Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 fluctuated weakly, closing at 5,398 yuan/ton. Last week, the operating rate of petroleum benzene rose slightly, while that of hydrogenated benzene dropped significantly, resulting in a decline in domestic pure benzene production. The changes in the operating rates of the five major downstream industries of pure benzene were limited, and the overall weighted operating rate of downstream industries decreased slightly. The number of ships arriving at ports increased significantly, and the inventory at East China ports accumulated significantly. Petroleum benzene profit decreased at a low level and was in a low - valuation state due to weak supply and demand. In November, the planned maintenance capacity of petroleum benzene and hydrogenated benzene was small, and low - priced overseas supplies continued to flow in, with the overall supply pressure at a relatively high level. This week, the load of East China petroleum benzene plants increased, and some shut - down hydrogenated benzene plants restarted, so domestic pure benzene production is expected to increase month - on - month. Terminal demand is weak, and plants such as styrene are expected to maintain low - level operation, with little growth in downstream consumption. In terms of cost, the accumulation of API and EIA inventories in the US, combined with the strengthening of the US dollar, has led to a recent weak fluctuation in international oil prices. Technically, the daily K - line of BZ2603 should focus on the support of the lower Bollinger Band around 5,288 and the pressure of the 10 - day moving average around 5,486 [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of pure benzene was 5,398 yuan/ton, down 20 yuan; the settlement price was 5,389 yuan/ton, down 16 yuan. The trading volume was 7,851 lots, down 4,243 lots; the open interest was 17,435 lots, up 372 lots [2]. Spot Market - In the domestic market, the mainstream prices of pure benzene in East China, North China, South China, and Northeast China were 5,335 yuan/ton, 5,230 yuan/ton, 5,450 yuan/ton, and 5,230 yuan/ton respectively, with changes of - 70 yuan/ton, 0 yuan/ton, 0 yuan/ton, and - 5 yuan/ton. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi were 5,375 yuan/ton and 4,900 yuan/ton respectively, with a change of - 50 yuan/ton for Jiangsu. The offshore intermediate price of pure benzene in South Korea was 650 US dollars/ton, down 4 US dollars/ton; the CFR intermediate price of pure benzene in China was 667.08 US dollars/ton, down 3.88 US dollars/ton [2]. Upstream Situation - The spot price of Brent DTD crude oil was 64.68 US dollars/barrel, down 0.77 US dollars/barrel; the CFR intermediate price of naphtha in Japan was 577.5 US dollars/ton, up 1 US dollar/ton [2]. Industry Situation - The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points; the weekly output was 42.89 million tons, up 0.28 million tons. The port inventory of pure benzene was 8.5 million tons, down 1.4 million tons. The production cost was 5,327.8 yuan/ton, down 118.2 yuan/ton; the production profit was 737 yuan/ton, up 76 yuan/ton [2]. Downstream Situation - The operating rate of styrene was 66.72%, down 2.53 percentage points; the capacity utilization rate of caprolactam was 95.72%, up 6.41 percentage points; the capacity utilization rate of phenol was 78.54%, down 0.46 percentage points; the capacity utilization rate of aniline was 69.24%, down 0.1 percentage point; the capacity utilization rate of adipic acid was 64.3%, up 2 percentage points. From October 25th to 31st, the operating rate of petroleum benzene increased by 1.37% to 74.10%, and the operating rate of hydrogenated benzene decreased by 7.79% to 55.67%. The weighted operating rate of pure benzene downstream industries decreased by 1.22% to 72.18% [2]. Industry News - From October 25th to 31st, the operating rate of petroleum benzene increased by 1.37% to 74.10%, and the operating rate of hydrogenated benzene decreased by 7.79% to 55.67%. The weighted operating rate of pure benzene downstream industries decreased by 1.22% to 72.18%. As of November 3rd, the inventory of pure benzene ports in Jiangsu increased by 42.35% to 12.1 million tons week - on - week. From October 25th to 31st, the profit of petroleum benzene decreased by 217 yuan/ton to 168 yuan/ton week - on - week [2].

研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 螺纹钢产业链日报 2025/11/6 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,037.00 | +13↑ RB主力合约持仓量(手) | 2020353 | -11428↓ | | | RB合约前20名净持仓(手) | -113415 | +24033↑ RB1-5合约价差(元/吨) | -65 | +5↑ | | | RB上期所仓单日报(日，吨) | 140134 | 0.00 HC2601-RB2601合约价差(元/吨) | 219 | -10↓ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,220.00 | 0.00 杭州 HRB400E 20MM(过磅，元/吨) | 3,303 | 0.00 | | | 广州 HRB400E 20MM(理计，元/吨) | 3,280.00 | -10↓ 天津 HRB400E 20 ...

| | | 沪锡产业日报 2025-11-06 刚需采购，国内库存持稳，现货升水续降至200元/吨；LME库存小幅增加，现货升水持稳。锡市呈现供需 研究员: 陈思嘉 期货从业资格证F03118799 期货投资咨询从业证书号Z0022803 两弱局面，预计短期锡价高位震荡。技术面，持仓下降价格回调，多头氛围下降。操作上，建议暂时观望 免责声明 ，关注28-28.6。 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪锡(日,元/吨) | 283420 | 1330 ...

| 项目类别 | 数据指标 最新 | 最新 | 环比 项目 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 108.535 | -0.09% T主力成交量 | 66747 | 10433↑ | | | TF主力收盘价 | 105.965 | -0.03% TF主力成交量 | 41155 | 628↑ | | | TS主力收盘价 | 102.496 | 0.01% TS主力成交量 | 27505 | 8855↑ | | | TL主力收盘价 | 116.110 | -0.28% TL主力成交量 | 101216 | 8267↑ | | 期货价差 | TL2512-2603价差 | 0.21 | -0.03↓ T12-TL12价差 | -7.58 | 0.23↑ | | | T2512-2603价差 | 0.27 | +0.02↑ TF12-T12价差 | -2.57 | 0.04↑ | | | TF2512-2603价差 | 0.03 | +0.00↑ TS12-T12价差 | -6.04 | 0.10↑ | | | TS2512- ...

