白糖 现货价格 基差 进口利润 仓单 日期 柳州 南宁 昆明 柳州基差 泰国 巴西 郑盘 2025/10/10 5870 5800 5820 374 202 384 8867 2025/10/13 5850 5800 - 380 - - 8681 2025/10/14 5850 5810 5780 453 - - 8488 2025/10/15 5840 5790 5770 437 - - 8438 2025/10/16 5810 5790 5760 402 - - 8438 变化 -30 0 -10 -35 - - 0 【行情分析】： 白糖：国际市场方面，现阶段巴西正处于压榨高峰期，供应压力使得国际糖价承压。截至目前，巴西单产和出糖率同比持续偏低，制糖比略有 回落但仍处于历史高位，后期产量不确定性增加，关注双周报数据。国内整体跟随原糖，进口糖陆续到港，加工糖报价下调明显，盘面上方压 力较大。 | 棉花棉纱 | | | 棉花 | | | 棉纱 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 3128 | ...

Group 1: Spot Market - Newman powder's latest price is 773, with a daily change of 1 and a weekly change of -11. Its discounted spot price is 827.0, and the import profit is -42.79 [1] - PB powder's latest price is 778, with a daily change of 3 and a weekly change of -10. Its discounted spot price is 825.0, and the import profit is -31.25 [1] - Mac powder's latest price is 775, with a daily change of 5 and a weekly change of -4. Its discounted spot price is 846.5, and the import profit is -3.89 [1] - Jinbuba powder's latest price is 748, with a daily change of 3 and a weekly change of -10. Its discounted spot price is 840.9, and the import profit is -0.13 [1] - The latest price of mainstream mixed powder is 745, with no daily change and a weekly change of -10. Its discounted spot price is 875.4, and the import profit is -3.11 [1] - Super special powder's latest price is 703, with no daily change and a weekly change of -12. Its discounted spot price is 920.0, and the import profit is 2.92 [1] - Carajás powder's latest price is 904, with a daily change of 1 and a weekly change of -19. Its discounted spot price is 850.3, and the import profit is -12.34 [1] - Brazilian blended ore's latest price is 810, with no daily change and a weekly change of -12. Its discounted spot price is 824.4, and the import profit is -23.62 [1] - Brazilian coarse ore IOC6's latest price is 779, with no daily change and a weekly change of -13 [1] - Brazilian coarse ore SSFG's latest price is 784, with no daily change and a weekly change of -13 [1] - Ukrainian concentrate's latest price is 900, with no daily change and a weekly change of -13. Its discounted spot price is 990.4 [1] - 61% Indian powder's latest price is 737, with a daily change of 3 and a weekly change of -10 [1] - Karara concentrate's latest price is 900, with no daily change and a weekly change of -13. Its discounted spot price is 922.7 [1] - Roy Hill powder's latest price is 765, with a daily change of 3 and a weekly change of -10. Its discounted spot price is 842.1, and the import profit is -0.57 [1] - KUMBA powder's latest price is 837, with a daily change of 3 and a weekly change of -10. Its discounted spot price is 828.1 [1] - 57% Indian powder's latest price is 636, with no daily change and a weekly change of -12 [1] - Atlas powder's latest price is 740, with no daily change and a weekly change of -10 [1] - Tangshan iron concentrate's latest price is 1013, with no daily change or weekly change. Its discounted spot price is 900.0 [1] Group 2: Futures Market - The latest price of i2601 contract is 773.5, with a daily change of -3.0 and a weekly change of -21.5. The monthly spread is -42.5, with a daily change of 5.6 and a weekly change of 9.8 [1] - The latest price of i2605 contract is 752.0, with a daily change of -2.0 and a weekly change of -22.5. The monthly spread is 21.5, with a daily change of 4.6 and a weekly change of 10.8 [1] - The latest price of i2609 contract is 731.0, with a daily change of -2.0 and a weekly change of -22.0. The monthly spread is 21.0, with a daily change of 4.6 and a weekly change of 10.3 [1] - The latest price of FE01 contract is 101.50, with a daily change of -0.29 and a weekly change of -0.32. The monthly spread is -4.64, with a daily change of -3.2 and a weekly change of -13.7 [1] - The latest price of FE05 contract is 99.03, with a daily change of -0.27 and a weekly change of -0.81. The monthly spread is 2.47, with a daily change of -4.9 and a weekly change of -12.7 [1] - The latest price of FE09 contract is 96.86, with a daily change of -0.19 and a weekly change of -0.95. The