Report Industry Investment Ratings - Gold: Long - term long position [1] - Silver: Long - term long position [1] - Copper: Long - term hold [1] - Zinc: Rebound under pressure, long - term sell on rallies [1] - Lead: Rebound [1] - Tin: Relatively strong [1] - Aluminum: Rise and then fall [1] - Nickel: Relatively weak [1] - Industrial silicon: Range - bound [1] - Polysilicon: Cautiously bearish [1] - Lithium carbonate: High - level operation [1] Core Views - Gold has support due to eliminated US government shutdown risk and liquidity crisis, but short - term upside is limited. Long - term strategic allocation value remains due to geopolitical order reshaping and central bank buying [1][2]. - Silver's long - term long position is recommended as the London market squeeze risk is removed, and global policy stimulates demand with a continuous supply - demand gap [1]. - Copper is expected to be bullish in the long - term due to tight copper concentrate supply and the explosion of green copper demand. In the short - term, it is recommended to go long on dips near the moving average [1][6]. - Zinc is under pressure as short - term supply is tight while demand weakens in the off - season, and long - term supply is expected to increase while demand decreases [1][9]. - Lead's price is under pressure in the short - term as production recovers and imports arrive, but consumption is dragged down by mid - large lead battery enterprise production cuts [1]. - Tin's price may rise and then fall in the short - term as overseas tin mine复产 is slow and downstream traditional electronic consumption demand is poor [1]. - Aluminum's price is likely to rise and then fall as overseas production cuts occur, but domestic production remains high and consumption is transitioning from peak to off - season [1][13]. - Nickel's price is relatively weak as overseas inventory is at a high level, domestic inventory accumulates, and downstream stainless steel consumption is weak [1][17]. - Industrial silicon is expected to trade in a range in November as the supply is in a tight balance, and downstream demand provides some support [1]. - Polysilicon is cautiously bearish as production cuts are in line with expectations, and downstream price cuts cause negative feedback [1]. - Lithium carbonate is expected to remain at a high level as the supply - demand situation improves, and inventory has been decreasing for 12 weeks [1][21]. Summary by Related Catalogs Gold and Silver - **Market Review**: Liquidity crisis is resolved, but data is missing, providing support for precious metals. Short - term upward movement is limited due to lack of new drivers [2]. - **Basic Logic**: US government shutdown is approaching an end; Japan's monetary policy may shift; UK employment data is poor, and rate cuts are expected. China's central bank has been increasing gold reserves. Long - term, gold may be in a long - bull market [2][3]. - **Strategy Recommendation**: Long - term value - based positions should be held. Short - term, domestic gold has support at 920, and silver has strong support at 11400 [3]. Copper - **Market Review**: Shanghai copper fluctuates at a high level [6]. - **Industrial Logic**: In Q3 2025, global major copper mine enterprises' production decreased by nearly 5% year - on - year, and this may continue in Q4. Refined copper supply is shrinking. Consumption is in the off - season, and downstream开工 is weak. Copper is included in the US critical minerals list [6]. - **Strategy Recommendation**: With a weakening US dollar, copper is expected to be bullish. It is recommended to go long on dips near the moving average and hold long - term strategic positions. Industrial hedging should use options for protection [7]. Zinc - **Market Review**: Shanghai zinc's rebound is under pressure [9]. - **Industrial Logic**: Zinc concentrate supply is tightening in the short - term, and processing fees are falling. Consumption is in the off - season, and both domestic and overseas inventories are increasing [9]. - **Strategy Recommendation**: Long positions should be closed at high prices. In the long - term, sell on rallies as supply is expected to increase and demand to decrease [10]. Aluminum - **Market Review**: Aluminum price rises and then falls, and alumina is relatively weak [12]. - **Industrial Logic**: Overseas electrolytic aluminum production is decreasing, and domestic consumption is transitioning from peak to off - season. Alumina market is in an oversupply situation in the short - term [13]. - **Strategy Recommendation**: Short - term, take profits on long positions in Shanghai aluminum. Pay attention to downstream processing enterprise开工 changes [14]. Nickel - **Market Review**: Nickel price continues to fall, and stainless steel is weak [16]. - **Industrial Logic**: Global nickel inventory is accumulating, and stainless steel terminal demand is weakening. There is a risk of inventory accumulation in the long - term [17]. - **Strategy Recommendation**: Sell on rallies for nickel and stainless steel. Pay attention to downstream consumption and stainless steel inventory changes [18]. Lithium Carbonate - **Market Review**: The main contract LC2601 opens high and closes low with a slight reduction in positions [20]. - **Industrial Logic**: The supply - demand situation remains tight, and inventory has been decreasing for 12 weeks. New production lines contribute to output growth, and terminal demand is strong [21]. - **Strategy Recommendation**: Take profits on long positions near the previous high [22].

