铅周报：国内社会库存逐步累库 关注宏观因素影响 研究员：陈寒松 期货从业证号： F03129697 投资咨询证号： Z0020351 目录 第一章 行情与逻辑 第二章 原料端 第三章 冶炼端 第四章 需求端 87/87/87 文 字 色 基 础 色 1.1 交易逻辑与策略 2 GALAXY FUTURES 227/82/4 228/210/172 181/181/181 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 ◼ 产业供需： ➢ 供应端，本周国产铅精矿加工费至300元/金属吨，SMM进口铅精矿周度加工费至-135美元/干吨。进口矿市场部分招投标报价陆续报出，部分冶炼厂锁定了2026年的长单协 议，但相关加工费已跌至-160~-200美元/干吨，冶炼厂普遍谨慎观望。国内矿贸易市场上，河南、内蒙古等地冶炼厂持续按需采购；江西、湖南、云南等地南方地区冶炼厂 因铅精矿供应短缺出现生产开工下滑的情况并未缓和，云南地区某冶炼厂提及尽管低银铅精矿加工费并未下调。 ➢ 冶炼端，本周SMM三省原生铅冶炼厂的平均开工率为6 ...

投资咨询号：Z0021675 联系方式： 上海：021-65789219 研究所 贵金属研发报告 贵金属衍生品日报 2025 年 11 月 19 日 研究所副所长：车红云 期货从业证号：F03088215 投资咨询号：Z0017510 研究员：王露晨 CFA 期货从业证号：F03110758 北京：010-68569781 邮箱： wangluchen_qh@chinastock.co m.cn 贵金属衍生品日报 【市场回顾】 1.贵金属市场: 今天白天，贵金属小幅走高，伦敦金下午一度冲击 4100 关 口，但当前回落至 4080 美元附近；伦敦银站回 51 美元，当前交投于 51.2。受外 盘驱动，沪金最终收涨 1.09%，报 937 元/克; 沪银主力合约最终收涨 2.19%，报 12148 元/千克。 2.美元指数: 美元指数窄幅波动，当前交投于 99.66 美元。 3.美债收益率:10 年美债收益率横向盘整，当前交投于 4.117%附近。 4.人民币汇率:人民币兑美元小幅走弱，当前交投于 7.11 附近。 【重要资讯】 1.美联储动向：①特朗普暗示美联储主席人选已定，抱怨解雇鲍威尔遭人阻 拦。②巴尔金 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints of the Report - The market is in a state of continuous game regarding the implementation range of the announced price increases in December. The EC futures market maintains a volatile trend. The SCFIS European Line Index is expected to remain at a low level in the second half of November, and attention should be paid to the December quotes this week [6]. - In terms of spot freight rates, the long - term cargo of shipping companies has improved, and the shipping companies have announced GRI increases for December. However, the market has significant differences in the future freight rate implementation range. The demand is expected to gradually improve from November to December, and the shipping capacity in December has decreased by 4.6% compared with the previous period. The recent market trading logic has returned to the spot market [7]. - The trading strategy suggests a wait - and - see approach for both single - side and arbitrage trading [8][9]. 3. Summary by Relevant Catalogs Market Analysis and Strategy Recommendation - **Market Performance**: On November 19, the closing price of EC2512 was 1763.3 points, a decrease of 0.35% from the previous day. On November 14, the SCFI European Line was reported at $1417 per TEU, a week - on - week increase of 7.11%. The latest SCFIS European Line reported after the market on Monday was 1357.67 points, a week - on - week decrease of 9.8%, mainly due to the significant decline in the index driven by the drop in MSK freight rates [6]. - **Logical Analysis**: Shipping companies' long - term cargo has improved, and they have announced GRI increases for December. The market has different views on the implementation of the price increases. For example, MSK's Shanghai - Rotterdam quote for Week 49 increased by $500 per FEU compared with the previous week. From the fundamental perspective, the demand from November to December is expected to improve, and the shipping capacity in December has decreased by 4.6% compared with the previous period. The probability of resuming navigation in the near - term is low, and the market trading logic has returned to the spot market [7]. - **Trading Strategy**: For single - side trading, it is recommended to wait and see as the market is volatile. For arbitrage trading, also adopt a wait - and - see approach [8][9]. Industry News - In October, the container imports from Asia's top ten economies to the United States decreased by 8.4% year - on - year, totaling 1.79 million TEUs. Although it only decreased slightly by 0.1% compared with September, the cumulative imports in the first ten months of this year increased by 0.7% to 17 million TEUs [11]. Relevant Attachments - The report includes multiple figures such as the SCFIS European Line Index and SCFIS US West Line Index, EC12 and EC02 contract basis, etc., which visually show the trends of relevant indexes and contract basis [13][21].