甲醇产业日报 2025-11-06 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价甲醇(日,元/吨) | 2125 | -16 甲醇1-5价差(日,元/吨) | -101 | -6 -40733 | | | 主力合约持仓量:甲醇(日,手) | 1368330 | -4418 期货前20名持仓:净买单量:甲醇(日,手) | -257497 | | | | 仓单数量:甲醇(日,张) | 10854 | -305 | | | | 现货市场 | 江苏太仓(日,元/吨) | 2 ...

热轧卷板产业链日报 2025/11/6 | 数据指标 项目类别 | | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | HC 主力合约收盘价(元/吨) | 3,256 | +3↑ HC 主力合约持仓量(手) | 1365348 | -7743↓ | | | HC 合约前20名净持仓(手) | -62,167 | +15323↑ HC1-5合约价差(元/吨) | -9 | -2↓ | | | HC 上期所仓单日报(日，吨) | 129412 | -889↓ HC2601-RB2601合约价差(元/吨) | 219 | -10↓ | | | 杭州 4.75热轧板卷(元/吨) | 3,320.00 | +10.00↑ 广州 4.75热轧板卷(元/吨) | 3,270.00 | 0.00 | | 现货市场 | 武汉 4.75热轧板卷(元/吨) | 3,360.00 | 0.00 天津 4.75热轧板卷(元/吨) | 3,190.00 | -10.00↓ | | | HC主力合约基差(元/吨) | 64.00 | +7.00 ...

| | | 沪锌产业日报 2025-11-06 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 、家电等领域政策支持带来部分亮点。下游需求复苏力度不足，市场以逢低按需采购为主，现货升水低位 研究员: 陈思嘉 期货从业资格证F03118799 期货投资咨询从业证书号Z0022803 ，但国内库存下降；而LME库存下降，现货升水高位。技术面，持仓增量价格调整，多空分歧加大，关注M A5支撑。操作上，建议轻仓多单持有，或多单逢高止盈。 免责声明 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪锌主力合约收盘价(日,元/吨) | 226 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪镍(日,元/吨) | 119750 | -280 12-01月合约价差:沪镍(日,元/吨) | -220 | -20 | | | LME3个月镍(日,美元/吨) | 15015 | -45 主力合约持仓量:沪镍(日,手) | 118664 | 3500 | | | 期货前20名持仓:净买单量:沪镍(日,手) | -33684 | -1648 LME镍:库存(日,吨) | 253128 | 378 | | | 上期所库存:镍(周,吨) | 36751 | 676 LME镍:注销仓单:合计(日,吨) | 6540 | 114 | | | 仓单数量:沪镍(日,吨) | 32689 | -240 | | | | 现货市场 | SMM1#镍现货价(日,元/吨) | 120500 | -450 现货均价:1#镍板:长江有色(日,元/吨) | 120700 | -350 | | | 上海电解镍:CIF(提单)(日,美元/吨) | ...

数区域受环保预警制约而发运受阻，进而使得企业库存上涨，由于尿素农业需求偏弱，工业需求不温不火 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 ，尿素日产高位波动，短期尿素企业库存或继续累积。UR2601合约短线预计在1600-1650区间波动。 免责声明 尿素产业日报 2025-11-06 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1644 | 11 郑州尿素1-5价差(日,元/吨) | -83 | -1 | | | 郑州尿素主力合约持仓量(日,手) | 275142 | 2887 郑州尿素前20名净持仓 | -31611 | -1734 | | | 郑州尿素交易所仓单(日,张) | 3900 | 0 | | | | 现货市场 | 河北(日,元/吨) | 1590 | 0 河南(日,元/吨) | 1570 | 0 | | | 江苏(日,元/吨) | 1570 | 10 山东(日,元/吨) | ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪铝主力合约收盘价(日,元/吨) | 21,630.00 | +235.00↑ 氧化铝期货主力合约收盘价(日,元/吨) | 2,787.00 | +15.00↑ | | | 主力-连二合约价差:沪铝(日,元/吨) 主力合约持仓量:沪铝(日,手) | -70.00 228,130.00 | -15.00↓ 主力-连二合约价差:氧化铝(日,元/吨) +2994.00↑ 主力合约持仓量:氧化铝(日,手) | -40.00 423,108.00 | +1.00↑ +1209.00↑ | | | LME铝注销仓单(日,吨) | 43,500.00 | 0.00 库存:氧化铝:合计(周,万吨) | 248,311.00 | +8704.00↑ | | | LME电解铝三个月报价（日，美元/吨） | 2,845.50 | -20.00↓ LME铝库存（日，吨） | 550,450.00 | -2125.00↓ | | 期货市场 | 沪铝前20名净持仓（日，手） ...