monthly spread is 2.17, with a daily change of -5.0 and a weekly change of -12.0 [1]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report PTA - PTA device maintenance led to a slight decline in starting - up, polyester load increased month - on - month, inventory slightly accumulated, and basis remained weak with low - level spot processing fees. PX domestic start - up increased, overseas devices restarted, PXN widened month - on - month, disproportionation efficiency remained stable while isomerization efficiency weakened, and the aromatics price difference between the US and Asia widened. TA may have additional production cuts and production plans, but considering no unexpected performance of polyester, the far - month is expected to accumulate inventory. After the valuation is repaired month - on - month, the far - month processing fee is relatively reasonable. Attention should be paid to additional maintenance situations [1]. MEG - Near - end domestic oil - based start - up remained stable, coal - based restarted, overall load increased to a high level, there was some maintenance overseas, port inventory accumulated significantly at the beginning of next week due to increased arrivals during the holiday and dull shipments, basis strengthened slightly, and the efficiency ratio further shrank. With the existing start - up reaching a relatively high level and new device commissioning, it will enter a continuous inventory - accumulation stage, but after the coal - based efficiency and ratio weaken, there may be some negative feedback on the supply side. Attention should be paid to the support of coal - based cost at the lower end [7]. Polyester Staple Fiber - Some devices were under maintenance, some increased load, start - up decreased to 94.3%, sales volume decreased month - on - month, and inventory increased month - on - month. On the demand side, the start - up of polyester yarn remained stable, raw material stocking increased, finished product inventory remained stable month - on - month, and efficiency was weak. Considering the high - level finished product inventory of polyester yarn, the speed of increasing load may slow down. Although the spot efficiency of staple fiber is good and start - up remains high, inventory pressure is limited, and processing fees are expected to fluctuate [7]. Natural Rubber - National warehouse inventory remained stable at an absolute level, Thai cup - lump rubber price remained stable, and there was rainfall. The strategy is to wait and see [7]. Group 3: Summary According to Related Catalogs PTA - From January to October 2025, data such as PTA spot price, PX price, PTA processing fee, polyester load, etc. were presented. For example, on January 1st, 2025, the PTA spot price was 4490, and the PX price was 6595. The average daily spot basis was 2601(- 83). Yisheng New Materials increased its load by 3.6 million tons [1]. MEG - From October 10th to 16th, 2025, data on MEG price, profit, load, and inventory were provided. For example, on October 10th, 2025, the MEG domestic price was 4206, and the port inventory was 77.7. The basis was around 01(+ 64). Shell's 400,000 - ton device was under maintenance [7]. Polyester Staple Fiber - From October 1st to 1st (it seems there is a data presentation problem here, presumably multiple days in October), data on staple fiber price, profit, load, etc. were given. The spot price was around 6302, and the market basis was around 11 + 40. Xinjiang Jianshanli was under maintenance, and Zhejiang Huaxing increased its load, with start - up decreasing to 94.3% [7]. Natural Rubber - From October 1st to 16th, 2025, data on natural rubber price, processing profit, and price difference were presented. For example, on October 1st, 2025, the Shanghai full - latex price was 14730. The strategy is to wait and see [7]. Styrene - related Products - From October 10th to 16th, 2025, data on the price of ethylene, pure benzene, styrene, and their production profits and start - up rates were provided. For example, on October 10th, 2025, the pure benzene (CFR China) price was 5740 [7].

