Report Information - Report Title: "Bean Meal Weekly Report" [1][27][32] - Report Date: November 3, 2025 [3] Investment Rating - Not provided in the report Core Viewpoints - Last week, the CBOT US soybean January contract rose 54.5 to close at 1115 cents per bushel, a 5.14% increase; the bean meal 01 contract rose 88 to close at 3021 yuan per ton, a 3.00% increase; the South China bean meal spot price rose 40 to close at 2980 yuan per ton, a 1.36% increase; the rapeseed meal 01 contract rose 63 to close at 2388 yuan per ton, a 2.71% increase; the Guangxi rapeseed meal spot price rose 40 to close at 2510 yuan per ton, a 1.62% increase [5][8] - Positive signals from the China-US high-level meeting in South Korea led to the resumption of US soybean purchases by China, with optimistic export demand prospects boosting US soybean prices. The peak pressure on domestic supply has passed, and soybean and bean meal inventories have started to decline. With the strong performance of the external market, the support of import costs has increased, leading to a weekly fluctuating rise in Dalian bean meal futures [5][8] - After the China-US high-level meeting, the resumption of US soybean purchases boosted the external market. The US government shutdown continued, and relevant data such as production were still not released. Precipitation in the Brazilian producing areas was favorable for crop growth, and sowing in the Argentine producing areas began. The domestic supply peak has passed, and the inventory reduction cycle has started, with increased support from import costs. It is expected that Dalian bean meal futures will fluctuate strongly in the short term [5][12] Summary by Directory 1. Market Data - The CBOT soybean futures price rose from 1060.50 to 1115.00 cents per bushel, a 5.14% increase; the CNF import price of Brazilian soybeans rose from 487.00 to 493.00 dollars per ton, a 1.23% increase; the CNF import price of US Gulf soybeans rose from 470.00 to 493.00 dollars per ton, a 4.89% increase; the Brazilian soybean crushing profit on the futures market decreased from -204.80 to -206.51 yuan per ton [6] - The DCE bean meal futures price rose from 2933.00 to 3021.00 yuan per ton, a 3.00% increase; the CZCE rapeseed meal futures price rose from 2325.00 to 2388.00 yuan per ton, a 2.71% increase; the bean meal - rapeseed meal price difference increased from 608.00 to 633.00 yuan per ton [6] - The spot price of bean meal in East China and South China rose from 2940.00 to 2980.00 yuan per ton, a 1.36% increase; the spot - futures price difference in South China decreased from 7.00 to -41.00 yuan per ton [6] 2. Market Analysis and Outlook - As of the week of October 26, 2025, the estimated US soybean harvest rate was 84%, with an estimated range of 80% - 88%. As of the week of October 28, about 34% of US soybean growing areas were affected by drought, down from 39% the previous week and 73% in the same period last year [9] - As of the week of October 24, 2025, the US soybean crushing gross profit was 2.33 dollars per bushel, down from 2.38 dollars per bushel the previous week. The spot price of 48% protein bean meal at soybean processing plants in Illinois was 299.18 dollars per short ton, up from 288.57 dollars per short ton the previous week [9] - As of the week of October 25, 2025, the planting rate of Brazilian soybeans in the 2025/26 season was 34.4%, up from 21.7% the previous week. The Dutch Cooperative Bank predicted that the Brazilian soybean planting area in the 2025/26 season would reach 48.8 million hectares, a 2% increase from the previous year, with an expected output of 177 million tons, a 3% increase [10] - As of the week of October 24, 2025, the inventory of major oil mills' soybeans was 7.5129 million tons, a decrease of 174,100 tons from the previous week; the bean meal inventory was 1.0546 million tons, an increase of 78,400 tons from the previous week; the unexecuted contracts were 4.2125 million tons, a decrease of 794,500 tons from the previous week [11] - As of the week of October 31, 2025, the average daily trading volume of bean meal nationwide was 111,780 tons, with spot trading volume of 76,220 tons and forward trading volume of 35,560 tons. The average daily delivery volume of bean meal was 196,360 tons, and the crushing volume of major oil mills was 2.2534 million tons [12] 3. Industry News - In September, the soybean processing volume in Argentina reached 4.13 million tons, the highest in the past 11 months, and exports of soybean products to China increased significantly. The soybean export volume also increased by 42% year - on - year [13] - From October 20 - 24, the soybean crushing profit in Mato Grosso state, Brazil, was 467.42 reais per ton, up from 457.72 reais per ton the previous week [13] - As of October 26, the EU's imports of palm oil, soybeans, bean meal, and rapeseed in the 2025/26 season decreased compared with the same period last year [13] - In the period from October 21 - 27, soybean sowing in Parana state, Brazil, advanced rapidly, and the estimated output in the 2025/26 season was 21.96 million tons, slightly higher than the previous forecast [14] - The Argentine oilseed workers' union may resume strikes next week [14] - Paraguay's preliminary estimated soybean output in the 2025/26 season is 10.8 million tons, a 5.8% increase from the previous year [14] - In September 2025, Canada's rapeseed crushing volume, rapeseed oil output, and rapeseed meal output all increased compared with the previous month and the same period last year [15] 4. Relevant Charts - The report includes charts such as the trend of US soybean continuous contracts, the CNF arrival price of Brazilian soybeans, the RMB spot exchange rate trend, the crushing profit by region, the net position of managed funds in CBOT, the trend of bean meal main contracts, etc. [16][17][18]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The Fed cut interest rates by 25 basis points as expected, lowering the federal funds rate to 3.75%-4.00%, the second rate cut this year, and will end the balance sheet reduction starting December 1st. The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, continue to suspend the 24% reciprocal tariff for one year, and pause the implementation of the 50% penetration rule of export control and the 301 investigation measures against China's maritime, logistics, and shipbuilding industries for one year. China will adjust or suspend relevant counter - measures accordingly [1][4][6]. - Last week, the production and apparent demand of steel increased, and inventory decreased. However, as the weather turns cold, steel demand will gradually weaken, and the pattern of weak supply and demand in the steel industry remains unchanged. Overall, with the macro - level positive factors realized, the market will focus on the fundamentals, and