Group 1: Price Performance - London Gold's latest price is 4072.85 with a change of -17.75 [3] - London Silver's latest price is 48.91 with a change of -1.94 [3] - London Platinum's latest price is 1545.00 with a change of -12.00 [3] - London Palladium's latest price is 1404.00 with a change of -4.00 [3] - WTI Crude's latest price is 58.06 with a change of -0.94 [3] - LME Copper's latest price is 10675.50 with a change of -83.50 [3] - US Dollar Index's latest price is 100.22 with no change [3] - Euro to US Dollar's latest price is 1.15 with no change [3] - British Pound to US Dollar's latest price is 1.31 with no change [3] - US Dollar to Japanese Yen's latest price is 157.46 with no change [3] - US 10 - year TIPS's latest price is 1.82 with a change of -0.04 [3] Group 2: Trading Data - COMEX Silver inventory is 14367.02 with no change [4] - SHFE Silver inventory is 519.27 with a change of -15.82 [4] - Gold ETF持仓 is 1040.57 with a change of 1.14 [4] - Silver ETF持仓 is 15257.92 with a change of 11.29 [4] - SGE Silver inventory is 830.31 with no change [4] - SGE Gold's deferred fee payment direction has a change of -1.00 [4] - Another SGE Silver's deferred fee payment direction has no change [4]

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - The report presents recent data and trends in the agricultural commodities market, including soybean, palm oil, and related products, which can help investors understand the current market situation and potential investment opportunities [1] Group 3: Summary by Related Catalogs Soybean - The U.S. soybean crush volume in August was 198 million bushels (5.94 million tons), slightly higher than the analysts' forecast of 196.9 million bushels [1] - Brazil's 2025/26 soybean planting rate reached 79.61%, lower than the same period last year but higher than the 2023/24 season and the five - year average. Irregular rainfall in most regions may lead to lower yields [1] Palm Oil - Malaysia's palm oil product exports from November 1 - 20, 2025, were 471,222 tons, a 40.6% decrease from the same period last month [1] Import Profits - The report provides historical data on the import profits of soybean oil, palm oil, and rapeseed oil from 2016 - 2025 for July and August [1] Spot Prices - Spot prices of various agricultural products such as rapeseed meal, soybean meal, soybean oil, palm oil, and rapeseed oil in different regions from November 17 - 21, 2025, are presented [1] Basis - The report shows the basis data of protein meals (soybean meal and rapeseed meal) and oils (soybean oil, palm oil, and rapeseed oil) in different months and regions over multiple seasons [1] Price Spreads - Seasonal price spreads of various agricultural products, including soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil, are provided, which can help investors analyze market trends and potential trading opportunities [1]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs Price - For silicon ferroalloy on November 24, 2025, the latest price of Ningxia 72 silicon ferroalloy natural block is 5130, with a daily change of -20 and a weekly change of -20; the latest price of Inner Mongolia 72 is 5200, with no daily or weekly change; the latest price of Qinghai 72 is 5170, with a daily and weekly change of -30; the latest price of Shaanxi 72 is 5100, with a daily and weekly change of -30; the price of Shaanxi 75 is 5700, with no change. The export prices of Tianjin 72 and 75 are 1030 and 1080 respectively, with weekly changes of -15 and -20 [2]. - For silicon manganese on November 24, 2025, the latest price of Inner Mongolia 6517 silicon manganese at the production area ex - factory price is 5520, with a weekly change of -80; Ningxia 6517 is 5460, with a daily change of -20 and a weekly change of -90; Guangxi 6517 is 5550, with a weekly change of -50; Guizhou 6517 and Yunnan 6517 are 5500, with a weekly change of -80 [2]. Supply - The report presents the production data of 136 silicon ferroalloy enterprises in China from 2021 - 2025, including monthly production and weekly production (capacity ratio 95%), as well as the production capacity utilization rate of these enterprises in Inner Mongolia, Ningxia, and Shaanxi [5]. - The production data of silicon manganese in China from 2021 - 2025 is also provided, including weekly production and the procurement volume and price of HeSteel Group [7]. Demand - The report shows the demand data of silicon manganese in China from 2021 - 2025 (Steel Union caliber), and also includes data such as the estimated production volume of crude steel in China, the production volume of stainless - steel crude steel, the procurement volume