Report Summary 1) Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2) Report Core View The report provides cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 5, 2025, which helps investors understand the price relationships and potential arbitrage opportunities in the non - ferrous metal market [1][3][4]. 3) Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On November 5, 2025, the domestic spot price was 86,580, the LME price was 10,662, and the spot import equilibrium ratio was 8.10 with a profit of - 554.65. The three - month domestic price was 85,710, the LME price was 10,692, and the ratio was 8.08 [1]. - **Zinc**: The domestic spot price was 22,600, the LME price was 3,224, and the spot import equilibrium ratio was 8.51 with a profit of - 4,843.44. The three - month domestic price was 22,700, the LME price was 3,086, and the ratio was 5.66 [1]. - **Aluminum**: The domestic spot price was 21,440, the LME price was 2,876, and the spot import equilibrium ratio was 8.34 with a profit of - 2,562.83. The three - month domestic price was 21,500, the LME price was 2,883, and the ratio was 7.43 [1]. - **Nickel**: The domestic spot price was 123,000, the LME price was 14,856, and the spot import equilibrium ratio was 8.19 with a profit of - 1,264.30 [1]. - **Lead**: The domestic spot price was 17,250, the LME price was 1,996, and the spot import equilibrium ratio was 8.74 with a profit of - 197.85. The three - month domestic price was 17,425, the LME price was 2,020, and the ratio was 11.22 [3]. Cross - Period Arbitrage Tracking - **Copper**: On November 5, 2025, the spreads between the next - month, three - month, four - month, and five - month contracts and the spot month were - 1,520, - 1,550, - 1,510, and - 1,490 respectively, while the theoretical spreads were 538, 975, 1,420, and 1,865 respectively [4]. - **Zinc**: The spreads were 155, 185, 195, and 205 respectively, and the theoretical spreads were 216, 337, 459, and 580 respectively [4]. - **Aluminum**: The spreads were - 125, - 90, - 90, and - 85 respectively, and the theoretical spreads were 219, 339, 459, and 579 respectively [4]. - **Lead**: The spreads were 25, 35, 20, and 30 respectively, and the theoretical spreads were 212, 320, 428, and 536 respectively [4]. - **Nickel**: The spreads were - 890, - 650, - 420, and - 220 respectively [4]. - **Tin**: The 5 - 1 spread was - 950, and the theoretical spread was 5,871 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were 715 and - 805 respectively, and the theoretical spreads were 343 and 600 respectively [4]. - **Zinc**: The spreads were - 85 and 70 respectively, and the theoretical spreads were 124 and 255 respectively [4]. - **Lead**: The spreads were 140 and 165 respectively, and the theoretical spreads were 135 and 250 respectively [5]. Cross - Variety Arbitrage Tracking On November 5, 2025, the cross - variety ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai (three - continuous) market were 3.78, 3.99, 4.92, 0.95, 1.23, and 0.77 respectively, and in the London (three - continuous) market were 3.45, 3.73, 5.27, 0.93, 1.41, and 0.66 respectively [5].