend. Due to weak downstream demand, downstream customers make small - scale purchases. The sales of medium - and high - count grey cloth are not as expected, and the inventory of manufacturers is accumulating [9]. Third Part: Options - **Option Data**: Lists the option contract names, underlying contract prices, closing prices, price changes, implied volatility (IV), and other data of cotton options on October 28, 2025, such as the closing price of CF601C13400.CZC is 240, with a decrease of 10.4% [11]. - **Volatility Judgment**: On October 28, 2025, the 120 - day historical volatility (HV) of cotton decreased slightly compared to the previous day. The implied volatility of CF601 - C - 13400 is 7.5%, that of CF601 - P - 13000 is 10%, and that of CF601 - P - 12400 is 13.5% [11]. - **Option Strategy**: Wait and see [13]. Fourth Part: Related Attachments - It includes multiple charts such as the internal - external cotton price spread under 1% tariff, cotton 1 - month basis, cotton 5 - month basis, etc., which visually show the price trends and relationships of cotton and cotton yarn [15][16][17] [18][19][21][22][23][24][26].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The supply side of laying hens is still at a high level, with the national laying hen inventory in September being 1.368 billion, higher than expected. The demand side is generally weak. In the short - term, without significant improvement, egg prices are expected to be weak. However, the recent increase in the number of culled chickens and downstream restocking have led to a slight rebound in spot prices. Short - term, it is recommended to wait and see [7]. Group 3: Summary by Directory 1. Futures Market - Futures prices: JD01 closed at 3353, down 15 from the previous day; JD05 closed at 3457, down 20; JD09 closed at 3847, down 16 [2]. - Spread: 01 - 05 spread was - 104, up 5; 05 - 09 spread was - 390, down 4; 09 - 01 spread was 494, down 1 [2]. - Ratio: 01 egg/corn ratio was 1.59, unchanged; 01 egg/soybean meal ratio was 1.12, down 0.01. Similar trends were seen in other contracts [2]. 2. Spot Market - Egg prices: The average price in the main producing areas was 2.86 yuan/jin, and in the main selling areas was 3.14 yuan/jin, both unchanged from the previous day. Most mainstream prices across the country remained stable [2][4]. - Culled chicken prices: The average price in the main producing areas was 4 yuan/jin, down 0.02 yuan/jin from the previous day [6]. - Profit calculation: The profit per chicken was 0.28 yuan, down 0.03 yuan from the previous day. The chicken苗 price was 3.21 yuan, up 0.04 yuan. Feed prices were mostly stable [2]. 3. Fundamental Information - Production area prices: The average price in the main producing areas was 2.86 yuan/jin, and in the main selling areas was 3.14 yuan/jin, both unchanged. Most mainstream prices across the country remained stable, and egg prices continued to fluctuate and consolidate with average sales [4]. - Laying hen inventory: In September, the national laying hen inventory was 1.368 billion, an increase of 30 million from the previous month and a 6% year - on - year increase. The estimated inventory from October 2025 to January 2026 is 1.36 billion, 1.36 billion, 1.356 billion, and 1.347 billion respectively [5]. - Chicken苗 output: In September, the monthly output of chicken苗 from sample enterprises (about 50% of the country) was 39.2 million, a 1.5% month - on - month decrease and a 14% year - on - year decrease [5]. - Culled chicken volume: From October 24th to the previous week, the number of culled chickens in the main producing areas was 20.02 million, a 1.4% decrease. The average culling age was 499 days, unchanged [5]. - Egg sales volume: As of October 25th, the egg sales volume in the representative selling areas was 7498 tons, a 1.6% increase from the previous week [5]. - Profit: As of October 23rd, the weekly average profit per jin of eggs was - 0.22 yuan/jin, a decrease of 0.09 yuan/jin from the previous week. On October 24th, the expected profit of laying hen farming was - 0.51 yuan/feather, a decrease of 2.79 yuan/jin from the previous week [6]. - Inventory: As of October 17th, the average weekly inventory in the production link was 1.04 days, a decrease of 0.01 days from the previous week. The average weekly inventory in the circulation link was 1.1 days, unchanged [6]. 4. Trading Logic - Supply is high and demand is weak. In the short - term, egg prices are expected to be weak. However, the recent increase in culled chickens and downstream restocking have led to a slight rebound in spot prices. It is recommended to wait and see in the short - term [7]. 5. Trading Strategies - Unilateral: It is recommended to wait and see in the short - term [8]. - Arbitrage: It is recommended to wait and see [8]. - Options: It is recommended to wait and see [8].

