Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core Viewpoints - This week, the crack spread of Singapore 380 fuel oil strengthened slightly, the monthly spread declined month - on - month, and the basis fluctuated at a low level. The high - low sulfur price difference is at a historically low level. The crack spread of Singapore 0.5 low - sulfur fuel oil weakened, and the monthly spread and basis fluctuated at historically low levels. [3] - In terms of inventory, Singapore residue oil was de - stocked, the high - sulfur floating storage was higher than the historical average for the same period, and the low - sulfur floating storage increased slightly. Fujeirah's heavy - quality inventory increased significantly to 8,520 thousand tons, the high - sulfur floating storage was de - stocked but still at a historically high level year - on - year. ARA ports were de - stocked, and the inventory was at a historically low level year - on - year. [3][4] - In terms of logistics, the total arrival of domestic fuel oil remained flat, and the arrival of low - sulfur fuel oil strengthened slightly. Saudi Arabia's shipments declined month - on - month, and the UAE's shipments increased month - on - month. Recently, the weak fundamentals of low - sulfur fuel oil continued, and it is expected to maintain a low - level oscillation pattern. High - sulfur fuel oil has started to accumulate inventory globally. The crack spread of Singapore is still supported by procurement demand, but in the medium term, it faces downward pressure due to factors such as Russian sanctions. FU fluctuated mainly and weakened slightly this week. [4] 3) Summaries by Related Catalogs Rotterdam Fuel Oil | Product | 2025/10/24 | 2025/10/27 | 2025/10/28 | Change | | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 400.88 | 400.43 | 389.26 | 2.73 | | Rotterdam 0.5% VLS FO Swap M1 | 424.62 | 423.42 | 411.42 | 2.03 | | Rotterdam HSFO - Brent M1 | - 2.65 | - 2.15 | - 2.31 | 0.54 | | Rotterdam 10ppm Gasoil Swap M1 | 688.86 | 705.25 | 680.86 | 3.19 | | Rotterdam VLSFO - Gasoil M1 | - 264.24 | - 281.83 | - 269.44 | - 1.16 | | LGO - Brent M1 | 28.32 | 30.55 | 28.62 | 0.32 | | Rotterdam VLSFO - HSFO M1 | 23.74 | 22.99 | 22.16 | - 0.70 | [1] Singapore Fuel Oil Swap | Product | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | 2025/10/30 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 394.15 | 387.51 | 383.93 | 373.72 | 373.35 | - 0.37 | | Singapore 180cst M1 | 402.15 | 394.51 | 389.68 | 380.28 | 378.91 | - 1.37 | | Singapore VLSFO M1 | 448.43 | 446.68 | 443.72 | 438.46 | 443.70 | 5.24 | | Singapore Gasoil M1 | 90.28 | 90.91 | 91.15 | 89.63 | 90.58 | 0.95 | | Singapore 380cst - Brent M1 | - 3.30 | - 3.68 | - 3.23 | - 4.56 | - 4.63 | - 0.07 | | Singapore VLSFO - Gasoil M1 | - 219.64 | - 226.05 | - 230.79 | - 224.80 | - 226.59 | - 1.79 | [1] Singapore Fuel Oil Spot | Product | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | 2025/10/30 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 392.86 | 387.02 | 383.42 | 372.68 | 372.56 | - 0.12 | | FOB VLSFO | 445.23 | 446.25 | 441.88 | 437.28 | 442.83 | 5.55 | | 380 Basis | - 1.35 | - 0.90 | - 1.15 | - 1.80 | - 1.95 | - 0.15 | | High - sulfur Domestic - Foreign Spread | 7.9 | 8.1 | 10.2 | 10.4 | 9.1 | - 1.3 | | Low - sulfur Domestic - Foreign Spread | 7.2 | 7.6 | 13.4 | 12.6 | 14.3 | 1.7 | [2] Domestic FU | Product | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | 2025/10/30 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2814 | 2842 | 2818 | 2796 | 2751 | - 45 | | FU 05 | 2741 | 2772 | 2756 | 2744 | 2713 | - 31 | | FU 09 | 2663 | 2683 | 2675 | 2672 | 2657 | - 15 | | FU 01 - 05 | - | 70 | 62 | 52 | 38 | - 14 | | FU 05 - 09 | 78 | 89 | 81 | 72 | 56 | - 16 | | FU 09 - 01 | - 151 | - 159 | - 143 | - 124 | - 94 | 30 | [2] Domestic LU | Product | 2025/10/24 | 2025/10/27 | 2025/10/28 | 2025/10/29 | 2025/10/30 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3224 | 3257 | 3273 | 3246 | 3255 | 9 | | LU 05 | 3230 | 3262 | 3237 | 3212 | 3223 | 11 | | LU 09 | 3235 | 3272 | 3262 | 3235 | 3237 | 2 | | LU 01 - 05 | - 6 | - 5 | 36 | 34 | 32 | - 2 | | LU 05 - 09 | - 5 | - 10 | - 25 | - 23 | - 14 | 9 | | LU 09 - 01 | 11 | 15 | - 11 | - 11 | - 18 | - 7 | [3]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - No clear core viewpoints are presented in the given content Group 3: Summary by Related Catalogs 1. Basis and Spread - The Shandong basis (+80) (Hongrun) was 6 on 10/30 with a daily change of 10; the East China basis (Zhenjiang warehouse) was 106 with no daily change; the South China basis (Foshan warehouse) was 126 with a daily change of 20 [3]. - The 12 - 01 spread was 15 on 10/30 with a daily change of -2; the 12 - 03 spread was -6 with a daily change of -7; the 01 - 02 spread was -5 with a daily change of -1 [3]. - The BU main contract (01) was 3254 on 10/30, down 20 from the previous day [3]. 