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For PTA, the near - end TA partial device load reduction, start - up slightly decreased, polyester load increased month - on - month, inventory slightly accumulated, basis strengthened month - on - month, and spot processing fee slightly repaired. With the subsequent low processing fee for a long time and better terminal data, the processing fee center may gradually repair [2]. - For MEG, the near - end domestic oil - based restarted, load increased month - on - month, overseas partial devices restarted, port inventory decreased month - on - month at the beginning of next week, but the arrival forecast increased during the week, basis weakened month - on - month, and coal - based benefits and price ratios decreased. In the long - term, it is in a continuous inventory accumulation stage with a bearish pattern, but there may be partial negative feedback on the supply side after the weakening of coal - based benefits and price ratios [2]. - For polyester staple fiber, the near - end Fujian Shanli restarted, start - up increased, production and sales weakened month - on - month, and inventory remained stable. With the overall inapparent improvement in the benefits and start - up of the polyester yarn end, high export growth of staple fiber itself, and high start - up due to good spot benefits, the overall inventory pressure is limited, and attention should be paid to the opportunity of expanding the spread and the situation of warehouse receipts [2]. - For natural rubber and 20 - number rubber, the national explicit inventory remained stable at a relatively low absolute level, and the Thai cup - lump rubber price remained stable with rainfall affecting tapping. The strategy is to wait and see [2]. Summary by Commodity PTA - Price data: From October 29 to November 4, 2025, crude oil decreased from $64.9 to $64.4, PTA internal - market spot decreased from 4535 to 4520, and polyester POY 150D/48F increased from 6415 to 6515. The PTA processing fee increased from 119 to 94, and polyester gross profit increased from - 3 to 160 [2]. - Device change: Shandong Weilian's 2.5 - million - ton device reduced load [2]. MEG - Price data: From October 29 to November 4, 2025, Northeast Asian ethylene remained at 740, MEG external - market price decreased from 490 to 471, and MEG internal - market price decreased from 4152 to 4002. MEG coal - based profit decreased from - 171 to - 286 [2]. - Device change: Tongliao's 300,000 - ton device restarted [2]. Polyester Staple Fiber - Price data: From October 29 to November 4, 2025, the price of 1.4D cotton - type staple fiber decreased from 6440 to 6395, and short - fiber profit decreased from 154 to 132 [2]. - Device change: Fujian Shanli restarted, and the start - up increased to 96.8% [2]. Natural Rubber & 20 - Number Rubber - Price data: From October 29 to November 4, 2025, the US - dollar Thai standard spot decreased from 1865 to 1800, and the Shanghai whole - latex decreased from 14925 to 14175 [2]. - Key indicators: The national explicit inventory remained stable, and the Thai cup - lump rubber price remained stable with rainfall affecting tapping [2]. Styrene - Price data: From October 29 to November 4, 2025, ethylene (CFR Northeast Asia) remained at 740, pure benzene (CFR China) remained at 681, and styrene (CFR China) decreased from 800 to 780. EPS domestic profit increased from 275 to 395 [5].

| 油 脂 油 料 盘 面 价 差 ： | | --- | 油脂油料早报 研究中心农产品团队 2025/11/05 隔 夜 市 场 信 息 ： MPOB报告前瞻：截至10月底马来西亚棕榈油库存料将触及两年高点 周二公布的一份调查显示，受产量飙升至七年高点，且超过出口需求推动，马来西亚截至10月底棕榈油库存预计将 攀升至两年高位。 受访的贸易商、种植园主和分析师的预估中值显示，10月份棕榈油库存预计将大涨3.5%至244万吨，为2023年10月 以来最高水平。 毛棕榈油产量预计为194万吨，较上月增长5.6%，至2018年10月以来最高水平。 雪兰莪州经纪公司Pelindung Bestari董事Paramalingam Supramaniam表示，人们普遍预计产量增长主要来自东马 来西亚。 他并称，由于近期价格偏低，很多买家逢低买进，出口一直在增长。 "整体而言，截至10月底库存的增长可能限制价格涨幅，令价格任何反弹都是短暂的。展望未来，随着我们进入季 节性雨季，重点将转向即将到来的季风季节以及其产生的影响。" 调查显示，棕榈油产品的出口预计将攀升3.8%至148万吨，为连续第二个月上涨，且为年内最高水平。 ...

