Group 1: Price Performance - London Gold's latest price is 4095.95 with no change [2] - London Silver's latest price is 51.24 with no change [2] - London Platinum's latest price is 1635.00 with no change [2] - London Palladium's latest price is 1451.00, down 4.00 [2] - WTI Crude's latest price is 59.49 with no change [2] - LME Copper's latest price is 10527.00, down 71.50 [2] - US Dollar Index's latest value is 99.26 with no change [2] - Euro to US Dollar's latest rate is 1.16 with no change [2] - Pound to US Dollar's latest rate is 1.33 with no change [2] - US Dollar to Japanese Yen's latest rate is 152.31 with no change [2] - US 10 - year TIPS's latest value is 1.75 with no change [2] Group 2: Trading Data - COMEX Silver's latest inventory is 16179.79 with no change [3] - SHFE Silver's latest inventory is 1063.07, down 61.39 [3] - Gold ETF's latest holding is 1021.45, up 2.57 [3] - Silver ETF's latest holding is 15733.09, down 21.17 [3] - SGE Silver's latest inventory is 1216.97 with no change [3] - SGE Gold's latest deferred - fee payment direction is 2, up 1.00 [3] - SGE Silver's latest deferred - fee payment direction is 2, up 1.00 [3]

Report Information - Report Title: Coking Coal Daily Report - Date: October 15, 2025 - Research Team: Black Team of the Research Center [1] Price Information Spot Prices - The latest price of Liulin Main Coking Coal is 1550.00, with no daily or weekly change, a monthly increase of 149.00 [2]. - The latest price of Peak Downs is 205.00, a daily decrease of 1.00, no weekly change, a monthly increase of 3.50, and an annual decrease of 12.70 [2]. - The latest price of Goonyella is 204.00, a daily decrease of 1.50, a weekly decrease of 1.00, a monthly increase of 3.00, and an annual decrease of 13.70 [2]. Futures Prices - The latest price of Futures Contract 05 is 1223.00, a daily decrease of 17.50, a weekly decrease of 8.50, a monthly decrease of 0.50, and an annual decrease of 20.25% [2]. - The latest price of Futures Contract 09 is 1309.00, a daily decrease of 18.00, a weekly increase of 1.00, a monthly increase of 379.50, and an annual decrease of 14.92% [2]. - The latest price of Futures Contract 01 is 1139.50, a daily decrease of 5.50, a weekly decrease of 6.50, a monthly decrease of 3.00, and an annual decrease of 23.52% [2]. Inventory Information - The total inventory is 3279.19, a weekly decrease of 108.88, a monthly decrease of 37.19, and an annual decrease of 11.10% [2]. - The coal mine inventory is 195.86, a weekly increase of 4.32, a monthly decrease of 58.66, and an annual decrease of 28.62% [2]. - The port inventory is 294.99, a weekly increase of 29.50, a monthly increase of 19.50, and an annual decrease of 25.89% [2]. - The steel mill coking coal inventory is 788.06, a weekly decrease of 8.01, a monthly decrease of 7.70, and an annual increase of 9.33% [2]. - The coking plant coking coal inventory is 1037.71, a weekly increase of 38.64, a monthly increase of 117.66, and an annual increase of 15.01% [2]. Other Information - The coking capacity utilization rate is 75.18, a weekly increase of 0.05, a monthly decrease of 0.74, and an annual increase of 2.26% [2]. - The coking plant coke inventory is 85.53, a weekly decrease of 0.29, a monthly decrease of 0.40, and an annual decrease of 0.29% [2]. - The 05 basis is -60.01, a daily increase of 17.50, a weekly decrease of 21.39, a monthly increase of 95.90, and an annual increase of 10.50 [2]. - The 09 basis is -146.01, a daily increase of 18.00, a weekly decrease of 30.89, a monthly decrease of 284.10, and an annual increase of 0.93 [2]. - The 01 basis is 23.49, a daily increase of 5.50, a weekly decrease of 23.39, a monthly increase of 98.40, and an annual decrease of 1.87 [2]. - The 5 - 9 spread is -86.00, a daily increase of 0.50, a weekly decrease of 9.50, a monthly decrease of 380.00, and an annual increase of 16.20 [2]. - The 9 - 1 spread is 169.50, a daily decrease of 12.50, a weekly increase of 7.50, a monthly increase of 382.50, and an annual increase of 2.49 [2]. - The 1 - 5 spread is -83.50, a daily increase of 12.00, a weekly increase of 2.00, a monthly decrease of 2.50, and an annual increase of 0.92 [2].

