1. Report's Investment Rating for the Industry - No information provided on the industry investment rating 2. Core Viewpoints of the Report - This week, oil prices remained volatile, with fluctuations during trading sessions due to news of potential Russia-Ukraine negotiations on Thursday and the suspension of oil exports from Russia's Novorossiysk port on Friday. The fundamentals maintain a pattern of oversupply and increased uncertainty regarding Russian sanctions. The US sanctions against Russia will take effect on November 21, and short - term statements from the US and Russia will influence market expectations. US EIA commercial crude oil inventories are increasing, while global oil inventories are slightly decreasing. Due to high gasoline and diesel profits, refinery operations in Europe and the US have recently recovered, but the maintenance rate of Middle - Eastern refineries remains relatively high. In the short term, disruptions at Russian ports support the Dubai monthly spread, but global supply pressure and OPEC's potential production increase plans limit the upside. In the short term, the monthly spread and absolute prices will remain volatile, and a short - selling strategy is recommended for the fourth quarter [6]. 3. Summary by Relevant Catalogs 3.1 Oil Price Data - From November 10 - 14, 2025, WTI crude oil prices increased by $1.40, BRENT by $1.38, and DUBAI by $0.73. The BRENT 2 - month spread increased by $0.10, and other related price differentials also showed corresponding changes [3]. - During the same period, SC - related prices and price differentials, domestic gasoline and diesel prices, and their differentials with BRT also changed. For example, the domestic gasoline price decreased by 30 yuan, and the domestic gasoline - BRT differential decreased by 109 yuan [3]. - Japanese naphtha, Singapore fuel oil, and related futures contract prices and their differentials with BRT also had certain fluctuations. For example, the Japanese naphtha - BRT differential decreased by $2.15 [3]. 3.2 Daily News - Russia's Novorossiysk port resumed oil loading operations after a two - day suspension due to a Ukrainian drone attack. The port's daily oil export volume of 2.2 million barrels was suspended on Friday, equivalent to 2% of global supply, and the attack pushed international oil prices up by over 2% [3]. - Ukraine claimed to have attacked a refinery in Russia's Samara Oblast and updated the results of an attack on the Ryazan refinery, but the involved enterprises did not comment [4]. - Russian President Putin had a conversation with Rosneft President Sechin. The US imposed sanctions on Russian oil companies last month [4]. 3.3 Inventory Data - According to the EIA report for the week of November 7, US crude oil exports decreased by 1.551 million barrels per day to 2.816 million barrels per day; domestic production increased by 211,000 barrels to 13.862 million barrels per day; commercial crude oil inventories (excluding strategic reserves) increased by 6.413 million barrels to 428 million barrels, a 1.52% increase; the four - week average supply of US crude oil products was 20.606 million barrels per day, a 0.95% decrease compared to the same period last year; strategic petroleum reserve (SPR) inventories increased by 798,000 barrels to 410.4 million barrels, a 0.19% increase; and commercial crude oil imports (excluding strategic reserves) were 5.222 million barrels per day, a decrease of 702,000 barrels per day compared to the previous week [5]. - As of the week of November 12, the total refined oil inventory at the Port of Fujairah in the UAE was 21.181 million barrels, an increase of 3.204 million barrels from the previous week [5]. - As of the week of November 8, Japan's commercial crude oil inventory decreased by 353,966 kiloliters to 10,379,001 kiloliters [5]. - The API crude oil inventory in the US for the week ending November 7 was 1.3 million barrels, compared with a previous value of 6.521 million barrels [5]. - From November 7 - 13, both gasoline and diesel inventories decreased. Gasoline inventory was 10.4149 million tons, a 1.52% decrease, and diesel inventory was 12.8156 million tons, a 0.63% decrease. The comprehensive refining profit of major refineries and local refineries rebounded [5].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - This week, copper prices fluctuated within a narrow range. Supported by the precious metals market, copper prices were relatively strong in the first half of the week and adjusted on Friday. The downstream point - price volume rebounded significantly. In the future, the price around 85,000 may become the psychological price for downstream point - pricing [1]. - Overseas production suspension news and expectations boosted the domestic aluminum price to be stronger than the overseas price. Short - term profit - taking led to a correction in the Shanghai aluminum futures. Aluminum ingots continued to accumulate inventory, while aluminum rods, sheets, foils saw a slight reduction in inventory. The downstream consumption was fair, and the acceptance of high prices increased. In the short term, it may show a fluctuating trend [2]. - Zinc prices fluctuated this week. The domestic and imported TC declined further. The supply of domestic ore will tighten marginally from the fourth quarter to the first quarter of next year. The demand is seasonally weak domestically, while overseas, European demand is average and Middle - East demand has high growth. The price center may