Report Industry Investment Rating - Not provided Core Viewpoints - The report presents a comprehensive overview of the global oilseeds and oils market, including export sales data from the US, production forecasts from Brazil, import data from India, and policy developments in Indonesia [1] Summary by Related Catalogs Overnight Market Information - For the week ending September 25, US current - market - year soybean export sales net increased by 870,500 tons, with 0 tons for the next - year; export shipments were 611,300 tons; new sales were 936,900 tons for the current year and 0 tons for the next [1] - For the same week, US current - market - year bean meal export sales net decreased by 216,200 tons (372% less than the previous week and 718% less than the four - week average), next - year net increased by 623,500 tons; export shipments were 289,300 tons (27% more than the previous week and 13% more than the four - week average); new sales were 68,600 tons for the current year and 675,000 tons for the next [1] Brazil's Soybean Production Forecasts - CONAB predicts Brazil's 2025/26 soybean production at a record 177.6 million tons (slightly lower than October's 177.67 million tons), planted area at 49.06 million hectares (down from October's 49.08 million hectares), and exports at 112.1 million tons (5.11% more than the previous year) [1] - IBGE forecasts Brazil's 2025 soybean production at 165.913102 million tons (14.5% more than the previous year), planted area at 47.676233 million hectares (3.6% more than the previous year), and 2026 production at 167.683455 million tons (1.1% more than 2025) [1] India's Oil Imports - In October, India's palm oil imports dropped 28% to 602,381 tons, soybean oil imports fell 17% to 454,619 tons, sunflower oil imports declined 5% to 260,548 tons, and total vegetable oil imports decreased 21% to 1.33 million tons [1] - In the 2024/25 season, India's vegetable oil imports reached 16.36 million tons (higher than the previous year's 16.23 million tons), palm oil imports were 7.58 million tons (lower than the previous year's 9.01 million tons), soybean oil imports were 5.47 million tons (higher than the previous year's 3.44 million tons), and sunflower oil imports were 2.94 million tons (lower than the previous year's 3.5 million tons) [1] Indonesia's Policies - Indonesia will start B50 biodiesel road tests in early December and plans to implement the B50 blending standard in the second half of next year (up from 40% this year) to reduce import fuel dependence [1] - Indonesia's palm oil exports may drop 11% - 12% in 2026 due to the B50 policy [1] Spot Prices - Spot prices for various products such as soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from November 7 to 13, 2025 are provided [4]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - This week, the crack spread of high - sulfur fuel oil in Singapore fluctuated, the time spread strengthened slightly, and the basis weakened. The HSFO crack spread in Europe declined, and the EW spread strengthened this week. The 0.5% crack spread in Singapore rebounded, the time spread fluctuated, and the basis oscillated at a low level. In terms of inventory, the residue oil in Singapore decreased slightly, the residue oil in ARA and Fujairah increased, and the EIA residue oil inventory remained flat. The price spread between high - and low - sulfur fuel oil in the external market rebounded. High - sulfur fuel oil in Singapore was supported by EW and refinery purchases, but the spot basis weakened rapidly. In the short term, it is in a fluctuating pattern, and the short - term downward space for low - sulfur fuel oil is limited [3][4] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From November 7th to 13th, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by 