Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, lead, nickel, and tin on October 30, 2025, to assist in identifying potential arbitrage opportunities [1][4][5]. 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 30, 2025, the domestic spot price was 87,770, the LME spot price was 11,095, and the spot price ratio was 7.84; the domestic three - month price was 88,700, the LME three - month price was 11,115, and the three - month price ratio was 7.90. No profit data for spot import and export was provided [1]. - **Zinc**: The domestic spot price was 22,280, the LME spot price was 3,198, and the spot price ratio was 6.97; the domestic three - month price was 22,455, the LME three - month price was 3,065, and the three - month price ratio was 5.66. The equilibrium ratio for spot import was 8.48, with a loss of 4,825.07 [1]. - **Aluminum**: The domestic spot price was 21,170, the LME spot price was 2,904, and the spot price ratio was 7.29; the domestic three - month price was 21,330, the LME three - month price was 2,905, and the three - month price ratio was 7.31. The equilibrium ratio for spot import was 8.30, with a loss of 2,941.11 [1]. - **Lead**: The domestic spot price was 17,150, the LME spot price was 1,989, and the spot price ratio was 8.65; the domestic three - month price was 17,380, the LME three - month price was 2,024, and the three - month price ratio was 11.06. The equilibrium ratio for spot import was 8.70, with a loss of 112.78 [3]. - **Nickel**: The domestic spot price was 122,950, the LME spot price was 15,121, and the spot price ratio was 8.13. The equilibrium ratio for spot import was 8.16, with a loss of 1,245.29 [1]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month were 1,720, 1,710, 1,650, and 1,630 respectively, while the theoretical spreads were 537, 972, 1,416, and 1,860 respectively [4]. - **Zinc**: The spreads were 155, 180, 210, and 240 respectively, and the theoretical spreads were 214, 335, 455, and 576 respectively [4]. - **Aluminum**: The spreads were 175, 210, 225, and 230 respectively, and the theoretical spreads were 217, 334, 452, and 569 respectively [4]. - **Lead**: The spreads were - 20, 5, 15, and 25 respectively, and the theoretical spreads were 212, 320, 428, and 536 respectively [4]. - **Nickel**: The spreads were 1,240, 1,390, 1,620, and 1,870 respectively [4]. - **Tin**: The spread between the 5 - month and 1 - month contracts was - 890, and the theoretical spread was 5,929 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 740 and 980 respectively, and the theoretical spreads were 214 and 950 respectively [4]. - **Zinc**: The spreads were - 5 and 150 respectively, and the theoretical spreads were 156 and 286 respectively [4]. - **Lead**: The spreads were 225 and 205 respectively, and the theoretical spreads were 166 and 280 respectively [5]. Cross - Variety Arbitrage Tracking - **Ratio of Different Metals**: The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous contracts) were 3.95, 4.16, 5.10, 0.95, 1.23, and 0.77 respectively; for LME (three - continuous contracts), they were 3.61, 3.86, 5.49, 0.93, 1.42, and 0.66 respectively [5].

Group 1: Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 3948.50, 46.44, 1602.00, 1393.00, 60.15, and 11115.00 respectively, with changes of 0.00, 0.00, 0.00, -9.00, 0.00, and 213.00 [3]. - The latest values of the US Dollar Index, Euro - US Dollar, British Pound - US Dollar, US Dollar - Japanese Yen, and US 10 - year TIPS are 98.72, 1.17, 1.33, 152.09, and 1.71 respectively, with changes of 0.00, 0.00, 0.00, 0.00, 0.00 [3]. Group 2: Trading Data - The latest inventory of COMEX Silver, SHFE Silver, and SGE Silver are 15180.45, 653.83, and 1108.07 respectively, with changes of 0.00, -3.60, and 0.00 [4]. - The latest values of Gold ETF holdings and Silver ETF holdings are 1038.92 and 15209.57 respectively, with changes of 0.00 and 0.00 [4]. - The latest deferred fee payment directions of SGE Silver and SGE Gold are 2 and 2 respectively, with changes of 0.00 and 1.00 [4]. Group 3: Data Source - The data in the report is sourced from Bloomberg, Yong'an Yuandian Information, and Wind [13].