Report Industry Investment Ratings - **Long - term bullish with dips for buying**: Index futures [1][5] - **Range trading**: Coking coal, rebar, copper, aluminum, tin, gold, silver, PVC, benzene ethylene, rubber, urea, cotton and cotton yarn, PTA, eggs, soybean meal [1][5][10] - **Weak oscillation**: Glass, polyolefins, red dates, short - term oils and fats [1][8][26] - **Side - line observation or short - selling on rallies**: Nickel [1][15] - **Temporary observation**: Treasury bonds, caustic soda, soda ash [1][5][20] - **Bullish oscillation**: Carbonate lithium, apples [1][18] - **Near - term low - level weak adjustment, cautious chasing rallies in the far - term**: Live pigs [1][33] - **Waiting for rallies to hedge on the long - term**: Corn [1][37] Core Views The report provides trading strategies and market outlooks for various futures products across multiple industries. It takes into account factors such as macroeconomic data, supply - demand relationships, geopolitical events, and policy expectations to analyze the market trends of each product. For example, in the macro - financial sector, index futures may oscillate due to factors like inflation, retail sales, and Fed policy expectations; in the energy - chemical sector, products are affected by cost, supply, demand, and macro - political factors [5][18][20]. Summary by Industry Macro - Finance - **Index Futures**: May oscillate in the short - term due to factors like US inflation, retail sales, and Fed policy expectations. Long - term bullish, recommend buying on dips [5] - **Treasury Bonds**: Likely to oscillate. Short - term trading depends on news, economic data, and policy expectations, while the long - term needs clear signals from the December Central Economic Work Conference [5] Black Building Materials - **Coking Coal**: Range trading. The coal market is in a downward trend with weak demand [7] - **Rebar**: Range trading. Low valuation and weak drivers may lead to low - level oscillation [7] - **Glass**: Expected to continue weakening. Cold - repair rumors have boosted far - month contracts, but actual production cuts are rare, and inventory issues remain severe [8][9] Non - ferrous Metals - **Copper**: High - level oscillation. Geopolitical factors in Congo (Kinshasa) and market consumption trends affect the price. Suggest short - term range trading [10] - **Aluminum**: Oscillate. Factors such as bauxite prices, alumina and electrolytic aluminum production, and demand influence the market [12] - **Nickel**: Oscillate. Supply may be abundant in the future, recommend side - line observation or short - selling on rallies [16] - **Tin**: Oscillate. Supply is expected to improve, and attention should be paid to overseas supply and downstream demand [16] - **Gold and Silver**: Oscillate. Affected by US economic data, Fed policy, and market expectations of interest rate cuts [17] - **Carbonate Lithium**: Bullish oscillation. Supply and demand are in a tight balance, and attention should be paid to mine production and demand from the energy storage sector [18] Energy - Chemical - **PVC**: Oscillate weakly. High supply, weak demand, and uncertain export growth pose challenges [18] - **Caustic Soda**: Oscillate. Valuation is suppressed by alumina production cuts, and attention should be paid to policy expectations [20] - **Benzene Ethylene**: Oscillate. Affected by factors such as oil prices, pure benzene supply, and macro - data [22] - **Rubber**: Oscillate. Supply and demand factors, such as production season and inventory, lead to range - bound prices [22] - **Urea**: Oscillate. Supply is increasing, and demand is affected by agricultural and industrial needs [24] - **Methanol**: Oscillate. Supply is increasing, demand is weakening, and