0.44, the Rotterdam 0.5% VLS FO swap M1 changed by 0.57, the Rotterdam HSFO - Brent M1 changed by - 0.12, the Rotterdam 10ppm Gasoil swap M1 changed by - 4.28, the Rotterdam VLSFO - Gasoil M1 changed by 4.85, the LGO - Brent M1 remained unchanged (0.00), and the Rotterdam VLSFO - HSFO M1 changed by 0.13 [1] Singapore Fuel Oil Swap Data - During the same period, the price of Singapore 380cst M1 changed by - 13.01, the Singapore 180cst M1 changed by - 15.91, the Singapore VLSFO M1 changed by - 14.37, the Singapore Gasoil M1 changed by - 3.22, the Singapore 380cst - Brent M1 changed by - 0.16, and the Singapore VLSFO - Gasoil M1 changed by 9.46 [1] Singapore Fuel Oil Spot Data - From November 7th to 13th, 2025, the FOB 380cst price changed by - 13.78, the FOB VLSFO price changed by - 14.44, the 380 basis changed by - 0.02, the high - sulfur internal - external price spread changed by - 1.3, and the low - sulfur internal - external price spread changed by 1.0 [2] Domestic FU Fuel Oil Futures Data - During this period, the price of FU 01 changed by - 98, FU 05 changed by - 81, FU 09 changed by - 63, FU 01 - 05 changed by - 17, FU 05 - 09 changed by - 18, and FU 09 - 01 changed by 35 [2] Domestic LU Fuel Oil Futures Data - From November 7th to 13th, 2025, the price of LU 01 changed by - 147, LU 05 changed by - 124, LU 09 changed by - 103, LU 01 - 05 changed by - 23, LU 05 - 09 changed by - 21, and LU 09 - 01 changed by 44 [3]

Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Related Catalogs Glass Price and Contract Information - From November 6th to November 13th, 2025, the price of 5mm large glass plates from various manufacturers showed different trends. For example, the price of 5mm large plates from Shahe Anquan decreased from 1138.0 to 1104.0, a weekly decrease of 34.0 and a daily increase of 4.0. FG05 contract price decreased from 1227.0 to 1173.0, a weekly decrease of 54.0 and a daily increase of 4.0 [1]. Profit and Cost - From November 6th to November 13th, 2025, North China coal - fired glass profit decreased from 192.6 to 138.9, a weekly decrease of 53.7 and a daily decrease of 4.2, while the cost increased from 928.4 to 944.1, a weekly increase of 15.7 and a daily increase of 4.2. South China natural gas glass profit remained at - 188.1, and North China natural gas glass profit decreased from - 221.6 to - 265.9, a weekly decrease of 44.3 and a daily decrease of 4.2 [1]. Spot and Sales - Glass spot: Shahe factory's sales gradually weakened, with the low - price of Shahe traders around 1085, and the shipment was average. The shipment of futures - spot was also average. In Hubei Province, the factory price was around 1050, and the factory's transactions weakened recently. The sales rate in Shahe was 90, in Hubei was 86, in East China was 96, and in South China was 95 [1]. Soda Ash Price and Contract Information - From November 6th to November 13th, 2025, the price of heavy soda ash in different regions changed. For example, the price of heavy soda ash in Shahe increased from 1160.0 to 1190.0, a weekly increase of 30.0 and a daily increase of 20.0. SA05 contract price increased from 1293.0 to 1305.0, a weekly increase of 12.0 and a daily increase of 18.0 [1]. Profit and Cost - From November 6th to November 13th, 2025, North China ammonia - alkali soda ash profit increased from - 291.9 to - 278.4, a weekly increase of 13.5 and a daily increase of 20.0, and North China combined - alkali soda ash profit increased from - 323.0 to - 311.5, a weekly increase of 11.5 and a daily increase of 20.0 [1]. Spot and Inventory - Soda ash spot: The spot price of heavy soda ash at the Hebei delivery warehouse was around 1160, and the price delivered to Shahe was around 1190. The inventory of the mid - upstream soda ash industry slightly decreased [1].