Report Industry Investment Rating - Not provided in the given content Core Views of the Report - For steel products, after continuous decline, they are testing cost support [3] - For iron ore, supply is shrinking, contradictions are accumulating, and the ore price is firm [7] - For coke, the short - term market may fluctuate, and it is advisable to leave the market and observe [8][9] - For coking coal, the supply - demand pattern has not been broken, and it is advisable to leave the market and observe [11][12] - For ferroalloys, the November steel procurement has started, and attention should be paid to the final pricing by steel mills [14][15] Summary According to Related Catalogs Steel (including rebar and hot - rolled coil) - **Rebar**: Production and apparent demand decreased month - on - month, showing the off - season feature of weak supply and demand. Inventory decreased month - on - month, with a decline weaker than the seasonal pattern. The fundamental situation is generally balanced but weak. Iron - water production continued to decline, similar to the same period last year, and the marginal support for raw materials weakened. It has fallen near the previous low, testing the support at 3000, and may fluctuate at a low level [1][4][5] - **Hot - rolled coil**: Apparent demand and production both declined, and inventory increased slightly against the seasonal trend, indicating certain inventory pressure. Iron - water production continued to decline, weakening the demand support for raw materials. It operates in a mid - term range, and may fluctuate after continuous decline in the short term [1][4][5] Iron Ore - Iron - water production decreased month - on - month, but some blast furnaces are expected to resume production, so iron - water production is expected to rise. Steel mill maintenance information has increased, and attention should be paid to its implementation. Steel mills are reducing inventory while ports are accumulating inventory. The arrival of foreign ores has shrunk, and the static fundamental situation is neutral to bullish. The ore price is firm in the short term, and it is recommended to stop losses on short positions [1][6][7] Coke - The coke market has started the fourth round of price increases. Recently, the profits of coke enterprises have improved slightly but are still mostly in a loss state. Iron - water production has declined again, steel mill profits have been poor recently, and blast furnace maintenance has increased. However, the raw material inventory level is moderately low, and the short - term replenishment enthusiasm is okay. After the rapid decline in the futures market, the market may fluctuate, and it is advisable to leave the market and observe [1][8][9] Coking Coal - The National Development and Reform Commission has deployed energy supply guarantee work for the heating season. Domestically, the coal mine start - up rate has decreased again month - on - month. Currently, coal mine inventory is low, pre - sale orders are sufficient, and overall sales are still good. The seasonal decline in iron - water production suppresses the upward space of the raw material end. The current supply - demand pattern has not been broken. After the rapid decline in the futures market, the market may fluctuate, and it is advisable to leave the market and observe [1][11][12] Ferroalloys (including ferromanganese and ferrosilicon) - **Ferromanganese**: The supply in the production area has decreased slightly but is still at a high level compared to the same period. Inventory has continued to increase compared to the previous period, but the increase has slowed down. The November steel procurement by downstream has started, and a landmark steel mill plans to purchase 16,000 tons, a decrease of 500 tons compared to the previous month. Attention should be paid to the final pricing. In the short term, the cost side provides some support for the price, and it is cautiously bullish [1][14][15] - **Ferrosilicon**: The start - up rate in the production area has continued to increase, downstream demand has weakened marginally, and inventory has continued to increase significantly compared to the previous period. In the short term, the cost side provides some support for the price, but its own fundamental situation has become looser. It is cautiously bullish, with a price range of [5400, 5580] [1][14][15]

| 品种 | 核心观点 | 主要逻辑 | | --- | --- | --- | | | | 巴西未来十五天降雨预计略低于正常水平。目前现货油厂销售压力下降，存在挺价 | | 豆粕 | 情绪偏多 | 心理。中美会晤结果显示，美豆进口关税问题仍未得到有效解决。贸易成本叠加巴 西种植升水可能，市场看多情绪炒作，由于自身缺乏明显利多驱动，追多谨慎，技 | | ★ | | | | | | 术操作对待。关注逢低看多机会为宜。关注美农报告，关注巴西大豆种植情况。 | | | | 菜粕港口库存同比偏高，下游消费淡季，施压盘面。但进口预估偏低，且近日加方 | | 菜粕 | 情绪偏多 | 表示暂无法取消对中国关税，导致市场对于中加贸易关税改善预期降温。市场情绪 | | ★ | | 偏多，但由于当下自身基本面因素，主力及近月合约反弹空间或受限。关注中加贸 | | | | 易后续进展。 | | 棕榈油 | | 棕榈油阶段性进入供需转弱状态，10 月累库，11 月马棕榈油前 10 日出口数据环比 | | | 暂止跌整理 | 较弱，累库预期依然存在，棕榈油看多仍需谨慎。关注进口利润波动。 | | ★ | | | | | | 美豆收获上 ...

