Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - On Wednesday, the futures market declined significantly due to the near - end price and resumption of shipping expectations. The EC2512 contract is moving towards the delivery logic and follows the spot price, with an expected range of around 1550 - 1600 points. Contracts P2 and P3 are related to the second - half of December cabin space, and the freight rate is expected to be stable with a slight increase [3]. - The EC2602 contract has a low valuation. The key to going long is to wait for the signal of cargo volume explosion. There is no overly pessimistic expectation because the cargo volume on the European route has been good this year, and the price cut in December for inventory stocking is beneficial for the price increase in January. If the peak season is realized later, the EC2602 contract may have more upside potential [3]. - The EC2604 contract is still recommended to be shorted on rallies [3]. 3. Summary by Relevant Catalogs Futures Contract Data | Contract | Yesterday's Price | Change | Yesterday's Volume | Yesterday's Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | | EC2512 | 1612.9 | - 0.59% | 1493 | 5232 | - 302 | | EC2602 | 1387.7 | 0.02% | 24978 | 42968 | - 1089 | | EC2604 | 1054.6 | - 1.64% | 566 | 18701 | 703 | | EC2606 | 1190.1 | - 4.94% | 719 | 2186 | 200 | | EC2608 | 1310.8 | - 5.43% | 433 | 1650 | 32 | | EC2610 | 1012.2 | - 4.13% | 1174 | 3700 | 611 | [2] Month - spread Data | Month - spread | Previous Day | Two Days Ago | Three Days Ago | Day - on - Day Change | Week - on - Week Change | | --- | --- | --- | --- | --- | --- | | EC2512 - 2504 | 558.3 | 550.2 | 523.6 | 8.1 | - 42.3 | | EC2512 - 2602 | 225.2 | 235.0 | 196.5 | - 9.8 | 102.0 | | EC2502 - 2604 | 333.1 | 315.2 | 327.1 | 17.9 | - 144.3 | [2] Index Data | Index | Update Frequency | Announcement Date | Unit | Current Value | Previous Value | Two Periods Ago | Current Change | Previous Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SCFIS (European Route) | Weekly | 2025/11/24 | Points | 1639.37 | 1357.67 | 1504.80 | 20.75% | - 9.78% | | SCFI (European Route) | Weekly | 2025/11/21 | USD/TEU | 1367 | 1417 | 1323 | - 3.55% | 7.11% | | CCFI | Weekly | 2025/11/21 | Points | 1432.96 | 1403.64 | 1366.85 | 2.09% | 2.69% | | NCFI | Weekly | 2025/11/21 | Points | 951.65 | 979.34 | 911.73 | - 2.83% | 7.42% | [2] Recent European Route Spot Situation - Week 49: The offline quotes of GEMINI and PA alliances are between 2300 - 2500, and OA is between 2300 - 2600, with an average of about 2400 US dollars (equivalent to about 1650 points on the futures market) [4]. - Week 50: Maersk opened at 2200 US dollars, PA dropped to 1900 - 2200, and OA remained at 2400 - 2500. The central price may be between 2200 - 2300 US dollars (1550 - 1600 points). On Thursday, YML cut the price to 1900, and ONE cut it to 2200 (with a combined volume of 2000 - 2100) [4]. Related News - On November 28, the Pakistani Foreign Ministry condemned the Israeli army for shooting and killing two Palestinians in the West Bank [5]. - On November 27, the Israeli army stated that it had attacked multiple Hezbollah targets in southern Lebanon [5].

废钢早报 研究中心黑色团队 2025/11/28 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/11/21 | 2199 | 2268 | 2027 | 2213 | 2228 | 2091 | | 2025/11/24 | 2183 | 2263 | 2016 | 2200 | 2225 | 2088 | | 2025/11/25 | 2183 | 2263 | 2015 | 2206 | 2225 | 2088 | | 2025/11/26 | 2183 | 2263 | 2015 | 2209 | 2225 | 2088 | | 2025/11/27 | 2183 | 2262 | 2015 | 2209 | 2224 | 2089 | | 环比 | 0 | -1 | 0 | 0 | -1 | 1 | 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析 ...