inventory is accumulating [25] - **Polyolefins**: Weakly oscillate. Cost pressure, supply - demand relationships, and inventory trends affect the market [27] - **Soda Ash**: Temporarily observe. Supply is excessive, but cost support may limit the downside [29] Cotton - spinning Industry Chain - **Cotton and Cotton Yarn**: Oscillate. Global supply - demand data is relatively loose, but strong yarn prices may drive a rebound [29] - **PTA**: Low - level oscillation. Affected by oil prices and supply - demand relationships [30][31] - **Apples**: Bullish oscillation. Market trading is relatively stable [31] - **Red Dates**: Weakly oscillate. Acquisition progress varies by region, and enterprise acquisition enthusiasm is average [32] Agricultural and Livestock - **Live Pigs**: Near - term prices are under pressure, and long - term prices are cautiously bullish. Supply pressure persists in the short - term, and capacity reduction is ongoing in the long - term [33] - **Eggs**: Range - bound with limited upside. Supply is gradually improving, and demand is being supported [36] - **Corn**: May rebound. Short - term supply pressure is relieved, but long - term supply - demand is relatively loose [37][38] - **Soybean Meal**: Range - bound. Affected by US soybean prices, supply, and demand [38] - **Oils and Fats**: Weakly adjust in the short - term. Affected by factors such as palm oil production, soybean exports, and biodiesel policies [39][45]

期货市场交易指引 2025 年 11 月 25 日 | | 宏观金融 | | --- | --- | | ◆股指： | 中长期看好，逢低做多 | | ◆国债： | 震荡运行 | | | 黑色建材 | | ◆焦煤： | 区间交易 | | ◆螺纹钢： | 区间交易 | | ◆玻璃： | 继续走弱 | | | 有色金属 | | ◆铜： | 区间短线交易 | | ◆铝： | 区间交易 | | ◆镍： | 建议观望或逢高做空 | | ◆锡： | 震荡运行 | | ◆黄金： | 区间交易 | | ◆白银： | 区间交易 | | ◆碳酸锂： | 偏强震荡 | | | 能源化工 | | ◆PVC： | 震荡运行 | | ◆烧碱： | 震荡运行 | | ◆纯碱： | 01 合约空头离场观望 | | ◆苯乙烯： | 偏弱震荡 | | ◆橡胶： | 震荡运行 | | ◆尿素： | 震荡运行 | | ◆甲醇： | 震荡运行 | | ◆聚烯烃： | 偏弱震荡 | | | 棉纺产业链 | | ◆棉花棉纱： | 震荡运行 | | ◆PTA： | 区间震荡，关注 4500-4800 | | ◆苹果： | 震荡偏强 | | ◆红枣： | 震荡 ...

Report Information - Report Title: Yangtze River Futures Precious Metals Weekly Report - Report Date: November 24, 2025 - Researcher: Wang Guodong [1] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - Due to the stronger-than-expected US September non-farm payroll data and hawkish statements from multiple Fed officials, the market's expectation of a December interest rate cut is about 50%, and precious metal prices continue to adjust. There is a divergence in the market regarding whether there will be an interest rate cut in December, and the expected end-point of this round of interest rate cuts has been lowered compared to the previous period. With the influence of Trump on the Fed's independence emerging and the slowdown of the US employment situation, although Powell said that the changing economic risks give the Fed more reasons to cut interest rates, the Fed officials have expressed hawkish views, and the October meeting minutes show that further interest rate cuts are not guaranteed. Given the weakening trend of US economic data and market concerns about the US fiscal situation and the Fed's independence, it is expected that precious metal prices will still be supported in the medium term but remain in an adjustment state in the short term [11]. 3. Summary by Directory 3.1 Market Review - **Gold**: The US September non-farm payroll data was stronger than expected, and multiple Fed officials made hawkish statements, causing the price of US gold to fluctuate and adjust. As of last Friday, US gold closed at $4,063 per ounce, down 0.5% for the week. The upper resistance level is $4,150, and the lower support level is $3,950 [6]. - **Silver**: The US September non-farm payroll data was stronger than expected, and multiple Fed officials made hawkish statements, leading to a fluctuating adjustment in the price of US silver. As of last Friday, it had a weekly decline of 0.1%, closing at $50.3 per ounce. The lower support level is $48.5, and the upper resistance level is $51.5 [9]. 