谨 慎 看 空 谨 慎 看 空 中辉能化观点 | | 中辉能化观点 | | | --- | --- | --- | | 品种 | 核心观点 | 主要逻辑 | | | 12 | 淡季供给过剩仍为核心驱动，油价上方承压。11 月 2 日，OPEC+计划于 月继续扩产 13.7 万桶/日，并计划于明年初暂停扩产；供需方面，消费 | | 原油 | | | | ★ | 谨慎看空 | 淡季开启，OPEC+仍在扩产周期，原油供给过剩压力逐渐上升，油价下行 | | | | 压力较大，重点关注原油边际产量变化。策略：空单持有，并购买看涨期 | | | | 权做好风控。 | | | | 成本端油价震荡偏弱，液化气上方承压。美国制裁俄罗斯风险释放，油价 | | LPG | | 回调，沙特再度下调 CP 合同价，成本端利空；供需基本面改善，供给量 | | ★ | 谨慎看空 | 小幅下降，下游化工开工率提高，需求端韧性较强；库存端，港口与厂内 | | | | 库存均下降。策略：空单持有。 | | | | 社会库存缓慢去化，现货延续下跌，基差走弱。装置陆续重启，国内开工 | | L | 空头延续 | 季节性回升，进口量集中到港，国内外供 ...

Report Industry Investment Ratings - Not provided in the given content Core Views of the Report - The sentiment for soybean meal is bullish, but there is a lack of obvious bullish drivers, so it should be treated as a short - term bullish technical play [1]. - The sentiment for rapeseed meal is also bullish, but the rebound space of the main and near - month contracts may be limited [1]. - Palm oil has entered a stage of weakening supply - demand, and the price is in a low - level consolidation [1]. - Soybean oil is in a short - term consolidation, with a lack of strong bullish drivers [1]. - Rapeseed oil is expected to stop falling and rebound in the short - term [1]. - Cotton prices are under upward pressure, but there may be short - term low - buying opportunities [1]. - The outlook for red dates is cautiously bearish, with the disk expected to fluctuate weakly [1]. - The outlook for live pigs is a short - term rebound, and it is recommended to short on rebounds for near - month contracts [1]. Summaries by Variety Soybean Meal - Brazil's rainfall in the next 15 days is expected to be slightly lower than normal. The sales pressure of spot oil mills has decreased, and they have a price - supporting mentality. The US - China tariff issue on soybean imports remains unresolved. The latest weekly inventory has decreased month - on - month. The futures price of the main contract closed at 3063 yuan/ton, up 5 yuan or 0.16% from the previous day. The national average spot price is 3104 yuan/ton, up 6.29 yuan or 0.20% [1][3]. Rapeseed Meal - The port inventory of rapeseed meal is high, and it is the off - season for downstream consumption, which puts pressure on the market. Canada's inability to cancel tariffs on China has cooled the market's expectation of improved Sino - Canadian trade tariffs. The futures price of the main contract closed at 2527 yuan/ton, down 12 yuan or 0.47% from the previous day. The national average spot price is 2617.37 yuan/ton, down 9.47 yuan or 0.36% [1][5]. Palm Oil - Palm oil has entered a stage of weakening supply - demand, with expected continuous inventory accumulation in October and November in Malaysia. However, the inverted import profit may lead to insufficient imports in December and January. The futures price of the main contract closed at 8690 yuan/ton, up 30 yuan or 0.35% from the previous day. The national average price is 8688 yuan/ton, up 28 yuan or 0.67% [1][8]. Cotton - In the international market, the increased supply from the US and other Northern Hemisphere countries puts pressure on prices, while India's MSP provides some support. In the domestic market, the new cotton harvest is almost complete, and the commercial inventory is higher than the same period in previous years. The downstream demand is weak, but the sales progress is relatively fast, which may relieve the hedging pressure faster than in previous years. The futures price of the main contract (CF2601) closed at 13580 yuan/ton, unchanged from the previous day [1][10]. Red Dates - The market has seen a large - scale harvest, and the new - season output is gradually becoming clear. With high - inventory old dates, the downstream acceptance of new products is limited. The futures price of the main contract (CJ2601) closed at 9585 yuan/ton, down 5 yuan or 0.05% from the previous day [1][14]. Live Pigs - In November, the planned slaughter volume has slightly decreased, but there is still some pressure due to weight gain. The supply pressure is expected to increase in the fourth quarter. The futures price of the main contract (lh2601) closed at 11955 yuan/ton, up 90 yuan or 0.76% from the previous day. The national average spot price is 12020 yuan/ton, up 10 yuan or 0.08% [1][17].

