1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The Fed's internal calls for interest rate cuts are rising again, with the probability of a 25 - basis - point rate cut in December at 81%. The precious metals market has strongly rebounded and broken through the previous shock range. In the short term, there are no clear positive factors in the precious metals market, and the Fed's interest rate cut expectations may continue to fluctuate. Gold prices are likely to move in a range. In the long term, the US debt pressure is intensifying, investors' confidence in the US dollar is weakening, and gold is still attractive as a hedge against US dollar credit. The central bank's gold purchases also support long - term gold prices. The focus ranges are 920 - 960 yuan/gram for the Shanghai Gold 2602 contract and 11700 - 12500 yuan/kg for the Shanghai Silver 2602 contract [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Shanghai Gold main contract closing price: 946.5 yuan/gram, up 16.18; Shanghai Silver main contract closing price: 12127 yuan/kg, up 319. - Shanghai Gold main contract open interest: 181169 lots, up 16549; Shanghai Silver main contract open interest: 366660 lots, up 19192. - Shanghai Gold main contract top 20 net positions: 110012 lots, up 3392; Shanghai Silver main contract top 20 net positions: 88690 lots, down 2786. - Gold warehouse receipts: 90423 kg, down 3; Silver warehouse receipts: 540572 kg, up 8273 [2] 3.2 Spot Market - Shanghai Non - ferrous Metals Network gold spot price: 925.39 yuan/gram, down 2.11; Shanghai Non - ferrous Metals Network silver spot price: 11818 yuan/kg, down 97. - Shanghai Gold main contract basis: - 4.93 yuan/gram, down 5.49; Shanghai Silver main contract basis: 10 yuan/kg, down 225 [2] 3.3 Supply and Demand Situation - Gold ETF holdings: 1040.86 tons, up 0.29; Silver ETF holdings: 15511.81 tons, up 253.89. - Gold CFTC non - commercial net positions: 231956 contracts, down 20952; Silver CTFC non - commercial net positions: 46217 contracts, down 3522. - Total gold supply (quarterly): 1248.76 tons, up 42.73; Total silver supply (annually): 987.8 million troy ounces, down 21.4. - Total gold demand (quarterly): 1313.07 tons, up 86.25; Total global silver demand (annually): 1195 million ounces, down 47.4 [2] 3.4 Option Market - 20 - day historical volatility of gold: 22.26%, up 0.14; 40 - day historical volatility of gold: 28.43%, up 0.04. - At - the - money call option implied volatility of gold: 24.37%, up 2.28; At - the - money put option implied volatility of gold: 24.38%, up 2.29 [2] 3.5 Industry News - The US and Ukraine completed a new 19 - point peace agreement draft, but sensitive issues remain to be decided. European countries warned that an agreement cannot be quickly reached, and Russia said the peace plan is not constructive. - Fed Governor Waller advocated a December interest rate cut due to a weak labor market. San Francisco Fed President Daly supported a rate cut next month, believing the risk of a sudden deterioration in the job market is greater [2]

Report Industry Investment Rating - Not provided Core Viewpoints - The customs data shows that in October 2025, China's fresh apple exports were about 80,000 tons, a decrease of 10,000 tons month-on-month and 20,000 tons year-on-year. From January to October 2025, the total fresh apple exports were 680,000 tons, with a cumulative year-on-year decline of 8.7%. Apples in Shandong and Shanxi are still being stored, and the ground transactions are gradually ending, with limited inventory transactions. As of November 19, 2025, the inventory in apple cold storages in major producing areas was 773160 tons, an increase of 8920 tons from last week. The storage capacity ratio in Shandong was 54.29%, an increase of 3.02% from last week, while that in Shaanxi was 59.10%, a decrease of 0.34% from last week. The sales area market is performing averagely. Considering the substitution effect of citrus fruits on the market, it is expected that the apple futures price will remain high in the short term [2]. Summary by Directory Futures Market - The closing price of the main apple futures contract was 9491 yuan/ton, and the open interest of the main contract was 124,537 lots, a decrease of 326 lots. The net long position of the top 20 futures holders was 9900 lots, an increase of 1805 lots [2]. Spot Market - The spot price of apples in Gansu Jingning (paper bag, above 75) was 5.25 yuan/jin, unchanged; in