of silicon ferroalloy by HeSteel Group, etc. [5][8]. Inventory - For silicon ferroalloy, the report provides the inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2021 - 2025, as well as data such as the number of warehouse receipts, effective forecasts, and inventory average available days in different regions [6]. - For silicon manganese, it provides the inventory data of 63 sample enterprises in China from 2021 - 2025, as well as data such as the number of warehouse receipts, effective forecasts, and inventory average available days in China [8]. Cost and Profit - For silicon ferroalloy, it shows the electricity price data of different regions from 2021 - 2025, the market price of semi - coke, the production cost and profit data of silicon ferroalloy in Ningxia and Inner Mongolia, and the export profit of 75 silicon ferroalloy [6]. - For silicon manganese, it presents the profit data of different regions from 2021 - 2025, including Inner Mongolia, Guangxi, the northern region, and the southern region, as well as the profit of Guangxi silicon manganese converted to the main contract and the profit of Ningxia silicon manganese converted to the market [8].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - This week, oil prices closed lower. There has been significant progress in Russia-Ukraine negotiations, with Zelensky and Trump set to discuss a peace plan next week. Russia is open to it, but no substantial discussions have taken place between Russia and the US. The risk premium of gasoline and diesel cracks in Europe and the US has rapidly reversed, and the crude oil monthly spread has declined, with a weekly rebound. Global onshore inventories have increased this week, while the total onshore and offshore inventories have slightly decreased, reaching a new high since 2020. US EIA commercial crude oil inventories have decreased, while gasoline and diesel inventories have increased. The number of US drilling rigs and fracturing operations has risen, and the refinery operating rates in Europe and the US have increased. Recently, there is still room for downward correction in US gasoline and European diesel prices. With supply exceeding demand, a short-selling strategy for crude oil is maintained. The Brent price is expected to range from $55 to $60 per barrel in the fourth quarter. Short-term attention should be paid to the Russia-Ukraine conflict plan drafted by the US [7] Group 3: Summary by Relevant Catalog 1. Market Data - From November 17 - 21, 2025, WTI dropped from $59.91 to $58.06, a decrease of $0.94; BRENT fell from $64.20 to $62.56, a decline of $0.82; DUBAI decreased from $65.00 to $64.39, a drop of $0.28. SC decreased by 8.10, and domestic gasoline decreased by 30.00. Other related oil products also showed various price changes [3] 2. Daily News - Trump set a deadline for Ukraine to accept a new peace plan, and Zelensky and Trump will discuss the peace plan next week. Peskov said that Russia and the US have not conducted any substantial discussions on the peace plan, and Ukraine must make a responsible decision on resolving the conflict peacefully [3][4] - The IEA reported that the global energy efficiency improvement pace has accelerated in 2025. The global primary energy intensity is expected to improve by 1.8% this year, up from 1% in 2024 [4] 3. Inventory - In the week of November 14, US crude oil exports increased by 1.342 million barrels per day to 4.158 million barrels per day; domestic crude oil production decreased by 28,000 barrels to 13.834 million barrels per day; commercial crude oil inventories excluding strategic reserves decreased by 3.426 million barrels to 424 million barrels, a decrease of 0.8% [5] - From November 14 - 20, both gasoline and diesel inventories decreased. Gasoline inventories were 10.2331 million tons, a decline of 1.75%; diesel inventories were 12.2708 million tons, a decline of 4.25%. The comprehensive refining profit of major refineries rebounded month - on - month, while that of local refineries fluctuated [6] 4. EIA Report Additional Data - The four - week average supply of US crude oil products was 20.641 million barrels per day, a decrease of 0.2% compared to the same period last year [14] - In the week of November 14, the US Strategic Petroleum Reserve (SPR) inventory increased by 533,000 barrels to 410.9 million barrels, an increase of 0.13% [14] - In the week of November 14, the US imported 5.95 million barrels per day of commercial crude oil excluding strategic reserves, an increase of 728,000 barrels per day compared to the previous week [14]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - For PTA, with