Report Industry Investment Rating - Not provided Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 28, 2025 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 87060, LME price is 10952, and the ratio is 7.95; for three - month, the price in China is 87030, LME price is 10936, and the ratio is 7.96. Spot import equilibrium ratio is 8.04 with a profit of - 1077.91, and spot export profit is 539.42 [1] - **Zinc**: Spot price in China is 22450, LME price is 3214, and the ratio is 6.99; for three - month, the price in China is 22445, LME price is 3049, and the ratio is 5.56. Spot import equilibrium ratio is 8.45 with a profit of - 4718.86 [1] - **Aluminum**: Spot price in China is 21460, LME price is 2826, and the ratio is 7.60; for three - month, the price in China is 21545, LME price is 2854, and the ratio is 7.54. Spot import equilibrium ratio is 8.31 with a profit of - 2019.25 [1] - **Nickel**: Spot price in China is 119150, LME price is 14633, and the ratio is 8.14. Spot import equilibrium ratio is 8.14 with a profit of - 1696.98 [1] - **Lead**: Spot price in China is 16850, LME price is 1938, and the ratio is 8.72; for three - month, the price in China is 16955, LME price is 1977, and the ratio is 11.34. Spot import equilibrium ratio is 8.70 with a profit of 51.81 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of the next month, three - month, four - month, and five - month relative to the spot month are 60, 100, 90, and 40 respectively, while the theoretical spreads are 537, 971, 1415, and 1859 [4] - **Zinc**: The spreads of the next month, three - month, four - month, and five - month relative to the spot month are 35, 65, 95, and 130 respectively, and the theoretical spreads are 215, 336, 457, and 578 [4] - **Aluminum**: The spreads of the next month, three - month, four - month, and five - month relative to the spot month are 30, 75, 95, and 130 respectively, and the theoretical spreads are 218, 338, 457, and 576 [4] - **Lead**: The spreads of the next month, three - month, four - month, and five - month relative to the spot month are 10, 10, 35, and 95 respectively, and the theoretical spreads are 210, 315, 421, and 527 [4] - **Nickel**: The spreads of the next month, three - month, four - month, and five - month relative to the spot month are 190, 400, 610, and 890 respectively [4] - **Tin**: The spread of 5 - 1 is - 180, and the theoretical spread is 6234 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month contract and the next - month contract relative to the spot are - and - 45 respectively, and the theoretical spreads are 338 and 828 [4] - **Zinc**: The spreads of the current - month contract and the next - month contract relative to the spot are - 70 and - 35 respectively, and the theoretical spreads are 139 and 269 [4] - **Lead**: The spreads of the current - month contract and the next - month contract relative to the spot are 95 and 105 respectively, and the theoretical spreads are 154 and 266 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (triple - consecutive) are 3.88, 4.04, 5.13, 0.96, 1.27, and 0.76 respectively, and for LME (triple - consecutive) are 3.63, 3.87, 5.51, 0.94, 1.42, and 0.66 respectively [5]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs BR (Butadiene Rubber) - **Futures Data**: On November 27, the BR12 main contract price was 10,400, up 40 from the previous day and 15 from the previous week; the持仓量 was 58,829, down 4,201 from the previous day and 9,418 from the previous week; the trading volume was 82,482, down 46,614 from the previous day and 84,873 from the previous week; the warrant quantity was 15,450, up 70 from the previous day and 3,420 from the previous week; the long - short ratio was 19.04, down 1 from the previous day and 9 from the previous week [4] - **Basis/Spread/Inter - Variety**: The 12 - 01 spread was - 52, up 5 from the previous day and 5 from the previous week; the 01 - 02 spread was 5, unchanged from the previous day and down 25 from the previous week; the RU - BR spread was 4,880, up 45 from the previous day; the NR - BR spread was 1,805, unchanged from the previous day [4] - **Spot Price**: The Shandong market price was 10,400, unchanged from the previous day and down 50 from the previous week; the Transfar market price was 