3.2 Weekly View - The precious metal prices continue to adjust due to the strong non-farm payroll data and hawkish Fed statements. There is uncertainty about the December interest rate cut, and the expected end-point of the interest rate cut has been lowered. The US economic data is weakening, and concerns about the fiscal situation and Fed independence support the medium-term precious metal prices, but they are in short-term adjustment [11]. 3.3 Overseas Macroeconomic Indicators - Multiple charts are presented, including the US dollar index, euro-to-US dollar and pound-to-US dollar exchange rates, real interest rates (10-year TIPS yield), US Treasury bond yields (10-year and 2-year), yield spreads (10Y - 2Y), Fed balance sheet size and its weekly changes, gold-silver ratio, and WTI crude oil futures price trends, but no specific analysis is provided in the text [15][17][19][21]. 3.4 Important Economic Data of the Week - **US September Non-farm Payrolls**: The seasonally adjusted change in non-farm employment was 1.19 million, higher than the expected 0.5 million and the previous value of 0.22 million. - **US September Unemployment Rate**: It was 3.8%, higher than the expected 3.7% and the previous value of 3.7% [24]. 3.5 Important Macroeconomic Events and Policies of the Week - Fed Vice Chairman Jefferson said that as monetary policy gradually approaches a level that will not put downward pressure on inflation, the Fed needs to "proceed with caution" in further interest rate cuts. He believes that the Fed's decision to cut interest rates by 25 basis points last month was appropriate considering the rising risks in the job market and the recent "easing" of inflation. - US employment growth accelerated in September, but the labor market remained weak, unable to keep up with the pace of new job seekers. Employers are dealing with the impact of import tariffs and introducing artificial intelligence into some positions. The unemployment rate rose from 4.3% in August to 4.4%, the highest in four years. Non-farm payrolls increased by 1.19 million, far higher than the economists' forecast of 0.5 million, and the August data was revised down to a decrease of 4,000 jobs, highlighting the weakness of the labor market [25]. 3.6 Inventory - **Gold**: This week, the COMEX gold inventory decreased by 19,233.59 kg to 1,143,494.71 kg, while the SHFE inventory remained unchanged at 90,426 kg. - **Silver**: This week, the COMEX silver inventory decreased by 465,546.71 kg to 14,329,462.14 kg, and the SHFE inventory decreased by 57,623 kg to 519,271 kg [13][28]. 3.7 Fund Holdings - As of October 7, the CFTC speculative fund net long positions for gold were 225,202 contracts, a decrease of 22,879 contracts from the previous week; for silver, they were 43,722 contracts, a decrease of 4,363 contracts from the previous week [13][33]. 3.8 This Week's Focus - On Wednesday, November 26, at 21:30, the number of initial jobless claims in the US for the week ending November 29 will be released [35].

长江期货聚烯烃周报 长江期货股份有限公司交易咨询业务资格：鄂证监期货字【2014】1号 【产业服务总部能化产业服务中心】 研 究 员： 张 英 执业编号:F03105021 投资咨询号:Z0021335 2025-11-24 01 核心观点总结 聚烯烃：上行压力较大，预计区间震荡 01 资料来源：iFIND，隆众资讯，长江期货 1 市场变化：11月21日塑料主力合约收盘价6770元/吨，环比-1.21%。LDPE均价为9033.33元/吨，环比-0.91%，HDPE均价 为7457元/吨，环比-1.00%，华南地区LLDPE（7042）均价为7260.59元/吨，环比-0.44%。LLDPE华南基差收于490.59元/ 吨，环比+11.66%，1-5月差-62元/吨（+17）。聚丙烯主力合约收盘价6357元/吨，较上周末-117元/吨，环比-1.81%.生意 社聚丙烯现货价报收6406.67元/吨（-80）。PP基差收50元/吨（+37），1-5月差-117元/吨（-16）。 2 基本面变化：1、供应端：本周中国聚乙烯生产开工率82.71%，较上周-0.71个百分点，聚乙烯周度产量67.03万吨，环比- 0. ...