Group 1: Report Summary - The report provides a daily analysis of the non - ferrous metals market on October 30, 2025, covering copper, alumina, electrolytic aluminum, cast aluminum alloy, zinc, lead, nickel, stainless steel, tin, industrial silicon, polysilicon, and lithium carbonate [1]. - It includes market reviews, important information, logical analyses, and trading strategies for each metal [1][2][3]. Group 2: Market Reviews Copper - The main contract of Shanghai copper 2512 closed at 87,960 yuan/ton, down 0.1%, and the Shanghai copper index increased positions by 2,982 lots to 620,000 lots. LME closed at $11,090/ton, up 0.55%. Shanghai copper spot was at a discount of 55 yuan/ton [1]. Alumina - The alumina 2601 contract decreased by 28 yuan to 2,816 yuan/ton. The northern spot comprehensive price of alumina was 2,840 yuan, up 5 yuan [8]. Electrolytic Aluminum - The Shanghai aluminum 2512 contract decreased by 10 yuan to 21,245 yuan/ton. Spot prices in East China, South China, and Central China were 21,190 yuan (up 30), 21,070 yuan (flat), and 21,050 yuan (up 10) respectively [16]. Cast Aluminum Alloy - The cast aluminum alloy 2512 contract increased by 100 yuan to 20,750 yuan/ton. The spot price of ADC12 aluminum alloy ingots in various regions remained flat [24]. Zinc - The Shanghai zinc 2512 contract fell 0.13% to 22,365 yuan/ton, and the Shanghai zinc index increased positions by 4,449 lots to 214,800 lots. The spot price in Shanghai was 22,300 - 22,425 yuan/ton [31]. Lead - The Shanghai lead 2512 contract fell 0.06% to 17,350 yuan/ton, and the Shanghai lead index decreased positions by 2,688 lots to 119,800 lots. The average price of SMM1 lead was flat at 17,200 yuan/ton [37]. Nickel - The main contract of Shanghai nickel NI2512 decreased by 40 to 120,980 yuan/ton, and the index increased positions by 3,185 lots. The premium of Jinchuan nickel, Russian nickel, and electrowinning nickel changed to varying degrees [42]. Stainless Steel - The main contract of stainless steel SS2512 decreased by 50 to 12,725 yuan/ton, and the index decreased positions by 8,627 lots. The spot price of cold - rolled was 12,550 - 12,850 yuan/ton, and hot - rolled was 12,450 - 12,500 yuan/ton [50]. Tin - The main contract of Shanghai tin 2512 closed at 283,600 yuan/ton, down 2,650 yuan/ton or 0.93%, and the position decreased by 2,185 lots to 72,249 lots. The average spot price of tin ingots in Shanghai was 284,000 yuan/ton, down 1,300 yuan/ton [55]. Industrial Silicon - The main contract of industrial silicon decreased. The spot prices of different grades in various regions remained stable [89]. Polysilicon - The main contract of polysilicon increased. The spot prices of different types of polysilicon and related downstream product prices had minor changes [90]. Lithium Carbonate - The lithium carbonate 2601 contract increased by 980 to 83,400 yuan/ton, and the index increased positions by 36,888 lots. The spot prices of battery - grade and industrial - grade lithium carbonate increased [76]. Group 3: Important Information Macro - level - The Fed cut interest rates by 25 basis points and ended quantitative tightening, but Powell's hawkish remarks on December's interest - rate cut prospects reduced the market's expectation of a December rate cut from 95% to 65% [2]. - The Sino - US economic and trade teams reached a consensus, with the US canceling a 10% "fentanyl tariff" on Chinese goods and suspending a 24% reciprocal tariff for another year [16][24][56]. Industry - level - Chile's state - owned mining company ENAMI obtained environmental approval for a new $1.7 - billion copper smelter [2]. - Some zinc mines in Southwest, North, and Central China have production adjustments such as maintenance and resumption of production [32]. - A large alumina enterprise in North China has two roasting furnaces under maintenance due to heavy pollution weather [9]. - Some electrolytic aluminum plants overseas and in China have production cuts [17]. - Some stainless steel mills plan to cut production to relieve the supply - demand contradiction in the fourth quarter [51]. - Indonesia closed 1,000 illegal mining sites [57]. - The production of some polysilicon plants in Southwest China will be reduced in November [69]. - China will suspend the implementation of lithium - battery and its material export control measures for one year [78]. Group 4: Logical Analysis Copper - Macroscopically, the dollar strengthened due to Powell's hawkish remarks, and the Sino - US leaders' meeting was slightly disappointing. Fundamentally, the supply of copper mines is tight, and the production of electrolytic copper in October is expected to decline. The consumption is weak, and the spot has turned to a discount [3][4]. Alumina - The supply and demand of alumina are still significantly in surplus. The market expects production cuts in the future, which drives the price to rebound slightly at a low level. However, the non - implementation of production cuts and the open import window suppress the rebound [11]. Electrolytic Aluminum - Macroscopically, the market's expectation of a December Fed rate cut has decreased, and the Sino - US economic and trade consensus eases the risk - aversion sentiment. Fundamentally, overseas production cuts intensify the supply - demand tension, and the domestic consumption has resilience [18]. Cast Aluminum Alloy - Macroscopically, the Fed's hawkish remarks increase uncertainty, but the Sino - US trade negotiation is positive. Fundamentally, the supply of scrap aluminum is tight, the supply of the regenerative aluminum alloy industry is shrinking, and the demand is resilient, supporting the price [26]. Zinc - Domestically, the winter storage of smelters has increased, the processing fees have decreased, and some smelters may cut production in November. The consumption is expected to weaken. Overseas, the inventory is relatively low, and the LME zinc price is strong. The domestic export window is open [33]. Lead - Some lead - storage enterprises' orders have improved, but they have reduced production due to high lead prices. The supply side may increase production as the price of lead scrap has not risen significantly. The lead price may decline [39]. Nickel - The Fed's interest - rate cut and hawkish remarks have an impact. The LME nickel inventory is slowly increasing, and the supply - demand is loose. The price is supported by cost, and it will fluctuate widely [45]. Stainless Steel - The terminal demand in October is not optimistic, and it is the end of the peak season. The supply side has production cuts, the cost support is not strong, and the price has encountered resistance [51]. Tin - The Sino - US leaders' meeting result is slightly disappointing. The supply of tin mines is still tight, and the production of smelters in September decreased. The demand is slowly recovering, and the downstream procurement is cautious [57]. Industrial Silicon - The start - up rate of silicon plants in Northwest China is at a high level, and those in Southwest China will stop production at the end of the month. The demand for organic silicon and aluminum alloy is stable, and the production of polysilicon will be reduced in November. There may be inventory reduction [62]. Polysilicon - The production in Southwest China will be reduced in November. The demand is expected to be poor, but there is still resilience. The market will be in a tight - balance state in November. The old warehouse receipts' negative impact on the market is weakening [69]. Lithium Carbonate - The weekly production has decreased, and the inventory is being reduced. The fundamentals are healthy, attracting bullish funds. The price is expected to continue rising [78]. Group 5: Trading Strategies Copper - Unilateral: The medium - term upward trend continues. Adopt a strategy of buying on dips, but be cautious of short - term pullbacks when chasing high [5]. - Arbitrage: Hold cross - market positive arbitrage and arrange cross - period positive arbitrage after the domestic inventory starts to decline [6]. - Options: Wait and see [7]. Alumina - Unilateral: There is an expectation of further production cuts in November. The price will bottom out in the short term [12]. - Arbitrage: Wait and see [13]. - Options: Wait and see [13]. Electrolytic Aluminum - Unilateral: The aluminum price is expected to fluctuate upward after the market sentiment stabilizes [19]. - Arbitrage: Wait and see [20]. - Options: Wait and see [21]. Cast Aluminum Alloy - Unilateral: The aluminum alloy price will follow the aluminum price to adjust due to macro - sentiment and then maintain a strong trend after stabilizing [27]. - Arbitrage: Consider a long - AD short - AL arbitrage [27]. - Options: Wait and see [27]. Zinc - Unilateral: Buy on dips. Pay attention to the export volume and the commissioning of new smelters in the North [34]. - Arbitrage: Advance the operation of buying SHFE and selling LME according to the export situation [34]. - Options: Wait and see [34]. Lead - Unilateral: Partially close profitable short positions. If the resumption and increase of production of regenerative lead smelters accelerate, the lead price may fall further [40]. - Arbitrage: Wait and see [40]. - Options: Exit the position by taking profit on selling out - of - the - money call options [40]. Nickel - Unilateral: Fluctuate widely [46]. - Arbitrage: Wait and see [47]. - Options: Sell a wide - straddle combination of the 2512 contract [48]. Stainless Steel - Unilateral: Recommend short - selling on rebounds [52]. - Arbitrage: Wait and see [53]. Tin - Unilateral: Fluctuate at a high level. Pay attention to the Sino - US trade relationship [58]. - Options: Wait and see [59]. Industrial Silicon - Unilateral: Hold short - term long positions and exit near the previous high [63]. - Arbitrage: None [63]. - Options: Sell out - of - the - money put options [63]. Polysilicon - Unilateral: Partially reduce long positions to take profit and buy on dips later [72]. - Arbitrage: Reverse arbitrage on far - month contracts [73]. - Options: Hold long call options [74]. Lithium Carbonate - Unilateral: Buy on dips [80]. - Arbitrage: Wait and see [80]. - Options: Sell out - of - the - money put options [80].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The short - term outlook for the oil market is that the oil futures prices are expected to oscillate at the bottom, so it is advisable to wait and see. In the medium - term, the strategy is to buy on dips [10]. Summary by Directory Part 1: Data Analysis - **Spot Prices and Basis**: The closing price of soybean oil 2601 was 8168 with a rise of 36; palm oil 2601 was 8828 with a fall of 14; and rapeseed oil 2601 was 9529 with a rise of 4. The basis of each oil variety in different regions showed different changes [3]. - **Monthly Spread Closing Prices**: For the 1 - 5 monthly spread, soybean oil was 184 with a rise of 12, palm oil was - 46 with a rise of 2, and rapeseed oil was 319 with a fall of 30 [3]. - **Cross - Variety Spreads**: For the 01 contract, the Y - P spread was - 660 with a rise of 50, the OI - Y spread was 1361, and the OI - P spread was 701 with a rise of 18. The oil - meal ratio was 2.73 with a fall of 0.01 [3]. - **Import Profits**: The 24 - degree palm oil from Malaysia and Indonesia had a loss of 290, and the FOB price of rapeseed oil from Rotterdam was 1076 with a loss of 1127 [3]. - **Weekly Commercial Oil Inventories (2025 Week 43)**: Soybean oil inventory was 57.6 (this week), 125.0 (last week), 122.4 (last year); palm oil was 60.7, 50.5, and rapeseed oil was 53.5, 54.9, 40.2 respectively [3]. Part 2: Fundamental Analysis - **International Market**: Malaysia's MPIC aims to strengthen the downstream development of palm oil in Sabah, especially in biodiesel production. Sabah is the largest crude palm oil - producing area in Malaysia, with a production of 4.27 million tons in 2024, accounting for 22.1% of the national total. The state has over 1.48 million hectares of oil palm plantations, about 26.43% of the national total, and 129 palm oil mills. There are three licensed biodiesel plants, creating about 160 jobs [5]. - **Domestic Market (P/Y/OI)**: - **Palm Oil**: As of October 24, 2025 (Week 43), the national key - area palm oil commercial inventory was 60.71 tons, a week - on - week increase of 3.14 tons (5.45%). The origin's quotation was stable, the import profit deficit widened to around - 300. The basis was stable. It is expected to oscillate slightly weaker in the short - term, and it is advisable to wait and see, then go long on the 05 contract after a pull - back and stabilization [5]. - **Soybean Oil**: The soybean oil futures price rose slightly. Last week, the actual soybean crushing volume was 2.3674 million tons, and the operating rate was 65.13%. As of October 24, 2025, the national key - area soybean oil commercial inventory was 1.2503 million tons, a week - on - week increase of 26,300 tons (2.15%). It is expected to oscillate, and it is advisable to wait and see, then go long after a pull - back and stabilization [7]. - **Rapeseed Oil**: The rapeseed oil futures price rose