1. Report Industry Investment Rating - There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints - There are no clear core viewpoints explicitly stated in the provided content. 3. Summary by Relevant Data 3.1 Basis and Spread - The Shandong basis (+80) (Hongrun) decreased from 190 on 10/14 to -2983 on 11/12, with a daily change of -13 on 11/12 [3]. - The East China basis (Zhenjiang Warehouse) decreased from 60 on 10/14 to -3063 on 11/12, with a daily change of -13 on 11/12 [3]. - The South China basis (Foshan Warehouse) decreased from 50 on 10/14 to -3063 on 11/12, with a daily change of -13 on 11/12 [3]. - The 12 - 01 spread decreased from 44 on 10/14 to 0 on 11/12, with a daily change of -1 on 11/12 [3]. - The 12 - 03 spread decreased from 23 on 10/14 to -47 on 11/12, with a daily change of -8 on 11/12 [3]. - The 01 - 02 spread decreased from -8 on 10/14 to -19 on 11/12, with a daily change of -5 on 11/12 [3]. 3.2 Contract Information - The BU main contract (01) increased from 3290 on 10/14 to 3063 on 11/12, with a daily change of 13 on 11/12 [3]. - The trading volume decreased from 243804 on 10/14 to 237856 on 11/12, with a daily change of -76306 (-14%) on 11/12 [3]. - The open interest increased from 346909 on 10/14 to 345731 on 11/12, with a daily change of 6060 on 11/12 [3]. - The combined position remained at 4690 from 11/7 to 11/12 [3]. 3.3 Crude Oil and Spot Prices - Brent crude oil decreased from 62.4 on 10/14 to 62.7 on 11/12, with a daily change of -2.5 on 11/12 [3]. - Jingbo's asphalt price decreased from 3480 on 10/14 to 0 on 11/12 [3]. - Hongrun's asphalt price decreased from 3400 on 10/14 to 0 on 11/12 [3]. - Zhenjiang Warehouse's asphalt price decreased from 3350 on 10/14 to 0 on 11/12 [3]. - Foshan Warehouse's asphalt price decreased from 3340 on 10/14 to 0 on 11/12 [3]. 3.4 Profit - The asphalt - Ma Rui profit increased from 476 on 10/14 to 150 on 11/12, with a daily change of 133 on 11/12 [3]. - The Ma Rui - type refinery's comprehensive profit decreased from 901 on 10/14 to -687 on 11/12, with a daily change of 119 on 11/12 [3].

Report Overview - The report is a non - ferrous metals arbitrage morning report released by the non - ferrous metals team of the research center on November 14, 2025, covering cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking for multiple non - ferrous metals [1] Cross - Market Arbitrage Tracking Copper - On November 14, 2025, the domestic spot price was 87,210, the three - month price was 87,580, the LME three - month price was 10,963, and the ratio was 7.96 [1] Zinc - On November 14, 2025, the domestic three - month price was 22,785, the LME three - month price was 3,089, and the ratio was 5.75 [1] Aluminum - On November 14, 2025, the domestic three - month price was 22,050, the LME three - month price was 2,902, and the ratio was 7.58 [1] Lead - On November 14, 2025, the domestic three - month price was 17,670, the LME three - month price was 2,089, and the ratio was 10.85 [1][3] Nickel - On November 14, 2025, the profit from spot import was - 2,084.11 [1] Cross - Period Arbitrage Tracking Copper - On November 14, 2025, the spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were 770, 800, 840, and 810 respectively, with theoretical spreads of 536, 970, 1413, and 1856 [4] Zinc - On November 14, 2025, the spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were 130, 175, 210, and 235 respectively, with theoretical spreads of 216, 338, 460, and 582 [4] Aluminum - On November 14, 2025, the spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were 200, 250, 250, and 265 respectively, with theoretical spreads of 220, 341, 462, and 583 [4] Lead - On November 14, 2025, the spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were 50, 70, 70, and 85 respectively, with theoretical spreads of 213, 322, 431, and 540 [4] Nickel - On November 14, 2025, the spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were 630, 800, 1040, and 1220 [4] Tin - On November 14, 2025, the 5 - 1 spread was - 740, with a theoretical spread of 6161 [4] Spot - Futures Arbitrage Tracking Copper - On November 14, 2025, the spreads between the current - month and next - month contracts and the spot were - 380 and 390 respectively [4] Cross - Variety Arbitrage Tracking - On November 14, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous contracts) were 3.84, 3.97, 4.96, 0.97, 1.25, and 0.78 respectively [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary by Directory - The report presents the price data of scrap steel in different regions (East China, North China, Central China, South China, Northeast China, and Southwest China) from November 7th to November 13th, 2025, along with the week - on - week changes [2] - In East China, the price decreased from 2216 on November 7th to 2203 on November 13th, with a week - on - week decrease of 2 [2] - In North China, the price decreased from 2277 on November 7th to 2275 on November 13th, with a week - on - week decrease of 2 [2] - In Central China, the price remained at 2037 on November 13th, with a week - on - week change of 0 [2] - In South China, the price remained at 2208 on November 13th, with a week - on - week change of 0 [2] - In Northeast China, the price increased from 2225 on November 7th to 2226 on November 13th, with a week - on - week increase of 5 [2] - In Southwest China, the price remained at 2097 on November 13th, with a week - on - week change of 0 [2]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Related Catalogs Spot Market - **Australian Iron Ore**: Newman powder price is 780, down 1 from the previous day and up 2 for the week; PB powder price is 783, down 1 from the previous day and down 2 for the week; Macfarlane powder price is 776, down 2 from the previous day and down 4 for the week; Jinbuba powder price is 734, down 1 from the previous day and down 2 for the week; Super special powder price is 672, down 5 from the previous day and down 15 for the week; Carajás powder price is 883, down 1 from the previous day and down 10 for the week; Roy Hill powder price is 770, down 1 from the previous day and down 2 for the week; KUMBA powder price is 842, down 1 from the previous day and down 2 for the week [1] - **Brazilian Iron Ore**: Brazilian mixed ore price is 818, down 1 from the previous day and down 3 for the week; Brazilian coarse IOC6 price is 783, down 1 from the previous day and down 4 for the week; Brazilian coarse SSFG price is 788, down 1 from the previous day and down 4 for the week [1] - **Other Regions' Iron Ore**: Ukrainian concentrate price is 875, down 3 from the previous day and down 15 for the week; 61% Indian powder price is 723, down 1 from the previous day and down 2 for the week; Karara concentrate price is 877, down 3 from the previous day and down 15 for the week; 57% Indian powder price is 607, down 5 from the previous day and down 15 for the week; Atlas powder price is 720, down 8 from the previous day and down 12 for the week; Tangshan iron concentrate price is 1008, unchanged from the previous day and the week [1] Futures Market - **DCE Contracts**: i2601 contract price is 772.5, down 1.5 from the previous day and down 5.0 for the week; i2605 contract price is 745.5, down 2.0 from the previous day and down 10.5 for the week; i2609 contract price is 723.0, down 1.5 from the previous day and down 12.0 for the week [1] - **SGX Contracts**: FE01 contract price is 99.68, up 1.28 from the previous day and down 0.79 for the week; FE05 contract price is 97.39, up 1.29 from the previous day and down 0.79 for the week; FE09 contract price is 95.38, up 1.38 from the previous day and down 0.72 for the week [1] Spread and Premium - **Inter - monthly Spread**: For DCE contracts, i2601 - i2605 spread is - 49.5, up 0.4 from the previous day and up 2.8 for the week; i2605 - i2609 spread is 27.0, up 0.9 from the previous day and up 8.3 for the week; i2609 - i2601 spread is 22.5, up 0.4 from the previous day and up 9.8 for the week; For SGX contracts, FE01 - FE05 spread is - 4.30, up 0.7 from the previous day and up 5.6 for the week; FE05 - FE09 spread is 2.29, up 0.2 from the previous day and up 1.1 for the week; FE09 - FE01 spread is 2.01, down 3.6 from the previous day and down 2.5 for the week [1] - **Premium**: Information on U - ball/ pellet premium, PB block/ block premium is presented in the form of historical data charts, but specific current premium values are not clearly summarized in the text [1]

芳烃橡胶早报 | 天 然 橡 胶 | | & | 2 0 号 胶 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 美金泰标 | 美金泰混 | 人民币混 | 上海全乳 | 上海3L | | | | 泰国胶水 泰国杯胶 云南胶水 海南胶水 顺丁橡胶 RU主力 | | | NR主力 | | | 现货 | 现货 | 合胶 | | | | | | | | | | | 2025/11/0 7 | 1810 | 1800 | 14520 | 14295 | 14950 | 56.3 | 50.9 | 13800 | 16000 | 10350 | 14995 | 12035 | | 2025/11/1 0 | 1830 | 1810 | 14610 | 14410 | 15050 | 56.3 | 50.9 | 13800 | 16000 | 10350 | 15110 | 12165 | | 2025/11/1 1 | 1830 | 1805 | 14610 ...