1. Report Industry Investment Rating - The report does not provide a unified industry - wide investment rating. Instead, it gives specific investment suggestions for different metals: - Copper: Suggests waiting and seeing or trading in a light - position range [3] - Aluminum: Recommends waiting and seeing [3] - Zinc: Advises range trading [3] - Lead: Recommends range trading and being cautious and bearish [3] - Nickel: Suggests cautious short - holding or waiting and seeing [4] - Stainless steel: Recommends waiting and seeing [4] - Tin: Advises cautious range trading [4] - Industrial silicon: Recommends waiting and seeing [4] - Polysilicon: Suggests low - buying and high - selling [4] - Lithium carbonate: Recommends exiting and waiting and seeing [4] 2. Report's Core View - The macro - environment has a significant impact on metal prices. For example, the uncertainty of the Fed's policy and geopolitical conflicts affect market sentiment. At the same time, the fundamentals of supply and demand also play a crucial role in determining metal prices. Some metals are facing supply - side challenges such as production cuts or disruptions, while others are affected by changes in downstream demand. Overall, the market is complex and volatile, and different metals show different trends and investment opportunities [3][4]. 3. Summary According to Related Catalogs 3.1 Metals Market Analysis 3.1.1 Copper - Price trend: The Shanghai copper main contract continues to show a high - level volatile pattern. In the short term, it will remain at 85,000 - 88,000. The long - term demand outlook is optimistic, but in the short term, it is necessary to be vigilant about the suppression of consumption by high copper prices and the pressure brought by changes in the Fed's policy expectations [3]. - Fundamentals: Market consumption has improved recently, and social inventories have declined. The focus has shifted to the long - term contract negotiation of mines. Freeport - McMoRan plans to resume large - scale production in the Grasberg mine in Indonesia in the second quarter of 2026, which is expected to ease the anxiety about mine - end supply [3]. 3.1.2 Aluminum - Price trend: The price has fallen from a high level. The aluminum price is expected to fluctuate at the current position. - Fundamentals: The price of bauxite in Shanxi and Henan is stable, while the price of imported bauxite in Guinea has decreased. The operating capacity of alumina has increased, and the inventory has also increased. The operating capacity of electrolytic aluminum remains unchanged. Some enterprises have carried out production reduction and technological transformation. The downstream demand is gradually entering the off - season, and the inventory of aluminum ingots has decreased slightly [3]. 3.1.3 Zinc - Price trend: The zinc price has fluctuated weakly in the range of 22,000 - 22,800 yuan/ton. - Fundamentals: The processing fees of domestic and imported zinc mines have continued to decline, and there are expectations of production cuts. Terminal consumption is weak, and the inventory is still at a high level [3]. 3.1.4 Lead - Price trend: The Shanghai lead main contract shows a bearish trend and is expected to fluctuate weakly after a rapid decline. The reference range is 16,800 - 17,300 yuan/ton. - Fundamentals: The supply of Shanghai lead has decreased, and the prices of lead concentrate, lead ingots, and waste batteries have all declined. With the completion of the first large - capacity all - solid - state battery production line in China, the market is affected [3]. 3.1.5 Nickel - Price trend: The price has declined widely and is expected to continue to decline. - Fundamentals: The global refined nickel has continued to accumulate inventory. The price of nickel ore is stable, the price of nickel iron has declined, and the pattern of nickel iron surplus continues. The downstream stainless steel is in the off - season, with weak demand and continuous increase in inventory. The price of nickel sulfate has slightly declined, and the demand is weak [4]. 3.1.6 Tin - Price trend: The price shows a high - level volatile pattern and is expected to rise overall. The reference range is 280,000 - 300,000 yuan/ton. - Fundamentals: The domestic refined tin production has increased year - on - year, and the import of tin concentrate has increased month - on - month. The export of refined tin in Indonesia has decreased. The semiconductor industry is expected to continue to recover, and the inventory is at a medium level. The supply of tin ore is expected to improve [4]. 3.1.7 Industrial Silicon and Related Products - Price trend: Industrial silicon is at high risk and is recommended to wait and see; polysilicon is recommended for low - buying and high - selling. - Fundamentals: The production of industrial silicon has decreased, and the inventory of polysilicon has increased. The production of organic silicon has increased, and enterprises have reached a price - holding consensus and formulated production - cut measures. The production of the photovoltaic industry chain is expected to decline slightly [4]. 3.1.8 Lithium Carbonate - Price trend: The price has risen and then fallen, and it is expected to fluctuate strongly. - Fundamentals: The supply of lithium carbonate is in a tight balance. The production in October has increased month - on - month, and the import has also changed. The downstream demand is strong, especially in the energy storage field. However, there are still uncertainties in the mining rights of Yichun mines [4]. 3.2 Macroeconomic Data - The report provides a series of macro - economic data, including the US economic data (such as the New York Fed manufacturing index, durable goods orders, unemployment rate, etc.), euro - zone inflation data, and China's loan market quotation rate (LPR). These data reflect the current economic situation of different regions and have an impact on the metal market [12][15][16].