Group 1: Report Investment Ratings - There is no information about the report's industry investment rating in the provided content. Group 2: Core Views - Corn prices are expected to weaken in the short - term due to concentrated grain listings but may rebound in the medium - to long - term as farmers may resist selling at low prices [2] - Starch prices are currently under pressure due to high inventory, and downstream consumption rhythm will be the key factor for future price trends [2] - Sugar prices are affected by international supply pressure and domestic cost support, and may face challenges if global surplus intensifies [5] - Cotton prices are in a consolidation phase, and the downside is limited. Attention should be paid to demand - side changes [7] - Egg prices have rebounded slightly due to supply and demand factors, and the future price trend depends on the speed of chicken culling [13] - Apple prices are expected to fluctuate upward in the short - term as the new - season output decreases and the opening price is higher than last year [15] - Pig prices are currently weak, and the key drivers of the market are the paths of production and inventory reduction, with attention to factors such as slaughter rhythm, diseases, and policies [15] Group 3: Summary by Commodity Corn/Starch - **Price Data**: From October 29 to November 4, 2025, corn prices in different regions showed various changes, with a maximum decrease of 40 in some areas, and starch processing profit remained at 32 in the end [1] - **Analysis**: Short - term pressure on corn prices due to concentrated listings; mid - to long - term depends on the game between farmers and traders. Starch prices follow raw material prices, and high inventory suppresses prices [2] Sugar - **Price Data**: The provided table shows sugar spot prices in different regions, as well as data on basis, import profit, and warehouse receipts from October 29 to November 4, 2025, with some price changes [4] - **Analysis**: International supply pressure affects sugar prices, and domestic prices are supported by production costs but may face challenges from imports [5] Cotton/Cotton Yarn - **Price Data**: From October 29 to November 4, 2025, cotton prices showed a downward trend, and cotton yarn profit improved gradually [6] - **Analysis**: Cotton prices are in a consolidation phase, and the downside is limited. Attention should be paid to demand - side changes [7] Eggs - **Price Data**: From October 29 to November 4, 2025, egg prices in different regions remained relatively stable, with a 33 decrease in basis [13] - **Analysis**: Supply pressure is relieved, and demand has increased slightly, leading to a slight price rebound. Future prices depend on the speed of chicken culling [13] Apples - **Price Data**: From October 29 to November 4, 2025, the price of Shandong 80 first - and second - grade apples remained at 8000, and the basis showed a decreasing trend [14][15] - **Analysis**: New - season output has decreased, and affected by rainfall, the quality in some areas is poor. The opening price is higher than last year, and the short - term price is expected to fluctuate upward [15] Pigs - **Price Data**: From October 29 to November 4, 2025, pig prices in different regions decreased, with a maximum decrease of 0.35, and the basis decreased by 200 [15] - **Analysis**: Spot prices are weak, and the key to the market is the paths of production and inventory reduction, with attention to slaughter rhythm, diseases, and policies [15]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint - This week, the 380 fuel oil crack spread fluctuated, the monthly spread weakened month-on-month, and the basis fluctuated weakly. The European HSFO crack spread strengthened, and the EW spread weakened significantly. The 0.5 low-sulfur crack spread in Singapore oscillated at a low level, and the monthly spread and basis