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - On November 19, ferroalloy futures prices declined overall. The silicon ferro - alloy (SF) and manganese silicon (SM) markets both face a situation of weak supply and demand, but the cost side provides some support, leading to an expected bottom - range oscillation [5]. - The trading strategies include: expecting a bottom - range oscillation for single - sided trading; waiting and seeing for arbitrage; and selling out - of - the - money straddle option combinations [6]. 3. Summary by Relevant Catalog 3.1 Market Information 3.1.1 Futures - SF main contract: closed at 5504, down 18 for the day and 48 for the week, with a trading volume of 232,237 (down 101,565 from the previous day) and an open interest of 148,169 (up 17,457 from the previous day) [2]. - SM main contract: closed at 5642, down 38 for the day and 120 for the week, with a trading volume of 212,250 (down 183,485 from the previous day) and an open interest of 436,259 (up 31,861 from the previous day) [2]. 3.1.2 Spot - Silicon ferro - alloy: 72%FeSi prices in Inner Mongolia, Ningxia, Qinghai, Jiangsu, and Tianjin remained stable or had slight weekly declines, with no daily change in most regions [2]. - Manganese silicon: The prices of 6517 manganese silicon in Inner Mongolia remained stable, while those in Ningxia, Guangxi, Jiangsu, and Tianjin decreased by 20 - 30 yuan/ton for the day and 30 - 80 yuan/ton for the week [2]. 3.1.3 Basis/Spread - Silicon ferro - alloy: The basis of Inner Mongolia, Ningxia, and Qinghai relative to the main contract increased by 18 for the day and 48 for the week; the spread between Jiangsu and Inner Mongolia was 270, with no daily change but a weekly decline of 80; the SF - SM spread was - 138, up 20 for the day and 72 for the week [2]. - Manganese silicon: The basis of Inner Mongolia, Ningxia, and Guangxi relative to the main contract increased; the spread between Guangxi and Inner Mongolia decreased by 30 for the day and 30 for the week [2]. 3.1.4 Raw Materials - Manganese ore (Tianjin): The prices of Australian lumps, South African semi - carbonates, and Gabonese lumps were stable for the day, with slight weekly increases in some cases; the prices of blue charcoal small materials in Shaanxi, Ningxia, and Inner Mongolia remained unchanged [2]. 3.2 Market Judgment 3.2.1 Silicon Ferro - alloy - On November 19, spot prices were generally stable. Supply: More manufacturers in Qinghai are under maintenance, and the weekly start - up rate and production are expected to decline slightly. Demand: After a short - term rebound, future hot metal production will continue to decline. Cost: The electricity prices of ferroalloys in various regions are generally stable with a slight upward trend. Overall, the fundamentals show weak supply and demand, with cost support. Affected by the decline of the overall black metal market such as coking coal, it has adjusted accordingly, but its valuation is not high, so short - selling is not advisable [5]. 3.2.2 Manganese Silicon - On November 19, manganese ore spot prices were generally stable, and manganese silicon spot prices were stable with a slight downward trend, with some regional prices decreasing by 20 - 30 yuan/ton. Supply: As prices decline, manganese silicon production has also decreased slightly. Demand: Future hot metal production will decline overall. Cost: Manganese ore port inventories are at a low level for the same period, spot prices are firm, and overseas mine quotes are also rising steadily, leading to an increase in the cost side. Against the background of weak supply and demand and cost support, it is expected to oscillate at the bottom [5]. 3.3 Important Information - On November 19, the price of semi - carbonate Mn36.7% at Tianjin Port was 34.5 yuan/ton - degree, the price of Gabonese lumps Mn48% was 41 yuan/ton - degree, and the price of Australian lumps Mn42%Fe 3.6% was 40 yuan/ton - degree [7]. - On November 18, data from the National Bureau of Statistics showed that in October 2025, China's excavator production was 30,880 units, a year - on - year increase of 13%; from January to October 2025, the cumulative production was 308,062 units, a year - on - year increase of 16.4% [7]. 3.4 Related Attachments - The report includes multiple charts showing the trends of ferroalloy main contracts, spreads, basis, spot prices, electricity prices, production costs, and production profits [8][9][11][13][15][16][18][19][21] - The data sources for these charts are Galaxy Futures and Mysteel [12][14][17][22][24][26]