长江期货养殖产业周报 长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 2025-11-24 【产业服务总部 | 饲料养殖中心】 研 究 员：叶 天 执业编号:F03089203 投资咨询号:Z0020750 01 生猪：腌腊旺季考验，期价低位震荡 目 录 01 饲料养殖观点汇总 02 品种产业数据分析 数据来源：Mysteel iFinD 卓创资讯 长江期货饲料养殖中心 u 期现端：截至11月21日，鸡蛋主产区均价报2.85元/斤，较上周五跌0.12元/斤，鸡蛋主销区均价报2.91元/斤，较上周五跌0.13元/斤；鸡蛋主力2601收 于3184元/500千克，较上周五跌51元/500千克；主力合约基差-604元/500千克，较上周五走弱79元/500千克。周度蛋价窄幅偏弱，市场缺乏节日提振， 终端需求较为平淡，下游渠道采购偏谨慎，消化库存为主，蛋价窄幅偏弱调整，不过蛋价跌至偏低水平会刺激下游补库需求，对蛋价形成支撑，预计 未来一周现货小幅反弹。盘面主力转为01合约，偏弱震荡挤压盘面升水，当前基差处于历史同期偏低水平。 u 供应端：11月新开产蛋鸡对应2025年7月补栏，环同比均下滑，但开产 ...

Group 1: Report Overview - Report Title: Carbonate Lithium Weekly Report [2] - Report Date: November 24, 2025 [3] Group 2: Weekly View Supply Situation - Last week, carbonate lithium production increased by 465 tons week-on-week to 24,315 tons, and October production increased by 10% month-on-month to 105,040 tons [5] - Ningde Jianxiawo Mine has been shut down for 3 months, and production enterprises in Yichun and Qinghai have received notices for the re-review of mining rights transfers, affecting supply [5] - In the third quarter, Australian mines achieved cost control, and the space for further cost reduction is extremely limited. Most mainstream Australian mines have reduced their capital expenditure for fiscal year 25 [5] - In October 2025, China imported 652,000 tons of lithium concentrate, a month-on-month decrease of 8.3%. The top three importing countries were Australia, Zimbabwe, and Nigeria. Imports from Australia decreased by 15% month-on-month, those from Zimbabwe increased by 41% to 150,000 tons, and those from Nigeria remained flat at 120,000 tons [5] - In October, carbonate lithium imports were 23,881 tons, a month-on-month increase of 21.9%. Imports from Chile were 14,800 tons, accounting for 62% [5] - The CIF price of imported lithium spodumene concentrate increased week-on-week, and some manufacturers producing carbonate lithium from purchased lithium ore faced cost inversion. Enterprises with their own ore and salt lakes had some profit support, while lithium hydroxide manufacturers faced greater cost pressure [5] Demand Situation - In October, overall production scheduling increased month-on-month. In September, the production scheduling of large battery cell manufacturers increased by 8% month-on-month [6] - In October, the combined production of power and other batteries in China was 170.6 GWh, a month-on-month increase of 12.9% and a year-on-year increase of 50.5%. The combined export was 28.2 GWh, a month-on-month increase of 5.5% and a year-on-year increase of 33.5%. Sales were 166.0 GWh, a month-on-month increase of 13.3% and a year-on-year increase of 50.8% [6] - The trade-in policy and the extension of the new energy vehicle purchase tax on the policy side are expected to continue to support the rapid growth of new energy vehicle sales in the Chinese market [6] Inventory Situation - This week, carbonate lithium