10,250, unchanged from the previous day and down 100 from the previous week; the Qilu ex - factory price was 10,400, unchanged from the previous day and down 300 from the previous week; CFR Northeast Asia was 1,325, unchanged from the previous day and down 25 from the previous week; CFR Southeast Asia was 1,600, unchanged from the previous day and down 40 from the previous week [4] - **Profit**: The spot processing profit was 856, up 26 from the previous day and 103 from the previous week; the import profit was - 707, up 5 from the previous day and 205 from the previous week; the export profit was 1,637, down 5 from the previous day and 295 from the previous week [4] BD (Butadiene) - **Spot Price**: The Shandong market price was 7,200, down 25 from the previous day and 150 from the previous week; the Jiangsu market price was 7,000, down 25 from the previous day and 50 from the previous week; the Yangtze ex - factory price was 7,100, unchanged from the previous day and down 100 from the previous week; CFR China was 820, unchanged from the previous day and up 50 from the previous week [4] - **Profit**: The ethylene cracking profit was N/A, the carbon four extraction profit was N/A; the butene oxidative dehydrogenation profit was - 1,814, down 25 from the previous day and 50 from the previous week; the import profit was 288, down 22 from the previous day and 420 from the previous week; the export profit was - 1,071, up 232 from the previous day and down 978 from the previous week; the styrene - butadiene production profit was 1,363, unchanged from the previous day and down 13 from the previous week; the ABS production profit was N/A; the SBS production profit was - 302, unchanged from the previous day and up 85 from the previous week [4]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Related Information Soybean Production - Brazil's 2025/26 soybean production is expected to reach a record 178 million tons according to ITAU BBA [1] - Brazil's Paraná state's 2025/26 soybean production is estimated at 2.196 million tons, stable compared to October's forecast and a 4% increase from the previous year according to Deral [1] Palm Oil Export - Malaysia's palm oil product exports from November 1 - 25, 2025, were 583,574 tons, a 40.77% decrease from the same period last month according to SGS [1] - Indonesia exported 2.2 million tons of palm oil in September 2025, less than 2.26 million tons in the same period last year and 3.48 million tons in August this year according to GAPKI [1] Import Profit and Spot Price - The report presents import profit data for soybean oil, palm oil, and rapeseed oil from 2016 - 2025 [1] - Spot prices for palm oil in Guangzhou, soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, and rapeseed oil in Jiangsu from November 21 - 27, 2025, are provided [1] Basis and Price Spread - The report shows basis data for soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil at different contract months and regions from 2020/2021 - 2025/2026 [1][3] - Price spread data for various oilseeds and oils, including seasonal spreads and regional spreads, from 2020/2021 - 2025/2026 are presented [3]

Group 1: Report General Information - Report Title: "Asphalt Morning Report" [2] - Date: November 28, 2025 [5] Group 2: Industry Investment Rating - No investment rating information provided Group 3: Core Viewpoints - No clear core viewpoints stated in the provided content Group 4: Data Summary Basis and Spread - Shandong basis (+80) (Hongrun) on 11/27 was 53, with a daily change of 36 [3] - East China basis (Zhenjiang Warehouse) on 11/27 was 83, with a daily change of 36 [3] - South China basis (Foshan Warehouse) on 11/27 was 33, with a daily change of 26 [3] - 12 - 01 spread on 11/27 was -22, with a daily change of -15 [3] - 12 - 03 spread on 11/27 was -51, with a daily change of -32 [3] - 01 - 02 spread on 11/27 was -5, with a daily change of -11 [3] Futures Contract - BU main contract (01) price on 11/27 was 3007, with a daily change of -36 [3] - Volume on 11/27 was 376,428, with a daily change of 33,817 [3] - Open interest on 11/27 was 414,242, with a daily change of 31,972 [3] - Combined orders remained at 4,690 with no change [3] Crude Oil and Spot - Brent crude (Jingbo) on 11/27 was 63.1 (price 3000), with a change of 0.7 (price change 0) [3] - Hongrun spot price on 11/27 was 2980, with no change [3] - Zhenjiang Warehouse spot price on 11/27 was 3090, with no change [3] - Foshan Warehouse spot price on 11/27 was 3040, with a change of -10 [3] Profit - Asphalt - Ma Rui profit on 11/27 was 181, with a daily change of -38 [3] - Ma Rui - type refinery comprehensive profit on 11/27 was 772, with a daily change of -30 [3]

