Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - This week, the high - sulfur crack in Singapore oscillated, the monthly spread strengthened slightly, and the basis weakened. The HSFO crack in Europe declined, and the EW strengthened this week. The 0.5% crack in Singapore rebounded, the monthly spread oscillated, and the basis oscillated at a low level. In terms of inventory, Singapore's residual oil decreased slightly, ARA's residual oil increased, Fujairah's residual oil increased, and EIA's residual oil inventory remained flat. The spread between high - and low - sulfur in the outer market rebounded. Singapore's high - sulfur is supported by EW and refinery purchases, but the spot basis is weakening rapidly. It is in a short - term oscillatory pattern, and the short - term downward space for low - sulfur is limited. [6][7] 3. Summary According to Relevant Catalogs Rotterdam Fuel Oil Data - From November 13th to November 19th, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased from 367.09 to 353.50, a change of - 6.29; the price of Rotterdam 0.5% VLS FO swap M1 decreased from 406.14 to 403.35, a change of - 7.88; the Rotterdam HSFO - Brent M1 decreased from - 4.95 to - 7.45, a change of - 0.48; the Rotterdam 10ppm Gasoil swap M1 increased from 687.85 to 734.17, a change of 1.75; the Rotterdam VLSFO - Gasoil M1 decreased from - 281.71 to - 330.82, a change of - 9.63; the LGO - Brent M1 increased from 30.65 to 34.17, a change of 0.50; the Rotterdam VLSFO - HSFO M1 decreased from 39.05 to 49.85, a change of - 1.59. [4] Singapore Fuel Oil Data - **Swap Data**: From November 13th to November 19th, 2025, the price of Singapore 380cst M1 decreased from 359.55 to 348.42, a change of - 6.90; the price of Singapore 180cst M1 decreased from 366.12 to 354.42, a change of - 6.15; the price of Singapore VLSFO M1 decreased from 439.87 to 448.06, a change of - 0.93; the price of Singapore Gasoil M1 increased from 90.65 to 96.80, a change of 3.51; the Singapore 380cst - Brent M1 decreased from - 5.70 to - 8.25, a change of - 0.80; the Singapore VLSFO - Gasoil M1 decreased from - 230.94 to - 268.26, a change of - 26.90. [4] - **Spot Data**: From November 13th to November 19th, 2025, the FOB 380cst price in Singapore decreased from 351.45 to 348.03, a change of - 0.09; the FOB VLSFO price decreased from 438.13 to 446.12, a change of - 2.87; the 380 basis increased from - 6.03 to - 5.80, a change of 0.75; the high - sulfur internal - external spread decreased from 3.7 to 3.2, a change of - 2.7; the low - sulfur internal - external spread decreased from 7.5 to 7.2, a change of - 1.2. [5] Domestic FU Data - From November 13th to November 19th, 2025, the price of FU 01 increased from 2595 to 2560, a change of 2; the price of FU 05 increased from 2618 to 2609, a change of 3; the price of FU 09 decreased from 2586 to 2578, a change of - 1; the FU 01 - 05 decreased from - 23 to - 49, a change of - 1; the FU 05 - 09 increased from 32 to 31, a change of 4; the FU 09 - 01 decreased from - 9 to 18, a change of - 3. [5] Domestic LU Data - From November 13th to November 19th, 2025, the price of LU 01 increased from 3164 to 3266, a change of 19; the price of LU 05 increased from 3154 to 3240, a change of 17; the price of LU 09 increased from 3170 to 3246, a change of 14; the LU 01 - 05 increased from 10 to 26, a change of 2; the LU 05 - 09 increased from - 16 to - 6, a change of 3; the LU 09 - 01 decreased from 6 to - 20, a change of - 5. [6]