steel prices are expected to fluctuate and adjust [1][5]. Group 3: Summary by Related Catalogs Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3106 | 6 | 0.19 | 7602371 | 2647901 | Yuan/ton | | SHFE Hot - Rolled Coil | 3308 | 9 | 0.27 | 2719646 | 1473286 | Yuan/ton | | DCE Iron Ore | 800.0 | 13.5 | 1.72 | 1679472 | 551548 | Yuan/ton | | DCE Coking Coal | 1286.0 | 22.5 | 1.78 | 6258826 | 970861 | Yuan/ton | | DCE Coke | 1777.0 | - 2.5 | - 0.14 | 111286 | 50050 | Yuan/ton | [2] Market Review - Last week, steel futures rose first and then fell. The macro - level factors drove the black - series commodities to be generally strong, but after the macro - level uncertainties were resolved on Thursday, the futures prices declined. In the spot market, the price of Tangshan billet was 2980 (+50) yuan/ton, Shanghai rebar was quoted at 3230 (+30) yuan/ton, and Shanghai hot - rolled coil was 3330 (+40) yuan/ton [4]. Industry News - Ni Hong, Minister of Housing and Urban - Rural Development, proposed to reform and improve the real - estate development, financing, and sales systems, promote the spot - house sales system, and standardize the supervision of pre - sale funds [6]. - The "Proposal for Formulating the 15th Five - Year Plan for National Economic and Social Development" was released, aiming to optimize and upgrade traditional industries, enhance the status and competitiveness of key industries in the global industrial division of labor, and improve the self - controllability of the industrial chain [6]. - The Fed cut interest rates by 25 basis points and will end the balance sheet reduction starting December 1st [6]. - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China put forward the main goals for economic and social development during the "15th Five - Year Plan" period and the long - term goal of reaching the level of medium - developed countries in per - capita GDP by 2035 [6]. - The US and China reached an agreement on tariffs, with the US canceling some tariffs and pausing relevant investigation measures, and China adjusting or suspending relevant counter - measures [6]. Related Charts - The report provides multiple charts including the trend of rebar and hot - rolled coil futures and their spreads, basis trends, regional price differences, steel mill profits, steel production, inventory, and apparent consumption [9][10][11]

Report Title - "Precious Metals Weekly Report" [1] Report Date - November 3, 2025 [2] Report Industry Investment Rating - Not provided Core Viewpoints - The prices of precious metals continued to adjust last week. The easing of Sino-US economic and trade relations reduced market risk aversion, and Fed Chairman Powell's hawkish remarks weakened the market's expectation of a Fed rate cut in December, putting pressure on gold and silver prices [3][6]. - The Fed cut the federal funds rate to a range of 3.75% - 4.00% last Wednesday, the second rate cut this year. Powell was cautious about future rate cuts, which cooled investors' expectations of further monetary easing, leading to an increase in US bond yields and a stronger dollar [3][7]. - Given the current easing of Sino-US economic and trade relations and the reduced expectation of a December rate cut due to Powell's hawkish remarks, the view that gold and silver prices are in a phase adjustment is maintained. Even if there are short - term rebounds due to data, the medium - term adjustment trend of gold and silver remains unchanged. The announcement of gold - related tax policies may affect domestic investment sentiment and increase the volatility of domestic gold prices on Monday [3][8]. Summary by Directory 1. Last Week's Trading Data | Contract | Closing Price | Change | Change Rate (%) | Total Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Gold | 921.92 | -16.18 | -1.72 | 156891 | 178255 | Yuan/Gram | | Shanghai Gold T+D | 921.02 | 24.33 | 2.71 | 54322 | 247700 | Yuan/Gram | | COMEX Gold | 4013.40 | -113.50 | -2.75 | | | US Dollar/Ounce | | SHFE Silver | 11441 | 109 | 0.96 | 522479 | 634627 | Yuan/Kilogram | | Shanghai Silver T+D | 11410 | 414 | 3.77 | 1394914 | 4355604 | Yuan/Kilogram | | COMEX Silver | 48.25 | -0.16 | -0.33 | | | US Dollar/Ounce | [4] 2. Market Analysis and Outlook - The prices of precious metals continued to adjust last week. The easing of Sino - US economic and trade relations and Powell's hawkish remarks led to a decrease in the expectation of a December rate cut, maintaining the view of a phase adjustment in gold and silver prices [3][6][8]. - The Fed cut rates last Wednesday, and Powell's cautious attitude towards future rate cuts led to an increase in US bond yields and a stronger dollar [3][7]. - The Sino - US economic and trade teams reached a three - aspect consensus, and the US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, while the 24% reciprocal tariff will be suspended for another year [7]. - The European Central Bank kept the deposit rate at 2% unchanged for the third time, and the eurozone's Q3 GDP growth was better than expected [7][11]. - The Japanese central bank kept the benchmark interest rate at 0.5% unchanged for the sixth consecutive time [11]. - The announcement of gold - related tax policies may affect domestic investment sentiment and increase the volatility of domestic gold prices on Monday [3][8]. - This week, attention should be paid to the US ADP employment report, Fed officials' speeches, and Trump's possible attendance at the US Supreme Court's "tariff ruling" hearing [8]. 3. Important Data Information - ADP will launch weekly employment data from this week. As of October 11, the average number of private - sector jobs in the US increased by 14,250 in four weeks [10]. - The US consumer confidence index in October declined for the third consecutive month, reaching the lowest level since April this year [10]. - The IMF predicts that the US government debt - to - GDP ratio will reach 143.4% by 2030, exceeding that of Italy and Greece for the first time this century [10]. - The eurozone's Q3 GDP increased by 1.3% year - on - year and 0.2% quarter - on - quarter, better than expected, but there was increased differentiation among member states [10]. - The European Central Bank kept the benchmark interest rate at 2% unchanged for the third time, believing that inflation has reached the 2% target [11]. - The Japanese central bank kept the benchmark interest rate at 0.5% unchanged for the sixth consecutive time, with some members opposing and advocating a 25 - basis - point rate hike [11]. - The Ministry of Finance and the State Taxation Administration clarified gold - related tax policies, highlighting the tax advantages of exchange - traded gold [11]. 