Report Summary 1. Report Industry Investment Rating No information provided 2. Core Viewpoints - SPPOMA data shows that Malaysia's palm oil production from October 1 - 15, 2025, increased by 6.86% month - on - month, with fresh fruit bunch yield up 5.76% and oil extraction rate up 0.21% [1] 3. Summary by Relevant Catalogs Overnight Market Information - SPPOMA reported a 6.86% month - on - month increase in Malaysia's palm oil production from October 1 - 15, 2025, with a 5.76% increase in fresh fruit bunch yield and a 0.21% increase in oil extraction rate [1] Spot Prices | Date | Bean Meal (Jiangsu) | Rapeseed Meal (Guangdong) | Soybean Oil (Jiangsu) | Palm Oil (Guangzhou) | Rapeseed Oil (Jiangsu) | | --- | --- | --- | --- | --- | --- | | 2025/10/10 | 2880 | 2510 | 8520 | 9350 | 10370 | | 2025/10/13 | 2910 | 2510 | 8470 | 9270 | 10270 | | 2025/10/14 | 2890 | 2480 | 8480 | 9240 | 10260 | | 2025/10/15 | 2900 | 2490 | 8460 | 9230 | 10280 | | 2025/10/16 | 2900 | 2500 | 8450 | 9220 | 10230 | [2] Protein Meal Basis, Oil Basis, and Oilseed Futures Spreads No detailed information provided [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 736.0 8.0 30.0 55.0 -124.0 25省终端可用天数 23.5 -1.5 3.6 2.6 5.9 秦皇岛5000 646.0 8.0 31.0 57.0 -119.0 25省终端供煤 533.1 0.2 -75.5 -107.0 -89.8 广州港5500 780.0 0.0 15.0 25.0 -130.0 北方港库存 2194.0 -4.0 -179.0 125.0 -45.3 鄂尔多斯5500 510.0 5.0 25.0 45.0 -120.0 北方锚地船舶 96.0 -16.0 8.0 10.0 33.0 大同5500 560.0 5.0 25.0 40.0 -150.0 北方港调入量 142.0 -0.1 3.9 -11.0 -19.5 榆林6000 652.0 0.0 10.0 50.0 -173.0 北方港吞吐量 176.2 13.1 56.0 19.5 33.4 榆林6200 680.0 0.0 10.0 50.0 -173.0 CBCFI海运指数 923.8 44.6 263.6 ...

Report Summary Report Information - Report Title: Scrap Steel Morning Report - Research Team: Black Team of the Research Center - Date: October 17, 2025 [1] Core Data - Scrap steel prices in different regions from October 10 to October 16, 2025 are as follows: | Region | October 10 | October 13 | October 14 | October 15 | October 16 |环比 | | --- | --- | --- | --- | --- | --- | --- | | East China | 2251 | 2245 | 2242 | 2238 | 2234 | -4 | | North China | 2323 | 2321 | 2315 | 2307 | 2293 | -14 | | Central China | 2074 | 2071 | 2059 | 2057 | 2053 | -4 | | South China | 2258 | 2250 | 2240 | 2235 | 2220 | -15 | | Northeast China | 2277 | 2272 | 2270 | 2266 | 2258 | -8 | | Southwest China | 2156 | 2146 | 2137 | 2135 | 2135 | 0 | [2]

Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - The EC is currently in a contradiction between weak reality and strong expectations, and is highly volatile under the influence of Middle - East geopolitics and Sino - US tariff policies [2][17]. - On Wednesday, the futures market fluctuated upwards under the influence of local news, shipping company price hikes, and capital position transfers. YML released a Week 44 spot price quote of $1550 [2][17]. - The downstream is currently booking space for late October. OA quotes $1800, PA quotes $1500, and GEMINI quotes around $1600, with an optimistic average of $1640 (equivalent to 1150 points on the futures market). Week 43 OA had good cargo intake, while PA and GEMINI alliances had average intake, with a possibility of further price drops (more offline) [2][17]. - The settlement price of the 10 - contract is expected to be between 1050 - 1100 points. Given the tight shipping capacity in Week 44, the price hikes announced for the first half of November are expected to be difficult to implement. However, there are still upward drivers at multiple future price - hike nodes. Currently, the valuation of the 12 - contract is high, and the long - position trading has returned to a driver - based period. Geopolitics has a significant impact on 2026 contracts [2][17]. Group 3: Summary by Relevant Catalogs Futures Contracts - EC2510: Yesterday's closing price was 1120.6, down 1.37%, with a basis of - 88.8, a trading volume of 3412, an open interest of 11335, and an open - interest change of - 1820 [2][17]. - EC2512: The price was 1708.6, up 2.06%, with a basis of - 676.8, a trading volume of 42616, an open interest of 27023, and an open - interest change of - 168 [2][17]. - EC2602: The price was 1463.4, down 0.07%, with a basis of - 431.6, a trading volume of 8209, an open interest of 9822, and an open - interest change of 112 [2][17]. - EC2604: The price was 1142.0, with a basis of - 110.2, and