some proximal TA devices under maintenance, the start - up rate decreased, polyester load increased, inventory was depleted, basis strengthened slightly, and spot processing fees improved. PX domestic start - up increased, overseas devices reduced load, PXN strengthened, and cost - end PX had a good pattern. Attention should be paid to the opportunities of positive spreads at low prices and expanding processing fees [2]. - For MEG, with domestic oil - based production increasing load and coal - based production having some maintenance and load reduction, overall start - up declined. With supply load reduction and high polyester start - up, the inventory accumulation speed is expected to slow down. There are opportunities for short - term selling of put options, but the long - term pattern is expected to be weak [2]. - For polyester staple fiber, the short - term inventory pressure is limited due to high export growth, but the pattern may weaken in the long - term as the downstream enters the off - season and new devices are about to be put into production. Attention should be paid to the warehouse receipt situation [2]. - For natural rubber and 20 - grade rubber, with stable national explicit inventory and stable Thai cup - lump rubber prices affected by rainfall, the strategy is to wait and see [5]. 3. Summary by Related Catalogs PTA - **Price and Index Changes**: From November 17 - 21, 2025, the price of crude oil decreased by 0.8, PTA spot price decreased by 15, and PTA processing fee increased by 41. The average daily trading basis for PTA was 2601(-61) [2]. - **Device Changes**: Yisheng Ningbo's 2.2 million - ton device and Honggang's 2.5 million - ton device were under maintenance [2]. - **Market Outlook**: TA will maintain a high - maintenance state, downstream has no obvious pressure, and with India revoking the BIS certification, the inventory accumulation slope is not high. There are opportunities for positive spreads at low prices and expanding processing fees [2]. MEG - **Price and Index Changes**: From November 17 - 21, 2025, the MEG outer - market price decreased by 3, the inner - market price decreased by 33, and the coal - based MEG profit decreased by 47.08 [2]. - **Device Changes**: Hongsifang's 300,000 - ton device and Huayi's 200,000 - ton device were under maintenance, and Zhenhai's 800,000 - ton device restarted [2]. - **Market Outlook**: With supply load reduction and high polyester start - up, the inventory accumulation speed is expected to slow down. There are short - term opportunities for selling put options, but the long - term pattern is expected to be weak [2]. Polyester Staple Fiber - **Price and Index Changes**: From November 17 - 21, 2025, the price of 1.4D cotton - type staple fiber decreased by 30, and the short - fiber profit decreased by 7 [2]. - **Device Operation**: The start - up rate was stable at 97.5%, production and sales improved slightly, and inventory was basically flat [2]. - **Market Outlook**: Short - term inventory pressure is limited due to high export growth, but the pattern may weaken in the long - term as the downstream enters the off - season and new devices are about to be put into production. Attention should be paid to the warehouse receipt situation [2]. Natural Rubber & 20 - grade Rubber - **Price and Index Changes**: From November 17 - 21, 2025, the price of US - dollar Thai standard rubber increased by 5, and the price of Shanghai full - latex decreased by 10 [5]. - **Market Outlook**: With stable national explicit inventory and stable Thai cup - lump rubber prices affected by rainfall, the strategy is to wait and see [5]. Styrene - **Price and Index Changes**: From November 17 - 21, 2025, the price of ethylene (CFR Northeast Asia) remained unchanged, the price of pure benzene (CFR China) remained unchanged, and the price of styrene (CFR China) decreased by 8 [8]. - **Profit Changes**: The domestic profit of styrene remained at 45, and the domestic profits of EPS, PS, and ABS remained unchanged [8].