Shandong Yiyuan (paper bag, above 75) it was 2.6 yuan/jin, unchanged; in Shaanxi Luochuan (paper bag, above 70 semi - commercial) it was 4.2 yuan/jin, unchanged; in Shandong Yantai Qixia (paper bag, above 80 first - grade) it was 4 yuan/jin, unchanged [2]. Upstream Situation - The national apple output was 5128510 tons. The weekly apple wholesale price was 9.43 yuan/kg, a decrease of 0.06 yuan/kg; the average wholesale price of Fuji apples was 9.07 yuan/kg, a decrease of 0.05 yuan/kg. The total national apple cold storage inventory was 773.16 tons, an increase of 8.92 tons. The storage capacity ratio in Shandong was 0.59, and in Shaanxi it was 0.54. The monthly apple export volume was 80,000 tons, an increase of 10,000 tons [2]. Industry Situation - The monthly import amount of fresh and dried fruits and nuts decreased by 58%. The year - on - year monthly apple export amount decreased by 14.3%. The profit of storage merchants for first - and second - grade paper - bag apples (80) was 0 yuan/jin. The weekly wholesale price of pears was 6.67 yuan/kg, an increase of 0.01 yuan/kg; for bananas it was 5.34 yuan/kg, a decrease of 0.05 yuan/kg; for watermelons it was 5.56 yuan/kg, an increase of 0.2 yuan/kg. The daily average number of trucks arriving in the morning at the Guangdong Jiangmen wholesale market was 12.2, unchanged [2]. Downstream Situation - The daily average number of trucks arriving in the morning at the Guangdong Xiaqiao wholesale market was 16, unchanged; at the Guangdong Chalong wholesale market it was 23.8, unchanged [2]. Option Market - The implied volatility of at - the - money call options for apples was 26.77%, and that of at - the - money put options was 26.78%, an increase of 4.7% [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 免责声明 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 | I 主力合约收盘价（元/吨） | 794.00 | +3.50↑ I 主力合约持仓量(手) | 437,331 | -12429↓ | | | I 1-5合约价差（元/吨） | 24.5 | -2.50↓ I 合约前20名净持仓(手) | 5663 | +9545↑ | | | I 大商所仓单（手） | 800.00 | 0.00 | | ...

1. Report Industry Investment Rating - No investment rating information is provided in the report [1][2] 2. Core View of the Report - On Tuesday, the RB2601 contract continued to rise with decreasing positions. The central bank conducted a 10000 - billion - yuan medium - term lending facility (MLF) operation. The production of rebar stopped falling and rebounded but remained at a low level. Terminal demand increased, inventory decreased, and spot market trading volume rose. Recently, with the rebound of major furnace charges and positive macro news, the reduction of short positions in mainstream holdings supported the futures price to rise. Technically, the 1 - hour MACD indicator of the RB2601 contract shows that DIFF and DEA are rising. The reference view is oscillating bullish, and risk control should be noted [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the RB main contract was 3,106.00 yuan/ton, up 17 yuan; the position volume was 1,301,038 lots, down 131,667 lots. The net position of the top 20 in the RB contract was - 46,573 lots, down 3,448 lots. The spread between the RB1 - 5 contracts was - 19 yuan/ton, up 10 yuan. The daily warehouse receipt of the RB on the Shanghai Futures Exchange was 67,292 tons, up 2,134 tons. The spread between the HC2601 - RB2601 contracts was 203 yuan/ton, down 3 yuan [2] 3.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,290.00 yuan/ton, up 20 yuan; (actual weight) was 3,374 yuan/ton, up 21 yuan. In Guangzhou (theoretical weight), it was 3,470.00 yuan/ton, up 50 yuan; in Tianjin (theoretical weight), it was 3,220.00 yuan/ton, up 10 yuan. The basis of the RB main contract was 184.00 yuan/ton, up 3 yuan. The spot spread between hot - rolled coil and rebar in Hangzhou was 50.00 yuan/ton, unchanged [2] 3.3 Upstream Situation - The price of 61.5% PB fine ore at Qingdao Port was 798.00 yuan/wet ton, up 5.00 yuan. The price of quasi - first - grade metallurgical coke in Hebei was 1,690.00 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,160.00 yuan/ton, unchanged. The price of Q235 billet in Hebei was 2,980.00 yuan/ton, up 10.00 yuan. The inventory of iron ore at 45 ports was 150.5088 million tons, down 750,400 tons. The inventory of coke at sample coking plants was 433,300 tons, up 73,000 tons. The inventory of coke at sample steel mills was 6.224 million tons, up 25,000 tons. The blast furnace operating rate of 247 steel mills was 82.17%, up 0.25%. The