2. Trading Volume, Open Interest, and Warehouse Receipts - The trading volume on 10/30 was 212,219, a decrease of 21,636 (-9%) compared to the previous day; the open interest was 338,671, a decrease of 1,392; the warehouse receipts were 9,120, a decrease of 800 [3]. 3. Spot Prices - Brent crude oil was $64.9 on 10/30, up $0.5 from the previous day [3]. - Jingbo's spot price was 3,260 on 10/30, down 20 from the previous day; Hongrun's was 3,180, down 10; Zhenjiang warehouse's was 3,360, down 20; Foshan warehouse's remained at 3,380 [3]. 4. Profits - The asphalt - Ma Rui profit was 251 on 10/30, down 33 from the previous day; the Ma Rui - type refinery comprehensive profit was 693, down 26 [3].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - No information provided Group 3: Summary by Related Catalog Spot Market - Newman powder: price 802, daily change 0, weekly change 22, converted to futures price 858.5, import profit -20.74 [1] - PB powder: price 805, daily change 0, weekly change 22, converted to futures price 854.7, import profit -13.33 [1] - Mc powder: price 795, daily change -7, weekly change 15, converted to futures price 868.3, import profit 3.76 [1] - Jinbuba powder: price 755, daily change -4, weekly change 4, converted to futures price 848.4, import profit -2.33 [1] - Mainstream mixed powder: price 763, daily change -1, weekly change 13, converted to futures price 894.9, import profit 3.12 [1] - Ultra - special powder: price 714, daily change -1, weekly change 9, converted to futures price 932.1, import profit 0.78 [1] - Carajás powder: price 920, daily change -6, weekly change 13, converted to futures price 867.8, import profit -3.30 [1] - Brazilian mixed powder: price 842, daily change -1, weekly change 26, converted to futures price 859.0, import profit 0.13 [1] - Roy Hill powder: price 792, daily change 0, weekly change 22, converted to futures price 871.7, import profit 15.62 [1] - Tangshan iron concentrate powder: price 1038, daily change 0, weekly change 17, converted to futures price 925.0 [1] Futures Market - i2601 contract: price 802.5, daily change -2.0, weekly change 25.5, monthly spread -44.0, new monthly spread 45.9, daily change -2.3, weekly change -7.6 [1] - i2605 contract: price 779.5, daily change -2.0, weekly change 23.5, monthly spread 23.0, new monthly spread 68.9, daily change -2.3, weekly change -5.6 [1] - i2609 contract: price 758.5, daily change -1.5, weekly change 23.5, monthly spread 21.0, new monthly spread 89.9, daily change -2.8, weekly change -5.6 [1] - FE01 contract: price 104.02, daily change 1.35, weekly change 3.07, monthly spread -4.52, new monthly spread -29.9, daily change 1.3, weekly change 8.5 [1] - FE05 contract: price 101.66, daily change 1.09, weekly change 2.71, monthly spread 2.36, new monthly spread -34.0, daily change 4.3, weekly change 9.4 [1] - FE09 contract: price 99.50, daily change 0.92, weekly change 2.62, monthly spread 2.16, new monthly spread -38.2, daily change 5.7, weekly change 10.5 [1]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Brazil's Paraná state is expected to produce 2.196 billion tons of soybeans in the 2025/26 season, almost the same as the previous month's forecast of 2.194 billion tons, and the local soybean crop is in the sowing period [1]. - In September 2025, Canada's rapeseed crushing volume was 1,007,389 tons, a 16.07% increase from the previous month and a 7.97% increase from the same period last year. Rapeseed oil production was 425,330 tons, a 15.8% increase from the previous month and a 7.72% increase from the same period last year. Rapeseed meal production was 589,724 tons, a 14.52% increase from the previous month and an 8.32% increase from the same period last year. The cumulative rapeseed crushing volume in the 2025/26 season was 1.875333 billion tons, rapeseed oil production was 792,629 tons, and rapeseed meal production was 1.104666 billion tons [1]. 3. Summary by Relevant Catalogs Overnight Market Information - Paraná state's 2025/26 soybean production forecast is 2.196 billion tons, nearly unchanged from the previous month's estimate [1]. - Canada's September 2025 rapeseed crushing volume, rapeseed oil production, and rapeseed meal production all increased compared to the previous month and the same period last year, with specific data as mentioned above [1]. Spot Prices - The 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 24 - 30, 2025 are presented in a table, showing price fluctuations during this period [1].