Group 1: Report Overview - Report Title: Galaxy Futures' Oil Daily Report [2] - Report Date: November 19, 2025 [2] - Report Type: Agricultural Product R & D Report [1] Group 2: Investment Rating - No investment rating for the industry is provided in the report. Group 3: Core View - After a sharp decline, the oil market has stabilized and is experiencing a technical rebound. However, palm oil lacks a clear short - term driver, with limited expected upside. Soybean oil is expected to remain volatile, and rapeseed oil is seeing continuous marginal de - stocking, which supports its price [5][6][8] Group 4: Data Analysis Spot Prices and Basis - **Soybean Oil**: The 2601 closing price is 8356, up 36. Spot prices in Zhangjiagang, Guangdong, and Tianjin are 8626, 8656, and 8516 respectively. The basis in Zhangjiagang, Guangdong, and Tianjin are 300, 270, and 160 respectively, with Tianjin's basis down 10 [3] - **Palm Oil**: The 2601 closing price is 8852, up 144. Spot prices in Guangdong, Zhangjiagang, and Tianjin are 8802, 8872, and 8962 respectively. The basis in Guangdong, Zhangjiagang, and Tianjin are - 50, 20, and 110 respectively [3] - **Rapeseed Oil**: The 2601 closing price is 9813, down 61. Spot prices in Zhangjiagang, Guangxi, and Guangdong are 10163, 10413 respectively. The basis in Zhangjiagang and Guangdong are 350 and 600 respectively [3] Month - to - Month Spreads - **Soybean Oil**: The 1 - 5 month - to - month spread is 200, down 28 - **Palm Oil**: The 1 - 5 month - to - month spread is - 90, up 24 - **Rapeseed Oil**: The 1 - 5 month - to - month spread is 363, down 64 [3] Cross - Variety Spreads - The 01 contract Y - P spread is - 496, down 108; the OI - Y spread is 1457; the OI - P spread is 961, down 205; the oil - meal ratio is 2.77, up 0.03 [3] Import Profits - The 24 - degree palm oil from Malaysia and Indonesia has a disk profit of - 191, with a CNF price of 1060 for the 12 - month shipment. The FOB price of Rotterdam's crude rapeseed oil for the 1 - month shipment is 1095, and the disk profit is - 949 [3] Weekly Commercial Inventories - **Soybean Oil**: 114.9 million tons this week, compared with 115.7 million tons last year and 106.6 million tons the year before last - **Palm Oil**: 65.3 million tons this week, compared with 50.8 million tons last week and 41.9 million tons the year before last - **Rapeseed Oil**: 43.0 million tons this week, compared with 45.5 million tons last week and 41.9 million tons the year before last [3] Group 5: Fundamental Analysis International Market - As of November 16, 2025, the EU's 2025/26 palm oil imports are 108 million tons (compared to 132 million tons last year), soybean imports are 440 million tons (compared to 525 million tons last year), soybean meal imports are 674 million tons (compared to 737 million tons last year), and rapeseed imports are 140 million tons (compared to 244 million tons last year) [5] Domestic Market - **Palm Oil**: Driven by the EPA's proposed 2026 RVO target of 5.61 billion gallons, the domestic palm oil futures price closed up more than 1%. As of November 14, 2025, the national palm oil commercial inventory is 65.32 million tons, up 9.36% week - on - week. The import profit inversion has narrowed, and the basis is stable. It is recommended to go long on dips or use a high - sell - low - buy range strategy [5] - **Soybean Oil**: The futures price closed slightly up. Last week, the actual soybean crushing volume was 2.0776 million tons, with an operating rate of 57.15%. As of November 14, 2025, the national soybean oil commercial inventory is 114.85 million tons, down 0.75% week - on - week. The inventory is at a relatively high level historically, but the inflection point has been reached. It is expected to remain range - bound, and it is recommended to wait and see and then go long on dips [6][8] - **Rapeseed Oil**: The futures price closed slightly down. Last week, the coastal rapeseed crushing volume was 0 tons, and the inventory was depleted. As of November 14, 2025, the coastal rapeseed oil inventory is 43 million tons, down 2.5 million tons, still at a high historical level but continuously de - stocking. The European rapeseed oil FOB price is stable at around $1100, and the import profit inversion has widened. The basis is firm. It is recommended to go long on dips for the OI03 or 05 contracts [8] Group 6: Trading Strategies Unilateral Trading - Consider going long on dips or continue to wait and see for palm oil; consider going long on dips for the OI03 or 05 contracts of rapeseed oil [10] Arbitrage - Wait and see Options - Wait and see [12]