inventory of billets in Tangshan was 1.161 million tons, down 6,200 tons. The blast furnace capacity utilization rate of 247 steel mills was 88.56%, down 0.26% [2] 3.4 Industry Situation - The production of rebar at sample steel mills was 2.0796 million tons, up 79,600 tons. The capacity utilization rate of rebar at sample steel mills was 45.59%, up 1.74%. The inventory of rebar at sample steel mills was 1.5332 million tons, down 71,000 tons. The social inventory of rebar in 35 cities was 4.0002 million tons, down 157,300 tons. The operating rate of independent electric arc furnace steel mills was 69.79%, unchanged. The domestic crude steel production was 72 million tons, down 1.49 million tons. The monthly production of Chinese steel bars was 14.75 million tons, up 410,000 tons. The net export volume of steel was 9.28 million tons, down 640,000 tons [2] 3.5 Downstream Situation - The national real estate climate index was 92.43, down 0.34. The cumulative year - on - year growth rate of fixed asset investment was - 1.70%, down 1.20%. The cumulative year - on - year growth rate of real estate development investment was - 14.70%, down 0.80%. The cumulative year - on - year growth rate of infrastructure construction investment was - 0.10%, down 1.20%. The cumulative value of housing construction area was 6.52939 billion square meters, down 43.59 million square meters. The cumulative value of new housing construction area was 490.61 million square meters, down 36.62 million square meters. The unsold area of commercial housing was 396.45 million square meters, up 2.92 million square meters [2] 3.6 Industry News - The atmosphere of the China - US presidential call was positive, friendly, and constructive. The call was initiated by the US side, and it was very important for the stable development of China - US relations. According to a survey by the National Association for Business Economics (NABE), mainstream economists expect the US economic growth to pick up slightly next year, but the job market will remain weak, and the Fed will slow down the pace of further interest rate cuts [2]

免责声明 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) | 2067 | -10 甲醇1-5价差(日,元/吨) | -121 | 0 | | | 主力合约持仓量:甲醇(日,手) | 1200373 | -112307 期货前20名持仓:净买单量:甲醇(日,手) | -204615 | -47203 | | | 仓单数量:甲醇(日,张) | 2400 | 0 | | | | 现货市场 | 江苏太仓(日,元/吨) | 2035 | 45 内蒙古(日,元 ...

Group 1: Investment Rating - No investment rating provided in the report Group 2: Core View - The short - term trend of the UR2601 contract is expected to fluctuate between 1630 - 1670 yuan/ton. The compound fertilizer capacity utilization rate is expected to increase slightly in the short term, and export demand will gradually increase with the new quota. The urea enterprise inventory may continue to decline [2] Group 3: Summary by Directory Futures Market - The closing price of the Zhengzhou urea main contract is 1630 yuan/ton, a decrease of 8 yuan/ton; the 1 - 5 spread is - 71 yuan/ton, an increase of 2 yuan/ton. The main contract's open interest is 234,315 lots, an increase of 2000 lots; the net position of the top 20 is - 26,299. The exchange warehouse receipts are 7302, a decrease of 268 [2] Spot Market - In the domestic spot market, the prices in Hebei and Henan are 1650 yuan/ton, unchanged; the price in Jiangsu is 1630 yuan/ton, a decrease of 10 yuan/ton; the price in Shandong is 1640 yuan/ton, a decrease of 10 yuan/ton; the price in Anhui is 1640 yuan/ton, unchanged. The main contract basis is 2 yuan/ton, an increase of 6 yuan/ton. The FOB Baltic price is 362.5 US dollars/ton, unchanged; the FOB China main port price is 400 US dollars/ton, unchanged [2] Industry Situation - The port inventory is 100,000 tons, an increase of 18,000 tons, a 21.95% increase; the enterprise inventory is 1.4372 million tons, a decrease of 46,400 tons, a 3.13% decrease. The urea enterprise operating rate is 83.91%, a decrease of 0.17%; the daily output is 202,900 tons, an increase of 6200 tons. The urea export volume is 1.2 million tons, a decrease of 170,000 tons. The monthly output is 5.87127 million tons, an increase of 132,600 tons [2] Downstream Situation - The compound fertilizer operating rate is 34.61%, an increase of 4.29%; the melamine operating rate is 62.2%, an increase of 4.72%. The weekly profit of compound fertilizer is 30 yuan/ton, a decrease of 25 yuan/ton; the weekly profit of melamine with externally - purchased urea is 70 yuan/ton, a decrease