废钢早报 研究中心黑色团队 2025/10/31 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/10/24 | 2228 | 2304 | 2053 | 2230 | 2250 | 2131 | | 2025/10/27 | 2235 | 2302 | 2053 | 2230 | 2258 | 2129 | | 2025/10/28 | 2238 | 2302 | 2054 | 2235 | 2261 | 2129 | | 2025/10/29 | 2238 | 2305 | 2054 | 2245 | 2261 | 2129 | | 2025/10/30 | 2238 | 2304 | 2056 | 2243 | 2261 | 2129 | | 环比 | 0 | -1 | 2 | -2 | 0 | 0 | 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - Corn prices are expected to remain weak in the short - term due to the concentrated listing of new - season corn. In the long - term, the game between farmers and traders will be crucial. A significant price drop may trigger farmers' resistance and lead to a price rebound [3]. - Starch prices are likely to decline in the short - term as raw material prices fall. In the long - term, if prices drop significantly, downstream consumption may increase and support prices [4]. - International sugar prices are under pressure due to Brazil's high - pressure supply during the peak crushing season. In China, the arrival of imported sugar and lower processing sugar quotes put pressure on the market [5]. - Cotton prices are in a range - bound state. If there are no major macro - risks, the April low can be seen as a long - term bottom, and the downside space is limited. Attention should be paid to demand changes [7]. - Egg prices have rebounded slightly due to the easing of supply pressure and the increase in storage by traders. Future price trends depend on the chicken culling rhythm [11]. - Apple prices are expected to oscillate upward in the short - term as the new - season late - maturing Fuji apples are listed. The overall production has decreased, and some areas have quality issues [15]. - Pig prices have rebounded slightly recently. However, mid - term supply pressure remains due to insufficient capacity reduction. Attention should be paid to the slaughter rhythm and capital trends in the futures market [15]. 3. Summary by Commodity Corn/Starch - **Price Data**: From October 24 to October 30, the price in Changchun decreased by 20 yuan, and the price in Shekou decreased by 20 yuan. The basis increased by 5, the trade profit decreased by 20, and the import profit decreased by 29 [3]. - **Analysis**: Short - term weakness due to new - season corn listing; long - term price depends on the game between farmers and traders [3]. Sugar - **Price Data**: From October 24 to October 30, the spot prices in Liuzhou, Nanning, and Kunming remained unchanged, the basis increased by 22, and the number of warehouse receipts decreased by 84 [5]. - **Analysis**: International supply pressure from Brazil affects prices, and in China, imported sugar and processing sugar quotes impact the market [5]. Cotton/Cotton Yarn - **Price Data**: From October 24 to October 30, the price of 3128 cotton increased by 10, the number of warehouse receipts + forecasts increased by 126, the price of spot cotton yarn increased by 70, the import profit of Vietnamese yarn increased by 78, and the spinning profit increased by 59 [7]. - **Analysis**: Cotton prices are in a range - bound state, and the downside space is limited. Attention should be paid to demand changes [7]. Eggs - **Price Data**: From October 24 to October 30, the prices in major production areas remained stable, the basis increased by 16, and the price of live pigs decreased by 0.07 [11]. - **Analysis**: Supply pressure has eased, and demand has increased slightly. Future price trends depend on the chicken culling rhythm [11]. Apples - **Price Data**: From October 24 to October 30, the price of Shandong 80 first - and second - grade apples remained at 7500 yuan, the 1 - month basis decreased by 70, the 5 - month basis increased by 20, and the 10 - month basis increased by 57 [14][15]. - **Analysis**: The new - season apples are listed, with a decrease in overall production and quality issues in some areas. Prices are expected to oscillate upward in the short - term [15]. Pigs - **Price Data**: From October 24 to October 30, the prices in some production areas changed slightly, and the basis increased by 205 [15]. - **Analysis**: Short - term price rebound, but mid - term supply pressure remains due to insufficient capacity reduction. Attention should be paid to the slaughter rhythm and capital trends [15].