slightly. Last week, the rapeseed crushing volume of major coastal oil mills was 11,000 tons, and the operating rate was 2.93%. As of October 24, 2025, the coastal rapeseed oil inventory was 535,000 tons, a week - on - week decrease of 14,000 tons. The European rapeseed oil FOB price increased to around 1100 US dollars, and the import profit deficit widened to around - 900. The domestic rapeseed oil basis was stable, and the coastal destocking trend is expected to continue [8]. Part 3: Trading Strategies - **Unilateral**: Wait and see in the short - term, and buy on dips in the medium - term [10]. - **Arbitrage**: Wait and see [11]. - **Options**: Wait and see [12].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The EC futures market maintains a volatile trend. Spot freight rates are expected to gradually rise from November to December, and shipping companies are likely to continue to announce price increases. The market should focus on the implementation of these price increases. In terms of fundamentals, the shipping volume from November to December is expected to gradually improve, and attention should be paid to the impact of possible tariff improvements on the shipping rhythm. The shipping capacity from October to November remains relatively stable, with a slight increase in the average weekly shipping capacity in December. There are expectations of a reduction in port fees, and the progress of the cease - fire agreement in the Middle East is tortuous and has recently escalated. The China - US economic and trade consultations have basically reached a consensus, and attention should be paid to the impact of tariff relaxation on future shipping volume and rhythm [5][6]. 3. Summary by Related Catalogs 3.1 Futures Market - **Futures Contract Performance**: On October 30, 2025, the closing prices of EC2512, EC2602, EC2604, EC2606, EC2608, and EC2610 decreased, with declines of - 1.45%, - 1.43%, - 1.55%, - 1.38%, - 2.22%, and - 0.63% respectively. The trading volumes of these contracts all decreased, with decreases of - 49.05%, - 47.43%, - 35.57%, - 38.06%, - 10.53%, and - 21.46% respectively. The positions of some contracts increased, while others decreased [4]. - **Monthly Spread Structure**: The spreads between different contracts showed various changes. For example, the spread of EC12 - EC02 decreased by 4.2, and the spread of EC02 - EC08 increased by 10.8 [4]. 3.2 Container Freight Rates - **Weekly Container Freight Rates**: The SCFIS European line index was 1312.71 points, with a week - on - week increase of 15.11% and a year - on - year decrease of 40.54%. The SCFIS US West line index was 1107.32 points, with a week - on - week increase of 28.24% and a year - on - year decrease of 60.70%. Different routes of the SCFI index also showed different trends in price changes [4]. 3.3 Fuel Costs - The price of WTI crude oil near - month was $60.00 per barrel, with a week - on - week increase of 0.35% and a year - on - year decrease of 12.56%. The price of Brent crude oil near - month was $64.3 per barrel, with a week - on - week increase of 0.69% and a year - on - year decrease of 11.5% [4]. 3.4 Market Analysis and Strategy Recommendations - **Market Analysis**: The China - US economic and trade consultations in Kuala Lumpur have basically reached a consensus. Some shipping companies have lowered their spot quotes, and the market is continuously gaming the subsequent freight rates. The EC futures market maintains a volatile trend. The spot freight rates of mainstream shipping companies have a large price difference, and the spot price center is expected to gradually rise. In terms of fundamentals, the demand from November to December is expected to improve, and the supply capacity in December will increase slightly. There are expectations of a reduction in port fees, and the Middle East geopolitical situation has escalated. Attention should be paid to the impact of tariff relaxation on future shipping volume and rhythm [5][6]. - **Trading Strategies**: For unilateral trading, it is recommended to maintain a volatile view and mainly wait and see in the short term. For arbitrage trading, it is recommended to wait and see [7]. 3.5 Industry News - Israel's military has started to re - implement the Gaza cease - fire agreement, while the Israeli Defense Forces will continue to take actions to eliminate any direct threats [8][9].