Group 1: Market Information - Shanghai Zhongtian rebar price is 3190 yuan (-10), Beijing Jingye rebar price is 3220 yuan (-), Shanghai Angang hot-rolled coil price is 3280 yuan (-), and Tianjin Hegang hot-rolled coil price is 3220 yuan (+10) [4] Group 2: Market Analysis - The black metal sector fluctuated and declined today, with coking coal and coke leading the decline, and iron ore remaining strong. Steel spot trading was generally weak, mainly driven by low-price rigid demand [5] - According to Buguwang data, building materials and hot-rolled coils continued to reduce production this week, and molten iron flowed into other sectors. The reduction in rebar production was greater than that of plates. Steel inventories decreased rapidly, but manufacturing demand was fair, and the apparent demand for hot-rolled coils improved, while the apparent demand for rebar continued to decline [5] - It is expected that molten iron production will continue to decline, squeezing raw materials and causing the steel price center to shift downward. In the fourth quarter, capital release has slowed down, downstream payment collection has been difficult, and the number of projects has decreased year-on-year, so there is still pressure on the upside. However, the recent reduction in steel production has alleviated some pressure, and the main fluctuations come from raw materials [5] - Currently, steel valuations are low, and the market will continue to fluctuate. Breaking the deadlock requires more factors. However, hot-rolled coils have generally performed better than rebar, and the spread between hot-rolled coils and rebar is expected to remain in an expansion cycle [5] Group 3: Trading Strategies - Unilateral: Maintain a weak range-bound trend [6] - Arbitrage: It is recommended to hold the long position on the spread between hot-rolled coils and rebar [7] - Options: It is recommended to wait and see [8] Group 4: Important Information - According to Aoweiyunwang's total data, the retail sales volume of air conditioners in October decreased by 23.8% year-on-year. From the monthly monitoring data, the sales volume online and offline decreased by 22.2% and 42.3% respectively in October, and the decline offline continued to expand. In terms of production, Aoweiyunwang's latest production schedule data shows that the domestic sales production schedule for air conditioners in December is 4.822 million units, a year-on-year decrease of 22.6%, and the export production schedule is 9.074 million units, a year-on-year decrease of 8.2%. The balance between domestic and export sales in the peak export season in December has been broken [9] - On November 18, the latest data from the National Bureau of Statistics showed that in October 2025, China's excavator production was 30,880 units, a year-on-year increase of 13%. From January to October 2025, China's excavator production was 308,062 units, a year-on-year increase of 16.4% [10]

Group 1: Report Overview - The report is a peanut daily report dated November 19, 2025, from the Agricultural Products R & D Report of the Research Institute [1] Group 2: Data Summary Futures Market - PK604 closed at 7842, down 48 (-0.61%), with a trading volume of 32,575 (up 11.77%) and an open interest of 19,638 (down 6.20%) [2] - PK510 closed at 8150, down 18 (-0.22%), with a trading volume of 71 (up 73.17%) and an open interest of 645 (up 4.37%) [2] - PK601 closed at 7794, down 120 (-1.54%), with a trading volume of 104,040 (up 37.97%) and an open interest of 151,721 (down 9.60%) [2] Spot Market - Spot prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 7200, 7600, and 7600 respectively, with no change [2] - Rizhao peanut meal was 3250, Rizhao soybean meal was 3000 (down 20), peanut oil was 14550, and Rizhao first - grade soybean oil was 8850 (up 350) [2] - Import prices: Sudanese peanuts were 8600, Senegalese peanuts were 7600, with no change [2] Spreads - PK01 - PK04 spread was - 48 (down 72), PK04 - PK10 spread was - 308 (down 30), and PK10 - PK01 spread was 356 (up 102) [2] Group 3: Market Analysis - Peanut prices in Henan declined, while those in the Northeast were strong. Northeast Jilin Fuyu 308 common peanuts were 4.45 yuan/jin, Liaoning Changtu was 4.5 yuan/jin, both stable. Henan Baisha common peanuts were 3.55 - 3.85 yuan/jin, down 0.05 yuan/jin. Shandong Junan was 3.5 yuan/jin, stable [4] - Imported peanut prices