Group 1: Report's Core Views - Singapore high - sulfur cracking weakened rapidly this week, the monthly spread ran at a historical low, the basis weakened and then oscillated at a historical low, the 380 basis weakened and then rebounded on Friday, and the European HSFO cracking dropped rapidly. The EW strengthened this week [4]. - Singapore 0.5% cracking weakened oscillatively this week, the monthly spread weakened oscillatively, and the basis strengthened slightly [4]. - In terms of inventory, global residue inventory increased, Singapore residue inventory decreased, high - sulfur floating storage increased significantly, ARA residue inventory increased, Fujairah residue inventory decreased slightly, high - sulfur floating storage decreased slightly, and EIA residue inventory increased [5]. - The expectation of Russia - Ukraine peace talks strengthened, the prices of external gasoline and diesel dropped significantly, and the price difference between low - sulfur fuel oil and diesel rebounded this week [5]. - After the Al Zour refinery caught fire and shut down on October 21, the Singapore basis started to rebound recently [5]. - Global residue has entered an inventory accumulation cycle, external cracking is expected to be supported by the decline in crude oil prices, showing a short - term oscillatory pattern. Maintain a high - short idea for the internal and external prices of FU01, and consider arranging 1 - 2 reverse spreads. The short - term downward space for low - sulfur fuel oil is limited [5]. Group 2: Data Changes Rotterdam Fuel Oil | Type | Change | | --- | --- | | Rotterdam 3.5% HSF O swap M1 | 8.19 | | Rotterdam 0.5% VLS FO swap M1 | 0.57 | | Rotterdam HSFO - Brent M1 | 0.30 | | Rotterdam 10ppm Gasoil swap M1 | 14.12 | | Rotterdam VLSFO - Gasoil M1 | - 13.55 | | LGO - Brent M1 | 1.50 | | Rotterdam VLSFO - HSFO M1 | - 7.62 | [2] Singapore Fuel Oil | Type | Change | | --- | --- | | Singapore 380cst M1 | 5.26 | | Singapore 180cst M1 | 1.93 | | Singapore VLSFO M1 | 4.81 | | Singapore Gasoil M1 | 1.12 | | Singapore 380cst - Brent M1 | - 0.40 | | Singapore VLSFO - Gasoil M1 | - 3.48 | [2] Singapore Fuel Oil Spot | Type | Change | | --- | --- | | FOB 380cst | 1.25 | | FOB VLSFO | 5.98 | | 380 basis | - 1.23 | | High - sulfur internal - external price difference | 2.1 | | Low - sulfur internal - external price difference | - 3.8 | [3] Domestic FU | Type | Change | | --- | --- | | FU 01 | 4 | | FU 05 | 0 | | FU 09 | - 6 | | FU 01 - 05 | 4 | | FU 05 - 09 | 6 | | FU 09 - 01 | - 10 | [3] Domestic LU | Type | Change | | --- | --- | | LU 01 | 0 | | LU 05 | 19 | | LU 09 | 9 | | LU 01 - 05 | - 19 | | LU 05 - 09 | 10 | | LU 09 - 01 | 9 | [4]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - Corn: In the short - term, due to low supply and downstream enterprises' restocking demand, corn prices will remain strong. In the long - term, the supply - demand pattern remains tight, and planting costs will strongly support prices [3]. - Starch: In the short - term, starch prices fluctuate with raw material prices and are pressured by high inventory. In the long - term, downstream consumption rhythm is the key factor for price trends [3]. - Sugar: The global and domestic sugar supply is in a loose pattern. Maintain a short - selling strategy, but the short - term downward space is limited [6]. - Cotton: New cotton acquisition is basically completed, and the total output is estimated to be lower. The positive result of the Sino - US talks is beneficial to textile exports, making long - term long positions suitable [9]. - Eggs: Supply pressure is partially relieved, and demand increases. The price center of production areas moves up slightly. Focus on the change of the chicken culling rhythm [12]. - Apples: The national cold - storage inventory is lower than last year. The average opening price is high, and the price difference between good and bad products widens. The price is expected to maintain high - level volatility in the short - term [14]. - Pigs: There are expectations of both supply and demand increase before the Spring Festival. The supply and inventory pressure is large. Pay attention to the slaughter rhythm, epidemics, policies, and capital sentiment [16]. 