Group 1: Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies are as follows: US 4.065, UK 4.545, France 3.472, Germany 2.702, Italy 3.458, Spain 3.208, Switzerland 0.128, Greece 3.319, Japan 1.773, Brazil 6.217, China 1.813, Australia 4.462, New Zealand 4.163 [2] - The latest yields of 2 - year government bonds in major economies are: US 3.510, UK 3.770, Germany 2.012, Japan 0.941, Italy 2.195, China (1Y yield) 1.401, Australia 3.689 [2] - The latest exchange rates of the US dollar against major emerging - economy currencies are: Brazil 5.403, South Africa zar 17.378, Korean won 1471.550, Thai baht 32.480, Malaysian ringgit 4.148. The on - shore RMB is 7.105, the off - shore RMB is 7.105, the RMB central parity rate is 7.088, and the RMB 12 - month NDF is 6.960 [2] - The latest values of major economies' stock indices are: S&P 500 6602.990, Dow Jones Industrial Average 46245.410, NASDAQ 22273.080, Mexican stock index 61877.270, UK stock index 9539.710, France CAC 7982.650, Germany DAX 23091.870, Spanish stock index 15821.900, Japanese Nikkei 48625.880, Hang Seng Index 25220.020, Shanghai Composite Index 3834.891, Taiwan stock index 26434.940, Korean stock index 3853.260, Indian stock index 8414.352, Thai stock index 1254.400, Malaysian stock index 1617.570, Australian stock index 8686.336, emerging - economy stock index 1333.960 [2] - The latest values of credit - bond indices are: Eurozone investment - grade credit - bond index 265.812, Eurozone high - yield credit - bond index 407.040 [2] Group 2: Stock Index Futures Trading Data - For A - share indices, the closing prices are: A - shares 3834.89, CSI 300 4453.61, SSE 50 2955.85, ChiNext 2920.08, CSI 500 6817.41. The percentage changes are: A - shares - 2.45%, CSI 300 - 2.44%, SSE 50 - 1.74%, ChiNext - 4.02%, CSI 500 - 3.46% [3] - The PE (TTM) values and their环比 changes are: CSI 300 PE (TTM) 13.87 (环比 change - 0.27), SSE 50 PE (TTM) 11.88 (环比 change - 0.15), CSI 500 PE (TTM) 31.11 (环比 change - 1.06), S&P 500 PE (TTM) 26.23 (环比 change 0.25), Germany DAX PE (TTM) 17.91 (环比 change - 0.15) [3] - The risk premiums and their环比 changes are: S&P 500 1/PE - 10 - year interest rate - 0.25 (环比 change - 0.01), Germany DAX 1/PE - 10 - year interest rate 2.88 (环比 change 0.06) [3] - The latest values and 5 - day average values of fund flows are: A - shares latest value - 1421.91, 5 - day average - 1031.30; Main board latest value - 1122.93, 5 - day average - 804.71; ChiNext latest value - 216.65, 5 - day average - 166.50; CSI 300 latest value - 303.73, 5 - day average - 151.52 [3] Group 3: Other Trading Data - The latest trading values and环比 changes of trading amounts in the Shanghai and Shenzhen stock markets are: Shanghai and Shenzhen stock markets latest value 19656.61 (环比 change 2574.72), CSI 300 latest value 4812.96 (环比 change 662.31), SSE 50 latest value 1263.25 (环比 change 253.43), SME board latest value 3842.45 (环比 change 319.54), ChiNext latest value 5301.03 (环比 change 849.23) [4] - The basis and basis - to - spot ratios of stock - index futures are: IF basis - 25.21 (basis - to - spot ratio - 0.57%), IH basis - 9.45 (basis - to - spot ratio - 0.32%), IC basis - 47.41 (basis - to - spot ratio - 0.70%) [4] - The closing prices and percentage changes of treasury - bond futures are: T2303 closing price 108.43 (change - 0.05%), TF2303 closing price 105.86 (change - 0.08%), T2306 closing price 108.24 (change - 0.00%), TF2306 closing price 105.91 (change - 0.04%) [4] - The latest values and daily changes of fund rates are: R001 1.3877% (daily change - 12.00 BP), R007 1.4952% (daily change - 1.00 BP), SHIBOR - 3M 1.5780% (daily change 0.00 BP) [4]

| 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/11/17 | 2196 | 2274 | 2033 | 2221 | 2226 | 2094 | | 2025/11/18 | 2199 | 2273 | 2033 | 2223 | 2226 | 2094 | | 2025/11/19 | 2200 | 2273 | 2032 | 2220 | 2230 | 2093 | | 2025/11/20 | 2199 | 2270 | 2032 | 2214 | 2230 | 2092 | | 2025/11/21 | 2199 | 2268 | 2027 | 2213 | 2228 | 2091 | | 环比 | 0 | -2 | -5 | -1 | -2 | -1 | 废钢早报 研究中心黑色团队 2025/11/24 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 ...

1. Report Industry Investment Rating - No information provided on the investment rating of the LPG industry [1] 2. Core View of the Report - The PG futures price has declined, with the basis at -43 (-57) and the 01 - 02 spread at 109 (-19). Domestic civil LPG prices have fallen, the cheapest deliverable being East China civil LPG at 4315 (-49), and the propane - civil LPG price difference has narrowed. Warehouse receipts are 4561 lots (-54). Off - market paper prices have declined while the spread has strengthened, and the ratio of North Asian to North American oil and gas has changed little. The domestic chemical sector is relatively strong and civil demand is increasing, but there is expected to be a large amount of arrivals in December. Middle Eastern supplies are tight, but the market may tend to wait and see as the CP official price announcement approaches. Weather and oil prices also need attention [1] 3. Summary by Relevant Data 3.1 Daily Changes (2025/11/21 compared to previous day) - Civil LPG: East China 4315 (-10), Shandong 4340 (-20), South China 4550 (+200). Ether - after carbon four 4530 (-40). The lowest delivery location is East China, with