Report Overview - Report Title: Lead Monthly Report for November - Regenerated Lead Restart Process Accelerates, Shanghai Lead Price May Fall from Highs [4] - Report Date: October 30, 2025 [9][23][35] - Report Author: Galaxy Futures [8] Core Viewpoint - The restart process of regenerated lead production is accelerating, and the Shanghai lead price may fall from its high level [4] Summary by Section 1. Fundamental Situation - **Supply Side** - **Lead Concentrate**: The report provides data on domestic lead concentrate production, net imports, and total supply from January 2024 to September 2025. For example, in 2025 from January to September, the cumulative production was 124.91 million tons, a year - on - year increase of 11.54%, and the cumulative net imports were 107.79 million tons, a year - on - year increase of 26.52% [89] - **Primary Lead**: The production of primary lead from January 2024 to September 2025 is presented. In 2025 from January to September, the cumulative production was 286.99 million tons, a year - on - year increase of 8.69% [89] - **Regenerated Lead**: The production of regenerated lead from January 2024 to September 2025 is shown. In 2025 from January to September, the cumulative production was 231.70 million tons, a year - on - year decrease of 3.29% [89] - **Refined Lead**: Data on refined lead imports, exports, and total supply are also provided. In 2025 from January to September, the cumulative net exports were 0.64 million tons, a year - on - year decrease of 108.06%, and the cumulative total supply was 518.05 million tons, a year - on - year increase of 1.27% [89] - **Demand Side** - **Lead - Acid Batteries**: The report includes data on the monthly and weekly开工率 of lead - acid batteries, exports, imports, and inventory days of lead - acid battery enterprises and dealers [93][94][100] - **Downstream Industries**: Data on the production and exports of automobiles, new energy vehicles, motorcycles, power project investment, communication base station construction, and lead alloy imports and exports are presented [107][110][114][115][117][126] 2. Market Outlook and Strategy Recommendations - The report predicts that the Shanghai lead price may fall from its high level due to the accelerating restart process of regenerated lead production [4]

Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: October 30, 2025 [2] IM Futures Market Quotes - The closing price of CSI 1000 was 7,485.08, down 1.11%. The total trading volume of the four IM contracts was 248,653 lots, an increase of 61,017 lots from the previous day, and the total open interest was 369,079 lots, an increase of 20,311 lots [3][5]. - The main contract of IM was at a discount of 120.68 points, up 2.04 points from the previous day, and the annualized basis rate was -11.73% [5]. Main Seats - In IM2511, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Zhongtai Futures (on behalf of clients), and Dongzheng Futures (on behalf of clients) [17]. IF Futures Market Quotes - The closing price of CSI 300 was 4,709.91, down 0.80%. The total trading volume of the four IF contracts was 137,376 lots, an increase of 36,443 lots from the previous day, and the total open interest was 270,734 lots, an increase of 12,176 lots [22][23]. - The main contract of IF was at a discount of 19.91 points, down 4.67 points from the previous day, and the annualized basis rate was -3.04% [23]. Main Seats - In IF2511, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Dongzheng Futures (on behalf of clients), and Guoxin Futures (on behalf of clients) [35]. IC Futures Market Quotes - The closing price of CSI 500 was 7,385.71, down 1.27%. The total trading volume of the four IC contracts was 168,288 lots, an increase of 33,521 lots from the previous day, and the total open interest was 260,211 lots, an increase of 7,396 lots [40][41]. - The main contract of IC was at a discount of 86.71 points, up 4.26 points from the previous day, and the annualized basis rate was -8.5% [41]. Main Seats - In IC2511, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Dongzheng Futures (on behalf of clients), and Zhongtai Futures (on behalf of clients) [55]. IH Futures Market Quotes - The closing price of SSE 50 was 3,046.61, down 0.54%. The total trading volume of the four IH contracts was 63,949 lots, an increase of 18,844 lots from the previous day, and the total open interest was 102,044 lots, an increase of 7,069 lots [61]. - The main contract of IH was at a discount of 1.61 points, down 3.39 points from the previous day, and the annualized basis rate was -0.38% [62]. Main Seats - In IH2511, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Dongzheng Futures (on behalf of clients), and Guoxin Futures (on behalf of clients) [78].