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - **Methanol**: The current situation remains poor. Iranian plant shutdowns are slower than expected, and high imports are likely in November. The 01 contract issue is difficult to resolve. Port sanctions are expected to be resolved before the end of gas restrictions, making inventory reduction difficult. Methanol has limited upside potential, with the downside space depending on the inland market. Recent coal price increases have no impact on profits [2]. - **Polyethylene (PE)**: Overall inventory is neutral. The 09 contract basis is around -110 in North China and -50 in East China. Import profits are around -200 with no further increase for now. Non - standard HD injection prices are stable, while LD prices are weakening. Domestic linear production has decreased recently. New device pressure is high in 2025 [7]. - **Polypropylene (PP)**: Upstream and mid - stream inventories are decreasing. The basis is -60, non - standard price spreads are neutral, and import profits are around -700. Exports have been good this year. PDH profits are around -400. Future supply is expected to increase slightly. The 01 contract is under neutral to excessive pressure in the context of overcapacity [7]. - **Polyvinyl Chloride (PVC)**: The basis remains at 01 - 270. Downstream开工 is seasonally weakening, but there is a strong willingness to hold inventory at low prices. Mid - upstream inventories are continuously accumulating. Q4 should focus on production capacity implementation and export sustainability. Current static inventory contradictions are accumulating slowly [7]. 3. Summary by Related Catalogs Methanol - **Price Data**: From October 23 - 29, 2025, prices of动力煤期货 remained at 801. The prices of江苏现货,华南现货,鲁南折盘面, etc. showed some fluctuations. For example,江苏现货 decreased from 2250 on October 23 to 2217 on October 28 [2]. - **Viewpoint**: The reality is poor, with high imports expected in November. The 01 contract issue is hard to handle, and inventory reduction is difficult. Methanol has limited upside, and the downside depends on the inland market [2]. Polyethylene (PE) - **Price Data**: From October 23 - 29, 2025, prices of东北亚乙烯,华北LL,华东LL, etc. changed. For example,东北亚乙烯 decreased from 780 on October 23 to 750 on October 28 [7]. - **Viewpoint**: Overall inventory is neutral. Import profits are around -200. Non - standard HD injection prices are stable, and LD prices are weakening. Domestic linear production has decreased recently. New device pressure is high in 2025 [7]. Polypropylene (PP) - **Price Data**: From October 23 - 29, 2025, prices of山东丙烯,东北亚丙烯,华东PP, etc. changed. For example,山东丙烯 decreased from 6000 on October 23 to 5950 on October 29 [7]. - **Viewpoint**: Upstream and mid - stream inventories are decreasing. The basis is -60, non - standard price spreads are neutral, and import profits are around -700. Exports are good. Future supply is expected to increase slightly, and the 01 contract is under neutral to excessive pressure [7]. Polyvinyl Chloride (PVC) - **Price Data**: From October 23 - 29, 2025, prices of西北电石,山东烧碱,电石法 - 华东, etc. changed. For example,西北电石 increased from 2450 on October 23 to 2500 on October 24 [7][10]. - **Viewpoint**: The basis remains at 01 - 270. Downstream开工 is seasonally weakening, but there is a strong willingness to hold inventory at low prices. Mid - upstream inventories are continuously accumulating. Q4 should focus on production capacity implementation and export sustainability [7].

