Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The domestic trading atmosphere is expected to improve, and prices may rise slightly. However, the downward trend of CP official prices may limit the upward momentum of prices, despite the positive impact of the settlement of Sino - US tariffs on FEI and MB [1] Group 3: Summary by Related Catalogs Price and Basis - **Daily price changes**: In the civil gas market, prices in East China were 4341 (+26), in Shandong 4360 (+0), and in South China 4390 (+0). The price of ether - post - carbon four was 4610 (-90). The lowest delivery location was East China, with a basis of 110 (+38), and the 12 - 01 month spread was 76 (-4). FEI was 494 (-10) and CP was 466 (-12) dollars per ton [1] - **IPG contract situation**: The main IPG contract fluctuated upward. The basis was - 14 (+55), and the 12 - 01 month spread was 80 (-33). The cheapest delivery product was East China civil gas at 4279. Shandong's price was 4300 (-60), East China's was 4279 (+0), South China's was 4400 (-5), and Shandong's ether - post - carbon four was 4420 (-50). The number of warehouse receipts was 4194 (+1778) [1] External Market and Spread - **External market price changes**: External market prices rose, and the oil - gas ratio declined. The FEI month spread was - 5 (-1.75) dollars, and the CP month spread was - 14.4 (-6.4) dollars. The November CP official price dropped to 475/460 (-20/-15). The domestic and foreign PG - CP spread was 133 (-18.6), and the US - Asia arbitrage window was closed. The FEI - CP spread was 35.75 (+0.75). The arrival discount of propane in East China was 85 (+6). The freight from the US Gulf to Japan was 129 (+13), and from the Middle East to the Far East was 68 (+12). The latest FEI - MOPI was - 66.7 (-15.8) [1] Profit and Demand - **Profit situation**: PDH profit decreased slightly, the profit of alkylation units declined significantly, and the production gross profit of MTBE changed little [1] - **Supply, demand and inventory**: Domestic production decreased, imports increased, and port inventories rebounded. However, there was an expected increase in chemical demand. The PDH operating rate was 73.85% (+2.6 pct). Next week, Binhua will undergo maintenance, but Lihuayi Weiyuan will increase production, and Donghua Zhangjiagang will restart [1]

Group 1: Report Overview - Report Name: Synthetic Rubber Morning Report [2] - Release Date: November 6, 2025 [3] - Research Team: Energy and Chemicals Team of the Research Center [3] - Data Sources: Mysteel, Wind [8] Group 2: BR (Butadiene Rubber) Analysis Futures Market - BR主力合约(12): Price on November 5 was 10,235, up 30 from the previous day and down 565 from the previous week [4] - 持仓量: 28,838 on November 5, down 7,032 from the previous day and down 18,547 from the previous week [4] - 成交量: 83,480 on November 5, down 8,210 from the previous day and down 41,857 from the previous week [4] - 仓単数量: 8,560 on November 5, down 20 from the previous day and down 20 from the previous week [4] - 虚实比: 16.84 on November 5, down 4 from the previous day and down 11 from the previous week [4] Basis, Spread, and Inter - Variety Spreads - 顺丁基差: -32 on November 5, down 130 from the previous day and down 35 from the previous week [4] - 丁苯基差: 365 on November 5, down 230 from the previous day and down 85 from the previous week [4] - 12 - 01: 90 on November 5, unchanged from the previous day and up 65 from the previous week [4] - 01 - 02: 10 on November 5, up 10 from the previous day and up 35 from the previous week [4] - RU - BR: 4,615 on November 5, down from the previous day and up 15 from the previous week [4] - NR - BR: 1,700 on November 5, down from the previous day and down 25 from the previous week [4] Spot Market - 山东市场价: 10,200 on November 5, down 100 from the previous day and down 600 from the previous week [4] - 传化市场价: 10,150 on November 5, unchanged from the previous day and down 550 from the previous week [4] - 齐鲁出厂价: 10,200 on November 5, down 300 from the previous day and down 800 from the previous week [4] - CFR东北亚: 1,450 on November 5, unchanged from the previous day and the previous week [4] - CFR东南亚: 1,700 on November 5, unchanged from the previous day and the previous week [4] Profit Analysis - 现货加工利润: 937 on November 5, up 28 from the previous day and up 89 from the