4. Relevant Data Charts - The report presents multiple data charts, including the price trends of SHFE and COMEX gold and silver, ETF holdings, inventory changes, net long positions, price spreads, and various correlations such as gold - to - silver ratios, inflation expectations, and relationships with other economic indicators [12][15][19][21][23][24][27][31][32][34][38][40][41][42][43]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - **Previous Review**: The Fed cut interest rates by 25bp as expected, but Powell's speech was unexpectedly hawkish, stating that there is no need to cut rates in December. The ECB and BOJ maintained their existing interest rate policies. Sino-US relations have eased, and the nickel price retreated significantly after the release of macro bullish expectations due to no obvious improvement in fundamentals [3]. - **Future Outlook**: The bottom support is solid, waiting for the driving force to boost the price. Overseas nickel ore supply is expected to shrink marginally, and the cost support remains. The real estate sales data is still sluggish, and the new energy consumption may drive the demand, but there is a risk of cooling demand at the end of the month. The supply remains high, and the pressure of oversupply remains unchanged. Sino-US relations have entered a stage of easing, and there is still room for macro boost. It is expected that the deep decline space of nickel price is limited [3][12]. Group 3: Summary by Directory 1. Market Data Summary - **Nickel Prices**: SHFE nickel price decreased from 122,150 yuan/ton to 120,590 yuan/ton, and LME nickel price decreased from 15,361 dollars/ton to 15,226 dollars/ton [4]. - **Inventory**: LME nickel inventory increased by 1,248 tons to 252,102 tons, and SHFE nickel inventory increased by 4,578 tons to 31,388 tons [4]. 2. Market Condition Analysis - **Macro Aspect**: The Fed cut interest rates, while the ECB and BOJ maintained rates. Sino-US relations have eased, with the two sides reaching multiple consensuses and suspending some trade confrontation policies [3][5]. - **Nickel Ore**: The FOB prices of 1.5% laterite nickel ore in the Philippines and Indonesia remained stable. The nickel ore shipment volume in the Philippines decreased due to the rainy season, and the overall performance of the ore end was relatively strong [6]. - **Pure Nickel**: In October, the national refined nickel production was 35,900 tons, with a year-on-year and month-on-month increase of 17.06% and 0.84% respectively. The profit margins of some processes were significantly repaired, and the import volume increased significantly [7]. - **Nickel Iron**: The price of high-nickel pig iron decreased slightly. In September, the nickel pig iron production in China decreased slightly, while that in Indonesia increased slightly. The total inventory increased [7][8]. - **Stainless Steel**: In September, the production of 300-series stainless steel in China and Indonesia increased slightly. The domestic 300-series stainless steel production is expected to decrease in October, and the inventory increased slightly. The price of 300-series stainless steel decreased slightly [9]. - **Nickel Sulfate**: The price of battery-grade nickel sulfate remained stable, while the price of electroplating-grade nickel sulfate increased. In September, the production of nickel sulfate and ternary materials increased. The profit margins of some processes increased [10]. - **New Energy**: From October 1 - 26, the retail sales of new energy passenger vehicles were flat. The sales data may gradually reflect the strong demand in November, but there is a risk of a sharp decline in sales growth in late November [10]. - **Inventory**: The total social inventory of pure nickel decreased, while the SHFE and LME inventories increased [11]. 3. Industry News - The Kalgoorlie nickel project of Ardea Resources has obtained a three-year extension of support from the Australian federal government [13]. - A nickel mine in the Philippines may face suspension of operation due to deforestation near a protected area [13]. - Ember urges Indonesia to decarbonize its nickel industry that relies on coal [13]. 4. Related Charts - The report provides charts on domestic and international nickel price trends, spot premium and discount trends, LME 0 - 3 nickel premium and discount, nickel domestic and foreign ratios, nickel futures inventory, nickel ore port inventory, high-nickel iron price, 300-series stainless steel price, and stainless steel inventory [15][16].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - After the Sino-US negotiations concluded, the market's trading expectations were realized, and risk appetite significantly contracted. In the short - term, the market faces adjustment risks due to capital realization pressure, but in the long - run, it is still cost - effective to buy on dips. [2][3] - The prices of precious metals may fluctuate in the short - term; copper, aluminum, and other base metals are expected to maintain high - level range - bound oscillations; zinc, lead, and tin prices are in adjustment phases; industrial silicon is expected to be strongly range - bound; lithium carbonate prices may fluctuate widely; nickel prices are at the lower end of the range, awaiting new upward drivers; and the prices of soda ash and glass are expected to be weak. [4][6][8][12][14][16][17][19][22][24] - Steel prices are expected to be range - bound, iron ore prices will oscillate, soybean and rapeseed meal prices will be strongly range - bound, and palm oil prices will be weakly range - bound. [26][27][28][30] 3. Summary by Related Catalogs 3.1 Macro - Overseas: After the Sino - US summit, the average tariff faced by China decreased by 10%, and the Sino - US game entered a stage of truce. The Nasdaq fell about 1%, the gold price rebounded over 2% to the $4000 mark, the US dollar index rose to 99.5, the 10Y US Treasury yield fluctuated slightly, copper prices dropped over 2%, and oil prices remained flat. [2] - Domestic: The A - share market rose and then fell, with nearly 4100 stocks closing lower and the trading volume reaching 2.46 trillion. The lithium battery and shipping sectors led the gains, while the ChiNext and STAR Market sectors led the losses. In the medium - to - long - term, it is still cost - effective to buy on dips. The bond market priced in all negative factors, and short - and long - term interest rates both declined. [3] 3.2 Precious Metals - International gold and silver prices rebounded slightly. COMEX gold futures rose 0.94% to $4038.30 per ounce, and COMEX silver futures rose 1.71% to $48.73 per ounce. The market has doubts about the actual effect of the Sino - US trade agreement, and precious metals prices may oscillate in the short - term. [4][5] 3.3 Copper - The Shanghai copper main contract was strongly range - bound, and LME copper pulled back at night. The Sino - US trade situation eased, but the path of global central banks turning to easing is