| | | | | | 纯 碱 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025/10/23 2025/10/29 2025/10/30 周度变化 日度变化 | | | | | | 2025/10/23 2025/10/29 2025/10/30 周度变化 日度变化 | | | | 沙河重碱 | 1170.0 | 1210.0 | 1180.0 | 10.0 | -30.0 | SA05合 约 | 1318.0 | 1347.0 | 1324.0 | 6.0 | -23.0 | | 华中重碱 | 1170.0 | 1210.0 | 1180.0 | 10.0 | -30.0 | SA01合约 | 1235.0 | 1259.0 | 1235.0 | 0.0 | -24.0 | | 华南重碱 | 1350.0 | 1350.0 | 1350.0 | 0.0 | 0.0 | SA09合约 | 1379.0 | 1400.0 | 1382.0 | 3.0 | -18 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - In the context of tariff news and the afternoon MSK surcharge, the Wednesday futures market rose significantly. Affected by the previous congestion at European ports in the second half of November, 4 ships will have difficulty returning to Shanghai in time, which may lead to a tight fundamental situation in November. The market's neutral expectation for the freight rate in November is between $2000 - $2200 (1400 - 1540 points). Currently, the valuation of the December contract is moderately high. Driven by multiple positive factors such as subsequent price increases and long - term agreement signings from November to December, it is recommended to adopt a low - buying strategy. The 02 contract is more difficult to value accurately with high uncertainty, and it is expected to follow the trend of the December contract in the next month. The 04 contract is a off - season contract, which fluctuates within a narrow range under the current peak - season logic. Considering the greater supply pressure next year, it is recommended to adopt a high - selling strategy [2]. Summary by Related Catalogs Futures Contract Data - **EC Futures Contracts**: The closing prices of EC2512, EC2602, EC2604, and EC2606 are $1871.0, $1606.0, $1194.4, and $1422.9 respectively, with daily increases of 4.62%, 3.70%, 2.73%, and 3.56%. The trading volumes are 34539, 8665, 2935, and 1 respectively, and the open interests are 31906, 15885, 14394, and 1410 respectively, with open - interest changes of 3006.8, 1975, 115, and 0 [2]. - **Month - to - Month Spreads**: The spreads of EC2512 - 2504, EC2512 - 2602 are 676.6 and 265.0 respectively, with month - on - month increases of 51.0 and 25.4, and week - on - week increases of 71.1 and 53.9 [2]. Index Data - **SCFI (European Route)**: Updated on October 24, 2025, the value is $1246/TEU, with a month - on - month increase of 8.82% and a previous - period increase of 7.21% [2]. - **CCFI (European Route)**: Updated on October 24, 2025, the value is 1293.12 points, with a month - on - month increase of 1.99% and a previous - period decrease of 1.49% [2]. - **NCFI**: Updated on October 24, 2025, the value is 822.3 points, with a month - on - month increase of 2.38% and a previous - period increase of 14.96% [2]. Recent European Route Quotations - **Week 44**: The offline quotations are PA $1400, GEMINI $1600, and OA $1800 [3]. - **November Price Increase Announcements**: Shipping companies announced price increases mostly between $2500 - $2700, with an average equivalent to about 1800 points on the futures market. MSK opened at $2350, which met expectations, and then shipping companies adjusted the price to between $1900 - $2300, with a central value of $2100 [3]. Shipping Company Price Adjustments - **Monday**: HMM reduced the price to $1900, HPL to $2335, ONE to $2135, and MSC to $2265 [4]. - **Tuesday**: MSK reduced the price to $2200, OOCL to $2150, and YML reduced the price of a single route to $1900 [4]. - **Wednesday**: MSK announced a peak - season surcharge of $300/FEU for long - term agreements, and YML reduced the price of a single route to $1850 [4]. Related News - On October 29, the Israeli military stated that it had resumed the implementation of the Gaza cease - fire agreement [5].

