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 - ...

合成橡胶早报 研究中心能化团队 2025/11/14 | 品种 | 类別 | 指标 | 10/14 | 11/7 | 11/11 | 11/12 | 11/13 | 日度变化 | 周度变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | BR主力合约(12) | 10780 | 10190 | 10240 | 10430 | 10480 | 50 | 290 | | | | 持つ量 | 29075 | 85686 | 82041 | 76397 | 76365 | -32 | -9321 | | | 需回 | 成交量 | 65011 | 106318 | 89151 | 151513 | 99633 | -51880 | -୧୧୫୧ | | | | 仓単数量 | 8750 | 12300 | 12610 | 12610 | 12510 | -100 | 210 | | | | 虚实比 | 16.61 | 34.83 | 32.53 | 30.29 | 30.52 | 0 | -4 | | | | 顺丁基差 | 270 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - **Methanol**: The current situation remains poor. Iranian plant shutdowns are slower than expected, and November is likely to see high imports. The contradiction in the 01 contract is difficult to resolve. The issue of port sanctions is expected to be resolved before the end of gas restrictions, but inventory reduction is difficult. Methanol has limited upside potential, and the downside space depends on the situation in the inland region. Recently, coal prices have strengthened, but it does not affect profits [1]. - **Polyethylene**: The inventory of Sinopec and PetroChina is neutral year - on - year. The upstream (Sinopec and PetroChina) and coal - chemical industries are reducing inventory, while social inventory remains flat. Downstream inventory of raw materials and finished products is neutral. Overall inventory is neutral. The 09 basis is around - 110 in North China and - 50 in East China. The import profit is around - 200, with no further increase for now. The price of non - standard HD injection molding is stable, and other price differentials are fluctuating, with LD weakening. Domestic linear production has decreased recently. Attention should be paid to LL - HD conversion and US quotations. New device pressure is high in 2025, and the commissioning of new devices should be monitored [6]. - **PP**: The upstream (Sinopec and PetroChina) and mid - stream of polypropylene are reducing inventory. In terms of valuation, the basis is - 60, non - standard price differentials are neutral, and the import profit is around - 700. Exports have been good this year. Non - standard price differentials are neutral. European and American markets are stable. PDH profit is around - 400, propylene prices are fluctuating, and powder production starts are stable. The proportion of drawing production is neutral. Future supply is expected to increase slightly. Downstream orders are average currently, and raw material and finished product inventories are neutral. Under the background of over - capacity, the 01 contract is expected to face moderately excessive pressure. If exports continue to increase or there are many PDH device overhauls, the supply pressure can be alleviated to a neutral level [6]. - **PVC**: The basis of the 01 contract is maintained at - 270, and the ex - factory basis is - 480. Downstream operating rates are seasonally weakening, and the willingness to hold inventory at low prices is strong. Mid - and upstream inventories are continuously accumulating. In summer, Northwest plants have seasonal overhauls, and the load center is between the spring overhaul and the high production in Q1. In Q4, attention should be paid to the commissioning of new plants and the sustainability of exports. Recent export orders have declined slightly. Coal sentiment is positive, and the cost of semi - coke is stable. The profit of calcium carbide is under pressure due to PVC overhauls. The FOB counter - offer for caustic soda exports is 380. PVC comprehensive profit is - 100. Currently, the contradiction of static inventory is accumulating slowly, costs are stable, downstream performance is average, and the macro - environment is neutral. Attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and operating rates [6]. 