1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - Not provided in the content 3. Summary by Relevant Catalogs Price - For silicon ferroalloy, the latest prices of natural lumps in different regions are as follows: Ningxia 72 is 5150, Inner Mongolia 72 is 5200, Qinghai 72 is 5200, and Shaanxi 72 is 5130. The latest price of Shaanxi 75 is 5700. The prices of qualified lumps in Jiangsu 72 and Tianjin 72 are 5550 and 5500 respectively. The export prices of Tianjin 72 and Tianjin 75 are 1030 and 1080 (in US dollars) [2]. - For silicon - manganese ferroalloy, the factory - ex prices in different regions are: Inner Mongolia 6517 is 5600, Ningxia 6517 is 5480, Guangxi 6517 is 5570, Guizhou 6517 is 5550, and Yunnan 6517 is 5550. The price of Guangxi 6014 is 5000. The trader prices of Ningxia 6517 and Jiangsu 6517 are 5480 and 5670 respectively [2]. Supply - The production data of 136 silicon ferroalloy enterprises in China shows monthly and weekly production trends from 2021 - 2025. The monthly production of 136 silicon ferroalloy enterprises in China ranges from 350,000 to 550,000 tons, and the weekly production of 136 silicon ferroalloy enterprises (with a capacity share of 95%) shows fluctuations [4]. - The production of silicon - manganese ferroalloy in China shows weekly production trends from 2021 - 2025, with the weekly production ranging from 5500 to 9000 [6]. Demand - The demand data of silicon - manganese ferroalloy in China (according to Steelhome's statistics) shows trends from 2021 - 2025, with the demand ranging from 120,000 to 280,000 tons [7]. - The demand - related data such as the purchase volume and price of silicon ferroalloy by HBIS Group from 2021 - 2025 are also presented, with the purchase volume of FeSi75 - B by HBIS Group ranging from 5000 to 12000 tons per month [4]. Inventory - For silicon ferroalloy, the inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi shows weekly trends from 2021 - 2025. The total inventory of 60 sample enterprises in China ranges from 30,000 to 110,000 tons [5]. - For silicon - manganese ferroalloy, the inventory data such as the total number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective inventory on CZCE show daily trends from 2021 - 2025. The total number of warehouse receipts on CZCE ranges from 0 to 140,000 [7]. Cost and Profit - For silicon ferroalloy, the cost and profit data such as the production cost in Ningxia and Inner Mongolia, the profit converted to the main contract in Ningxia and Inner Mongolia, and the export profit of 75 - grade silicon ferroalloy show trends from 2021 - 2025 [5]. - For silicon - manganese ferroalloy, the profit data in Inner Mongolia, Guangxi, the northern region, and the southern region (according to Steelhome's statistics) show trends from 2021 - 2025 [7].

Report Overview - The report is a steel morning report by the Black Team of the Research Center, dated November 20, 2025 [1] Spot Prices Rebar - Spot prices for Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, and Wuhan rebar from November 13 - 19, 2025 are presented. On November 19, the prices were 3230, 3210, 3240, 3290, 3420, and 3310 respectively. The price changes on November 19 compared to the previous day were 0, -40, 0, 0, 0, 0 [1] Hot - Rolled Coil - Spot prices for Tianjin, Shanghai, and Lecong hot - rolled coils from November 13 - 19, 2025 are shown. On November 19, the prices were 3230, 3270, and 3300 respectively, with no price changes compared to the previous day [1] Cold - Rolled Coil - Spot prices for Tianjin, Shanghai, and Lecong cold - rolled coils from November 13 - 19, 2025 are provided. On November 19, the prices were 3770, 3820, and 3840 respectively. The price of Lecong cold - rolled coil decreased by 60 compared to the previous day [1] Other Sections - The report also mentions sections on "Price and Profit", "Basis and Spread", "Output and Inventory", but no detailed content for these sections is provided [2][9][10]

焦炭日报 研究中心黑色团队 2025/11/20 | | 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 | 1649.42 | 0.00 | 57.81 | 167.03 | -10.07% 高炉开工率 | 88.80 | | 0.99 | -1.53 | 1.06% | | 河北准一干熄 | 1900.00 | 0.00 | 55.00 | 165.00 | 7.95% 铁水日均产量 | 236.88 | | 2.66 | -4.07 | 0.40% | | 山东准一干熄 | 1825.00 | 0.00 | 55.00 | 165.00 | -9.20% 盘面05 | 1804 | -6.50 | -18.50 | -33.50 | -10.05% | | 江苏准一干熄 | 1865.00 | 0.00 | 55.00 | 165.00 | -9.02% 盘面09 | 1887 | -15 ...

