Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Crude oil maintained a volatile trend this week. On Friday, news of a potential US military attack on Venezuela led to a rise in oil prices, and on Sunday, OPEC+ confirmed a 137,000 - barrel - per - day production increase in December. With short - term geopolitical risks emerging again, but significant pressure on crude oil supply release due to factors like Brazil's P78投产, OPEC's further production increase, and high US total production, the crude oil market maintains a weak pattern [6]. 3. Summary by Related Catalogs Daily News - OPEC+ representatives said that OPEC+ members will approve a small production increase in December, restoring about 137,000 barrels per day of suspended production, consistent with the previous small - scale production increase in October and November [3]. - Peskov stated that there is no immediate need for a "Putin - Trump meeting" and that the details need careful preparation [4]. - The total number of US oil rigs as of the week ending October 31 was 414, down from 420 in the previous week [4]. - US media reported that the US is about to launch a military attack on Venezuela, causing international oil prices to soar. Venezuela's current oil export volume is about 700,000 to 900,000 barrels per day [4]. - Indian Oil Corporation bought 5 cargoes of Russian ESPO crude for December delivery from non - sanctioned entities at a price close to the Dubai quote [5]. Inventory - In the week ending October 24, US crude oil exports increased by 158,000 barrels per day to 4.361 million barrels per day [5]. - US domestic crude oil production increased by 15,000 barrels to 13.644 million barrels per day in the week ending October 24 [5]. - Commercial crude oil inventories excluding strategic reserves decreased by 6.858 million barrels to 416 million barrels, a decrease of 1.62% [5]. - The four - week average supply of US crude oil products was 20.753 million barrels per day, a 0.91% decrease from the same period last year [5]. - US Strategic Petroleum Reserve (SPR) inventories increased by 533,000 barrels to 409.1 million barrels, an increase of 0.13% in the week ending October 24 [5]. - US commercial crude oil imports excluding strategic reserves were 5.051 million barrels per day in the week ending October 24, a decrease of 867,000 barrels per day from the previous week [5]. - US EIA gasoline inventories decreased by 5.941 million barrels in the week ending October 24, compared with an expected decrease of 1.903 million barrels and a previous decrease of 2.147 million barrels [5]. - US EIA refined oil inventories decreased by 3.362 million barrels in the week ending October 24, compared with an expected decrease of 1.735 million barrels and a previous decrease of 1.479 million barrels [5]. - From October 23 - 30, the operating rate of domestic major refineries decreased, while that of local refineries increased slightly. Gasoline and diesel inventories accumulated, with local refinery gasoline inventories rising and diesel inventories decreasing. The profits of both major and local refineries declined [6]. Weekly View - In the first 26 days of October, Russia's average daily seaborne oil product exports were 1.89 million barrels. Preliminary data from Kpler showed that Russia's average daily seaborne crude oil exports in October were 5.198 million barrels per day, a decrease of 460,000 barrels per day month - on - month and an increase of 321,000 barrels per day year - on - year [6]. - This week, the total global on - land oil inventory increased slightly, while the total floating storage inventory decreased slightly. Affected by a significant decline in net crude oil imports, US commercial crude oil inventories decreased by 6.858 million barrels, and gasoline and diesel inventories decreased. Refinery profits in Europe and the US rebounded [6].