inventory showed a destocking state. Factory inventory decreased by 1,430 tons, market inventory increased by 426 tons, and futures inventory decreased by 322 tons [6] Strategy Suggestions - From the supply side, Ningde Jianxiawo Mine is still shut down. In October, domestic carbonate lithium production increased by 10% month-on-month, imports of lithium concentrate were 652,000 tons, a month-on-month decrease of 8.3%, and the total imports of carbonate lithium were about 24,000 tons, a month-on-month increase of 22% and a year-on-year increase of 3%. Downstream demand is strong, and the domestic supply and demand remain in a tight balance. It is expected that subsequent imports of lithium salts from South America will supplement the supply [7] - From the demand side, the terminal demand for energy storage continues to be good. It is expected that the production scheduling of cathode materials in October will increase by 4% month-on-month after an 8% increase in September. The risk of mining licenses in Yichun persists. With profit recovery, lithium production from ore continues to increase, and the cost center moves up. The process of new contract signing and application for Yichun mining enterprises is still undetermined. Downstream production scheduling exceeds expectations, and attention should be paid to the disturbances at the Yichun mining end [7] - Downstream enterprises are actively purchasing carbonate lithium, and destocking continues. It is expected that prices will continue to fluctuate strongly. Attention should be paid to the progress of mining licenses in Yichun mines and the resumption of production at Ningde Jianxiawo Lithium Mine [7] Group 3: Key Data Tracking - The report presents multiple data charts, including the spot tax-included average price of carbonate lithium, weekly and monthly production of carbonate lithium, weekly and monthly inventory of carbonate lithium, factory monthly inventory, average price of lithium concentrate, production of different raw materials for carbonate lithium, production and loading volume differences of domestic power batteries and lithium iron phosphate, average production cost of carbonate lithium, monthly production of lithium iron phosphate and ternary materials, import volume of lithium spodumene, average price of lithium iron phosphate for power use, and average price of ternary materials type 8 NCA [9][10][19]

01 主要观点策略 02 宏观及产业资讯 03 期现市场及持仓情况 目 录 04 基本面数据 铜周报：降息前景不明，铜价高位整理 2025-11-24 01 主要观点策略 01 上周行情回顾 p 上周沪铜区间震荡。截至上周五收至85660元/吨，周跌幅1.87%。美国劳工部公布最近非农就业情况，新增就业岗位显著高于预 期水平。叠加美联储后续利率政策内部意见分歧下，12 月降息概率有所下调，铜价高位承压。基本面铜精矿TC仍处于历史负值低位， 自由港的印尼Grasberg预期将于明年二季度复产，但铜矿紧缺下铜价中枢中长期有支撑。铜价下跌带动下游订单回升，采购情绪回升 铜库存小幅去库，但高铜价对终端需求影响仍较大，铜价或延续高位震荡运行。 60000 65000 70000 75000 80000 85000 90000 95000 25-11-21 25-11-17 25-11-11 25-11-05 25-10-30 25-10-24 25-10-20 25-10-14 25-09-30 25-09-24 25-09-18 25-09-12 25-09-08 25-09-02 25-08-27 25-08-21 ...