Report Overview - Report Title: Synthetic Rubber Morning Report [2] - Report Date: November 20, 2025 [3] - Research Team: Energy and Chemicals Team of the Research Center [3] Key Data Summary BR (Cis - Polybutadiene Rubber) - **Futures Data**: The closing price of the BR main contract (12) on November 19 was 10,705, up 200 from the previous day and 225 from the previous week. The open interest was 71,378, down 643 from the previous day and 4,987 from the previous week. The trading volume was 120,480, down 20,666 from the previous day but up 20,847 from the previous week. The warrant quantity was 12,030, down 220 from the previous day and 480 from the previous week. The long - short ratio was 29.67, with no daily change and a weekly decrease of 1. [4] - **Basis/Spread Data**: The cis - polybutadiene basis was - 100 on November 19 compared to the previous day and - 75 compared to the previous week. The styrene - butadiene basis was - 200 on November 19 compared to the previous day and - 75 compared to the previous week. The 12 - 01 spread was - 40 on November 19, down 45 from the previous day and 40 from the previous week. The 01 - 02 spread was 15 on November 19, down 5 from the previous day but up 10 from the previous week. The RU - BR spread was 4,735 on November 19, down 55 from the previous day and 175 from the previous week. The NR - BR spread was 1,775 on November 19, down 65 from the previous day and 145 from the previous week. [4] - **Spot Data**: The Shandong market price was 10,650 on November 19, up 100 from the previous day and 150 from the previous week. The Transfar market price was 10,450 on November 19, up 50 from the previous day and 30 from the previous week. The Qilu ex - factory price was 10,500 on November 19, with no daily change but up 200 from the previous week. The CFR Northeast Asia price was 1,350 on November 19, with no daily change but down 50 from the previous week. The CFR Southeast Asia price was 1,640 on November 19, with no daily change but down 45 from the previous week. [4] - **Profit Data**: The spot processing profit was 800 on November 19, down 104 from the previous day and 207 from the previous week. The import profit was - 699 on November 19, up 102 from the previous day and 532 from the previous week. The export profit was 1,744 on November 19, down 89 from the previous day and 431 from the previous week. [4] BD (Butadiene) - **Spot Data**: The Shandong market price was 7,500 on November 19, up 200 from the previous day and 350 from the previous week. The Jiangsu market price was 7,225 on November 19, up 175 from the previous day and 275 from the previous week. The Yangzi ex - factory price was 7,200 on November 19, up 200 from the previous day and 200 from the previous week. The CFR China price was 770 on November 19, with no daily change but down 20 from the previous week. [4] - **Profit Data**: The ethylene cracking profit was N/A on November 19. The carbon - four extraction profit was N/A on November 19. The butadiene oxidative dehydrogenation profit was - 1,589 on November 19, up 175 from the previous day and 135 from the previous week. The import profit was 890 on November 19, up 176 from the previous day and 425 from the previous week. The export profit was - 1,460 on November 19, down 295 from the previous day. The styrene - butadiene production profit was 1,400 on November 19, down 50 from the previous day but up 200 from the previous week. The ABS production profit was N/A on November 19. The SBS production profit was - 360 on November 19, down 140 from the previous day and 200 from the previous week. [4] Data Sources - The data in the report is sourced from Mysteel and Wind [8]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - No clear core viewpoints are presented in the provided content Group 3: Summary by Related Catalogs Spot Market - Newman powder: price 792, daily change 0, weekly change 11, converted to the disk 847.7, import profit -7.70 [1] - PB powder: price 795, daily change 0, weekly change 11, converted to the disk 843.7, import profit -6.48 [1] - Mac powder: price 786, daily change 0, weekly change 8, converted to the disk 858.5, import profit 17.50 [1] - Jinbuba powder: price 746, daily change 0, weekly change 11, converted to the disk 838.8, import profit 11.22 [1] - Mainstream mixed powder: price 728, daily change 0, weekly change -5, converted to the disk 857.0, import profit -16.09 [1] - Super special powder: price 678, daily change 0, weekly change 1, converted to the disk 892.6, import profit -24.44 [1] - Carajás powder: price 885, daily change -7, weekly change 1, converted to the disk 829.5, import profit -9.57 [1] - Brazilian mixed powder: price 834, daily change 2, weekly change 15, converted to the disk 850.3, import profit 9.28 [1] - Brazilian coarse IOC6: price 772, daily change 0, weekly change -12 [1] - Brazilian coarse SSFG: price 777, daily change 0, weekly change -12 [1] - Ukrainian concentrate powder: price 880, daily change -7, weekly change 2 [1] - 61% Indian powder: price 735, daily change 0, weekly change 11 [1] - Karara concentrate powder: price 882, daily change -7, weekly change 2 [1] - Roy Hill powder: price 782, daily change 0, weekly change 11, converted to the disk 860.7, import profit 23.04 [1] - KUMBA powder: price 854, daily change 0, weekly change 11, converted to the disk 845.6 [1] - 57% Indian powder: price 613, daily change 0, weekly change 1 [1] - Atlas powder: price 723, daily change 0, weekly change -5 [1] - Tangshan iron concentrate powder: price 1020, daily change 0, weekly change 12, converted to the disk 907.0 [1] Futures Market - i2601 contract: latest price 791.5, daily change -0.5, weekly change 17.5, monthly spread -61.5 [1] - i2605 contract: latest price 755.0, daily change -2.5, weekly change 7.5, monthly spread 36.5 [1] - i2609 contract: latest price 730.0, daily change -4.0, weekly change 5.5, monthly spread 25.0 [1] - FE01 contract: latest price 101.27, daily change 0.08, weekly change 2.87, monthly spread -4.67 [1] - FE05 contract: latest price 98.73, daily change 0.00, weekly change 2.63, monthly spread 2.54 [1] - FE09 contract: latest price 96.60, daily change 0.00, weekly change 2.60, monthly spread 2.13 [1]

废钢早报 研究中心黑色团队 2025/11/20 华东 स्क 中部 华南 东北 日期 西南 2025/11/135 | 2203 2037 2208 2226 2097 2275 原点 2096 2226 2025/11/14 2199 2275 2036 2209 2025/11/17 2221 2226 2094 2196 2274 2033 2094 2025/11/18 2199 2273 2033 2223 2226 2025/11/19= 容 2200 2273 原占 2032 2220 原d 2230 2093 ~ 环比 0 -1 -3 4 1 -1 沙钢重三价格 (含税) 镇江鸿泰剪切料价格 (不含税) ◆ 2022 ↓ 2023 ↓ 2024 ● 2025 ● 2022 ↓ 2023 ↓ 2024 ↓ 2025 3,600元/吨 4,200元/吨 3,900 3,300 3,600 3,000 3,300 短流程日耗 ◆ 2022 ↓ 2023 ↓ 2024 ● 2025 倡展H lle 12 10 8 6 4 2 0 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月11月12 ...

Group 1: Coal Price Information - The latest price of Qinhuangdao 5500 is 830.0, with daily change of 0.0, weekly change of 3.0, monthly change of 66.0, and annual change of -10.0 [1] - The latest price of Qinhuangdao 5000 is 737.0, with daily change of 0.0, weekly change of 2.0, monthly change of 63.0, and annual change of -13.0 [1] - The latest price of Guangzhou Port 5500 is 865.0, with daily change of 0.0, weekly change of 0.0, monthly change of 60.0, and annual change of -45.0 [1] - The latest price of Ordos 5500 is 585.0, with daily change of 5.0, weekly change of -10.0, monthly change of 65.0, and annual change of -45.0 [1] - The latest price of Datong 5500 is 635.0, with daily change of 5.0, weekly change of -10.0, monthly change of 65.0, and annual change of -75.0 [1] - The latest price of Yulin 6000 is 732.0, with daily change of 0.0, weekly change of 20.0, monthly change of 60.0, and annual change of -100.0 [1] - The latest price of Yulin 6200 is 760.0, with daily change of 0.0, weekly change of 20.0, monthly change of 60.0, and annual change of -100.0 [1] Group 2: Terminal and Inventory Information - The available days