Report Summary 1. Report Industry Investment Rating No information provided in the report about the industry investment rating. 2. Report Core View The report presents the basis data of various commodities as of October 31, 2025, including macro, black, energy - chemical, non - ferrous, and agricultural products, aiming to show the price relationship between spot and futures of different commodities [2][3][4][5]. 3. Summary by Category Macro - IF: Spot price was 4641, down 69. Basis was 9, corresponding to the 2512 contract, with a basis deviation of 0.26 [2]. - IH: Spot price was 3012, down 35. Basis was - 4, corresponding to the 2512 contract, with a basis deviation of - 0.56 [2]. - IC: Spot price was 7331, down 55. Basis was 89, corresponding to the 2512 contract, with a basis deviation of 0.75 [2]. Black - For example, Shanghai's rebar spot price was 3230, unchanged. Basis was 124, corresponding to the 2601 contract, with a basis deviation of 0.48 [3]. - Tianjin Port's coke spot price was 1710, unchanged. Basis was - 67, corresponding to the 2601 contract, with a basis deviation of - 0.45 [3]. Energy - Chemical - Port methanol spot price was 2125, unchanged. Basis was - 55, corresponding to a third - party provided contract, with a basis deviation of - 0.88 [3]. - East China's PTA spot price was 4514, up 16. Basis was - 72, corresponding to a third - party provided contract, with a basis deviation of - 0.68 [3]. Non - Ferrous - Copper spot price was 87540, down 510. Basis was 0, corresponding to a third - party provided contract, with a basis deviation of - 0.26 [4]. - Aluminum spot price was 21280, up 80. Basis was 0, corresponding to a third - party provided contract, with a basis deviation of 0.27 [4]. Agricultural Products - Jiangsu's 43% soybean meal spot price was 2970, up 30. Basis was - 51, corresponding to the 2601 contract, with a basis deviation of - 0.21 [5]. - Jiangsu's first - grade soybean oil spot price was 8460, up 60. Basis was 332, corresponding to the 2601 contract, with a basis deviation of 0.25 [5].

Report Industry Investment Rating - No information provided Core View - The report tracks cross - market, cross - period, spot - futures, and cross - variety arbitrage of non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on November 3, 2025, including prices, ratios, spreads, and theoretical spreads [1][4][5] Cross - Market Arbitrage Tracking Copper - Spot price: domestic 87540, LME 10869, ratio 8.09; March price: domestic 87030, LME 10883, ratio 8.05; spot import equilibrium ratio 8.09 [1] Zinc - Spot price: domestic 22270, LME 3115, ratio 7.15; March price: domestic 22390, LME 3029, ratio 5.74; spot import equilibrium ratio 8.52, profit - 4254.44 [1] Aluminum - Spot price: domestic 21280, LME 2852, ratio 7.46; March price: domestic 21325, LME 2858, ratio 7.48; spot import equilibrium ratio 8.34, profit - 2503.54 [1] Nickel - Spot price: domestic 123150, LME 14980, ratio 8.22; spot import equilibrium ratio 8.18, profit - 1939.89 [1] Lead - Spot price: domestic 17150, LME 1992, ratio 8.65; March price: domestic 17400, LME 2019, ratio 11.09; spot import equilibrium ratio 8.74, profit - 175.90 [3] Cross - Period Arbitrage Tracking Copper - Spreads (next month - spot month, March - spot month, April - spot month, May - spot month): - 900, - 880, - 920, - 930; theoretical spreads: 542, 981, 1430, 1878 [4] Zinc - Spreads: 30, 65, 75, 95; theoretical spreads: 215, 335, 456, 577 [4] Aluminum - Spreads: 70, 95, 90, 100; theoretical spreads: 217, 335, 453, 572 [4] Lead - Spreads: 30, 40, 30, 25; theoretical spreads: 212, 320, 427, 535 [4] Nickel - Spreads: - 70, 120, 260, 540 [4] Tin - 5 - 1 spread: - 950; theoretical spread: 5875 [4] Spot - Futures Arbitrage Tracking Copper - Current month contract - spot spread 390, next month contract - spot spread - 510; theoretical spreads 348, 701 [4] Zinc - Current month contract - spot spread 55, next month contract - spot spread 85; theoretical spreads 138, 268 [4] Lead - Current month contract - spot spread 210, next month contract - spot spread 240; theoretical spreads 156, 270 [5] Cross - Variety Arbitrage Tracking - Ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc: Shanghai (three - continuous) 3.89, 4.08, 5.00, 0.95, 1.23, 0.78; London (three - continuous) 3.57, 3.77, 5.38, 0.95, 1.43, 0.66 [5]