oscillated at a low level. In terms of inventory, Singapore's residual oil inventory increased, floating storage increased, ARA's residual oil inventory decreased, floating storage increased, and EIA's residual oil inventory decreased slightly. In terms of shipments, Russia's residual oil shipments rebounded this week but were still low year-on-year. Overall, Russia's residual oil shipments decreased month-on-month in October. Saudi Arabia's residual oil shipments oscillated at a high level, and the UAE's shipments decreased month-on-month. Singapore's arrivals were neutral this week, and China's residual oil arrivals increased month-on-month. This week, the domestic and foreign spreads of high and low sulfur rebounded significantly. The low-sulfur situation in the external market remained weak. The fundamentals of high-sulfur in Singapore were poor, but the EW spread and raw material premiums supported the 380 crack spread, showing a short-term oscillating pattern [6][7]. 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Data | Type | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | 2025/11/04 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 390.02 | 392.05 | 393.07 | 387.22 | 377.13 | -10.09 | | Rotterdam 0.5% VLS FO Swap M1 | 417.07 | 417.96 | 416.37 | 421.01 | 413.33 | -7.68 | | Rotterdam HSFO - Brent M1 | -3.04 | -2.63 | -2.40 | -3.40 | -4.53 | -1.13 | | Rotterdam 10ppm Gasoil Swap M1 | 689.14 | 691.99 | 688.48 | 679.38 | 683.70 | 4.32 | | Rotterdam VLSFO - Gasoil M1 | -272.07 | -274.03 | -272.11 | -258.37 | -270.37 | -12.00 | | LGO - Brent M1 | 29.11 | 29.43 | 28.89 | 27.83 | 27.98 | 0.15 | | Rotterdam VLSFO - HSFO M1 | 27.05 | 25.91 | 23.30 | 33.79 | 36.20 | 2.41 | [4] Singapore Fuel Oil Data | Type | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | 2025/11/04 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 373.72 | 373.35 | 375.53 | 380.33 | 374.38 | -5.95 | | Singapore 180cst M1 | 380.28 | 378.91 | 382.28 | 388.78 | 380.63 | -8.15 | | Singapore VLSFO M1 | 438.46 | 443.70 | 449.25 | 456.36 | 452.30 | -4.06 | | Singapore Gasoil M1 | 89.63 | 90.58 | 92.03 | 89.51 | 90.09 | 0.58 | | Singapore 380cst - Brent M1 | -4.56 | -4.93 | -4.98 | -4.44 | -4.96 | -0.52 | | Singapore VLSFO - Gasoil M1 | -224.80 | -226.59 | -231.77 | -206.01 | -214.37 | -8.36 | [4] Singapore Fuel Oil Spot Data | Type | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | 2025/11/04 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 372.68 | 372.56 | 374.81 | - | 369.12 | - | | FOB VLSFO | 437.28 | 442.83 | 448.61 | 456.00 | 448.83 | -7.17 | | 380 Basis | -1.80 | -1.95 | -1.75 | -3.75 | -6.00 | -2.25 | | High-Sulfur Domestic - Foreign Spread | 10.4 | 9.1 | - | 8.0 | 7.9 | -0.1 | | Low-Sulfur Domestic - Foreign Spread | 12.6 | 14.3 | - | 10.2 | 9.4 | -0.8 | [5] Domestic FU Data | Type | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | 2025/11/04 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2796 | 2751 | 2745 | 2790 | 2764 | -26 | | FU 05 | 2744 | 2713 | 2712 | 2755 | 2732 | -23 | | FU 09 | 2672 | 2657 | 2653 | 2683 | 2671 | -12 | | FU 01 - 05 | 52 | 38 | 33 | 35 | 32 | -3 | | FU 05 - 09 | 72 | 56 | 59 | 72 | 61 | -11 | | FU 09 - 01 | -124 | -94 | -92 | -107 | -93 | 14 | [5] Domestic LU Data | Type | 2025/10/29 | 2025/10/30 | 2025/10/31 | 2025/11/03 | 2025/11/04 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3246 | 3255 | 3268 | 3335 | 3290 | -45 | | LU 05 | 3212 | 3223 | 3239 | 3288 | 3261 | -27 | | LU 09 | 3235 | 3237 | 3252 | 3288 | 3254 | -34 | | LU 01 - 05 | 34 | 32 | 29 | 47 | 29 | -18 | | LU 05 - 09 | -23 | -14 | -13 | 0 | 7 | 7 | | LU 09 - 01 | -11 | -18 | -16 | -47 | -36 | 11 | [6]