were stable. Sudanese refined peanuts were 8600 yuan/ton, Senegalese were 7600 yuan/ton, Brazilian new peanuts were 9200 yuan/ton, and Indian 50/60 peanuts were 8000 yuan/ton, all stable [4] - Peanut oil prices were stable. Mainstream purchase prices of peanut oil mills were 7200 - 7400 yuan/ton, with a theoretical break - even price of 7900 yuan/ton. Domestic first - grade ordinary peanut oil was 14500 yuan/ton, and small - pressed fragrant peanut oil was 16500 yuan/ton, both stable [4][6] - Rizhao soybean meal prices fell to 3000 yuan/ton, down 20 yuan/ton. Peanut meal was relatively strong in the short - term, with 48 - protein peanut meal at 3210 yuan/ton [6] Group 4: Trading Strategies Unilateral - Peanuts in contracts 01 and 05 are in low - level oscillations. Short - sell contract 01 peanuts on rallies [8][9] Spread - Reverse spread for 1 - 5 contracts. Industrial players can try positive spread for 12 - 1 contracts [10] Options - Hold the short position of pk601 - P - 7600 [11] Group 5: Related Charts - The report includes charts on Shandong peanut spot prices, peanut oil mill profit, peanut oil prices, peanut spot - futures basis, 10 - 1 contract spread, and 1 - 4 contract spread [13][20][23]

研究所 黑色研发报告 铁矿石日报 2025 年 11 月 19 日 | | 今日 | 昨日 | 涨跌 | | 今日 | 昨日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | DCE01 | 791.5 | 792.0 | -0.5 | I01-I05 | 36.5 | 34.5 | 2.0 | | DCE05 | 755.0 | 757.5 | -2.5 | I05-I09 | 25.0 | 23.5 | 1.5 | | DCE09 | 730.0 | 734.0 | -4.0 | I09-I01 | -61.5 | -58.0 | -3.5 | | 现货 | 昨天 | 前天 | 涨跌 | 折标准品 | 01厂库基差 | 05厂库基差 | 09厂库基差 | | PB粉(60.8%) | 790 | 787 | 3 | 860 | 60 | 95 | 118 | | 纽曼粉 | 792 | 789 | 3 | 859 | 59 | 93 | 117 | | 麦克粉 | 788 | 785 | 3 | 859 | 59 | 94 | 117 | ...

1. Report Title and Date - The report is titled "Stock Index Futures Data Daily Report" dated November 19, 2025 [1][2] 2. IM Index Analysis 2.1 Daily Quotes - The closing price of CSI 1000 was 7387.21, down 0.82%. The main contract of IM fell 0.42% to close at 7298.2 points. The total trading volume of the four IM contracts was 227,467 lots, an increase of 9,700 lots from the previous day; the total open interest was 364,139 lots, an increase of 2,119 lots from the previous day [4][5] 2.2 Basis and Other Indicators - The main contract of IM had a premium of -89.01 points, an increase of 7.29 points from the previous day; the annualized basis rate was -14.36%. The dividend impacts of the four IM contracts were 0.03 points, 0.91 points, 2.51 points, and 46.75 points respectively [5] 2.3 Position Analysis - The positions of major seats in different contracts (IM2511, IM2512, IM2603, IM2606) were detailed, including the trading volume, long positions, and short positions of each seat and their changes from the previous day [16][18][20] 3. IF Index Analysis 3.1 Daily Quotes - The closing price of CSI 300 was 4588.29, up 0.44%. The main contract of IF rose 0.49% to close at 4565.2 points. The total trading volume of the four IF contracts was 122,613 lots, an increase of 750 lots from the previous day; the total open interest was 272,167 lots, a decrease of 6,521 lots from the previous day [21][22] 3.2 Basis and Other Indicators - The main contract of IF had a premium of -23.09 points, a decrease of 9.9 points from the previous day; the annualized basis rate was -5.96%. The dividend impacts of the four IF contracts were 0.76 points, 1.85 points, 9.28 points, and 39.98 points respectively [22] 3.3 Position Analysis - The positions of major seats in different contracts (IF2511, IF2512, IF2603, IF2606) were detailed, including the trading volume, long positions, and short positions of each seat and their changes from the previous day [35][37][38] 4. IC Index Analysis 4.1 Daily Quotes - The closing price of CSI 500 was 7122.75, down 0.40%. The main contract of IC fell 0.02% to close at 7054.8 points. The total trading volume of the four IC contracts was 132,592 lots, a decrease of 1,848 lots from the previous day; the total open interest was 248,512 lots, a decrease of 5,507 lots from the previous day [40][41] 4.2 Basis and Other Indicators - The main contract of IC had a premium of -67.95 points, an increase of 3.27 points from the previous day; the annualized basis rate was -11.34%. The dividend impacts of the four IC contracts were 0.01 points, 0.56 points, 3.58 points, and 58.4 points respectively [41] 4.3 Position Analysis - The positions of major seats in different contracts (IC2511, IC2512, IC2603, IC2606) were detailed, including the trading volume, long