Report Overview - Report Title: Crude Oil and Refined Oil Morning Report - Report Date: October 30, 2025 - Research Team: Energy and Chemicals Team of the Research Center 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - This week, oil prices rebounded significantly, with Brent crude closing above $65. The US imposed sanctions on major Russian oil producers, and India's Reliance Group will stop importing Russian oil under long - term agreements, which may lead to a near - zero supply of Russian oil to India in the short term. The reduction in Russian crude exports still needs to be evaluated, but Indian purchases have supported the Dubai market in the short term [6]. - Geopolitical concerns were triggered by the US's controversial military strike on Venezuelan transportation. Fundamentally, as of October 17, EIA crude oil inventories decreased by 961,000 barrels, US refinery operations rebounded, and the US Energy Department announced a tender to buy 1 million barrels of crude oil for the strategic reserve. Gasoline and diesel inventories decreased, showing a warming in fundamentals [6]. - Due to concerns about India's diesel exports, the crack spreads of European and American diesel strengthened, but the inventory of Singapore diesel increased by more than 5 million barrels, reaching a 243 - week high, suppressing the global diesel crack spread. In the short term, oil prices may rebound and fluctuate more, and in the medium term, the upside space of oil prices is limited due to Kuwait's statement that OPEC is ready to increase production. The oversupply situation in the fourth quarter continues, and caution is advised when chasing high prices [6]. 3. Summary by Related Catalogs 3.1 Oil Price Data - From October 23 to October 29, WTI crude oil prices changed from $61.79 to $60.48, with a change of $0.33; Brent crude oil prices changed from $65.99 to $64.92, with a change of $0.52; Dubai crude oil prices changed from $65.24 to $64.86, with a change of - $0.08 [3]. - SC crude oil prices changed from 459.70 to 462.60, with a change of - 0.10; Oman crude oil prices changed from $68.44 to $64.95, with a change of $0.17 [3]. - Japanese naphtha CFR prices changed from $573.13 to an unspecified value, with a change in the differential to Brent of - $1.32; Singapore fuel oil 380 CST changed from a - $0.73 discount to a - $1.8 discount to Brent, with a change of - $0.65 [3]. 3.2 Daily News - On October 29, the US announced a new round of sanctions against Russia, targeting two major oil companies, Lukoil and Rosneft, and their 34 subsidiaries. This is in line with the sanctions previously announced by the UK and the EU [3]. - The US Treasury issued a license for Rosneft's German subsidiaries. Russia's current crude oil exports are in line with the October plan and have not been affected by the new sanctions, but India's HMEL company has suspended further purchases of Russian crude [4]. 3.3 Regional Fundamentals - The comprehensive profit of local refineries decreased, with profits oscillating downward [6]. 3.4 Weekly Viewpoints - Short - term: Indian purchases will continue to support the Dubai market. Oil prices may rebound and have increased volatility risks [6]. - Medium - term: The reduction in Russian oil supply will be affected by multiple factors and will impact the oil price center in Q4 and Q1 of 2026 (a range of $5 - 10). The upside space of oil prices is limited due to OPEC's potential production increase, and the oversupply situation in the fourth quarter continues [6]. 3.5 EIA Data - For the week ending October 24: US crude oil exports increased by 158,000 barrels per day to 4.361 million barrels per day; domestic crude oil production increased by 15,000 barrels to 13.644 million barrels per day; commercial crude oil inventories (excluding strategic reserves) decreased by 6.858 million barrels to 416 million barrels, a decrease of 1.62%; strategic petroleum reserve (SPR) inventories increased by 533,000 barrels to 409.1 million barrels, an increase of 0.13%; commercial crude oil imports (excluding strategic reserves) decreased by 867,000 barrels per day to 5.051 million barrels per day [18]. - The four - week average supply of US crude oil products was 20.753 million barrels per day, a decrease of 0.91% compared to the same period last year [18].