previous week [4] - 进口利润: -1,989 on November 5, down 101 from the previous day and down 653 from the previous week [4] - 出口利润: 2,598 on November 5, up 87 from the previous day and up 573 from the previous week [4] Group 3: BD (Butadiene) Analysis Spot Market - 山东市场价: 价格数据不完整 on November 5, down 125 from the previous day and down 675 from the previous week [4] - 江苏市场价: 6,750 on November 5, down 50 from the previous day and down 825 from the previous week [4] - 扬子出厂价: 6,900 on November 5, unchanged from the previous day and down 1,000 from the previous week [4] - CFR中国: 820 on November 5, down 30 from the previous day and down 120 from the previous week [4] Profit Analysis - 乙烯裂解利润: Data incomplete [4] - 碳四抽提利润: Data incomplete [4] - 丁烯氧化脱氢利润: -1,994 on November 5, down 120 from the previous day and down 1,130 from the previous week [4] - 进口利润: -6 on November 5, up 191 from the previous day and up 109 from the previous week [4] - 出口利润: -461 on November 5, down 527 from the previous day and down 642 from the previous week [4] Group 4: Production Profit Analysis of Related Products - 丁苯生产利润: 1,463 on November 5, unchanged from the previous day and up 250 from the previous week [4] - ABS生产利润: Data incomplete, up 58 from the previous day and down 24 from the previous week [4] - SBS生产利润: Data incomplete, down 300 from the previous day and down 500 from the previous week [4]

沥青早报 | | 指标 | 10/9 | 10/30 | 11/3 | 11/4 | 11/5 | 日度变化 | 筒 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 山东基差(+80)(弘润) | ારિટ | 6 | 7 | 17 | -16 | -33 | | | | 华东基差(镇江库) | 105 | 106 | 117 | 157 | 124 | -33 | | | 基差&月差 | 华南县差(佛山库) | રે ર | 126 | 87 | 107 | 134 | 27 | | | | 12-01 | 20 | 15 | 0 | -4 | -2 | 2 | | | | 12-03 | 3 | -6 | -32 | -35 | -40 | -5 | | | | 01-02 | -8 | -5 | -13 | -15 | -19 | -4 | | | | BU主力合约(01) | 3375 | 3254 | 3233 | 3193 | 3166 | -27 | | | 4:11:1 | 成交量 | 216059 | 212219 ...

Group 1: Report Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Views - The copper market is influenced by tariff negotiation progress. With tight supply at the mine end and growing infrastructure and power demand in Southeast Asia and the Middle East, a strategy of buying on dips is maintained. Attention should be paid to the support around $10,300 for LME copper [1]. - The domestic apparent demand for aluminum is good, with high proportion of molten aluminum and inventory reduction. With improved Sino - US economic and trade relations and better demand, a long - term strategy of holding on dips is recommended [1]. - The zinc price fluctuates upward. The supply side has tightening issues, and the demand side is seasonally weak domestically and has some production resistance overseas. In the short term, it is recommended to wait and see for unilateral trading, and pay attention to reverse arbitrage and positive arbitrage opportunities [2]. - The supply of nickel remains high, demand is weak, and inventories are accumulating. With continuous disturbances at the Indonesian mine end and potential price - supporting policies, short - selling opportunities on rallies can be considered [3]. - The lead price drops due to downstream production cuts. Supply and demand are in a tight mismatch, and it is expected that the lead price will fluctuate narrowly next week, with a recommended cautious approach [7]. - The tin price fluctuates. The supply side has marginal improvement, and the demand side is mainly supported by rigidity. In the short term, it is recommended to follow the macro - sentiment, and in the long - term, buy on dips near the cost line [8]. - The supply of industrial silicon is expected to decline in the fourth quarter, but the supply - demand is in a balanced and slightly loose state. In the long - term, the price is expected to fluctuate at the cycle bottom [9]. - The price of lithium carbonate drops on Friday due to rumors. With strong support from the supply side and potential demand changes, the medium - to - long - term pattern may change in 1 - 2 years [9]. - For stainless steel, the supply increases slightly in October, demand is mainly for rigid needs, costs are stable, and inventories are high [12]. Group 3: Summary by Metal Copper - Market prices and related indicators such as spot price, premium, inventory, and import profit are presented from October 30 to November 