of 63 yuan/ton. The monthly output of compound fertilizer is 3.6287 million tons, a decrease of 1.0331 million tons; the weekly output of melamine is 32,000 tons, an increase of 2800 tons [2] Industry News - As of November 19, the total inventory of Chinese urea enterprises decreased by 3.13% week - on - week. The urea price fluctuated upward, and the demand for northeast reserves increased significantly. As of November 20, the port inventory increased by 21.95% week - on - week, with slow shipments. The domestic urea output increased due to the resumption of previously - overhauled devices. The production of urea enterprises increased by 3.16% week - on - week, and the capacity utilization rate decreased slightly [2] Suggestion - Pay attention to the enterprise inventory, port inventory, daily output, and operating rate data from Longzhong on Thursday [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report Core View - For alumina, the fundamentals may be in a situation of excessive supply and stable demand. It is recommended to conduct light - position short - term long trades at low prices, paying attention to controlling the rhythm and trading risks [2] - For electrolytic aluminum, the fundamentals may be in a situation of stable supply and slightly weakened demand affected by the off - season. It is recommended to conduct light - position short - term long trades at low prices, paying attention to controlling the rhythm and trading risks [2] - For cast aluminum alloy, the fundamentals may be in a stage of converging supply and slightly reduced demand. It is recommended to conduct light - position short - term long trades at low prices, paying attention to controlling the rhythm and trading risks [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the main contract of Shanghai aluminum was 21,465 yuan/ton, up 85 yuan; the closing price of the main contract of alumina futures was 2,727 yuan/ton, down 9 yuan; the closing price of the main contract of cast aluminum alloy was 20,705 yuan/ton, up 70 yuan [2] - The main - second - contract spread of Shanghai aluminum was - 80 yuan/ton, down 15 yuan; the main - second - contract spread of alumina was - 63 yuan/ton, down 3 yuan; the main - second - contract spread of cast aluminum alloy was - 130 yuan/ton, down 60 yuan [2] - The position of the main contract of Shanghai aluminum decreased by 16,320 hands to 271,763 hands; the position of the main contract of alumina increased by 1,416 hands to 390,129 hands; the position of the main contract of cast aluminum alloy decreased by 764 hands to 10,428 hands [2] - LME aluminum's three - month quotation was 2,813 US dollars/ton, up 5 US dollars; LME aluminum inventory decreased by 2,050 tons to 545,950 tons [2] - The net position of the top 20 in Shanghai aluminum increased by 8,782 hands to 17,434 hands; the Shanghai - London ratio was 7.63, up 0.02 [2] Spot Market - The price of Shanghai Non - ferrous A00 aluminum was 21,440 yuan/ton, up 80 yuan; the price of Yangtze River Non - ferrous Market AOO aluminum was 21,330 yuan/ton, up 170 yuan; the average price (tax - included) of ADC12 aluminum alloy ingots nationwide was 21,350 yuan/ton, unchanged [2] - The spot price of alumina in Shanghai Non - ferrous was 2,770 yuan/ton, unchanged; the Shanghai Wumao aluminum premium/discount was - 20 yuan/ton, down 10 yuan; the LME aluminum premium/discount was - 32.80 US dollars/ton, down 1.93 US dollars [2] - The basis of cast aluminum alloy was 645 yuan/ton, down 65 yuan; the basis of electrolytic aluminum was - 25 yuan/ton, down 5 yuan; the basis of alumina was 43 yuan/ton, up 9 yuan [2] Upstream Situation - The national alumina production in the current month was 786.50 million tons, down 13.40 million tons; the national alumina utilization rate was 86.96%, down 1.31 percentage points; the national alumina demand (electrolytic aluminum part) in the current month was 730.23 million tons, up 25.92 million tons [2] - The average price of crushed raw aluminum in Foshan metal scrap was 16,800 yuan/ton, unchanged; the average price of crushed raw aluminum in Shandong metal scrap was 16,500 yuan/ton, unchanged [2] - China's import volume of aluminum scrap and fragments increased by 2,945.61 tons to 158,360.01 tons; China's export volume of aluminum scrap and fragments decreased by 36.08 tons to 32.46 tons [2] - The export volume of alumina in the current month was 18.00 million tons, down 7.00 million