Report Information - Report Name: Coking Coal Daily Report - Date: October 30, 2025 - Research Team: Black Team of the Research Center [1] Price Information - **Spot Prices**: The latest price of Liulin Main Coking Coal is 1575.00, with no daily or weekly change, a monthly increase of 72.00, and an annual increase of 5.00%. The latest price of Raw Coal Port Delivery Price is 1140.00, with a daily increase of 9.00, a weekly increase of 45.00, a monthly increase of 102.00, and an annual decrease of 2.15%. The latest price of Shaheyi Meng 5 is 1470.00, with no daily or weekly change, a monthly increase of 80.00, and an annual decrease of 12.50%. The latest price of Anze Main Coking Coal is 1600.00, with no daily change, a weekly increase of 50.00, a monthly increase of 10.00, and an annual decrease of 7.51% [2]. - **Futures Prices**: The latest price of Futures Contract 05 is 1340.50, with a daily increase of 19.50, a weekly increase of 37.50, a monthly increase of 39.50, and an annual decrease of 8.12%. The latest price of Futures Contract 09 is 1417.50, with a daily increase of 24.00, a weekly increase of 39.50, a monthly increase of 47.00, and an annual decrease of 5.15%. The latest price of Futures Contract 01 is 1267.50, with a daily increase of 9.50, a weekly increase of 36.50, a monthly increase of 58.00, and an annual decrease of 8.91% [2]. Inventory Information - **Total Inventory**: The total inventory is 3303.53, with a weekly decrease of 14.87, a monthly decrease of 43.88, and an annual decrease of 12.73% [2]. - **Coal Mine Inventory**: The coal mine inventory is 189.54, with a weekly decrease of 15.87, a monthly decrease of 21.42, and an annual decrease of 27.22% [2]. - **Port Inventory**: The port inventory is 272.71, with a weekly decrease of 22.28, a monthly decrease of 9.48, and an annual decrease of 33.58% [2]. - **Steel Mill Coking Coal Inventory**: The steel mill coking coal inventory is 788.32, with a weekly increase of 7.19, a monthly decrease of 2.02, and an annual increase of 7.16% [2]. - **Coking Plant Coking Coal Inventory**: The coking plant coking coal inventory is 997.37, with a weekly increase of 38.31, a monthly increase of 56.96, and an annual increase of 4.17% [2]. Other Information - **Coking Capacity Utilization Rate**: The coking capacity utilization rate is 73.47, with a weekly decrease of 0.77, a monthly decrease of 1.96, and an annual decrease of 0.66% [2]. - **Coking Plant Coke Inventory**: The coking plant coke inventory is 85.03, with a weekly increase of 0.31, a monthly decrease of 0.61, and an annual decrease of 1.72% [2]. - **Futures Basis and Spread**: The 05 basis is -36.13, with a daily increase of 37.97, a weekly increase of 48.71, a monthly increase of 71.99, and an annual increase of 40.34. The 09 basis is -113.13, with a daily increase of 33.47, a weekly increase of 46.71, a monthly increase of 64.49, and an annual increase of 0.01. The 01 basis is 36.87, with a daily increase of 47.97, a weekly increase of 49.71, a monthly increase of 53.49, and an annual decrease of 5.11. The 5 - 9 spread is -77.00, with a daily decrease of 4.50, a weekly decrease of 2.00, a monthly decrease of 7.50, and an annual increase of 1.17. The 9 - 1 spread is 150.00, with a daily increase of 14.50, a weekly increase of 3.00, a monthly decrease of 11.00, and an annual increase of 0.46. The 1 - 5 spread is -73.00, with a daily decrease of 10.00, a weekly decrease of 1.00, a monthly increase of 18.50, and an annual increase of 0.08 [2].

| | 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 | 1537.01 | 0.00 | 54.61 | 109.23 | -18.60% 高炉开工率 | 89.94 | | -0.39 | -0.92 | 2.22% | | 河北准一干熄 | 1790.00 | 0.00 | 55.00 | 110.00 | -1.10% 铁水日均产量 | 239.90 | | -1.05 | -2.46 | 1.79% | | 山东准一干熄 | 1715.00 | 0.00 | 55.00 | 110.00 | -16.95% 盘面05 | 1915 | 18.00 | 45.00 | 46.50 | -10.56% | | 江苏准一干熄 | 1755.00 | 0.00 | 55.00 | 110.00 | -16.63% 盘面09 | 2012 | 32.00 | 52.00 | 64.00 | - ...

1. Report's Investment Rating for the Industry - Not provided in the given content 2. Core View of the Report - Not provided in the given content 3. Summary by Relevant Catalogs Price and Profit - The report shows the spot prices of various types of steel in different regions from October 23 to October 29, 2025, including Beijing, Shanghai, Chengdu, etc. for rebar, and Tianjin, Shanghai, Lecong for hot - rolled and cold - rolled coils [1]. Basis and Spread - Not provided in the given content Production and Inventory - Not provided in the given content

铁合金早报 | | | | | | | | | | 2025/10/30 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品种 | 项目 | | 现货 | | 仓单 | | 盘面 | | | | | | 最新 | 日变化 | 周变化 | 出厂价折盘面 | 最新 | | 日变化 | 周变化 | | | 宁夏#72 | 5170 | 0 | -10 | 5470 | 主力合约 | 5594 | 30 | 56 | | | 内蒙#72 | 5200 | -20 | 0 | 5550 | 01合约 | 5594 | 30 | 56 | | 硅铁自然块 产区汇总价 | 青海#72 | 5200 | 0 | 30 | 5530 | 05合约 | 5682 | 40 | 84 | | | 陕西#72 | 5150 | 0 | -50 | 5450 | 09合约 | 5740 | 32 | 64 | | | 陕西#75 | 5750 | 0 | -50 | | 主力月基差 | -124 | -30 | -66 | | 硅铁合格块 | 江苏#7 ...