| | 1 | N | | | | | --- | --- | --- | --- | --- | --- | | I 11 | 1 Company of Alleria | S | 10 | 197 | X 16 2 | 中辉有色观点 | 品种 | 核心观点 | 主要逻辑 | | --- | --- | --- | | 美国政府关门风险消除，流动性危机解，但是数据缺失,美国就业市场受到挑战。黄 | 黄金 | | | 长线做多 | | 金价格走强，不过因为缺少新的驱动，短期高度也有限。但是黄金中长期地缘秩序 | | ★ | | 重塑，央行继续买黄金，长期战略配置价值不变。 | | 伦敦市场白银逼仓风险解除，另外盘面跟随相关市场波动，基本面全球政策刺激白 | | | | 白银 | 长线做多 | 银需求，供需缺口持续变，宽松货币投放提供流动性。11400 支撑较强。长线做多持 | | ★ | | 有 | | 美国政府关门风险消除，美元流动性释放，国内核心 | | CPI 连续 6 个月上涨，市场风险 | | 铜 | 长线持有 | 偏好走高，建议背靠均线逢低轻仓试多，中长期，铜精矿紧张和绿色铜需求爆发， | | ★ ...

| 品种 | 核心观点 | 主要逻辑 | | --- | --- | --- | | 螺纹钢 | | 螺纹产量及表需环比均下降，体现供需双弱的淡季特征，库存环比下降，降幅弱于季节 | | ★ | 谨慎看多 | 性规律，基本面总体平衡偏弱。铁水产量继续回落，与去年同期相近，对原料的支撑边 | | | | 际趋弱。目前跌至前低附近，考验 3000 处支撑，或有低位反复。 | | | | 热卷表需及产量均回落，库存逆季节性小幅上升，显示一定的库存压力。铁水产量继续 | | 热卷 | 谨慎看多 | 回落，对原料的需求支撑弱化。中期区间运行，短期在连续回落后或有反复。 | | ★ | | | | | | 数据来看，铁水环比继续减量，部分高炉复产，铁水产量有回升预期。钢厂检修信息增 | | 铁矿石 | 空单止盈 | 加，后续关注其落地情况。钢厂降库、港口累库。外矿发到货缩量，静态基本面中性偏 | | ★ | | 多。短期矿价坚挺。 | | | | 焦炭市场开启第四轮提涨，近期焦企利润小幅改善但仍多处亏损状态。从需求来看，铁 | | 焦炭 | 谨慎看多 | 水产量再次回落，近期钢厂利润表现不佳，高炉检修增多，但原料库存水平 ...

聚烯烃周报： 产业链累库，弱势震荡 能源化工团队 郭建锋 Z0022887 郭艳鹏 Z0021323 时 间 2025/11/09 证监许可[2025]75号 李 倩 F03134406 中辉期货有限公司交易咨询业务资格 PE：供需偏弱，盘面弱势寻底 【本周回顾】 本周塑料高开低走，周线2连阴。周一高开16点在6915，随后快速冲至周内高点6939后单边下跌， 至周四早盘跌至周内低点6745后低位反弹，最终收在6802（较上周收盘跌97点或1.4%）。全周在 6745至6939间运行，振幅194点。 【下周展望】 供给承压，盘面或延续弱势寻底。装置陆续重启，国内开工季节性回升，美国资源集中报盘，内外 供给均存增加预期。棚膜季节性旺季，但PE下游综合开工率环比走弱，需求端补库动力不足。企业 库存升至同期高位，供强需弱下后市面临较高的去库压力。综合来看，高投产周期叠加供需季节性 转弱，基本面无上行驱动，前期空头继续持有。考虑到绝对价格偏低，短期单边不追空。 策略： 1）单边：基本面偏弱，空单持有。L2601关注区间【6700-6900】。 风险提示：1）上行风险：原油大幅上涨，宏观利好政策超预期；2）下行风险：原 ...