tons; the import volume of alumina in the current month was 18.93 million tons, up 12.93 million tons [2] Industry Situation - The import volume of primary aluminum increased by 4,462 tons to 248,261.37 tons; the export volume of primary aluminum decreased by 4,396.36 tons to 24,573.56 tons; the total production capacity of electrolytic aluminum was 4,523.20 million tons, and the operating rate was 98.24%, down 0.12 percentage points [2] - The production of aluminum products was 569.40 million tons, down 20.60 million tons; the export volume of unwrought aluminum and aluminum products was 50.00 million tons, down 2.00 million tons [2] - The production of recycled aluminum alloy ingots was 60.83 million tons, down 4.82 million tons; the export volume of aluminum alloy was 3.09 million tons, up 0.74 million tons [2] Downstream and Application - The built - in production capacity of recycled aluminum alloy ingots was 126.00 million tons, unchanged; the national real estate climate index was 92.43, down 0.34 [2] - The production of aluminum alloy was 168.20 million tons, unchanged; the production of automobiles was 327.90 million vehicles, up 5.25 million vehicles [2] Option Situation - The 20 - day historical volatility of Shanghai aluminum was 11.49%, down 0.58 percentage points; the 40 - day historical volatility of Shanghai aluminum was 10.39%, unchanged [2] - The implied volatility of the at - the - money option of the Shanghai aluminum main contract was 9.81%, down 0.0045 percentage points; the call - put ratio of Shanghai aluminum options was 1.52, up 0.099 [2] Industry News - Fed Governor Waller advocates a rate cut in December; San Francisco Fed President Daly supports a rate cut next month [2] - As of the end of October, the cumulative installed power generation capacity in China was 3.75 billion kilowatts, a year - on - year increase of 17.3%, including solar power and wind power with significant growth [2] - The Ministry of Industry and Information Technology launched the creation of national emerging industry development demonstration bases [2] - In the first three quarters of this year, China's full - industry foreign direct investment was 923.68 billion yuan, a year - on - year increase of 4.4% [2] - The central bank will conduct a 1 - trillion - yuan MLF operation on November 25, with a net MLF investment of 100 billion yuan this month [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The rapeseed meal market is in a situation of weak supply and demand. Domestically, the import of Canadian rapeseed and rapeseed meal in the near - term is restricted, and the supply - side pressure is small. However, the demand for rapeseed meal is weak due to the decline in aquaculture demand and the substitution of soybean meal. The rapeseed meal price maintains a volatile trend, and short - term observation is recommended. [2] - The rapeseed oil market has support from the supply - side as the oil mills are basically shut down and the inventory is decreasing. But the demand is mainly rigid due to the abundant supply of soybean oil. Recently, the rapeseed oil futures price has declined slightly due to the weakness of palm oil, and short - term trading is recommended. [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - Futures prices: The closing price of the active contract of rapeseed oil is 9778 yuan/ton, down 38 yuan; that of rapeseed meal is 2446 yuan/ton, up 15 yuan. The closing price of the active ICE rapeseed is 641.8 Canadian dollars/ton, down 8.6 Canadian dollars, and that of the active rapeseed contract is 5454 yuan/ton, down 97 yuan. [2] - Spreads: The 1 - 5 spread of rapeseed oil is 356 yuan/ton, down 35 yuan; that of rapeseed meal is 61 yuan/ton, down 3 yuan. [2] - Positions: The position of the main rapeseed oil contract is 235090 lots, down 8834 lots; that of rapeseed meal is 360472 lots, up 4288 lots. The net long positions of the top 20 futures holders for rapeseed oil are 1412 lots, down 3130 lots; for rapeseed meal are - 7699 lots, up 2888 lots. [2] - Warehouse receipts: The number of rapeseed oil warehouse receipts is 3976, down 57; that of rapeseed meal is 0, unchanged. [2] 3.2 Spot Market - Spot prices: The spot price of rapeseed oil in Jiangsu is 10190 yuan/ton, up 20 yuan; that of rapeseed meal in Nantong is 2440 yuan/ton, up 20 yuan. The average price of rapeseed oil is 10283.75 yuan/ton, up 20 yuan. The import cost of rapeseed is 7845.7 yuan/ton, down 113.9 