Group 1: Report Summary - The report is a Coke Daily Report released on November 5, 2025, by the Black Team of the Research Center [1] Group 2: Industry Data Coke Prices - The latest prices of different types of coke: Shanxi quasi - first wet - quenched coke is 1537.01, Hebei quasi - first dry - quenched coke is 1790.00, Shandong quasi - first dry - quenched coke is 1715.00, Jiangsu quasi - first dry - quenched coke is 1755.00, and Inner Mongolia second - grade coke is 1230.00. There is no daily change in these prices [2] Production and Capacity - The blast furnace开工率 is 88.61, with a weekly change of - 1.33 and a monthly change of - 2.04 but a year - on - year increase of 0.15%. The iron water daily average output is 236.36, with a weekly change of - 3.54 and a monthly change of - 5.45 but a year - on - year increase of 0.38%. The coking capacity utilization rate is 73.16, with a weekly change of - 0.83, a monthly change of - 2.15, and a year - on - year decrease of 0.54%. The coke daily average output is 53.30, with a weekly change of 2.09, a monthly change of 1.01, and a year - on - year increase of 4.88% [2] Inventory - Coking plant inventory is 37.52, with a weekly change of 0.03, a monthly change of - 1.49, and a year - on - year decrease of - 14.88%. Port inventory is 211.10, with a weekly change of 11.01, a monthly change of 17.01, and a year - on - year increase of 18.50%. Steel mill inventory is 629.05, with a weekly change of - 4.11, a monthly change of - 34.35, and a year - on - year increase of 8.68%. Steel mill inventory days are 11.57, with a weekly change of 0.50, a monthly change of - 0.03, and a year - on - year increase of 4.42% [2] Futures Market - The latest prices of different coke futures contracts: Disk 05 is 1885, Disk 09 is 1962.5, and Disk 01 is 1753.5. The 05 basis is - 38.76, the 09 basis is - 116.26, and the 01 basis is 92.74. The 5 - 9 spread is - 131.50, the 9 - 1 spread is - 77.50, and the 1 - 5 spread is 209.00 [2]

Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Related Catalogs Glass - **Price Changes**: From October 28, 2025, to November 4, 2025, the prices of 5mm glass in various regions showed different trends. For example, the price of 5mm glass from Shahe Anquan increased from 1113.0 to 1121.0 and then remained stable, with a weekly increase of 8.0 [1]. - **Contract Price Changes**: The FG05 contract price decreased from 1263.0 to 1239.0, a weekly decrease of 24.0; the FG01 contract price decreased from 1113.0 to 1105.0, a weekly decrease of 8.0 [1]. - **Profit Changes**: The profit of North China coal - fired glass increased from 182.9 to 196.0, a weekly increase of 13.0; the profit of North China natural - gas glass increased from - 244.9 to - 225.4, a weekly increase of 19.5 [1]. - **Spot and Sales**: Shahe factory's glass sales have recently improved, with Shahe traders' low - price products around 1113 and good shipments. In Hubei, the factory price is around 1040, and factory transactions are good. The mid - stream spot - futures trading in Hubei is at par, with fair transactions. The glass sales rates in Shahe, Hubei, East China, and South China are 165, 138, 112, and 110 respectively [1]. 纯碱 (Soda Ash) - **Price Changes**: From October 28, 2025, to November 4, 2025, the prices of heavy soda ash in various regions showed different trends. For example, the price of heavy soda ash in Shahe decreased from 1190.0 to 1140.0, a weekly decrease of 50.0 [1]. - **Contract Price Changes**: The SA05 contract price decreased from 1331.0 to 1280.0, a weekly decrease of 51.0; the SA01 contract price decreased from 1239.0 to 1189.0, a weekly decrease of 50.0 [1]. - **Profit Changes**: The profit of North China ammonia - soda process decreased from - 236.7 to - 298.2, a weekly decrease of 61.4; the profit of North China combined - soda process decreased from - 252.1 to - 311.5, a weekly decrease of 59.4 [1]. - **Spot and Industry**: The spot price of heavy soda ash at the Hebei delivery warehouse is around 1110, and the price delivered to Shahe is around 1140. The upstream inventory of the soda ash industry has slightly decreased [1].