uncertain. Fundamentally, overseas mine disruptions continue, and non - US inventory is low. Short - term copper prices are expected to maintain high - level range - bound oscillations. [6][7] 3.4 Aluminum - The Shanghai aluminum main contract closed at 21280 yuan/ton, down 0.07%. The market continues to digest the Fed's interest - rate cut decision. The Sino - US trade agreement is optimistic, but there are supply disturbances overseas and environmental restrictions on some downstream industries in the north. Aluminum prices are in high - level range - bound oscillations. [8][9][10] 3.5 Alumina - The alumina futures main contract closed at 2791 yuan/ton, down 1.1%. The supply side is basically stable this week, the spot market trading is light, and the impact of environmental restriction news on the market is limited. Attention should be paid to the expansion of maintenance and production - reduction capacity. [11] 3.6 Zinc - The Shanghai zinc main contract was range - bound, and LME zinc oscillated weakly. The market digested Powell's hawkish remarks, and zinc prices adjusted. The supply in November is expected to remain high, with limited increase, and consumption is entering the off - peak season. Zinc prices are affected by macro and market sentiment in the short - term. [12][13] 3.7 Lead - The Shanghai lead main contract oscillated narrowly. The supply side changed little, demand marginally weakened, and social inventory continued to decline but at a slower pace. The lead market shows a pattern of strong reality and weak expectation, and prices are expected to maintain high - level narrow - range oscillations. [14][15] 3.8 Tin - The Shanghai tin main contract oscillated weakly. The market lowered the expectation of the Fed's interest - rate cut in December, and the supply - demand pattern is weak. Tin prices are expected to adjust at a high level, but supply - side disturbances will limit the downward adjustment space. [16] 3.9 Industrial Silicon - Industrial silicon was strongly range - bound. The supply side is stable, with Xinjiang's operating rate rising and Sichuan and Yunnan's output falling after the dry season. The demand side has mixed signals. The social inventory decreased slightly last week, and the futures price is expected to continue to be strongly range - bound. [17][18] 3.10 Lithium Carbonate - Lithium carbonate prices fluctuated widely, and spot prices rose. The new energy vehicle industry has mixed demand signals. With the increase in positions and trading volume, the long - short contradiction is intensifying, and it is advisable to wait and see. [19][20][21] 3.11 Nickel - Nickel prices oscillated weakly. The Sino - US high - level meeting reached multiple consensuses, but the fundamental supply pressure is strong. Nickel prices are at the lower end of the range, with limited room for a deep decline, waiting for upward drivers. [22][23] 3.12 Soda Ash and Glass - The soda ash main contract oscillated weakly, and the glass main contract also showed a weak trend. Glass production is stable, but there is supply pressure. The downstream has structural differentiation, and the prices of soda ash and glass are expected to be weak, with attention paid to previous lows for support. [24][25] 3.13 Steel (Rebar and Hot - Rolled Coil) - Steel futures oscillated and rebounded. Steel production and apparent demand increased, and inventory decreased. In the short - term, the pressure eased, but with the cold weather, the supply - demand situation will turn weak. Steel prices are expected to be range - bound. [26] 3.14 Iron Ore - Iron ore futures oscillated and rebounded. Steel production increased, and steel mills actively purchased raw materials. Supply pressure was partially relieved, and port inventory decreased. After the macro - level positive factors were realized, iron ore prices are expected to oscillate. [27] 3.15 Soybean and Rapeseed Meal - Soybean and rapeseed meal futures rose. The drought in US soybean - growing areas eased, and the soybean production forecast in Brazil's Paraná state increased. China has resumed purchasing US soybeans, and short - term soybean and rapeseed meal prices are expected to be strongly range - bound. [28][29] 3.16 Palm Oil - Palm oil futures fell slightly. After the Sino - US high - level meeting, the market digested Powell's hawkish remarks. The current driving news is scarce, and palm oil prices are expected to be weakly range - bound. [30] 3.17 Metal Trading Data - The trading data of various metals, including SHFE copper, LME copper, SHFE aluminum, etc., are provided, showing closing prices, price changes, trading volumes, and open interests. [31] 3.18 Industrial Data - The industrial data of metals such as copper, nickel, zinc, etc., including contract prices, warehouse receipts, inventory, spot premiums, and price ratios, are presented, along with their changes over time. [32][34][35]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Overseas, the Fed cut interest rates by 25BP, but there are internal differences, and the possibility of a December rate cut is uncertain. The dollar index rose, the US stock market fluctuated, and copper prices reached a record high [2]. - Domestically, the A - share market continued to break through, and the bond market showed a short - strong and long - weak pattern. The short - term A - share market sentiment may not have peaked, and it is still cost - effective to buy on dips in the medium and long term [3]. - Precious metals are under pressure due to Powell's hawkish speech, and it is not advisable to go long for now [4][5]. - Copper prices are expected to remain strong at high levels in the short term, supported by the new wave of industries and tight fundamentals [6][7]. - Aluminum prices are expected to fall under the influence of Powell's hawkish speech, but the optimistic sentiment of Sino - US trade talks will limit the decline [8][9]. - Alumina prices are in a game between sufficient supply and production cut expectations, and subsequent production cut news should be monitored [10]. - Zinc prices are under pressure as the expectation of a December rate cut falls, and the short - term trend is expected to be volatile [11]. - Lead prices are expected to maintain a small - scale adjustment, and the low - inventory situation will limit the adjustment range [12]. - Tin prices are expected to operate at high levels in the short term, with the macro factor playing a leading role [13]. - Industrial silicon prices are expected to continue to rebound in the short term, driven by improved macro expectations and stable fundamentals [14][15]. - Lithium carbonate prices are in a wide - range shock due to the intense long - short game [16][17]. - Nickel prices are expected to fluctuate due to the mixed macro and fundamental factors [18][19]. - For soda ash and glass, glass prices may be adjusted, and soda ash will fluctuate [20]. - Steel prices are expected to continue to rebound in a volatile manner, with the focus on industrial data changes [21][22]. - Iron ore prices are expected to be strong in a volatile manner due to the continuously favorable macro environment [23]. - Bean and rapeseed meal prices are expected to be strong in a volatile manner in the short term, with the market awaiting details of Sino - US high - level meetings [24][25]. - Palm oil prices are expected to be weak in a volatile manner in the short term due to the loosening supply - demand situation [26][27]. 