Report Overview - The report is a pulp morning report released on October 30, 2025, by the energy and chemical team of the research center [2] SP Main Contract Information - On October 29, 2025, the closing price of the SP main contract was 5,242.00 [3] - The closing prices from October 23 - 29, 2025, were 5,250.00, 5,240.00, 5,258.00, 5,226.00, and 5,242.00 respectively, with daily changes of 0.57471%, -0.19048%, 0.34351%, -0.60860%, and 0.30616% [3] - The converted US - dollar prices from October 23 - 29, 2025, were 643.64, 642.32, 645.65, 642.60, and 642.60 respectively [3] - The Shandong Yinxing basis from October 23 - 29, 2025, was 350, 350, 242, 274, and 258 respectively [3] - The Jiangsu - Zhejiang - Shanghai Yinxing basis from October 23 - 29, 2025, was 310, 310, 277, 309, and 268 respectively [3] Pulp Price and Profit Information - With a 13% VAT calculation, for Canadian Golden Lion (CFR), the port US - dollar price was 780, the Shandong region RMB price was 6,200, and the import profit was - 127.94; for Canadian Lion (CFR), the port US - dollar price was 730, the Shandong region RMB price was 5,350, and the import profit was - 576.79; for Chilean Yinxing (CFR letter of credit 90 days), the port US - dollar price was 680, the Shandong region RMB price was 5,500, and the import profit was - 25.64 [4] - From October 23 - 29, 2025, the national average prices of softwood pulp, hardwood pulp, natural color pulp, and chemimechanical pulp remained unchanged at 6,073.75, 4,810.75, 5,415.00, and 3,686.25 respectively; the Shandong region average prices also remained unchanged [4] - From October 24 - 29, 2025, the cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) prices remained unchanged at 5,725, 5,670, 4,350, and 841 respectively [4] - From October 24 - 29, 2025, the double - offset profit margin estimates changed from - 0.0430% to 0.2667%; the double - copper profit margin estimates changed from 13.0000% to 13.2903%; the white card profit margin estimates changed from - 10.2892% to - 9.2823%; the living paper profit margin estimates changed from 7.1459% to 7.0123%, with a change of 0.0191 on the 29th compared to the previous data [4] - From October 23 - 29, 2025, the softwood - hardwood price difference changed from 1,360 to 1,250; the softwood - natural color price difference changed from 200 to 100; the softwood - chemimechanical price difference changed from 1,800 to 1,700; the softwood - waste paper price difference changed from 4,024 to 3,924 [4]

Report Summary 1) Report Industry Investment Rating - No information provided in the given content. 2) Core Viewpoint - No information provided in the given content. 3) Summary by Related Catalogs Spot Market - **Australian Mainstream Iron Ore**: Newman powder is priced at 802 with a daily change of 9 and a weekly change of 24, with a discounted futures price of 858.5; PB powder is at 805 (daily +9, weekly +24), discounted futures price 854.7; Macfarlane powder is 802 (daily +9, weekly +25), discounted futures price 875.9; Jinbuba powder is 759 (daily +3, weekly +10), discounted futures price 852.7; mainstream mixed powder is 764 (daily +7, weekly +20), discounted futures price 895.9; super special powder is 715 (daily +6, weekly +10), discounted futures price 933.2; Carajás powder is 926 (daily +8, weekly +21), discounted futures price 874.3 [1]. - **Brazilian Mainstream Iron Ore**: Brazilian mixed ore is 843 (daily +9, weekly +27), discounted futures price 860.1; Brazilian coarse IOC6 is 806 (daily +9, weekly +24), discounted futures price 884.2; Brazilian coarse SSFG is 811 (daily +9, weekly +24) [1]. - **Other Iron Ores**: Ukrainian concentrate is 918 (daily +8, weekly +15), discounted futures price 1009.6; 61% Indian powder is 748 (daily +3, weekly +10); Karara concentrate is 918 (daily +8, weekly +15), discounted futures price 942.6; Roy Hill powder is 792 (daily +9, weekly +24), discounted futures price 871.7; KUMBA powder is 864 (daily +9, weekly +24), discounted futures price 855.9; 57% Indian powder is 650 (daily +6, weekly +12); Atlas powder is 759 (daily +7, weekly +20); domestic Tangshan iron concentrate is 1038 (daily +5, weekly +17), discounted futures price 925.0 [1]. Futures Market - **DCE Contracts**: i2601 is at 804.5 (daily +12.0, weekly +30.5), with a monthly spread of -44.5; i2605 is 781.5 (daily +13.0, weekly +28.5), monthly spread 23.0; i2609 is 760.0 (daily +13.0, weekly +29.0), monthly spread 21.5 [1]. - **SGX Contracts**: FE01 is 102.67 (daily +0.50, weekly +2.42), with a monthly spread of -4.09; FE05 is 100.57 (daily +0.57, weekly +2.33), monthly spread 2.10; FE09 is 98.58 (daily +0.58, weekly +2.39), monthly spread 1.99 [1]. Import Profit - Newman powder has an import profit of -25.79; PB powder -18.53; Macfarlane powder 6.23; Jinbuba powder -3.64; mainstream mixed powder -0.41; super special powder -2.31; Carajás powder -2.57; Brazilian mixed ore -3.36; Roy Hill powder 10.77 [1].