Group 1: Report Industry Investment Ratings - Crude oil: Cautiously bearish [2] - LPG: Cautiously bearish [2] - L: Bearish continuation [2] - PP: Bearish continuation [2] - PVC: Bearish continuation [2] - PX: Cautiously bullish [2] - PTA: Cautiously bullish [4] - MEG: Cautiously bearish [4] - Methanol: Cautiously bearish [4] - Urea: Cautiously bullish [4] - Natural gas: Cautiously bullish [7] - Asphalt: Cautiously bearish [7] - Glass: Bearish consolidation [7] - Soda ash: Bearish rebound [7] Group 2: Core Views of the Report - For most energy and chemical products, the market is affected by factors such as supply - demand relationships, oil price trends, and inventory levels. Some products face supply - side pressure and bearish trends, while others show short - term improvements but still have uncertainties [2][4][7] Group 3: Summaries Based on Related Catalogs Crude Oil - Core view: Cautiously bearish. The core driver is the supply surplus in the off - season, and the upward pressure on oil prices is significant. OPEC+ is still in the production - expansion cycle, and the supply - surplus pressure is rising [2] - Basic logic: OPEC+ plans to expand production by 137,000 barrels per day in December and pause in early next year. The consumption off - season has begun, and the supply - surplus pressure is increasing. The US crude oil inventory increased by 5.2 million barrels to 421.2 million barrels in the week ending October 31 [10] - Strategy: Hold short positions and buy call options for risk control. Pay attention to the range of [455 - 465] for SC [11] LPG - Core view: Cautiously bearish. It follows the weakening of the cost - end oil price [2] - Basic logic: The cost - end is bearish due to factors such as the US sanctions on Russia and Saudi Arabia's reduction of the CP contract price. The supply has decreased slightly, and the downstream chemical operating rate has increased. The port and factory inventories have both declined [16] - Strategy: Hold short positions. Pay attention to the range of [4250 - 4350] for PG [17] L - Core view: Bearish continuation. The enterprise inventory pressure increases [2] - Basic logic: The spot and futures are still bottom - seeking. The enterprise inventory has reached a high level in the same period, and the cost support has weakened. The supply is in a loose pattern, and the downstream demand for replenishment is insufficient [21] - Strategy: Hold short positions. Pay attention to the range of [6700 - 6850] for L [21] PP - Core view: Bearish continuation. The inventory pressure in the industrial chain is high [2] - Basic logic: The fundamentals remain weak, following the weakening of oil prices and propylene. The upstream and mid - stream inventories are at a high level in the same period, and the de - stocking pressure is high [25] - Strategy: Hold short positions. Pay attention to the range of [6400 - 6550] for PP [25] PVC - Core view: Bearish continuation. The trading volume reaches a new high [2] - Basic logic: The trading volume reaches a new high, and attention should be paid to capital dynamics. The basis is strengthening, and the warehouse receipts are slowly decreasing from a high level. The upstream and mid - stream inventories are at a high level in the same period, but the low valuation provides support [29] - Strategy: The industry should conduct hedging at high prices. Be cautious about short - chasing. Pay attention to the range of [4550 - 4700] for PVC [29] PX - Core view: Cautiously bullish. The short - term supply - demand situation is improved, but the oil price is under pressure [31] - Basic logic: The supply - side domestic and overseas devices have increased their loads. The demand has improved recently but is expected to weaken. The PXN and PX - MX spreads are relatively high this year. The crude oil supply - demand pattern remains loose [30] - Strategy: Close short positions at low valuations. Pay attention to short - selling opportunities at high prices. Pay attention to the range of [6705 - 6810] for PX [31] PTA - Core view: Cautiously bullish. The supply - demand situation is slightly improved, but the oil price is under pressure [32] - Basic logic: The processing fee is low. The later device maintenance efforts are expected to increase, and the supply - side pressure is expected to