焦炭日报 研究中心黑色团队 2025/10/15 | | 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 | 1482.39 | 0.00 | 54.61 | 0.00 | -21.49% 高炉开工率 | 90.55 | | -0.10 | 0.37 | 5.77% | | 河北准一干熄 | 1735.00 | 0.00 | 55.00 | 0.00 | -4.14% 铁水日均产量 | 241.54 | | -0.27 | 0.99 | 3.63% | | 山东准一干熄 | 1660.00 | 0.00 | 55.00 | 0.00 | -19.61% 盘面05 | 1781 | -16.00 | -9.50 | 61.00 | -18.88% | | 江苏准一干熄 | 1700.00 | 0.00 | 55.00 | 0.00 | -19.24% 盘面09 | 1866.5 | -13.00 ...

Report Overview - Report Name: Asphalt Morning Report [2] - Release Date: October 15, 2025 [3] - Author: Energy and Chemicals Team of the Research Center [3] 1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - No clear core view is presented in the provided content. It mainly contains various data on asphalt, including futures prices, trading volumes, inventories, market prices, and profit margins. 3. Summary by Relevant Catalogs Futures Prices and Trading Data - Futures prices of different asphalt contracts (BU10, BU11, BU12, BU01, BU03) decreased on October 14 compared to the previous day, with daily changes ranging from -11 to -15, and weekly changes from -176 to -235 [4]. - Trading volume on October 14 was 243,804, a decrease of 97,298 from the previous day and 21,306 from the previous week [4]. - Open interest on October 14 was 346,909, an increase of 5,700 from the previous day and 4,574 from the previous week [4]. - The number of combined contracts remained unchanged at 13,040 on October 14, a decrease of 890 from September 15 [4]. Market Prices - Market prices of asphalt in different regions (Shandong, East China, South China, North China, Northeast China) generally decreased. For example, the Shandong market price dropped from 3,520 on September 15 to 3,460 on October 14, a decrease of 40 [4]. - Price differences between regions also changed. For instance, the Shandong - East China price difference decreased from -60 on September 29 to -70 on October 14 [4]. Basis and Spread - Basis values in different regions (Shandong, East China, South China) showed various changes. The Shandong basis (+80) increased from 84 on September 29 to 190 on October 14, an increase of 106 [4]. - Spread values between different contract months (10 - 11, 10 - 12, 11 - 12, etc.) generally increased. For example, the 10 - 11 spread increased from 19 on September 29 to 180 on October 14, an increase of 161 [4]. Crack Spread and Profit - The asphalt Brent crack spread decreased from 214 on October 13 to 163 on October 14, a decrease of 51 [4]. - Asphalt Marrow profit decreased from 127 on October 13 to 81 on October 14, a decrease of 45 [4]. - Comprehensive profits of ordinary refineries and Marrow - type refineries also showed some fluctuations. The comprehensive profit of ordinary refineries decreased by 26 on October 14 compared to the previous day, while the comprehensive profit of Marrow - type refineries decreased by 33 [4]. - Import profits from South Korea to East China and from Singapore to South China were negative and continued to decline. The import profit from South Korea to East China decreased from -171 on September 29 to -265 on October 14, a decrease of 94 [4]. Other Related Data - Brent crude oil price was 63.3 on October 14, an increase of 0.6 from the previous day and a decrease of 2.1 from the previous week [4]. - Market prices of gasoline and diesel in Shandong also decreased. The gasoline market price in Shandong decreased from 7,505 on September 15 to 7,387 on October 14, a decrease of 105 [4].