5, 2025. The overall copper price has a downward test, downstream开工 further declines, and inventory shows a slight de - stocking pattern [1]. Aluminum - Data on aluminum ingot prices, alumina prices, inventory, and other indicators are provided from October 30 to November 5, 2025. Domestic apparent demand is good, and overseas supply has production - halt disturbances [1]. Zinc - Information on zinc prices, inventory, import profit, and other aspects is given from October 30 to November 5, 2025. The zinc price fluctuates upward, with supply - side tightening and demand - side weakness [2]. Nickel - Data on nickel ore, high - nickel iron, nickel prices, and inventory are shown from October 30 to November 5, 2025. Supply is high, demand is weak, and inventories are accumulating [3]. Lead - Information on lead prices, inventory, and import profit is presented from October 30 to November 5, 2025. The lead price drops due to downstream production cuts, and supply - demand is in a tight situation [7]. Tin - Data on tin import and export earnings, inventory, and other indicators are provided from October 30 to November 5, 2025. The tin price fluctuates, with supply - side marginal improvement and demand - side rigidity [7][8]. Industrial Silicon - Information on industrial silicon basis and warehouse receipts is given from October 30 to November 5, 2025. The supply is expected to decline in the fourth quarter, and the supply - demand is balanced and slightly loose [9]. Lithium Carbonate - Data on lithium carbonate prices, basis, and warehouse receipts are presented from October 30 to November 5, 2025. The price drops on Friday due to rumors, and the medium - to - long - term pattern may change [9]. Stainless Steel - Information on stainless steel product prices is provided from October 30 to November 5, 2025. Supply increases slightly, demand is rigid, costs are stable, and inventories are high [12].

Report Industry Investment Rating - Not provided in the given content Core Viewpoint - Not provided in the given content Summary by Relevant Catalogs Price - For silicon ferroalloy, on November 6, 2025, the latest price of Ningxia 72 silicon ferroalloy natural block was 5150 yuan, with no daily change and a weekly decrease of 20 yuan; the latest price of Inner Mongolia 72 was 5220 yuan, a daily decrease of 30 yuan and a weekly increase of 20 yuan. For silicon manganese, the latest price of Inner Mongolia 6517 silicon manganese alloy was 5620 yuan, with no daily change and a weekly decrease of 60 yuan [2]. - The report also presents historical price trends of various silicon ferroalloy and silicon manganese products from 2021 - 2025, including market prices in different regions, export and import prices, and contract closing prices [3][6]. Supply - The report shows the production and capacity utilization data of 136 silicon ferroalloy enterprises in China from 2021 - 2025, including monthly production, weekly production, and monthly capacity utilization in Inner Mongolia, Ningxia, and Shaanxi [4]. - It also provides the weekly production data of silicon manganese in China from 2021 - 2025, as well as the monthly procurement volume and price data of Hebei Iron and Steel Group for silicon manganese [6]. Demand - The report includes the demand data of silicon manganese in China from 2021 - 2025 (in accordance with the Steel Union's caliber), and also presents data on the production of crude steel, metal magnesium, and the opening rate of 87 independent electric arc furnace steel mills in China [4][7]. Inventory - For silicon ferroalloy, it shows the weekly inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2021 - 2025, as well as data on warehouse receipts, effective forecasts, and inventory average available days in different regions [5]. - For silicon manganese, it presents the daily warehouse receipt quantity, effective forecast quantity, warehouse receipt + effective inventory, and daily unilateral trading position data from 2021 - 2025, along with the weekly inventory data of 63 sample enterprises in China [7]. Cost and Profit - For silicon ferroalloy, it shows the electricity price data of different regions from 2021 - 2025, the market price and opening rate data of semi - coke, and the production cost, profit from converting to the main contract, and spot profit data of Ningxia and Inner Mongolia [5]. - For silicon manganese, it presents the profit data of different regions (Inner Mongolia, Guangxi, northern and southern regions) from 2021 - 2025, as well as the profit data of Guangxi and Ningxia when converted to the main contract [7].