not decline deeply. In the short term, it is recommended to wait and see for unilateral trading, pay attention to reverse arbitrage opportunities with caution in position - building, and focus on the positive arbitrage opportunity of 01 - 03 for the month - spread [5]. - For nickel, the supply side saw a slight decline in pure nickel production, the demand side was weak, and the inventory continued to accumulate both at home and abroad. With continuous disturbances in the Indonesian ore end and the policy side having a motivation to support prices, it is advisable to pay attention to short - selling opportunities [6]. - For stainless steel, the supply increased slightly in October, the demand was mainly for rigid needs, the cost remained stable, and the inventory was at a high level. With the Indonesian policy side having a motivation to support prices, it is advisable to pay attention to short - selling opportunities [7]. - Lead prices fluctuated at a high level this week. The supply - side contradiction was partially alleviated, and the social inventory increased. The demand side had a weakening expectation. It is expected that the lead price will fluctuate within a narrow range next week, and it is recommended to wait and see the resumption of recycled production and the increase in warehouse receipts [8][9]. - Tin prices rose this week. The supply - side was gradually recovering, and the demand was mainly supported by rigid needs. In the short term, it is recommended to wait and see, and in the long term, it is advisable to hold at a low price close to the cost or use it as a long - position allocation in non - ferrous metals [12]. - For industrial silicon, the supply and demand are expected to be in a balanced and slightly loose state in Q4, with prices expected to fluctuate. In the long term, prices are expected to fluctuate at the bottom of the cycle based on the seasonal marginal cost [16]. - Lithium carbonate prices were strong due to the expected lithium - battery demand and market bullish sentiment. The supply - side price elasticity is high after the disturbances are resolved, and the long - term pattern may change in the next 1 - 2 years if the energy - storage demand remains high and the power demand is stable [18]. 3. Summary by Metal Copper - **Price and Inventory**: From November 10 - 14, the spot import profit decreased by 181.03, and the LME inventory decreased by 450 tons [1]. - **Market Analysis**: This week, copper prices fluctuated narrowly. The downstream point - price volume rebounded. The market has both liquidity easing expectations and AI bubble risks [1]. Aluminum - **Price and Inventory**: From November 10 - 14, the Shanghai aluminum ingot price increased slightly, and the social inventory remained unchanged [1]. - **Market Analysis**: Overseas production suspension news and expectations boosted the domestic price, but short - term profit - taking led to a correction. The downstream consumption was fair, and it may fluctuate in the short term [2]. Zinc - **Price and Inventory**: From November 10 - 14, the Shanghai zinc ingot price decreased by 140 yuan, and the LME inventory increased by 1175 tons [5]. - **Market Analysis**: The supply - side TC declined, and the demand was seasonally weak domestically. The export window has opened, and it is recommended to wait and see for unilateral trading and pay attention to arbitrage opportunities [5]. Nickel - **Price and Inventory**: From November 10 - 14, the Shanghai nickel price decreased by 950 yuan, and the inventory continued to accumulate [6]. - **Market Analysis**: The supply side saw a slight decline in production, the demand was weak, and it is advisable to pay attention to short - selling opportunities [6]. Stainless Steel - **Price and Inventory**: From November 10 - 14, the prices of 304 cold - rolled, 304 hot - rolled, etc. remained unchanged, and the inventory was at a high level [6][21]. - **Market Analysis**: The supply increased slightly, the demand was mainly for rigid needs, and it is advisable to pay attention to short - selling opportunities [7]. Lead - **Price and Inventory**: From November 10 - 14, the lead price fluctuated at a high level, and the social inventory increased slightly [8][9]. - **Market Analysis**: The supply - side contradiction was partially alleviated, the demand had a weakening expectation, and it is expected to fluctuate narrowly next week [8][9]. Tin - **Price and Inventory**: From November 10 - 14, the tin price rose, and the LME inventory increased by 10 tons [12]. - **Market Analysis**: The supply - side was gradually recovering, and the demand was mainly supported by rigid needs. It is recommended to wait and see in the short term and hold at a low price in the long term [12]. Industrial Silicon - **Price and Inventory**: From November 10 - 14, the basis of different grades increased, and the warehouse receipts decreased by 42 [16]. - **Market Analysis**: The supply and demand are expected to be balanced and slightly loose in Q4, and prices are expected to fluctuate in the short term and cycle at the bottom in the long term [16]. Lithium Carbonate - **Price and Inventory**: From November 10 - 14, the SMM electric - carbon and industrial - carbon prices increased, and the warehouse receipts decreased by 338 [18]. - **Market Analysis**: Driven by demand expectations and bullish sentiment, prices were strong. The supply - side price elasticity is high, and the long - term pattern may change in 1 - 2 years [18].