Report Summary 1. Report Industry Investment Rating - No information provided. 2. Core Viewpoints - No information provided. 3. Summary by Relevant Catalogs 3.1. Basis and Spread - The Shandong basis (+80) (Hongrun) changed from 126 on 9/30 to 6 on 10/30, with a daily change of 10 on 10/30 [3]. - The East China basis (Zhenjiang warehouse) was 66 on 9/30 and 106 on 10/30, with no daily change on 10/30 [3]. - The South China basis (Foshan warehouse) increased from 56 on 9/30 to 126 on 10/30, with a daily change of 20 on 10/30 [3]. - The 12 - 01 spread changed from 17 on 9/30 to 15 on 10/30, with a daily change of -2 on 10/30 [3]. - The 12 - 03 spread decreased from 5 on 9/30 to -6 on 10/30, with a daily change of -7 on 10/30 [3]. - The 01 - 02 spread was -5 on 9/30 and -5 on 10/30, with a daily change of -1 on 10/30 [3]. 3.2. Futures Contracts - The BU main contract (01) price dropped from 3424 on 9/30 to 3254 on 10/30, with a daily change of -20 on 10/30 [3]. - The trading volume decreased from 229,798 on 9/30 to 212,219 on 10/30, with a daily change of -21,636 (-9%) on 10/30 [3]. - The open interest decreased from 316,935 on 9/30 to 338,671 on 10/30, with a daily change of -1,392 on 10/30 [3]. - The warehouse receipts decreased from 13,040 on 9/30 to 9,120 on 10/30, with a daily change of -800 on 10/30 [3]. 3.3. Spot Market - Brent crude oil price changed from 65.4 on 9/30 to 65.0 on 10/30, with a daily change of 0.1 on 10/30 [3]. - Jingbo asphalt price decreased from 3580 on 9/30 to 3260 on 10/30, with a daily change of -20 on 10/30 [3]. - Honghai asphalt price decreased from 3470 on 9/30 to 3180 on 10/30, with a daily change of -10 on 10/30 [3]. - Zhenjiang warehouse asphalt price decreased from 3490 on 9/30 to 3360 on 10/30, with a daily change of -20 on 10/30 [3]. - Foshan warehouse asphalt price was 3480 on 9/30 and 3380 on 10/30, with no daily change on 10/30 [3]. 3.4. Profits - The asphalt - Ma Rui profit decreased from 379 on 9/30 to 247 on 10/30, with a daily change of -12 on 10/30 [3]. - The Ma Rui - type refinery comprehensive profit decreased from 838 on 9/30 to 690 on 10/30, with a daily change of -6 on 10/30 [3].

Group 1: SP Main Contract Information - The closing price of the SP main contract on October 31, 2025, was 5212.00 [3] - The closing prices from October 27 - 31, 2025, were 5258.00, 5226.00, 5242.00, 5224.00, and 5212.00 respectively [3] - The corresponding dollar - converted prices were 645.65, 642.60, 644.73, 641.44, and 641.44 respectively [3] - The daily price changes were 0.34351%, - 0.60860%, 0.30616%, - 0.34338%, and - 0.22971% respectively [3] - The Shandong Yinxing basis on October 31, 2025, was 263, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 298 [3] Group 2: Pulp Import Information - With a 13% VAT calculation, for Canadian pulp: the CFR price of Golden Lion was 780 dollars, the Shandong RMB price was 6200, and the import profit was - 136.75; the CFR price of Lion was 730 dollars, the Shandong RMB price was 5350, and the import profit was - 585.04 [4] - For Chilean pulp, the CFR letter of credit (90 - day) price of Yinxing was 680 dollars, the Shandong RMB price was 5475, and the import profit was - 58.32 [4] Group 3: Pulp Price Averages - From October 27 - 31, 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 [4] - The Shandong regional average prices of these pulps also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4] Group 4: Paper Product Indexes and Margins - From October 28 - 31, 2025, the cultural paper indexes (double - offset and double - copper) remained at 5725 and 5670 respectively; the packaging paper index (white card) remained at 4350; the living paper index remained at 841 [4] - The estimated profit margins of double - offset paper remained at 0.2667%, double - copper paper at 13.2903%, white card paper at - 9.2823%, and living paper at 6.9932% from October 28 - 31, 2025 [4] Group 5: Pulp Price Spreads - The softwood - hardwood price spread on October 31, 2025, was 1225.00, and it was 1250 from October 27 - 30, 2025 [4] - The softwood - natural pulp price spread on October 31, 2025, was 75, and it was 100 from October 27 - 30, 2025 [4] - The softwood - chemimechanical pulp price spread on October 31, 2025, was 1675, and it was 1700 from October 27 - 30, 2025 [5] - The softwood - waste paper price spread on October 31, 2025, was 3899, and it was 3924 from October 27 - 30, 2025 [5]