a trading volume of 4498, an open interest of 13676 [2][17]. - EC2606: The price was 1306.6, down 0.93%, with a basis of - 274.8, a trading volume of 385, an open interest of 1510, and an open - interest change of - 31 [2][17]. Month - to - Month Spreads - EC2510 - 2512: The spread was - 588.0, compared to - 537.9 the previous day and - 433.1 the day before that, with a daily change of - 50.1 and a weekly change of - 19.9 [2][17]. - EC2512 - 2602: The spread was 245.2, compared to 209.7 the previous day and 202.6 the day before that, with a daily change of 35.5 and a weekly change of - 36.8 [2][17]. Index Data - SCEIS: Updated every Monday, announced on 2025/10/13, at 1031.80 points, down 1.40% from the previous period and 6.60% from the period before that [2][17]. - SCEI: Updated every Friday, announced on 2025/10/10, at $1068 per TEU, up 9.99% from the previous period and unchanged from the period before that [2][17]. - CCFI: Updated every Friday, announced on 2025/10/10, at 1287.15 points, down 8.19% from the previous period and unchanged from the period before that [2][17]. - NCFI: Updated every Friday, announced on 2025/10/10, at 698.67 points, up 11.39% from the previous period and 2.13% from the period before that [2][17]. News and Events - Shipping companies MSK, CMA, and OOCL announced price hikes to around $2500 in November, equivalent to around 1750 points on the futures market. However, due to the average cargo intake of many shipping companies in Week 43 and tight shipping capacity in Week 44 (330,000 TEU), these price hikes are expected to be difficult to implement [2][17]. - On October 15, negotiations on the second - stage cease - fire agreement in Gaza were launched. The key points of the US government's "20 - point plan" include the complete withdrawal of the Israeli army from the Gaza Strip, the disarmament of Hamas, the establishment of an international stabilization force, and the formation of a Palestinian independent technical bureaucracy committee. Hamas insists on Israel ending the occupation and Palestinian state - building as a prerequisite for complete disarmament, and the Israeli government currently only agrees to the first - stage agreement, suggesting that subsequent negotiations will not be smooth [2][17]. - On October 15, the Israeli government expected Hamas to return all hostages, decided to open the Rafah crossing, and the Israeli Defense Minister ordered the military to formulate a comprehensive plan to "crush Hamas" if the Gaza conflict resumes [2][17]. - Trump threatened that if Hamas does not abide by the cease - fire agreement, Israel will resume action at his order without US military intervention [3][18].

Group 1: Report's Overall Investment Ratings - No specific industry investment ratings provided in the report Group 2: Core Views of the Report - For copper, maintain a buy-on-dip approach considering the ongoing tightness in the mining end and the growing infrastructure and power demand in Southeast Asia and the Middle East. Pay attention to the support around $10,300 per ton for LME copper, and consider selling put options below $10,000 or gradually building virtual inventories [1] - For aluminum, the short - term fundamentals are acceptable, and it is advisable to hold at low prices in the long term while keeping an eye on terminal demand [1] - For zinc, due to the poor domestic fundamentals but potential export profit, and increased macro - uncertainty, it is recommended to wait and see. Consider gradually taking profits on long - short spreads between domestic and foreign markets and look for reverse spread opportunities in the far - month contracts. Also, pay attention to the positive spread opportunity between December and February contracts [2] - For nickel, the short - term real - world fundamentals are weak, but there are still potential price - support factors from the Indonesian policy side [3][4] - For stainless steel, the fundamentals remain weak, with increased short - term macro - trade friction uncertainty and some price - support motivation from the Indonesian policy side [9] - For lead, the lead price is expected to maintain high - level volatility in the range of 17,000 - 17,400 next week, with weakening demand and uncertain inventory drawdown in October [13][14] - For tin, follow the macro