玻璃纯碱早报 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 华北重碱 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (500) 0 500 1,000 1,500 2,000 华北氨碱法利润 2020 2021 2022 2023 2024 2025 (1,000) (500) 0 500 1,000 1,500 2,000 2,500 华北联碱法利润 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 华北轻碱 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6 0 6 5 7 0 7 5 8 0 8 5 9 0 9 5 100 纯碱开工率（%） 2020 2021 2022 2023 2024 2025 0 5 0 100 150 200 250 300 纯碱厂库+交割库存 2020 2021 2022 202 ...

Report Summary Report Industry Investment Rating - Not provided in the given content Core View - Not provided in the given content Content Summary by Category Price and Profit - The report presents the spot prices of various steel products in different regions from November 10 - 14, 2025, including Beijing, Shanghai, Chengdu, etc. for rebar, and Tianjin, Shanghai, Lecong for hot - rolled and cold - rolled coils. The price changes for rebar in Beijing, Shanghai, and Guangzhou are 30, - 50, and 30 respectively, and for hot - rolled coils in Tianjin and Shanghai are - 40 and - 40 respectively, and for cold - rolled coils in Lecong is - 80 [1] Basis and Spread - Not provided in the given content Production and Inventory - Not provided in the given content

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View - No clear core view is presented in the provided content. It mainly offers data on paper pulp prices, import - related details, and price indices of paper products. 3. Summary by Related Content SP Main Contract Information - On November 14, 2025, the SP main contract's closing price was 5480.00, showing a - 0.97579% change from the previous day. The exchange - rate - converted dollar price was 681.44, and the Shandong and Jiangsu - Zhejiang - Shanghai Yinxing basis were both 70 [4]. Import Profit and Price Information - With a 13% VAT calculation, for the Jinshi brand from Canada, the CFR port dollar price was 780, the Shandong region's RMB price was 6200, and the import profit was - 127.94. For the Xiongshi brand from Canada, the CFR port dollar price was 730, the Shandong region's RMB price was 5550, and the import profit was - 366.79. For the Yinxing brand from Chile, with a 90 - day CFR letter of credit, the port dollar price was 680, the Shandong region's RMB price was 5550, and the import profit was 24.36 [5]. Price Index and Margin Information - From November 10 - 14, 2025, the national average prices of coniferous pulp, broad - leaf pulp, natural pulp, and chemical mechanical pulp remained unchanged. The same was true for the Shandong region's average prices. The price indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper also remained unchanged during this period. However, the estimated profit margins of double - offset paper, double - copper paper, white card paper, and living paper changed, with the living paper's profit margin dropping by 0.7640 on November 14 compared to previous days [5]. Price Difference Information - From November 10 - 14, 2025, the price differences between coniferous and broad - leaf pulp, coniferous and natural pulp, coniferous and chemical mechanical pulp, and coniferous pulp and waste paper fluctuated slightly [5].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall supply of thermal coal remains stable, with normal production in most mines. Recently, prices in some production areas have weakened, and the premium rate of auctions has narrowed, leading to a slight decline in market sentiment. The upward trend of port prices has slowed down, and the sentiment of traders to hold prices has weakened. - Policy disturbances still exist, and the supply side needs continuous monitoring. Although the overall inventory of thermal coal is relatively safe, the changes in power plant and port inventories need to be closely watched. - In the short term, due to intensified downstream gaming, thermal coal faces certain callback pressure. It is expected that the subsequent shipping profit will expand, and after the callback, there will still be support for the overall price. The upside potential mainly depends on the actual downstream demand, and continuous tracking of daily consumption and inventory changes is required. [9] 3. Summary by Directory 3.1 Overview - **Supply**: In October 2025, China imported 41.737 million tons of coal, a year - on - year decrease of 9.75% and a month - on - month decrease of 9.27%. From January to October 2025, the total coal imports were 387.623 million tons, a year - on - year decrease of 11%. The weekly