3. Summary by Commodity Methanol - **Price Data**: From November 6th to 12th, the price of thermal coal futures remained at 801. The prices of Jiangsu and South China spot, and other regional converted prices had certain fluctuations. For example, the Jiangsu spot price increased from 2088 on November 6th to 2082 on November 12th. The import profit and other indicators also changed slightly [1]. - **View**: The current situation is poor, with high imports expected in November. Inventory reduction is difficult, and the upside of methanol is limited. The downside depends on the inland region, and coal price strengthening does not affect profits [1]. Polyethylene - **Price Data**: From November 6th to 12th, the price of Northeast Asian ethylene remained at 740. The prices of North China LL, East China LL, etc. had certain changes. For example, the East China LL price increased from 6975 on November 6th to 7000 on November 12th. The two - oil inventory decreased from 69 on November 6th to 67 on November 7th and then continued to change [6]. - **View**: The overall inventory is neutral. The 09 basis varies in different regions. The import profit is around - 200 with no further increase. Non - standard HD injection molding price is stable, and LD is weakening. Domestic linear production has decreased recently. Attention should be paid to various factors such as new device commissioning [6]. PP - **Price Data**: From November 6th to 12th, the price of Shandong propylene and Northeast Asian propylene had certain fluctuations. The prices of East China PP, North China PP, etc. also changed. For example, the East China PP price increased from 6320 on November 6th to 6365 on November 12th. The two - oil inventory and other indicators also had corresponding changes [6]. - **View**: The upstream and mid - stream are reducing inventory. The basis, non - standard price differentials, and import profit are in a certain state. Exports are good. Future supply is expected to increase slightly, and attention should be paid to factors such as new device commissioning and PDH device overhauls [6]. PVC - **Price Data**: From November 6th to 12th, the price of Northwest calcium carbide remained at 2400. The prices of calcium carbide - based PVC in different regions and other indicators had certain changes. For example, the calcium carbide - based PVC price in Northwest decreased from 4320 on November 6th to 4250 on November 11th [6]. - **View**: The basis is at a certain level. Downstream operating rates are weakening, and mid - and upstream inventories are accumulating. Attention should be paid to factors such as new device commissioning, exports, and cost changes [6].

·据塔斯社报道，俄罗斯外交部官员Alexei Polishchuk周三称，俄罗斯准备在伊斯坦布尔恢复与乌克兰的谈判。 ·消息人士称，俄罗斯卢克石油公司已向美国财政部申请延长11月21日之后禁止与该公司进行交易的最后期限。 原油成品油早报 研究中心能化团队 2025/11/13 | 日期 | WTI | BRENT | DUBAI | diff FOB dated bre | BRENT 1- 2月差 | WTI-BREN T | DUBAI-B RT（EFS | NYMEX RB OB | RBOB-BR T | NYMEX HO | HO-BRT | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | nt | | | | | | | | | 2025/11/06 | 59.43 | 63.38 | 64.73 | 0.13 | 0.31 | -3.95 | -0.01 | 196.56 | 19.18 | 249.61 | 41.46 | | 2025/11/07 | 59.75 | 63. ...

Group 1: Report Summary - The report is a pulp morning report from the Energy and Chemicals Team of the Research Center, dated November 13, 2025 [1] Group 2: SP Main Contract Information - The closing price of the SP main contract on November 12, 2025, was 5482.00 [1] - The closing prices on previous days were 5484.00 (November 11), 5468.00 (November 10), 5394.00 (November 7), and 5368.00 (November 6) [1] - The corresponding dollar - converted prices were 672.85 (November 12 and 11), 671.16 (November 10), 661.50 (November 7), and 658.32 (November 6) [1] - The daily price changes were - 0.03647% (November 12), 0.29261% (November 11), 1.37189% (November 10), 0.48435% (November 7), and 0.14925% (November 6) [1] - The Shandong Yinxing basis was 58 (November 12), 56 (November 11), 57 (November 10), 106 (November 7), and 132 (November 6) [1] - The Jiangsu, Zhejiang, and Shanghai Yinxing basis was 83 (November 12), 81 (November 11), 57 (November 10), 131 (November 7), and 157 (November 6) [1] Group 3: Import Information - For