Group 1: Investment Ratings - There is no specific investment rating for the entire industry provided in the report. Group 2: Core Views - The market is influenced by tariff negotiation progress and the 15th Five - Year Plan. For copper, maintain a callback - buying strategy considering the tight supply at the mine end and increasing demand in Southeast Asia and the Middle East. For aluminum, the short - term fundamentals are okay, and hold at low prices in the long - term. For zinc, with export opportunities but poor domestic fundamentals, it's advisable to wait and see for unilateral trading, and pay attention to different arbitrage opportunities. For nickel, due to weak fundamentals and uncertain policies, it's better to wait and see. For stainless steel, the fundamentals are weak with uncertain macro and policy support. For lead, prices are expected to oscillate narrowly, and it's necessary to observe the resumption of production and increase in warehouse receipts. For tin, follow the macro sentiment in the short - term and hold at low prices close to the cost line in the long - term. For industrial silicon, prices are expected to oscillate weakly in the short - term and at the cycle bottom in the long - term. For lithium carbonate, the analysis of industrial silicon also applies as the relevant supply and demand situation is similar [1][2][3][6][10][13][16]. Group 3: Summary by Metals Copper - Market influenced by tariff negotiation and 15th Five - Year Plan. Anhui's scrap copper supply has disturbances, and the uncertainty will increase in Q4 and next year. Overseas, there is no sign of warehouse delivery despite the opened export. Copper cable and aluminum cable have different starts. Maintain a callback - buying strategy, pay attention to the support around $10,300 for LME copper, and consider selling put options below $10,300 or building virtual inventory gradually [1]. Aluminum - Operating capacity is flat. PV module production is stable, and the proportion of molten aluminum has increased. There is seasonal inventory accumulation during holidays and significant destocking after holidays. The global economy shows signs of recovery, but Sino - US economic and trade relations are uncertain, and a European electrolytic aluminum plant has reduced production. Short - term fundamentals are okay, and hold at low prices in the long - term [1]. Zinc - Zinc prices oscillated upward this week. Domestic and imported TC are declining. Domestic mines will be tighter from Q4 to Q1 next year, while overseas mines had an unexpected increase in Q2. The smelting end has a slight recovery in October. Domestic demand is seasonally weak, while overseas LME inventory is decreasing. The export window is open. It's advisable to wait and see for unilateral trading, gradually take profit on long - short arbitrage, and pay attention to far - month reverse arbitrage and 12 - 02 positive arbitrage opportunities [2]. Nickel - The supply of pure nickel remains at a high level, demand is weak, and both domestic and overseas inventories are increasing. There are continuous disturbances in Indonesia's mines, and the policy has a motivation to support prices. It's better to wait and see [3]. Stainless Steel - Steel mills' production in October increased slightly. Demand is mainly for rigid needs. The prices of ferronickel and ferrochrome are stable. Inventory remains at a high level, and the fundamentals are weak with uncertain macro and policy support [3]. Lead - Lead prices increased due to spot shortages. Supply from scrap is weak, and the resumption of production of recycled lead is slow. The demand for batteries has increased, and the expected weakening of demand has reversed. The tight supply situation continues due to the lower - than - expected resumption of recycled lead production. Prices are expected to oscillate narrowly between 17,300 - 17,700, and it's necessary to observe the resumption of production and increase in warehouse receipts [6]. Tin - Tin prices oscillated this week. The processing fee at the mine end is low, and the supply has marginally recovered after the end of Yunnan Tin's maintenance. Overseas production has uncertainties. Demand is mainly rigid at high prices. The domestic fundamentals are in a state of weak supply and demand. Follow the macro sentiment in the short - term and hold at low prices close to the cost line in the long - term [10]. Industrial Silicon - The production of leading enterprises in Xinjiang is stable, and the production in Sichuan and Yunnan will decrease. In Q4, the supply - demand is in a balanced and slightly loose state with a monthly inventory accumulation of 4 - 5 million tons. Prices are expected to oscillate weakly in the short - term and at the cycle bottom in the long - term [13]. Lithium Carbonate - The situation is similar to industrial silicon. The supply - demand in Q4 is in a balanced and slightly loose state, and prices are expected to oscillate weakly in the short - term and at the cycle bottom in the long - term [16].