玉米：短期看，粮源供应不稳定推动产地现货价格小幅上行，但下游消费端依旧疲软，对涨价幅度形成明显抑制。未来一段时间，供需双方博 弈仍将持续，价格大概率维持震荡运行格局。中长期观察，等待第一轮售粮高峰结束，观察产区农户与贸易商间的博弈。由于新季玉米产量增 加、种植成本下滑等原因，玉米价格已逐步向种植成本靠拢；但鉴于当前估值较低且今年粮质较好，预计现货价格回调后，会触发农户惜售抗 价的情绪，届时供应收缩将带动玉米价格走出反弹行情。 淀粉：短期看，淀粉报价跟随原料价格波动。新季玉米上市后，深加工采购积极性增加，开机率也逐步上调，不过由于下游补货依旧平缓，造 成产业去库缓慢，在高库存的压制下，淀粉价格依旧承压。中长期需重点关注下游消费节奏变化，这将成为价格走势的关键支撑因素，若淀粉 报价出现大幅回落，预计将刺激下游补货积极性。 白糖 现货价格 基差 进口利润 仓单 日期 柳州 南宁 昆明 柳州基差 泰国 巴西 郑盘 2025/11/07 5760 5750 5650 303 680 861 8968 2025/11/10 5730 5760 5650 255 623 804 8968 2025/11/11 5760 - ...

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - Not explicitly stated in the provided text, but the report presents detailed data on the synthetic rubber market including prices, trading volume, open interest, basis, and profit margins for various products such as BR and BD 3. Summary by Relevant Catalog BR (Butadiene Rubber) - **Futures Data**: The BR主力合约(12) price was 10480 on 11/13, with a daily increase of 50 and a weekly increase of 290. Open interest was 76365, down 32 from the previous day and 9321 from the previous week. Trading volume was 99633, down 51880 from the previous day. The warehouse receipt quantity was 12510, down 100 from the previous day but up 210 from the previous week. The long - short ratio was 30.52 [3] - **Basis and Spread**: The BR basis was 20 on 11/13, up 50 from the previous day and down 90 from the previous week. The 12 - 01 spread was 0, down 35 from the previous week. RU - BR was 4910, up 120 from the previous day and 105 from the previous week. NR - BR was 1920, up 170 from the previous day and 75 from the previous week [3] - **Spot Prices**: The Shandong market price was 10500, up 100 from the previous day and 200 from the previous week. The Transfar market price was 10420, up 20 from the previous day and 220 from the previous week. The Qilu ex - factory price was 10300, unchanged from the previous day but up 100 from the previous week. CFR Northeast Asia was 1400, unchanged from the previous day but down 50 from the previous week. CFR Southeast Asia was 1682, unchanged from the previous day but down 15 from the previous week [3] - **Profit Margins**: The spot processing profit was 1007, up 100 from the previous day and 47 from the previous week. The import profit was - 1269, up 97 from the previous day and 608 from the previous week. The export profit was 2213, down 84 from the previous day and 286 from the previous week [3] BD (Butadiene) - **Spot Prices**: The Shandong market price was 7150, unchanged from the previous day but up 150 from the previous week. The Jiangsu market price was 6950, unchanged from the previous day but up 50 from the previous week. The Yangzi ex - factory price was 7000, up 100 from the previous day and 100 from the previous week. CFR China was 790, unchanged from the previous day but down 20 from the previous week [3] - **Profit Margins**: The ethylene cracking profit data was incomplete. The carbon - four extraction profit data was incomplete. The butene oxidative dehydrogenation profit was - 1724, unchanged from the previous day but up 50 from the previous week. The import profit was 445, down 2 from the previous day but up 214 from the previous week. The export profit was - 1071, down 70 from the previous day and 1613 from the previous week. The styrene - butadiene production profit was 1200, down 75 from the previous day but up 25 from the previous week. The ABS production profit was - 24, down 57 from the previous day and 50 from the previous week. The SBS production profit was - 160, down 70 from the previous day and 370 from the previous week [3]