3. Summary by Commodity Corn/Starch - **Price Data**: From 2025/11/21 to 2025/11/27, prices in different regions changed slightly. For example, the price in潍坊 increased by 10, while the price in other regions remained mostly unchanged. The basis and trade profits also had corresponding changes [2]. - **Analysis**: In the short - term, the supply is low, and downstream enterprises need to restock, driving up prices. In the long - term, the supply - demand pattern is tight, and planting costs support prices. Starch prices are pressured by high inventory in the short - term and depend on downstream consumption in the long - term [3]. Sugar - **Price Data**: From 2025/11/21 to 2025/11/27, the spot price in some regions decreased, the basis decreased by 24, and the number of warehouse receipts decreased by 7618 [6]. - **Analysis**: In the short - term, the cost of domestic sugar is the key support. In the long - term, if the global sugar market surplus intensifies, the cost of domestic sugar may be broken through. The supply is loose, and the short - selling strategy is maintained, but the short - term downward space is limited [6]. Cotton/Cotton Yarn - **Price Data**: From 2025/11/21 to 2025/11/27, the price of 3128 cotton increased by 5, and the import profit, warehouse receipts + forecasts, and other data also changed [9]. - **Analysis**: New cotton acquisition is basically completed, and the total output is estimated to be lower. The positive result of the Sino - US talks is beneficial to textile exports, and long - term long positions are suitable [9]. Eggs - **Price Data**: From 2025/11/21 to 2025/11/27, the prices in some production areas increased, and the basis increased by 22 [12]. - **Analysis**: Supply pressure is partially relieved, and demand increases due to the longer storage time. The price center of production areas moves up slightly. Focus on the change of the chicken culling rhythm [12]. Apples - **Price Data**: From 2025/11/21 to 2025/11/27, the spot price remained unchanged, and the basis of different months had corresponding changes [13][14]. - **Analysis**: The national cold - storage inventory is lower than last year. The average opening price is high, and the price difference between good and bad products widens. The price is expected to maintain high - level volatility in the short - term [14]. Pigs - **Price Data**: From 2025/11/21 to 2025/11/27, the prices in production areas decreased, and the basis decreased by 95 [15]. - **Analysis**: There are expectations of both supply and demand increase before the Spring Festival. The supply and inventory pressure is large. Pay attention to the slaughter rhythm, epidemics, policies, and capital sentiment [16].

Group 1: Aromatics and Rubber Market Overview - The report provides daily and weekly data on various aromatics and rubber products including PTA, MEG, polyester staple fiber, natural rubber, and styrene [1][3][6][10] Group 2: PTA Market Analysis - **Price and Spread Changes**: PTA spot prices and spreads such as PX processing spread, PTA processing spread, and polyester margin have shown fluctuations. The PTA basis has strengthened slightly, and the spot processing fee has improved [1] - **Device Changes**: Honggang's 2.5 million - ton PTA device has restarted [1] - **Market Outlook**: Near - term TA partial device maintenance led to a decline in operating rate, while polyester load increased, resulting in inventory reduction. In the future, TA will maintain a high - maintenance state, and the cost - side PX pattern is good. Attention should be paid to the opportunities of buying low and positive spreads and expanding processing fees [1] Group 3: MEG Market Analysis - **Price and Spread Changes**: MEG prices have changed slightly, and the basis has weakened. Coal - based MEG profitability is low [3] - **Device Changes**: Hongsifang's 300,000 - ton MEG device has restarted, and Sinochem Quanzhou's 500,000 - ton device