Canadian pulp, the CFR price of Golden Lion was 780 dollars, with a Shandong - area RMB price of 6200 and an import profit of - 145.57; the CFR price of Lion was 730 dollars, with a Shandong - area RMB price of 5500 and an import profit of - 443.29 [2] - For Chilean pulp, the CFR price of Silver Star (90 - day letter of credit) was 680 dollars, with a Shandong - area RMB price of 5540 and an import profit of - 1.01 [2] Group 4: Pulp Price Averages - From November 6 to November 12, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [2] - The Shandong - area average prices of these pulps also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [2] Group 5: Paper Index and Profit Margin - The cultural paper (double - offset index, double - copper index), packaging paper (white - card index), and living paper (living index) remained unchanged from November 7 to November 12, 2025 [2] - The profit margins of double - offset, double - copper, white - card, and living paper changed from November 7 to November 12, and remained unchanged on November 11 and 12 [2] Group 6: Pulp Price Spreads - The price spreads between softwood and hardwood, softwood and natural, softwood and chemimechanical, and softwood and waste paper changed from November 6 to November 12, 2025 [2]

Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, and LME Copper are 4136.75, 51.54, 1592.00, 1446.00, and 10849.00 respectively, with changes of 13.45, 0.30, 16.00, 32.00, and 40.00 [1]. - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, and US Dollar to Japanese Yen are 99.48, 1.16, 1.31, and 154.82 respectively, with changes of -0.00, 0.00, -0.00, and 0.67 [1]. Trading Data - The latest COMEX silver inventory is 14873.43, with a change of -11.39; the latest SHFE silver inventory is 583.06, with a change of -8.82; the latest gold ETF holdings are 1046.64, with a change of 0.28; the latest silver ETF holdings are 15088.63, with no change; the latest SGE silver inventory data is not provided; the latest SGE gold deferred fee payment direction is 2, with a change of 1.00; the latest SGE silver deferred fee payment direction is 2, with no change [1].

焦炭日报 研究中心黑色团队 2025/11/13 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1591.62 | 0.00 | 54.61 | 109.23 | -15.71% 高炉开工率 | 87.81 | | -0.80 | -2.74 | -0.67% | | 河北准一干熄 | 1845.00 | 0.00 | 55.00 | 110.00 | 1.93% 铁水日均产量 | 234.22 | | -2.14 | -7.32 | 0.07% | | 山东准一干熄 | 1770.00 | 0.00 | 55.00 | 110.00 | -14.29% 盘面05 | 1834.5 | -22.00 | -71.00 | 53.50 | -8.21% | | 江苏准一干熄 | 1810.00 | 0.00 | 55.00 | 110.00 | -14.01% 盘面09 | 1919 ...

Group 1: Report Overview - Report Name: Coking Coal Daily Report [1] - Date: November 13, 2025 [1] - Research Team: Black Team of the Research Center [1] Group 2: Price Information - **Coking Coal Prices** - Liulin Main Coking Coal: The latest price is 1,645.00, with a monthly increase of 95.00 and an annual increase of 3.46% [2] - Raw Coal Port Warehouse Pick - up Price: The latest price is 1,100.00, with a daily decrease of 11.00, a weekly decrease of 65.00, and an annual decrease of 3.51% [2] - Shaheyi Mongolian No. 5: The latest price is 1,550.00, with a monthly increase of 130.00 and an annual decrease of 5.49% [2] - Anze Main Coking Coal: The latest price is 1,700.00, with a daily and weekly increase of 40.00, a monthly increase of 170.00, and an annual increase of 4.29% [2] - Peak Downs: The latest price is 211.50, with a daily decrease of 0.50, a monthly increase of 5.50, and an annual decrease of 7.00 [2] - Goonyella: The latest price is 210.50, with a daily and weekly decrease of 1.00, a monthly increase of 5.00, and an annual decrease of 8.00 [2] - **Futures Prices** - Futures Contract 05: The latest price is 1,276.00, with a daily decrease of 13.00, a weekly decrease of 66.00, and an annual decrease of 4.74% [2] - Futures Contract 09: The latest price is 1,347.00, with a daily decrease of 5.50, a weekly decrease of 57.50, and an annual decrease of 2.81% [2] - Futures Contract 01: The latest price is 1,217.50, with a daily