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views - For methanol, the current situation remains poor, with Iranian plant shutdowns slower than expected, high imports likely in November, difficult resolution of the 01 contract contradictions, expected resolution of port sanctions before the end of gas restrictions, difficult inventory reduction, limited upward momentum for methanol, and the downward space depending on the inland situation. Recent coal price increases do not affect profits [1] - For polyethylene, overall inventory is neutral, the 09 contract basis is around -110 in North China and -50 in East China, external markets in Europe, America, and Southeast Asia are stable, import profit is around -200 with no further increase for now, non - standard HD injection molding prices are stable, other price differences are volatile, LD is weakening, domestic linear production has decreased recently, and attention should be paid to LL - HD conversion and new device commissioning [6] - For PP, upstream and mid - stream inventories are decreasing, the basis is -60, non - standard price differences are neutral, import profit is around -700, export is good, PDH profit is around -400, propylene price is volatile, powder material operation rate is stable,拉丝 production ratio is neutral, future supply is expected to increase slightly, downstream orders are average, and attention should be paid to export volume and PDH device maintenance [6] - For PVC, the basis is maintained at 01 - 270, factory - delivery basis is -480, downstream operation rate is seasonally weakening, low - price inventory holding willingness is strong, mid - and upstream inventories are continuously accumulating, attention should be paid to new device commissioning and export sustainability in Q4, recent export orders have slightly decreased, coal sentiment is positive, and attention should be paid to export, coal price, housing sales, terminal orders, and operation rate [6] Group 3: Summary by Commodity Methanol - From October 30 to November 5, 2025, the power coal futures price remained at 801, while the prices of methanol in various regions showed different degrees of decline. The daily change on November 5 showed a 5 - unit increase in the Lunan converted - to - futures price and a 15 - unit increase in the main contract basis [1] Polyethylene (PE) - From October 30 to November 5, 2025, the price of Northeast Asian ethylene remained at 740 on some days, and the prices of various PE products in different regions generally declined. The daily change on November 5 showed a 20 - unit decrease in the North China LL price and a 65 - unit decrease in the main futures price, with a 60 - unit increase in the basis [6] Polypropylene (PP) - From October 30 to November 5, 2025, the prices of Shandong propylene and Northeast Asian propylene decreased, and the prices of various PP products in different regions also declined. The daily change on November 5 showed an 80 - unit decrease in the Shandong propylene price and a 69 - unit decrease in the main futures price [6] Polyvinyl Chloride (PVC) - From October 30 to November 5, 2025, the price of Northwest calcium carbide decreased from 2500 to 2400, and the prices of various PVC products in different regions also declined. The daily change on November 5 showed a 50 - unit decrease in the Northwest calcium carbide price and a 30 - unit decrease in the calcium - carbide - based East China PVC price, with a 10 - unit increase in the basis [6]

、误导或造成资料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 最新 日变化 周变化 月变化 年变化 最新 日变化 周变化 月变化 年变化 秦皇岛5500 794.0 10.0 28.0 89.0 -61.0 25省终端可用天数 25.9 -0.8 6.0 5.0 8.3 秦皇岛5000 701.0 10.0 25.0 88.0 -54.0 25省终端供煤 514.3 -1.4 -94.2 -125.7 -108.5 广州港5500 825.0 10.0 20.0 60.0 -85.0 北方港库存 2198.0 3.0 17.0 -32.0 -209.5 鄂尔多斯5500 565.0 5.0 25.0 75.0 -65.0 北方锚地船舶 90.0 17.0 -13.0 41.0 46.0 大同5500 615.0 5.0 25.0 70.0 -95.0 北方港调入量 179.8 3.1 23.8 26.3 0.8 榆林6000 712.0 10.0 30.0 70.0 -108.0 北方港吞吐量 189.9 61.1 1.9 49.5 42.2 榆林6200 740.0 1 ...