for 25 provincial terminals is 25.4, with daily change of -0.4, weekly change of 5.5, monthly change of 4.5, and annual change of 7.8 [1] - The coal supply for 25 provincial terminals is 547.2, with daily change of -1.6, weekly change of -61.4, monthly change of -92.9, and annual change of -75.7 [1] - The inventory of northern ports is 2469.0, with daily change of 16.0, weekly change of 206.0, monthly change of 242.0, and annual change of -177.8 [1] - The number of ships at northern anchorages is 117.0, with daily change of -7.0, weekly change of -27.0, monthly change of 29.0, and annual change of 72.0 [1] - The inbound volume of northern ports is 172.8, with daily change of -8.0, weekly change of 9.5, monthly change of 25.9, and annual change of -6.7 [1] - The throughput of northern ports is 107.6, with daily change of -16.2, weekly change of -74.8, monthly change of -32.5, and annual change of -43.1 [1] - The daily consumption of 25 provincial terminals is 530.0, with daily change of 7.8, weekly change of -113.2, monthly change of -116.0, and annual change of -124.4 [1] - The inventory of 25 provincial terminals is 13468.8, with daily change of -2.6, weekly change of 648.3, monthly change of -35.7, and annual change of 1951.3 [1] Group 3: Shipping Index and Freight Information - The CBCFI shipping index is 1008.5, with daily change of -0.5, weekly change of -136.1, monthly change of 88.5, and annual change of 165.2 [1] - The freight from Qinhuangdao to Shanghai (4 - 5 DWT) is 41.8, with daily change of -0.1, weekly change of -7.0, monthly change of 4.5, and annual change of 7.3 [1] - The freight from Qinhuangdao to Guangzhou (5 - 6 DWT) is 55.6, with daily change of 0.1, weekly change of -4.6, monthly change of 3.1, and annual change of 8.6 [1]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - No relevant content Group 3: Summary by Related Catalogs 1. Basis and Spread - The Shandong basis (+80) (Hongrun) was 239 on 10/20, -9 on 11/13, -2 on 11/17, -2 on 11/18, and 15 on 11/19, with a daily change of 17 [3]. - The East China basis (Zhenjiang warehouse) was 189 on 10/20, 121 on 11/13, 118 on 11/17, 118 on 11/18, and 105 on 11/19, with a daily change of -13 [3]. - The South China basis (Foshan warehouse) was 199 on 10/20, 101 on 11/13, 88 on 11/17, 48 on 11/18, and 35 on 11/19, with a daily change of -13 [3]. - The 12 - 01 spread was 26 on 10/20, -1 on 11/13, 20 on 11/17, 1 on 11/18, and 4 on 11/19, with a daily change of 3 [3]. - The 12 - 03 spread was -5 on 10/20, -44 on 11/13, -29 on 11/17, -48 on 11/18, and -46 on 11/19, with a daily change of 2 [3]. - The 01 - 02 spread was -11 on 10/20, -16 on 11/13, -19 on 11/17, -20 on 11/18, and -23 on 11/19, with a daily change of -3 [3]. 2. Futures Contracts - The BU main contract (01) was 3141 on 10/20, 3029 on 11/13, 3032 on 11/17, 3032 on 11/18, and 3045 on 11/19, with a daily change of 13 [3]. - The trading volume was 261,470 on 10/20, 343,644 on 11/13, 198,831 on 11/17, 219,131 on 11/18, and 242,605 on 11/19, with a daily change of 23,474 [3]. - The open interest was 366,944 on 10/20, 344,455 on 11/13, 349,657 on 11/17, 349,644 on 11/18, and 338,791 on 11/19, with a daily change of -10,853 [3]. 3. Spot Prices - The spot price of Hongrun was 3300 on 10/20, 2940 on 11/13, 2950 on 11/17, 2950 on 11/18, and 2980 on 11/19, with a daily change of 30 [3]. - The spot price of Zhenjiang warehouse was 3330 on 10/20, 3150 on 11/13, 3150 on 11/17, 3150 on 11/18, and 3150 on 11/19, with a daily change of 0 [3]. - The spot price of Foshan warehouse was 3340 on 10/20, 3130 on 11/13, 3120 on 11/17, 3080 on 11/18, and 3080 on 11/19, with a daily change of 0 [3]. 4. Profits - The asphalt - Ma Rui profit was 497 on 10/20, 148 on 11/13, 74 on 11/17, 91 on 11/18, and decreased by 32 compared to the previous value [3]. - The comprehensive profit of Ma Rui - type refineries was 918 on 10/20, 747 on 11/13, 663 on 11/17, and 654 on 11/19, with a daily change of -12 [3].