长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 2025-11-24 【产业服务总部 | 有色金属团队】 研究员：汪国栋 执业编号：F03101701 投资咨询号：Z0021167 咨询电话：027-65777106 铝产业链周报 01 周度观点 ◆ 基本面分析 山西、河南铝土矿价格暂稳，几内亚散货矿主流成交价格周度环比下降1美元/干吨至70.5美元/干吨。12月开始进口矿现货供应预 期会增加，矿价预计将承压。氧化铝运行产能周度环比上升30万吨至9610万吨，全国氧化铝库存周度环比增加4.3万吨至434.4万 吨。大多数氧化铝企业依然维持高产满产运行，少部分氧化铝企业以检修、环保管控、技改设备并线、生产线工艺切换为主的压减 产仍在继续。电解铝运行产能周度环比持平于4442.4万吨。减复产能方面，为进一步降低电耗，山西朔州能源对部分电解槽进行 停槽技改升级，涉及产能4万吨左右；新疆个别铝厂因环保管控有所减产。新投产能方面，近期天山铝业将逐步投产，扎铝将于12 月建成投产。需求方面，国内铝下游加工龙头企业开工率周度环比持稳于至62%。中原地区环保影响消退及两大电网订单重新匹 配支撑开工，但整体 ...

Report Industry Investment Rating - No relevant content provided Core View - The urea market is in a narrow - range shock pattern. The recovery of urea maintenance devices has increased the daily output. Agricultural fertilizer demand is gradually weakening, but the increase in the start - up rate of compound fertilizers and the strengthening of other industrial demands such as melamine and urea - formaldehyde resin provide support. Against the background of high daily output and high inventory, the continuous upward momentum of urea is insufficient, and the reference range for the 01 contract is 1600 - 1700 [3]. Summary by Directory Market Changes - The weekly price center of urea has moved slightly upward. On November 21, the closing price of the urea 2601 contract was 1654 yuan/ton, an increase of 2 yuan/ton from last week, with a maximum of 1675 yuan/ton and a minimum of 1641 yuan/ton during the period. The daily average price of urea in the Henan spot market was 1630 yuan/ton, an increase of 36 yuan/ton from last week, with a growth rate of 2.26%. The main - contract basis of urea has continuously strengthened, and on November 21, the main - contract basis in the Henan market was - 24 yuan/ton, with a weekly basis operating range of (- 68) - (- 24) yuan/ton. The 1 - 5 spread of urea fluctuated in a narrow range, and on November 21, the 1 - 5 spread was - 74 yuan/ton, with a weekly operating range of (- 75) - (- 70) yuan/ton [3][4][7]. Fundamental Changes Supply - The operating load rate of China's urea plants is 85.85%, an increase of 1.92 percentage points from last week. Among them, the operating load rate of gas - based enterprises is 72.89%, unchanged from last week, and the daily average output of urea is 20.29 tons. Next week, some maintenance devices in Shanxi, Henan, Yunnan and other places are planned to resume production, and the supply is expected to increase slightly [3][10]. Cost - The anthracite market is running stably. As of November 20, the tax - included price of washed anthracite small pieces with S0.4 - 0.5 in Jincheng, Shanxi is 900 - 960 yuan/ton, with the same closing price center as last week [3][14]. Demand - In the north, winter wheat is in the concentrated sowing period, with more than 50% sown in Shandong, nearly 30% in Henan, nearly 70% in Shanxi, nearly 40% in Jiangsu, nearly 70% in Hubei, more than 40% in Sichuan, and more than 30% in Chongqing. In the south, late rice is in the large - scale harvesting stage, with the harvest basically completed in Hunan and Jiangxi, about 30% in Zhejiang, and more than 50% in Guangxi. The capacity operation rate of compound fertilizer enterprises is 34.61%, an increase of 4.29 percentage points from last week. The compound fertilizer inventory is 65.48 tons, a decrease of 0.15 tons from last week. Recently, the start - up rate of compound fertilizers has increased, and the speed of finished product destocking has slowed down. The support of other industrial demands such as melamine and urea - formaldehyde resin has strengthened [3][22]. Inventory - Urea enterprise inventory is 124.6 tons, a decrease of 3.7 tons from last week. Urea port inventory is 27.1 tons, an increase of 1 ton from last week. The number of registered urea warehouse receipts is 7183, totaling 14.366 tons, unchanged from last week [3][28].