has undergone maintenance [3] - **Market Outlook**: Near - term domestic oil - based MEG increased production, while coal - based MEG had partial maintenance and load reduction. Overall operating rate declined, and port inventory accumulated. In the future, the inventory accumulation speed is expected to slow down, and the current valuation compression space is limited. Attention should be paid to short - term selling put opportunities, while the long - term pattern is expected to be weak [3] Group 4: Polyester Staple Fiber Market Analysis - **Price and Spread Changes**: Polyester staple fiber prices have changed slightly, and profits have fluctuated [3] - **Market Outlook**: Near - term device operation is stable, production and sales have improved slightly, and inventory is basically flat. In the future, short - term inventory pressure is limited, but the pattern may weaken in the long - term. Attention should be paid to the situation of warehouse receipts [3] Group 5: Natural Rubber Market Analysis - **Price and Spread Changes**: Natural rubber prices have shown some fluctuations, and spreads such as the difference between different rubber types and processing margins have also changed [6] - **Market Outlook**: The national explicit inventory is stable at a relatively low level, and the price of Thai cup rubber is stable. The strategy is to wait and see [6] Group 6: Styrene Market Analysis - **Price and Spread Changes**: Styrene prices and related raw material prices have changed slightly, and domestic profitability of styrene and its downstream products has also fluctuated [10]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - No information provided 3. Summary by Relevant Catalogs 3.1 Spot Market - **Australian Mainstream Iron Ore**: Newman powder is priced at 796 with a daily change of 1 and a weekly change of 7; PB powder is at 799, up 1 daily and 7 weekly; Mac powder is 784, down 3 daily and unchanged weekly; Jinbuba powder is 752, up 1 daily and 9 weekly; mixed powder is 734, up 2 daily and 7 weekly; Super Special powder is 683, up 2 daily and 8 weekly; Carajás powder is 890, unchanged daily and up 5 weekly; Roy Hill powder is 786, up 1 daily and 7 weekly [1]. - **Brazilian Mainstream Iron Ore**: Brazilian blend is 838, unchanged daily and up 7 weekly; Brazilian coarse IOC6 is 776, up 1 daily and 7 weekly; Brazilian coarse SSFG is 781, up 1 daily and 7 weekly [1]. - **Other Iron Ores**: Ukrainian concentrate is 880, unchanged daily and up 4 weekly; 61% Indian powder is 741, up 1 daily and 9 weekly; Karara concentrate is 882, unchanged daily and up 4 weekly; 57% Indian powder is 618, up 2 daily and 8 weekly; Atlas powder is 729, up 2 daily and 7 weekly; Tangshan iron concentrate is 1014, unchanged daily and weekly [1]. 3.2 Futures Market - **DCE Contracts**: i2601 is at 799.5, up 2.5 daily and 11 weekly; i2605 is 773, down 0.5 daily and up 20 weekly; i2609 is 748, down 0.5 daily and up 20 weekly [1]. - **SGX Contracts**: FE01 is 103.26, up 0.76 daily and 2.06 weekly; FE05 is 100.61, up 0.7 daily and 2.01 weekly; FE09 is 98.38, up 0.62 daily and 1.91 weekly [1]. 3.3 Premium and Spread - **Premium**: Information on PB block/block premium, U - ball/pellet premium is presented in the form of charts but specific numerical data is not summarized here [1]. - **Spread**: For DCE contracts, the spread between i2601 and i2605 is - 51.5, with a daily change of 35.5, down 2.5 daily and 5.5 weekly; the spread between i2605 and i2609 is 26.5, with a daily change of 62, up 0.5 daily and down 14.5 weekly; the spread between i2609 and i2601 is 25, with a daily change of 87, up 0.5 daily and down 14.5 weekly. For SGX contracts, the spread between FE01 and FE05 is - 4.88, with a daily change of - 29.7, down 3.1 daily and 8.1 weekly; the spread between FE05 and FE09 is 2.65, with a daily change of - 32, down 1.6 daily and up 5.3 weekly; the spread between FE09 and FE01 is 2.23, with a daily change of - 39.1, up 0.6 daily and 6 weekly [1]. 3.4 Import Profit - Import profit for Newman powder is - 15.68; for PB powder is - 14.52; for Mac powder is 2.01; for Jinbuba powder is 6.47; for mixed powder is - 17.04; for Super Special powder is - 29.3; for Carajás powder is - 16.79; for Brazilian blend is 1.23; for Roy Hill powder is 14.4 [1].