Group 1: Price Performance - London Gold latest price is 4011.50, with a change of 17.35 [1] - London Silver latest price is 48.96, with a change of 0.78 [1] - London Platinum latest price is 1599.00, with a change of -5.00 [1] - London Palladium latest price is 1428.00, with a change of 7.00 [1] - WTI Crude latest price is 60.98, with a change of 0.41 [1] - LME Copper latest price is 10883.00, with a change of -159.00 [1] - US Dollar Index latest is 99.73, with a change of 0.19 [1] - Euro to US Dollar latest is 1.15, with a change of -0.00 [1] - British Pound to US Dollar latest is 1.31, with a change of -0.00 [1] - US Dollar to Japanese Yen latest is 154.01, with a change of -0.14 [1] - US 10 - year TIPS latest is 1.81, with a change of -0.01 [1] Group 2: Trading Data - COMEX Silver latest inventory is 15005.52, with a change of -21.61 [2] - SHFE Silver latest inventory is 665.54, with a change of 2.70 [2] - Gold ETF latest holding is 1039.20, with a change of -1.15 [2] - Silver ETF latest holding is 15189.82, with a change of 0.00 [2] - Shanghai Gold Exchange Silver latest inventory is 1108.07, with a change of 0.00 [2] - Shanghai Gold Exchange Silver latest deferred fee payment direction is 1, with a change of 0.00 [2] - Shanghai Gold Exchange Gold latest deferred fee payment direction is 2, with a change of 0.00 [2]

Group 1: Futures Market Data - EC2512 futures had a closing price of 1804.0, a decline of 2.16% and a volume of -491.3, with an open interest of 31365 [2][13] - EC2602 futures closed at 1553.6, down 1.86% and -240.9 in volume, open interest was 18455 with a change [2][13] - EC2604 futures closed at 1161.1, down 1.26% and 151.6 in volume, open interest was 14910 with an increase of 450 [2][13] Group 2: Spread Data - The spread of EC2512 - 2504 was 642.9, with a daily decrease of 25.0 and a weekly increase of 21.6 [2][13] - The spread of EC2512 - 2602 was 250.4, down 10.4 daily and up 39.3 weekly [2][13] - The spread of EC2502 - 2604 was 392.5, down 14.6 daily and down 17.7 weekly [2][13] Group 3: Spot Index Data - The SCHIS index was 1312.71 on 2025/10/27, up 15.11% from the previous period [2][13] - The SCFI (European line) was 1344 dollars/TEU on 2025/10/31, up 7.87% from the previous period [2][13] - The CCFI (European line) was 1323.81 on 2025/10/31, up 2.37% from the previous period [2][13] - The NCFI was 965.62 on 2025/10/31, up 17.43% from the previous period [2][13] Group 4: Capacity and Market Analysis - In week 49, two ships were postponed. December's average weekly capacity is 290,000 - 336,000 TEU [2][13] - November's Week 45 - 48 capacity was 310,000, 250,000, 277,000, 325,000 TEU respectively, with more pressure in the second half [2][13] - In the first half of November, OA and MSK had no pressure in receiving goods, while PA alliance lacked goods and led price - cuts [2][13] Group 5: Investment Suggestions - Suggest an overall "buy - on - dips" strategy, waiting for next week or trading on PA's price - cuts/MSK's price stability [3][14] - The current valuation of the 12 contract is moderately high, and the 02 contract's valuation is hard to determine, expected to follow the 12 contract [3][14] - The 04 contract is a off - season contract, suggest a "sell - on - rallies" strategy due to greater supply pressure next year [3][14] Group 6: European Line Quotation - This week, downstream is booking November (week 45) space. In early November, PA cut prices the most to 1700 - 1900 dollars, GEMINJ to 2100 - 2200, OA to 2250 dollars, with an average of about 2050 dollars (equivalent to 1430 points) [3][14] Group 7: News - On 10/31, Israel's attacks on Gaza hit the cease - fire agreement. The cease - fire has been in place for three weeks but key issues remain unsolved [3][14] - On 11/1, Qatar warned that Gaza may fall into a "neither war nor peace" situation [4][15] - On 11/3, Houthi rebels said they would strongly respond to any Israeli aggression [4][15]