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Report's Core View - For PTA, the low processing fee has persisted for a long time, and the improvement in terminal data supports the continuation of polyester operation. With limited future production capacity, the processing fee center may gradually recover [3][4]. - For MEG, the inventory is accumulating, but there may be negative feedback on the supply side due to the weakening of coal - based efficiency and comparison. Attention should be paid to the opportunity of selling put options near the coal - based cost [8]. - For polyester staple fiber, the overall efficiency and operation of polyester yarn have not improved significantly. With high exports and good spot efficiency, the inventory pressure is limited. Attention should be paid to the opportunity of expanding the spread at low prices and the situation of warehouse receipts [8]. - For natural rubber and 20 - number rubber, the national explicit inventory is stable at a relatively low level, and the price of Thai cup - lump rubber is stable. The current strategy is to wait and see [8]. 3. Summary by Product PTA - **Price and Data Changes**: From October 23 - 29, 2025, the price of crude oil decreased by $0.5, PTA internal - market spot price increased by $110, and the PTA processing fee increased by $117. The PTA balance load and PTA load remained stable at 80.6% and 78.8% respectively, and the inventory (warehouse receipts + valid forecasts) increased by 5,666 [2]. - **Device and Market Situation**: Dushan Energy's 3 million - ton device was put into production. The operation of proximal TA devices restarted, and the polyester load remained stable. The basis was weak, and the spot processing fee decreased again. The domestic operation of PX increased, and the PXN spread decreased [3]. MEG - **Price and Data Changes**: From October 23 - 29, 2025, the MEG internal - market price decreased by $21, and the coal - based MEG profit decreased by $170. The total MEG load and coal - based MEG load remained stable at 73.3% and 82.2% respectively, and the port inventory remained at 523,000 tons [8]. - **Device and Market Situation**: Fulian's 400,000 - ton device restarted. The domestic oil - based maintenance was implemented, and the load decreased. The overseas operation was stable, and the port inventory increased slightly. The basis strengthened, and the coal - based efficiency and comparison rebounded [8]. Polyester Staple Fiber - **Price and Data Changes**: From October 23 - 29, 2025, the price of 1.4D cotton - type staple fiber remained stable at $6,440, and the short - fiber profit remained at $154. The production and sales ratio improved, and the inventory continued to decline [8]. - **Device and Market Situation**: The proximal device operation was stable, and the operation rate remained at 94.3%. The operation of polyester yarn remained stable, the raw material inventory increased, and the finished - product inventory decreased, with slightly weakened efficiency [8]. Natural Rubber & 20 - number Rubber - **Price and Data Changes**: From October 23 - 29, 2025, the price of Shanghai full - latex rubber increased by $115, and the price of RU main contract increased by $380. The price of Thai cup - lump rubber increased by $2.9, and the price of Yunnan glue increased by $500 [8]. - **Market Situation**: The national explicit inventory remained stable at a relatively low level, and the price of Thai cup - lump rubber remained stable. Rain affected rubber tapping [8]. Styrene - **Price and Data Changes**: From October 23 - 29, 2025, the price of ethylene decreased by $30, the price of pure benzene decreased by $87, and the price of styrene increased by $5. The domestic profit of styrene increased by $46, and the domestic profit of EPS decreased by $15 [11].