Group 1: Report General Information - Report Date: November 20, 2025 [2] - Report Name: Agricultural Products Morning Report [18] Group 2: Corn/Starch Market Price Data | Date | Changchun | Jinzhou | Weifang | Shekou | Basis | Trade Profit | Import Profit/Loss | Heilongjiang | Weifang | Basis | Processing Profit | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/11/13 | 2070 | 2150 | 2150 | 2320 | -36 | 20 | 145 | 2700 | 2800 | 148 | -12 | | 2025/11/14 | 2070 | 2160 | 2150 | 2330 | -25 | 20 | 156 | 2700 | 2800 | 150 | 9 | | 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 | - | 2700 | 2800 | 225 | -1 | | Change | 0 | -10 | 0 | 0 | -17 | 10 | - | 0 | 0 | 37 | 9 | [3] Market Analysis - Short - term: Corn spot prices have started an upward trend driven by tightened supply in production areas and downstream enterprises' restocking demand. Farmers' reluctance to sell has delayed the concentrated release of selling pressure. - Medium - long term: The supply - demand pattern of the corn market remains tight this year, and planting costs will strongly support prices. After the selling pressure eases, prices may start a new upward cycle [3] - Short - term: Starch prices fluctuate with raw material prices. After the new - season corn is on the market, deep - processing procurement and开机率 increase, but slow downstream replenishment and high inventory suppress starch prices. - Medium - long term: The key factor for starch price trends is downstream consumption rhythm. A significant price drop may stimulate downstream replenishment and drive prices up [4] Group 3: Sugar Market Price Data | Date | Liuzhou | Nanning | Kunming | Liuzhou Basis | Thailand | Brazil | Zhengzhou Futures | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/11/13 | - | 5760 | 5630 | - | - | - | 8904 | | 2025/11/14 | - | 5760 | 5635 | - | - | - | 8805 | | 2025/11/17 | - | 5760 | 5630 | - | - | - | 8805 | | 2025/11/18 | - | 5760 | 5600 | - | - | - | 8794 | | 2025/11/19 | - | - | 5600 | - | - | - | 8611 | | Change | - | - | 0 | - | - | - | -183 | [5] Market Analysis - Short - term: Zhengzhou sugar is more affected by import quota management and syrup premix import control than the overseas market. Before new quota licenses are issued, domestic sugar production costs are a key support. - Medium - long term: If the global sugar market surplus intensifies, imported sugar may impact domestic sugar costs. Overall, the global and domestic sugar supply is loose, maintaining a short - selling strategy, but short - term low valuation limits the downward space [5] Group 4: Cotton/Cotton Yarn Market Price Data | Date | 3128 | Imported M - grade US Cotton | CotlookA(F E) | Import Profit | Warehouse Receipts + Forecast | Vietnamese Yarn | Spot | Vietnamese Yarn Import Profit | 32S Spinning Profit | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/11/13 | 14380 | 73.8 | 75.0 | 1272 | 5058 | 2.52 | 20970 | 438 | -129 | | 2025/11/14 | 14355 | - | 74.7 | 1281 | 5044 | 2.52 | 20970 | 493 | -102 | | 2025/11/17 | 14315 | - | 74.4 | 1286 | 5218 | 2.52 | 20960 | 451 | -70 | | 2025/11/18 | 14280 | - | - | - | 5314 | 2.52 | 20955 | 429 | -39 | | 2025/11/19 | 14320 | - | - | - | 4636 | 2.52 | 20950 | - | -86 | | Change | 40 | - | - | - | -678 | 0 | -5 | - | -47 | [7] Market Analysis - New cotton procurement is basically completed, with the total output estimate revised down. The positive outcome of the China - US meeting in Busan and tariff cuts are beneficial to China's textile and clothing exports. The external environment has improved compared to April, so the valuation is unlikely to return to the April low, making long - term long positions suitable [7] Group 5: Egg Market Price Data | Date | Hebei | Liaoning | Shandong | Henan | Hubei | Basis | White - feather Broiler | Yellow - feather Broiler | Pig | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/11/13 | 2.84 | 2.78 | 2.85 | 2.90 | 3.18 | 420 | 3.52 | 3.60 | 18.12 | | 2025/11/14 | 2.84 | 2.78 | 2.85 | 2.90 | 3.18 | 503 | 3.52 | 3.60 | 18.06 | | 2025/11/17 | 2.84 | 2.78 | 2.85 | 2.90 | 3.11 | 380 | 3.52 | 3.60 | 17.98 | | 2025/11/18 | 2.78 | 2.71 | 2.75 | 2.80 | 3.02 | 301 | 3.52 | 3.60 | 17.89 | | 2025/11/19 | 2.71 | 2.64 | 2.75 | 2.80 | 2.96 | 281 | 3.52 | 3.60 | 17.92 | | Change | -0.07 | -0.07 | 0.00 | 0.00 | -0.06 | -20.00 | 0.00 | 0.00 | 0.03 | [13] Market Analysis - Supply side: Ordered chicken culling and a decrease in new - layer chickens have alleviated some supply pressure. - Demand side: Cooler weather allows for longer egg storage, and some traders are building rolling inventories. The interaction of supply and demand has slightly pushed up the price center in production areas. Currently, the culling process has not accelerated significantly, and there are no signs of over - culling in the short term. Future price trends depend on the culling rhythm, and faster culling may drive prices up [13] Group 6: Apple Market Price and Inventory Data | Date | Shandong 80 First - and Second - grade | Shaanxi 70 Common | National Inventory | Shandong Inventory | Shaanxi Inventory | January Basis | May Basis | October Basis | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/11/13 | 8000.00 | 4.00 | 735.77 | 270.88 | 207.60 | -1504.00 | -1442.00 | -408.00 | | 2025/11/14 | 8000.00 | 4.00 | - | - | - | -1570.00 | -1495.00 | -450.00 | | 2025/11/17 | 8000.00 | 4.00 | - | - | - | -1438.00 | -1318.00 | -355.00 | | 2025/11/18 | 8000.00 | - | - | - | - | -1433.00 | -1356.00 | -382.00 | | 2025/11/19 | 8000.00 | - | - | - | - | -1375.00 | -1296.00 | -347.00 | | Change | 0.00 | - | 58.00 | 60.00 | 35.00 | | | | [16][17] Market Analysis - National apple storage is basically completed. This year's national cold - storage estimated storage volume is about 5.5%, 10% less than last year, with an estimated volume of 700 - 780 million tons. Shaanxi's storage is 5 - 5.5%, 10 - 15% less than last year; Gansu's is 70%, 20 - 30% less; Shandong's is 50%, 10% less. The average opening price is above 3.5 yuan/jin, good - quality apples are scarce, and the price difference between good and bad apples is widening. The futures price has risen significantly recently and is expected to maintain high - level volatility in the short term [17] Group 7: Pig Market Price Data | Date | Henan Kaifeng | Hubei Xiangyang | Shandong Linyi | Anhui Hefei | Jiangsu Nantong | Basis | | --- | --- | --- | --- | --- | --- | --- | | 2025/11/13 | 11.88 | 11.50 | 12.02 | 12.10 | 12.15 | 20 | | 2025/11/14 | 11.93 | 11.55 | 11.97 | 12.10 | 12.15 | 155 | | 2025/11/17 | 11.63 | 11.35 | 11.77 | 11.85 | 11.85 | -65 | | 2025/11/18 | 11.68 | 11.45 | 11.72 | 11.90 | 11.85 | 145 | | 2025/11/19 | 11.78 | 11.50 | 11.77 | 11.95 | 12.05 | 220 | | Change | 0.10 | 0.05 | 0.05 | 0.05 | 0.20 | 75.00 | [17] Market Analysis - Over the weekend, the northern pig spot market was weak while the southern market was stable. Northern farmers were more willing to sell, and there was limited second - fattening support and downstream follow - up. Some southern farmers were holding out for higher prices, but price increases faced limited demand. The market is in a weak, volatile game in the short term. Mid - term supply pressure remains due to unchanged production capacity, and there is still pressure from fourth - quarter base supply and weight reduction. Near - term inventory accumulation shifts pressure to later periods. Attention should be paid to selling rhythm, diseases, policies, and capital sentiment in the high - position futures market [17]