3. Summaries According to Related Catalogs 3.1 Metals 3.1.1 Copper - The Fed cut interest rates as expected, and copper prices continued to rise. The LME copper price basically stood at the $11,000 level at night. The domestic electrolytic copper spot market had poor trading, and the LME inventory decreased to 135,000 tons. Glencore's copper production in the first three quarters decreased by 17% year - on - year [6]. - Short - term copper prices are expected to remain strong at high levels, affected by the new wave of industries and tight fundamentals [7]. 3.1.2 Aluminum - The Fed cut interest rates, and the domestic and foreign aluminum prices showed different trends. The domestic electrolytic aluminum inventory increased slightly. The market was affected by Powell's hawkish speech and Sino - US trade talks [8][9]. 3.1.3 Alumina - The alumina futures price rose, and the spot price fell slightly. An alumina enterprise in Hebei had a limited impact on production due to environmental protection inspections. The future production cut and maintenance expectations increased, and the price was in a game between supply and expectations [10]. 3.1.4 Zinc - The zinc price was under pressure as the December rate cut expectation fell. The spot market had general trading, and the Australian Endeavor mine had an accident and suspended operations [11]. 3.1.5 Lead - The lead price maintained an adjustment. The large - scale battery enterprises reduced production, the demand for raw materials weakened, and the low - inventory situation limited the adjustment range [12]. 3.1.6 Tin - The tin price was affected by the macro factor and fundamentals. The supply and demand were both weak, and the low - inventory situation supported the price. It was expected to operate at high levels in the short term [13]. 3.1.7 Nickel - The nickel price fluctuated. The Fed's interest rate cut and Powell's hawkish attitude affected the market. The industry had no obvious improvement, and the cost logic still existed [18][19]. 3.1.8 Precious Metals - The precious metal prices were under pressure due to Powell's hawkish speech. The gold price fell, and the silver price rose slightly. The market's expectation of further monetary easing cooled down [4][5]. 3.2 Non - Metals 3.2.1 Industrial Silicon - The industrial silicon price continued to rebound. The supply was stable, and the demand side had mixed news. The market was boosted by the improved domestic macro expectations [14][15]. 3.2.2 Carbonate Lithium - The carbonate lithium price fluctuated strongly. The supply of overseas spodumene mines was abundant, and the mica mines were relatively short. The market had an intense long - short game [16][17]. 3.2.3 Soda Ash and Glass - The soda ash futures price fluctuated strongly, and the glass futures price was adjusted. The glass market was weak, and the soda ash market had general trading [20]. 3.3 Steel and Iron 3.3.1 Steel - The steel futures price rebounded in a volatile manner. The macro environment was favorable, and the fundamentals were stable. The demand was expected to weaken with the cooling weather [22]. 3.3.2 Iron Ore - The iron ore futures price rebounded in a volatile manner. The spot market was active, the supply pressure was partially relieved, and the price was expected to be strong in a volatile manner [23]. 3.4 Agricultural Products 3.4.1 Bean and Rapeseed Meal - The bean and rapeseed meal prices fluctuated strongly. The South American soybean planting situation was good, and the market was waiting for the details of Sino - US high - level meetings [24][25]. 3.4.2 Palm Oil - The palm oil price broke through and fell. The supply - demand situation tended to be loose, and the implementation time of Indonesia's B50 biodiesel policy might be postponed [26][27].

Report Summary Report Investment Rating - Not provided in the content Core Viewpoints - Last week, industrial silicon prices stabilized and rebounded. The Fourth Plenary Session's "15th Five-Year Plan" emphasized green transformation, boosting domestic macro expectations. The polysilicon futures market also lifted market confidence. Supply remained stable with Xinjiang's increased production offset by reduced output in Sichuan and Yunnan. Demand from the polysilicon market fluctuated, silicon wafer production exceeded expectations, and the demand for 210RN in the medium and low-efficiency component market remained strong. Component inventory is expected to decrease slightly in November. Technically, the price is expected to remain strong in the short term [2][6][10]. Summary by Directory Market Data - The industrial silicon futures price increased by 5.81% to 8920 yuan/ton from November 17th to November 24th. The prices of various spot grades remained unchanged, while the prices of organic silicon DMC and polysilicon dense materials decreased by 1.77% and 5.88% respectively. The industrial silicon social inventory remained at 510,000 tons [4]. Market Analysis and Outlook - **Macro aspect**: The "15th Five-Year Plan" is crucial for realizing Chinese modernization and promoting high - quality development [7]. - **Supply - demand aspect**: As of October 24th, the weekly output of industrial silicon was 98,500 tons, a 1.1% week - on - week and 2.5% year - on - year increase. The overall furnace - opening rate dropped to 40%. The polysilicon market's sentiment fluctuated, silicon wafer production exceeded expectations, and the demand for 210RN was strong. Component inventory is expected to drop to about 30GW in November, and the photovoltaic industry is expected to enter a new supply - demand balance cycle [8]. - **Inventory aspect**: As of October 24th, the national social inventory of industrial silicon decreased to 559,000 tons, a 3,000 - ton week - on - week decrease. The exchange's registered warehouse receipts decreased to 48,327 lots, equivalent to 242,000 tons [9]. Industry News - **South Korea's exports**: Despite the impact of US tariffs and holiday factors, South Korea's exports in the first 20 days of October increased. Semiconductor exports increased by 20.2%, while automobile exports decreased by 25%. The negotiation on the South Korea - US trade agreement is at a standstill, increasing the uncertainty of South Korea's future exports to the US [11]. - **Photovoltaic power station**: Under Document No. 136, the development rules of the photovoltaic industry have changed. The tendering scale of photovoltaic power station EPC decreased in the third quarter, but the awarding scale increased quarter - on - quarter. Chinese enterprises such as PowerChina and EnergyChina won large - scale overseas projects, and Zhengtai Energy won a 720MW distributed photovoltaic project [12]. Related Charts - The report presents multiple charts on industrial silicon production, exports, inventory, and the prices of related products, providing data support for the analysis [14][20][21]