a basis of -43 (+0) and a 01 - 02 spread of 109. FEI is 491 (-10) and CP is 485 (-1) dollars/ton [1] 3.2 Weekly Data and Changes - PG futures: Basis -43 (-57), 01 - 02 spread 109 (-19) [1] - Domestic civil LPG: The price has fallen, and the cheapest deliverable is East China civil LPG at 4315 (-49) [1] - Warehouse receipts: 4561 lots (-54) [1] - Off - market paper: Prices have fallen, and the spread has strengthened. The ratio of North Asian to North American oil and gas has changed little. PG - CP is 126 (-2); PG - FEI is 114 (+3). East China arrival, North American and AFEI offshore discounts are flat, and Middle Eastern goods are in short supply with a discount of 35 US dollars (+13). Freight has slightly declined. The FEI - MOPJ spread has narrowed to -55 (+11) [1] - Profits and Operating Rates: Shandong PDH - to - propylene profit has slightly recovered; alkylation unit profit has slightly recovered but is still poor; MTBE production profit is volatile and export profit is still good. PDH operating rate is 69.64% (-2.1), and Dongguan Juzhengyuan PDH Phase II is expected to restart next week [1] - Inventory: Arrivals have increased, external sales have decreased, factory warehouses have slightly accumulated, and port inventories have increased [1]

农产品早报 研究中心农产品团队 2025/11/24 | 玉米/淀粉 | | | 玉米 | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/11/17 2070 | 2180 | 2130 | 2340 | -2 | 10 - | 2700 | 2800 | 166 | -10 | | 2025/11/18 2070 | 2180 | 2130 | 2360 | 12 | 30 - | 2700 | 2800 | 188 | -10 | | 2025/11/19 2070 | 2170 | 2130 | 2360 | -5 | 40 185 | 2700 | 2800 | 225 | -1 | | 2025/11/20 2070 | 2170 | 2150 | 2350 | 2 | 30 197 | 2700 | 2800 | 232 | -1 | | 2025/ ...

Group 1: Spot Market Information - Newman powder price is 787, with a daily change of -2 and a weekly change of 7; the import profit is -11.31 [1] - PB powder price is 790, with a daily change of -2 and a weekly change of 7; the import profit is -10.56 [1] - Mac powder price is 783, with a daily change of -1 and a weekly change of 10; the import profit is 15.11 [1] - Jinbuba powder price is 743, with no daily change and a weekly change of 9; the import profit is 10.38 [1] - Mainstream mixed powder price is 726, with a daily change of -1 and a weekly change of 4; the import profit is -17.07 [1] - Super special powder price is 670, with a daily change of -5 and no weekly change; the import profit is -31.41 [1] - Carajás powder price is 883, with a daily change of -2 and a weekly change of 1; the import profit is -10.37 [1] - Brazilian blended powder price is 831, with no daily change and a weekly change of 11; the import profit is 5.30 [1] - Brazilian coarse IOC6 price is 767, with a daily change of -2 and a weekly change of -16 [1] - Brazilian coarse SSFG price is 772, with a daily change of -2 and a weekly change of -16 [1] - Ukrainian concentrate price is 875, with a daily change of -1 and no weekly change [1] - 61% Indian powder price is 732, with no daily change and a weekly change of 9 [1] - Karara concentrate price is 877, with a daily change of -1 and no weekly change [1] - Roy Hill powder price is 777, with a daily change of -2 and a weekly change of 7; the import profit is 17.91 [1] - KUMBA powder price is 849, with a daily change of -2 and a weekly change of 7 [1] - 57% Indian powder price is 605, with a daily change of -5 and no weekly change [1] - Atlas powder price is 721, with a daily change of -1 and a weekly change of 4 [1] - Tangshan iron concentrate price is 1014, with no daily change and a weekly change of 6 [1] Group 2: Futures Market Information - i2601 contract price is 785.5, with a daily change of -3.0 and a weekly change of 13.0; the monthly spread is -55.0, with a daily change of 0.8 and a weekly change of -11.5 [1] - i2605 contract price is 756.0, with a daily change of 3.0 and a weekly change of 12.5; the monthly spread is 29.5, with a daily change of -5.2 and a weekly change of -11.0 [1] - i2609 contract price is 730.5, with a daily change of 2.5 and a weekly change of 9.0; the monthly spread is 25.5, with a daily change of -4.7 and a weekly change of -7.5 [1] - FE01 contract price is 100.70, with a daily change of -0.50 and a weekly change of 0.99; the monthly spread is -4.54, with a daily change of 0.9 and a weekly change of 6.3 [1] - FE05 contract price is 98.21, with a daily change of -0.39 and a weekly change of 0.81; the monthly spread is 2.49, with a daily change of -36.2 and a weekly change of -0.7 [1] - FE09 contract price is 96.16, with a daily change of -0.31 and a weekly change of 0.84; the monthly spread is 2.05, with a daily change of -44.8 and a weekly change of -3.4 [1]