Report Industry Investment Rating - No relevant content found Core View - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals such as copper, zinc, aluminum, lead, nickel, and tin on October 15, 2025 [1][4] Summary by Directory Cross - Market Arbitrage Tracking - **Copper**: Domestic spot price is 85,925, March price is 84,380, LME March price is 10,527, and the March price ratio is 8.18 [1] - **Zinc**: Domestic spot price is 22,210, March price is 22,255, LME March price is 2,978, and the March price ratio is 5.73 [1] - **Aluminum**: Domestic spot price is 20,890, March price is 20,875, LME March price is 2,736, and the March price ratio is 7.65 [1] - **Lead**: Domestic spot price is 16,850, March price is 17,060, LME March price is 1,981, and the March price ratio is 11.25 [1][3] - **Nickel**: Domestic spot price is 123,150, and the profit of spot import is - 1,256.48 [1] Cross - Period Arbitrage Tracking - **Copper**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are - 590, - 620, - 710, and - 760 respectively, with theoretical spreads of 527, 952, 1386, and 1820 [4] - **Zinc**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are 15, 50, 80, and 100 respectively, with theoretical spreads of 214, 334, 454, and 574 [4] - **Aluminum**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are - 5, 10, 15, and 5 respectively, with theoretical spreads of 215, 332, 448, and 564 [4] - **Lead**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are - 50, - 40, - 40, and 5 respectively, with theoretical spreads of 211, 317, 424, and 530 [4] - **Nickel**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are - 320, - 160, 60, and 280 respectively [4] - **Tin**: The 5 - 1 spread is - 540, with a theoretical spread of 5808 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month contract - spot and the next - month contract - spot are - 960 and - 1550 respectively, with theoretical spreads of - 51 and 338 [4] - **Zinc**: The spreads of the current - month contract - spot and the next - month contract - spot are - 5 and 10 respectively, with theoretical spreads of 71 and 201 [4] - **Lead**: The spreads of the current - month contract - spot and the next - month contract - spot are 250 and 200 respectively, with theoretical spreads of 113 and 225 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) are 3.79, 4.04, 4.95, 0.94, 1.22, and 0.77 respectively [5]

Report Summary Report Industry Investment Rating No relevant content provided. Core View of the Report - This week, the high - sulfur cracking of Singapore 380cst was oscillating at a high level, the spread of nearby months weakened, the basis oscillated at a low level, the EW spread weakened rapidly, the high - sulfur in the ARA region strengthened, and the FU internal - external spread oscillated between 8 - 10 US dollars. The low - sulfur cracking rebounded slightly but was at a historical low compared to the same period. The monthly spread was weakly sorted out, the LU internal - external spread fell to 7 - 9 US dollars, and the MF0.5 basis weakened [3][4]. - From the fundamental perspective, Singapore's residue oil inventory decreased, which was at a high level compared to the same period. The floating storage decreased significantly. The ARA residue oil inventory decreased at a historical low level for the same period. The EIA residue oil inventory slightly increased at a low level. The inventory in Fujairah slightly increased, which was at a low level compared to the same period. The high - sulfur floating storage in the Middle East decreased significantly this week [4]. - Recently, the high - sulfur spot in Singapore has weakened, but the cracking is supported by raw material procurement. The short - term downward space is limited. It is expected that the 380 cracking will maintain an oscillating pattern, and the FU internal - external spread should be viewed within a range. This week, the LU market was still weak. The issuance of the third batch of export quotas met expectations, and the external MF0.5 basis weakened again. In the fourth quarter, the LU internal - external spread can be expanded when the price is low. Pay attention to the quota usage [4]. Summary by Related Catalog Rotterdam Fuel Oil Data - The prices of Rotterdam 3.5% HSF, Rotterdam 0.5% VLS, and other indicators have fluctuated from September 30, 2025, to October 13, 2025. For example, the price of Rotterdam 3.5% HSF dropped from 390.14 on September 30 to 378.78 on October 13 [1]. Singapore Fuel Oil Data - The prices of Singapore 380cst M1, Singapore 180cst M1, etc., have also changed during the same period. For instance, the price of Singapore 380cst M1 decreased from 399.48 on September 30 to 376.28 on October 13 [1]. Singapore Fuel Oil Spot Data - From September 30 to October 14, 2025, the FOB 380cst price decreased from 400.31 to 363.63, and the FOB VLSFO price dropped from 470.02 to 432.26 [2]. Domestic FU Data - From September 30 to October 14, 2025, the prices of FU 01, FU 05, and FU 09 decreased. For example, the price of FU 01 decreased from 2867 to 2700 [2]. Domestic LU Data - From September 30 to October 14, 2025, the prices of LU 01, LU 05, and LU 09 decreased. For example, the price of LU 01 decreased from 3398 to 3196 [3].