Report Industry Investment Rating - Not provided in the document Core Viewpoints - Last week, the BMD Malaysian palm oil main contract fell 94 to close at 4,420 ringgit/ton, a decline of 2.08%; the palm oil 01 contract fell 186 to close at 9,122 yuan/ton, a decline of 2.00%; the soybean oil 01 contract fell 62 to close at 8,194 yuan/ton, a decline of 0.75%; the rapeseed oil 01 contract fell 100 to close at 9,761 yuan/ton, a decline of 1.01%; the CBOT US soybean oil main contract fell 0.81 to close at 50.29 cents/pound, a decline of 1.59%; the ICE rapeseed active contract rose 1.4 to close at 632.4 Canadian dollars/ton, an increase of 0.22% [4][7] - Palm oil oscillated and declined during the week mainly due to the month - on - month increase in Malaysian palm oil production. High - frequency data showed that the month - on - month increase in export demand narrowed, and demand weakened after the Indian Diwali festival. It is expected that Malaysian palm oil will continue to build up inventory in October, with loose supply putting downward pressure. Additionally, the expectation of Indonesia's B50 policy cooled, and its implementation is expected to be postponed, resulting in limited driving forces. Meanwhile, the US sanctions on Russia led to a sharp rebound in oil prices at a low level, providing some support for oils and fats [4][7] - Macroscopically, the China - US economic and trade negotiations reached a preliminary consensus, easing trade sentiment; the growth rate of the US core CPI in September slowed down, and the Federal Reserve may cut interest rates twice this year. The US stock market reached a new high, and the US dollar index continued to oscillate at a low level. The US sanctions on Russia led to supply concerns, and oil prices rose significantly at a low level on a weekly basis. Fundamentally, the ending inventory of Malaysian palm oil in October is expected to continue to increase, with loose supply putting downward pressure. Coupled with the cooling of the Indonesian B50 biodiesel policy theme and the possible postponement of its implementation, the Dalian palm oil oscillated and declined. As negative factors are gradually priced in, attention should be paid to the supply - demand changes in the producing areas after entering the off - season. Recently, the strengthening of oil prices has slowed down the decline of palm oil. It is expected that palm oil will operate in a wide - range oscillation in the short term [4][11] Summary by Directory Market Data - The CBOT US soybean oil main contract fell 0.81 to 50.29 cents/pound, a decline of 1.59%; the BMD Malaysian palm oil main contract fell 94 to 4,420 ringgit/ton, a decline of 2.08%; the DCE palm oil 01 contract fell 186 to 9,122 yuan/ton, a decline of 2.00%; the DCE soybean oil 01 contract fell 62 to 8,194 yuan/ton, a decline of 0.75%; the CZCE rapeseed oil 01 contract fell 100 to 9,761 yuan/ton, a decline of 1.01%. The spot price of 24 - degree palm oil in Guangzhou, Guangdong decreased by 250 to 9,000 yuan/ton, a decline of 2.70%; the spot price of first - grade soybean oil in Rizhao decreased by 150 to 8,370 yuan/ton, a decline of 1.76%; the spot price of imported third - grade rapeseed oil in Jiangsu Zhangjiagang decreased by 120 to 10,000 yuan/ton, a decline of 1.19% [5] Market Analysis and Outlook - Production: From October 1 - 20, 2025, according to SPPOMA data, the yield per unit of Malaysian palm oil increased by 1.45% month - on - month, the oil extraction rate increased by 0.24% month - on - month, and production increased by 2.71% month - on - month. According to MPOA data, Malaysian palm oil production from October 1 - 20 was estimated to increase by 10.77%, with increases of 4.54% in Peninsular Malaysia, 21.99% in Sabah, 16.69% in Sarawak, and 20.45% in Borneo [8] - Exports: According to ITS data, Malaysia's palm oil exports from October 1 - 25 were expected to be 1,283,814 tons, a decrease of 0.4%. According to AmSpec data, Malaysia's palm oil exports from October 1 - 20 were 965,066 tons, a 2.5% increase compared to the same period last month. According to SGS data, Malaysia's palm oil exports from October 1 - 20 were expected to be 793,571 tons, a 41.75% increase compared to the same period last month [8][9] - Price forecast: MPOC stated that entering 2026, the price of Malaysian crude palm oil will remain above 4,400 ringgit/ton. Citigroup analyst Gan Huan Wen pointed out that Indonesia's plan to implement the B50 biodiesel mandatory blending policy in 2026 is likely to be postponed to 2027 due to funding constraints and an unfavorable palm oil - diesel price spread. It is expected that the price of crude palm oil will hover between 4,300 and 4,500 ringgit/ton by the end of the year [9] - Inventory: As of the week of October 17, 2025, the inventory of the three major oils in key regions across the country was 2.3507 million tons, a decrease of 31,000 tons from the previous week and an increase of 298,800 tons from the same period last year. Among them, soybean oil inventory was 1.224 million tons, a decrease of 41,100 tons from the previous week and an increase of 94,000 tons from the same period last year; palm oil inventory was 575,700 tons, an increase of 28,100 tons from the previous week and an increase of 59,800 tons from the same period last year; rapeseed oil inventory was 551,000 tons, a decrease of 18,000 tons from the previous week and an increase of 145,000 tons from the same period last year [10] - Transaction volume: As of the week of October 24, 2025, the daily average trading volume of soybean oil in key regions across the country was 13,300 tons, compared with 11,800 tons in the previous week; the daily average trading volume of palm oil was 1,406 tons, compared with 847 tons in the previous week [10] Industry News - Indonesia may regulate crude palm oil exports to ensure sufficient domestic supply for biodiesel production. Implementing B50 will require 20.1 million kiloliters of palm - based biofuel per year, compared with 15.6 million kiloliters for B40 [12][13] - It is estimated that global vegetable oil demand in the 2025/26 season will reach a record high, with the total imports of