output of main production area mines was 27.38 million tons, a week - on - week increase of 0.9%, and the capacity utilization rate was 83%, a week - on - week increase of 0.8%. [9] - **Demand**: Terminal coal consumption in thermal power remains at a medium level, and as the heating season approaches, power plants are expected to release some restocking space. In the non - power sector, the chemical industry has rigid restocking demand, and coal consumption is at a medium - high level. However, some downstream users are somewhat resistant to high - priced coal. Alternative energy power generation performs well, accounting for about 35% of the total power generation. [9] - **Inventory**: The total social inventory is 204.18 million tons, a week - on - week increase of about 0.9%, slightly lower than the same period last year. Power plant inventory is 132.39 million tons (a week - on - week increase of about 0.86%), showing a slight inventory build - up, while port inventory is 57.03 million tons (a week - on - week decrease of about 0.34%). [9] - **Policy**: The National Energy Administration has issued a series of policies, including promoting stable and increased production in the coal industry, strengthening the overall planning and management of coal mine areas, emphasizing the reduction of non - power coal consumption, and organizing inspections of coal mine production. [9] 3.2 Price and Profit - **Production Area Prices**: In Inner Mongolia, the prices of Q5500, Q5000, and Q4500 decreased by 0.9%, 1.0%, and 0.0% week - on - week respectively; in Shaanxi, the prices of Q5500, Q5000, and Q4500 decreased by 0.8%, 0.9%, and 1.0% week - on - week respectively. The prices of Q6200 and Q6000 in Shaanxi remained unchanged. [14] - **Port Prices**: The upward trend of port prices has slowed down, with actual transaction prices ranging from 830 to 850 yuan/ton. The prices of different calorific values at Qinhuangdao Port and Guangzhou Port have shown varying degrees of week - on - week increases. [17][19] - **International Prices**: The international thermal coal spot prices in regions such as NEWC, ARA, and RB have shown different week - on - week changes, with NEWC increasing by 2.43% week - on - week, while ARA and RB remained unchanged. [28] - **Shipping Profits**: The shipping profits in Inner Mongolia, Shanxi, and Shaanxi vary, with Inner Mongolia having a shipping loss of 50 yuan/ton for CV5500, Shanxi breaking even, and Shaanxi having a loss of 38 yuan/ton. [48] 3.3 Other Fundamental Data - **Supply - Side Data**: The cumulative production of raw coal in different regions from 2021 - 2025 is presented, as well as the monthly production data of different regions. The production and capacity utilization rates of coal mines in Shanxi, Inner Mongolia, and Shaanxi are also shown. [53][54][56] - **Import Data**: In October 2025, China's coal imports decreased year - on - year and month - on - month. The import data from January to September 2025 shows different trends for different countries such as Indonesia, Australia, Russia, and Mongolia. [62][69] - **Demand - Side Data**: The electricity consumption data of different industries and the power generation data of different power sources (thermal, hydro, nuclear, wind, solar) are provided, including monthly and cumulative data, as well as data for different time intervals such as ten - day periods. The coal consumption data of different industries such as building materials, metallurgy, and chemicals are also presented. [76][86][91][126] - **Transportation and Inventory Data**: The transportation data of the Datong - Qinhuangdao Railway, comprehensive transportation indices, and logistics data of northern ports are shown. The inventory data of different ports and the overall social, power plant, and production area inventories are also provided. [158][162][167][169]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - For PTA, the near - term TA partial device maintenance led to a decline in the start - up rate, polyester load decreased, inventory continued to accumulate, and the basis remained weak while the spot processing fee improved slightly. PX start - up rate declined due to unexpected domestic maintenance, overseas devices ran stably, PXN strengthened month - on - month, disproportionation benefits remained weak and isomerization benefits weakened, and the US - Asia aromatics spread remained stable. In the future, TA will maintain a high maintenance state, downstream especially filament and