sentiment in the short term and consider holding at low prices near the cost line in the long term, paying attention to the expected changes in supply and demand after October [17] - For industrial silicon, the supply - demand is balanced in Q4, and the price is expected to fluctuate at the cycle bottom based on the seasonal marginal cost in the long term [18] - For lithium carbonate, the price has high elasticity after supply - side disturbance speculation is realized and strong downward support before the disturbance, with a general de - stocking trend [18] Group 3: Summary by Metal Copper - **Market Data**: From October 9 - 15, the spot premium of SHFE copper changed by 30, the scrap - refined copper spread decreased by 140, and the SHFE copper warehouse receipt increased by 8,236. LME copper closed above $10,300 per ton on Friday, down 4.5% [1] - **Market Analysis**: The current tariff conflict may not be as severe as the Qingming Festival disturbance. There is still room for negotiation. On the fundamental side, there was medium - level inventory accumulation this week, and the downstream's price - fixing and receiving sentiment is expected to increase next week after the price drop. The copper cable's recent start - up is significantly different from that of the aluminum cable [1] Aluminum - **Market Data**: From October 9 - 15, the Shanghai aluminum ingot price increased by 30, and the LME aluminum inventory decreased by 4,975 [1] - **Market Analysis**: The operating capacity is increasing slightly. The demand for photovoltaic components has stabilized, but there is seasonal inventory accumulation. The global economic recovery is showing signs, but the Sino - US economic and trade relations are uncertain, leading to a divergence in the internal and external market trends [1] Zinc - **Market Data**: From October 9 - 15, the Shanghai zinc ingot price decreased by 200, and the LME zinc inventory decreased by 250 [2] - **Market Analysis**: The domestic zinc price fluctuated and rose this week. The domestic TC decreased, and the imported TC increased. The domestic mine is expected to be tighter from Q4 to Q1 next year, while the overseas mine had an unexpected increase in Q2. The domestic demand is seasonally weak, and the overseas demand is average. The export window has opened [2] Nickel - **Market Data**: From October 9 - 15, the SHFE nickel spot price increased by 400, and the LME nickel inventory increased by 3,498 [3] - **Market Analysis**: The pure nickel production remains at a high level, the demand is weak, and the inventory is increasing overseas. The Indonesian policy still has price - support motivation [3][4] Stainless Steel - **Market Data**: From October 9 - 15, the price of 304 cold - rolled coil remained unchanged, and the price of waste stainless steel decreased by 20 [9] - **Market Analysis**: The steel mill's production in October increased slightly. The demand is mainly for rigid needs. The cost remains stable, and the inventory increased during the holiday [9] Lead - **Market Data**: From October 9 - 15, the lead price increased due to macro factors. The LME lead inventory increased by 8,225 [13][14] - **Market Analysis**: The scrap volume is weak year - on - year. The recycled lead production is expected to increase by 30,000 tons in October. The demand may weaken after the National Day holiday. The market expects a shift from peak season to off - season in October [13][14] Tin - **Market Data**: From October 9 - 15, the tin price increased due to macro factors. The LME tin inventory increased by 190 [17] - **Market Analysis**: The domestic smelting plants have reduced production, and the overseas supply is expected to recover in October. The domestic market is in a state of weak supply and demand. It is recommended to wait and see in the short term and hold at low prices in the long term [17] Industrial Silicon - **Market Data**: From October 9 - 15, the 421 Yunnan basis decreased by 50, and the warehouse receipt decreased by 840 [18] - **Market Analysis**: The Xinjiang enterprises are resuming production, and the Sichuan and Yunnan operations are stable. The supply - demand is balanced in Q4, and the price is expected to fluctuate at the cycle bottom in the long term [18] Lithium Carbonate - **Market Data**: From October 9 - 15, the SMM electric - grade lithium carbonate price remained unchanged, and the warehouse receipt decreased by 2,104 [18] - **Market Analysis**: The lithium carbonate price fluctuated this week. The overseas mines are firm on prices, and the salt plants are less accepting of high - priced lithium ore. The market is in an over - capacity stage, but there is de - stocking due to seasonal and demand factors [18]