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - For PTA, the near - end TA maintenance has been implemented, the start - up has slightly declined, the polyester load has increased month - on - month, the inventory has slightly accumulated, and the basis has remained weak. The domestic PX start - up has increased, overseas plants have also restarted, and the PXN has widened month - on - month. There may be additional load reduction and production plans for TA, but considering the lack of more - than - expected performance of polyester, the far - month inventory accumulation is expected, and the far - month processing fee is relatively reasonable after the valuation repair month - on - month. Attention should be paid to additional maintenance situations [1]. - For MEG, the near - end domestic oil - based start - up has remained stable, the coal - based has restarted, and the overall load has increased to a high level. There is some maintenance overseas. The port inventory has significantly accumulated at the beginning of next week due to the increase in arrivals during the holiday and the dull shipment. The basis has slightly strengthened, and the benefit ratio has further shrunk. The industry has entered a continuous inventory accumulation stage, but there may be some negative feedback on the supply side after the coal - based benefit and ratio weaken. Attention should be paid to the support of coal - based costs [4]. - For polyester staple fiber, the short - term Xinjiang Jianshanli has been under maintenance, Zhejiang Huaxing has increased its load, the start - up has decreased to 94.3%, the production and sales have weakened month - on - month, and the inventory has accumulated month - on - month. On the demand side, the start - up of the polyester yarn end has remained stable, the raw material inventory has decreased, the finished product inventory has remained stable month - on - month, and the benefit has been weak. The load - increasing speed of the polyester yarn end may slow down due to the high - level finished product inventory, but the start - up of short - fiber spot remains high due to good benefits, and the inventory pressure is limited. The processing fee is expected to fluctuate [4]. - For natural rubber, the national explicit inventory has remained stable, and the price of Thai cup rubber has remained stable. The strategy is to wait and see [4]. - For styrene and its downstream products, the prices of related products have changed to different degrees, and the production profits of some products have also changed. The start - up rates of EPS, ABS, and PS have also shown different trends [4]. 3. Summary by Related Catalogs PTA - **Price and Spread Changes**: From September 30, 2025, to October 14, 2025, the price of PTA has changed, such as the domestic PTA spot price has decreased from 6650 to 6520, and the PX - naphtha spread has also changed [1]. - **Load and Inventory Situation**: The near - end TA maintenance has been implemented, the start - up has slightly declined, the polyester load has increased month - on - month, and the inventory has slightly accumulated [1]. MEG - **Price and Profit Changes**: From September 30, 2025, to October 14, 2025, the price of MEG has decreased, and the profit has also changed. For example, the MEG domestic price has decreased from 4275 to 4145, and the profit has decreased from 128 to 54 [4]. - **Load and Inventory Situation**: The near - end domestic oil - based start - up has remained stable, the coal - based has restarted, and the overall load has increased to a high level. The port inventory has significantly accumulated at the beginning of next week [4]. Polyester Staple Fiber - **Price and Inventory Changes**: The spot price of polyester staple fiber has decreased, the production and sales have weakened month - on - month, and the inventory has accumulated month - on - month. The demand - side finished product inventory has remained stable month - on - month, and the benefit has been weak [4]. - **Start - up Situation**: The start - up has decreased to 94.3% due to short - term maintenance and load - increasing of some plants [4]. Natural Rubber - **Price and Inventory Changes**: The prices of various types of natural rubber have changed, and the national explicit inventory has remained stable. The price of Thai cup rubber has remained stable [4]. - **Strategy**: The strategy is to wait and see [4]. Styrene and Its Downstream Products - **Price and Profit Changes**: The prices of styrene and its downstream products such as pure benzene, EPS, ABS, and PS have changed, and the production profits of domestic products have also changed [4]. - **Start - up Situation**: The start - up rates of EPS, ABS, and PS have shown different trends [4].