staple fiber show no obvious pressure, combined with India's revocation of BIS certification, the inventory accumulation slope of TA is not high, and there are limited new productions in the far - month. The PX pattern is good, so pay attention to the opportunities of buying low for positive spreads and expanding processing fees [2]. - For MEG, the near - term domestic oil - based production increased the load, coal - based production had some maintenance and load reduction, the overall start - up rate declined, the restart of some overseas devices was postponed, the port inventory accumulated at the beginning of next week, the arrival forecast remained high during the week, the basis weakened, and the coal - based profit was low. In the short term, EG inventory accumulation is expected to continue, but considering that the profit is already at a low level after the coal price strengthened, the supply side may have some reduction in stages, and the space for further weakening of the current valuation is limited. In the long term, with new device launches and the suppression of warehouse receipts on the disk structure, the overall pattern is expected to weaken [2]. - For polyester staple fiber, the near - term device operation was stable, the start - up rate remained at 97.5%, the production and sales remained weak, and the inventory increased month - on - month. On the demand side, the start - up rate of polyester yarn remained stable, raw material inventory decreased while finished product inventory decreased, and the profit remained stable. Although the profit and start - up rate of polyester yarn did not improve significantly, the staple fiber's own exports maintained high growth, showing that there was no obvious inventory accumulation under high start - up. In the short term, new capacity launches are relatively limited, so pay attention to the opportunities of expanding processing fees at low prices and the situation of warehouse receipts [2]. - For natural rubber, the national explicit inventory remained stable at a relatively low absolute level, the price of Thai cup rubber remained stable, and rainfall affected rubber tapping. The strategy is to wait and see [6]. - For benzene - related products, the prices of relevant products such as ethylene, pure benzene, and styrene changed, and the domestic profits of PS, ABS, EPS, etc. also showed corresponding changes. The Asian spreads and production profits of these products need to be continuously monitored [9]. Group 3: Summaries According to Related Catalogs PTA - **Market data**: From November 10 - 14, 2025, the daily average basis of PTA spot transactions was 2601(-76). The PTA device of Sichuan Energy Investment with a capacity of 1 million tons was under maintenance. The start - up rate decreased month - on - month, polyester load decreased, inventory continued to accumulate, the basis remained weak, and the spot processing fee improved slightly. PX start - up rate declined due to unexpected domestic maintenance, overseas devices ran stably, PXN strengthened month - on - month, disproportionation benefits remained weak and isomerization benefits weakened, and the US - Asia aromatics spread remained stable [2]. - **Outlook**: TA will maintain a high maintenance state, downstream especially filament and staple fiber show no obvious pressure, combined with India's revocation of BIS certification, the inventory accumulation slope of TA is not high, and there are limited new productions in the far - month. The PX pattern is good, so pay attention to the opportunities of buying low for positive spreads and expanding processing fees [2]. MEG - **Market data**: From November 10 - 14, 2025, the basis was around +54 for 01. The MEG devices of Hongsifang with a capacity of 300,000 tons and Huayi with a capacity of 200,000 tons were under maintenance. The near - term domestic oil - based production increased the load, coal - based production had some maintenance and load reduction, the overall start - up rate declined, the restart of some overseas devices was postponed, the port inventory accumulated at the beginning of next week, the arrival forecast remained high during the week, the basis weakened, and the coal - based profit was low [2]. - **Outlook**: In the short term, EG inventory accumulation is expected to continue, but considering that the profit is already at a low level after the coal price strengthened, the supply side may have some reduction in stages, and the space for further weakening of