Group 1: Report Information - The report is a daily report on coke, released on November 6, 2025, by the Black Team of the Research Center [1] Group 2: Price and Production Data - **Coke Prices**: The latest price of Shanxi quasi - first wet - quenched coke is 1591.62, with a daily and weekly increase of 54.61, a monthly increase of 109.23, and a year - on - year decrease of 15.71%. Hebei, Shandong, Jiangsu quasi - first dry - quenched cokes and Inner Mongolia second - grade coke also have different price changes [2] - **Production and Utilization**: The blast furnace operating rate is 88.61, with a weekly decrease of 1.33, a monthly decrease of 2.04, and a year - on - year increase of 0.15%. The daily average pig iron output is 236.36, with a weekly decrease of 3.54, a monthly decrease of 5.45, and a year - on - year increase of 0.38%. The coking capacity utilization rate is 73.16, with a weekly decrease of 0.83, a monthly decrease of 2.15, and a year - on - year decrease of 0.54%. The daily average coke output is 53.30, with a weekly increase of 2.09, a monthly increase of 1.01, and a year - on - year increase of 4.88% [2] Group 3: Inventory Data - **Inventory Quantities**: Coking plant inventory is 37.52, with a weekly increase of 0.03, a monthly decrease of 1.49, and a year - on - year decrease of 14.88%. Port inventory is 211.10, with a weekly increase of 11.01, a monthly increase of 17.01, and a year - on - year increase of 18.50%. Steel mill inventory is 629.05, with a weekly decrease of 4.11, a monthly decrease of 34.35, and a year - on - year increase of 8.68% [2] - **Inventory Days**: Steel mill inventory days are 11.57, with a weekly increase of 0.50, a monthly decrease of 0.03, and a year - on - year increase of 4.42% [2] Group 4: Futures Data - **Futures Prices**: The prices of futures contracts 05, 09, and 01 are 1882.5, 1967.5, and 1740.5 respectively, with different daily, weekly, monthly, and year - on - year changes [2] - **Basis and Spreads**: The basis for 05, 09, and 01 contracts and the spreads between 5 - 9, 9 - 1, and 1 - 5 contracts also have corresponding changes [2] Group 5: Historical Data Graphs - The report presents historical data graphs of various indicators such as coke prices in different regions (Linfen, Lvliang, Changzhi, etc.), port prices, blast furnace capacity utilization, pig iron output, steel mill coke inventory, Mongolian port prices, etc. from 2021 to 2025 [3]

Group 1: Report Summary - The report is an agricultural product morning report released by the agricultural product team of the research center on November 6, 2025, covering the market conditions of corn/starch, sugar, cotton/cotton yarn, eggs, apples, and pigs [1] Group 2: Corn/Starch Market Data - From October 30 to November 5, 2025, the prices in Changchun, Jinzhou, Weifang, and Shekou showed different trends, and the basis fluctuated, with a change of 1; the trade profit was 0, and the import profit and loss changed by 15. For starch, the prices in Heilongjiang and Weifang remained unchanged, the basis decreased by 7, and the processing profit decreased by 4 [2] Core Viewpoint - Short - term: Corn prices are under pressure due to the concentrated listing of grain sources, and starch prices are also under pressure due to high inventory. Medium - long term: After the first peak of grain sales, the game between farmers and traders will affect corn prices, and downstream consumption rhythm will be the key factor for starch prices [3] Group 3: Sugar Market Data - From October 30 to November 5, 2025, the spot prices in Liuzhou, Nanning, and Kunming decreased, the Liuzhou basis changed by 30, the import profits from Thailand and Brazil changed by 24 and 23 respectively, and the Zhengzhou Futures market decreased by 10 [4][5] Core Viewpoint - Internationally, Brazilian supply pressure weighs on sugar prices, and the narrowing of the sugar - alcohol price difference reduces the sugar - making ratio. Domestically, short - term Zhengzhou sugar is stronger than the external market, and the domestic sugar cost is an important support. In the medium - long term, if the global sugar market surplus intensifies, the domestic sugar cost may be broken through [6] Group 4: Cotton/Cotton Yarn Market Data - From October 30 to November 5, 2025, the price of 3128 cotton decreased by 15, the import profit of cotton yarn changed, the number of