Group 1: Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: November 5, 2025 [3] Group 2: BR Data Futures - BR主力合约(12) price on November 4 was 10,205, down 155 from the previous day and 590 from the previous week [4] - Open interest on November 4 was 35,870, down 1,926 from the previous day and 16,346 from the previous week [4] - Trading volume on November 4 was 91,690, down 58,160 from the previous day and 103,960 from the previous week [4] - Warehouse receipt quantity remained at 8,580 [4] - Long - short ratio on November 4 was 20.90, down 1 from the previous day and 10 from the previous week [4] Basis/Spread - Butadiene rubber basis on November 4 was -45 compared to the previous day and 90 compared to the previous week [4] - Styrene - butadiene rubber basis on November 4 was -145 compared to the previous day and 190 compared to the previous week [4] - 12 - 01 spread on November 4 was 25 compared to the previous day [4] - 01 - 02 spread on November 4 was -5 compared to the previous day and 20 compared to the previous week [4] - RU - BR spread on November 4 was -18 compared to the previous day and -160 compared to the previous week [4] - NR - BR spread on November 4 was -85 compared to the previous day and -170 compared to the previous week [4] Spot and Profit - Shandong market price on November 4 was 10,300, down 200 from the previous day and 500 from the previous week [4] - Transfar market price on November 4 was 10,150, down 200 from the previous day and 550 from the previous week [4] - Qilu factory price remained at 10,500 [4] - CFR Northeast Asia remained at 1,450 [4] - CFR Southeast Asia remained at 1,700 [4] - Spot processing profit on November 4 was 909, down 52 from the previous day and up 112 from the previous week [4] - Import profit on November 4 was -1,874, down 208 from the previous day and 537 from the previous week [4] - Export profit on November 4 was 2,496, up 181 from the previous day and 471 from the previous week [4] Group 3: BD Data Spot and Profit - Shandong market price on November 4 was 7,050, down 145 from the previous day and 600 from the previous week [4] - Jiangsu market price on November 4 was 6,800, down 400 from the previous day and 800 from the previous week [4] - Yangzi factory price on November 4 was 6,900, down 300 from the previous day and 1,000 from the previous week [4] - CFR China remained at 850 [4] - Carbon four extraction profit: data for November 4 is not available [4] - Butene oxidative dehydrogenation profit on November 4 was -1,874, down 498 from the previous day and 940 from the previous week [4] - Import profit on November 4 was -190, down 404 from the previous day and 19 from the previous week [4] - Export profit on November 4 was -84, up 138 from the previous day and -244 from the previous week [4] Production Profit - Styrene - butadiene production profit on November 4 was 1,463, up 225 from the previous day and 250 from the previous week [4] - ABS production profit data is not available [4] - SBS production profit on November 4 was 495, up 210 from the previous day and -200 from the previous week [4]

s 加安期货 700 600 500 400 300 200 100 124 11/1 -200 -300 周度变化 -3109 -3299 -3299 -21 -36 -11 -81 -4989 6900 -3980 0.5 -3280 -3190 -3380 -3380 -105 -1525 2025 -2019 -2024 -2021 -2022 2020 =2023 -2025 2019 -2025 -2021 =2023 -2024 ·2020 -2022 BU12-03 BU12-01 200 300 250 150 200 150 100 100 50 50 0 0 -50 67 N3 1/10 0/6 /1$ 0/27 /6 8/1 7 8 -100 -50 -150 -100 -200 2019 2019 -2021 2022 ·2024 2021 -2024 2020 -2023 2025 2020 2022 2023 ·2025 BU远期结构 BU主力合约 5000 3400 4500 3350 3300 4000 3250 3500 3200 3150 3000 WW 3100 250 ...

Report Overview - Report Title: Scrap Steel Morning Report - Research Team: Black Team of the Research Center - Date: November 5, 2025 [1] Steel Price Data - Steel prices are presented for different regions including East China, North China, Central China, South China, Northeast China, and Southwest China from October 29, 2025, to November 4, 2025 [2] - The prices in these regions on November 4, 2025, were 2231 in East China, 2292 in North China, 2052 in Central China, 2223 in South China, 2247 in Northeast China, and 2116 in Southwest China [2] - The环比(month - on - month) changes were -3 in East China, -6 in North China, -1 in Central China, -12 in South China, -14 in Northeast China, and -5 in Southwest China [2]