positions, and short positions of each seat and their changes from the previous day [51][52][54] 5. IH Index Analysis 5.1 Daily Quotes - The closing price of SSE 50 was 3020.35, up 0.58%. The main contract of IH rose 0.55% to close at 3011 points. The total trading volume of the four IH contracts was 53,539 lots, a decrease of 1,220 lots from the previous day; the total open interest was 95,237 lots, a decrease of 2,454 lots from the previous day [56] 5.2 Basis and Other Indicators - The main contract of IH had a premium of -9.35 points, a decrease of 3.93 points from the previous day; the annualized basis rate was -3.66%. The dividend impacts of the four IH contracts were 0.4 points, 1.36 points, 9.41 points, and 28.13 points respectively [57] 5.3 Position Analysis - The positions of major seats in different contracts (IH2511, IH2512, IH2603, IH2606) were detailed, including the trading volume, long positions, and short positions of each seat and their changes from the previous day [73][75][77]

1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Viewpoints - The US corn rebounded after the November report lowered the yield, but the production remained high, and it was in a narrow - range oscillation. The import profit of foreign corn declined, and the price of Brazilian imports in December was 2138 yuan. The domestic corn spot was relatively strong in the short - term, with stable demand from the breeding industry and low inventory of downstream feed enterprises. The 01 corn futures had room to fall later. The starch spot was strong due to the corn rebound, but the 01 starch futures on the disk also had room to fall in the short - term [4][6][7]. 3. Summary by Directory 3.1 Data - **Futures Disk**: For corn futures, C2601 closed at 2175 with a 0.32% increase, C2605 at 2245 with a 0.18% increase, and C2509 at 2272 with a 0.22% increase. For starch futures, CS2601 closed at 2480 with a 0.52% increase, CS2605 at 2560 with a 0.23% increase, and CS2509 at 2612 with a 0.23% increase. The trading volume and open interest of each contract had different changes [2]. - **Spot and Basis**: The spot prices of corn in different regions such as Qinggang, Songyuan Jiji, etc., and the spot prices of starch in different enterprises such as Longfeng, COFCO, etc., were reported. The basis of corn and starch in different regions and enterprises was also provided [2]. - **Spreads**: Corn inter - delivery spreads (e.g., C01 - C05 was - 70 with a 3 increase), starch inter - delivery spreads (e.g., CS01 - CS05 was - 80 with a 7 increase), and cross - variety spreads (e.g., CS09 - C09 was 340 with a 1 increase) were presented [2]. 3.2 Market Judgment - **Corn**: The US corn was in a narrow - range oscillation. The import profit of foreign corn declined. The northern port's flat - hatch price in the north dropped, while the northeast and north China corn spots were stable. The price difference between northeast and north China corn was large. Corn had cost - effectiveness compared to wheat. The domestic breeding demand was stable, and the downstream feed enterprises' inventory was low. The 01 corn futures were strongly oscillating, and the spot basis strengthened. The market was concerned about the seasonal selling pressure of northeast corn and downstream inventory building [4][6]. - **Starch**: The number of vehicles arriving at Shandong deep - processing plants decreased, and the Shandong corn spot was stable. The starch inventory decreased this week, with the manufacturer's inventory at 110.9 million tons, a 2.4 - million - ton decrease from last week, a 1.7% monthly decrease, and a 25.6% year - on - year increase. The starch price depended on corn price and downstream stocking. The by - product price was strong, and the enterprise's profit was good. The 01 starch futures followed the corn to oscillate strongly, but the north China corn price might fall in December, and the starch spot would also decline later [7]. 3.3 Corn Options - The option strategy was a short - term cumulative put strategy with rolling operations. Information about two option contracts (C2605 - P - 2160.DCE and C2601 - P - 2080.DCE) including the underlying price, closing price, and price change was provided [11]. 3.4 Related Attachments - Six figures were provided, including the spot price of corn in different regions, the basis of corn 01 contract, the 1 - 5 spread of corn, the 1 - 5 spread of corn starch, the basis of corn starch 01 contract, and the spread of corn starch 01 contract [13][15][19].