ease. The downstream demand has improved, but the order stability needs to be observed. There is an inventory accumulation expectation in November - December [33] - Strategy: Focus on expanding the processing fee spread (long PTA, short PX). Pay attention to short - selling opportunities at high prices. Pay attention to the range of [4620 - 4695] for TA [34] MEG - Core view: Cautiously bearish. The valuation is low, but the oil price is under pressure [35] - Basic logic: The domestic device maintenance has increased, and the operating load has declined. New device production and the recovery of maintenance devices will increase the supply pressure. The downstream demand has improved but is expected to weaken. There is an inventory accumulation expectation in November [36] - Strategy: Pay attention to short - selling opportunities on rebounds. Pay attention to the range of [3880 - 3960] for EG [37] Methanol - Core view: Cautiously bearish. The fundamentals remain weak, and attention should be paid to the inventory de - stocking inflection point [38] - Basic logic: High inventory suppresses the rebound of the spot price. The supply - side domestic and overseas devices have increased their loads. The demand performance is average, and the cost support is weak and stable [40] - Strategy: Hold short positions carefully. Pay attention to the MA1 - 5 reverse spread [4] Urea - Core view: Cautiously bullish. Exports are short - term positive, but the fundamentals remain weak [43] - Basic logic: The spot price of small - particle urea is rising, and the negative basis is slightly weakening. The supply - side pressure is expected to increase, and the demand has slightly improved. The factory inventory is accumulating and at a high level in the same period. Exports have maintained a high growth rate since July [44] - Strategy: Be vigilant against the risk of the futures price falling after rising. Consider going long lightly at low prices for far - month contracts. Pay attention to the range of [1640 - 1680] for UR [45] Natural Gas - Core view: Cautiously bullish. The gas price is likely to rise due to the consumption peak season [46] - Basic logic: The global temperature is dropping, and the demand for natural gas for combustion and heating is increasing. The supply is sufficient, but the demand support is rising [48] - Strategy: Pay attention to the range of [4.400 - 4.600] for NG [49] Asphalt - Core view: Cautiously bearish. The supply and demand are both weak, and the asphalt price is under downward pressure [50] - Basic logic: The cost - end oil price has回调ed, and the comprehensive profit of asphalt has decreased. The supply is expected to decline in November, and the demand has also decreased. The social inventory has increased [53] - Strategy: Short - allocate lightly. Pay attention to the range of [2950 - 3050] for BU [54] Glass - Core view: Bearish consolidation. The capital game is intense, and caution is required [55] - Basic logic: The daily melting volume has decreased, and the coal - based process still has profits. The factory inventory is slowly decreasing but remains high. The domestic demand is weak, and the demand support is insufficient [56] - Strategy: In the short term, cold - repair provides support. In the long term, the real - estate demand is weak, and the loose pattern is difficult to change. Short on rebounds [56] Soda Ash - Core view: Bearish rebound. Device maintenance has increased, and the price has stopped falling in the short term [7] - Basic logic: The device maintenance has increased, and the factory inventory has decreased slightly. The demand is mostly rigid, and the supply will remain loose in the long term due to the high - production cycle [7] - Strategy: The industry should conduct sell - hedging at high prices [7]

PVC周报： 资金博弈激烈，低位震荡 能源化工团队 郭建锋 Z0022887 郭艳鹏 Z0021323 李 倩 F03134406 中辉期货有限公司交易咨询业务资格 时 间 2025/11/09 证监许可[2025]75号 资金博弈激烈，低位震荡 【本周复盘】 本周PVC平开低走，周线2连阴，主力再创年内新低。周初平开在4696，快速冲至周内高点4702后延 续上周下跌趋势；至周四早盘跌至周内低点4600后低位反弹，最终收在4611（较上周收跌90点或 1.8%）。全周在4600至4702间运行，振幅102点。 【下周展望】 • 本周PVC平开低走，周线2连阴，主力再创年内新低。周初平开在4696，快速冲至周内高点4702后延续上周下跌趋 势；至周四早盘跌至周内低点4600后低位反弹，最终收在4611（较上周收跌90点或1.8%）。全周在4600至4702间 运行，振幅102点。 3 盘面：增仓下跌 持仓量再创新高，关注资金动态。基本面变动不大，维持高库存、高仓单弱势格局。冬季氯碱企业 检修淡季，开工季节性回升，供给充沛。内需在11月后逐步进入季节性淡季。印度反倾销税尚未落 地，出口市场延续"以价换量"趋势， ...