eight major oils expected to increase by 3.1 million tons to 94.5 million tons. The main driving force for the increase in imports is the expected increase in global vegetable oil consumption by 6.1 million tons, more than twice that of the previous year. The biodiesel industries in the US, Indonesia, and Brazil have strong demand. Traditional major exporters such as India, Argentina, Brazil, and the US are expected to reduce their vegetable oil exports by 2.2 million tons. If Indonesia raises the blending requirement to 50%, it will significantly reduce the available palm oil for export, increasing the demand for soybean oil as a substitute [14] - If Indonesia implements the B50 policy, the amount of palm oil used for blending will reach about 17 million tons, an increase of 3 million tons compared to the current B40 policy, accounting for about 35% of Indonesia's palm oil production. The available supply for export will be 22 million tons or less. The global vegetable oil demand in the coming year will rely heavily on sunflower oil, as the available export supply of soybean oil in the US and Brazil is expected to decrease significantly from 2.7 million tons in the 2024/25 season to 1.6 million tons in the 2025/26 season, a 41% decrease [15] Relevant Charts - The report includes 22 charts showing the price trends, spreads, import profits, and inventory data of palm oil, soybean oil, rapeseed oil, and related products in Malaysia and Indonesia, as well as the domestic commercial inventory of the three major oils [16][18][20][22][24][26][30][32][33][34][38][40][42][44][45][47][48][50][52][56][57]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Views of the Report - Alumina production remains at a high level, and with the gradual inflow of imports, supply pressure persists, and price pressure on alumina remains significant. However, the alumina futures price has approached the cost line, and as the spot price continues to decline, the loss - making production capacity increases, showing support at the low - price level. The market's willingness to short further is insufficient, and the downward space for alumina is limited, with an expected weak oscillation. Attention should be paid to the situation of concentrated production cuts, when alumina may rebound [2][6]. 3. Summary by Related Catalogs 3.1 Transaction Data | Category | 2025/10/17 | 2025/10/24 | Change | Unit | | --- | --- | --- | --- | --- | | Alumina Futures (Active) | 2800 | 2810 | 10 | Yuan/ton | | Domestic Alumina Spot | 2956 | 2921 | - 35 | Yuan/ton | | Spot Premium | 187 | 144 | - 43 | Yuan/ton | | Australian Alumina FOB | 319 | 319.5 | 0.5 | US dollars/ton | | Import Profit and Loss | 101.91 | 52.63 | - 49.3 | Yuan/ton | | Exchange Warehouse | 221262 | 221257 | - 5 | Tons | | Exchange Factory Warehouse | 0 | 0 | 0 | Tons | | Bauxite in Shanxi (6.0≤Al/Si<7.0) | 600 | 600 | 0 | Yuan/ton | | Bauxite in Henan (6.0≤Al/Si<7.0) | 590 | 590 | 0 | Yuan/ton | | Bauxite in Guangxi (6.5≤Al/Si<7.5) | 460 | 460 | 0 | Yuan/ton | | Bauxite in Guizhou (6.5≤Al/Si<7.5) | 510 | 510 | 0 | Yuan/ton | | Guinea CIF | 72 | 71 | - 1 | US dollars/ton | [3] 3.2 Market Review - Alumina futures rose 0.36% last week, closing at 2860 Yuan/ton. The national weighted - average price of the spot market was reported at 2921 Yuan/ton on Friday, a decrease of 35 Yuan/ton from the previous week. - In terms of bauxite, the tight supply of domestic ore continued this week. In the northern region, the supply was tightened due to rainfall, and enterprise ore inventories were at a low level. In the southern inland, the mine operating rate remained low, the market spot circulation was limited, and the ore inventory in alumina plants was consumed, with prices remaining stable overall. Imported ore supply and demand parties were still waiting and watching regarding prices, and there was no obvious adjustment in spot ore prices. - On the supply side, alumina supply changed little. The roasting capacity of an alumina enterprise in Henan fluctuated in the short term, with a limited actual impact on production. As of October 23, China's alumina production capacity was 114.8 million tons, the operating capacity was 95.7 million tons, and the operating rate was 83.36%. - On the consumption side, the operating capacity of the electrolytic aluminum industry remained stable. Enterprises mainly purchased through bidding, mostly for replenishing stocks, with a relatively low willingness to accumulate stocks, and transaction prices mostly continued the discount trend. - In terms of inventory, the alumina futures warehouse receipt inventory decreased by 5 tons to 221,000 tons last Friday, and the factory warehouse inventory remained at 0 tons [4]. 3.3 Market Outlook - On the ore side, the supply situation of domestic ore will mostly maintain the current situation, and attention should be paid to the impact of precipitation on mine operations in various regions. The rainy - season impact in Guinea continues, and rainfall has increased significantly compared with previous years. Floods have occurred in many places in Guinea, affecting ore road transportation and port operations to varying degrees, which has a certain impact on China's import volume, but the current supply of imported ore is sufficient, and prices are stable. On the supply side, the operating capacity of alumina has limited changes. Recently, an enterprise in Henan has short - term production cuts in roasting capacity, but the actual impact on production is limited. On the consumption side, the operating capacity of the electrolytic aluminum industry remains stable. Enterprises mainly purchase through bidding, and some aluminum plants in the northwest have started winter storage, mostly with price - pressured transactions. The warehouse receipt inventory decreased by 5 tons to 221,000 tons this week, and the factory warehouse inventory remained at 0 tons. Overall, alumina production remains at a high level, and with the gradual inflow of imports, supply pressure persists, and price pressure on alumina remains significant. However, the alumina futures price has approached the cost line, and as the spot price continues to decline, the loss - making production capacity increases, showing support at the low - price level. The market's willingness to short further is insufficient, and the downward space for alumina is limited, with an expected weak oscillation. Attention should be paid to the situation of concentrated production cuts, when alumina may rebound [6]. 3.4 Industry News - According to data from China Customs, as of September 2025, China's total bauxite imports in 2025 reached 157.637 million tons. In September, the total import of bauxite was about 15.88 million tons, of which about 10.493 million tons were imported from Guinea, showing a slight impact of the rainy season in Guinea. In Australia, the import level was relatively stable, with 3.74 million tons of bauxite imported. - Alcoa recently released its Q3 2025 earnings report. Total revenue decreased 1% quarter - on - quarter to $2.995 billion, with alumina revenue down 9%. Net profit attributable to Alcoa was $232 million. Alumina production increased 4% quarter - on - quarter to 2.5 million tons, and alumina shipments remained flat at 2.2 million tons [7]. 3.5 Related Charts - The report includes charts such as Alumina Futures Price Trend, Alumina Spot Price, Alumina Spot Premium, Alumina Current - to - Next - Month Spread, Domestic Bauxite Price, Imported Bauxite CIF, Caustic Soda Price, Steam Coal Price, Alumina Cost - Profit, and Alumina Exchange Inventory [8][11][14][16][19][21][24]