yuan. [2] - Price differences: The oil - meal ratio is 4.05, down 0.02. The spot price difference between rapeseed oil and soybean oil is 1710 yuan/ton, unchanged; that between rapeseed oil and palm oil is 1760 yuan/ton, up 60 yuan; that between soybean meal and rapeseed meal is 560 yuan/ton, down 20 yuan. [2] 3.3 Upstream Situation - Production: The global rapeseed production forecast is 90.96 million tons, up 1.38 million tons; the annual forecast of rapeseed production is 13446 thousand tons, unchanged. [2] - Imports: The total rapeseed import volume in the current month is 0 tons, down 11.53 tons. The import volume of rapeseed oil and mustard oil in the current month is 14 tons, down 2 tons; that of rapeseed meal is 22.06 tons, up 6.29 tons. [2] - Inventory and operating rate: The total rapeseed inventory of oil mills is 0.25 tons, down 0.25 tons. The weekly operating rate of imported rapeseed is 0%, unchanged. [2] 3.4 Industry Situation - Inventory: The coastal rapeseed oil inventory is 1.25 tons, down 0.83 tons; the coastal rapeseed meal inventory is 0.01 tons, down 0.19 tons. The rapeseed oil inventory in the East China region is 36.45 tons, down 3.6 tons; the rapeseed meal inventory is 22.96 tons, down 2.49 tons. The rapeseed oil inventory in the Guangxi region is 1.15 tons, down 0.33 tons; the rapeseed meal inventory in the South China region is 22.3 tons, up 1.5 tons. [2] -提货量: The weekly rapeseed oil提货量 is 1.01 tons, down 0.3 tons; the weekly rapeseed meal提货量 is 0.3 tons, up 0.1 tons. [2] 3.5 Downstream Situation - Production: The monthly production of feed is 2957 tons, down 171.7 tons; the monthly production of edible vegetable oil is 427.6 tons, down 67.4 tons. [2] - Consumption: The monthly retail sales of social consumer goods in the catering industry is 5199 billion yuan, up 690.4 billion yuan. [2] 3.6 Option Market - Implied volatility: The implied volatility of at - the - money call options for rapeseed meal is 20.06%, up 0.36%; that of at - the - money put options is 20.06%, up 0.36%. The implied volatility of at - the - money call options for rapeseed oil is 14.88%, up 1.47%; that of at - the - money put options is 14.93%, up 1.52%. [2] - Historical volatility: The 20 - day historical volatility of rapeseed meal is 21.52%, down 0.08%; the 60 - day historical volatility is 20.81%. The 20 - day historical volatility of rapeseed oil is 14.87%, up 0.06%; the 60 - day historical volatility is 13.76%, unchanged. [2] 3.7 Industry News - On November 21 (Friday), ICE rapeseed futures closed lower, following the weakness of US soybean oil, European rapeseed, and Malaysian palm oil futures. [2] - The US soybeans are in the export season, with abundant supply in the short - term. The US faces competition from cheaper Brazilian soybeans in the global export market, but the domestic soybean crushing consumption in the US is good, and China's purchase of over 1.5 million tons of US soybeans last week supports the US soybean price. [2] - The Canada - China trade negotiation has not made a breakthrough on the rapeseed tariff issue, restricting the import of Canadian rapeseed and rapeseed meal in the near - term. The Canadian rapeseed export has declined significantly this year, but the Canadian bio - fuel production incentive plan and the agreement with Pakistan to promote rapeseed export provide support. [2] - The US government is considering postponing the plan to cut bio - fuel import incentives by 1 - 2 years, and the increase in Malaysian palm oil production and decline in exports in November bring inventory pressure to the international oil market. [2]

荡状态。 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 免责声明 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。 鸡蛋产业日报 2025-11-24 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货收盘价(活跃合约):鸡蛋(日,元/500千 | 3210 | 26 期货前20名持仓:净买单量:鸡蛋(日,手) | -42470 | -9060 | | | 克) 鸡蛋期货月间价差(1-5):(日,元/500千克) | -300 | ...

| | 11/25 待定 美国9月PPI | | --- | --- | | 重点关注 | 11/26 21:30 美国第三季度GDP修正值、10月份个人收入、支出及PCE价格指数 | 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：T为10年期国债期货，TF为5年期国债期货，TS为2年期国债期货 研究员： 廖宏斌 期货从业资格号F30825507 期货投资咨询从业证书号Z0020723 免责声明 国债期货日报 2025/11/24 | 项目类别 | 数据指标 最新 环比 项目 最新 | | | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 108.505 | 0.06% T主力成交量 | 79246 | -23755↓ | | | TF主力收盘价 | 105.890 | 0.03% TF主力成交量 | 46495 | -17953↓ | | | TS主力收盘价 | 102.460 | 0.01% TS主力成交量 | 23207 | -6065↓ | | | TL主力收盘价 | 115.760 | 0.15% TL主 ...