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - No explicit core view presented in the provided content 3. Summary by Related Catalogs 3.1 BR (Butadiene Rubber) - **Contract Data**: On October 14, the closing price of the main contract was 10,780, down 140 from the previous day and 560 from the previous week; the position was 29,075, down 2,938 from the previous day and 9,475 from the previous week; the trading volume was 65,011, down 48,235 from the previous day and 93,149 from the previous week [3]. - **Warehouse Receipts and Ratios**: The warehouse receipt quantity was 8,750, up 200 from the previous day and 1,150 from the previous week; the virtual - to - real ratio was 16.61, down 2 from the previous day and 9 from the previous week [3]. - **Basis and Spread**: The butadiene rubber basis was 270, up 40 from the previous day and 210 from the previous week; the 10 - 11 spread was down 20 from the previous day and 145 from the previous week [3]. - **Prices**: The Shandong market price was 11,050, down 100 from the previous day and 350 from the previous week; the Qilu ex - factory price was 11,200, unchanged from the previous day and down 300 from the previous week [3]. - **Profits**: The spot processing profit was 78, down 151 from the previous day and up 160 from the previous week; the import profit was - 79,720, down 100 from the previous day and up 1,903 from the previous week; the export profit was 435, up 87 from the previous day and 323 from the previous week [3]. 3.2 BD (Butadiene) - **Prices**: On October 14, the Shandong market price was 8,600, up 50 from the previous day and down 500 from the previous week; the Jiangsu market price was 8,450, unchanged from the previous day and down 500 from the previous week; the Yangzi ex - factory price was 8,600, unchanged from the previous day and down 400 from the previous week [3]. - **Profits**: The carbon four extraction profit was N/A; the butene oxidation dehydrogenation profit was - 224, up 70 from the previous day and down 430 from the previous week; the import profit was 80, unchanged from the previous day and down 313 from the previous week; the export profit was - 548, unchanged from the previous day and up 127 from the previous week [3]. 3.3 Downstream Profits - The butadiene rubber production profit was - 192, down 191 from the previous day and 50 from the previous week; the styrene - butadiene rubber production profit was 888, up 38 from the previous day and 50 from the previous week; the SBS (791 - H) production profit was 730, up 45 from the previous day and down 360 from the previous week [3]. 3.4 Spreads - **Inter - Variety Spreads**: On October 14, the RU - BR spread was - 14,230, up 2,843 from the previous day and 8,945 from the previous week; the NR - BR spread was - 17,085, up 2,888 from the previous day and 9,035 from the previous week; the Thai mixed - butadiene rubber spread was 3,400, up 100 from the previous day and unchanged from the previous week [3]. - **Intra - Variety Spreads**: The standard - non - standard butadiene rubber spread was 400, down 50 from the previous day and up 200 from the previous week; the styrene - butadiene rubber 1502 - 1712 spread was 1,000, up 50 from the previous day and unchanged from the previous week [3].

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 715.0 4.0 10.0 32.0 -150.0 25省终端可用天数 24.2 0.8 4.3 3.3 6.6 秦皇岛5000 625.0 5.0 12.0 33.0 -150.0 25省终端供煤 534.0 4.9 -74.6 -106.1 -88.9 广州港5500 770.0 5.0 5.0 15.0 -145.0 北方港库存 2266.0 -34.0 16.0 201.0 27.2 鄂尔多斯5500 495.0 10.0 10.0 30.0 -145.0 北方锚地船舶 112.0 -4.0 34.0 30.0 46.0 大同5500 545.0 10.0 5.0 25.0 -165.0 北方港调入量 129.8 9.0 -26.6 -33.0 -29.8 榆林6000 642.0 0.0 0.0 40.0 -199.0 北方港吞吐量 146.9 -41.7 38.8 -21.1 -10.7 榆林6200 670.0 0.0 0.0 40.0 -199.0 CBCFI海运指数 812.3 46.7 204.1 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoint The current PG basis is high, FEI and CP valuations are low. The Sino - US tariff truce agreement will expire on November 10th. With low inventory pressure, abundant supply, strong chemical demand support, and gradually warming combustion demand, the improvement of PDH profit may lead to the purchase demand for CP goods. The report suggests paying attention to narrowing PDH profit, but also warns of the risk of the low - opening of the end - of - month CP official price [1]. 3) Summary by Relevant Catalog Daily Changes - On October 14, 2025, civil gas prices declined in different regions: in East China to 4383 (-3), in Shandong to 4440 (-10), and in South China to 4530 (-30). The price of ether - post carbon four remained at 4480 (+0). The lowest delivery location was East China, with a basis of 240 (-6), and the November - December spread was 150 (-43). FEI and CP decreased to 465 (-20) and 449 (-22) dollars/ton respectively [1]. - The PG futures price dropped significantly. The cheapest delivery product was East China civil gas at 4384 (+21); Shandong was at 4450 (-100), and South China was at 4570 (-70). The basis was 314 (+188), and the November - December spread was 78 [1]. Weekly Viewpoint - The South China arrival discount was 52. Freight rates dropped significantly: from the US Gulf to Japan to 126 (-5), and from the Middle East to the Far East to 63 (-5.5). The FEI - MOPJ spread widened significantly to -83 (-28) [1]. - Some enterprises such as Weilian Chemical, Lihuayi Weiyuan, and Tianjin Bohua stopped production, and Zhongjing is expected to resume next week. The PDH plant operating rate was 70.88% (-1.64pct), and the PDH - to - propylene spot gross profit was +0. Warehouse receipts were cancelled to zero in September. The October CP official price opened low at 495/475, the lowest in two years, 40 - 60 dollars lower than expected [1]. - The FEI monthly spread was -15 dollars (-8.5), and the CP monthly spread was -8.75 dollars (+0.25). The internal - external price difference PG - CP reached 108 (+3); PG - FEI reached 101 (+13). FEI - CP was 7.5 (-10). The US - Asia arbitrage window was closed. The AFEI discount was -18.75, and the CP changed little; the profit of producing PP rebounded from a low level [1].