Report Industry Investment Rating No information provided. Core Viewpoints - Last week, the international gold price ended a nine - week rising trend and pulled back, and the international silver price also sharply adjusted after hitting a record high. The triggers were the relief of the physical supply shortage in the London market and the possible meeting between Chinese and US leaders at the end of the month, which cooled the risk - aversion sentiment. The lower - than - expected US September CPI data on Friday strengthened the expectation of two interest rate cuts at the end of the month, leading to a certain rebound in gold and silver prices [2][5]. - The fifth round of China - US economic and trade consultations achieved positive progress, and the short - squeeze in the London silver market ended, reducing market risk - aversion demand. Gold and silver prices have entered a phase of adjustment, and the mid - term adjustment trend is expected to continue, even if there are rebounds due to data or Fed rate cuts. Attention should be paid to the Fed meeting result on October 30 and the APEC meeting on November 1 [3][6]. Summary by Relevant Catalogs 1. Last Week's Trading Data | Contract | Closing Price | Change | Change Rate (%) | Total Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Gold | 938.10 | - 61.70 | - 6.17 | 185813 | 178255 | Yuan/gram | | Shanghai Gold T + D | 935.33 | - 38.37 | - 3.94 | 55614 | 256570 | Yuan/gram | | COMEX Gold | 4126.90 | - 141.00 | - 3.30 | | | US dollars/ounce | | SHFE Silver | 11332 | - 917 | - 7.49 | 522479 | 634627 | Yuan/kilogram | | Shanghai Silver T + D | 11317 | - 462 | - 3.92 | 955860 | 3645194 | Yuan/kilogram | | COMEX Silver | 48.41 | - 2.22 | - 4.38 | | | US dollars/ounce | [4] 2. Market Analysis and Outlook - The international gold price ended a nine - week rising trend and pulled back, and the international silver price also sharply adjusted after hitting a record high. The triggers were the relief of the physical supply shortage in the London market and the possible meeting between Chinese and US leaders at the end of the month, which cooled the risk - aversion sentiment. The lower - than - expected US September CPI data on Friday strengthened the expectation of two interest rate cuts at the end of the month, leading to a certain rebound in gold and silver prices [2][5]. - The fifth round of China - US economic and trade consultations achieved positive progress, and the short - squeeze in the London silver market ended, reducing market risk - aversion demand. Gold and silver prices have entered a phase of adjustment, and the mid - term adjustment trend is expected to continue, even if there are rebounds due to data or Fed rate cuts. Attention should be paid to the Fed meeting result on October 30 and the APEC meeting on November 1 [3][6]. - The US Federal Supreme Court will quickly review the legitimacy of most tariffs imposed by the Trump administration and hold oral arguments on November 5. Nearly 50 well - known economists, including two former Fed chairmen, pressured the US Supreme Court to overturn most of the global tariffs introduced by President Trump [5]. - The US federal government shutdown has entered the fourth week, with about 700,000 federal employees on forced leave. The White House announced that inflation data may not be released next month due to the government shutdown [5]. 3. Important Data Information - The US September CPI increased by 3% year - on - year, falling short of expectations. Core inflation increased by 0.2% month - on - month, the slowest pace in three months, lower than the market expectation of 0.3%. This further strengthened the market's expectation that the Fed will continue to cut interest rates this year [8]. - The US October Markit manufacturing, services, and composite PMIs all rebounded from September and were better than expected. The manufacturing PMI was 52.2, the services PMI was 55.2, and the composite PMI was 54.8 [8]. - The October eurozone composite PMI was 52.2, higher than 51.2 in September and far exceeding analysts' expectations of 51. The growth was mainly due to the strong performance of the German service sector. Germany's October composite PMI reached a new high since May 2023, while France's private - sector activity has contracted for 14 consecutive months [8]. - Due to lower mortgage rates and slower home - price growth, US existing - home sales rose slightly to an annualized 4.06 million units in September, the highest level in seven months [9]. - In September, global physical gold ETFs had the largest single - month inflow in history, pushing the total inflow in the third quarter to a record $26 billion. By the end of the third quarter, the total asset management scale of global gold ETFs increased to $472 billion, and the total holdings increased by 6% month - on - month to 3838 tons, only 2% lower than the historical peak [9]. - From January to June 2025, the global gold trade volume was 3053.8 tons, the global silver trade volume was 17,000 tons, and the global platinum trade volume was 476.8 tons [9]. 4. Relevant Data Charts - ETF gold total holdings on October 24, 2025, were 1046.93 tons, a decrease of 0.28 tons from the previous week, an increase of 50.08 tons from the previous month, and an increase of 157.15 tons from the previous year. Ishares silver holdings were 15419.81 tons, a decrease of 77.59 tons from the previous week, a decrease of 49.31 tons from the previous month, and an increase of 546.74 tons from the previous year [10]. - For gold futures non - commercial positions, on September 23, 2025, non - commercial long positions were 332,808, non - commercial short positions were 66,059, and non - commercial net long positions were 266,749, an increase of 339 from the previous week [10]. - For silver futures non - commercial positions, on September 23, 2025, non - commercial long positions were 72,318, non - commercial short positions were 20,042, and non - commercial net long positions were 52,276, an increase of 738 from the previous week [11].