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Report Industry Investment Ratings No relevant content provided. Core Views of the Report - For copper, maintain a strategy of buying on dips considering the ongoing tightness in the mining end and the growth in infrastructure and power demand in Southeast Asia and the Middle East. Pay attention to the support around $10,300 for LME copper and consider selling put options below $10,300 or gradually building virtual inventories [1]. - For aluminum, with good domestic apparent demand, high proportion of molten aluminum, de - stocking of aluminum ingots and various aluminum products, and supply disruptions overseas, hold long - term on dips [1]. - For zinc, due to the poor domestic fundamentals but potential short - term supply reduction at the end of the year, the price may not fall deeply. In the short term, it is recommended to wait and see for single - side trading, pay attention to reverse arbitrage opportunities between domestic and overseas markets, and consider positive arbitrage opportunities for the 12 - 02 spread [2]. - For nickel, with a weak short - term fundamental situation and continuous disturbances in the Indonesian mining end, look for opportunities to short on rallies [3]. - For lead, expect the domestic and overseas lead prices to maintain a narrow - range oscillation next week. It is recommended to operate cautiously while observing the resumption of secondary lead production and the increase in warehouse receipts [7]. - For tin, in the short term, follow the macro sentiment and wait and see. If there is a systemic risk in the macro - environment, the tin price may decline significantly. In the long - term, buy on dips near the cost line [8]. - For industrial silicon, in the short term, the supply and demand are in a balanced and slightly loose state, and the price is expected to oscillate. In the long - term, the price is expected to oscillate at the bottom of the cycle based on the seasonal marginal cost [9]. - For lithium carbonate, in the context of "anti - involution", the price has high elasticity after supply - side disturbances are realized, and strong downward support before the disturbances. If the energy storage demand remains high and the power demand is stable, the long - term pattern of lithium carbonate may change in the next 1 - 2 years [9]. - For stainless steel, with a generally weak fundamental situation and potential price - supporting motivation from Indonesian policies, look for opportunities to short on rallies [13]. Summary by Metal Copper - **Market Data**: From October 27 to 31, 2025, the spot premium of SHFE copper changed from - 35 to 0, the scrap - refined copper spread decreased by 82, and the LME inventory decreased by 325 [1]. - **Market Analysis**: The market is dominated by tariff negotiation progress. The overall copper price has declined, and the downstream copper开工 has further decreased. The de - stocking of inventory is slightly better than expected. Consider the impact of the tightening of scrap copper policies on scrap - refined substitution. There may be medium - scale deliveries of LME copper in the near future, and the short - term sentiment may turn calm [1]. Aluminum - **Market Data**: From October 27 to 31, 2025, the Shanghai aluminum ingot price increased by 80, the domestic alumina price decreased by 1, and the SHFE aluminum social inventory decreased by 4,594 [1]. - **Market Analysis**: The domestic apparent demand is good, the proportion of molten aluminum is high, and there is de - stocking. Overseas supply is facing disruptions. The improvement of Sino - US economic and trade relations and the Fed's policy adjustment have led to a marginal improvement in demand [1]. Zinc - **Market Data**: From October 27 to 31, 2025, the spot premium of zinc remained at - 40, the SHFE zinc social inventory remained unchanged, and the LME zinc inventory increased by 400 [2]. - **Market Analysis**: The zinc price has oscillated upward. The supply of domestic and imported TC is accelerating downward, and the domestic mining supply will be tight from the fourth quarter to the first quarter of next year. The demand is seasonally weak domestically and generally average overseas. The export window has opened, and there has been some delivery overseas [2]. Nickel - **Market Data**: From October 27 to 31, 2025, the price of 1.5% Philippine nickel ore remained unchanged, the SHFE nickel spot price decreased by 350, and the LME inventory remained unchanged [3]. - **Market Analysis**: The supply of pure nickel remains at a high level, the demand is weak, and the inventories at home and abroad are continuously increasing. There are continuous disturbances in the Indonesian mining end [3]. Lead - **Market Data**: From October 27 to 31, 2025, the spot premium of lead remained at - 210, the social inventory decreased by 334, and the LME inventory decreased by 3,875 [7]. - **Market Analysis**: The lead price has declined due to downstream production cuts. The supply of secondary lead is recovering slowly, and the demand for batteries is weakening. The supply - demand mismatch is serious, and the spot is still in short supply [7]. Tin - **Market Data**: From October 27 to 31, 2025, the LME C - 3M of tin changed from 100 to 40, and the LME inventory increased from 2,725 to 2,875 [7][8]. - **Market Analysis**: The tin price has oscillated. The processing fee at the mining end is at a low level, and the supply has marginally recovered. Overseas production is still uncertain, and the demand is mainly supported by rigidity [8]. Industrial Silicon - **Market Data**: From October 27 to 31, 2025, the 421 Yunnan basis increased by 55, the 421 Sichuan basis increased by 55, and the number of warehouse receipts decreased by 157 [9]. - **Market Analysis**: The production of leading enterprises in Xinjiang is stable, and the production in Sichuan and Yunnan will decrease significantly in the dry season. In the fourth quarter, the supply and demand are in a balanced and slightly loose state, and the price is expected to oscillate [9]. Lithium Carbonate - **Market Data**: From October 27 to 31, 2025, the SMM electric - grade lithium carbonate price increased by 550, the SMM industrial - grade lithium carbonate price increased by 550, and the number of warehouse receipts decreased by 20 [9]. - **Market Analysis**: The overseas mining end is firm in price - holding, the market supply of concentrated ore is tight, and the lithium salt producers are reluctant to sell. The downstream is mostly on the sidelines, and the buying is strong after the price correction on Friday [9]. Stainless Steel - **Market Data**: From October 27 to 31, 2025, the price of 304 cold - rolled coil remained unchanged, the price of 304 hot - rolled coil remained unchanged, and the price of scrap stainless steel decreased by 50 [13]. - **Market Analysis**: The steel mills' production in October increased slightly month - on - month, the demand is mainly for rigid needs, and the inventory is at a high level. The Indonesian policies may support the price [13].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report The report presents overnight market information on the oils and fats industry, including data on palm oil exports, reference prices, rapeseed harvest rates and exports, and soybean oil usage in biofuels, as well as spot prices of related products [1][2]. 3) Summary According to Related Catalogs Overnight Market Information - Malaysia's October palm oil exports increased by 5.2% month - on - month to 1,639,089 tons [1] - Indonesia set the November crude palm oil reference price at $963.75 per ton, slightly higher than October, with an export tax of $124 per ton and a 10% special tax [1] - As of the week ending October 22, the rapeseed harvest rate in Saskatchewan, Canada was 98.14%; Manitoba's harvest was nearly complete with an average yield of around 45 bushels per acre; Alberta's harvest rate was 98.5%, higher than the five - year average. Future 15 - day weather in Canadian rapeseed areas is expected to have above - normal temperatures and precipitation [1] - As of the week ending October 26, Canada's rapeseed exports increased by 25.4% week - on - week to 155,500 tons. From August 1 to October 26, 2025, exports were 1.2348 million tons, a 57.4% decrease from the previous year. The commercial inventory as of October 26 was 1.3483 million tons [1] - U.S. soybean oil usage in biofuels dropped to 1.041 billion pounds in August from 1.108 billion pounds in July [1] Spot Prices - Spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from October 27 to October 31, 2025 are presented in a table [2] Other Information - The report also mentions protein meal basis, fats and oils basis, and fats and oils futures price spreads, but no detailed content is provided [3][6][8]