warehouse receipts + forecasts increased by 142, the import profit of Vietnamese yarn decreased by 16, and the 32S spinning profit increased by 16 [7] Core Viewpoint - Cotton prices are in a consolidation phase, waiting for demand verification. If there are no major macro - risk events, the April low may be the long - term bottom, and the downside space is limited. Attention should be paid to changes in the demand side [9] Group 5: Eggs Market Data - From October 30 to November 5, 2025, the prices in Hebei, Liaoning, Shandong, Henan, and Hubei showed different trends, the basis decreased by 87, and the prices of substitute products such as white - feather broilers, yellow - feather broilers, and pigs changed to different extents, with the pig price increasing by 0.17 [13] Core Viewpoint - Supply - side pressure is partially relieved by orderly chicken culling and a decrease in new egg - laying hens. Demand - side, cooler weather allows for longer egg storage, and some traders start to build inventory. The elimination process has not accelerated significantly, and future attention should be paid to the change in the elimination rhythm [12][13] Group 6: Apples Market Data - From October 30 to November 5, 2025, the price of Shandong 80 first - and second - grade apples remained at 8000 yuan, and the basis for January, May, and October decreased to different extents [15][16] Core Viewpoint - New - season late - maturing Fuji apples are gradually on the market. The start - of - harvest price in Shandong is higher than last year due to rainfall. The national output has decreased, and the quality in some areas is poor. The short - term futures market is expected to fluctuate upward [16] Group 7: Pigs Market Data - From October 30 to November 5, 2025, the prices in Henan Kaifeng, Hubei Xiangyang, Shandong Linyi, Anhui Hefei, and Jiangsu Nantong decreased, and the basis decreased by 360 [16] Core Viewpoint - Weekend spot prices weakened, second - fattening replenishment slowed down after price increases, and slaughterhouse losses led to a decline in slaughter volume. Short - term rebounds are stimulated by low prices, but medium - term supply pressure remains due to insufficient capacity reduction. The process of capacity and inventory reduction is the key driver of the market, and attention should be paid to factors such as the slaughter rhythm, diseases, and policies [16]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Report Core View - The report provides cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 6, 2025 [1][4][5] Group 3: Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Domestic spot price is 85,470, March price is 85,690, LME March price is 10,668, and the ratio is 8.00 [1] - **Zinc**: Domestic spot price is 22,500, March price is 22,690, LME March price is 3,072, and the ratio is 5.70 [1] - **Aluminum**: Domestic spot price is 21,300, March price is 21,435, LME March price is 2,857, and the ratio is 7.47 [1] - **Nickel**: Domestic spot price is 122,000, and the profit of spot import is - 1,264.30 [1] - **Lead**: Domestic spot price is 17,275, March price is 17,495, LME March price is 2,022, and the ratio is 11.16 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are - 30, - 10, 20, and 10 respectively, while the theoretical spreads are 531, 959, 1397, and 1834 [4] - **Zinc**: The spreads are 35, 75, 80, and 80 respectively, and the theoretical spreads are 216, 338, 460, and 582 [4] - **Aluminum**: The spreads are - 30, 10, 10, and 15 respectively, and the theoretical spreads are 218, 337, 456, and 576 [4] - **Lead**: The spreads are 85, 105, 95, and 80 respectively, and the theoretical spreads are 212, 320, 428, and 536 [4] - **Nickel**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are 640, 840, 1020, and 1310 respectively [4] - **Tin**: The 5 - 1 spread is - 370, and the theoretical spread is 5834 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month contract - spot and the next - month contract - spot are 395 and 365 respectively, and the theoretical spreads are 259 and 727 [4] - **Zinc**: The spreads are 115 and 150 respectively, and the theoretical spreads are 131 and 254 [4][5] - **Lead**: The spreads are 115 and 200 respectively, and the theoretical spreads are 127 and 242 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) are 3.78, 4.00, 4.90, 0.94, 1.23, and 0.77 respectively [5]