| | | | | | 纯 碱 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2025/10/9 2025/10/14 2025/10/15 周度变化 日度变化 | | | | | | 2025/10/9 2025/10/14 2025/10/15 周度变化 日度变化 | | | | 沙河重碱 | 1170.0 | 1160.0 | 1160.0 | -10.0 | 0.0 | SA05合 约 | 1344.0 | 1321.0 | 1319.0 | -25.0 | -2.0 | | 华中重碱 | 1160.0 | 1170.0 | 1170.0 | 10.0 | 0.0 | SA01合约 | 1250.0 | 1234.0 | 1232.0 | -18.0 | -2.0 | | 华南重碱 | 1350.0 | 1350.0 | 1350.0 | 0.0 | 0.0 | SA09合约 | 1409.0 | 1389.0 | 1384.0 | -25.0 | -5.0 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The EC is currently in a contradiction between weak reality and strong expectations, and fluctuates greatly under the influence of Middle - East geopolitics and Sino - US tariff policies [2]. - On Wednesday, the futures market fluctuated upward under the influence of geographical news, shipping company announcements, and capital position transfers. The YML released a week 44 quote of $1550 [2]. - The downstream is currently booking space for late October. The OA quotes around $1800, PA around $1500, and GEMINI around $1600, with an optimistically estimated average of $1640 (equivalent to 1150 points on the futures). The week 43 OA had good cargo collection, while PA and GEMINI alliances had average cargo collection, with a possibility of further price drops (more offline) [2]. - The expected settlement price of the 10 - contract is between 1050 - 1100 points. With high shipping capacity in week 44, the expected price increases in the first half of November are likely to fall short. There are still multiple potential price - increase nodes in the future. Currently, the valuation of the 12 - contract is high, and going long has returned to a period driven by fundamentals. Geopolitics has a significant impact on the 2026 contracts [2]. 3. Summary by Related Catalogs Futures Contract Information | Contract | Yesterday's Closing Price | Change (%) | Basis | Yesterday's Trading Volume | Yesterday's Open Interest | Open Interest Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | EC2510 | 1120.6 | - 1.37 | - 88.8 | 3412 | 11335 | - 1820 | | EC2512 | 1708.6 | 2.06 | - 676.8 | 42616 | 27023 | - 168 | | EC2602 | 1463.4 | - 0.07 | - 431.6 | 8209 | 9822 | 112 | | EC2604 | 1142.0 | - 0.70 | - 110.2 | 4498 | 13676 | 310 | | FC.2606 | 1306.6 | - 0.93 | - 274.8 | - | 1510 | 39 | [2] Month - to - Month Spread Information | Month Spread | Previous Day | Two Days Ago | Three Days Ago | Daily Change | Week - on - Week Change | | ---- | ---- | ---- | ---- | ---- | ---- | | EC2510 - 2512 | - 588.0 | - 537.9 | - 433.1 | - 50.1 | - 19.9 | | EC2512 - 2602 | 245.2 | 209.7 | 202.6 | 35.5 | - 36.8 | [2] Index Information | Index | Update Frequency | Announcement Date | Unit | Current Period | Previous Period | Two Periods Ago | Current Change | Previous Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | - | Weekly | 2025/10/13 | Points | 1031.80 | 1046.50 | 1120.49 | - 1.40% | - 6.60% | | SCFI (European Line) | Weekly | 2025/10/10 | US dollars/TEU | 1068 | 971 | 971 | 9.99% | 0.00% | | CCFI (European Line) | Weekly | 2025/10/10 | Points | 1287.15 | 1401.91 | 1401.91 | - 8.19% | 0.00% | | NCFI | Weekly | 2025/10/10 | Points | 698.67 | 627.21 | 614.14 | 11.39% | 2.13% | [2] Recent European Line Quotation Information - Week 40 - 41: The average quote was $1470 (equivalent to 1030 points on the futures) [3]. - Week 42: The online quote was $1800. Offline, OA quoted around $1800, PA around $1500, and GEMINI around $1600, with an optimistically estimated average of $1640 (equivalent to 1150 points on the futures) [3]. - November price increase announcements: MSK, CMA, OOCL announced price increases to around $2500, equivalent to around 1750 points on the futures. However, many shipping companies had average cargo collection in week 43, and shipping capacity was high in week 44 (330,000 TEU), making the expected price increases difficult to materialize [3][11]