the current valuation is limited. In the long term, with new device launches and the suppression of warehouse receipts on the disk structure, the overall pattern is expected to weaken [2]. Polyester Staple Fiber - **Market data**: From November 10 - 14, 2025, the spot price was around 6317, and the market basis was around - 20 for December. The near - term device operation was stable, the start - up rate remained at 97.5%, the production and sales remained weak, and the inventory increased month - on - month. On the demand side, the start - up rate of polyester yarn remained stable, raw material inventory decreased while finished product inventory decreased, and the profit remained stable [2]. - **Outlook**: Although the profit and start - up rate of polyester yarn did not improve significantly, the staple fiber's own exports maintained high growth, showing that there was no obvious inventory accumulation under high start - up. In the short term, new capacity launches are relatively limited, so pay attention to the opportunities of expanding processing fees at low prices and the situation of warehouse receipts [2]. Natural Rubber - **Market data**: From November 1 - 14, 2025, prices of various types of rubber such as Thai glue, Hainan glue, and different rubber products in the market changed. The national explicit inventory remained stable at a relatively low absolute level, the price of Thai cup rubber remained stable, and rainfall affected rubber tapping [6]. - **Strategy**: Wait and see [6]. Benzene - related Products - **Market data**: From November 10 - 14, 2025, prices of ethylene (CFR Northeast Asia), pure benzene (CFR China), and other products changed. The Asian spreads and domestic profits of PS, ABS, EPS, etc. also showed corresponding changes. For example, the price of pure benzene increased by 30 - 50, and the domestic profit of PS increased by 50 [9]. - **Analysis**: Continuously monitor the Asian spreads and production profits of these products [9].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for multiple non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 17, 2025 [1][3][4] Group 3: Summary by Related Catalogs Cross - market Arbitrage Tracking - **Copper**: Spot price is 87050 in domestic and 10881 in LME with a ratio of 8.05; March price is 86900 in domestic and 10878 in LME with a ratio of 8.01. Spot import equilibrium ratio is 8.06 with a profit of - 920.93, and spot export profit is 134.77 [1] - **Zinc**: Spot price is 22480 in domestic and 3201 in LME with a ratio of 7.02; March price is 22465 in domestic and 3026 in LME with a ratio of 5.82. Spot import equilibrium ratio is 8.48 with a profit of - 4661.65 [1] - **Aluminum**: Spot price is 21910 in domestic and 2832 in LME with a ratio of 7.73; March price is 21840 in domestic and 2861 in LME with a ratio of 7.69. Spot import equilibrium ratio is 8.31 with a profit of - 1639.17 [1] - **Nickel**: Spot price is 121550 in domestic and 14696 in LME with a ratio of 8.27. Spot import equilibrium ratio is 8.16 with a profit of - 2326.46 [1] - **Lead**: Spot price is 17400 in domestic and 2044 in LME with a ratio of 8.52; March price is 17505 in domestic and 2068 in LME with a ratio of 10.90. Spot import equilibrium ratio is 8.70 with a profit of - 352.43 [3] Cross - period Arbitrage Tracking - **Copper**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 620, - 620, - 610, - 620 respectively, while theoretical spreads are 540, 977, 1424, 1870 [4] - **Zinc**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 305, - 265, - 225, - 200 respectively, while theoretical spreads are 217, 339, 462, 585 [4] - **Aluminum**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 175, - 135, - 130, - 125 respectively, while theoretical spreads are 221, 343, 465, 587 [4] - **Lead**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 135, - 125, - 115, - 100 respectively, while theoretical spreads are 213, 322, 431, 541 [4] - **Nickel**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 1420, - 1220, - 990, - 740 respectively [4] - **Tin**: 5 - 1 spread is - 480 with a theoretical spread of 6028 [4] Spot - futures Arbitrage Tracking - **Copper**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 475 and - 145 respectively [4] - **Zinc**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 250 and - 55 respectively [4][5] - **Lead**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 230 and 95 respectively [5] Cross - variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (triple - continuous) are 3.87, 3.98, 4.96, 0.97, 1.25, 0.78 respectively; in London (triple - continuous) are 3.59, 3.80, 5.26, 0.95, 1.38, 0.68 respectively [5]