decrease of 24.50, a weekly decrease of 65.00, and an annual decrease of 5.11% [2] Group 3: Inventory Information - **Total Inventory**: The latest total inventory is 3,370.26, with a weekly increase of 47.67, a monthly increase of 75.88, and an annual decrease of 13.00% [2] - **Coal Mine Inventory**: The latest coal mine inventory is 165.59, with a weekly increase of 1.06, a monthly decrease of 30.27, and an annual decrease of 43.01% [2] - **Port Inventory**: The latest port inventory is 290.15, with a weekly increase of 14.50, a monthly decrease of 4.84, and an annual decrease of 31.77% [2] - **Steel Mill Coking Coal Inventory**: The latest steel mill coking coal inventory is 796.32, with a weekly increase of 13.36, a monthly increase of 8.26, and an annual increase of 7.26% [2] - **Coking Plant Coking Coal Inventory**: The latest coking plant coking coal inventory is 1,052.48, with a weekly increase of 22.78, a monthly increase of 14.77, and an annual increase of 15.19% [2] - **Coking Plant Coke Inventory**: The latest coking plant coke inventory is 84.99, with a monthly decrease of 0.54 and an annual decrease of 1.87% [2] Group 4: Other Information - **Coking Capacity Utilization Rate**: The latest coking capacity utilization rate is 72.31, with a weekly decrease of 1.13, a monthly decrease of 2.87, and an annual decrease of 1.61% [2] - **Basis and Spread Information** - 05 Basis: The latest 05 basis is 88.14, with a daily increase of 13.00, a weekly increase of 66.00, and an annual increase of 79.59 [2] - 09 Basis: The latest 09 basis is 17.14, with a daily increase of 5.50, a weekly increase of 57.50 [2] - 01 Basis: The latest 01 basis is 146.64, with a daily increase of 24.50, a weekly increase of 65.00, and an annual increase of 1.25 [2] - 5 - 9 Spread: The latest 5 - 9 spread is - 71.00, with a daily decrease of 7.50, a weekly decrease of 8.50 [2] - 9 - 1 Spread: The latest 9 - 1 spread is 129.50, with a daily increase of 19.00, a weekly increase of 7.50 [2] - 1 - 5 Spread: The latest 1 - 5 spread is - 58.50, with a daily decrease of 11.50, a weekly increase of 1.00 [2]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - The report presents the price, production and sales, and inventory data of glass and soda ash, reflecting the current market situation of the two industries[2] Group 3: Summary by Related Catalogs Glass - **Price**: From November 5th to November 12th, 2025, the prices of most glass products showed a downward trend, such as the 5mm large - plate glass of Shahe Anquan, which decreased from 1138.0 to 1100.0, a weekly decrease of 38.0 and a daily decrease of 13.0. The FG05 contract decreased from 1231.0 to 1169.0, a weekly decrease of 62.0 and a daily decrease of 15.0[2] - **Production and Sales**: Shahe's production and sales rate was 87, Hubei's was 88, East China's was 92, and South China's was 95. Shahe's factory production and sales gradually weakened, and the sales of Hubei's factories also decreased[2] - **Profit**: The profits of some production methods decreased, such as the North China coal - fired profit, which decreased from 200.0 to 143.1, a weekly decrease of 56.9 and a daily decrease of 5.1. The 05FG contract's natural gas profit decreased from - 143.5 to - 206.5, a weekly decrease of 63.1 and a daily decrease of 14.0[2] Soda Ash - **Price**: From November 5th to November 12th, 2025, the prices of some soda ash products increased, such as the Shahe heavy - soda ash, which increased from 1140.0 to 1170.0, a weekly increase of 30.0. The SA05 contract increased from 1282.0 to 1287.0, a weekly increase of 5.0[2] - **Industry Situation**: The upstream inventory of the soda ash industry slightly decreased[2] - **Profit**: The profits of some production methods showed different trends. The North China ammonia - alkali profit decreased from - 306.2 to - 298.4, a weekly increase of 7.7 and a daily decrease of 1.9. The North China combined - alkali profit decreased from - 325.1 to - 331.5, a weekly decrease of 6.4 and a daily decrease of 1.6[2]