Report Investment Rating - No investment rating information provided Core Viewpoints - The report presents the latest information on the supply and demand of major oilseeds and oils in the 2025/26 period, including data on soybeans, rapeseeds, and palm oil, as well as the expected trend of U.S. soybean crushing volume and inventory [1] Summary by Related Catalogs 2025/26 Annual U.S. Soybean Information - The estimated production for the 2025/26 U.S. soybean season is 4.253 billion bushels, down from the September estimate of 4.301 billion bushels - The estimated planting area is 81.1 million acres, the same as the September estimate - The estimated harvested area is 80.3 million acres, consistent with the September estimate - The estimated yield per acre is 53 bushels, down from the September estimate of 53.5 bushels - The estimated export volume is 1.635 billion bushels, down from the September estimate of 1.685 billion bushels - The estimated ending stocks are 290 million bushels, down from the September estimate of 300 million bushels [1] 2025/26 Annual Global Soybean Information - Brazil's estimated soybean production is 175 million tons, the same as the September estimate, and the estimated export volume is 112.5 million tons, up from the September estimate of 112 million tons - Argentina's estimated soybean production is 48.5 million tons, the same as the September estimate, and the estimated export volume is 8.25 million tons, up from the September estimate of 6 million tons - China's estimated soybean imports are 112 million tons, the same as the September estimate - Global estimated soybean production is 421.75 million tons, down from the September estimate of 425.87 million tons, and the estimated ending stocks are 121.99 million tons, down from the September estimate of 123.99 million tons [1] U.S. October Soybean Crushing Volume - The estimated U.S. soybean crushing volume in October is 209.522 million bushels, an increase of 5.9% from September's 197.863 million bushels and 4.8% from October 2024's 199.943 million bushels, setting a new record high [1] U.S. October Soybean Oil Inventory - The estimated U.S. soybean oil inventory in October is 1.257 billion pounds, an increase of 1.1% from the end - of - September inventory of 1.243 billion pounds and 17.0% from October 2024's 1.074 billion pounds [1] 2025/26 Annual Global Rapeseed Information - Global estimated rapeseed production is 92.273 million tons, an increase of 6.274 million tons year - on - year, and the estimated ending stocks are 11.336 million tons, an increase of 1.504 million tons year - on - year - Global estimated rapeseed oil production is 35.009 million tons, an increase of 0.873 million tons year - on - year, and the estimated ending stocks are 3.19 million tons, a decrease of 0.016 million tons year - on - year - Global estimated rapeseed meal production is 50.005 million tons, an increase of 0.949 million tons year - on - year, and the estimated ending stocks are 1.541 million tons, an increase of 0.153 million tons year - on - year - Canada's estimated rapeseed export volume is 6.7 million tons, a decrease of 2.631 million tons year - on - year; the estimated rapeseed oil export volume is 3.375 million tons, an increase of 0.06 million tons year - on - year; the estimated rapeseed meal export volume is 5.5 million tons, a decrease of 0.299 million tons year - on - year [1] Malaysia Palm Oil Export - Malaysia's palm oil product export volume from November 1 - 15 is 728,995 tons, a decrease of 15.5% compared to the same period last month [1] Indonesia Palm Oil Production - Indonesia's palm oil production in 2026 is expected to increase by 3 - 4%, lower than this year's estimated growth rate of 4 - 7%, and the 2025 palm oil export is expected to increase by 6 - 7% [1] Spot Prices - The report provides spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from November 10 - 14, 2025 [2]

免责声明 焦炭日报 研究中心黑色团队 2025/11/17 | | 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 | 1646.23 | 54.61 | 54.61 | 163.84 | -10.22% 高炉开工率 | 88.80 | | 0.99 | -1.53 | 1.06% | | 河北准一干熄 | 1845.00 | 0.00 | 0.00 | 110.00 | 4.83% 铁水日均产量 | 236.88 | | 2.66 | -4.07 | 0.40% | | 山东准一干熄 | 1770.00 | 0.00 | 0.00 | 110.00 | -11.94% 盘面05 | 1816.5 | -6.00 | -58.50 | 19.50 | -8.90% | | 江苏准一干熄 | 1810.00 | 0.00 | 0.00 | 110.00 | -11.71% 盘面09 | 1901 ...